# EDGAR Filing Document

**Accession Number:** 0000707823
**File Stem:** 0000707823-26-000019
**Filing Date:** 2026-1
**Character Count:** 861909
**Document Hash:** d4f675c49c86dc4edb65817251af51f2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000707823-26-000019.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0000707823-26-000019

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 87

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260122

**EFFECTIVENESS DATE**: 20260122

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY MT VERNON STREET TRUST
- **CENTRAL INDEX KEY:** 0000707823

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03583
- **FILM NUMBER:** 26550194

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY GROWTH COMPANY FUND
- **DATE OF NAME CHANGE:** 19910110

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY MERCURY FUND
- **DATE OF NAME CHANGE:** 19861216

## Series and Classes Contracts Data

### Fidelity Growth Strategies Fund (Series ID: S000007118)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000019447 | Fidelity Growth Strategies Fund                  | FDEGX           |
| C000064241 | Class K                                          | FAGKX           |
| C000254569 | Fidelity Advisor Growth Strategies Fund: Class C | FGSHX           |
| C000254570 | Fidelity Advisor Growth Strategies Fund: Class M | FGSGX           |
| C000254571 | Fidelity Advisor Growth Strategies Fund: Class I | FGSJX           |
| C000254572 | Fidelity Advisor Growth Strategies Fund: Class Z | FGSLX           |
| C000254573 | Fidelity Advisor Growth Strategies Fund: Class A | FGSFX           |

### Fidelity Growth Company Fund (Series ID: S000007119)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000019448 | Fidelity Growth Company Fund | FDGRX           |
| C000064242 | Class K                      | FGCKX           |

### Fidelity New Millennium Fund (Series ID: S000007120)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000019449 | Fidelity New Millennium Fund | FMILX           |

### Fidelity Series Growth Company Fund (Series ID: S000042626)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000131783 | Fidelity Series Growth Company Fund | FCGSX           |

### Fidelity Growth Strategies K6 Fund (Series ID: S000057290)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000182866 | Fidelity Growth Strategies K6 Fund | FSKGX           |

### Fidelity Growth Company K6 Fund (Series ID: S000065696)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000212499 | Fidelity Growth Company K6 Fund | FGKFX           |

### Fidelity Equity Growth K6 Fund (Series ID: S000081601)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000244528 | Fidelity Equity Growth K6 Fund | FEGKX           |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

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 <u>811-03583</u>

<u>Fidelity Mt. Vernon Street Trust</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, Massachusetts 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;November 30 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;November 30, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Growth Strategies Fund<br> **Fidelity Advisor® Growth Strategies Fund Class A : FGSFX** <br>|

---

This annual shareholder report contains information about Fidelity® Growth Strategies Fund for the period December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $101  | 0.99% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Midcap Growth Index for the fiscal year, led by industrials. Stock picks in health care and information technology, primarily within the technology hardware & equipment industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Robinhood Markets (+235%). This period we decreased our investment in Robinhood Markets. A second notable relative contributor was an overweight in Howmet Aerospace (+74%). The company was the fund's biggest holding at period end. Another notable relative contributor was our non-benchmark stake in Sterling Infrastructure (+84%). This was a position we established this period. The company was one of our largest holdings at period end.

• In contrast, the biggest detractor from performance versus the benchmark was an underweight in health care. Also hurting our result were an overweight in industrials and an underweight in information technology, primarily within the semiconductors & semiconductor equipment industry.

• The largest individual relative detractor this period was avoiding IDEXX Laboratories, a benchmark component that gained approximately 79%. The second-largest relative detractor was our stake in Coinbase Global (-21%). This period we decreased our position in Coinbase Global. An underweight and untimely positioning in Vertiv Holdings (+41%) also detracted.

• Notable changes in positioning include decreased exposure to the energy sector and a higher allocation to health care.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 8, 2024 through November 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | |
|:---|:---|:---|
| Class A<br>| $9425 | $10781<br>|
| Russell Midcap® Growth Index<br>| $10000 | $11434<br>|
| Russell 3000® Index<br>| $10000 | $10613<br>|
|  | 2024 | 2025 |

---

![](img120972_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class A (incl. 5.75% sales charge)  | -0.98% | 11.50% |
| Class A (without 5.75% sales charge) | 5.06% | 17.41% |
| Russell Midcap® Growth Index | 3.29%<br>| 15.63% |
| Russell 3000® Index | 13.59%<br>| 17.73% |

---

**A** From October 8, 2024

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4122379977<br>|
| Number of Holdings | 147<br>|
| Total Advisory Fee | $26071619<br>|
| Portfolio Turnover | 58%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 33.2 |
| Information Technology | 18.0 |
| Consumer Discretionary | 15.0 |
| Health Care | 10.5 |
| Financials | 9.1 |
| Communication Services | 4.0 |
| Utilities | 3.3 |
| Consumer Staples | 2.7 |
| Energy | 1.7 |
| Materials | 1.3 |
| Real Estate | 1.1 |

---

Common Stocks 99.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img324_20251130_AA.jpg) <br>|

---

Common Stocks - 99.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.1 <br>

---

| | |
|:---|:---|
| United States | 97.0 |
| United Kingdom | 1.1 |
| Korea (South) | 0.9 |
| Israel | 0.4 |
| Canada | 0.3 |
| Germany | 0.2 |
| Australia | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img324_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Howmet Aerospace Inc | 4.6<br>|
| Axon Enterprise Inc | 2.8<br>|
| Fair Isaac Corp | 2.4<br>|
| Sterling Infrastructure Inc | 2.3<br>|
| Hilton Worldwide Holdings Inc | 2.1<br>|
| Comfort Systems USA Inc | 2.1<br>|
| Cencora Inc | 2.0<br>|
| ROBLOX Corp Class A | 1.9<br>|
| Alnylam Pharmaceuticals Inc | 1.8<br>|
| Cloudflare Inc Class A | 1.7<br>|
|  | 23.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img324_20251130_2.jpg)<br>| ![](img120972_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918417.101 7824-TSRA-0126 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Growth Strategies Fund<br> **Fidelity Advisor® Growth Strategies Fund Class M : FGSGX** <br>|

---

This annual shareholder report contains information about Fidelity® Growth Strategies Fund for the period December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $127  | 1.24% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Midcap Growth Index for the fiscal year, led by industrials. Stock picks in health care and information technology, primarily within the technology hardware & equipment industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Robinhood Markets (+235%). This period we decreased our investment in Robinhood Markets. A second notable relative contributor was an overweight in Howmet Aerospace (+74%). The company was the fund's biggest holding at period end. Another notable relative contributor was our non-benchmark stake in Sterling Infrastructure (+84%). This was a position we established this period. The company was one of our largest holdings at period end.

• In contrast, the biggest detractor from performance versus the benchmark was an underweight in health care. Also hurting our result were an overweight in industrials and an underweight in information technology, primarily within the semiconductors & semiconductor equipment industry.

• The largest individual relative detractor this period was avoiding IDEXX Laboratories, a benchmark component that gained approximately 79%. The second-largest relative detractor was our stake in Coinbase Global (-21%). This period we decreased our position in Coinbase Global. An underweight and untimely positioning in Vertiv Holdings (+41%) also detracted.

• Notable changes in positioning include decreased exposure to the energy sector and a higher allocation to health care.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 8, 2024 through November 30, 2025.

Initial investment of $10,000 and the current sales charge was paid.

---

| | | |
|:---|:---|:---|
| Class M<br>| $9650 | $11034<br>|
| Russell Midcap® Growth Index<br>| $10000 | $11434<br>|
| Russell 3000® Index<br>| $10000 | $10613<br>|
|  | 2024 | 2025 |

---

![](img120973_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class M (incl. 3.50% sales charge)  | 1.13% | 13.53% |
| Class M (without 3.50% sales charge) | 4.80% | 17.12% |
| Russell Midcap® Growth Index | 3.29%<br>| 15.63% |
| Russell 3000® Index | 13.59%<br>| 17.73% |

---

**A** From October 8, 2024

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4122379977<br>|
| Number of Holdings | 147<br>|
| Total Advisory Fee | $26071619<br>|
| Portfolio Turnover | 58%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 33.2 |
| Information Technology | 18.0 |
| Consumer Discretionary | 15.0 |
| Health Care | 10.5 |
| Financials | 9.1 |
| Communication Services | 4.0 |
| Utilities | 3.3 |
| Consumer Staples | 2.7 |
| Energy | 1.7 |
| Materials | 1.3 |
| Real Estate | 1.1 |

---

Common Stocks 99.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img324_20251130_AA.jpg) <br>|

---

Common Stocks - 99.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.1 <br>

---

| | |
|:---|:---|
| United States | 97.0 |
| United Kingdom | 1.1 |
| Korea (South) | 0.9 |
| Israel | 0.4 |
| Canada | 0.3 |
| Germany | 0.2 |
| Australia | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img324_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Howmet Aerospace Inc | 4.6<br>|
| Axon Enterprise Inc | 2.8<br>|
| Fair Isaac Corp | 2.4<br>|
| Sterling Infrastructure Inc | 2.3<br>|
| Hilton Worldwide Holdings Inc | 2.1<br>|
| Comfort Systems USA Inc | 2.1<br>|
| Cencora Inc | 2.0<br>|
| ROBLOX Corp Class A | 1.9<br>|
| Alnylam Pharmaceuticals Inc | 1.8<br>|
| Cloudflare Inc Class A | 1.7<br>|
|  | 23.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img324_20251130_2.jpg)<br>| ![](img120973_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918421.101 7825-TSRA-0126 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Growth Strategies Fund<br> **Fidelity Advisor® Growth Strategies Fund Class C : FGSHX** <br>|

---

This annual shareholder report contains information about Fidelity® Growth Strategies Fund for the period December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $177  | 1.73% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Midcap Growth Index for the fiscal year, led by industrials. Stock picks in health care and information technology, primarily within the technology hardware & equipment industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Robinhood Markets (+235%). This period we decreased our investment in Robinhood Markets. A second notable relative contributor was an overweight in Howmet Aerospace (+74%). The company was the fund's biggest holding at period end. Another notable relative contributor was our non-benchmark stake in Sterling Infrastructure (+84%). This was a position we established this period. The company was one of our largest holdings at period end.

• In contrast, the biggest detractor from performance versus the benchmark was an underweight in health care. Also hurting our result were an overweight in industrials and an underweight in information technology, primarily within the semiconductors & semiconductor equipment industry.

• The largest individual relative detractor this period was avoiding IDEXX Laboratories, a benchmark component that gained approximately 79%. The second-largest relative detractor was our stake in Coinbase Global (-21%). This period we decreased our position in Coinbase Global. An underweight and untimely positioning in Vertiv Holdings (+41%) also detracted.

• Notable changes in positioning include decreased exposure to the energy sector and a higher allocation to health care.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 8, 2024 through November 30, 2025.

Initial investment of $10,000.

---

| | | |
|:---|:---|:---|
| Class C<br>| $10000 | $11427<br>|
| Russell Midcap® Growth Index<br>| $10000 | $11434<br>|
| Russell 3000® Index<br>| $10000 | $10613<br>|
|  | 2024 | 2025 |

---

![](img120974_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class C (incl. contingent deferred sales charge) | 3.37% | 16.60% |
| Class C | 4.33% | 16.60% |
| Russell Midcap® Growth Index | 3.29%<br>| 15.63% |
| Russell 3000® Index | 13.59%<br>| 17.73% |

---

**A** From October 8, 2024

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4122379977<br>|
| Number of Holdings | 147<br>|
| Total Advisory Fee | $26071619<br>|
| Portfolio Turnover | 58%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 33.2 |
| Information Technology | 18.0 |
| Consumer Discretionary | 15.0 |
| Health Care | 10.5 |
| Financials | 9.1 |
| Communication Services | 4.0 |
| Utilities | 3.3 |
| Consumer Staples | 2.7 |
| Energy | 1.7 |
| Materials | 1.3 |
| Real Estate | 1.1 |

---

Common Stocks 99.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img324_20251130_AA.jpg) <br>|

---

Common Stocks - 99.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.1 <br>

---

| | |
|:---|:---|
| United States | 97.0 |
| United Kingdom | 1.1 |
| Korea (South) | 0.9 |
| Israel | 0.4 |
| Canada | 0.3 |
| Germany | 0.2 |
| Australia | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img324_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Howmet Aerospace Inc | 4.6<br>|
| Axon Enterprise Inc | 2.8<br>|
| Fair Isaac Corp | 2.4<br>|
| Sterling Infrastructure Inc | 2.3<br>|
| Hilton Worldwide Holdings Inc | 2.1<br>|
| Comfort Systems USA Inc | 2.1<br>|
| Cencora Inc | 2.0<br>|
| ROBLOX Corp Class A | 1.9<br>|
| Alnylam Pharmaceuticals Inc | 1.8<br>|
| Cloudflare Inc Class A | 1.7<br>|
|  | 23.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img324_20251130_2.jpg)<br>| ![](img120974_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918419.101 7826-TSRA-0126 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Growth Strategies Fund<br> **Fidelity Advisor® Growth Strategies Fund Class I : FGSJX** <br>|

---

This annual shareholder report contains information about Fidelity® Growth Strategies Fund for the period December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $77  | 0.75% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Midcap Growth Index for the fiscal year, led by industrials. Stock picks in health care and information technology, primarily within the technology hardware & equipment industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Robinhood Markets (+235%). This period we decreased our investment in Robinhood Markets. A second notable relative contributor was an overweight in Howmet Aerospace (+74%). The company was the fund's biggest holding at period end. Another notable relative contributor was our non-benchmark stake in Sterling Infrastructure (+84%). This was a position we established this period. The company was one of our largest holdings at period end.

• In contrast, the biggest detractor from performance versus the benchmark was an underweight in health care. Also hurting our result were an overweight in industrials and an underweight in information technology, primarily within the semiconductors & semiconductor equipment industry.

• The largest individual relative detractor this period was avoiding IDEXX Laboratories, a benchmark component that gained approximately 79%. The second-largest relative detractor was our stake in Coinbase Global (-21%). This period we decreased our position in Coinbase Global. An underweight and untimely positioning in Vertiv Holdings (+41%) also detracted.

• Notable changes in positioning include decreased exposure to the energy sector and a higher allocation to health care.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 8, 2024 through November 30, 2025.

Initial investment of $10,000.

---

| | | |
|:---|:---|:---|
| Class I<br>| $10000 | $11444<br>|
| Russell Midcap® Growth Index<br>| $10000 | $11434<br>|
| Russell 3000® Index<br>| $10000 | $10613<br>|
|  | 2024 | 2025 |

---

![](img120975_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class I | 5.28% | 17.67% |
| Russell Midcap® Growth Index | 3.29%<br>| 15.63% |
| Russell 3000® Index | 13.59%<br>| 17.73% |

---

**A** From October 8, 2024

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4122379977<br>|
| Number of Holdings | 147<br>|
| Total Advisory Fee | $26071619<br>|
| Portfolio Turnover | 58%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 33.2 |
| Information Technology | 18.0 |
| Consumer Discretionary | 15.0 |
| Health Care | 10.5 |
| Financials | 9.1 |
| Communication Services | 4.0 |
| Utilities | 3.3 |
| Consumer Staples | 2.7 |
| Energy | 1.7 |
| Materials | 1.3 |
| Real Estate | 1.1 |

---

Common Stocks 99.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img324_20251130_AA.jpg) <br>|

---

Common Stocks - 99.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.1 <br>

---

| | |
|:---|:---|
| United States | 97.0 |
| United Kingdom | 1.1 |
| Korea (South) | 0.9 |
| Israel | 0.4 |
| Canada | 0.3 |
| Germany | 0.2 |
| Australia | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img324_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Howmet Aerospace Inc | 4.6<br>|
| Axon Enterprise Inc | 2.8<br>|
| Fair Isaac Corp | 2.4<br>|
| Sterling Infrastructure Inc | 2.3<br>|
| Hilton Worldwide Holdings Inc | 2.1<br>|
| Comfort Systems USA Inc | 2.1<br>|
| Cencora Inc | 2.0<br>|
| ROBLOX Corp Class A | 1.9<br>|
| Alnylam Pharmaceuticals Inc | 1.8<br>|
| Cloudflare Inc Class A | 1.7<br>|
|  | 23.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img324_20251130_2.jpg)<br>| ![](img120975_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918423.101 7827-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Growth Strategies Fund<br> **Fidelity Advisor® Growth Strategies Fund Class Z : FGSLX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Growth Strategies Fund for the period December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $64  | 0.62% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Midcap Growth Index for the fiscal year, led by industrials. Stock picks in health care and information technology, primarily within the technology hardware & equipment industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Robinhood Markets (+235%). This period we decreased our investment in Robinhood Markets. A second notable relative contributor was an overweight in Howmet Aerospace (+74%). The company was the fund's biggest holding at period end. Another notable relative contributor was our non-benchmark stake in Sterling Infrastructure (+84%). This was a position we established this period. The company was one of our largest holdings at period end.

• In contrast, the biggest detractor from performance versus the benchmark was an underweight in health care. Also hurting our result were an overweight in industrials and an underweight in information technology, primarily within the semiconductors & semiconductor equipment industry.

• The largest individual relative detractor this period was avoiding IDEXX Laboratories, a benchmark component that gained approximately 79%. The second-largest relative detractor was our stake in Coinbase Global (-21%). This period we decreased our position in Coinbase Global. An underweight and untimely positioning in Vertiv Holdings (+41%) also detracted.

• Notable changes in positioning include decreased exposure to the energy sector and a higher allocation to health care.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

October 8, 2024 through November 30, 2025.

Initial investment of $10,000.

---

| | | |
|:---|:---|:---|
| Class Z<br>| $10000 | $11447<br>|
| Russell Midcap® Growth Index<br>| $10000 | $11434<br>|
| Russell 3000® Index<br>| $10000 | $10613<br>|
|  | 2024 | 2025 |

---

![](img120976_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Class Z | 5.45% | 17.86% |
| Russell Midcap® Growth Index | 3.29%<br>| 15.63% |
| Russell 3000® Index | 13.59%<br>| 17.73% |

---

**A** From October 8, 2024

---

| |
|:---|
| Visit **institutional.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4122379977<br>|
| Number of Holdings | 147<br>|
| Total Advisory Fee | $26071619<br>|
| Portfolio Turnover | 58%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 33.2 |
| Information Technology | 18.0 |
| Consumer Discretionary | 15.0 |
| Health Care | 10.5 |
| Financials | 9.1 |
| Communication Services | 4.0 |
| Utilities | 3.3 |
| Consumer Staples | 2.7 |
| Energy | 1.7 |
| Materials | 1.3 |
| Real Estate | 1.1 |

---

Common Stocks 99.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img324_20251130_AA.jpg) <br>|

---

Common Stocks - 99.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.1 <br>

---

| | |
|:---|:---|
| United States | 97.0 |
| United Kingdom | 1.1 |
| Korea (South) | 0.9 |
| Israel | 0.4 |
| Canada | 0.3 |
| Germany | 0.2 |
| Australia | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img324_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Howmet Aerospace Inc | 4.6<br>|
| Axon Enterprise Inc | 2.8<br>|
| Fair Isaac Corp | 2.4<br>|
| Sterling Infrastructure Inc | 2.3<br>|
| Hilton Worldwide Holdings Inc | 2.1<br>|
| Comfort Systems USA Inc | 2.1<br>|
| Cencora Inc | 2.0<br>|
| ROBLOX Corp Class A | 1.9<br>|
| Alnylam Pharmaceuticals Inc | 1.8<br>|
| Cloudflare Inc Class A | 1.7<br>|
|  | 23.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment feeExpense reductions

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img324_20251130_2.jpg)<br>| ![](img120976_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918425.101 7828-TSRA-0126 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Series Growth Company Fund<br> **Fidelity® Series Growth Company Fund : FCGSX** <br>|

---

This annual shareholder report contains information about Fidelity® Series Growth Company Fund for the period December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series Growth Company Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 3000 Growth Index for the fiscal year, led by information technology, where our stock picks in technology hardware & equipment helped most. Stock picks and underweights in financials, primarily within the financial services industry, and industrials also boosted the fund's relative performance.

• The fund's non-benchmark stake in Sandisk gained approximately 345% and was the top individual relative contributor. This was a stake we established this period. A non-benchmark stake in Ciena gained 193% and was the second-largest relative contributor. Another notable relative contributor was an overweight in Nvidia (+28%). The company was the fund's biggest holding.

• In contrast, the biggest detractor from performance versus the benchmark was stock selection in consumer discretionary. An underweight in consumer staples, primarily within the food, beverage & tobacco industry, also hampered the fund's result.

• The largest individual relative detractor was an underweight in Broadcom (+151%). The stock was among the fund's largest holdings at period end. The second-largest relative detractor was an overweight in Deckers Outdoor (-55%). Another notable relative detractor was an overweight in Lululemon Athletica (-42%). This period we decreased our investment in Lululemon Athletica.

• Notable changes in positioning include decreased exposure to the consumer discretionary sector and a higher allocation to communication services.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Series Growth Company Fund<br>| $10000 | $10338<br>| $14276<br>| $15270<br>| $18819<br>| $31693<br>| $42283<br>| $30191<br>| $38112<br>| $55317<br>| $69295<br>|
| Russell 3000® Growth Index<br>| $10000 | $10425<br>| $13578<br>| $14684<br>| $17662<br>| $23973<br>| $31019<br>| $24322<br>| $30296<br>| $41857<br>| $49961<br>|
| Russell 3000® Index<br>| $10000 | $10831<br>| $13243<br>| $13975<br>| $16140<br>| $19210<br>| $24270<br>| $21648<br>| $24378<br>| $32784<br>| $37239<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120916_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Series Growth Company Fund | 25.27% | 16.94% | 21.36% |
| Russell 3000® Growth Index | 19.36%<br>| 15.82%<br>| 17.45% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 14.05% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $20326406412<br>|
| Number of Holdings | 610<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 30%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 50.2 |
| Communication Services | 13.3 |
| Consumer Discretionary | 12.6 |
| Health Care | 11.8 |
| Financials | 3.8 |
| Industrials | 3.5 |
| Consumer Staples | 2.0 |
| Materials | 0.7 |
| Energy | 0.3 |
| Real Estate | 0.2 |
| Utilities | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 95.6 |
| Preferred Stocks | 2.7 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2610_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.6 |

---

---

| | |
|:---|:---|
| United States | 95.9 |
| Netherlands | 0.8 |
| Canada | 0.7 |
| Switzerland | 0.6 |
| Finland | 0.4 |
| China | 0.4 |
| India | 0.3 |
| Taiwan | 0.2 |
| Japan | 0.2 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2610_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 16.0<br>|
| Apple Inc | 8.1<br>|
| Microsoft Corp | 7.7<br>|
| Amazon.com Inc | 5.4<br>|
| Alphabet Inc Class A | 4.6<br>|
| Meta Platforms Inc Class A | 3.7<br>|
| Alphabet Inc Class C | 2.8<br>|
| Eli Lilly & Co | 2.3<br>|
| Broadcom Inc | 2.2<br>|
| Pure Storage Inc Class A | 1.9<br>|
|  | 54.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2610_20251130_2.jpg)<br>| ![](img120916_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914116.101 2610-TSRA-0126 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® New Millennium Fund®<br> **Fidelity® New Millennium Fund® : FMILX** <br>|

---

This annual shareholder report contains information about Fidelity® New Millennium Fund® for the period December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® New Millennium Fund®  | $81  | 0.76% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the S&P 500® index for the fiscal year, especially an overweight in industrials. Also hurting our result were stock picks in health care and financials.

• The largest individual relative detractor was an underweight in Alphabet (+90%). The company was among the fund's biggest holdings. The second-largest relative detractor was an underweight in Broadcom (+151%). The stock was among the fund's biggest holdings. Another notable relative detractor this period was avoiding Palantir Technologies, a benchmark component that gained 151%.

• In contrast, the biggest contributor to performance versus the benchmark was stock selection in industrials. Picks in materials also boosted relative performance. Also bolstering our relative result were picks and an underweight in consumer staples.

• The fund's non-benchmark stake in Space Exploration Technologies gained roughly 81% and was the top individual relative contributor. The stock was among the fund's biggest holdings. A non-benchmark stake in Agnico Eagle Mines gained approximately 108% and was a second notable relative contributor. An overweight in Micron Technology (+143%) also contributed.

• Notable changes in positioning include increased exposure to the information technology sector and a lower allocation to financials.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® New Millennium Fund®<br>| $10000 | $10857<br>| $13103<br>| $13521<br>| $15255<br>| $15651<br>| $19338<br>| $20973<br>| $24048<br>| $33233<br>| $37883<br>|
| S&P 500® Index<br>| $10000 | $10806<br>| $13277<br>| $14111<br>| $16384<br>| $19244<br>| $24617<br>| $22350<br>| $25443<br>| $34066<br>| $39175<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120918_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® New Millennium Fund® | 13.99% | 19.34% | 14.25% |
| S&P 500® Index | 15.00%<br>| 15.28%<br>| 14.63% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $5388257994<br>|
| Number of Holdings | 131<br>|
| Total Advisory Fee | $38183808<br>|
| Portfolio Turnover | 30%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 32.6 |
| Industrials | 13.5 |
| Financials | 10.9 |
| Communication Services | 10.6 |
| Consumer Discretionary | 10.6 |
| Health Care | 8.9 |
| Consumer Staples | 3.4 |
| Energy | 3.2 |
| Materials | 3.0 |
| Real Estate | 1.9 |
| Utilities | 1.1 |

---

Common Stocks 99.6 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img300_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 94.3 |
| Canada | 1.4 |
| Italy | 1.1 |
| United Kingdom | 1.0 |
| Taiwan | 0.8 |
| Germany | 0.5 |
| Netherlands | 0.4 |
| Israel | 0.3 |
| Chile | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img300_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Chile - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.2<br>|
| Microsoft Corp | 7.1<br>|
| Apple Inc | 6.3<br>|
| Alphabet Inc Class A | 5.5<br>|
| Amazon.com Inc | 4.7<br>|
| Broadcom Inc | 3.0<br>|
| Meta Platforms Inc Class A | 2.0<br>|
| Space Exploration Technologies Corp | 1.9<br>|
| Visa Inc Class A | 1.7<br>|
| JPMorgan Chase & Co | 1.4<br>|
|  | 41.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img300_20251130_2.jpg)<br>| ![](img120918_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914074.101 300-TSRA-0126 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Growth Strategies K6 Fund<br> **Fidelity® Growth Strategies K6 Fund : FSKGX** <br>|

---

This annual shareholder report contains information about Fidelity® Growth Strategies K6 Fund for the period December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Growth Strategies K6 Fund  | $47  | 0.46% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Midcap Growth Index for the fiscal year, especially within industrials. Stock picking in health care and consumer staples, primarily within the consumer staples distribution & retail industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Robinhood Markets (+235%). The second-largest relative contributor was an overweight in Howmet Aerospace (+74%). This period we increased our investment in Howmet Aerospace. The stock was the fund's biggest holding at period end. Another notable relative contributor was our non-benchmark stake in Sterling Infrastructure (+86%). This was a stake we established this period. The stock was one of our biggest holdings at period end.

• In contrast, the biggest detractor from performance versus the benchmark was an underweight in health care. Also hurting our result were an overweight in industrials and an underweight in information technology.

• The biggest individual relative detractor this period was avoiding IDEXX Laboratories, a benchmark component that gained approximately 79%. A second notable relative detractor was our stake in Coinbase Global (-21%). This period we decreased our position in Coinbase Global. Another notable relative detractor was an underweight and untimely positioning in Vertiv Holdings (+41%).

• Notable changes in positioning include decreased exposure to the energy sector and a higher allocation to health care.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

May 25, 2017 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Growth Strategies K6 Fund<br>| $10000 | $10950<br>| $11244<br>| $13849<br>| $17344<br>| $21791<br>| $17504<br>| $18776<br>| $27379<br>|
| Russell Midcap® Growth Index<br>| $10000 | $11218<br>| $11814<br>| $14384<br>| $18828<br>| $22165<br>| $17340<br>| $19070<br>| $26710<br>|
| Russell 3000® Index<br>| $10000 | $11090<br>| $11703<br>| $13516<br>| $16087<br>| $20324<br>| $18129<br>| $20414<br>| $27454<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120926_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Growth Strategies K6 Fund | 5.45% | 10.73% | 13.25% |
| Russell Midcap® Growth Index | 3.29%<br>| 7.94%<br>| 12.64% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 14.28% |

---

**A** From May 25, 2017

---

| |
|:---|
| Visit **www.401k.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $908647103<br>|
| Number of Holdings | 147<br>|
| Total Advisory Fee | $3481028<br>|
| Portfolio Turnover | 61%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 33.1 |
| Information Technology | 17.8 |
| Consumer Discretionary | 14.9 |
| Health Care | 10.5 |
| Financials | 9.0 |
| Communication Services | 4.0 |
| Utilities | 3.3 |
| Consumer Staples | 2.7 |
| Energy | 1.7 |
| Materials | 1.3 |
| Real Estate | 1.1 |

---

Common Stocks 99.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.6

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2952_20251130_AA.jpg) <br>|

---

Common Stocks - 99.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.6 <br>

---

| | |
|:---|:---|
| United States | 97.0 |
| United Kingdom | 1.1 |
| Korea (South) | 0.9 |
| Israel | 0.4 |
| Canada | 0.3 |
| Germany | 0.2 |
| Australia | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2952_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Howmet Aerospace Inc | 4.6<br>|
| Axon Enterprise Inc | 2.8<br>|
| Fair Isaac Corp | 2.4<br>|
| Sterling Infrastructure Inc | 2.3<br>|
| Hilton Worldwide Holdings Inc | 2.1<br>|
| Comfort Systems USA Inc | 2.1<br>|
| Cencora Inc | 2.0<br>|
| ROBLOX Corp Class A | 1.9<br>|
| Alnylam Pharmaceuticals Inc | 1.8<br>|
| Cloudflare Inc Class A | 1.7<br>|
|  | 23.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2952_20251130_2.jpg)<br>| ![](img120926_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914120.101 2952-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Growth Strategies Fund<br> **Fidelity® Growth Strategies Fund : FDEGX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Growth Strategies Fund for the period December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Growth Strategies Fund  | $71  | 0.69% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Midcap Growth Index for the fiscal year, led by industrials. Stock picks in health care and information technology, primarily within the technology hardware & equipment industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Robinhood Markets (+235%). This period we decreased our investment in Robinhood Markets. A second notable relative contributor was an overweight in Howmet Aerospace (+74%). The company was the fund's biggest holding at period end. Another notable relative contributor was our non-benchmark stake in Sterling Infrastructure (+84%). This was a position we established this period. The company was one of our largest holdings at period end.

• In contrast, the biggest detractor from performance versus the benchmark was an underweight in health care. Also hurting our result were an overweight in industrials and an underweight in information technology, primarily within the semiconductors & semiconductor equipment industry.

• The largest individual relative detractor this period was avoiding IDEXX Laboratories, a benchmark component that gained approximately 79%. The second-largest relative detractor was our stake in Coinbase Global (-21%). This period we decreased our position in Coinbase Global. An underweight and untimely positioning in Vertiv Holdings (+41%) also detracted.

• Notable changes in positioning include decreased exposure to the energy sector and a higher allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Growth Strategies Fund<br>| $10000 | $10002<br>| $12165<br>| $12498<br>| $15342<br>| $19179<br>| $24034<br>| $19232<br>| $20516<br>| $29853<br>| $31459<br>|
| Russell Midcap® Growth Index<br>| $10000 | $10454<br>| $13071<br>| $13766<br>| $16760<br>| $21938<br>| $25826<br>| $20204<br>| $22220<br>| $31122<br>| $32145<br>|
| Russell 3000® Index<br>| $10000 | $10831<br>| $13243<br>| $13975<br>| $16140<br>| $19210<br>| $24270<br>| $21648<br>| $24378<br>| $32784<br>| $37239<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120927_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Growth Strategies Fund | 5.38% | 10.40% | 12.14% |
| Russell Midcap® Growth Index | 3.29%<br>| 7.94%<br>| 12.39% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 14.05% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4122379977<br>|
| Number of Holdings | 147<br>|
| Total Advisory Fee | $26071619<br>|
| Portfolio Turnover | 58%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 33.2 |
| Information Technology | 18.0 |
| Consumer Discretionary | 15.0 |
| Health Care | 10.5 |
| Financials | 9.1 |
| Communication Services | 4.0 |
| Utilities | 3.3 |
| Consumer Staples | 2.7 |
| Energy | 1.7 |
| Materials | 1.3 |
| Real Estate | 1.1 |

---

Common Stocks 99.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img324_20251130_AA.jpg) <br>|

---

Common Stocks - 99.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.1 <br>

---

| | |
|:---|:---|
| United States | 97.0 |
| United Kingdom | 1.1 |
| Korea (South) | 0.9 |
| Israel | 0.4 |
| Canada | 0.3 |
| Germany | 0.2 |
| Australia | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img324_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Howmet Aerospace Inc | 4.6<br>|
| Axon Enterprise Inc | 2.8<br>|
| Fair Isaac Corp | 2.4<br>|
| Sterling Infrastructure Inc | 2.3<br>|
| Hilton Worldwide Holdings Inc | 2.1<br>|
| Comfort Systems USA Inc | 2.1<br>|
| Cencora Inc | 2.0<br>|
| ROBLOX Corp Class A | 1.9<br>|
| Alnylam Pharmaceuticals Inc | 1.8<br>|
| Cloudflare Inc Class A | 1.7<br>|
|  | 23.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment feeExpense reductions

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img324_20251130_2.jpg)<br>| ![](img120927_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914084.101 324-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Growth Strategies Fund<br> **Fidelity® Growth Strategies Fund Class K : FAGKX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Growth Strategies Fund for the period December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K  | $64  | 0.62% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell Midcap Growth Index for the fiscal year, led by industrials. Stock picks in health care and information technology, primarily within the technology hardware & equipment industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in Robinhood Markets (+235%). This period we decreased our investment in Robinhood Markets. A second notable relative contributor was an overweight in Howmet Aerospace (+74%). The company was the fund's biggest holding at period end. Another notable relative contributor was our non-benchmark stake in Sterling Infrastructure (+84%). This was a position we established this period. The company was one of our largest holdings at period end.

• In contrast, the biggest detractor from performance versus the benchmark was an underweight in health care. Also hurting our result were an overweight in industrials and an underweight in information technology, primarily within the semiconductors & semiconductor equipment industry.

• The largest individual relative detractor this period was avoiding IDEXX Laboratories, a benchmark component that gained approximately 79%. The second-largest relative detractor was our stake in Coinbase Global (-21%). This period we decreased our position in Coinbase Global. An underweight and untimely positioning in Vertiv Holdings (+41%) also detracted.

• Notable changes in positioning include decreased exposure to the energy sector and a higher allocation to health care.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class K<br>| $10000 | $10020<br>| $12205<br>| $12552<br>| $15431<br>| $19315<br>| $24228<br>| $19410<br>| $20732<br>| $30190<br>| $31836<br>|
| Russell Midcap® Growth Index<br>| $10000 | $10454<br>| $13071<br>| $13766<br>| $16760<br>| $21938<br>| $25826<br>| $20204<br>| $22220<br>| $31122<br>| $32145<br>|
| Russell 3000® Index<br>| $10000 | $10831<br>| $13243<br>| $13975<br>| $16140<br>| $19210<br>| $24270<br>| $21648<br>| $24378<br>| $32784<br>| $37239<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120928_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class K | 5.45% | 10.51% | 12.28% |
| Russell Midcap® Growth Index | 3.29%<br>| 7.94%<br>| 12.39% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 14.05% |

---

---

| |
|:---|
| Visit **www.401k.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4122379977<br>|
| Number of Holdings | 147<br>|
| Total Advisory Fee | $26071619<br>|
| Portfolio Turnover | 58%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 33.2 |
| Information Technology | 18.0 |
| Consumer Discretionary | 15.0 |
| Health Care | 10.5 |
| Financials | 9.1 |
| Communication Services | 4.0 |
| Utilities | 3.3 |
| Consumer Staples | 2.7 |
| Energy | 1.7 |
| Materials | 1.3 |
| Real Estate | 1.1 |

---

Common Stocks 99.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img324_20251130_AA.jpg) <br>|

---

Common Stocks - 99.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.1 <br>

---

| | |
|:---|:---|
| United States | 97.0 |
| United Kingdom | 1.1 |
| Korea (South) | 0.9 |
| Israel | 0.4 |
| Canada | 0.3 |
| Germany | 0.2 |
| Australia | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img324_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Howmet Aerospace Inc | 4.6<br>|
| Axon Enterprise Inc | 2.8<br>|
| Fair Isaac Corp | 2.4<br>|
| Sterling Infrastructure Inc | 2.3<br>|
| Hilton Worldwide Holdings Inc | 2.1<br>|
| Comfort Systems USA Inc | 2.1<br>|
| Cencora Inc | 2.0<br>|
| ROBLOX Corp Class A | 1.9<br>|
| Alnylam Pharmaceuticals Inc | 1.8<br>|
| Cloudflare Inc Class A | 1.7<br>|
|  | 23.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment feeExpense reductions

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img324_20251130_2.jpg)<br>| ![](img120928_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914083.101 2076-TSRA-0126 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Growth Company K6 Fund<br> **Fidelity® Growth Company K6 Fund : FGKFX** <br>|

---

This annual shareholder report contains information about Fidelity® Growth Company K6 Fund for the period December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Growth Company K6 Fund  | $51  | 0.45% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 3000 Growth Index for the fiscal year, led by information technology, where our picks in technology hardware & equipment helped most. Picks and underweights in financials, primarily within the financial services industry, and industrials also boosted the fund's relative performance.

• The top individual relative contributor was our non-benchmark stake in Sandisk (+351%). This was a position we established this period. A second notable relative contributor was our non-benchmark stake in Ciena (+193%). An overweight in Nvidia (+28%) also contributed. The company was the fund's largest holding.

• In contrast, the biggest detractor from performance versus the benchmark was security selection in consumer discretionary. Also hurting our result were an underweight in consumer staples, primarily within the food, beverage & tobacco industry, and an overweight in information technology.

• The biggest individual relative detractor was an underweight in Broadcom (+151%). The stock was one of our largest holdings. A second notable relative detractor was an overweight in Deckers Outdoor (-55%). An overweight in Lululemon Athletica (-42%) also hurt. This period we decreased our position in Lululemon Athletica.

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to consumer discretionary.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

June 13, 2019 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Growth Company K6 Fund<br>| $10000 | $11190<br>| $18681<br>| $24511<br>| $17440<br>| $21935<br>| $32119<br>|
| Russell 3000® Growth Index<br>| $10000 | $11045<br>| $14992<br>| $19398<br>| $15210<br>| $18946<br>| $26176<br>|
| Russell 3000® Index<br>| $10000 | $10920<br>| $12997<br>| $16420<br>| $14646<br>| $16493<br>| $22181<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120929_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Growth Company K6 Fund | 25.68% | 16.66% | 24.06% |
| Russell 3000® Growth Index | 19.36%<br>| 15.82%<br>| 19.25% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 15.35% |

---

**A** From June 13, 2019

---

| |
|:---|
| Visit **www.401k.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $22922982868<br>|
| Number of Holdings | 577<br>|
| Total Advisory Fee | $93493025<br>|
| Portfolio Turnover | 15%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 49.8 |
| Communication Services | 15.3 |
| Consumer Discretionary | 12.4 |
| Health Care | 11.9 |
| Financials | 3.9 |
| Industrials | 3.6 |
| Consumer Staples | 2.1 |
| Materials | 0.5 |
| Energy | 0.2 |
| Real Estate | 0.2 |
| Utilities | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.0 |
| Preferred Stocks | 2.9 |
| Bonds | 0.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3458_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.1 |

---

---

| | |
|:---|:---|
| United States | 95.9 |
| Netherlands | 0.9 |
| Canada | 0.6 |
| Switzerland | 0.6 |
| Finland | 0.4 |
| China | 0.4 |
| Taiwan | 0.2 |
| India | 0.2 |
| Japan | 0.2 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3458_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 15.6<br>|
| Apple Inc | 7.5<br>|
| Alphabet Inc Class A | 5.6<br>|
| Amazon.com Inc | 5.4<br>|
| Microsoft Corp | 5.4<br>|
| Meta Platforms Inc Class A | 5.0<br>|
| Broadcom Inc | 4.0<br>|
| Alphabet Inc Class C | 2.4<br>|
| Eli Lilly & Co | 2.4<br>|
| Pure Storage Inc Class A | 1.9<br>|
|  | 55.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img3458_20251130_2.jpg)<br>| ![](img120929_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914121.101 3458-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Growth Company Fund<br> **Fidelity® Growth Company Fund : FDGRX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Growth Company Fund for the period December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Growth Company Fund  | $77  | 0.69% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 3000 Growth Index for the fiscal year, led by information technology, where our picks in technology hardware & equipment helped most. Stock picks and underweights in financials, primarily within the financial services industry, and industrials also boosted the fund's relative performance.

• The top individual relative contributor was our non-benchmark stake in Sandisk (+351%). This was a position we established this period. A non-benchmark stake in Ciena gained approximately 193% and was the second-largest relative contributor. Another notable relative contributor was an overweight in Nvidia (+28%). The stock was the fund's largest holding.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in consumer discretionary. An underweight in consumer staples, primarily within the food, beverage & tobacco industry, also hampered the fund's result. Lastly, the fund's position in cash detracted.

• The largest individual relative detractor was an underweight in Broadcom (+151%). The stock was among our largest holdings at period end. The second-largest relative detractor was an overweight in Deckers Outdoor (-55%). Another notable relative detractor was our stake in Lululemon Athletica (-43%). This period we decreased our investment in Lululemon Athletica.

• Notable changes in positioning include decreased exposure to the consumer discretionary sector and a higher allocation to communication services.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Growth Company Fund<br>| $10000 | $10348<br>| $14211<br>| $15091<br>| $18419<br>| $30618<br>| $40344<br>| $28280<br>| $35843<br>| $51696<br>| $64052<br>|
| Russell 3000® Growth Index<br>| $10000 | $10425<br>| $13578<br>| $14684<br>| $17662<br>| $23973<br>| $31019<br>| $24322<br>| $30296<br>| $41857<br>| $49961<br>|
| Russell 3000® Index<br>| $10000 | $10831<br>| $13243<br>| $13975<br>| $16140<br>| $19210<br>| $24270<br>| $21648<br>| $24378<br>| $32784<br>| $37239<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120930_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Growth Company Fund | 23.90% | 15.91% | 20.41% |
| Russell 3000® Growth Index | 19.36%<br>| 15.82%<br>| 17.45% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 14.05% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $79579950512<br>|
| Number of Holdings | 598<br>|
| Total Advisory Fee | $471822095<br>|
| Portfolio Turnover | 16%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 51.2 |
| Communication Services | 13.4 |
| Consumer Discretionary | 12.6 |
| Health Care | 12.0 |
| Financials | 4.0 |
| Industrials | 3.4 |
| Consumer Staples | 2.1 |
| Materials | 0.7 |
| Energy | 0.2 |
| Real Estate | 0.2 |
| Utilities | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.0 |
| Preferred Stocks | 2.7 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.2 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img25_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.2 |

---

---

| | |
|:---|:---|
| United States | 95.8 |
| Netherlands | 0.9 |
| Canada | 0.6 |
| Switzerland | 0.5 |
| Finland | 0.5 |
| China | 0.4 |
| India | 0.3 |
| Taiwan | 0.2 |
| Japan | 0.2 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img25_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 16.3<br>|
| Apple Inc | 8.3<br>|
| Microsoft Corp | 7.8<br>|
| Amazon.com Inc | 5.4<br>|
| Alphabet Inc Class A | 4.6<br>|
| Meta Platforms Inc Class A | 3.5<br>|
| Alphabet Inc Class C | 2.9<br>|
| Eli Lilly & Co | 2.4<br>|
| Broadcom Inc | 2.3<br>|
| Tesla Inc | 1.9<br>|
|  | 55.4 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img25_20251130_2.jpg)<br>| ![](img120930_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914042.101 25-TSRA-0126 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Growth Company Fund<br> **Fidelity® Growth Company Fund Class K : FGCKX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Growth Company Fund for the period December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K  | $70  | 0.62% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 3000 Growth Index for the fiscal year, led by information technology, where our picks in technology hardware & equipment helped most. Stock picks and underweights in financials, primarily within the financial services industry, and industrials also boosted the fund's relative performance.

• The top individual relative contributor was our non-benchmark stake in Sandisk (+351%). This was a position we established this period. A non-benchmark stake in Ciena gained approximately 193% and was the second-largest relative contributor. Another notable relative contributor was an overweight in Nvidia (+28%). The stock was the fund's largest holding.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in consumer discretionary. An underweight in consumer staples, primarily within the food, beverage & tobacco industry, also hampered the fund's result. Lastly, the fund's position in cash detracted.

• The largest individual relative detractor was an underweight in Broadcom (+151%). The stock was among our largest holdings at period end. The second-largest relative detractor was an overweight in Deckers Outdoor (-55%). Another notable relative detractor was our stake in Lululemon Athletica (-43%). This period we decreased our investment in Lululemon Athletica.

• Notable changes in positioning include decreased exposure to the consumer discretionary sector and a higher allocation to communication services.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

November 30, 2015 through November 30, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class K<br>| $10000 | $10359<br>| $14240<br>| $15134<br>| $18486<br>| $30756<br>| $40559<br>| $28454<br>| $36072<br>| $52074<br>| $64567<br>|
| Russell 3000® Growth Index<br>| $10000 | $10425<br>| $13578<br>| $14684<br>| $17662<br>| $23973<br>| $31019<br>| $24322<br>| $30296<br>| $41857<br>| $49961<br>|
| Russell 3000® Index<br>| $10000 | $10831<br>| $13243<br>| $13975<br>| $16140<br>| $19210<br>| $24270<br>| $21648<br>| $24378<br>| $32784<br>| $37239<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img120931_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class K | 23.99% | 15.99% | 20.50% |
| Russell 3000® Growth Index | 19.36%<br>| 15.82%<br>| 17.45% |
| Russell 3000® Index | 13.59%<br>| 14.15%<br>| 14.05% |

---

---

| |
|:---|
| Visit **www.401k.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $79579950512<br>|
| Number of Holdings | 598<br>|
| Total Advisory Fee | $471822095<br>|
| Portfolio Turnover | 16%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 51.2 |
| Communication Services | 13.4 |
| Consumer Discretionary | 12.6 |
| Health Care | 12.0 |
| Financials | 4.0 |
| Industrials | 3.4 |
| Consumer Staples | 2.1 |
| Materials | 0.7 |
| Energy | 0.2 |
| Real Estate | 0.2 |
| Utilities | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.0 |
| Preferred Stocks | 2.7 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.2 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img25_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.2 |

---

---

| | |
|:---|:---|
| United States | 95.8 |
| Netherlands | 0.9 |
| Canada | 0.6 |
| Switzerland | 0.5 |
| Finland | 0.5 |
| China | 0.4 |
| India | 0.3 |
| Taiwan | 0.2 |
| Japan | 0.2 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img25_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Japan - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 16.3<br>|
| Apple Inc | 8.3<br>|
| Microsoft Corp | 7.8<br>|
| Amazon.com Inc | 5.4<br>|
| Alphabet Inc Class A | 4.6<br>|
| Meta Platforms Inc Class A | 3.5<br>|
| Alphabet Inc Class C | 2.9<br>|
| Eli Lilly & Co | 2.4<br>|
| Broadcom Inc | 2.3<br>|
| Tesla Inc | 1.9<br>|
|  | 55.4 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since December 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by January 29, 2026 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment fee

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img25_20251130_2.jpg)<br>| ![](img120931_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914041.101 2090-TSRA-0126 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF NOVEMBER 30, 2025 |
| Fidelity® Equity Growth K6 Fund<br> **Fidelity® Equity Growth K6 Fund : FEGKX** <br>|

---

This annual shareholder report contains information about Fidelity® Equity Growth K6 Fund for the period December 1, 2024 to November 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Equity Growth K6 Fund  | $48  | 0.45% |

---

**What affected the Fund's performance this period?**

• U.S. equities achieved a strong gain for the 12 months ending November 30, 2025, extending a historically fast rebound that began in early April, bolstered by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the Russell 3000 Growth Index for the fiscal year, especially an underweight in information technology. An overweight in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, also hampered the fund's result. Also hurting our result were security selection and an overweight in consumer discretionary, primarily within the consumer discretionary distribution & retail industry.

• The largest individual relative detractor was our stake in Broadcom (+18%). This was a position we established this period. The company was among the fund's largest holdings at period end. A second notable relative detractor was an overweight in Amazon.com (+12%). The stock was among the fund's biggest holdings. An underweight in Palantir Technologies (+151%) also detracted. This was a position we established this period.

• In contrast, the biggest contributor to performance versus the benchmark was stock selection in industrials. Picks in financials, primarily within the financial services industry, and communication services, primarily within the media & entertainment industry, also boosted the fund's relative performance.

• The fund's non-benchmark stake in Taiwan Semiconductor Manufacturing gained 55% and was the top individual relative contributor. The company was one of our largest holdings. A second notable relative contributor was an overweight in GE Vernova (+81%). An overweight in Roblox (+90%) also helped.

• Notable changes in positioning include increased exposure to the communication services sector and a lower allocation to health care.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

August 24, 2023 through November 30, 2025.

Initial investment of $10,000.

---

| | | | |
|:---|:---|:---|:---|
| Fidelity® Equity Growth K6 Fund<br>| $10000 | $10640<br>| $14806<br>|
| Russell 3000® Growth Index<br>| $10000 | $10721<br>| $14812<br>|
| Russell 3000® Index<br>| $10000 | $10455<br>| $14061<br>|
|  | 2023 | 2024 | 2025 |

---

![](img120933_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Life of Fund** A |
| Fidelity® Equity Growth K6 Fund | 14.42% | 26.13% |
| Russell 3000® Growth Index | 19.36%<br>| 28.52% |
| Russell 3000® Index | 13.59%<br>| 22.89% |

---

**A** From August 24, 2023

---

| |
|:---|
| Visit **www.401k.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of November 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $324317286<br>|
| Number of Holdings | 122<br>|
| Total Advisory Fee | $1082555<br>|
| Portfolio Turnover | 86%<br>|

---

**What did the Fund invest in?** (as of November 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 45.5 |
| Communication Services | 15.2 |
| Consumer Discretionary | 11.0 |
| Health Care | 8.1 |
| Financials | 7.6 |
| Industrials | 6.7 |
| Materials | 2.0 |
| Consumer Staples | 1.5 |
| Utilities | 1.1 |
| Real Estate | 0.7 |
| Energy | 0.5 |

---

Common Stocks 99.6 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7524_20251130_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.1 |

---

---

| | |
|:---|:---|
| United States | 90.7 |
| Taiwan | 2.8 |
| Canada | 1.7 |
| China | 1.6 |
| Belgium | 0.9 |
| Korea (South) | 0.7 |
| Brazil | 0.5 |
| Netherlands | 0.4 |
| Germany | 0.4 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7524_20251130_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 12.5<br>|
| Microsoft Corp | 11.0<br>|
| Alphabet Inc Class A | 6.5<br>|
| Apple Inc | 5.5<br>|
| Broadcom Inc | 5.4<br>|
| Amazon.com Inc | 5.2<br>|
| Meta Platforms Inc Class A | 4.0<br>|
| Mastercard Inc Class A | 3.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.7<br>|
| Eli Lilly & Co | 2.5<br>|
|  | 58.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img7524_20251130_2.jpg)<br>| ![](img120933_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914122.101 7524-TSRA-0126 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, November 30, 2025, Fidelity Mt. Vernon Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.

Item 4.

<u>Principal Accountant Fees and Services</u>

<u>Fees and Services</u>

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity Growth Company Fund, Fidelity Growth Company K6 Fund and Fidelity Series Growth Company Fund (the "Funds"):

**<u>Services Billed by Deloitte Entities</u>**

**<u>November 30, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Growth Company Fund | &nbsp;&nbsp;$99800  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$6600  | &nbsp;&nbsp;$800  |
| &nbsp;&nbsp;Fidelity Growth Company K6 Fund | &nbsp;&nbsp;$95000  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$6600  | &nbsp;&nbsp;$800  |
| &nbsp;&nbsp;Fidelity Series Growth Company Fund | &nbsp;&nbsp;$67400  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$6600  | &nbsp;&nbsp;$700  |

---

**<u>November 30, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Growth Company Fund | &nbsp;&nbsp;$95500  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$9900  | &nbsp;&nbsp;$1500  |
| &nbsp;&nbsp;Fidelity Growth Company K6 Fund | &nbsp;&nbsp;$91000  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$9400  | &nbsp;&nbsp;$1500  |
| &nbsp;&nbsp;Fidelity Series Growth Company Fund | &nbsp;&nbsp;$65600  | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$9900  | &nbsp;&nbsp;$1400  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Equity Growth K6 Fund, Fidelity Growth Strategies Fund, Fidelity Growth Strategies K6 Fund and Fidelity New Millennium Fund (the "Funds"):

**<u>Services Billed by PwC</u>**

**<u>November 30, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Equity Growth K6 Fund | &nbsp;&nbsp;$45600  | &nbsp;&nbsp;$1800  | &nbsp;&nbsp;$13400  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;Fidelity Growth Strategies Fund | &nbsp;&nbsp;$71600  | &nbsp;&nbsp;$2300  | &nbsp;&nbsp;$24400  | &nbsp;&nbsp;$800  |
| &nbsp;&nbsp;Fidelity Growth Strategies K6 Fund | &nbsp;&nbsp;$43000  | &nbsp;&nbsp;$1900  | &nbsp;&nbsp;$3900  | &nbsp;&nbsp;$600  |
| &nbsp;&nbsp;Fidelity New Millennium Fund | &nbsp;&nbsp;$62300  | &nbsp;&nbsp;$2800  | &nbsp;&nbsp;$6800  | &nbsp;&nbsp;$900  |

---

**<u>November 30, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Equity Growth K6 Fund | &nbsp;&nbsp;$33900  | &nbsp;&nbsp;$2900  | &nbsp;&nbsp;$10900  | &nbsp;&nbsp;$1000  |
| &nbsp;&nbsp;Fidelity Growth Strategies Fund | &nbsp;&nbsp;$54800  | &nbsp;&nbsp;$3700  | &nbsp;&nbsp;$15900  | &nbsp;&nbsp;$1300  |
| &nbsp;&nbsp;Fidelity Growth Strategies K6 Fund | &nbsp;&nbsp;$41600  | &nbsp;&nbsp;$3400  | &nbsp;&nbsp;$7900  | &nbsp;&nbsp;$1200  |
| &nbsp;&nbsp;Fidelity New Millennium Fund | &nbsp;&nbsp;$63200  | &nbsp;&nbsp;$5000  | &nbsp;&nbsp;$14100  | &nbsp;&nbsp;$1700  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) ("Fund Service Providers"):

**<u>Services Billed by Deloitte Entities</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>November 30, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>November 30, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$125000 | &nbsp;&nbsp;$125000 |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$1970400 | &nbsp;&nbsp;$2929500 |

---

<sup>A</sup> Amounts may reflect rounding.

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>November 30, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>November 30, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$8914100  | &nbsp;&nbsp;$9701800  |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$1000  | &nbsp;&nbsp;$61000  |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$35000  |

---

<sup>A</sup> Amounts may reflect rounding.

"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

"All Other Fees" represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

\* \* \*

The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>November 30, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>November 30, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Deloitte Entities | &nbsp;&nbsp;$2454300  | &nbsp;&nbsp;$3382600  |
| &nbsp;&nbsp;PwC | &nbsp;&nbsp;$13811800  | &nbsp;&nbsp;$15360100  |

---

<sup>A</sup> Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

<u>Audit Committee Pre-Approval Policies and Procedures</u>

The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

<u>Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")</u>

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund's(s') last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the "PCAOB") has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a "foreign issuer," as defined in 17 CFR 240.3b-4.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® Series Growth Company Fund**

**Annual Report**

**November 30, 2025**

![](img120709_1.jpg)

![](img120709_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7Consolidated_XS7-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Growth Company Fund](#Sub_Sec_Fund_2610_XS7-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements2610_XS7-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_XS7-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_XS7-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_XS7-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_XS7-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_XS7-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_XS7-ANN)** |

---

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.© 2026 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.*

**Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Series Growth Company Fund**

**Consolidated Schedule of Investments November 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.6%** | &nbsp;&nbsp;**Common Stocks - 95.6%** | &nbsp;&nbsp;**Common Stocks - 95.6%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Australia Holdings Pty Ltd Class A (b)(c)(d) | 2888 | 4754052 |
| BELGIUM - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| AgomAb Therapeutics SA warrants 10/10/2033 (b)(c)(d) | 10 | 0 |
| AgomAb Therapeutics SA warrants 11/4/2034 (b)(c)(d) | 10 | 0 |
| UCB SA  | 65600 | 18306610 |
| TOTAL BELGIUM |  | 18306610 |
| CANADA - 0.7%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Canada Goose Holdings Inc Subordinate Voting Shares (c) | 305115 | 4277221 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Cameco Corp (United States) (c) | 155600 | 13772156 |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Celestica Inc (United States) (c) | 48300 | 16635003 |
| IT Services - 0.2% |  |  |
| Shopify Inc Class A (c) | 212290 | 33695692 |
| TOTAL INFORMATION TECHNOLOGY |  | 50330695 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Agnico Eagle Mines Ltd/CA (United States)  | 79800 | 13919514 |
| Barrick Mining Corp  | 755100 | 31258747 |
| Franco-Nevada Corp (United States)  | 38700 | 8120808 |
| Kinross Gold Corp (United States) (e) | 153300 | 4309263 |
| Novagold Resources Inc (United States) (c) | 642900 | 6551151 |
|  |  | 64159483 |
| TOTAL CANADA |  | 132539555 |
| CHINA - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.1% |  |  |
| Alibaba Group Holding Ltd ADR  | 143300 | 22541090 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Atour Lifestyle Holdings Ltd ADR  | 427300 | 16395501 |
| Luckin Coffee Inc ADR (c) | 435500 | 15852200 |
| Trip.com Group Ltd ADR  | 46500 | 3251280 |
|  |  | 35498981 |
| TOTAL CONSUMER DISCRETIONARY |  | 58040071 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Ant International Co Ltd Class C (b)(d) | 570188 | 969320 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Zai Lab Ltd ADR (c) | 90100 | 1838941 |
| TOTAL CHINA |  | 60848332 |
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Ascendis Pharma A/S ADR (c) | 9489 | 2014799 |
| Zealand Pharma A/S (c) | 215200 | 17266154 |
| TOTAL DENMARK |  | 19280953 |
| FINLAND - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Communications Equipment - 0.2% |  |  |
| Nokia Oyj ADR  | 8098900 | 49241312 |
| FRANCE - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Abivax SA ADR (c) | 83600 | 10435788 |
| Health Care Technology - 0.0% |  |  |
| DNA Script SAS (b)(c)(d) | 324 | 6384 |
| DNA Script SAS (b)(c)(d) | 85 | 1671 |
|  |  | 8055 |
| TOTAL FRANCE |  | 10443843 |
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (c)(e) | 20100 | 870933 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| BioNTech SE ADR (c) | 135302 | 13956401 |
| TOTAL GERMANY |  | 14827334 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Bullish  | 5600 | 244271 |
| HONG KONG - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Futu Holdings Ltd Class A ADR  | 32400 | 5496984 |
| INDIA - 0.3%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.0% |  |  |
| Meesho  | 7665159 | 9521830 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Eternal Ltd (c) | 2843600 | 9550162 |
| MakeMyTrip Ltd (c)(e) | 135550 | 9676915 |
|  |  | 19227077 |
| Specialty Retail - 0.0% |  |  |
| Lenskart Solutions Ltd (f) | 81604 | 374842 |
| Lenskart Solutions Ltd (f) | 81603 | 374837 |
| Lenskart Solutions Ltd (c) | 14573 | 66940 |
|  |  | 816619 |
| TOTAL CONSUMER DISCRETIONARY |  | 29565526 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Reliance Industries Ltd  | 413718 | 7257520 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| HDFC Bank Ltd ADR  | 397344 | 14630206 |
| Financial Services - 0.0% |  |  |
| Jio Financial Services Ltd  | 348459 | 1194079 |
| TOTAL FINANCIALS |  | 15824285 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| Delhivery Ltd (c) | 646600 | 3084079 |
| TOTAL INDIA |  | 55731410 |
| IRELAND - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Prothena Corp PLC (c) | 758905 | 8158229 |
| Pharmaceuticals - 0.0% |  |  |
| GH Research PLC (c)(e) | 379700 | 5756252 |
| TOTAL IRELAND |  | 13914481 |
| ISRAEL - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| Oddity Tech Ltd Class A (c)(e) | 282371 | 12215370 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Etoro Group Ltd Class A (e) | 18700 | 784839 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd warrants 7/24/2032 (b)(c) | 65668 | 91935 |
| TOTAL ISRAEL |  | 13092144 |
| ITALY - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Passenger Airlines - 0.0% |  |  |
| Ryanair Holdings PLC ADR  | 8945 | 609691 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Bending Spoons SpA Class C (b)(d) | 14700 | 1308966 |
| TOTAL ITALY |  | 1918657 |
| JAPAN - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Rakuten Group Inc (c) | 114400 | 699048 |
| Industrials - 0.1% |  |  |
| Machinery - 0.1% |  |  |
| Mitsubishi Heavy Industries Ltd  | 543000 | 13753759 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Allegro MicroSystems Inc (c) | 143800 | 3838022 |
| Kioxia Holdings Corp (c) | 283000 | 17041055 |
|  |  | 20879077 |
| TOTAL JAPAN |  | 35331884 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Samsung Electronics Co Ltd  | 49503 | 3407167 |
| MEXICO - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| BBB Foods Inc Class A (c) | 178900 | 5828562 |
| NETHERLANDS - 0.8%  |  |  |
| Health Care - 0.8% |  |  |
| Biotechnology - 0.7% |  |  |
| Argenx SE ADR (c) | 159560 | 145515529 |
| Pharmaceuticals - 0.1% |  |  |
| Pharvaris NV (c) | 358439 | 10172499 |
| TOTAL HEALTH CARE |  | 155688028 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| ASML Holding NV depository receipt  | 985 | 1044100 |
| TOTAL NETHERLANDS |  | 156732128 |
| POLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| CCC SA (c)(e) | 226415 | 8381949 |
| SWITZERLAND - 0.6%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| On Holding AG Class A (c)(e) | 2025006 | 89080014 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.0% |  |  |
| CRISPR Therapeutics AG (c) | 122300 | 6539381 |
| Idorsia Ltd (c)(e) | 1060374 | 4231725 |
|  |  | 10771106 |
| Pharmaceuticals - 0.1% |  |  |
| Galderma Group AG  | 65110 | 12971735 |
| TOTAL HEALTH CARE |  | 23742841 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| TE Connectivity PLC  | 1241 | 280652 |
| TOTAL SWITZERLAND |  | 113103507 |
| TAIWAN - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Silicon Motion Technology Corp ADR  | 37100 | 3300416 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 139468 | 40656317 |
| TOTAL TAIWAN |  | 43956733 |
| UNITED KINGDOM - 0.1%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| 3i Group PLC  | 179200 | 7490998 |
| Financial Services - 0.0% |  |  |
| Revolut Group Holdings Ltd (b)(d) | 1828 | 2473485 |
| TOTAL FINANCIALS |  | 9964483 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Immunocore Holdings PLC ADR (c) | 273170 | 10790215 |
| TOTAL UNITED KINGDOM |  | 20754698 |
| UNITED STATES - 91.8%  |  |  |
| Communication Services - 13.2% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Cogent Communications Holdings Inc (e) | 61100 | 1165788 |
| Lumen Technologies Inc (c) | 1548500 | 12558335 |
| Verizon Communications Inc  | 13500 | 554985 |
|  |  | 14279108 |
| Entertainment - 1.7% |  |  |
| Electronic Arts Inc  | 2654 | 536188 |
| Netflix Inc (c) | 2387290 | 256824658 |
| ROBLOX Corp Class A (c) | 660200 | 62738806 |
| Roku Inc Class A (c) | 107876 | 10441318 |
| Spotify Technology SA (c) | 26200 | 15690394 |
| Walt Disney Co/The  | 6776 | 707889 |
|  |  | 346939253 |
| Interactive Media & Services - 11.2% |  |  |
| Alphabet Inc Class A  | 2837580 | 908536365 |
| Alphabet Inc Class C  | 1767060 | 565671247 |
| Epic Games Inc (b)(c)(d) | 11800 | 7671062 |
| IAC Inc Class A (c) | 5800 | 203405 |
| Meta Platforms Inc Class A  | 1138430 | 737645719 |
| Reddit Inc Class A (c) | 78738 | 17044415 |
| Reddit Inc Class B (c) | 46152 | 9990523 |
| Snap Inc Class A (c) | 251703 | 1933079 |
|  |  | 2248695815 |
| Media - 0.0% |  |  |
| Comcast Corp Class A  | 106800 | 2850492 |
| Trade Desk Inc (The) Class A (c) | 56700 | 2243052 |
|  |  | 5093544 |
| Wireless Telecommunication Services - 0.2% |  |  |
| T-Mobile US Inc  | 224853 | 46996526 |
| TOTAL COMMUNICATION SERVICES |  | 2662004246 |
| Consumer Discretionary - 11.5% |  |  |
| Automobiles - 1.9% |  |  |
| Neutron Holdings Inc (b)(c)(d) | 438358 | 42082 |
| Rad Power Bikes Inc (b)(c)(d) | 249183 | 2 |
| Rad Power Bikes Inc warrants 10/6/2033 (b)(c)(d) | 181375 | 2 |
| Rivian Automotive Inc Class A (c)(e) | 143719 | 2423102 |
| Tesla Inc (c) | 876805 | 377175208 |
|  |  | 379640396 |
| Broadline Retail - 5.7% |  |  |
| Amazon.com Inc (c) | 4667860 | 1088638309 |
| Ollie's Bargain Outlet Holdings Inc (c) | 564037 | 69438595 |
|  |  | 1158076904 |
| Diversified Consumer Services - 0.0% |  |  |
| Duolingo Inc Class A (c) | 6200 | 1186742 |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| Airbnb Inc Class A (c) | 53700 | 6282363 |
| Black Rock Coffee Bar Inc Class A (e) | 42600 | 969150 |
| Booking Holdings Inc  | 11072 | 54415448 |
| Brinker International Inc (c) | 112700 | 17332133 |
| Cava Group Inc (c)(e) | 9150 | 447344 |
| Chipotle Mexican Grill Inc (c) | 440750 | 15214690 |
| DoorDash Inc Class A (c) | 66900 | 13270953 |
| Dutch Bros Inc Class A (c) | 3300 | 193412 |
| Expedia Group Inc Class A  | 4900 | 1252881 |
| Hyatt Hotels Corp Class A (e) | 3483 | 572570 |
| Marriott International Inc/MD Class A1  | 81150 | 24733709 |
| McDonald's Corp  | 2725 | 849710 |
| Shake Shack Inc Class A (c)(e) | 18936 | 1656521 |
| Sonder Holdings Inc Stage 1 rights (b)(c) | 14240 | 0 |
| Sonder Holdings Inc Stage 2 rights (b)(c) | 14240 | 0 |
| Sonder Holdings Inc Stage 3 rights (b)(c) | 14239 | 0 |
| Sonder Holdings Inc Stage 4 rights (b)(c) | 14239 | 0 |
| Sonder Holdings Inc Stage 5 rights (b)(c) | 14238 | 0 |
| Sonder Holdings Inc Stage 5 rights (b)(c) | 14238 | 0 |
| Starbucks Corp  | 176153 | 15344688 |
| Viking Holdings Ltd (c) | 50400 | 3365712 |
| Wingstop Inc (e) | 14400 | 3812112 |
|  |  | 159713396 |
| Household Durables - 0.4% |  |  |
| DR Horton Inc  | 53200 | 8459332 |
| Garmin Ltd  | 116800 | 22813376 |
| Lennar Corp Class A (e) | 71000 | 9322300 |
| SharkNinja Inc (c) | 233000 | 22733810 |
| Somnigroup International Inc  | 160200 | 14661504 |
| Toll Brothers Inc  | 53300 | 7452939 |
|  |  | 85443261 |
| Leisure Products - 0.0% |  |  |
| Peloton Interactive Inc Class A (c) | 194642 | 1321619 |
| Specialty Retail - 2.2% |  |  |
| Carvana Co Class A (c) | 78200 | 29285900 |
| Dick's Sporting Goods Inc  | 117600 | 24292632 |
| Fanatics Inc Class A (b)(c)(d) | 180405 | 14432400 |
| Floor & Decor Holdings Inc Class A (c)(e) | 42600 | 2710212 |
| Home Depot Inc/The (e) | 276777 | 98787247 |
| Lowe's Cos Inc  | 83373 | 20216285 |
| Revolve Group Inc Class A (c) | 525214 | 12694422 |
| RH (c) | 18291 | 2882479 |
| Ross Stores Inc  | 36800 | 6490048 |
| TJX Cos Inc/The  | 642772 | 97649922 |
| Wayfair Inc Class A (c)(e) | 1247220 | 138191976 |
|  |  | 447633523 |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Deckers Outdoor Corp (c) | 831818 | 73224939 |
| Lululemon Athletica Inc (c) | 50058 | 9219682 |
| NIKE Inc Class B  | 222554 | 14383665 |
| Tory Burch LLC Class A (b)(c)(d)(g) | 248840 | 9757016 |
| VF Corp (e) | 154700 | 2707250 |
|  |  | 109292552 |
| TOTAL CONSUMER DISCRETIONARY |  | 2342308393 |
| Consumer Staples - 2.0% |  |  |
| Beverages - 0.6% |  |  |
| Celsius Holdings Inc (c) | 75100 | 3074594 |
| Coca-Cola Co/The  | 1158807 | 84731968 |
| Constellation Brands Inc Class A  | 6800 | 927384 |
| Keurig Dr Pepper Inc  | 470571 | 13128931 |
| Monster Beverage Corp (c) | 102370 | 7676726 |
| PepsiCo Inc  | 70964 | 10555185 |
|  |  | 120094788 |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| Costco Wholesale Corp  | 97394 | 88978185 |
| Dollar Tree Inc (c) | 7500 | 831075 |
| Kroger Co/The  | 144040 | 9691011 |
| Maplebear Inc (c) | 17645 | 741266 |
| Sprouts Farmers Market Inc (c) | 16400 | 1374484 |
| Target Corp  | 80463 | 7291557 |
| Walmart Inc  | 104500 | 11548295 |
|  |  | 120455873 |
| Food Products - 0.0% |  |  |
| Archer-Daniels-Midland Co  | 1400 | 85035 |
| Bunge Global SA  | 31154 | 2992965 |
| Hershey Co/The  | 10000 | 1880800 |
| Mondelez International Inc  | 83317 | 4796560 |
|  |  | 9755360 |
| Household Products - 0.1% |  |  |
| Church & Dwight Co Inc  | 52021 | 4430108 |
| Clorox Co/The  | 8200 | 885108 |
| Colgate-Palmolive Co  | 80991 | 6510866 |
| Procter & Gamble Co/The  | 70078 | 10382757 |
|  |  | 22208839 |
| Personal Care Products - 0.0% |  |  |
| Beauty Health Co/The (c)(d) | 553828 | 819665 |
| Beauty Health Co/The Class A (c)(e) | 851398 | 1260069 |
| Kenvue Inc  | 154100 | 2673635 |
|  |  | 4753369 |
| Tobacco - 0.7% |  |  |
| JUUL Labs Inc Class A (b)(c)(d) | 3370033 | 6396222 |
| Philip Morris International Inc  | 808800 | 127369825 |
|  |  | 133766047 |
| TOTAL CONSUMER STAPLES |  | 411034276 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Baker Hughes Co Class A  | 102500 | 5145500 |
| Halliburton Co  | 42100 | 1103862 |
|  |  | 6249362 |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| EOG Resources Inc  | 5800 | 625530 |
| EQT Corp  | 146300 | 8903818 |
| Exxon Mobil Corp  | 3900 | 452088 |
| Range Resources Corp  | 421700 | 16652933 |
| Valero Energy Corp  | 28000 | 4949280 |
|  |  | 31583649 |
| TOTAL ENERGY |  | 37833011 |
| Financials - 3.6% |  |  |
| Banks - 0.5% |  |  |
| Bank of America Corp  | 589317 | 31616857 |
| JPMorgan Chase & Co  | 111923 | 35040853 |
| Wells Fargo & Co  | 330600 | 28382010 |
|  |  | 95039720 |
| Capital Markets - 1.0% |  |  |
| Blackrock Inc  | 21697 | 22723268 |
| Goldman Sachs Group Inc/The  | 27150 | 22426986 |
| Robinhood Markets Inc Class A (c) | 1181600 | 151823784 |
|  |  | 196974038 |
| Consumer Finance - 0.0% |  |  |
| American Express Co  | 35700 | 13040139 |
| Figure Technology Solutions Inc Class A (e) | 27700 | 1003848 |
|  |  | 14043987 |
| Financial Services - 2.1% |  |  |
| Apollo Global Management Inc  | 105100 | 13857435 |
| Block Inc Class A (c) | 30585 | 2043078 |
| Mastercard Inc Class A  | 315449 | 173664138 |
| PayPal Holdings Inc  | 3527 | 221108 |
| Saluda Medical Inc (c)(d) | 84575 | 1468346 |
| Saluda Medical Inc depository receipt  | 518381 | 899986 |
| Saluda Medical Inc warrants 1/20/2027 (c)(d) | 320 | 0 |
| Toast Inc Class A (c) | 448500 | 15334215 |
| Visa Inc Class A  | 678112 | 226787777 |
|  |  | 434276083 |
| TOTAL FINANCIALS |  | 740333828 |
| Health Care - 9.8% |  |  |
| Biotechnology - 5.8% |  |  |
| AbbVie Inc  | 110449 | 25149237 |
| Absci Corp (c)(e) | 1899633 | 6021837 |
| Akouos Inc (b)(c) | 200563 | 38107 |
| Alnylam Pharmaceuticals Inc (c) | 325231 | 146753984 |
| Amgen Inc  | 96904 | 33476456 |
| Antares Therapeutics Inc (b) | 33185 | 27543 |
| Apogee Therapeutics Inc (c) | 488426 | 35152019 |
| Arcellx Inc (c) | 158900 | 11553619 |
| ArriVent Biopharma Inc (c) | 80600 | 1848964 |
| Arrowhead Pharmaceuticals Inc (c) | 525918 | 27715879 |
| aTyr Pharma Inc (c)(e) | 1200366 | 936886 |
| Beam Therapeutics Inc (c) | 876199 | 22194121 |
| BeOne Medicines Ltd ADR (c) | 156339 | 53250627 |
| Biogen Inc (c) | 13042 | 2374818 |
| Biohaven Ltd (c) | 38600 | 387158 |
| Biomea Fusion Inc (c)(e) | 804702 | 877126 |
| Biomea Fusion Inc warrants 12/20/2026 (c) | 213800 | 4644 |
| Boundless Bio Inc (c) | 235216 | 275203 |
| CAMP4 Therapeutics Corp (d) | 111615 | 424137 |
| CAMP4 Therapeutics Corp (c)(e) | 17600 | 66880 |
| Candel Therapeutics Inc (c) | 264368 | 1261035 |
| Caris Life Sciences Inc (f) | 208541 | 5324052 |
| Caris Life Sciences Inc (c) | 101700 | 2596401 |
| Cartesian Therapeutics Inc (c) | 88931 | 666093 |
| Cibus Inc Class A (c)(e) | 566139 | 769949 |
| Crescent Biopharma Inc (c)(d) | 69195 | 1041385 |
| Day One Biopharmaceuticals Inc (c) | 203800 | 1934062 |
| Denali Therapeutics Inc (c)(e) | 310800 | 6051276 |
| Deverra Therapeutics (b)(c)(d) | 20487 | 0 |
| Dianthus Therapeutics Inc (c) | 319984 | 14072896 |
| Disc Medicine Inc (c) | 25000 | 2334000 |
| Dyne Therapeutics Inc (c)(e) | 384700 | 8424930 |
| Foghorn Therapeutics Inc (c) | 329512 | 1565182 |
| Ideaya Biosciences Inc (c)(e) | 1155200 | 41148224 |
| Immuneering Corp (c)(e) | 729405 | 5587242 |
| Immunome Inc (c)(e) | 1078697 | 19869599 |
| Immunovant Inc (c) | 1120259 | 27054255 |
| Insmed Inc (c) | 121200 | 25181724 |
| Ionis Pharmaceuticals Inc (c)(e) | 2096177 | 173416723 |
| Jade Biosciences Inc  | 142886 | 1831799 |
| Jade Biosciences Inc (c)(d) | 125304 | 1606397 |
| Janux Therapeutics Inc (c) | 134908 | 4599014 |
| Krystal Biotech Inc (c) | 195017 | 42513706 |
| Kymera Therapeutics Inc (c) | 426100 | 28923668 |
| Moderna Inc (c) | 798741 | 20751291 |
| Nurix Therapeutics Inc (c) | 136500 | 2413320 |
| Nuvalent Inc Class A (c) | 494225 | 54043504 |
| Odyssey Therapeutics Inc warrants (b)(c) | 450319 | 454822 |
| ORIC Pharmaceuticals Inc (c) | 53808 | 639239 |
| Oruka Therapeutics Inc (c)(d) | 91211 | 2745451 |
| Oruka Therapeutics Inc (c) | 82439 | 2481414 |
| Praxis Precision Medicines Inc (c) | 17200 | 3379112 |
| Recursion Pharmaceuticals Inc Class A (c) | 204600 | 947298 |
| Regeneron Pharmaceuticals Inc  | 25721 | 20067267 |
| Revolution Medicines Inc (c) | 615502 | 47861436 |
| Roivant Sciences Ltd (c) | 4908000 | 102135480 |
| Sana Biotechnology Inc (c)(e) | 2857700 | 12288110 |
| Scholar Rock Holding Corp (c)(e) | 999147 | 44022417 |
| Scholar Rock Holding Corp warrants 12/31/2025 (c)(d) | 44550 | 1636453 |
| Sigilon Therapeutics Inc rights (b)(c) | 3192 | 28025 |
| Spyre Therapeutics Inc (c) | 591812 | 17754360 |
| Summit Therapeutics Inc (c)(e) | 550683 | 9851719 |
| Taysha Gene Therapies Inc (c) | 881720 | 4179353 |
| Tectonic Therapeutic Inc (c)(e) | 190922 | 4093368 |
| UNITY Biotechnology Inc warrants 8/22/2027 (b)(c) | 700000 | 6 |
| Upstream Bio Inc (c) | 75100 | 2147860 |
| Vaxcyte Inc (c) | 176490 | 8755669 |
| Vera Therapeutics Inc Class A (c) | 127782 | 4312643 |
| Vertex Pharmaceuticals Inc (c) | 38893 | 16864394 |
|  |  | 1170156868 |
| Health Care Equipment & Supplies - 0.6% |  |  |
| Abbott Laboratories  | 18501 | 2384779 |
| Blink Health LLC Class A1 (b)(c)(d) | 28770 | 964658 |
| Boston Scientific Corp (c) | 95600 | 9711048 |
| Ceribell Inc (c) | 50700 | 860379 |
| Dexcom Inc (c) | 64684 | 4105493 |
| GE HealthCare Technologies Inc  | 53400 | 4271466 |
| Inspire Medical Systems Inc (c) | 3850 | 478979 |
| Insulet Corp (c) | 5160 | 1688300 |
| Intuitive Surgical Inc (c) | 126073 | 72300344 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 (b)(c)(d) | 3109 | 37619 |
| Novocure Ltd (c) | 1606216 | 20575627 |
| PROCEPT BioRobotics Corp (c)(e) | 369262 | 11698220 |
|  |  | 129076912 |
| Health Care Providers & Services - 0.3% |  |  |
| Alignment Healthcare Inc (c) | 383422 | 7365537 |
| Blue Marlin Therapeutics, Inc. (b) | 152 | 9499 |
| Cardinal Health Inc  | 35600 | 7556456 |
| CVS Health Corp  | 290400 | 23336544 |
| HCA Healthcare Inc  | 10600 | 5387874 |
| McKesson Corp  | 22400 | 19737088 |
| Omada Health Inc (f) | 145020 | 2716225 |
| Omada Health Inc (e) | 16600 | 310918 |
| Scorpion Therapeutics Inc (b)(d) | 526726 | 179087 |
| Scorpion Therapeutics Inc (b)(d) | 526726 | 5 |
| Scorpion Therapeutics Inc rights (b)(c)(d) | 526726 | 300234 |
|  |  | 66899467 |
| Health Care Technology - 0.0% |  |  |
| HeartFlow Inc (f) | 85921 | 2770952 |
| HeartFlow Inc (e) | 37400 | 1206150 |
| Prognomiq Inc (b)(c)(d) | 36205 | 2534 |
| Wugen Inc warrants 8/22/2035 (b)(c)(d) | 76908 | 133051 |
|  |  | 4112687 |
| Life Sciences Tools & Services - 0.1% |  |  |
| 10X Genomics Inc Class A (c) | 3000 | 56430 |
| Danaher Corp  | 24833 | 5631628 |
| Thermo Fisher Scientific Inc  | 37400 | 22097042 |
|  |  | 27785100 |
| Pharmaceuticals - 3.0% |  |  |
| Adimab LLC (b)(c)(d)(g) | 762787 | 10442554 |
| Adimab LLC (b)(c)(d)(g) | 762787 | 3638494 |
| Amylyx Pharmaceuticals Inc (c) | 86700 | 1298766 |
| Atea Pharmaceuticals Inc (c) | 419109 | 1299238 |
| Bristol-Myers Squibb Co  | 73365 | 3609558 |
| Crinetics Pharmaceuticals Inc (c) | 155100 | 7066356 |
| Dragonfly Therapeutics Inc (b)(c)(d) | 126113 | 4251269 |
| Eli Lilly & Co  | 421700 | 453525699 |
| Harmony Biosciences Holdings Inc (c) | 277323 | 9786729 |
| LENZ Therapeutics Inc (c)(e) | 364500 | 11124540 |
| Lexicon Pharmaceuticals Inc (c)(e) | 2919818 | 4175340 |
| Maze Therapeutics Inc  | 17600 | 664400 |
| Nuvation Bio Inc Class A (c)(e) | 4326313 | 34740293 |
| Ocular Therapeutix Inc (c) | 2531020 | 30751893 |
| Optinose Inc (b) | 103948 | 1 |
| Optinose Inc warrants 11/23/2027 (b)(c) | 206400 | 2 |
| Pfizer Inc  | 10300 | 265122 |
| Pfizer Inc rights (b)(c) | 961700 | 4712330 |
| Rapport Therapeutics Inc (c) | 521506 | 15493943 |
| Roche Holding AG rights (b)(c) | 858559 | 1425208 |
| Sienna Biopharmaceuticals Inc (b)(c) | 589618 | 59 |
| Skyhawk Therapeutics Inc (b)(c)(d) | 126063 | 1822871 |
| Tarsus Pharmaceuticals Inc (c) | 46600 | 3726136 |
|  |  | 603820801 |
| TOTAL HEALTH CARE |  | 2001851835 |
| Industrials - 2.8% |  |  |
| Aerospace & Defense - 1.0% |  |  |
| Anduril Industries Inc Class B (b)(d) | 1799 | 76997 |
| Anduril Industries Inc Class C (b)(d) | 1 | 43 |
| Beta Technologies Inc (f) | 307117 | 8375081 |
| Beta Technologies Inc Class A (c)(e) | 204150 | 5567170 |
| Boeing Co (c) | 102486 | 19369854 |
| GE Aerospace  | 185000 | 55213250 |
| Lockheed Martin Corp  | 1960 | 897406 |
| Space Exploration Technologies Corp (b)(c)(d) | 574236 | 121738032 |
|  |  | 211237833 |
| Air Freight & Logistics - 0.0% |  |  |
| United Parcel Service Inc Class B  | 12884 | 1234158 |
| Construction & Engineering - 0.1% |  |  |
| Comfort Systems USA Inc  | 11900 | 11625586 |
| Fluor Corp (c) | 81800 | 3511674 |
| Quanta Services Inc  | 25700 | 11947416 |
|  |  | 27084676 |
| Electrical Equipment - 0.5% |  |  |
| Eaton Corp PLC  | 83844 | 29000801 |
| Emerson Electric Co  | 31949 | 4261357 |
| GE Vernova Inc  | 75050 | 45012739 |
| Vertiv Holdings Co Class A  | 80200 | 14414346 |
|  |  | 92689243 |
| Ground Transportation - 0.4% |  |  |
| Avis Budget Group Inc (c)(e) | 23900 | 3247532 |
| Lyft Inc Class A (c) | 86500 | 1819095 |
| Uber Technologies Inc (c) | 755704 | 66154328 |
|  |  | 71220955 |
| Industrial Conglomerates - 0.1% |  |  |
| 3M Co  | 38580 | 6637689 |
| Honeywell International Inc  | 49583 | 9529357 |
|  |  | 16167046 |
| Machinery - 0.2% |  |  |
| Caterpillar Inc  | 52960 | 30492250 |
| Illinois Tool Works Inc  | 26353 | 6569275 |
|  |  | 37061525 |
| Passenger Airlines - 0.5% |  |  |
| Alaska Air Group Inc (c) | 36600 | 1568676 |
| Delta Air Lines Inc  | 500590 | 32087819 |
| JetBlue Airways Corp (c)(e) | 113814 | 520130 |
| Southwest Airlines Co  | 246537 | 8581953 |
| United Airlines Holdings Inc (c) | 618825 | 63095397 |
| Wheels Up Experience Inc Class A rights (b)(c) | 23018 | 0 |
| Wheels Up Experience Inc Stage 1 rights (b)(c) | 23018 | 0 |
| Wheels Up Experience Inc Stage 3 rights (b)(c) | 23018 | 1 |
|  |  | 105853976 |
| Professional Services - 0.0% |  |  |
| Paylocity Holding Corp (c) | 10897 | 1605455 |
| TOTAL INDUSTRIALS |  | 564154867 |
| Information Technology - 48.3% |  |  |
| Communications Equipment - 2.1% |  |  |
| Arista Networks Inc (c) | 227928 | 29785631 |
| Ciena Corp (c) | 1722035 | 351656767 |
| Lumentum Holdings Inc (c) | 159800 | 51960568 |
|  |  | 433402966 |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Coherent Corp (c) | 405790 | 66655065 |
| Corning Inc  | 623700 | 52515540 |
|  |  | 119170605 |
| IT Services - 1.0% |  |  |
| Akamai Technologies Inc (c) | 24300 | 2175336 |
| Cloudflare Inc Class A (c) | 615581 | 123245472 |
| CoreWeave Inc Class A (c)(e) | 403802 | 29526002 |
| CoreWeave Inc Class A (h) | 38380 | 2806346 |
| IBM Corporation  | 26595 | 8206685 |
| Kyndryl Holdings Inc (c) | 100700 | 2601081 |
| MongoDB Inc Class A (c) | 9941 | 3304090 |
| Okta Inc Class A (c) | 82181 | 6601600 |
| Snowflake Inc (c) | 48925 | 12291917 |
| X.Ai Holdings Corp Class A (b)(d) | 117026 | 8201182 |
|  |  | 198959711 |
| Semiconductors & Semiconductor Equipment - 20.8% |  |  |
| Advanced Micro Devices Inc (c) | 233836 | 50866345 |
| Applied Materials Inc  | 75485 | 19041091 |
| ARM Holdings PLC ADR (c) | 8200 | 1111592 |
| Astera Labs Inc (c) | 656912 | 103509624 |
| Broadcom Inc  | 1081150 | 435660205 |
| First Solar Inc (c) | 14750 | 4025570 |
| GlobalFoundries Inc (c) | 205800 | 7375872 |
| Impinj Inc (c) | 231100 | 39719157 |
| Intel Corp (c) | 111400 | 4518384 |
| KLA Corp  | 36186 | 42535557 |
| Lam Research Corp  | 109900 | 17144400 |
| Marvell Technology Inc  | 610441 | 54573425 |
| Micron Technology Inc  | 26631 | 6297699 |
| Monolithic Power Systems Inc  | 18600 | 17263962 |
| NVIDIA Corp  | 18232200 | 3227099401 |
| ON Semiconductor Corp (c) | 193400 | 9716416 |
| QUALCOMM Inc  | 105009 | 17650963 |
| Silicon Laboratories Inc (c)(e) | 466918 | 59569398 |
| SiTime Corp (c) | 206935 | 61604550 |
| Teradyne Inc  | 118050 | 21472115 |
| Texas Instruments Inc  | 59594 | 10027882 |
|  |  | 4210783608 |
| Software - 11.9% |  |  |
| Adobe Inc (c) | 36712 | 11752613 |
| AppLovin Corp Class A (c) | 306100 | 183500828 |
| Asapp Inc warrants 8/28/2028 (b)(c)(d) | 250984 | 170668 |
| Atlassian Corp Class A (c) | 3826 | 572064 |
| Autodesk Inc (c) | 53542 | 16241430 |
| Celestial AI Inc (b)(d) | 10863 | 200204 |
| Circle Internet Group Inc Class A (e) | 73921 | 5908506 |
| Confluent Inc Class A (c)(e) | 203100 | 4518975 |
| Crowdstrike Holdings Inc Class A (c) | 91833 | 46757690 |
| Datadog Inc Class A (c) | 83180 | 13309632 |
| Docusign Inc (c) | 7300 | 506255 |
| Elastic NV (c) | 28294 | 1995576 |
| Figma Inc Class A (e) | 84629 | 3044105 |
| HubSpot Inc (c) | 20967 | 7701598 |
| Intuit Inc  | 62094 | 39372564 |
| Microsoft Corp  | 3129666 | 1539826969 |
| Netskope Inc Class A (c) | 53100 | 975978 |
| Nutanix Inc Class A (c) | 3580541 | 171149860 |
| Openai Group Pbc Class A (b)(d) | 4800 | 2085792 |
| Oracle Corp  | 979904 | 197891613 |
| Palantir Technologies Inc Class A (c) | 115300 | 19422285 |
| Palo Alto Networks Inc (c) | 23300 | 4430029 |
| Rubrik Inc Class A (c) | 117500 | 8145100 |
| Salesforce Inc  | 21149 | 4875690 |
| SentinelOne Inc Class A (c) | 19900 | 322579 |
| Servicenow Inc (c) | 77150 | 62677432 |
| Stripe Inc Class B (b)(c)(d) | 43500 | 1801770 |
| Synopsys Inc (c) | 3600 | 1504836 |
| Via Transportation Inc (c) | 17500 | 609525 |
| Workday Inc Class A (c) | 34632 | 7467352 |
| Zoom Communications Inc Class A (c) | 370003 | 31435455 |
| Zscaler Inc (c) | 119765 | 30120898 |
|  |  | 2420295871 |
| Technology Hardware, Storage & Peripherals - 11.9% |  |  |
| Apple Inc  | 5906928 | 1647146873 |
| Pure Storage Inc Class A (c) | 4403409 | 391727265 |
| Sandisk Corp/DE  | 1616242 | 360874514 |
| Western Digital Corp  | 105900 | 17296646 |
|  |  | 2417045298 |
| TOTAL INFORMATION TECHNOLOGY |  | 9799658059 |
| Materials - 0.2% |  |  |
| Chemicals - 0.0% |  |  |
| Albemarle Corp  | 3900 | 506961 |
| Corteva Inc  | 89800 | 6058806 |
| Farmers Business Network Inc (b)(c) | 21002 | 25202 |
| Farmers Business Network Inc warrants 9/27/2033 (b)(c)(d) | 468740 | 557801 |
| Mosaic Co/The  | 110300 | 2701247 |
| Solstice Advanced Materials Inc  | 12720 | 606490 |
|  |  | 10456507 |
| Construction Materials - 0.0% |  |  |
| James Hardie Industries PLC (c) | 104373 | 2064498 |
| Containers & Packaging - 0.0% |  |  |
| Smurfit WestRock PLC  | 30200 | 1077838 |
| Metals & Mining - 0.2% |  |  |
| Freeport-McMoRan Inc  | 784600 | 33722108 |
| TOTAL MATERIALS |  | 47320951 |
| Real Estate - 0.2% |  |  |
| Health Care REITs - 0.0% |  |  |
| Welltower Inc  | 44900 | 9349078 |
| Real Estate Management & Development - 0.1% |  |  |
| CBRE Group Inc Class A (c) | 63000 | 10195290 |
| Zillow Group Inc Class C (c) | 193800 | 14414844 |
|  |  | 24610134 |
| Specialized REITs - 0.1% |  |  |
| American Tower Corp  | 47998 | 8700597 |
| Equinix Inc  | 3000 | 2259930 |
|  |  | 10960527 |
| TOTAL REAL ESTATE |  | 44919739 |
| TOTAL UNITED STATES |  | 18651419205 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,630,988,942) |  | <br> **19439555771** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Neutron Holdings Inc 4% 5/22/2027 (b)(d) | 857900 | 3846824 |
| Neutron Holdings Inc 4% 6/12/2027 (b)(d) | 25455 | 114140 |
| Neutron Holdings Inc 8% 10/29/2026 (b)(d)(i) | 1672840 | 2983678 |
|  |  | 6944642 |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Kardium Inc/Us 10% 12/31/2026 (b)(d) | 562018 | 660652 |
| Health Care Technology - 0.0% |  |  |
| Wugen Inc 0% 12/31/2199 (b)(d)(j) | 408689 | 433047 |
| Pharmaceuticals - 0.0% |  |  |
| Galvanize Therapeutics 10% 2/28/2027 (b)(d) | 397271 | 507593 |
| TOTAL HEALTH CARE |  | 1601292 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 10% 5/12/2199 (b)(d) | 12651 | 7602 |
| Software - 0.0% |  |  |
| Evozyne Inc 6% 9/13/2028 pay-in-kind (b)(d) | 1120211 | 1304486 |
| TOTAL INFORMATION TECHNOLOGY |  | 1312088 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Farmers Business Network Inc 15% 12/31/2199 (b)(d) | 539051 | 394747 |
| TOTAL UNITED STATES |  | 10252769 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $5,775,496) |  | <br> **10252769** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 2.7%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.7%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.7%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Australia Holdings Pty Ltd Series A (b)(c)(d) | 924 | 1521033 |
| Canva Australia Holdings Pty Ltd Series A2 (b)(c)(d) | 168 | 276552 |
| TOTAL AUSTRALIA |  | 1797585 |
| BELGIUM - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| AgomAb Therapeutics SA Series C (b)(c)(d) | 9503 | 2820547 |
| AgomAb Therapeutics SA Series D (b)(c)(d) | 1999 | 610549 |
| TOTAL BELGIUM |  | 3431096 |
| CANADA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Deep Genomics Inc Series C (b)(c)(d) | 129534 | 1695600 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc Series B (b)(d) | 24600 | 1359642 |
| TOTAL CANADA |  | 3055242 |
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Bytedance Ltd Series E1 (b)(c)(d) | 84766 | 20326039 |
| DENMARK - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Galecto Inc Series C  | 215 | 3822700 |
| ESTONIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Bolt Technology OU Series E (b)(c)(d) | 13569 | 3035753 |
| FINLAND - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Health Care Technology - 0.2% |  |  |
| Oura Health Oy Series D (b)(d) | 225686 | 12089999 |
| Oura Health Oy Series E (b)(d) | 515314 | 27605371 |
| TOTAL FINLAND |  | 39695370 |
| FRANCE - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| DNA Script SAS Series B (b)(c)(d) | 4 | 98 |
| DNA Script SAS Series C (b)(c)(d) | 2060 | 410035 |
| TOTAL FRANCE |  | 410133 |
| ISRAEL - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| InSightec Ltd Series G (b)(c)(d) | 1613647 | 1129553 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Element Labs Inc Series A (b)(d) | 134000 | 1058600 |
| Element Labs Inc Series B (b)(d) | 145400 | 1276612 |
|  |  | 2335212 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd Series D (b)(c)(d) | 167386 | 247731 |
| Xsight Labs Ltd Series F (b)(d) | 218894 | 921544 |
|  |  | 1169275 |
| TOTAL ISRAEL |  | 4634040 |
| UNITED KINGDOM - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Quell Therapeutics Ltd Series B (b)(c)(d) | 760965 | 1750220 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| NScale Global Holdings Ltd Series B (b)(d) | 4700 | 1785436 |
| TOTAL UNITED KINGDOM |  | 3535656 |
| UNITED STATES - 2.4%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Neutron Holdings Inc Series 1D (b)(c)(d) | 5678726 | 545158 |
| Rad Power Bikes Inc Series A (b)(c)(d) | 32487 | 0 |
| Rad Power Bikes Inc Series C (b)(c)(d) | 127831 | 1 |
| Rad Power Bikes Inc Series D (b)(c)(d) | 215900 | 3 |
| Waymo LLC Series A2 (b)(c)(d) | 10731 | 784973 |
| Waymo LLC Series C2 (b)(c)(d) | 6310 | 544300 |
|  |  | 1874435 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Discord Inc Series I (b)(c)(d) | 1400 | 356944 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Freenome Holdings Inc Series C (b)(c)(d) | 190858 | 564940 |
| Freenome Holdings Inc Series D (b)(c)(d) | 91538 | 270952 |
| Laronde Inc Series B (b)(c)(d) | 66432 | 1593704 |
|  |  | 2429596 |
| TOTAL CONSUMER DISCRETIONARY |  | 4660975 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| GoBrands Inc Series G (b)(c)(d) | 26833 | 1098543 |
| GoBrands Inc Series H (b)(c)(d) | 21372 | 1120961 |
|  |  | 2219504 |
| Food Products - 0.0% |  |  |
| AgBiome LLC Series C (b)(c)(d) | 338565 | 3 |
| AgBiome LLC Series D (b)(c)(d) | 126371 | 1264 |
|  |  | 1267 |
| Tobacco - 0.0% |  |  |
| JUUL Labs Inc Series E (b)(c)(d) | 6648 | 12618 |
| TOTAL CONSUMER STAPLES |  | 2233389 |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Akeana Series C (b)(c)(d) | 100800 | 1295280 |
| Paragon Biosciences Emalex Capital Inc Series B (b)(c)(d) | 198234 | 1811859 |
| Paragon Biosciences Emalex Capital Inc Series C (b)(c)(d) | 115792 | 1074550 |
| Paragon Biosciences Emalex Capital Inc Series D-3 (b)(d) | 68366 | 699384 |
| Paragon Biosciences Emalex Capital Inc Series D1 (b)(c)(d) | 238444 | 2219914 |
| Paragon Biosciences Emalex Capital Inc Series D2 (b)(c)(d) | 44427 | 387403 |
| Tenstorrent Holdings Inc Series C1 (b)(c)(d) | 40678 | 2980070 |
| Tenstorrent Holdings Inc Series D1 (b)(c)(d) | 41795 | 3206095 |
| Tenstorrent Holdings Inc Series D2 (b)(c)(d) | 11638 | 867729 |
|  |  | 14542284 |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.2% |  |  |
| Altos Labs Inc Series B (b)(c)(d) | 122084 | 3054542 |
| Altos Labs Inc Series C (b)(c)(d) | 26465 | 662154 |
| Ankyra Therapeutics Series B (b)(c)(d) | 257347 | 1315043 |
| Asimov Inc Series B (b)(c)(d) | 15783 | 436084 |
| Bright Peak Therapeutics Inc. Series B (b)(c)(d) | 239403 | 428531 |
| Bright Peak Therapeutics Inc. Series C (b)(c)(d) | 613036 | 754035 |
| Cardurion Pharmaceuticals Inc Series B (b)(c)(d) | 292510 | 1559078 |
| Castle Creek Biosciences Inc Series B (b)(c)(d) | 4910 | 1065225 |
| Castle Creek Biosciences Inc Series C (b)(c)(d) | 2570 | 655787 |
| Castle Creek Biosciences Inc Series D1 (b)(c)(d) | 4460 | 1002296 |
| Castle Creek Biosciences Inc Series D2 (b)(c)(d) | 1412 | 283162 |
| CELLANOME Inc Series B (b)(c)(d) | 274637 | 2065270 |
| City Therapeutics Inc Series A (b)(c)(d) | 196252 | 2025321 |
| Cleerly Inc Series C (b)(c)(d) | 272438 | 3410924 |
| Element Biosciences Inc Series B (b)(c)(d) | 250956 | 1076601 |
| Element Biosciences Inc Series C (b)(c)(d) | 101911 | 769428 |
| Element Biosciences Inc Series D (b)(c)(d) | 52404 | 243678 |
| Element Biosciences Inc Series D1 (b)(c)(d) | 52404 | 243679 |
| ElevateBio LLC Series C (b)(c)(d) | 332500 | 635075 |
| Generate Biomedicines Inc Series B (b)(c)(d) | 157390 | 2003575 |
| Generate Biomedicines Inc Series C (b)(c)(d) | 240013 | 3055365 |
| Genesis Therapeutics Inc Series D (b)(c)(d) | 402516 | 2105159 |
| Intarcia Therapeutics Inc Series EE (b)(c)(d) | 116544 | 1 |
| Kardigan Inc Series B (b)(d) | 125471 | 2681315 |
| LifeMine Therapeutics Inc Series C (b)(c)(d) | 1780790 | 2101332 |
| National Resilience LLC Series B (b)(c)(d) | 251448 | 998249 |
| National Resilience LLC Series C (b)(c)(d) | 44850 | 328750 |
| Neurona Therapeutics Inc Series F (b)(d) | 887600 | 2085860 |
| Odyssey Therapeutics Inc Series B (b)(c)(d) | 468023 | 556947 |
| Odyssey Therapeutics Inc Series C (b)(c)(d) | 215628 | 250128 |
| Odyssey Therapeutics Inc Series D (b)(d) | 1501065 | 1951385 |
| Parabilis Medicines Inc Series D (b)(c)(d) | 247595 | 1738117 |
| Parabilis Medicines Inc Series E (b)(c)(d) | 114541 | 826986 |
| Sonoma Biotherapeutics Inc Series B (b)(c)(d) | 481325 | 1443975 |
| Sonoma Biotherapeutics Inc Series B1 (b)(c)(d) | 256702 | 865086 |
| T-Knife Therapeutics Inc Series B (b)(c)(d) | 199356 | 137556 |
| Treeline Biosciences Series A (b)(c)(d) | 289700 | 2343673 |
| Treeline Biosciences Series A1 (b)(c)(d) | 143637 | 1193623 |
| Triveni Bio Inc Series B (b)(c)(d) | 1221168 | 1392132 |
|  |  | 49745127 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Blink Health LLC Series C (b)(c)(d) | 197068 | 6607690 |
| Blink Health LLC Series C1 (b)(c)(d) | 84687 | 2839555 |
| Blink Health LLC Series D (b)(c)(d) | 63464 | 2127948 |
| Kardium Inc/Us Series D-6 (b) | 1587513 | 1460512 |
| Kardium Inc/Us Series D-6 (b)(d) | 1136853 | 1296012 |
| Kardium Inc/Us Series D-7 (b) | 2289616 | 1305081 |
| Kardium Inc/Us Series D-7 (b)(d) | 501124 | 285641 |
| Kardium Inc/Us Series D-7 (b) | 104260 | 60471 |
| Medical Microinstruments Inc/Italy Series C (b)(c)(d) | 53171 | 1797712 |
|  |  | 17780622 |
| Health Care Providers & Services - 0.0% |  |  |
| Conformal Medical Inc Series C (b)(c)(d) | 240750 | 1548023 |
| Conformal Medical Inc Series D (b)(c)(d) | 93714 | 719723 |
|  |  | 2267746 |
| Health Care Technology - 0.0% |  |  |
| Aledade Inc Series B1 (b)(c)(d) | 22992 | 770462 |
| Aledade Inc Series E1 (b)(c)(d) | 17916 | 600365 |
| Candid Therapeutics Series B (b)(c)(d) | 922295 | 968409 |
| Wugen Inc Series B (b)(c)(d) | 96718 | 153782 |
| Wugen Inc Series C (b)(d) | 1057900 | 1840746 |
|  |  | 4333764 |
| Pharmaceuticals - 0.1% |  |  |
| Galvanize Therapeutics Series B (b)(c)(d) | 1018908 | 733614 |
| Galvanize Therapeutics Series C-1 (b)(d) | 1322903 | 582077 |
| Kartos Therapeutics Inc Series C (b)(c)(d) | 314398 | 1924116 |
| Kartos Therapeutics Inc Series D (b)(d) | 105952 | 648426 |
| Mentari Therapeutics Inc Series A (b)(d) | 531681 | 733720 |
| Mirador Therapeutics Inc Series A (b)(c)(d) | 694131 | 2471106 |
| Mirador Therapeutics Inc Series B (b)(d) | 1229919 | 4452307 |
|  |  | 11545366 |
| TOTAL HEALTH CARE |  | 85672625 |
| Industrials - 0.6% |  |  |
| Aerospace & Defense - 0.6% |  |  |
| Anduril Industries Inc Series F (b)(c)(d) | 67505 | 2889214 |
| Anduril Industries Inc Series G (b)(d) | 16600 | 710480 |
| Space Exploration Technologies Corp Series G (b)(c)(d) | 53937 | 114346440 |
|  |  | 117946134 |
| Air Freight & Logistics - 0.0% |  |  |
| Zipline International Inc Series G (b)(c)(d) | 44809 | 2436265 |
| Electrical Equipment - 0.0% |  |  |
| Empower Semiconductor Inc Series D (b)(d) | 289000 | 2147270 |
| TOTAL INDUSTRIALS |  | 122529669 |
| Information Technology - 1.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Cerebras Systems Inc Series G (b)(d) | 678900 | 24596547 |
| Enevate Corp Series E (b)(c)(d) | 814561 | 146621 |
| Menlo Microsystems Inc Series C (b)(c)(d) | 959784 | 585468 |
| Vast Data Ltd Series A (b)(c)(d) | 87399 | 2054750 |
| Vast Data Ltd Series A1 (b)(c)(d) | 215119 | 5057448 |
| Vast Data Ltd Series A2 (b)(c)(d) | 247456 | 5817691 |
| Vast Data Ltd Series B (b)(c)(d) | 196904 | 4629213 |
| Vast Data Ltd Series C (b)(c)(d) | 5740 | 134947 |
| Vast Data Ltd Series E (b)(c)(d) | 188154 | 4423501 |
|  |  | 47446186 |
| IT Services - 0.5% |  |  |
| X.Ai Holdings Corp Series B (b)(d) | 567127 | 39744260 |
| X.Ai Holdings Corp Series C (b)(d) | 574200 | 40239936 |
|  |  | 79984196 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Alif Semiconductor Series C (b)(c)(d) | 43548 | 1103506 |
| Alif Semiconductor Series D (b)(d) | 67900 | 1838732 |
| Danger Devices Inc Series B (b)(d) | 984000 | 895440 |
| Retym Inc Series C (b)(c)(d) | 202413 | 2210350 |
| Retym Inc Series D (b)(d) | 50214 | 576959 |
| SiMa Technologies Inc Series B (b)(c)(d) | 338113 | 2069252 |
| SiMa Technologies Inc Series B1 (b)(c)(d) | 22648 | 163518 |
|  |  | 8857757 |
| Software - 0.4% |  |  |
| Anthropic PBC Series D (b)(c)(d) | 65931 | 9776249 |
| Anthropic PBC Series E (b)(d) | 11600 | 1635136 |
| Anthropic PBC Series F (b)(d) | 17900 | 2523184 |
| Asapp Inc Series D (b)(c)(d) | 437448 | 419949 |
| Celestial AI Inc Series A (b)(d) | 69265 | 1276554 |
| Celestial AI Inc Series B (b)(d) | 52121 | 960590 |
| Celestial AI Inc Series C1 (b)(d) | 208786 | 3847926 |
| Crusoe Energy Systems LLC Series D (b)(d) | 66580 | 5593386 |
| Crusoe Energy Systems LLC Series E (b)(d) | 7844 | 658974 |
| Databricks Inc Series G (b)(c)(d) | 53226 | 9544486 |
| Databricks Inc Series H (b)(c)(d) | 56454 | 10123331 |
| Databricks Inc Series J (b)(d) | 21183 | 3798536 |
| Databricks Inc Series K (b)(d) | 10500 | 1882860 |
| Dataminr Inc Series D, 8% (b)(c)(d) | 442241 | 3989014 |
| Evozyne Inc Series A (b)(c)(d) | 101400 | 1673100 |
| Evozyne Inc Series B (b)(c)(d) | 63838 | 1083331 |
| Lyte Ai Inc Series B (b)(c)(d) | 178058 | 1773458 |
| Openai Group Pbc Series A-3 (b)(d) | 8320 | 3615373 |
| Physical Intelligence Inc Series B (b)(d) | 11100 | 3013983 |
| Skyryse Inc Series B (b)(c)(d) | 117170 | 3063996 |
| Skyryse Inc Series C (b)(d) | 77500 | 2094050 |
| Skyryse Inc Series C-1 (b)(d) | 8734 | 228918 |
| Stripe Inc Series H (b)(c)(d) | 19200 | 795264 |
|  |  | 73371648 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Lightmatter Inc Series C1 (b)(c)(d) | 121541 | 5733089 |
| Lightmatter Inc Series C2 (b)(c)(d) | 19091 | 932404 |
| Lightmatter Inc Series D (b)(c)(d) | 112461 | 7340330 |
|  |  | 14005823 |
| TOTAL INFORMATION TECHNOLOGY |  | 223665610 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| Farmers Business Network Inc Series G (b)(c)(d) | 15988 | 19186 |
| Manus Bio Inc Series One-5 (b)(d) | 134553 | 485736 |
| Manus Bio Inc Series One-6 (b)(d) | 187183 | 675731 |
|  |  | 1180653 |
| Metals & Mining - 0.1% |  |  |
| Diamond Foundry Inc Series C (b)(c)(d) | 355446 | 10471439 |
| TOTAL MATERIALS |  | 11652092 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Redwood Materials Series C (b)(c)(d) | 16253 | 775919 |
| Redwood Materials Series D (b)(c)(d) | 6752 | 322340 |
| Redwood Materials Series E (b)(d) | 1185 | 56572 |
|  |  | 1154831 |
| TOTAL UNITED STATES |  | 466111475 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $367,646,419) |  | <br> **549855089** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Castle Creek Biosciences Inc Series A4 (b)(c)(d) | 13511 | 3051189 |
| Pharmaceuticals - 0.0% |  |  |
| Faraday Pharmaceuticals Inc Series B (b)(c)(d) | 219824 | 30775 |
| TOTAL HEALTH CARE |  | 3081964 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $4,760,543) |  | <br> **3081964** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rad Power Bikes Inc 8% 12/31/2025 (b)(d) | 181375 | 38307 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Intarcia Therapeutics Inc 6% (b)(d)(k) | 614446 | 0 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 6% (b)(d)(l) | 45268 | 11756 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc 10% 12/31/2027 (b)(d) | 376630 | 460351 |
| SiMa Technologies Inc 7.5% 12/31/2027 (b)(d) | 387500 | 423003 |
|  |  | 883354 |
| TOTAL INFORMATION TECHNOLOGY |  | 895110 |
| TOTAL UNITED STATES |  | 933417 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $1,605,219) |  | <br> **933417** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (m) | 4.02 | 38218419 | 38226063 |
| Fidelity Securities Lending Cash Central Fund (m)(n) | 4.02 | 163570746 | 163587103 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $201,813,166) |  |  | **201813166** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.4%**<br> (Cost $6,212,589,785)<br>| <br>**20205492176** |
| **NET OTHER ASSETS (LIABILITIES) - 0.6%**  | **120914236** |
| **NET ASSETS - 100.0%** | **20326406412** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 644 | 12/19/2025 | 220875900 | 231734 | 231734 |
| The notional amount of futures purchased as a percentage of Net Assets is 1.1% | The notional amount of futures purchased as a percentage of Net Assets is 1.1% | The notional amount of futures purchased as a percentage of Net Assets is 1.1% | The notional amount of futures purchased as a percentage of Net Assets is 1.1% | The notional amount of futures purchased as a percentage of Net Assets is 1.1% | The notional amount of futures purchased as a percentage of Net Assets is 1.1% |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Level 3 security.

(c) Non-income producing.

(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 $771,633,838 or 3.8% of net assets.

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

(f) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $19,935,989 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

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

(h) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $2,806,346 or 0.0% of net assets.

(i) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

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

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

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

(m) 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.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Adimab LLC | 9/17/2014 - 6/5/2015 | 8625646 |
| Adimab LLC | 9/17/2014 - 6/5/2015 | 2958349 |
| AgBiome LLC Series C | 6/29/2018 | 2144369 |
| AgBiome LLC Series D | 9/3/2021 | 704351 |
| AgomAb Therapeutics SA Series C | 10/3/2023 | 2074942 |
| AgomAb Therapeutics SA Series D | 10/22/2024 | 517402 |
| AgomAb Therapeutics SA warrants 10/10/2033 | 10/3/2023 | 0 |
| AgomAb Therapeutics SA warrants 11/4/2034 | 10/22/2024 | 0 |
| Akeana Series C | 1/23/2024 | 1286289 |
| Aledade Inc Series B1 | 5/7/2021 | 880380 |
| Aledade Inc Series E1 | 5/20/2022 | 892475 |
| Alif Semiconductor Series C | 3/8/2022 | 883961 |
| Alif Semiconductor Series D | 4/11/2025 | 1834461 |
| Altos Labs Inc Series B | 7/22/2022 | 2337713 |
| Altos Labs Inc Series C | 3/15/2024 | 662218 |
| Anduril Industries Inc Class B | 6/16/2025 | 73548 |
| Anduril Industries Inc Class C | 6/16/2025 | 40 |
| Anduril Industries Inc Series F | 8/7/2024 | 1467330 |
| Anduril Industries Inc Series G | 4/17/2025 | 678654 |
| Ankyra Therapeutics Series B | 8/26/2021 | 1449327 |
| Ant International Co Ltd Class C | 5/16/2018 | 2173201 |
| Anthropic PBC Series D | 5/31/2024 | 1978227 |
| Anthropic PBC Series E | 2/14/2025 | 650603 |
| Anthropic PBC Series F | 8/18/2025 | 2523320 |
| Asapp Inc Series D | 8/29/2023 | 1689205 |
| Asapp Inc warrants 8/28/2028 | 8/29/2023 | 0 |
| Asimov Inc Series B | 10/29/2021 | 1462779 |
| Beauty Health Co/The | 12/8/2020 | 5538280 |
| Bending Spoons SpA Class C | 10/9/2025 | 1296977 |
| Blink Health LLC Class A1 | 12/30/2020 - 6/17/2024 | 910758 |
| Blink Health LLC Series C | 11/7/2019 - 7/14/2021 | 7523268 |
| Blink Health LLC Series C1 | 7/15/2022 - 2/2/2024 | 3290001 |
| Blink Health LLC Series D | 6/17/2024 - 6/25/2024 | 2665488 |
| Bolt Technology OU Series E | 1/3/2022 | 3525179 |
| Bright Peak Therapeutics Inc. Series B | 5/14/2021 | 935108 |
| Bright Peak Therapeutics Inc. Series C | 5/7/2024 | 694876 |
| Bytedance Ltd Series E1 | 11/18/2020 | 9288165 |
| CAMP4 Therapeutics Corp | 9/9/2025 | 170771 |
| Candid Therapeutics Series B | 8/27/2024 | 1106753 |
| Canva Australia Holdings Pty Ltd Class A | 3/18/2024 - 11/12/2025 | 4123579 |
| Canva Australia Holdings Pty Ltd Series A | 9/22/2023 | 985595 |
| Canva Australia Holdings Pty Ltd Series A2 | 9/22/2023 | 179199 |
| Cardurion Pharmaceuticals Inc Series B | 7/10/2024 | 1432597 |
| Castle Creek Biosciences Inc Series A4 | 9/29/2016 | 4471547 |
| Castle Creek Biosciences Inc Series B | 10/9/2018 | 2022184 |
| Castle Creek Biosciences Inc Series C | 12/9/2019 | 1058455 |
| Castle Creek Biosciences Inc Series D1 | 4/19/2022 | 959034 |
| Castle Creek Biosciences Inc Series D2 | 6/28/2021 | 242099 |
| Celestial AI Inc | 2/25/2025 | 160943 |
| Celestial AI Inc Series A | 2/25/2025 | 1026209 |
| Celestial AI Inc Series B | 2/25/2025 | 772209 |
| Celestial AI Inc Series C1 | 2/25/2025 | 3639182 |
| CELLANOME Inc Series B | 1/8/2024 | 2057031 |
| Cerebras Systems Inc Series G | 9/19/2025 | 24598176 |
| City Therapeutics Inc Series A | 4/17/2024 | 1968309 |
| Cleerly Inc Series C | 7/8/2022 | 3209483 |
| Conformal Medical Inc Series C | 7/24/2020 | 882846 |
| Conformal Medical Inc Series D | 5/26/2023 - 7/31/2025 | 476035 |
| Crescent Biopharma Inc | 10/28/2024 | 915113 |
| Crusoe Energy Systems LLC Series D | 12/10/2024 | 1942261 |
| Crusoe Energy Systems LLC Series E | 10/8/2025 | 658961 |
| Danger Devices Inc Series B | 3/5/2025 | 886091 |
| Databricks Inc Series G | 2/1/2021 | 3146861 |
| Databricks Inc Series H | 8/31/2021 | 4148473 |
| Databricks Inc Series J | 12/17/2024 | 1959428 |
| Databricks Inc Series K | 9/8/2025 | 1575000 |
| Dataminr Inc Series D, 8% | 2/18/2015 - 3/6/2015 | 5638573 |
| Deep Genomics Inc Series C | 7/21/2021 | 1878398 |
| Deverra Therapeutics | 5/1/2018 | 0 |
| Diamond Foundry Inc Series C | 3/15/2021 | 8530704 |
| Discord Inc Series I | 9/15/2021 | 770874 |
| DNA Script SAS | 12/17/2021 | 68063 |
| DNA Script SAS | 12/17/2021 | 259441 |
| DNA Script SAS Series B | 12/17/2021 | 3203 |
| DNA Script SAS Series C | 10/1/2021 | 1791891 |
| Dragonfly Therapeutics Inc | 12/19/2019 | 3336950 |
| Element Biosciences Inc Series B | 12/13/2019 | 1315160 |
| Element Biosciences Inc Series C | 6/21/2021 | 2094954 |
| Element Biosciences Inc Series D | 6/28/2024 | 411020 |
| Element Biosciences Inc Series D1 | 6/28/2024 | 411020 |
| Element Labs Inc Series A | 2/11/2025 | 494272 |
| Element Labs Inc Series B | 6/27/2025 | 1276452 |
| ElevateBio LLC Series C | 3/9/2021 | 1394838 |
| Empower Semiconductor Inc Series D | 6/27/2025 | 2319456 |
| Enevate Corp 10% 5/12/2199 | 11/12/2024 | 12651 |
| Enevate Corp 6% | 11/2/2023 - 10/31/2024 | 45268 |
| Enevate Corp Series E | 1/29/2021 | 903092 |
| Epic Games Inc | 7/13/2020 - 7/30/2020 | 6785000 |
| Evozyne Inc 6% 9/13/2028 pay-in-kind | 9/14/2023 - 9/30/2025 | 1120211 |
| Evozyne Inc Series A | 4/9/2021 | 2278458 |
| Evozyne Inc Series B | 9/14/2023 | 988851 |
| Fanatics Inc Class A | 8/13/2020 - 10/24/2022 | 6002415 |
| Faraday Pharmaceuticals Inc Series B | 12/30/2019 | 288996 |
| Farmers Business Network Inc 15% 12/31/2199 | 9/29/2023 - 9/25/2024 | 539051 |
| Farmers Business Network Inc Series G | 9/15/2021 | 993779 |
| Farmers Business Network Inc warrants 9/27/2033 | 9/29/2023 | 0 |
| Freenome Holdings Inc Series C | 8/14/2020 | 1262201 |
| Freenome Holdings Inc Series D | 11/22/2021 | 690407 |
| Galvanize Therapeutics 10% 2/28/2027 | 7/7/2025 | 507593 |
| Galvanize Therapeutics Series B | 3/29/2022 | 1764020 |
| Galvanize Therapeutics Series C-1 | 7/7/2025 | 582077 |
| Generate Biomedicines Inc Series B | 11/2/2021 | 1865072 |
| Generate Biomedicines Inc Series C | 6/5/2023 - 1/21/2025 | 2844154 |
| Genesis Therapeutics Inc Series D | 8/10/2023 | 2055891 |
| GoBrands Inc Series G | 3/2/2021 | 6700664 |
| GoBrands Inc Series H | 7/22/2021 | 8302821 |
| InSightec Ltd Series G | 6/17/2024 | 1432596 |
| Intarcia Therapeutics Inc 6% | 2/26/2019 | 614446 |
| Intarcia Therapeutics Inc Series EE | 9/2/2016 | 6992641 |
| Jade Biosciences Inc | 10/7/2025 | 1145279 |
| JUUL Labs Inc Class A | 7/6/2018 - 11/4/2025 | 4947815 |
| JUUL Labs Inc Series E | 7/6/2018 | 196006 |
| Kardigan Inc Series B | 10/9/2025 | 2680698 |
| Kardium Inc/Us 10% 12/31/2026 | 5/31/2024 - 10/1/2025 | 631106 |
| Kardium Inc/Us Series D-6 | 12/30/2020 | 1154861 |
| Kardium Inc/Us Series D-7 | 8/6/2024 | 243261 |
| Kartos Therapeutics Inc Series C | 8/22/2023 | 1777292 |
| Kartos Therapeutics Inc Series D | 2/26/2025 | 598947 |
| Laronde Inc Series B | 8/13/2021 | 1860096 |
| LifeMine Therapeutics Inc Series C | 2/15/2022 | 3626739 |
| Lightmatter Inc Series C1 | 5/19/2023 | 2000176 |
| Lightmatter Inc Series C2 | 12/18/2023 | 496400 |
| Lightmatter Inc Series D | 10/11/2024 | 9022803 |
| Lyte Ai Inc Series B | 8/13/2024 | 2258862 |
| Manus Bio Inc Series One-5 | 11/13/2020 | 1411367 |
| Manus Bio Inc Series One-6 | 3/30/2021 | 1963412 |
| Medical Microinstruments Inc/Italy Series C | 2/16/2024 | 1772386 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 | 2/16/2024 | 0 |
| Menlo Microsystems Inc Series C | 2/9/2022 | 1272194 |
| Mentari Therapeutics Inc Series A | 9/18/2025 | 729626 |
| Mirador Therapeutics Inc Series A | 3/19/2024 | 2082393 |
| Mirador Therapeutics Inc Series B | 7/31/2025 | 4058733 |
| National Resilience LLC Series B | 12/1/2020 | 3434780 |
| National Resilience LLC Series C | 6/28/2021 | 1991788 |
| Neurona Therapeutics Inc Series F | 3/28/2025 | 1828456 |
| Neutron Holdings Inc | 2/4/2021 | 4384 |
| Neutron Holdings Inc 4% 5/22/2027 | 6/4/2020 | 857900 |
| Neutron Holdings Inc 4% 6/12/2027 | 6/12/2020 | 25455 |
| Neutron Holdings Inc 8% 10/29/2026 | 10/29/2021 - 10/29/2025 | 1672840 |
| Neutron Holdings Inc Series 1D | 1/25/2019 | 1377091 |
| NScale Global Holdings Ltd Series B | 9/25/2025 | 1785436 |
| Odyssey Therapeutics Inc Series B | 9/30/2022 | 2955958 |
| Odyssey Therapeutics Inc Series C | 10/25/2023 | 1078140 |
| Odyssey Therapeutics Inc Series D | 6/16/2025 | 2259058 |
| Openai Group Pbc Class A | 9/3/2025 | 2064000 |
| Openai Group Pbc Series A-3 | 8/4/2025 | 2553100 |
| Oruka Therapeutics Inc | 9/17/2025 | 1368165 |
| Oura Health Oy Series D | 12/18/2024 | 5797873 |
| Oura Health Oy Series E | 9/24/2025 | 27605371 |
| Parabilis Medicines Inc Series D | 11/17/2022 | 2664890 |
| Parabilis Medicines Inc Series E | 2/29/2024 | 713373 |
| Paragon Biosciences Emalex Capital Inc Series B | 9/18/2019 | 2020004 |
| Paragon Biosciences Emalex Capital Inc Series C | 2/26/2021 | 1238974 |
| Paragon Biosciences Emalex Capital Inc Series D-3 | 5/6/2025 | 945502 |
| Paragon Biosciences Emalex Capital Inc Series D1 | 10/21/2022 - 3/13/2025 | 2582349 |
| Paragon Biosciences Emalex Capital Inc Series D2 | 5/18/2022 | 382943 |
| Physical Intelligence Inc Series B | 10/24/2025 | 3014308 |
| Prognomiq Inc | 8/20/2020 - 2/16/2022 | 708069 |
| Quell Therapeutics Ltd Series B | 11/24/2021 | 1438224 |
| Rad Power Bikes Inc | 1/21/2021 | 1202019 |
| Rad Power Bikes Inc 8% 12/31/2025 | 10/6/2023 | 181375 |
| Rad Power Bikes Inc Series A | 1/21/2021 | 156712 |
| Rad Power Bikes Inc Series C | 1/21/2021 | 616636 |
| Rad Power Bikes Inc Series D | 9/17/2021 | 2069143 |
| Rad Power Bikes Inc warrants 10/6/2033 | 10/6/2023 | 0 |
| Redwood Materials Series C | 5/28/2021 | 770449 |
| Redwood Materials Series D | 6/2/2023 | 322313 |
| Redwood Materials Series E | 10/20/2025 | 56566 |
| Retym Inc Series C | 5/17/2023 - 6/20/2023 | 1575137 |
| Retym Inc Series D | 1/29/2025 | 531616 |
| Revolut Group Holdings Ltd | 12/27/2024 | 1589938 |
| Saluda Medical Inc | 1/20/2022 - 10/30/2025 | 4160556 |
| Saluda Medical Inc warrants 1/20/2027 | 1/20/2022 | 0 |
| Scholar Rock Holding Corp warrants 12/31/2025 | 6/17/2022 | 0 |
| Scorpion Therapeutics Inc | 3/5/2025 | 173820 |
| Scorpion Therapeutics Inc | 3/5/2025 | 0 |
| Scorpion Therapeutics Inc rights | 3/5/2025 | 289699 |
| SiMa Technologies Inc 10% 12/31/2027 | 4/8/2024 - 10/5/2025 | 376630 |
| SiMa Technologies Inc 7.5% 12/31/2027 | 7/18/2025 | 387500 |
| SiMa Technologies Inc Series B | 5/10/2021 | 1733641 |
| SiMa Technologies Inc Series B1 | 4/25/2022 | 160594 |
| Skyhawk Therapeutics Inc | 5/21/2021 | 2069954 |
| Skyryse Inc Series B | 10/21/2021 | 2891752 |
| Skyryse Inc Series C | 9/16/2025 - 11/21/2025 | 2094376 |
| Skyryse Inc Series C-1 | 8/13/2024 | 177030 |
| Sonoma Biotherapeutics Inc Series B | 7/26/2021 | 951243 |
| Sonoma Biotherapeutics Inc Series B1 | 7/26/2021 | 760993 |
| Space Exploration Technologies Corp | 10/16/2015 | 5110700 |
| Space Exploration Technologies Corp Series G | 1/20/2015 | 4177960 |
| Stripe Inc Class B | 5/18/2021 | 1745585 |
| Stripe Inc Series H | 3/15/2021 | 770400 |
| T-Knife Therapeutics Inc Series B | 6/30/2021 | 1150045 |
| Taalas Inc Series B | 2/19/2025 | 1350870 |
| Tenstorrent Holdings Inc Series C1 | 4/23/2021 | 2418540 |
| Tenstorrent Holdings Inc Series D1 | 7/16/2024 - 1/15/2025 | 3294552 |
| Tenstorrent Holdings Inc Series D2 | 7/17/2024 | 884255 |
| Tory Burch LLC Class A | 5/14/2015 | 17704966 |
| Treeline Biosciences Series A | 7/30/2021 - 10/27/2022 | 2267627 |
| Treeline Biosciences Series A1 | 10/27/2022 | 1236757 |
| Triveni Bio Inc Series B | 9/19/2024 | 1277830 |
| Vast Data Ltd Series A | 11/28/2023 | 961389 |
| Vast Data Ltd Series A1 | 11/28/2023 | 2366309 |
| Vast Data Ltd Series A2 | 11/28/2023 | 2722016 |
| Vast Data Ltd Series B | 11/28/2023 | 2165944 |
| Vast Data Ltd Series C | 11/28/2023 | 63140 |
| Vast Data Ltd Series E | 11/28/2023 | 4139388 |
| Waymo LLC Series A2 | 5/8/2020 | 921441 |
| Waymo LLC Series C2 | 10/18/2024 | 493450 |
| Wugen Inc 0% 12/31/2199 | 6/14/2024 | 408689 |
| Wugen Inc Series B | 7/9/2021 | 750038 |
| Wugen Inc Series C | 8/22/2025 | 1875541 |
| Wugen Inc warrants 8/22/2035 | 8/22/2025 | 0 |
| X.Ai Holdings Corp Class A | 10/27/2021 - 7/18/2025 | 3308311 |
| X.Ai Holdings Corp Series B | 5/13/2024 | 6788510 |
| X.Ai Holdings Corp Series C | 11/22/2024 | 12431430 |
| Xsight Labs Ltd Series D | 2/16/2021 | 1338419 |
| Xsight Labs Ltd Series F | 1/11/2024 - 12/30/2024 | 1013482 |
| Zipline International Inc Series G | 6/7/2024 | 1879572 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Beta Technologies Inc | 5/4/2026 |
| Caris Life Sciences Inc | 12/15/2025 |
| HeartFlow Inc | 2/4/2026 |
| Lenskart Solutions Ltd | 12/5/2025 |
| Lenskart Solutions Ltd | 2/3/2026 |
| Omada Health Inc | 12/3/2025 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 196606645 | 4370798835 | 4529178895 | 3708468 | (522) | - | 38226063 | 38218419 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 256455667 | 1660073915 | 1752942300 | 3587883 | (179) | - | 163587103 | 163570746 | 0.6% |
| Total | 453062312 | 6030872750 | 6282121195 | 7296351 | (701) | - | 201813166 |  |  |

---

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

Amounts in the dividend income column 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 income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of November 30, 2025, 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 Consolidated Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 2662004246 | 2654333184 | - | 7671062 |
| Consumer Discretionary | 2533223155 | 2499469823 | 9521830 | 24231502 |
| Consumer Staples | 429078208 | 422681986 | - | 6396222 |
| Energy | 58862687 | 58862687 | - | - |
| Financials | 773618010 | 767806873 | 2368332 | 3442805 |
| Health Care | 2269814148 | 2239697018 | 1641097 | 28476033 |
| Industrials | 581602396 | 446033564 | 13753759 | 121815073 |
| Information Technology | 9974952748 | 9952931012 | 3407167 | 18614569 |
| Materials | 111480434 | 110897431 | - | 583003 |
| Real Estate | 44919739 | 44919739 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Consumer Discretionary | 6944642 | - | - | 6944642 |
| Health Care | 1601292 | - | - | 1601292 |
| Information Technology | 1312088 | - | - | 1312088 |
| Materials | 394747 | - | - | 394747 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 20326039 | - | - | 20326039 |
| Consumer Discretionary | 4660975 | - | - | 4660975 |
| Consumer Staples | 2233389 | - | - | 2233389 |
| Financials | 14542284 | - | - | 14542284 |
| Health Care | 137607297 | 3822700 | - | 133784597 |
| Industrials | 124864881 | - | - | 124864881 |
| Information Technology | 232813301 | - | - | 232813301 |
| Materials | 11652092 | - | - | 11652092 |
| Utilities | 1154831 | - | - | 1154831 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 3081964 | - | - | 3081964 |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 38307 | - | - | 38307 |
| Health Care | - | - | - | - |
| Information Technology | 895110 | - | - | 895110 |
|  **Money Market Funds** | 201813166 | 201813166 | - | - |
| **Total Investments in Securities:** | 20205492176 | 19403269183 | 30692185 | 771530808 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 231734 | 231734 | - | - |
| Total Assets | 231734 | 231734 | - | - |
| **Total Derivative Instruments:** | 231734 | 231734 | - | - |

---

The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2025 ($)** |
| **Common Stocks** | 188496716 | 35393983 | 25328923 | 19851075 | (57819549) | - | 3043 | (23922) | 211230269 | 40687174 |
| **Convertible Preferred Stocks** | 326060850 | 829477 | 131517638 | 139181242 | (51556819) | - | - | - | 546032389 | 131242923 |
| **Non-Convertible Preferred Stocks** | 3200025 | - | (118061) | - | - | - | - | - | 3081964 | (118061) |
| **Convertible Corporate Bonds** | 6985975 | 338671 | 2620501 | 1397293 | (1089671) | - | - | - | 10252769 | 2690869 |
| **Preferred Securities** | 3869300 | - | 433202 | 524958 | (3894042) | - | - | - | 933417 | (116399) |
| <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. |  |  |  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of November 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Consolidated Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 231734 | - |
| **Total Equity Risk**  | 231734 | - |
| **Total Value of Derivatives** | 231734 | - |

---

(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Consolidated Schedule of Investments. In the Consolidated Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

**Consolidated Financial Statements**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| **As of November 30, 2025** | **As of November 30, 2025** | **As of November 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $173,628,558) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $6,010,776,619) | $20003679010 |  |
| Fidelity Central Funds (cost $201,813,166) | 201813166 |  |
| Total Investment in Securities (cost $6,212,589,785) |  | $20205492176 |
| Cash |  | 87049 |
| Restricted cash |  | 203048 |
| Foreign currency held at value (cost $26,008) |  | 25777 |
| Receivable for investments sold |  | 5745367 |
| Receivable for fund shares sold |  | 301117518 |
| Dividends receivable |  | 7246551 |
| Interest receivable |  | 429190 |
| Distributions receivable from Fidelity Central Funds |  | 347361 |
| Receivable for daily variation margin on futures contracts |  | 231734 |
| Other receivables |  | 258481 |
| **Total assets** |  | 20521184252 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $27901227 |  |
| Payable for fund shares redeemed | 1510342 |  |
| Other payables and accrued expenses | 1789376 |  |
| Collateral on securities loaned | 163576895 |  |
| **Total liabilities** |  | 194777840 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $20326406412 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4455552829 |
| Total accumulated earnings (loss) |  | 15870853583 |
| **Net Assets** |  | $20326406412 |
| **Net Asset Value**, offering price and redemption price per share ($20,326,406,412 ÷ 683,011,437 shares) |  | $29.76 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $73067984 |
| Interest  |  | 413907 |
| Income from Fidelity Central Funds (including $3,587,883 from security lending)  |  | 7296351 |
| **Total income** |  | 80778242 |
| **Expenses** |  |  |
| Custodian fees and expenses | $234247 |  |
| Independent trustees' fees and expenses | 71017 |  |
| Total expenses before reductions | 305264 |  |
| Expense reductions | (3068) |  |
| Total expenses after reductions |  | 302196 |
| **Net Investment income (loss)** |  | 80476046 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $586,258)  | 2131813527 |  |
| Fidelity Central Funds | (701) |  |
| Foreign currency transactions | (47030) |  |
| Futures contracts | (25182858) |  |
| Total net realized gain (loss) |  | 2106582938 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $17,733)  | 2278336289 |  |
| Unfunded commitments | (1065606) |  |
| Assets and liabilities in foreign currencies | 84342 |  |
| Futures contracts | 231734 |  |
| Total change in net unrealized appreciation (depreciation) |  | 2277586759 |
| **Net gain (loss)** |  | 4384169697 |
| **Net increase (decrease) in net assets resulting from operations** |  | $4464645743 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Year ended**<br> **November 30, 2025** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $80476046 | $77639319 |
| &nbsp;&nbsp;Net realized gain (loss) | 2106582938<br>| 2233545909<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 2277586759 | 3577738677<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4464645743<br>| 5888923905<br>|
| Distributions to shareholders | (2005810693)<br>| (437595037)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 3777848070 | 3012251210 |
| Reinvestment of distributions | 2005810693<br>| 437595037<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (5869537345) | (4568096849) |
| **Net increase (decrease) in net assets resulting from share transactions** | (85878582)<br>| (1118250602)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2372956468<br>| 4333078266<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 17953449944 | 13620371678<br>|
| &nbsp;&nbsp;End of period | $20326406412 | $17953449944 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 158035386 | 130036558 |
| Issued in reinvestment of distributions | 81338633<br>| 22934750<br>|
| &nbsp;&nbsp;Redeemed | (230292299) | (197988027) |
| &nbsp;&nbsp;Net increase (decrease) | 9081720 | (45016719) |

---

**Consolidated Financial Highlights** 

**Fidelity® Series Growth Company Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.64 | $18.94 | $15.09 | $29.25 | $29.01 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .11  | .11  | .09  | .10  | .10 C |
| Net realized and unrealized gain (loss)  | 6.00  | 8.20  | 3.84  | (6.37)  | 7.43  |
| Total from investment operations  | 6.11  | 8.31  | 3.93  | (6.27)  | 7.53  |
| Distributions from net investment income  | (.12)  | (.10)  | (.08)  | (.12)  | (.16)  |
| Distributions from net realized gain  | (2.87)  | (.51)  | -  | (7.77)  | (7.13)  |
| Total distributions  | (2.99)  | (.61)  | (.08)  | (7.89)  | (7.29)  |
| Net asset value, end of period  | $29.76 | $26.64 | $18.94 | $15.09 | $29.25 |
| **Total Return** D | 25.27% <br>| 45.14%  | 26.24%  | (28.60)%  | 33.42%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions G | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any G | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | .44%  | .48%  | .54%  | .60%  | .40% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $20326406 | $17953450 | $13620372 | $12547656 | $13178104 |
| Portfolio turnover rate H | 30% <br>| 27%  | 21%  | 29%  | 34%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 .35%.*

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

E*Fees and expenses of any underlying 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 Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

F*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.*

G*Amount represents less than .005%.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Consolidated Financial Statements**

For the period ended November 30, 2025

**1. Organization.**

Fidelity Series Growth Company Fund (the Fund) is a non-diversified 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, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. 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 Consolidated 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 RatioA** |
| 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% |

---

*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 consolidated 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 consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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 - unadjusted 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 service 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 services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services 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 services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 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.

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 InputA** |
| Common Stocks | $211230215 | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 0.5 - 71.0 / 19.7 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 7.3 - 35.9 / 33.6 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI)  | 27.1 | Increase |
|  |  | Market approach  | Transaction price  | $0.61 - $62.50 / $25.51 | Increase |
|  |  |  | Discount rate  | 20.0% - 25.0% / 20.0% | Decrease |
|  |  |  | Parity price  | $4.90  | Increase |
|  |  |  | Premium rate  | 10.0% - 50.0% / 46.1% | Increase |
|  |  | Recovery value | Recovery value  | $0.00 | Increase |
|  |  | Black scholes | Volatility  | 60.0% - 110.0% / 80.0% | Increase |
|  |  |  | Discount rate  | 3.6% - 4.0% / 3.7% | Increase |
|  |  |  | Term | 1.0 - 5.0 / 1.4 | Increase |
|  |  | Discounted cash flow  | Discount rate | 3.8% - 15.1% / 10.6% | Decrease |
|  |  |  | Probability rate | 2.5% - 87.5% / 37.2% | Increase |
|  |  |  | Term | 0.5 - 9.3 / 5.5 | Increase |
|  |  | Book value | Book value multiple | 1.5 | Increase |
| Convertible Corporate Bonds | $10252769 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.5 - 3.8 / 3.6 | Increase |
|  |  |  | Discount rate | 29.2% | Decrease |
|  |  |  | Probability rate | 10.0% - 75.0% / 33.3% | Increase |
|  |  | Market approach | Transaction price | $100.00  | Increase |
|  |  |  | Discount rate | 19.9% - 21.7% / 19.9% | Decrease |
|  |  |  | Probability rate | 0.0% - 100.0% / 40.9% | Increase |
|  |  | Black scholes | Volatility | 60.0% - 110.0% / 74.0% | Increase |
|  |  |  | Discount rate | 3.6% - 4.4% / 3.8% | Increase |
|  |  |  | Term | 0.6 - 3.0 / 1.1 | Increase |
| Convertible Preferred Stocks | $546032393 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.5 - 71.0 / 32.1 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA) | 35.9 | Increase |
|  |  |  | Enterprise value/Gross profit multiple (EV/GP) | 11.9 | Increase |
|  |  | Market approach | Transaction price | $0.41 - $278.23 / $33.12 | Increase |
|  |  |  | Discount rate | 10.0% - 90.0% / 24.7% | Decrease |
|  |  |  | Premium rate | 10.0% - 40.0% / 14.3% | Increase |
|  |  | Recovery value | Recovery value | $0.00 - $0.01 / $0.01 | Increase |
|  |  | Black scholes | Volatility | 40.0% - 110.0% / 75.1% | Increase |
|  |  |  | Discount rate | 3.5% - 3.7% / 3.6% | Increase |
|  |  |  | Term | 1.0 - 5.0 / 3.1 | Increase |
| Non-Convertible Preferred Stocks | $3081964 | Market approach | Transaction price | $1.00 - $215.03 / $212.89 | Increase |
|  |  |  | Discount rate | 80.0% | Decrease |
|  |  |  | Premium rate | 10.0% | Increase |
|  |  | Black scholes | Volatility | 75.0% - 85.0% / 84.9% | Increase |
|  |  |  | Discount rate | 3.6% | Increase |
|  |  |  | Term | 3.0 | Increase |
| Preferred Securities | $933417 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.5 | Increase |
|  |  | Market approach | Transaction price | $100.00  | Increase |
|  |  |  | Discount rate | 35.4% - 46.9% / 42.1% | Decrease |
|  |  |  | Probability rate | 0.0% - 60.0% / 37.2% | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Volatility | 50.0% - 100.0% / 50.7% | Increase |
|  |  |  | Discount rate | 3.6% - 4.4% / 3.7% | Increase |
|  |  |  | Term | 0.6 - 1.1 / 1.1 | 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 November 30, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable.

**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 consolidated 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 Consolidated Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Series Growth Company Fund** | $119667 |

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**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2025, the Fund did not have any unrecognized tax benefits in the consolidated financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Consolidated Statement of Assets and Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the consolidated 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, certain foreign taxes, passive foreign investment companies (PFIC), Partnerships, contingent interest 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**  | $14299610323 |
| **Gross unrealized depreciation**  | <u>(355373072)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$13944237251</u> |
| **Tax Cost**  | <u>$6261254925</u> |

---

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

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| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$80035863</u> |
| **Undistributed long-term capital gain**  | <u>$1848202613</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$13944238505</u> |

---

The tax character of distributions paid was as follows:

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| | | |
|:---|:---|:---|
|  | **November 30, 2025** | **November 30, 2024** |
| **Ordinary Income**  | $81760414 | $73291780 |
| **Long-term Capital Gains**  | <u>1924050279</u> | <u>364303257</u> |
| **Total**  | <u>$2005810693</u> | <u>$437595037</u> |

---

**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 Consolidated Schedule of Investments, if applicable.

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Consolidated Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Consolidated Statement of Operations, as applicable based on contractual conditions of each commitment.

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| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** | **Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Series Growth Company Fund** | Spinny Series G Convertible Preferred | 769917 | - |
| **Fidelity Series Growth Company Fund** | Tubulis GmbH Series C Convertible Preferred | 675417 | - |

---

**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 Total Assets** |
| **Fidelity Series Growth Company Fund** | 24041112 | .12 |

---

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 Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated 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 Consolidated Statement of Assets and Liabilities, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the consolidated financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, 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.

Derivatives were used 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 objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

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| | |
|:---|:---|
| 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.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a 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 a fund. Counterparty credit risk related to exchange-traded 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 Consolidated 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. Futures contracts were used to manage 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 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 Consolidated 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 Consolidated Statement of Operations.

Any open futures contracts at period end are presented in the Consolidated 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, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Consolidated Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Consolidated Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Series Growth Company Fund** | 5372098740 | 7677957188 |

---

**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 Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Growth Company Fund** | 149741 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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. Interfund trades during the period are noted in the table below.

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Series Growth Company Fund** | 538414265 | 536742293 | 193429190 |

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**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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **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** | 366967 | 2773 | 12650 |

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At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Consolidated Schedule of Investments or Consolidated Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Growth Company Fund** | 14131376 |

---

**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 $3,068.

**10. Other.**

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a 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. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

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

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying consolidated statement of assets and liabilities of Fidelity Series Growth Company Fund (the "Fund"), a fund of Fidelity Mt. Vernon Street Trust, including the consolidated schedule of investments, as of November 30, 2025, the related consolidated statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 14, 2026

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

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2025, $1,965,365,633, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 81% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 86.44% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 0.48% of the dividend distributed during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img120709_4.jpg)<br>

1.968007.112 XS7-ANN-0126

**Fidelity® New Millennium Fund®**

**Annual Report**

**November 30, 2025**

![](img120711_1.jpg)

![](img120711_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_NMF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® New Millennium Fund®](#Sub_Sec_Fund_300_NMF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements300_NMF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_NMF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_NMF-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_NMF-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_NMF-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_NMF-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_NMF-ANN)** |

---

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.© 2026 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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® New Millennium Fund®**

**Schedule of Investments November 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** |
|  | Shares | Value ($)<br>|
| CANADA - 1.4%  |  |  |
| Information Technology - 0.3% |  |  |
| IT Services - 0.3% |  |  |
| Shopify Inc Class A (United States) (a) | 105200 | 16688928 |
| Materials - 1.1% |  |  |
| Metals & Mining - 1.1% |  |  |
| Agnico Eagle Mines Ltd/CA (United States)  | 231700 | 40415432 |
| Franco-Nevada Corp (United States) (b) | 94100 | 19745944 |
|  |  | 60161376 |
| TOTAL CANADA |  | 76850304 |
| CHILE - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Antofagasta PLC  | 298900 | 10912135 |
| GERMANY - 0.5%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| BioNTech SE ADR (a)(b) | 121600 | 12543040 |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| SAP SE ADR  | 65419 | 15815043 |
| TOTAL GERMANY |  | 28358083 |
| ISRAEL - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Nova Ltd (a) | 48600 | 15204024 |
| ITALY - 1.1%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Lottomatica Group Spa  | 282135 | 7208805 |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| Brunello Cucinelli SpA non-voting shares  | 316800 | 33694113 |
| TOTAL CONSUMER DISCRETIONARY |  | 40902918 |
| Industrials - 0.3% |  |  |
| Electrical Equipment - 0.3% |  |  |
| Prysmian SpA  | 162200 | 16242417 |
| TOTAL ITALY |  | 57145335 |
| NETHERLANDS - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| Argenx SE ADR (a) | 23000 | 20975540 |
| TAIWAN - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 148100 | 43172631 |
| UNITED KINGDOM - 1.0%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Flutter Entertainment PLC (United Kingdom) (a)(b) | 95400 | 19882940 |
| Consumer Staples - 0.2% |  |  |
| Tobacco - 0.2% |  |  |
| British American Tobacco PLC  | 238900 | 14027067 |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| TechnipFMC PLC  | 438886 | 19863980 |
| TOTAL UNITED KINGDOM |  | 53773987 |
| UNITED STATES - 93.9%  |  |  |
| Communication Services - 10.6% |  |  |
| Entertainment - 2.9% |  |  |
| Netflix Inc (a)(c) | 597000 | 64225260 |
| Spotify Technology SA (a) | 43600 | 26110732 |
| Take-Two Interactive Software Inc (a) | 92600 | 22786082 |
| TKO Group Holdings Inc Class A  | 57700 | 11187453 |
| Walt Disney Co/The  | 283400 | 29606798 |
|  |  | 153916325 |
| Interactive Media & Services - 7.7% |  |  |
| Alphabet Inc Class A  | 919600 | 294437528 |
| Meta Platforms Inc Class A  | 165600 | 107300520 |
| Reddit Inc Class A (a) | 66600 | 14416902 |
|  |  | 416154950 |
| TOTAL COMMUNICATION SERVICES |  | 570071275 |
| Consumer Discretionary - 9.4% |  |  |
| Broadline Retail - 4.7% |  |  |
| Amazon.com Inc (a) | 1071500 | 249895230 |
| Hotels, Restaurants & Leisure - 1.1% |  |  |
| Booking Holdings Inc  | 5800 | 28505202 |
| Hilton Worldwide Holdings Inc  | 99000 | 28217970 |
|  |  | 56723172 |
| Household Durables - 1.1% |  |  |
| Lennar Corp Class A  | 121200 | 15913560 |
| PulteGroup Inc  | 85200 | 10836588 |
| Somnigroup International Inc  | 377000 | 34503040 |
|  |  | 61253188 |
| Specialty Retail - 2.0% |  |  |
| Group 1 Automotive Inc  | 28500 | 11429640 |
| Lowe's Cos Inc  | 190400 | 46168192 |
| TJX Cos Inc/The  | 344686 | 52364697 |
|  |  | 109962529 |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Ralph Lauren Corp Class A  | 73300 | 26925289 |
| TOTAL CONSUMER DISCRETIONARY |  | 504759408 |
| Consumer Staples - 3.2% |  |  |
| Consumer Staples Distribution & Retail - 2.5% |  |  |
| Dollar Tree Inc (a) | 114900 | 12732069 |
| Kroger Co/The  | 234800 | 15797344 |
| Performance Food Group Co (a) | 399700 | 38798879 |
| Walmart Inc  | 599800 | 66283898 |
|  |  | 133612190 |
| Tobacco - 0.7% |  |  |
| Philip Morris International Inc  | 252400 | 39747952 |
| TOTAL CONSUMER STAPLES |  | 173360142 |
| Energy - 2.8% |  |  |
| Energy Equipment & Services - 0.6% |  |  |
| Baker Hughes Co Class A  | 691900 | 34733380 |
| Oil, Gas & Consumable Fuels - 2.2% |  |  |
| Antero Resources Corp (a) | 401000 | 14608430 |
| Cheniere Energy Inc  | 89626 | 18683436 |
| Exxon Mobil Corp  | 532800 | 61762176 |
| Shell PLC ADR  | 254900 | 18803973 |
|  |  | 113858015 |
| TOTAL ENERGY |  | 148591395 |
| Financials - 10.9% |  |  |
| Banks - 4.0% |  |  |
| Bank of America Corp  | 1109800 | 59540770 |
| JPMorgan Chase & Co  | 228300 | 71476164 |
| M&T Bank Corp  | 88300 | 16796426 |
| Wells Fargo & Co  | 738268 | 63380308 |
|  |  | 211193668 |
| Capital Markets - 3.5% |  |  |
| Charles Schwab Corp/The  | 408700 | 37898751 |
| Goldman Sachs Group Inc/The  | 63500 | 52453540 |
| Houlihan Lokey Inc Class A  | 76700 | 13453180 |
| Moody's Corp  | 42900 | 21054462 |
| Morgan Stanley  | 258900 | 43924974 |
| Stifel Financial Corp  | 121700 | 14847400 |
| Tradeweb Markets Inc Class A  | 56100 | 6107046 |
|  |  | 189739353 |
| Financial Services - 2.3% |  |  |
| Affirm Holdings Inc Class A (a) | 204800 | 14530560 |
| Apollo Global Management Inc  | 138200 | 18221670 |
| Visa Inc Class A  | 276800 | 92572992 |
|  |  | 125325222 |
| Insurance - 1.1% |  |  |
| Chubb Ltd  | 144209 | 42711822 |
| Marsh & McLennan Cos Inc  | 91400 | 16767329 |
|  |  | 59479151 |
| TOTAL FINANCIALS |  | 585737394 |
| Health Care - 8.3% |  |  |
| Biotechnology - 1.7% |  |  |
| Alnylam Pharmaceuticals Inc (a) | 55100 | 24862773 |
| Biogen Inc (a) | 64200 | 11690178 |
| Gilead Sciences Inc  | 380300 | 47856952 |
| Moderna Inc (a) | 363600 | 9446328 |
|  |  | 93856231 |
| Health Care Equipment & Supplies - 1.6% |  |  |
| Boston Scientific Corp (a) | 425868 | 43259671 |
| Insulet Corp (a) | 55000 | 17995450 |
| Stryker Corp  | 74400 | 27615792 |
|  |  | 88870913 |
| Health Care Providers & Services - 0.6% |  |  |
| CVS Health Corp  | 434900 | 34948564 |
| Health Care Technology - 0.5% |  |  |
| Veeva Systems Inc Class A (a) | 101400 | 24365406 |
| Life Sciences Tools & Services - 2.1% |  |  |
| Danaher Corp  | 196800 | 44630304 |
| IQVIA Holdings Inc (a) | 73900 | 16997739 |
| Thermo Fisher Scientific Inc  | 80700 | 47679981 |
|  |  | 109308024 |
| Pharmaceuticals - 1.8% |  |  |
| Eli Lilly & Co  | 59200 | 63667824 |
| Merck & Co Inc  | 316900 | 33220627 |
|  |  | 96888451 |
| TOTAL HEALTH CARE |  | 448237589 |
| Industrials - 13.2% |  |  |
| Aerospace & Defense - 5.3% |  |  |
| Anduril Industries Inc Class B (d)(e) | 3298 | 141154 |
| Anduril Industries Inc Class C (d)(e) | 2 | 86 |
| Beta Technologies Inc (f) | 801939 | 21868877 |
| Boeing Co (a) | 184460 | 34862940 |
| GE Aerospace  | 176512 | 52680006 |
| General Dynamics Corp  | 81100 | 27706193 |
| Howmet Aerospace Inc  | 169800 | 34739382 |
| Space Exploration Technologies Corp (a)(d)(e) | 467591 | 99129293 |
| TransDigm Group Inc  | 11900 | 16186023 |
|  |  | 287313954 |
| Air Freight & Logistics - 0.7% |  |  |
| CH Robinson Worldwide Inc  | 94000 | 14933780 |
| FedEx Corp  | 73000 | 20124640 |
|  |  | 35058420 |
| Building Products - 0.6% |  |  |
| Trane Technologies PLC  | 71600 | 30177968 |
| Construction & Engineering - 1.2% |  |  |
| Comfort Systems USA Inc  | 25500 | 24911970 |
| Quanta Services Inc  | 84000 | 39049920 |
|  |  | 63961890 |
| Electrical Equipment - 1.4% |  |  |
| Eaton Corp PLC  | 96400 | 33343796 |
| GE Vernova Inc (c) | 66303 | 39766550 |
|  |  | 73110346 |
| Ground Transportation - 0.2% |  |  |
| Lyft Inc Class A (a) | 646000 | 13585380 |
| Machinery - 2.6% |  |  |
| Cummins Inc  | 83200 | 41431936 |
| Deere & Co  | 60000 | 27869400 |
| Parker-Hannifin Corp  | 33800 | 29125460 |
| Westinghouse Air Brake Technologies Corp  | 208300 | 43440965 |
|  |  | 141867761 |
| Passenger Airlines - 0.7% |  |  |
| Delta Air Lines Inc  | 342500 | 21954250 |
| United Airlines Holdings Inc (a) | 132200 | 13479112 |
|  |  | 35433362 |
| Trading Companies & Distributors - 0.5% |  |  |
| United Rentals Inc  | 35800 | 29183444 |
| TOTAL INDUSTRIALS |  | 709692525 |
| Information Technology - 30.8% |  |  |
| Communications Equipment - 1.8% |  |  |
| Arista Networks Inc (a) | 334400 | 43699392 |
| Cisco Systems Inc  | 700600 | 53904164 |
|  |  | 97603556 |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Flex Ltd (a) | 468462 | 27690789 |
| Semiconductors & Semiconductor Equipment - 13.2% |  |  |
| Broadcom Inc  | 402300 | 162110808 |
| First Solar Inc (a) | 75100 | 20496292 |
| Lam Research Corp  | 211400 | 32978400 |
| Micron Technology Inc  | 230100 | 54414048 |
| NVIDIA Corp  | 2476200 | 438287401 |
|  |  | 708286949 |
| Software - 9.0% |  |  |
| Applied Intuition Inc Class A (a)(d)(e) | 18639 | 2120745 |
| Autodesk Inc (a) | 125900 | 38190506 |
| Microsoft Corp  | 775800 | 381701358 |
| Palo Alto Networks Inc (a) | 201600 | 38330208 |
| Samsara Inc Class A (a) | 235800 | 8967474 |
| Synopsys Inc (a) | 38300 | 16009783 |
|  |  | 485320074 |
| Technology Hardware, Storage & Peripherals - 6.3% |  |  |
| Apple Inc  | 1222100 | 340782585 |
| TOTAL INFORMATION TECHNOLOGY |  | 1659683953 |
| Materials - 1.7% |  |  |
| Chemicals - 1.4% |  |  |
| Corteva Inc  | 388200 | 26191854 |
| Linde PLC  | 63500 | 26055320 |
| Sherwin-Williams Co/The  | 65000 | 22339850 |
|  |  | 74587024 |
| Construction Materials - 0.3% |  |  |
| Martin Marietta Materials Inc  | 31500 | 19632060 |
| TOTAL MATERIALS |  | 94219084 |
| Real Estate - 1.9% |  |  |
| Health Care REITs - 0.6% |  |  |
| Ventas Inc  | 389100 | 31373133 |
| Real Estate Management & Development - 1.3% |  |  |
| CBRE Group Inc Class A (a) | 299600 | 48484268 |
| Zillow Group Inc Class C (a) | 268800 | 19993344 |
|  |  | 68477612 |
| TOTAL REAL ESTATE |  | 99850745 |
| Utilities - 1.1% |  |  |
| Electric Utilities - 1.0% |  |  |
| Constellation Energy Corp  | 63400 | 23100424 |
| Exelon Corp  | 250200 | 11789424 |
| NRG Energy Inc  | 112600 | 19084574 |
|  |  | 53974422 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Vistra Corp  | 72100 | 12895806 |
| TOTAL UTILITIES |  | 66870228 |
| TOTAL UNITED STATES |  | 5061073738 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,014,878,069) |  | <br> **5367465777** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.1%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| National Resilience LLC Series B (a)(d)(e) | 243347 | 966087 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Anduril Industries Inc Series G (d)(e) | 31400 | 1343920 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Applied Intuition Inc Series A2 (a)(d)(e) | 24262 | 2760531 |
| Applied Intuition Inc Series B2 (a)(d)(e) | 11699 | 1331112 |
|  |  | 4091643 |
| TOTAL UNITED STATES |  | 6401650 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $6,754,528) |  | <br> **6401650** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.02 | 16825676 | 16829041 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.02 | 34836762 | 34840246 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $51,669,287) |  |  | **51669287** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.7%**<br> (Cost $3,073,301,884)<br>| <br>**5425536714** |
| **NET OTHER ASSETS (LIABILITIES) - (0.7)%**  | **(37278720)** |
| **NET ASSETS - 100.0%** | **5388257994** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** |
|  | Counterparty | Number<br> of Contracts | Notional<br> Amount ($) | Exercise<br> Price ($) | Expiration<br> Date | Value ($) |
| Call Options |  |  |  |  |  |  |
| GE Vernova Inc | Chicago Board Options Exchange | 100 | 5997700 | 720.00 | 2/20/2026 | (179000) |
| Netflix Inc | Chicago Board Options Exchange | 350 | 3765300 | 130.00 | 2/20/2026 | (49175) |
|  |  |  |  |  |  | (228175) |
| **TOTAL WRITTEN OPTIONS** |  |  |  |  |  | **(228175)** |

---

**Legend**

(a) Non-income producing.

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

(c) Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $9,763,000.

(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 $107,792,928 or 2.0% of net assets.

(e) Level 3 security.

(f) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $21,868,877 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Anduril Industries Inc Class B | 6/16/2025 | 134831 |
| Anduril Industries Inc Class C | 6/16/2025 | 82 |
| Anduril Industries Inc Series G | 4/17/2025 | 1283720 |
| Applied Intuition Inc Class A | 7/2/2024 | 1112653 |
| Applied Intuition Inc Series A2 | 7/2/2024 | 1448318 |
| Applied Intuition Inc Series B2 | 7/2/2024 | 698370 |
| National Resilience LLC Series B | 12/1/2020 | 3324120 |
| Space Exploration Technologies Corp | 4/8/2016 - 4/6/2017 | 4558706 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Beta Technologies Inc | 5/4/2026 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 28954711 | 618825927 | 630952616 | 1220500 | 1019 | - | 16829041 | 16825676 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 16467496 | 239433334 | 221060555 | 38918 | (29) | - | 34840246 | 34836762 | 0.1% |
| Total | 45422207 | 858259261 | 852013171 | 1259418 | 990 | - | 51669287 |  |  |

---

Amounts in the dividend 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.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of November 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 570071275 | 570071275 | - | - |
| Consumer Discretionary | 565545266 | 565545266 | - | - |
| Consumer Staples | 187387209 | 173360142 | 14027067 | - |
| Energy | 168455375 | 168455375 | - | - |
| Financials | 585737394 | 585737394 | - | - |
| Health Care | 481756169 | 481756169 | - | - |
| Industrials | 725934942 | 626664409 | - | 99270533 |
| Information Technology | 1750564579 | 1748443834 | - | 2120745 |
| Materials | 165292595 | 165292595 | - | - |
| Real Estate | 99850745 | 99850745 | - | - |
| Utilities | 66870228 | 66870228 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 966087 | - | - | 966087 |
| Industrials | 1343920 | - | - | 1343920 |
| Information Technology | 4091643 | - | - | 4091643 |
|  **Money Market Funds** | 51669287 | 51669287 | - | - |
| **Total Investments in Securities:** | 5425536714 | 5303716719 | 14027067 | 107792928 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Written Options | (228175) | (228175) | - | - |
| Total Liabilities | (228175) | (228175) | - | - |
| **Total Derivative Instruments:** | (228175) | (228175) | - | - |

---

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2025 ($)** |
| **Common Stocks** | 81103217 | 26332323 | 36889817 | 1156863 | (44090942) | - | - | - | 101391278 | 33022185 |
| **Convertible Preferred Stocks** | 25991027 | - | (13348723) | 1283720 | (7524374) | - | - | - | 6401650 | (3836961) |
| <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations. |  |  |  |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of November 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Written Options (a)  | - | (228175) |
| **Total Equity Risk**  | - | (228175) |
| **Total Value of Derivatives** | - | (228175) |

---

(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of November 30, 2025** | **As of November 30, 2025** | **As of November 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $34,065,090) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,021,632,597) | $5373867427 |  |
| Fidelity Central Funds (cost $51,669,287) | 51669287 |  |
| Total Investment in Securities (cost $3,073,301,884) |  | $5425536714 |
| Foreign currency held at value (cost $224,034) |  | 219524 |
| Receivable for fund shares sold |  | 378229 |
| Dividends receivable |  | 3194756 |
| Distributions receivable from Fidelity Central Funds |  | 88561 |
| Prepaid expenses |  | 4878 |
| Other receivables |  | 70606 |
| **Total assets** |  | 5429493268 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $345665 |  |
| Payable for fund shares redeemed | 2682037 |  |
| Accrued management fee | 3065368 |  |
| Written options, at value (premium received $273,295) | 228175 |  |
| Other payables and accrued expenses | 73754 |  |
| Collateral on securities loaned | 34840275 |  |
| **Total liabilities** |  | 41235274 |
| **Net Assets**  |  | $5388257994 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2772971803 |
| Total accumulated earnings (loss) |  | 2615286191 |
| **Net Assets** |  | $5388257994 |
| **Net Asset Value**, offering price and redemption price per share ($5,388,257,994 ÷ 77,732,569 shares) |  | $69.32 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $42571894 |
| Income from Fidelity Central Funds (including $38,918 from security lending)  |  | 1259418 |
| **Total income** |  | 43831312 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $31096936 |  |
| Performance adjustment | 7086872 |  |
| Custodian fees and expenses | 40836 |  |
| Independent trustees' fees and expenses | 19843 |  |
| Registration fees | 76680 |  |
| Audit fees | 86126 |  |
| Legal | 7382 |  |
| Miscellaneous | 18474 |  |
| Total expenses before reductions | 38433149 |  |
| Expense reductions | (656) |  |
| Total expenses after reductions |  | 38432493 |
| **Net Investment income (loss)** |  | 5398819 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 278472392 |  |
| Fidelity Central Funds | 990 |  |
| Foreign currency transactions | (48199) |  |
| Written options | 431591 |  |
| Total net realized gain (loss) |  | 278856774 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 376717120 |  |
| Assets and liabilities in foreign currencies | 35557 |  |
| Written options | 45120 |  |
| Total change in net unrealized appreciation (depreciation) |  | 376797797 |
| **Net gain (loss)** |  | 655654571 |
| **Net increase (decrease) in net assets resulting from operations** |  | $661053390 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **November 30, 2025** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $5398819 | $8096384 |
| &nbsp;&nbsp;Net realized gain (loss) | 278856774<br>| 352441785<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 376797797 | 1108986024<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 661053390<br>| 1469524193<br>|
| Distributions to shareholders | (175010312)<br>| (144345357)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 582135400 | 1566852012 |
| Reinvestment of distributions | 160933866<br>| 134886480<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (922922424) | (1599799158) |
| **Net increase (decrease) in net assets resulting from share transactions** | (179853158)<br>| 101939334<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 306189920<br>| 1427118170<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 5082068074 | 3654949904<br>|
| &nbsp;&nbsp;End of period | $5388257994 | $5082068074 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 9442517 | 28341836 |
| Issued in reinvestment of distributions | 2645198<br>| 2822483<br>|
| &nbsp;&nbsp;Redeemed | (15066146) | (27668208) |
| &nbsp;&nbsp;Net increase (decrease) | (2978431) | 3496111 |

---

**Financial Highlights** 

**Fidelity® New Millennium Fund®** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $62.97 | $47.33 | $42.93 | $42.94 | $37.77 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .07  | .09  | .17  | .75  | .62  |
| Net realized and unrealized gain (loss)  | 8.44  | 17.40  | 5.81  | 2.77  | 7.70  |
| Total from investment operations  | 8.51  | 17.49  | 5.98  | 3.52  | 8.32  |
| Distributions from net investment income  | (.12)  | (.14)  | (.64)  | (.85)  | (.58)  |
| Distributions from net realized gain  | (2.04)  | (1.71)  | (.94)  | (2.68)  | (2.56)  |
| Total distributions  | (2.16)  | (1.85)  | (1.58)  | (3.53)  | (3.15) C |
| Net asset value, end of period  | $69.32 | $62.97 | $47.33 | $42.93 | $42.94 |
| **Total Return** D | 13.99% <br>| 38.19%  | 14.66%  | 8.45%  | 23.56%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .76%  | .78%  | .87%  | .54%  | .49%  |
| Expenses net of fee waivers, if any  | .76% <br>| .77%  | .86%  | .54%  | .48%  |
| Expenses net of all reductions, if any  | .76%  | .77%  | .86%  | .54%  | .48%  |
| Net investment income (loss)  | .11%  | .17%  | .40%  | 1.83%  | 1.46%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5388258 | $5082068 | $3654950 | $2580076 | $2629756 |
| Portfolio turnover rate G | 30% <br>| 44% H | 59% H | 12%  | 19%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

E*Fees and expenses of any underlying 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.*

F*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.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

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

**Notes to Financial Statements**

For the period ended November 30, 2025

**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 RatioA** |
| 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% |

---

*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. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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 - unadjusted 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 service 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.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 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.

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 InputA** |
| Common Stocks | $101391278 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 13.8 - 15.0 / 13.8 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA) | 35.9 | Increase |
| Convertible Preferred Stocks | $6401650 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 7.0 - 15.0 / 13.0 | Increase |
|  |  | Black scholes | Volatility | 60.0% | Increase |
|  |  |  | Discount rate | 3.6% | Increase |
|  |  |  | Term | 3.0 | 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 November 30, 2025, 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. 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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**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. As of November 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) 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**  | $2379233483 |
| **Gross unrealized depreciation**  | <u>(27494450)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$2351739033</u> |
| **Tax Cost**  | <u>$3073569506</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$2872251</u> |
| **Undistributed long-term capital gain**  | <u>$260659126</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$2351754815</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2025** | **November 30, 2024** |
| **Ordinary Income**  | $9556326 | $11163542 |
| **Long-term Capital Gains**  | <u>165453986</u> | <u>133181815</u> |
| **Total**  | <u>$175010312</u> | <u>$144345357</u> |

---

**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.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including options. 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.

Derivatives were used 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 objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| 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.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a 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 a fund. Counterparty credit risk related to exchange-traded 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.

**Options.** Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.

Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

Upon entering into a written options contract, a fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period.

**5. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity New Millennium Fund** | 1533634569 | 1865207824 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss 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. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity New Millennium Fund** | 4444072 | 141461394 | 266111018 |

---

**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 pays a monthly management fee.

Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Fidelity New Millennium Fund** | .67 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Fidelity New Millennium Fund** | .62 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity New Millennium Fund** | S&P 500 Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Fidelity New Millennium Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was .14%.

**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** | 29105 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity New Millennium Fund** | 58661726 | 114210524 | 3334038 |

---

**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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity New Millennium Fund** | 6807 |

---

**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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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** | 4191 | 617 | - |

---

**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 $656.

**10. Other.**

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

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

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity New Millennium Fund (one of the funds constituting Fidelity Mt. Vernon Street Trust, referred to hereafter as the "Fund") as of November 30, 2025, the related statement of operations for the year ended November 30, 2025, the statement of changes in net assets for each of the two years in the period ended November 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2025 and the financial highlights for each of the five years in the period ended November 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

January 14, 2026

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

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2025, $278,567,056, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

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

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img120711_4.jpg)<br>

1.539033.128 NMF-ANN-0126

**Fidelity® Growth Strategies K6 Fund**

**Annual Report**

**November 30, 2025**

![](img120717_1.jpg)

![](img120717_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_FEGK6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Growth Strategies K6 Fund](#Sub_Sec_Fund_2952_FEGK6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2952_FEGK6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_FEGK6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_FEGK6-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_FEGK6-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_FEGK6-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_FEGK6-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_FEGK6-ANN)** |

---

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.© 2026 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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Growth Strategies K6 Fund**

**Schedule of Investments November 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.4%** | &nbsp;&nbsp;**Common Stocks - 99.4%** | &nbsp;&nbsp;**Common Stocks - 99.4%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| DroneShield Ltd (a)(b) | 1017323 | 1319668 |
| CANADA - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Specialty Retail - 0.3% |  |  |
| Aritzia Inc Subordinate Voting Shares (a) | 33000 | 2598769 |
| GERMANY - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Birkenstock Holding Plc (a)(c) | 37400 | 1620542 |
| ISRAEL - 0.4%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Etoro Group Ltd Class A (c) | 900 | 37773 |
| Information Technology - 0.4% |  |  |
| Software - 0.4% |  |  |
| Cellebrite DI Ltd (a) | 239300 | 4034598 |
| TOTAL ISRAEL |  | 4072371 |
| KOREA (SOUTH) - 0.9%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Broadline Retail - 0.9% |  |  |
| Coupang Inc Class A (a) | 299800 | 8442368 |
| UNITED KINGDOM - 1.1%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Flutter Entertainment PLC (a) | 30100 | 6285181 |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| TechnipFMC PLC  | 77473 | 3506428 |
| TOTAL UNITED KINGDOM |  | 9791609 |
| UNITED STATES - 96.4%  |  |  |
| Communication Services - 4.0% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| AST SpaceMobile Inc Class A (a)(c) | 49700 | 2793140 |
| Entertainment - 2.4% |  |  |
| Live Nation Entertainment Inc (a) | 36600 | 4811070 |
| ROBLOX Corp Class A (a) | 178300 | 16943849 |
|  |  | 21754919 |
| Interactive Media & Services - 0.8% |  |  |
| Reddit Inc Class A (a) | 34600 | 7489862 |
| Media - 0.5% |  |  |
| Trade Desk Inc (The) Class A (a) | 105200 | 4161712 |
| TOTAL COMMUNICATION SERVICES |  | 36199633 |
| Consumer Discretionary - 12.8% |  |  |
| Diversified Consumer Services - 0.1% |  |  |
| Duolingo Inc Class A (a) | 8400 | 1607844 |
| Hotels, Restaurants & Leisure - 7.9% |  |  |
| Brinker International Inc (a) | 13200 | 2030028 |
| Cava Group Inc (a)(c) | 28200 | 1378698 |
| Cheesecake Factory Inc/The  | 34600 | 1649036 |
| DraftKings Inc Class A (a) | 36900 | 1223604 |
| Dutch Bros Inc Class A (a) | 153000 | 8967330 |
| Expedia Group Inc Class A  | 29600 | 7568424 |
| First Watch Restaurant Group Inc (a) | 231900 | 4304064 |
| Hilton Worldwide Holdings Inc  | 66400 | 18925992 |
| Royal Caribbean Cruises Ltd (c) | 45200 | 12034500 |
| Sportradar Holding AG Class A (a) | 154415 | 3397130 |
| Texas Roadhouse Inc  | 42100 | 7378025 |
| Wingstop Inc  | 11000 | 2912030 |
|  |  | 71768861 |
| Household Durables - 2.2% |  |  |
| SharkNinja Inc (a) | 52300 | 5102911 |
| Somnigroup International Inc  | 159900 | 14634048 |
|  |  | 19736959 |
| Specialty Retail - 2.0% |  |  |
| Carvana Co Class A (a) | 25500 | 9549750 |
| Chewy Inc Class A (a) | 94900 | 3299673 |
| O'Reilly Automotive Inc (a) | 16400 | 1667880 |
| Tractor Supply Co  | 56200 | 3078636 |
| Wayfair Inc Class A (a) | 2400 | 265920 |
|  |  | 17861859 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Deckers Outdoor Corp (a) | 13434 | 1182595 |
| Tapestry Inc  | 24400 | 2666432 |
| VF Corp  | 104200 | 1823500 |
|  |  | 5672527 |
| TOTAL CONSUMER DISCRETIONARY |  | 116648050 |
| Consumer Staples - 2.7% |  |  |
| Beverages - 0.3% |  |  |
| Celsius Holdings Inc (a) | 75900 | 3107346 |
| Consumer Staples Distribution & Retail - 2.4% |  |  |
| Casey's General Stores Inc  | 16700 | 9526682 |
| Performance Food Group Co (a) | 79300 | 7697651 |
| US Foods Holding Corp (a) | 51400 | 4043638 |
|  |  | 21267971 |
| TOTAL CONSUMER STAPLES |  | 24375317 |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Cheniere Energy Inc  | 23100 | 4815426 |
| Targa Resources Corp  | 34700 | 6083257 |
| Texas Pacific Land Corp  | 1300 | 1123577 |
|  |  | 12022260 |
| Financials - 9.0% |  |  |
| Capital Markets - 5.7% |  |  |
| Ameriprise Financial Inc  | 23300 | 10618742 |
| Ares Management Corp Class A  | 64000 | 10038400 |
| Blue Owl Capital Inc Class A (c) | 418900 | 6283500 |
| Coinbase Global Inc Class A (a) | 11200 | 3055584 |
| Jefferies Financial Group Inc  | 42700 | 2457812 |
| LPL Financial Holdings Inc  | 14300 | 5091372 |
| MSCI Inc  | 6600 | 3720552 |
| Robinhood Markets Inc Class A (a) | 85400 | 10973046 |
|  |  | 52239008 |
| Consumer Finance - 0.7% |  |  |
| SoFi Technologies Inc Class A (a) | 210100 | 6244172 |
| Financial Services - 1.8% |  |  |
| Affirm Holdings Inc Class A (a) | 99500 | 7059525 |
| Apollo Global Management Inc  | 25700 | 3388545 |
| Block Inc Class A (a) | 36300 | 2424840 |
| Corpay Inc (a) | 100 | 29580 |
| Toast Inc Class A (a) | 110700 | 3784833 |
|  |  | 16687323 |
| Insurance - 0.8% |  |  |
| Arthur J Gallagher & Co  | 10700 | 2649534 |
| Kinsale Capital Group Inc  | 11400 | 4387860 |
|  |  | 7037394 |
| TOTAL FINANCIALS |  | 82207897 |
| Health Care - 10.5% |  |  |
| Biotechnology - 4.7% |  |  |
| Alnylam Pharmaceuticals Inc (a) | 36900 | 16650387 |
| Insmed Inc (a) | 65100 | 13525827 |
| Natera Inc (a) | 45500 | 10865855 |
| Neurocrine Biosciences Inc (a) | 9900 | 1506384 |
|  |  | 42548453 |
| Health Care Equipment & Supplies - 1.3% |  |  |
| Dexcom Inc (a) | 34599 | 2195999 |
| Insulet Corp (a) | 18800 | 6151172 |
| Penumbra Inc (a) | 600 | 175902 |
| TransMedics Group Inc (a) | 20100 | 2940831 |
|  |  | 11463904 |
| Health Care Providers & Services - 3.2% |  |  |
| Cardinal Health Inc  | 50206 | 10656726 |
| Cencora Inc  | 50200 | 18520286 |
|  |  | 29177012 |
| Health Care Technology - 1.1% |  |  |
| Doximity Inc Class A (a) | 36700 | 1887848 |
| Veeva Systems Inc Class A (a) | 33200 | 7977628 |
|  |  | 9865476 |
| Life Sciences Tools & Services - 0.2% |  |  |
| Medpace Holdings Inc (a) | 4100 | 2429085 |
| TOTAL HEALTH CARE |  | 95483930 |
| Industrials - 33.0% |  |  |
| Aerospace & Defense - 13.1% |  |  |
| ATI Inc (a) | 85600 | 8628480 |
| Axon Enterprise Inc (a) | 44900 | 24252286 |
| Beta Technologies Inc Class A (a) | 4700 | 128169 |
| Carpenter Technology Corp  | 21100 | 6721194 |
| HEICO Corp Class A  | 39800 | 9829406 |
| Howmet Aerospace Inc  | 198700 | 40652034 |
| Karman Holdings Inc (a) | 68500 | 4591555 |
| Leonardo DRS Inc  | 129400 | 4421598 |
| Loar Holdings Inc (a) | 700 | 47915 |
| Rocket Lab Corp  | 131900 | 5558266 |
| StandardAero Inc (a) | 9200 | 240304 |
| TransDigm Group Inc  | 3500 | 4760595 |
| VSE Corp  | 45500 | 8198645 |
|  |  | 118030447 |
| Building Products - 0.5% |  |  |
| Trane Technologies PLC  | 11432 | 4818359 |
| Commercial Services & Supplies - 1.3% |  |  |
| Cintas Corp  | 37800 | 7031556 |
| GFL Environmental Inc Subordinate Voting Shares (United States)  | 73800 | 3355686 |
| Veralto Corp  | 16700 | 1690374 |
|  |  | 12077616 |
| Construction & Engineering - 9.8% |  |  |
| API Group Corp (a) | 118700 | 4695772 |
| Comfort Systems USA Inc  | 18600 | 18171084 |
| Construction Partners Inc Class A (a)(c) | 95400 | 10398600 |
| EMCOR Group Inc  | 17300 | 10640711 |
| Fluor Corp (a) | 85300 | 3661929 |
| Granite Construction Inc  | 45100 | 4849603 |
| Legence Corp Class A  | 6200 | 285076 |
| MasTec Inc (a) | 34300 | 7336084 |
| Quanta Services Inc  | 18100 | 8414328 |
| Sterling Infrastructure Inc (a)(c) | 57600 | 19832256 |
|  |  | 88285443 |
| Electrical Equipment - 2.1% |  |  |
| GE Vernova Inc  | 2200 | 1319494 |
| nVent Electric PLC  | 51300 | 5502951 |
| Vertiv Holdings Co Class A  | 69000 | 12401370 |
|  |  | 19223815 |
| Ground Transportation - 0.8% |  |  |
| Old Dominion Freight Line Inc  | 14300 | 1934647 |
| XPO Inc (a) | 40700 | 5781842 |
|  |  | 7716489 |
| Machinery - 1.9% |  |  |
| Federal Signal Corp (c) | 54300 | 6190200 |
| RBC Bearings Inc (a) | 17200 | 7653484 |
| Westinghouse Air Brake Technologies Corp  | 15300 | 3190815 |
|  |  | 17034499 |
| Trading Companies & Distributors - 3.5% |  |  |
| Core & Main Inc Class A (a) | 91200 | 4408608 |
| Fastenal Co  | 252400 | 10196960 |
| United Rentals Inc  | 5100 | 4157418 |
| WW Grainger Inc  | 13700 | 12996231 |
|  |  | 31759217 |
| TOTAL INDUSTRIALS |  | 298945885 |
| Information Technology - 17.4% |  |  |
| Communications Equipment - 0.4% |  |  |
| Lumentum Holdings Inc (a) | 10800 | 3511728 |
| Electronic Equipment, Instruments & Components - 3.4% |  |  |
| Amphenol Corp Class A  | 42878 | 6041510 |
| Coherent Corp (a) | 68600 | 11268236 |
| OSI Systems Inc (a) | 36000 | 9750600 |
| Vontier Corp  | 102600 | 3722328 |
|  |  | 30782674 |
| IT Services - 2.4% |  |  |
| Cloudflare Inc Class A (a) | 76500 | 15316065 |
| Gartner Inc (a) | 18800 | 4375512 |
| GoDaddy Inc Class A (a) | 17900 | 2288694 |
|  |  | 21980271 |
| Semiconductors & Semiconductor Equipment - 2.3% |  |  |
| Astera Labs Inc (a) | 35800 | 5641006 |
| Monolithic Power Systems Inc  | 13900 | 12901563 |
| Onto Innovation Inc (a) | 14200 | 2032872 |
|  |  | 20575441 |
| Software - 8.6% |  |  |
| Appfolio Inc Class A (a) | 10600 | 2419768 |
| AppLovin Corp Class A (a) | 12100 | 7253708 |
| Cadence Design Systems Inc (a) | 13100 | 4085104 |
| Datadog Inc Class A (a) | 58600 | 9376586 |
| Fair Isaac Corp (a) | 12100 | 21850543 |
| Guidewire Software Inc (a) | 23700 | 5118726 |
| HubSpot Inc (a) | 11300 | 4150716 |
| Manhattan Associates Inc (a) | 30300 | 5346435 |
| Onestream Inc Class A (a) | 800 | 16664 |
| Palantir Technologies Inc Class A (a) | 23400 | 3941730 |
| PAR Technology Corp (a)(c) | 59500 | 2053345 |
| Tyler Technologies Inc (a) | 7300 | 3428226 |
| Unity Software Inc (a) | 19500 | 829140 |
| Zscaler Inc (a) | 34300 | 8626450 |
|  |  | 78497141 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Pure Storage Inc Class A (a) | 15200 | 1352192 |
| Super Micro Computer Inc (a)(c) | 40900 | 1384465 |
|  |  | 2736657 |
| TOTAL INFORMATION TECHNOLOGY |  | 158083912 |
| Materials - 1.3% |  |  |
| Construction Materials - 1.3% |  |  |
| CRH PLC  | 44613 | 5351775 |
| Vulcan Materials Co  | 20300 | 6033972 |
|  |  | 11385747 |
| Real Estate - 1.1% |  |  |
| Health Care REITs - 0.8% |  |  |
| Welltower Inc  | 34500 | 7183590 |
| Specialized REITs - 0.3% |  |  |
| Iron Mountain Inc  | 35216 | 3040902 |
| TOTAL REAL ESTATE |  | 10224492 |
| Utilities - 3.3% |  |  |
| Electric Utilities - 1.2% |  |  |
| NRG Energy Inc  | 66700 | 11304983 |
| Independent Power and Renewable Electricity Producers - 2.1% |  |  |
| Talen Energy Corp (a) | 11300 | 4455251 |
| Vistra Corp  | 79800 | 14273028 |
|  |  | 18728279 |
| TOTAL UTILITIES |  | 30033262 |
| TOTAL UNITED STATES |  | 875610385 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $737,535,404) |  | <br> **903455712** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (d) | 4.02 | 4860718 | 4861690 |
| Fidelity Securities Lending Cash Central Fund (d)(e) | 4.02 | 18012300 | 18014102 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $22,875,792) |  |  | **22875792** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.9%**<br> (Cost $760,411,196)<br>| <br>**926331504** |
| **NET OTHER ASSETS (LIABILITIES) - (1.9)%**  | **(17684401)** |
| **NET ASSETS - 100.0%** | **908647103** |

---

**Legend**

(a) Non-income producing.

(b) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $1,319,668 or 0.1% of net assets.

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

(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, 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.

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 2078093 | 395538987 | 392754803 | 416144 | (587) | - | 4861690 | 4860718 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 3694450 | 201832966 | 187513062 | 13268 | (252) | - | 18014102 | 18012300 | 0.1% |
| Total | 5772543 | 597371953 | 580267865 | 429412 | (839) | - | 22875792 |  |  |

---

Amounts in the dividend 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.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of November 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 36199633 | 36199633 | - | - |
| Consumer Discretionary | 135594910 | 135594910 | - | - |
| Consumer Staples | 24375317 | 24375317 | - | - |
| Energy | 15528688 | 15528688 | - | - |
| Financials | 82245670 | 82245670 | - | - |
| Health Care | 95483930 | 95483930 | - | - |
| Industrials | 300265553 | 300265553 | - | - |
| Information Technology | 162118510 | 162118510 | - | - |
| Materials | 11385747 | 11385747 | - | - |
| Real Estate | 10224492 | 10224492 | - | - |
| Utilities | 30033262 | 30033262 | - | - |
|  **Money Market Funds** | 22875792 | 22875792 | - | - |
| **Total Investments in Securities:** | 926331504 | 926331504 | - | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of November 30, 2025** | **As of November 30, 2025** | **As of November 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $30,522,649) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $737,535,404) | $903455712 |  |
| Fidelity Central Funds (cost $22,875,792) | 22875792 |  |
| Total Investment in Securities (cost $760,411,196) |  | $926331504 |
| Cash |  | 1 |
| Receivable for fund shares sold |  | 805314 |
| Dividends receivable |  | 195797 |
| Distributions receivable from Fidelity Central Funds |  | 21243 |
| Other receivables |  | 5242 |
| **Total assets** |  | 927359101 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $362899 |  |
| Accrued management fee | 334746 |  |
| Collateral on securities loaned | 18014353 |  |
| **Total liabilities** |  | 18711998 |
| **Net Assets**  |  | $908647103 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $703498497 |
| Total accumulated earnings (loss) |  | 205148606 |
| **Net Assets** |  | $908647103 |
| **Net Asset Value**, offering price and redemption price per share ($908,647,103 ÷ 44,425,751 shares) |  | $20.45 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $3280639 |
| Income from Fidelity Central Funds (including $13,268 from security lending)  |  | 429412 |
| **Total income** |  | 3710051 |
| **Expenses** |  |  |
| Management fee | $3481028 |  |
| Independent trustees' fees and expenses | 2805 |  |
| Interest | 44758 |  |
| Total expenses before reductions | 3528591 |  |
| Expense reductions | (750) |  |
| Total expenses after reductions |  | 3527841 |
| **Net Investment income (loss)** |  | 182210 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 39933874 |  |
| Fidelity Central Funds | (839) |  |
| Foreign currency transactions | 252 |  |
| Total net realized gain (loss) |  | 39933287 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 18226546 |
| **Net gain (loss)** |  | 58159833 |
| **Net increase (decrease) in net assets resulting from operations** |  | $58342043 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **November 30, 2025** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $182210 | $783869 |
| &nbsp;&nbsp;Net realized gain (loss) | 39933287<br>| 28258409<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 18226546 | 102334556<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 58342043<br>| 131376834<br>|
| Distributions to shareholders | (29455968)<br>| (2301548)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 523133862 | 332222738 |
| Reinvestment of distributions | 29455968<br>| 2301548<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (226523932) | (67622950) |
| **Net increase (decrease) in net assets resulting from share transactions** | 326065898<br>| 266901336<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 354951973<br>| 395976622<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 553695130 | 157718508<br>|
| &nbsp;&nbsp;End of period | $908647103 | $553695130 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 27619631 | 19779769 |
| Issued in reinvestment of distributions | 1587923<br>| 153539<br>|
| &nbsp;&nbsp;Redeemed | (11795457) | (3991066) |
| &nbsp;&nbsp;Net increase (decrease) | 17412097 | 15942242 |

---

**Financial Highlights** 

**Fidelity® Growth Strategies K6 Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.50 | $14.25 | $13.32 | $20.90 | $17.06 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | - C | .04  | .06 D | .03  | (.01)  |
| Net realized and unrealized gain (loss)  | 1.01  | 6.41  | .90  | (3.21)  | 4.29  |
| Total from investment operations  | 1.01  | 6.45  | .96  | (3.18)  | 4.28  |
| Distributions from net investment income  | (.03)  | (.05)  | (.03)  | -  | (.02)  |
| Distributions from net realized gain  | (1.03)  | (.16)  | -  | (4.40)  | (.42)  |
| Total distributions  | (1.06)  | (.20) E | (.03)  | (4.40)  | (.44)  |
| Net asset value, end of period  | $20.45 | $20.50 | $14.25 | $13.32 | $20.90 |
| **Total Return** F | 5.45% <br>| 45.82%  | 7.27%  | (19.67)%  | 25.64%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .46%  | .45%  | .45%  | .45%  | .45%  |
| Expenses net of fee waivers, if any  | .46% <br>| .45%  | .45%  | .45%  | .45%  |
| Expenses net of all reductions, if any  | .46%  | .45%  | .45%  | .45%  | .45%  |
| Net investment income (loss)  | .02%  | .25%  | .42% D | .22%  | (.06)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $908647 | $553695 | $157719 | $131329 | $157368 |
| Portfolio turnover rate I | 61% <br>| 95% J | 86% J | 78% J | 51%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 .34%.*

E*Total distributions per share do not sum due to rounding.*

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*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

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

**Notes to Financial Statements**

For the period ended November 30, 2025

**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 RatioA** |
| 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% |

---

*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. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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 - unadjusted 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 service 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 November 30, 2025 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. 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. As of November 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to foreign currency transactions 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**  | $209312368 |
| **Gross unrealized depreciation**  | <u>(45565431)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$163746937</u> |
| **Tax Cost**  | <u>$762584567</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$27256992</u> |
| **Undistributed long-term capital gain**  | <u>$14144678</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$163746937</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2025** | **November 30, 2024** |
| **Ordinary Income**  | $3229577 | $541541 |
| **Long-term Capital Gains**  | <u>26226391</u> | <u>1760007</u> |
| **Total**  | <u>$29455968</u> | <u>$2301548</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Growth Strategies K6 Fund** | 764069320 | 467655017 |

---

**Prior Year Unaffiliated Exchanges In-Kind.** Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Growth Strategies K6 Fund** | 4098321 | 67007543 |

---

**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** | 7419 |

---

**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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the 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 Strategies K6 Fund** | Borrower | 8767475 | 4.58% | 44641 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Growth Strategies K6 Fund** | 85071280 | 22907787 | (969623) |

---

**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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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** | 1440 | 7 | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Growth Strategies K6 Fund** | 12898691 |

---

**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 Strategies K6 Fund** | 873000 | 4.83% | 117 |

---

**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 $750.

**10. Other.**

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

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

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Growth Strategies K6 Fund (one of the funds constituting Fidelity Mt. Vernon Street Trust, referred to hereafter as the "Fund") as of November 30, 2025, the related statement of operations for the year ended November 30, 2025, the statement of changes in net assets for each of the two years in the period ended November 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2025 and the financial highlights for each of the five years in the period ended November 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

January 14, 2026

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

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2025, $14,148,649, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $93,001 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 50% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 63.00% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 1.34% of the dividend distributed during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img120717_4.jpg)<br>

1.9883995.108 FEGK6-ANN-0126

**Fidelity® Growth Strategies Fund**

**Annual Report**

**November 30, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img120718_1.jpg)

![](img120718_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_FEG-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Growth Strategies Fund](#Sub_Sec_Fund_324_FEG-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements324_FEG-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_FEG-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_FEG-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_FEG-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_FEG-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_FEG-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_FEG-ANN)** |

---

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.© 2026 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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Growth Strategies Fund**

**Schedule of Investments November 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.9%** | &nbsp;&nbsp;**Common Stocks - 99.9%** | &nbsp;&nbsp;**Common Stocks - 99.9%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| DroneShield Ltd (a)(b) | 4737967 | 6146076 |
| CANADA - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Specialty Retail - 0.3% |  |  |
| Aritzia Inc Subordinate Voting Shares (a) | 165213 | 13010620 |
| GERMANY - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Birkenstock Holding Plc (a)(c) | 170400 | 7383431 |
| ISRAEL - 0.4%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Etoro Group Ltd Class A  | 4400 | 184668 |
| Information Technology - 0.4% |  |  |
| Software - 0.4% |  |  |
| Cellebrite DI Ltd (a) | 1087200 | 18330192 |
| TOTAL ISRAEL |  | 18514860 |
| KOREA (SOUTH) - 0.9%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Broadline Retail - 0.9% |  |  |
| Coupang Inc Class A (a) | 1357660 | 38231706 |
| UNITED KINGDOM - 1.1%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Flutter Entertainment PLC (a) | 137800 | 28774018 |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| TechnipFMC PLC  | 350427 | 15860326 |
| TOTAL UNITED KINGDOM |  | 44634344 |
| UNITED STATES - 96.9%  |  |  |
| Communication Services - 4.0% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| AST SpaceMobile Inc Class A (a)(c) | 225100 | 12650620 |
| Entertainment - 2.4% |  |  |
| Live Nation Entertainment Inc (a) | 167248 | 21984749 |
| ROBLOX Corp Class A (a) | 807620 | 76748129 |
|  |  | 98732878 |
| Interactive Media & Services - 0.8% |  |  |
| Reddit Inc Class A (a) | 158620 | 34336471 |
| Media - 0.5% |  |  |
| Trade Desk Inc (The) Class A (a) | 480864 | 19022980 |
| TOTAL COMMUNICATION SERVICES |  | 164742949 |
| Consumer Discretionary - 12.9% |  |  |
| Diversified Consumer Services - 0.2% |  |  |
| Duolingo Inc Class A (a) | 38863 | 7438767 |
| Hotels, Restaurants & Leisure - 7.9% |  |  |
| Brinker International Inc (a) | 60600 | 9319674 |
| Cava Group Inc (a)(c) | 129600 | 6336144 |
| Cheesecake Factory Inc/The  | 159600 | 7606536 |
| DraftKings Inc Class A (a) | 167100 | 5541036 |
| Dutch Bros Inc Class A (a) | 693320 | 40635485 |
| Expedia Group Inc Class A  | 135500 | 34645995 |
| First Watch Restaurant Group Inc (a) | 1056300 | 19604928 |
| Hilton Worldwide Holdings Inc  | 300941 | 85777213 |
| Royal Caribbean Cruises Ltd  | 203575 | 54201844 |
| Sportradar Holding AG Class A (a)(c) | 701310 | 15428820 |
| Texas Roadhouse Inc  | 192975 | 33818869 |
| Wingstop Inc (c) | 51300 | 13580649 |
|  |  | 326497193 |
| Household Durables - 2.2% |  |  |
| SharkNinja Inc (a) | 243780 | 23785615 |
| Somnigroup International Inc  | 723170 | 66184518 |
|  |  | 89970133 |
| Specialty Retail - 2.0% |  |  |
| Carvana Co Class A (a) | 115500 | 43254750 |
| Chewy Inc Class A (a) | 428940 | 14914244 |
| O'Reilly Automotive Inc (a) | 74900 | 7617330 |
| Tractor Supply Co  | 261700 | 14335926 |
| Wayfair Inc Class A (a) | 8388 | 929390 |
|  |  | 81051640 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Deckers Outdoor Corp (a) | 60594 | 5334090 |
| Tapestry Inc  | 113000 | 12348640 |
| VF Corp (c) | 467200 | 8176000 |
|  |  | 25858730 |
| TOTAL CONSUMER DISCRETIONARY |  | 530816463 |
| Consumer Staples - 2.7% |  |  |
| Beverages - 0.3% |  |  |
| Celsius Holdings Inc (a) | 343720 | 14071897 |
| Consumer Staples Distribution & Retail - 2.4% |  |  |
| Casey's General Stores Inc  | 75805 | 43243720 |
| Performance Food Group Co (a) | 363170 | 35252912 |
| US Foods Holding Corp (a) | 233600 | 18377312 |
|  |  | 96873944 |
| TOTAL CONSUMER STAPLES |  | 110945841 |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Cheniere Energy Inc  | 105338 | 21958759 |
| Targa Resources Corp  | 158800 | 27839228 |
| Texas Pacific Land Corp (c) | 5900 | 5099311 |
|  |  | 54897298 |
| Financials - 9.1% |  |  |
| Capital Markets - 5.8% |  |  |
| Ameriprise Financial Inc  | 105017 | 47860448 |
| Ares Management Corp Class A  | 290137 | 45507988 |
| Blue Owl Capital Inc Class A (c) | 1918220 | 28773300 |
| Coinbase Global Inc Class A (a) | 52200 | 14241204 |
| Jefferies Financial Group Inc  | 198700 | 11437172 |
| LPL Financial Holdings Inc  | 65260 | 23235170 |
| MSCI Inc  | 30239 | 17046329 |
| Robinhood Markets Inc Class A (a) | 384100 | 49353010 |
|  |  | 237454621 |
| Consumer Finance - 0.6% |  |  |
| SoFi Technologies Inc Class A (a) | 962100 | 28593612 |
| Financial Services - 1.9% |  |  |
| Affirm Holdings Inc Class A (a) | 455638 | 32327516 |
| Apollo Global Management Inc  | 116342 | 15339693 |
| Block Inc Class A (a) | 169200 | 11302560 |
| Corpay Inc (a) | 400 | 118320 |
| Toast Inc Class A (a) | 504100 | 17235179 |
|  |  | 76323268 |
| Insurance - 0.8% |  |  |
| Arthur J Gallagher & Co  | 49641 | 12292104 |
| Kinsale Capital Group Inc (c) | 52800 | 20322720 |
|  |  | 32614824 |
| TOTAL FINANCIALS |  | 374986325 |
| Health Care - 10.5% |  |  |
| Biotechnology - 4.7% |  |  |
| Alnylam Pharmaceuticals Inc (a) | 166860 | 75292238 |
| Insmed Inc (a) | 294000 | 61084380 |
| Natera Inc (a) | 206653 | 49350803 |
| Neurocrine Biosciences Inc (a) | 44300 | 6740688 |
|  |  | 192468109 |
| Health Care Equipment & Supplies - 1.3% |  |  |
| Dexcom Inc (a) | 161134 | 10227175 |
| Insulet Corp (a) | 86300 | 28236497 |
| Penumbra Inc (a) | 2626 | 769864 |
| TransMedics Group Inc (a) | 91900 | 13445889 |
|  |  | 52679425 |
| Health Care Providers & Services - 3.2% |  |  |
| Cardinal Health Inc  | 225945 | 47959086 |
| Cencora Inc  | 227566 | 83955924 |
|  |  | 131915010 |
| Health Care Technology - 1.1% |  |  |
| Doximity Inc Class A (a) | 170867 | 8789398 |
| Veeva Systems Inc Class A (a) | 151956 | 36513508 |
|  |  | 45302906 |
| Life Sciences Tools & Services - 0.2% |  |  |
| Medpace Holdings Inc (a) | 18900 | 11197494 |
| TOTAL HEALTH CARE |  | 433562944 |
| Industrials - 33.1% |  |  |
| Aerospace & Defense - 13.1% |  |  |
| ATI Inc (a) | 387600 | 39070080 |
| Axon Enterprise Inc (a) | 203810 | 110085933 |
| Beta Technologies Inc Class A (a) | 21800 | 594486 |
| Carpenter Technology Corp  | 96540 | 30751852 |
| HEICO Corp Class A  | 180400 | 44553388 |
| Howmet Aerospace Inc  | 903215 | 184788758 |
| Karman Holdings Inc (a) | 313700 | 21027311 |
| Leonardo DRS Inc  | 590900 | 20191053 |
| Loar Holdings Inc (a) | 3300 | 225885 |
| Rocket Lab Corp (c) | 604000 | 25452560 |
| StandardAero Inc (a) | 44400 | 1159728 |
| TransDigm Group Inc  | 16000 | 21762720 |
| VSE Corp  | 208500 | 37569615 |
|  |  | 537233369 |
| Building Products - 0.5% |  |  |
| Trane Technologies PLC  | 52168 | 21987769 |
| Commercial Services & Supplies - 1.3% |  |  |
| Cintas Corp  | 173164 | 32211967 |
| GFL Environmental Inc Subordinate Voting Shares (United States) (c) | 334000 | 15186980 |
| Veralto Corp  | 76600 | 7753452 |
|  |  | 55152399 |
| Construction & Engineering - 9.8% |  |  |
| API Group Corp (a) | 540700 | 21390092 |
| Comfort Systems USA Inc  | 84220 | 82277887 |
| Construction Partners Inc Class A (a)(c) | 429200 | 46782800 |
| EMCOR Group Inc  | 77700 | 47790939 |
| Fluor Corp (a) | 387700 | 16643961 |
| Granite Construction Inc  | 205400 | 22086662 |
| Legence Corp Class A  | 29700 | 1365606 |
| MasTec Inc (a) | 156900 | 33557772 |
| Quanta Services Inc  | 82080 | 38157350 |
| Sterling Infrastructure Inc (a) | 262400 | 90346944 |
|  |  | 400400013 |
| Electrical Equipment - 2.1% |  |  |
| GE Vernova Inc  | 10000 | 5997700 |
| nVent Electric PLC  | 234587 | 25164147 |
| Vertiv Holdings Co Class A  | 311040 | 55903220 |
|  |  | 87065067 |
| Ground Transportation - 0.9% |  |  |
| Old Dominion Freight Line Inc  | 66100 | 8942669 |
| XPO Inc (a) | 186400 | 26479984 |
|  |  | 35422653 |
| Machinery - 1.9% |  |  |
| Federal Signal Corp  | 248600 | 28340400 |
| RBC Bearings Inc (a) | 78600 | 34974642 |
| Westinghouse Air Brake Technologies Corp  | 71200 | 14848760 |
|  |  | 78163802 |
| Trading Companies & Distributors - 3.5% |  |  |
| Core & Main Inc Class A (a) | 421200 | 20360808 |
| Fastenal Co  | 1135500 | 45874200 |
| United Rentals Inc  | 23000 | 18749140 |
| WW Grainger Inc  | 61873 | 58694584 |
|  |  | 143678732 |
| TOTAL INDUSTRIALS |  | 1359103804 |
| Information Technology - 17.6% |  |  |
| Communications Equipment - 0.3% |  |  |
| Lumentum Holdings Inc (a) | 48800 | 15867808 |
| Electronic Equipment, Instruments & Components - 3.4% |  |  |
| Amphenol Corp Class A  | 196122 | 27633590 |
| Coherent Corp (a) | 311300 | 51134138 |
| OSI Systems Inc (a) | 164800 | 44636080 |
| Vontier Corp  | 466500 | 16924620 |
|  |  | 140328428 |
| IT Services - 2.4% |  |  |
| Cloudflare Inc Class A (a) | 346120 | 69296685 |
| Gartner Inc (a) | 85500 | 19899270 |
| GoDaddy Inc Class A (a) | 83550 | 10682703 |
|  |  | 99878658 |
| Semiconductors & Semiconductor Equipment - 2.3% |  |  |
| Astera Labs Inc (a) | 164100 | 25857237 |
| Monolithic Power Systems Inc  | 62500 | 58010625 |
| Onto Innovation Inc (a) | 64800 | 9276768 |
|  |  | 93144630 |
| Software - 8.7% |  |  |
| Appfolio Inc Class A (a) | 49100 | 11208548 |
| AppLovin Corp Class A (a) | 55630 | 33349072 |
| Cadence Design Systems Inc (a) | 59823 | 18655204 |
| Datadog Inc Class A (a) | 263500 | 42162635 |
| Fair Isaac Corp (a) | 54919 | 99174379 |
| Guidewire Software Inc (a) | 108130 | 23353917 |
| HubSpot Inc (a) | 51200 | 18806784 |
| Manhattan Associates Inc (a) | 138300 | 24403035 |
| Onestream Inc Class A (a) | 4000 | 83320 |
| Palantir Technologies Inc Class A (a) | 106000 | 17855700 |
| PAR Technology Corp (a)(c) | 272200 | 9393622 |
| Tyler Technologies Inc (a) | 33300 | 15638346 |
| Unity Software Inc (a) | 93800 | 3988376 |
| Zscaler Inc (a) | 153840 | 38690760 |
|  |  | 356763698 |
| Technology Hardware, Storage & Peripherals - 0.5% |  |  |
| Pure Storage Inc Class A (a) | 138477 | 12318914 |
| Super Micro Computer Inc (a)(c) | 190600 | 6451810 |
|  |  | 18770724 |
| TOTAL INFORMATION TECHNOLOGY |  | 724753946 |
| Materials - 1.3% |  |  |
| Construction Materials - 1.3% |  |  |
| CRH PLC  | 204200 | 24495832 |
| Vulcan Materials Co  | 92630 | 27533341 |
|  |  | 52029173 |
| Real Estate - 1.1% |  |  |
| Health Care REITs - 0.8% |  |  |
| Welltower Inc  | 158200 | 32940404 |
| Specialized REITs - 0.3% |  |  |
| Iron Mountain Inc  | 163364 | 14106481 |
| TOTAL REAL ESTATE |  | 47046885 |
| Utilities - 3.3% |  |  |
| Electric Utilities - 1.2% |  |  |
| NRG Energy Inc  | 300450 | 50923270 |
| Independent Power and Renewable Electricity Producers - 2.1% |  |  |
| Talen Energy Corp (a) | 51300 | 20226051 |
| Vistra Corp  | 360680 | 64511225 |
|  |  | 84737276 |
| TOTAL UTILITIES |  | 135660546 |
| TOTAL UNITED STATES |  | 3988546174 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,123,404,779) |  | <br> **4116467211** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** | &nbsp;&nbsp;**Money Market Funds - 1.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (d) | 4.02 | 5736221 | 5737368 |
| Fidelity Securities Lending Cash Central Fund (d)(e) | 4.02 | 66695871 | 66702541 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $72,439,909) |  |  | **72439909** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.6%**<br> (Cost $3,195,844,688)<br>| <br>**4188907120** |
| **NET OTHER ASSETS (LIABILITIES) - (1.6)%**  | **(66527143)** |
| **NET ASSETS - 100.0%** | **4122379977** |

---

**Legend**

(a) Non-income producing.

(b) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $6,146,076 or 0.1% of net assets.

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

(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, 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.

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

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 17942206 | 898618683 | 910822321 | 814081 | (1200) | - | 5737368 | 5736221 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 77154472 | 814142234 | 824592859 | 65729 | (1306) | - | 66702541 | 66695871 | 0.2% |
| Total | 95096678 | 1712760917 | 1735415180 | 879810 | (2506) | - | 72439909 |  |  |

---

Amounts in the dividend 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.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of November 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 164742949 | 164742949 | - | - |
| Consumer Discretionary | 618216238 | 618216238 | - | - |
| Consumer Staples | 110945841 | 110945841 | - | - |
| Energy | 70757624 | 70757624 | - | - |
| Financials | 375170993 | 375170993 | - | - |
| Health Care | 433562944 | 433562944 | - | - |
| Industrials | 1365249880 | 1365249880 | - | - |
| Information Technology | 743084138 | 743084138 | - | - |
| Materials | 52029173 | 52029173 | - | - |
| Real Estate | 47046885 | 47046885 | - | - |
| Utilities | 135660546 | 135660546 | - | - |
|  **Money Market Funds** | 72439909 | 72439909 | - | - |
| **Total Investments in Securities:** | 4188907120 | 4188907120 | - | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of November 30, 2025** | **As of November 30, 2025** | **As of November 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $94,899,286) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,123,404,779) | $4116467211 |  |
| Fidelity Central Funds (cost $72,439,909) | 72439909 |  |
| Total Investment in Securities (cost $3,195,844,688) |  | $4188907120 |
| Receivable for fund shares sold |  | 3192673 |
| Dividends receivable |  | 896210 |
| Distributions receivable from Fidelity Central Funds |  | 33817 |
| Prepaid expenses |  | 3895 |
| Other receivables |  | 36132 |
| **Total assets** |  | 4193069847 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $1610253 |  |
| Accrued management fee | 2293711 |  |
| Distribution and service plan fees payable | 5843 |  |
| Other payables and accrued expenses | 77113 |  |
| Collateral on securities loaned | 66702950 |  |
| **Total liabilities** |  | 70689870 |
| **Net Assets**  |  | $4122379977 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2776906893 |
| Total accumulated earnings (loss) |  | 1345473084 |
| **Net Assets** |  | $4122379977 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($18,408,464 ÷ 243,807 shares)(a) |  | $75.50 |
| Maximum offering price per share (100/94.25 of $75.50) |  | $80.11 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($1,996,556 ÷ 26,520 shares)(a) |  | $75.28 |
| Maximum offering price per share (100/96.50 of $75.28) |  | $78.01 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($1,935,020 ÷ 25,838 shares)(a) |  | $74.89 |
| **Growth Strategies :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,877,500,501 ÷ 51,183,378 shares) |  | $75.76 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($173,380,308 ÷ 2,254,050 shares) |  | $76.92 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($15,494,965 ÷ 204,717 shares) |  | $75.69 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($33,664,163 ÷ 443,963 shares) |  | $75.83 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $15819697 |
| Income from Fidelity Central Funds (including $65,729 from security lending)  |  | 879810 |
| **Total income** |  | 16699507 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $23640912 |  |
| Performance adjustment | 2430707 |  |
| Distribution and service plan fees | 33066 |  |
| Custodian fees and expenses | 40916 |  |
| Independent trustees' fees and expenses | 14759 |  |
| Registration fees | 145938 |  |
| Audit fees | 104448 |  |
| Legal | 6994 |  |
| Interest | 104440 |  |
| Miscellaneous | 13748 |  |
| Total expenses before reductions | 26535928 |  |
| Expense reductions | (1500) |  |
| Total expenses after reductions |  | 26534428 |
| **Net Investment income (loss)** |  | (9834921) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 368333129 |  |
| Redemptions in-kind | 146831367 |  |
| Fidelity Central Funds | (2506) |  |
| Foreign currency transactions | 3759 |  |
| Total net realized gain (loss) |  | 515165749 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (307327509) |  |
| Assets and liabilities in foreign currencies | (11) |  |
| Total change in net unrealized appreciation (depreciation) |  | (307327520) |
| **Net gain (loss)** |  | 207838229 |
| **Net increase (decrease) in net assets resulting from operations** |  | $198003308 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **November 30, 2025** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(9834921) | $(2508207) |
| &nbsp;&nbsp;Net realized gain (loss) | 515165749<br>| 982092975<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (307327520) | 292550056<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 198003308<br>| 1272134824<br>|
| Distributions to shareholders | (258140300)<br>| (2052905)<br>|
| Share transactions - net increase (decrease) | 408709561<br>| (654705525)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 348572569<br>| 615376394<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3773807408 | 3158431014<br>|
| &nbsp;&nbsp;End of period | $4122379977 | $3773807408 |

---

**Financial Highlights** 

**Fidelity Advisor® Growth Strategies Fund Class A**<br>

---

| | | |
|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $77.34 | $67.61 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | (.40)  | (.06)  |
| Net realized and unrealized gain (loss)  | 3.80  | 9.79  |
| Total from investment operations  | 3.40  | 9.73  |
| Distributions from net realized gain  | (5.24)  | -  |
| Total distributions  | (5.24)  | -  |
| Net asset value, end of period  | $75.50 | $77.34 |
| **Total Return** D,E,F | 5.06% <br>| 14.39%  |
| **Ratios to Average Net Assets** B,G,H |  |  |
| Expenses before reductions  | .99%  | 1.05% I,J |
| Expenses net of fee waivers, if any  | .99% <br>| 1.02% I,J |
| Expenses net of all reductions, if any  | .99%  | 1.02% I,J |
| Net investment income (loss)  | (.55)%  | (.59)% I,J |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $18408 | $330 |
| Portfolio turnover rate K | 58% L<br>| 93% L |

---

A*For the period October 8, 2024 (commencement of sale of shares) through November 30, 2024.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Calculated based on average shares outstanding during the period.*

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*Total returns do not include the effect of the sales charges.*

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*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.*

I*Audit fees are not annualized.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Growth Strategies Fund Class M**<br>

---

| | | |
|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $77.31 | $67.61 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | (.58)  | (.09)  |
| Net realized and unrealized gain (loss)  | 3.79  | 9.79  |
| Total from investment operations  | 3.21  | 9.70  |
| Distributions from net realized gain  | (5.24)  | -  |
| Total distributions  | (5.24)  | -  |
| Net asset value, end of period  | $75.28 | $77.31 |
| **Total Return** D,E,F | 4.80% <br>| 14.35%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | 1.24%  | 1.27% I,J |
| Expenses net of fee waivers, if any  | 1.24% <br>| 1.25% I,J |
| Expenses net of all reductions, if any  | 1.24%  | 1.25% I,J |
| Net investment income (loss)  | (.80)%  | (.84)% I,J |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $1997 | $148 |
| Portfolio turnover rate K | 58% L<br>| 93% L |

---

A*For the period October 8, 2024 (commencement of sale of shares) through November 30, 2024.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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*Total returns do not include the effect of the sales charges.*

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*Audit fees are not annualized.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Growth Strategies Fund Class C**<br>

---

| | | |
|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $77.26 | $67.61 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | (.94)  | (.14)  |
| Net realized and unrealized gain (loss)  | 3.81  | 9.79  |
| Total from investment operations  | 2.87  | 9.65  |
| Distributions from net realized gain  | (5.24)  | -  |
| Total distributions  | (5.24)  | -  |
| Net asset value, end of period  | $74.89 | $77.26 |
| **Total Return** D,E,F | 4.33% <br>| 14.27%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | 1.73%  | 1.77% I,J |
| Expenses net of fee waivers, if any  | 1.73% <br>| 1.75% I,J |
| Expenses net of all reductions, if any  | 1.73%  | 1.75% I,J |
| Net investment income (loss)  | (1.30)%  | (1.35)% I,J |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $1935 | $114 |
| Portfolio turnover rate K | 58% L<br>| 93% L |

---

A*For the period October 8, 2024 (commencement of sale of shares) through November 30, 2024.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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*Total returns do not include the effect of the contingent deferred sales charge.*

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*Audit fees are not annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity® Growth Strategies Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $77.37 | $53.20 | $49.87 | $71.14 | $61.57 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.19)  | (.05)  | .06 C | (.08)  | (.15)  |
| Net realized and unrealized gain (loss)  | 3.82  | 24.25  | 3.27  | (12.20)  | 14.72  |
| Total from investment operations  | 3.63  | 24.20  | 3.33  | (12.28)  | 14.57  |
| Distributions from net investment income  | -  | (.03) D | -  | -  | -  |
| Distributions from net realized gain  | (5.24)  | - D,E | -  | (8.99)  | (5.00)  |
| Total distributions  | (5.24)  | (.03)  | -  | (8.99)  | (5.00)  |
| Net asset value, end of period  | $75.76 | $77.37 | $53.20 | $49.87 | $71.14 |
| **Total Return** F | 5.38% <br>| 45.51%  | 6.68%  | (19.98)%  | 25.31%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .69%  | .77%  | .75%  | .83%  | .63%  |
| Expenses net of fee waivers, if any  | .69% <br>| .77%  | .75%  | .83%  | .63%  |
| Expenses net of all reductions, if any  | .69%  | .77%  | .75%  | .83%  | .63%  |
| Net investment income (loss)  | (.26)%  | (.08)%  | .12% C | (.16)%  | (.23)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3877501 | $3590305 | $2962005 | $2772991 | $3380836 |
| Portfolio turnover rate I | 58% J<br>| 93% J | 75% J | 74% J | 49%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .04%.*

D*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

E*Amount represents less than $.005 per share.*

F*Total returns 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*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity® Growth Strategies Fund Class K**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $78.42 | $53.94 | $50.50 | $71.85 | $62.08 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.13)  | .01  | .12 C | (.02)  | (.08)  |
| Net realized and unrealized gain (loss)  | 3.87  | 24.56  | 3.32  | (12.34)  | 14.85  |
| Total from investment operations  | 3.74  | 24.57  | 3.44  | (12.36)  | 14.77  |
| Distributions from net investment income  | -  | (.09) D | -  | -  | -  |
| Distributions from net realized gain  | (5.24)  | - D,E | - D | (8.99)  | (5.00)  |
| Total distributions  | (5.24)  | (.09)  | -  | (8.99)  | (5.00)  |
| Net asset value, end of period  | $76.92 | $78.42 | $53.94 | $50.50 | $71.85 |
| **Total Return** F | 5.45% <br>| 45.62%  | 6.81%  | (19.89)%  | 25.44%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .62%  | .69%  | .64%  | .72%  | .52%  |
| Expenses net of fee waivers, if any  | .62% <br>| .68%  | .63%  | .71%  | .52%  |
| Expenses net of all reductions, if any  | .62%  | .68%  | .63%  | .71%  | .52%  |
| Net investment income (loss)  | (.18)%  | .01%  | .23% C | (.05)%  | (.13)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $173380 | $170619 | $196426 | $197851 | $251424 |
| Portfolio turnover rate I | 58% J<br>| 93% J | 75% J | 74% J | 49%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .16%.*

D*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

E*Amount represents less than $.005 per share.*

F*Total returns 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*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Growth Strategies Fund Class I**<br>

---

| | | |
|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $77.37 | $67.61 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | (.23)  | (.04)  |
| Net realized and unrealized gain (loss)  | 3.79  | 9.80  |
| Total from investment operations  | 3.56  | 9.76  |
| Distributions from net realized gain  | (5.24)  | -  |
| Total distributions  | (5.24)  | -  |
| Net asset value, end of period  | $75.69 | $77.37 |
| **Total Return** D,E | 5.28% <br>| 14.44%  |
| **Ratios to Average Net Assets** C,F,G |  |  |
| Expenses before reductions  | .75%  | .77% H,I |
| Expenses net of fee waivers, if any  | .75% <br>| .75% H,I |
| Expenses net of all reductions, if any  | .75%  | .75% H,I |
| Net investment income (loss)  | (.31)%  | (.33)% H,I |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $15495 | $143 |
| Portfolio turnover rate J | 58% K<br>| 93% K |

---

A*For the period October 8, 2024 (commencement of sale of shares) through November 30, 2024.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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*Audit fees are not annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity Advisor® Growth Strategies Fund Class Z**<br>

---

| | | |
|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $77.39 | $67.61 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | (.14)  | (.04)  |
| Net realized and unrealized gain (loss)  | 3.82  | 9.82  |
| Total from investment operations  | 3.68  | 9.78  |
| Distributions from net realized gain  | (5.24)  | -  |
| Total distributions  | (5.24)  | -  |
| Net asset value, end of period  | $75.83 | $77.39 |
| **Total Return** D,E | 5.45% <br>| 14.47%  |
| **Ratios to Average Net Assets** C,F,G |  |  |
| Expenses before reductions  | .62%  | .82% H,I |
| Expenses net of fee waivers, if any  | .62% <br>| .67% H,I |
| Expenses net of all reductions, if any  | .62%  | .67% H,I |
| Net investment income (loss)  | (.19)%  | (.50)% H,I |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $33664 | $12148 |
| Portfolio turnover rate J | 58% K<br>| 93% K |

---

A*For the period October 8, 2024 (commencement of sale of shares) through November 30, 2024.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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*Audit fees are not annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Notes to Financial Statements**

For the period ended November 30, 2025

**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 Class A, Class M, Class C, Growth Strategies, Class K, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

**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 RatioA** |
| 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% |

---

*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. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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 - unadjusted 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 service 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 November 30, 2025 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. 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** | $11964 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to foreign currency transactions, redemptions in-kind, 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**  | $1165635947 |
| **Gross unrealized depreciation**  | <u>(177650005)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$987985942</u> |
| **Tax Cost**  | <u>$3200921178</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$66488425</u> |
| **Undistributed long-term capital gain**  | <u>$290998730</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$987985931</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2025** | **November 30, 2024** |
| **Ordinary Income**  | $- | $1773643 |
| **Long-term Capital Gains**  | <u>258140300</u> | <u>279265</u> |
| **Total**  | <u>$258140300</u> | <u>$2052908</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Growth Strategies Fund** | 2581484838 | 2233787653 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line 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. There was no gain or loss for federal income tax purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Growth Strategies Fund** | 2719978 | - | 146831367 | 146831367 | 202039984 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss 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. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Growth Strategies Fund** | 21670901 | 649710323 | 1321438900 |

---

**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 Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .71 |
| **Class M** | .71 |
| **Class C** | .71 |
| **Growth Strategies** | .67 |
| **Class K** | .56 |
| **Class I** | .71 |
| **Class Z** | .56 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .65 |
| **Class M** | .66 |
| **Class C** | .65 |
| **Growth Strategies** | .62 |
| **Class K** | .55 |
| **Class I** | .65 |
| **Class Z** | .54 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Growth Strategies Fund** | Russell Midcap Growth Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Growth Strategies. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was .06%.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 19160 | 3889 |
| **Class M** | .25% | .25% | 5650 | 459 |
| **Class C** | .75% | .25% | <u>8256</u> | <u>6419</u> |
|  |  |  | <u>33066</u> | <u>10767</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

---

| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 17986 |
| **Class M** | <u>873</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>18859</u> |

---

**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** | 33293 |

---

**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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the 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 Strategies Fund** | Borrower | 15764154 | 4.59% | 104440 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Growth Strategies Fund** | 224933926 | 140959132 | 12038174 |

---

**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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Growth Strategies Fund** | 5016 |

---

**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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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** | 7132 | 423 | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Growth Strategies Fund** | 29313255 |

---

**8. Expense Reductions.** 

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of class-level operating expenses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Class A** | -  |
| **Class M** | -  |
| **Class C** | -  |
| **Growth Strategies** | 1427 |
| **Class K** | 68 |
| **Class I** | -  |
| **Class Z** | 5 |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **November 30, 2025** | **Year ended**<br> **November 30, 2024** |
| **Fidelity Growth Strategies Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $35301 | $- |
| Class M | 21538 | - |
| Class C | 15039 | - |
| Growth Strategies | 245799143 | 1721828 |
| Class K | 11426526 | 331077 |
| Class I | 14393 | - |
| Class Z | <u>828360</u> | <u>-</u> |
| Total  | <u>$258140300</u> | <u>$2052905</u> |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **November 30, 2025**  | **Year ended**<br> **November 30, 2024 A** | **Year ended** <br> **November 30, 2025**  | **Year ended**<br> **November 30, 2024 A** |
| **Fidelity Growth Strategies Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 273786 | 4270 | $19943498 | $308888 |
| Reinvestment of distributions | 514 | - | 35301 | - |
| Shares redeemed | <u>(34763)</u> | <u>-</u> | <u>(2422933)</u> | <u>-</u> |
| Net increase (decrease) | <u>239537</u> | <u>4270</u> | <u>$17555866</u> | <u>$308888</u> |
| **Class M** |  |  |  |  |
| Shares sold | 30064 | 1920 | $2141056 | $132740 |
| Reinvestment of distributions | 308 | - | 21175 | - |
| Shares redeemed | <u>(5772)</u> | <u>-</u> | <u>(405863)</u> | <u>-</u> |
| Net increase (decrease) | <u>24600</u> | <u>1920</u> | <u>$1756368</u> | <u>$132740</u> |
| **Class C** |  |  |  |  |
| Shares sold | 29603 | 1479 | $2185299 | $100000 |
| Reinvestment of distributions | 219 | - | 15039 | - |
| Shares redeemed | <u>(5463)</u> | <u>-</u> | <u>(411920)</u> | <u>-</u> |
| Net increase (decrease) | <u>24359</u> | <u>1479</u> | <u>$1788418</u> | <u>$100000</u> |
| **Growth Strategies** |  |  |  |  |
| Shares sold | 15291098 | 26416234 | $1112219004 | $1611260009 |
| Reinvestment of distributions | 3329324 | 28347 | 228891034 | 1607846 |
| Shares redeemed | <u>(13839924)</u> | <u>(35715980)</u> | <u>(998919415)</u> | <u>(2190810008)</u> |
| Net increase (decrease) | <u>4780498</u> | <u>(9271399)</u> | <u>$342190623</u> | <u>$(577942153)</u> |
| **Class K** |  |  |  |  |
| Shares sold | 953573 | 374380 | $70213949 | $24212442 |
| Reinvestment of distributions | 163798 | 5763 | 11426526 | 331077 |
| Shares redeemed | <u>(1038968)</u> | <u>(1846320)</u> | <u>(72536509)</u> | <u>(114074001)</u> |
| Net increase (decrease) | <u>78403</u> | <u>(1466177)</u> | <u>$9103966</u> | <u>$(89530482)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 212906 | 1854 | $16325799 | $128650 |
| Reinvestment of distributions | 209 | - | 14393 | - |
| Shares redeemed | <u>(10252)</u> | <u>-</u> | <u>(762664)</u> | <u>-</u> |
| Net increase (decrease) | <u>202863</u> | <u>1854</u> | <u>$15577528</u> | <u>$128650</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 336604 | 156979 | $24384819 | $12097188 |
| Reinvestment of distributions | 11187 | - | 769358 | - |
| Shares redeemed | <u>(60802)</u> | <u>(5)</u> | <u>(4417385)</u> | <u>(356)</u> |
| Net increase (decrease) | <u>286989</u> | <u>156974</u> | <u>$20736792</u> | <u>$12096832</u> |

---

*A Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period October 8, 2024 (commencement of sale of shares) through November 30, 2024.*

**11. Other.**

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

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

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Growth Strategies Fund (one of the funds constituting Fidelity Mt. Vernon Street Trust, referred to hereafter as the "Fund") as of November 30, 2025, the related statement of operations for the year ended November 30, 2025, the statement of changes in net assets for each of the two years in the period ended November 30, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2025 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

January 14, 2026

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

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2025, $291,084,848, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img120718_4.jpg)<br>

1.539208.128 FEG-ANN-0126

**Fidelity® Growth Company K6 Fund**

**Annual Report**

**November 30, 2025**

![](img120719_1.jpg)

![](img120719_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7Consolidated_GCF-K6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Growth Company K6 Fund](#Sub_Sec_Fund_3458_GCF-K6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements3458_GCF-K6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_GCF-K6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_GCF-K6-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_GCF-K6-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_GCF-K6-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_GCF-K6-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_GCF-K6-ANN)** |

---

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.© 2026 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.*

**Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Growth Company K6 Fund**

**Consolidated Schedule of Investments November 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.0%** | &nbsp;&nbsp;**Common Stocks - 97.0%** | &nbsp;&nbsp;**Common Stocks - 97.0%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Australia Holdings Pty Ltd Class A (b)(c)(d) | 3905 | 6428177 |
| BELGIUM - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| AgomAb Therapeutics SA warrants 10/10/2033 (b)(c)(d) | 10 | 0 |
| AgomAb Therapeutics SA warrants 11/4/2034 (b)(c)(d) | 10 | 0 |
| UCB SA  | 80707 | 22522432 |
| TOTAL BELGIUM |  | 22522432 |
| CANADA - 0.6%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Canada Goose Holdings Inc Subordinate Voting Shares (c) | 302450 | 4239862 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Cameco Corp (United States) (c) | 172831 | 15297272 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Celestica Inc (United States) (c) | 59020 | 20327078 |
| IT Services - 0.2% |  |  |
| Shopify Inc Class A (c) | 252169 | 40025479 |
| TOTAL INFORMATION TECHNOLOGY |  | 60352557 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Agnico Eagle Mines Ltd/CA (United States)  | 74279 | 12956486 |
| Barrick Mining Corp  | 839949 | 34771227 |
| Franco-Nevada Corp (United States)  | 42047 | 8823142 |
| Kinross Gold Corp (United States)  | 98237 | 2761442 |
| Novagold Resources Inc (United States) (c) | 716800 | 7304192 |
|  |  | 66616489 |
| TOTAL CANADA |  | 146506180 |
| CHINA - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.1% |  |  |
| Alibaba Group Holding Ltd ADR  | 170102 | 26757045 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Atour Lifestyle Holdings Ltd ADR  | 450378 | 17281004 |
| Luckin Coffee Inc ADR (c) | 477061 | 17365020 |
| Trip.com Group Ltd ADR  | 84439 | 5903975 |
|  |  | 40549999 |
| TOTAL CONSUMER DISCRETIONARY |  | 67307044 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Zai Lab Ltd ADR (c)(e) | 136934 | 2794823 |
| TOTAL CHINA |  | 70101867 |
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Ascendis Pharma A/S ADR (c) | 16688 | 3543363 |
| Zealand Pharma A/S (c) | 236622 | 18984906 |
|  |  | 22528269 |
| Pharmaceuticals - 0.0% |  |  |
| Novo Nordisk A/S Class B ADR  | 1077 | 53150 |
| TOTAL DENMARK |  | 22581419 |
| FINLAND - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Communications Equipment - 0.2% |  |  |
| Nokia Oyj ADR  | 9330715 | 56730747 |
| FRANCE - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Abivax SA ADR (c) | 90020 | 11237197 |
| Health Care Technology - 0.0% |  |  |
| DNA Script SAS (b)(c)(d) | 439 | 8650 |
| DNA Script SAS (b)(c)(d) | 115 | 2261 |
|  |  | 10911 |
| TOTAL FRANCE |  | 11248108 |
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| adidas AG  | 11 | 2049 |
| Birkenstock Holding Plc (c) | 22761 | 986234 |
|  |  | 988283 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| BioNTech SE ADR (c) | 157436 | 16239523 |
| TOTAL GERMANY |  | 17227806 |
| HONG KONG - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Futu Holdings Ltd Class A ADR  | 35700 | 6056862 |
| INDIA - 0.2%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Meesho  | 9282542 | 11530979 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| MakeMyTrip Ltd (c) | 116633 | 8326430 |
| Specialty Retail - 0.0% |  |  |
| Lenskart Solutions Ltd (f) | 91446 | 420050 |
| Lenskart Solutions Ltd (f) | 91445 | 420046 |
| Lenskart Solutions Ltd (c) | 16491 | 75750 |
|  |  | 915846 |
| TOTAL CONSUMER DISCRETIONARY |  | 20773255 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Reliance Industries Ltd  | 370892 | 6506258 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| HDFC Bank Ltd ADR  | 430338 | 15845045 |
| Financial Services - 0.0% |  |  |
| Jio Financial Services Ltd  | 625046 | 2141872 |
| TOTAL FINANCIALS |  | 17986917 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| Delhivery Ltd (c) | 486000 | 2318067 |
| TOTAL INDIA |  | 47584497 |
| IRELAND - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.0% |  |  |
| Prothena Corp PLC (c) | 433409 | 4659147 |
| Pharmaceuticals - 0.1% |  |  |
| GH Research PLC (c)(e) | 542495 | 8224224 |
| TOTAL IRELAND |  | 12883371 |
| ISRAEL - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Personal Care Products - 0.1% |  |  |
| Oddity Tech Ltd Class A (c) | 288416 | 12476876 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Etoro Group Ltd Class A  | 23075 | 968458 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd warrants 7/24/2032 (b)(c) | 107673 | 150742 |
| TOTAL ISRAEL |  | 13596076 |
| ITALY - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Passenger Airlines - 0.0% |  |  |
| Ryanair Holdings PLC ADR  | 16015 | 1091582 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Bending Spoons SpA Class C (b)(d) | 16400 | 1460343 |
| TOTAL ITALY |  | 2551925 |
| JAPAN - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Rakuten Group Inc (c) | 130000 | 794373 |
| Industrials - 0.1% |  |  |
| Machinery - 0.1% |  |  |
| Mitsubishi Heavy Industries Ltd  | 611211 | 15481489 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Allegro MicroSystems Inc (c) | 157761 | 4210641 |
| Kioxia Holdings Corp (c)(e) | 362649 | 21837179 |
|  |  | 26047820 |
| TOTAL JAPAN |  | 42323682 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Samsung Electronics Co Ltd  | 73705 | 5072929 |
| MEXICO - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| BBB Foods Inc Class A (c) | 243767 | 7941929 |
| NETHERLANDS - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| Biotechnology - 0.8% |  |  |
| Argenx SE ADR (c) | 177723 | 162079822 |
| Pharmaceuticals - 0.1% |  |  |
| Pharvaris NV (c) | 375400 | 10653852 |
| TOTAL HEALTH CARE |  | 172733674 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| ASML Holding NV depository receipt  | 2287 | 2424220 |
| TOTAL NETHERLANDS |  | 175157894 |
| POLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| CCC SA (c)(e) | 248399 | 9195803 |
| RUSSIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Ozon Holdings PLC ADR (b)(c)(e) | 3500 | 0 |
| SWITZERLAND - 0.6%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| On Holding AG Class A (c) | 2162240 | 95116938 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.0% |  |  |
| CRISPR Therapeutics AG (c)(e) | 173629 | 9283943 |
| Idorsia Ltd (c) | 1368817 | 5462655 |
|  |  | 14746598 |
| Pharmaceuticals - 0.1% |  |  |
| Galderma Group AG  | 79802 | 15898792 |
| TOTAL HEALTH CARE |  | 30645390 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| TE Connectivity PLC  | 3161 | 714860 |
| TOTAL SWITZERLAND |  | 126477188 |
| TAIWAN - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Silicon Motion Technology Corp ADR  | 40676 | 3618537 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 156032 | 45484888 |
| TOTAL TAIWAN |  | 49103425 |
| UNITED KINGDOM - 0.1%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| 3i Group PLC  | 222672 | 9308234 |
| Financial Services - 0.0% |  |  |
| Revolut Group Holdings Ltd (b)(d) | 2668 | 3610097 |
| TOTAL FINANCIALS |  | 12918331 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Immunocore Holdings PLC ADR (c) | 336843 | 13305299 |
| TOTAL UNITED KINGDOM |  | 26223630 |
| UNITED STATES - 93.2%  |  |  |
| Communication Services - 15.2% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Cogent Communications Holdings Inc  | 63380 | 1209290 |
| Lumen Technologies Inc (c) | 1566631 | 12705378 |
|  |  | 13914668 |
| Entertainment - 1.8% |  |  |
| Netflix Inc (c) | 2857210 | 307378652 |
| ROBLOX Corp Class A (c) | 760423 | 72262998 |
| Roku Inc Class A (c) | 107352 | 10390600 |
| Spotify Technology SA (c) | 28344 | 16974371 |
| Walt Disney Co/The  | 140 | 14626 |
|  |  | 407021247 |
| Interactive Media & Services - 13.1% |  |  |
| Alphabet Inc Class A  | 4017286 | 1286254632 |
| Alphabet Inc Class C  | 1695353 | 542716402 |
| Epic Games Inc (b)(c)(d) | 5000 | 3250450 |
| Meta Platforms Inc Class A  | 1767484 | 1145241258 |
| Reddit Inc Class A (c) | 102649 | 22220429 |
| Reddit Inc Class B (c) | 51402 | 11126991 |
|  |  | 3010810162 |
| Media - 0.0% |  |  |
| Comcast Corp Class A  | 104522 | 2789692 |
| Trade Desk Inc (The) Class A (c) | 26572 | 1051188 |
|  |  | 3840880 |
| Wireless Telecommunication Services - 0.2% |  |  |
| T-Mobile US Inc  | 263219 | 55015403 |
| TOTAL COMMUNICATION SERVICES |  | 3490602360 |
| Consumer Discretionary - 11.5% |  |  |
| Automobiles - 1.9% |  |  |
| Rad Power Bikes Inc (b)(c)(d) | 171416 | 1 |
| Rad Power Bikes Inc warrants 10/6/2033 (b)(c)(d) | 280502 | 3 |
| Rivian Automotive Inc Class A (c) | 90814 | 1531124 |
| Tesla Inc (c) | 1003510 | 431679897 |
|  |  | 433211025 |
| Broadline Retail - 5.7% |  |  |
| Amazon.com Inc (c) | 5284151 | 1232369697 |
| Ollie's Bargain Outlet Holdings Inc (c) | 652666 | 80349711 |
|  |  | 1312719408 |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| Airbnb Inc Class A (c) | 71925 | 8414506 |
| Black Rock Coffee Bar Inc Class A  | 49921 | 1135703 |
| Booking Holdings Inc  | 13381 | 65763467 |
| Brinker International Inc (c) | 109670 | 16866149 |
| Chipotle Mexican Grill Inc (c) | 479395 | 16548715 |
| DoorDash Inc Class A (c) | 63505 | 12597487 |
| Expedia Group Inc Class A  | 2101 | 537205 |
| Marriott International Inc/MD Class A1  | 93375 | 28459766 |
| McDonald's Corp  | 833 | 259746 |
| Shake Shack Inc Class A (c) | 26512 | 2319270 |
| Sonder Holdings Inc Stage 1 rights (b)(c) | 5104 | 0 |
| Sonder Holdings Inc Stage 2 rights (b)(c) | 5104 | 0 |
| Sonder Holdings Inc Stage 3 rights (b)(c) | 5104 | 0 |
| Sonder Holdings Inc Stage 4 rights (b)(c) | 5104 | 0 |
| Sonder Holdings Inc Stage 5 rights (b)(c) | 5103 | 0 |
| Sonder Holdings Inc Stage 5 rights (b)(c) | 5102 | 0 |
| Starbucks Corp  | 185337 | 16144706 |
| Viking Holdings Ltd (c) | 73701 | 4921753 |
| Wingstop Inc (e) | 18188 | 4814909 |
|  |  | 178783382 |
| Household Durables - 0.4% |  |  |
| DR Horton Inc  | 61097 | 9715034 |
| Garmin Ltd  | 128332 | 25065806 |
| Lennar Corp Class A  | 77440 | 10167872 |
| SharkNinja Inc (c) | 266666 | 26018602 |
| Somnigroup International Inc  | 166565 | 15244029 |
| Toll Brothers Inc  | 63077 | 8820057 |
|  |  | 95031400 |
| Leisure Products - 0.0% |  |  |
| Peloton Interactive Inc Class A (c) | 228047 | 1548439 |
| Specialty Retail - 2.2% |  |  |
| Carvana Co Class A (c) | 90974 | 34069763 |
| Dick's Sporting Goods Inc  | 140611 | 29046014 |
| Fanatics Inc Class A (b)(c)(d) | 204775 | 16382000 |
| Floor & Decor Holdings Inc Class A (c) | 63802 | 4059083 |
| Home Depot Inc/The  | 312099 | 111394375 |
| Lowe's Cos Inc  | 77035 | 18679447 |
| Revolve Group Inc Class A (c) | 651410 | 15744580 |
| RH (c) | 18401 | 2899814 |
| Ross Stores Inc  | 56683 | 9996614 |
| TJX Cos Inc/The  | 780144 | 118519476 |
| Wayfair Inc Class A (c) | 1279238 | 141739570 |
|  |  | 502530736 |
| Textiles, Apparel & Luxury Goods - 0.5% |  |  |
| Deckers Outdoor Corp (c) | 965619 | 85003441 |
| Lululemon Athletica Inc (c) | 51047 | 9401836 |
| NIKE Inc Class B  | 224354 | 14499999 |
| VF Corp  | 160940 | 2816450 |
|  |  | 111721726 |
| TOTAL CONSUMER DISCRETIONARY |  | 2635546116 |
| Consumer Staples - 2.0% |  |  |
| Beverages - 0.6% |  |  |
| Celsius Holdings Inc (c) | 39339 | 1610539 |
| Coca-Cola Co/The  | 1304382 | 95376412 |
| Keurig Dr Pepper Inc  | 526234 | 14681929 |
| Monster Beverage Corp (c) | 123851 | 9287586 |
| PepsiCo Inc  | 76192 | 11332798 |
|  |  | 132289264 |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| Costco Wholesale Corp  | 103653 | 94696345 |
| Kroger Co/The  | 124244 | 8359136 |
| Maplebear Inc (c) | 24126 | 1013533 |
| Sprouts Farmers Market Inc (c) | 18500 | 1550485 |
| Target Corp  | 87605 | 7938765 |
| Walmart Inc  | 112869 | 12473153 |
|  |  | 126031417 |
| Food Products - 0.0% |  |  |
| Bunge Global SA  | 32508 | 3123044 |
| Hershey Co/The  | 11962 | 2249812 |
| Mondelez International Inc  | 83047 | 4781016 |
|  |  | 10153872 |
| Household Products - 0.1% |  |  |
| Church & Dwight Co Inc  | 13871 | 1181254 |
| Clorox Co/The  | 7834 | 845602 |
| Colgate-Palmolive Co  | 98262 | 7899282 |
| Procter & Gamble Co/The  | 82962 | 12291650 |
|  |  | 22217788 |
| Personal Care Products - 0.0% |  |  |
| Beauty Health Co/The (c)(d) | 428643 | 634392 |
| Beauty Health Co/The Class A (c)(e) | 1290919 | 1910560 |
| Kenvue Inc  | 174844 | 3033543 |
|  |  | 5578495 |
| Tobacco - 0.8% |  |  |
| JUUL Labs Inc Class A (b)(c)(d) | 4278644 | 8120738 |
| Philip Morris International Inc  | 919794 | 144849160 |
|  |  | 152969898 |
| TOTAL CONSUMER STAPLES |  | 449240734 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Baker Hughes Co Class A  | 16002 | 803300 |
| Halliburton Co  | 24829 | 651016 |
|  |  | 1454316 |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| EOG Resources Inc  | 8322 | 897527 |
| EQT Corp  | 191122 | 11631685 |
| Range Resources Corp  | 386290 | 15254592 |
| Valero Energy Corp  | 51097 | 9031906 |
|  |  | 36815710 |
| TOTAL ENERGY |  | 38270026 |
| Financials - 3.7% |  |  |
| Banks - 0.5% |  |  |
| Bank of America Corp  | 713945 | 38303149 |
| JPMorgan Chase & Co  | 130123 | 40738910 |
| Wells Fargo & Co  | 371937 | 31930791 |
|  |  | 110972850 |
| Capital Markets - 1.0% |  |  |
| Blackrock Inc  | 27162 | 28446763 |
| Goldman Sachs Group Inc/The  | 33397 | 27587257 |
| Robinhood Markets Inc Class A (c) | 1334902 | 171521558 |
|  |  | 227555578 |
| Consumer Finance - 0.0% |  |  |
| American Express Co  | 38415 | 14031847 |
| Figure Technology Solutions Inc Class A (e) | 33262 | 1205415 |
|  |  | 15237262 |
| Financial Services - 2.2% |  |  |
| Apollo Global Management Inc  | 123072 | 16227043 |
| Block Inc Class A (c) | 36818 | 2459442 |
| Mastercard Inc Class A  | 366615 | 201832556 |
| Saluda Medical Inc (c)(d) | 94932 | 1648159 |
| Saluda Medical Inc depository receipt  | 578602 | 1004538 |
| Saluda Medical Inc warrants 1/20/2027 (c)(d) | 451 | 0 |
| Toast Inc Class A (c) | 515603 | 17628467 |
| Visa Inc Class A  | 784407 | 262337078 |
|  |  | 503137283 |
| TOTAL FINANCIALS |  | 856902973 |
| Health Care - 9.8% |  |  |
| Biotechnology - 5.9% |  |  |
| AbbVie Inc  | 131714 | 29991278 |
| Absci Corp (c)(e) | 2265302 | 7181007 |
| Akouos Inc (b)(c) | 338256 | 64269 |
| Alnylam Pharmaceuticals Inc (c) | 370108 | 167003833 |
| Amgen Inc  | 115028 | 39737573 |
| Antares Therapeutics Inc (b) | 49923 | 41435 |
| Apogee Therapeutics Inc (c) | 513362 | 36946663 |
| Arcellx Inc (c) | 177590 | 12912569 |
| ArriVent Biopharma Inc (c) | 93447 | 2143674 |
| Arrowhead Pharmaceuticals Inc (c) | 569115 | 29992361 |
| aTyr Pharma Inc (c)(e) | 1379610 | 1076786 |
| Beam Therapeutics Inc (c) | 928133 | 23509609 |
| BeOne Medicines Ltd ADR (c) | 180928 | 61625886 |
| Biogen Inc (c) | 13500 | 2458215 |
| Biohaven Ltd (c) | 45972 | 461099 |
| Biomea Fusion Inc (c)(e) | 934032 | 1018095 |
| Biomea Fusion Inc warrants 12/20/2026 (c) | 235800 | 5122 |
| Boundless Bio Inc (c) | 234026 | 273810 |
| CAMP4 Therapeutics Corp (d) | 125157 | 475597 |
| CAMP4 Therapeutics Corp (c)(e) | 31449 | 119506 |
| Candel Therapeutics Inc (c) | 272997 | 1302196 |
| Caris Life Sciences Inc (f) | 201542 | 5145367 |
| Caris Life Sciences Inc (c) | 141528 | 3613210 |
| Cartesian Therapeutics Inc (c) | 108220 | 810568 |
| Cibus Inc Class A (c)(e) | 685539 | 932333 |
| Crescent Biopharma Inc (c)(d) | 105811 | 1592456 |
| Day One Biopharmaceuticals Inc (c) | 330883 | 3140080 |
| Denali Therapeutics Inc (c) | 428001 | 8333179 |
| Dianthus Therapeutics Inc (c) | 332658 | 14630299 |
| Disc Medicine Inc (c) | 10000 | 933600 |
| Dyne Therapeutics Inc (c) | 380708 | 8337505 |
| Foghorn Therapeutics Inc (c) | 518218 | 2461536 |
| Ideaya Biosciences Inc (c) | 1271499 | 45290794 |
| Immuneering Corp (c)(e) | 796000 | 6097360 |
| Immunome Inc (c)(e) | 1166776 | 21492014 |
| Immunovant Inc (c) | 1427269 | 34468546 |
| Insmed Inc (c) | 111949 | 23259644 |
| Ionis Pharmaceuticals Inc (c) | 2349093 | 194340464 |
| Jade Biosciences Inc  | 168225 | 2156645 |
| Jade Biosciences Inc (c)(d) | 139032 | 1782390 |
| Krystal Biotech Inc (c) | 224422 | 48923996 |
| Kymera Therapeutics Inc (c) | 487811 | 33112611 |
| Moderna Inc (c) | 855082 | 22215030 |
| Nurix Therapeutics Inc (c) | 166996 | 2952489 |
| Nuvalent Inc Class A (c) | 531605 | 58131007 |
| Odyssey Therapeutics Inc warrants (b)(c) | 526342 | 531605 |
| ORIC Pharmaceuticals Inc (c)(e) | 238575 | 2834271 |
| Oruka Therapeutics Inc (c)(d) | 102303 | 3079321 |
| Oruka Therapeutics Inc (c) | 96824 | 2914402 |
| Praxis Precision Medicines Inc (c) | 20100 | 3948846 |
| Recursion Pharmaceuticals Inc Class A (c)(e) | 469290 | 2172813 |
| Regeneron Pharmaceuticals Inc  | 29349 | 22897796 |
| Revolution Medicines Inc (c) | 711756 | 55346147 |
| Roivant Sciences Ltd (c) | 5665022 | 117889108 |
| Sana Biotechnology Inc (c)(e) | 3194388 | 13735868 |
| Scholar Rock Holding Corp (c) | 1151992 | 50756768 |
| Scholar Rock Holding Corp warrants 12/31/2025 (c)(d) | 39325 | 1444523 |
| Sigilon Therapeutics Inc rights (b)(c) | 8716 | 76526 |
| Spyre Therapeutics Inc (c) | 682258 | 20467740 |
| Summit Therapeutics Inc (c) | 659028 | 11790011 |
| Taysha Gene Therapies Inc (c) | 1420520 | 6733265 |
| Tectonic Therapeutic Inc (c)(e) | 249938 | 5358671 |
| UNITY Biotechnology Inc warrants 8/22/2027 (b)(c) | 712537 | 6 |
| Upstream Bio Inc (c) | 95251 | 2724179 |
| Vaxcyte Inc (c) | 201251 | 9984062 |
| Vera Therapeutics Inc Class A (c) | 232418 | 7844108 |
| Vertex Pharmaceuticals Inc (c) | 44619 | 19347245 |
| Viking Therapeutics Inc (c) | 559 | 20576 |
|  |  | 1324391563 |
| Health Care Equipment & Supplies - 0.6% |  |  |
| Abbott Laboratories  | 33072 | 4262981 |
| Blink Health LLC Class A1 (b)(c)(d) | 85627 | 2871073 |
| Boston Scientific Corp (c) | 98788 | 10034885 |
| Ceribell Inc (c) | 70362 | 1194043 |
| Dexcom Inc (c) | 88564 | 5621157 |
| GE HealthCare Technologies Inc  | 60238 | 4818438 |
| Intuitive Surgical Inc (c) | 126907 | 72778626 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 (b)(c)(d) | 3611 | 43693 |
| Novocure Ltd (c) | 1758255 | 22523247 |
| PROCEPT BioRobotics Corp (c)(e) | 328689 | 10412868 |
|  |  | 134561011 |
| Health Care Providers & Services - 0.3% |  |  |
| Alignment Healthcare Inc (c) | 333418 | 6404960 |
| Blue Marlin Therapeutics, Inc. (b) | 243 | 15188 |
| Cardinal Health Inc  | 43298 | 9190433 |
| CVS Health Corp  | 313055 | 25157100 |
| HCA Healthcare Inc  | 11100 | 5642019 |
| McKesson Corp  | 27756 | 24456367 |
| Omada Health Inc (f) | 212183 | 3974188 |
| Omada Health Inc (e) | 43835 | 821029 |
| Scorpion Therapeutics Inc (b)(d) | 792406 | 269418 |
| Scorpion Therapeutics Inc (b)(d) | 792406 | 8 |
| Scorpion Therapeutics Inc rights (b)(c)(d) | 792406 | 451671 |
|  |  | 76382381 |
| Health Care Technology - 0.0% |  |  |
| HeartFlow Inc (f) | 97802 | 3154115 |
| HeartFlow Inc  | 52869 | 1705025 |
| Prognomiq Inc (b)(c)(d) | 30664 | 2145 |
| Wugen Inc warrants 8/22/2035 (b)(c)(d) | 91361 | 158055 |
|  |  | 5019340 |
| Life Sciences Tools & Services - 0.1% |  |  |
| 10X Genomics Inc Class A (c) | 3000 | 56429 |
| Danaher Corp  | 23748 | 5385571 |
| Thermo Fisher Scientific Inc  | 38073 | 22494671 |
|  |  | 27936671 |
| Pharmaceuticals - 2.9% |  |  |
| Adimab LLC (b)(c)(d)(g) | 196899 | 2695548 |
| Adimab LLC (b)(c)(d)(g) | 196899 | 939208 |
| Amylyx Pharmaceuticals Inc (c) | 99495 | 1490435 |
| Atea Pharmaceuticals Inc (c) | 999854 | 3099547 |
| Bristol-Myers Squibb Co  | 112580 | 5538936 |
| Crinetics Pharmaceuticals Inc (c) | 167425 | 7627883 |
| Dragonfly Therapeutics Inc (b)(c)(d) | 31376 | 1057685 |
| Eli Lilly & Co  | 487831 | 524647606 |
| Harmony Biosciences Holdings Inc (c) | 202406 | 7142908 |
| LENZ Therapeutics Inc (c)(e) | 323537 | 9874349 |
| Lexicon Pharmaceuticals Inc (c)(e) | 3844472 | 5497595 |
| Maze Therapeutics Inc  | 28268 | 1067117 |
| Nuvation Bio Inc Class A (c) | 4837723 | 38846916 |
| Ocular Therapeutix Inc (c) | 2672977 | 32476671 |
| Optinose Inc (b) | 120082 | 1 |
| Optinose Inc warrants 11/23/2027 (b)(c) | 231338 | 2 |
| Pfizer Inc  | 23506 | 605044 |
| Pfizer Inc rights (b)(c) | 1110156 | 5439765 |
| Rapport Therapeutics Inc (c) | 634670 | 18856046 |
| Roche Holding AG rights (b)(c) | 1208256 | 2005705 |
| Sienna Biopharmaceuticals Inc (b)(c) | 384446 | 38 |
| Skyhawk Therapeutics Inc (b)(c)(d) | 127580 | 1844807 |
| Tarsus Pharmaceuticals Inc (c) | 47636 | 3808975 |
|  |  | 674562787 |
| TOTAL HEALTH CARE |  | 2242853753 |
| Industrials - 2.7% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| Anduril Industries Inc Class B (b)(d) | 2199 | 94117 |
| Anduril Industries Inc Class C (b)(d) | 1 | 43 |
| Beta Technologies Inc (f) | 396804 | 10820846 |
| Beta Technologies Inc Class A (c) | 234661 | 6399205 |
| Boeing Co (c) | 124630 | 23555070 |
| GE Aerospace  | 207543 | 61941208 |
| Space Exploration Technologies Corp (b)(c)(d) | 427741 | 90681092 |
| Space Exploration Technologies Corp Class C (b)(c)(d) | 59083 | 12525596 |
|  |  | 206017177 |
| Air Freight & Logistics - 0.0% |  |  |
| United Parcel Service Inc Class B  | 20319 | 1946357 |
| Construction & Engineering - 0.1% |  |  |
| Comfort Systems USA Inc  | 12674 | 12381738 |
| Fluor Corp (c) | 47480 | 2038316 |
| Quanta Services Inc  | 27716 | 12884614 |
|  |  | 27304668 |
| Electrical Equipment - 0.5% |  |  |
| Eaton Corp PLC  | 96506 | 33380460 |
| Emerson Electric Co  | 45886 | 6120275 |
| GE Vernova Inc  | 83738 | 50223541 |
| Vertiv Holdings Co Class A  | 90465 | 16259274 |
|  |  | 105983550 |
| Ground Transportation - 0.4% |  |  |
| Avis Budget Group Inc (c)(e) | 36028 | 4895485 |
| Uber Technologies Inc (c) | 872202 | 76352563 |
|  |  | 81248048 |
| Industrial Conglomerates - 0.1% |  |  |
| 3M Co  | 42130 | 7248467 |
| Honeywell International Inc  | 57479 | 11046889 |
|  |  | 18295356 |
| Machinery - 0.2% |  |  |
| Caterpillar Inc  | 62961 | 36250425 |
| Illinois Tool Works Inc  | 43761 | 10908742 |
|  |  | 47159167 |
| Passenger Airlines - 0.5% |  |  |
| Alaska Air Group Inc (c) | 23442 | 1004724 |
| Delta Air Lines Inc  | 566291 | 36299253 |
| Southwest Airlines Co  | 258887 | 9011856 |
| United Airlines Holdings Inc (c) | 727066 | 74131650 |
|  |  | 120447483 |
| Professional Services - 0.0% |  |  |
| Paylocity Holding Corp (c) | 22919 | 3376656 |
| TOTAL INDUSTRIALS |  | 611778462 |
| Information Technology - 47.7% |  |  |
| Communications Equipment - 2.1% |  |  |
| Arista Networks Inc (c) | 262669 | 34325585 |
| Ciena Corp (c) | 1917670 | 391607391 |
| Lumentum Holdings Inc (c) | 187994 | 61128129 |
|  |  | 487061105 |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Coherent Corp (c) | 502137 | 82481024 |
| Corning Inc  | 711862 | 59938780 |
|  |  | 142419804 |
| IT Services - 1.0% |  |  |
| Akamai Technologies Inc (c) | 25719 | 2302365 |
| Cloudflare Inc Class A (c) | 680937 | 136330398 |
| CoreWeave Inc Class A (c) | 456375 | 33370140 |
| CoreWeave Inc Class A (h) | 45640 | 3337197 |
| IBM Corporation  | 23786 | 7339884 |
| Kyndryl Holdings Inc (c) | 135168 | 3491389 |
| MongoDB Inc Class A (c) | 8568 | 2847746 |
| Okta Inc Class A (c) | 92062 | 7395340 |
| Snowflake Inc (c) | 53102 | 13341346 |
| X.Ai Holdings Corp Class A (b)(d) | 133653 | 9366402 |
|  |  | 219122207 |
| Semiconductors & Semiconductor Equipment - 22.3% |  |  |
| Advanced Micro Devices Inc (c) | 320176 | 69647885 |
| Applied Materials Inc  | 74689 | 18840300 |
| ARM Holdings PLC ADR (c) | 18542 | 2513553 |
| Astera Labs Inc (c) | 725198 | 114269449 |
| Broadcom Inc  | 2233189 | 899885839 |
| Cirrus Logic Inc (c) | 73 | 8784 |
| First Solar Inc (c) | 10531 | 2874121 |
| GlobalFoundries Inc (c) | 226072 | 8102420 |
| Impinj Inc (c) | 256480 | 44081218 |
| Intel Corp (c) | 125500 | 5090280 |
| KLA Corp  | 49282 | 57929513 |
| Lam Research Corp  | 163369 | 25485564 |
| Marvell Technology Inc  | 717724 | 64164526 |
| Micron Technology Inc  | 8319 | 1967276 |
| Monolithic Power Systems Inc  | 21039 | 19527769 |
| NVIDIA Corp  | 20105580 | 3558687660 |
| ON Semiconductor Corp (c) | 219773 | 11041396 |
| QUALCOMM Inc  | 114353 | 19221596 |
| Silicon Laboratories Inc (c) | 493183 | 62920287 |
| SiTime Corp (c) | 248594 | 74006434 |
| Teradyne Inc  | 141659 | 25766356 |
| Texas Instruments Inc  | 60725 | 10218196 |
|  |  | 5096250422 |
| Software - 10.4% |  |  |
| Adobe Inc (c) | 36717 | 11754213 |
| AppLovin Corp Class A (c) | 350631 | 210196272 |
| Asapp Inc warrants 8/28/2028 (b)(c)(d) | 351555 | 239057 |
| Atlassian Corp Class A (c) | 9566 | 1430308 |
| Autodesk Inc (c) | 55945 | 16970356 |
| Celestial AI Inc (b)(d) | 13193 | 243147 |
| Circle Internet Group Inc Class A  | 61814 | 4940793 |
| Confluent Inc Class A (c) | 181572 | 4039977 |
| Crowdstrike Holdings Inc Class A (c) | 108020 | 54999463 |
| Datadog Inc Class A (c) | 111929 | 17909759 |
| Docusign Inc (c) | 20366 | 1412382 |
| Elastic NV (c) | 38407 | 2708846 |
| Figma Inc Class A  | 129465 | 4656856 |
| HubSpot Inc (c) | 26048 | 9567951 |
| Intuit Inc  | 74642 | 47328999 |
| Microsoft Corp  | 2467215 | 1213894453 |
| Netskope Inc Class A (c) | 63306 | 1163564 |
| Nutanix Inc Class A (c) | 3910690 | 186930982 |
| Openai Group Pbc Class A (b)(d) | 5300 | 2303062 |
| Oracle Corp  | 2000001 | 403900202 |
| Palantir Technologies Inc Class A (c) | 124859 | 21032499 |
| Palo Alto Networks Inc (c) | 27390 | 5207661 |
| Rubrik Inc Class A (c) | 151968 | 10534422 |
| Salesforce Inc  | 21909 | 5050901 |
| SentinelOne Inc Class A (c) | 69708 | 1129967 |
| Servicenow Inc (c) | 86089 | 69939564 |
| Stripe Inc Class B (b)(c)(d) | 38500 | 1594670 |
| Via Transportation Inc (c) | 20875 | 727076 |
| Workday Inc Class A (c) | 40448 | 8721398 |
| Zoom Communications Inc Class A (c) | 416547 | 35389833 |
| Zscaler Inc (c) | 142049 | 35725324 |
|  |  | 2391643957 |
| Technology Hardware, Storage & Peripherals - 11.3% |  |  |
| Apple Inc  | 6132113 | 1709939710 |
| Pure Storage Inc Class A (c) | 4901929 | 436075604 |
| Sandisk Corp/DE  | 1809258 | 403971126 |
| Western Digital Corp  | 112788 | 18421664 |
|  |  | 2568408104 |
| TOTAL INFORMATION TECHNOLOGY |  | 10904905599 |
| Materials - 0.2% |  |  |
| Chemicals - 0.0% |  |  |
| Corteva Inc  | 90035 | 6074661 |
| Farmers Business Network Inc (b)(c) | 9829 | 11795 |
| Farmers Business Network Inc warrants 9/27/2033 (b)(c)(d) | 993920 | 1182765 |
| Mosaic Co/The  | 109824 | 2689590 |
| Solstice Advanced Materials Inc  | 15119 | 720874 |
|  |  | 10679685 |
| Construction Materials - 0.0% |  |  |
| James Hardie Industries PLC (c) | 126698 | 2506086 |
| Metals & Mining - 0.2% |  |  |
| Freeport-McMoRan Inc  | 1012683 | 43525116 |
| TOTAL MATERIALS |  | 56710887 |
| Real Estate - 0.2% |  |  |
| Health Care REITs - 0.0% |  |  |
| Welltower Inc  | 45356 | 9444026 |
| Real Estate Management & Development - 0.1% |  |  |
| CBRE Group Inc Class A (c) | 82929 | 13420400 |
| Zillow Group Inc Class C (c) | 189359 | 14084523 |
|  |  | 27504923 |
| Specialized REITs - 0.1% |  |  |
| American Tower Corp  | 69714 | 12637057 |
| Equinix Inc  | 6581 | 4957533 |
|  |  | 17594590 |
| TOTAL REAL ESTATE |  | 54543539 |
| TOTAL UNITED STATES |  | 21341354449 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $9,872,861,770) |  | <br> **22218870396** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Neutron Holdings Inc 4% 5/22/2027 (b)(d) | 310600 | 1392730 |
| Neutron Holdings Inc 4% 6/12/2027 (b)(d) | 82200 | 368585 |
| Neutron Holdings Inc 8% 10/29/2026 (b)(d)(i) | 2430728 | 4335446 |
|  |  | 6096761 |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Kardium Inc/Us 10% 12/31/2026 (b)(d) | 878003 | 1032093 |
| Health Care Technology - 0.0% |  |  |
| Wugen Inc 0% 12/31/2199 (b)(d)(j) | 515072 | 545770 |
| Pharmaceuticals - 0.0% |  |  |
| Galvanize Therapeutics 10% 2/28/2027 (b)(d) | 576493 | 736585 |
| TOTAL HEALTH CARE |  | 2314448 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 10% 5/12/2199 (b)(d) | 11723 | 7044 |
| Software - 0.0% |  |  |
| Evozyne Inc 6% 9/13/2028 pay-in-kind (b)(d) | 1679667 | 1955973 |
| TOTAL INFORMATION TECHNOLOGY |  | 1963017 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Farmers Business Network Inc 15% 12/31/2199 (b)(d) | 1143008 | 837025 |
| TOTAL UNITED STATES |  | 11211251 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $7,895,517) |  | <br> **11211251** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 2.9%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.9%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.9%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Australia Holdings Pty Ltd Series A (b)(c)(d) | 1477 | 2431349 |
| Canva Australia Holdings Pty Ltd Series A2 (b)(c)(d) | 268 | 441165 |
| TOTAL AUSTRALIA |  | 2872514 |
| BELGIUM - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| AgomAb Therapeutics SA Series C (b)(c)(d) | 15098 | 4481176 |
| AgomAb Therapeutics SA Series D (b)(c)(d) | 3260 | 995693 |
| TOTAL BELGIUM |  | 5476869 |
| CANADA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Deep Genomics Inc Series C (b)(c)(d) | 155443 | 2034749 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc Series B (b)(d) | 30000 | 1658100 |
| TOTAL CANADA |  | 3692849 |
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Bytedance Ltd Series E1 (b)(c)(d) | 49039 | 11759062 |
| DENMARK - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Galecto Inc Series C  | 279 | 4960620 |
| ESTONIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Bolt Technology OU Series E (b)(c)(d) | 17815 | 3985698 |
| FINLAND - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Health Care Technology - 0.2% |  |  |
| Oura Health Oy Series D (b)(d) | 325076 | 17414321 |
| Oura Health Oy Series E (b)(d) | 570150 | 30542936 |
| TOTAL FINLAND |  | 47957257 |
| FRANCE - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| DNA Script SAS Series B (b)(c)(d) | 6 | 148 |
| DNA Script SAS Series C (b)(c)(d) | 2549 | 507369 |
| TOTAL FRANCE |  | 507517 |
| ISRAEL - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| InSightec Ltd Series G (b)(c)(d) | 2718923 | 1903246 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Element Labs Inc Series A (b)(d) | 166900 | 1318510 |
| Element Labs Inc Series B (b)(d) | 155700 | 1367046 |
|  |  | 2685556 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd Series D (b)(c)(d) | 122201 | 180857 |
| Xsight Labs Ltd Series F (b)(d) | 358909 | 1511007 |
|  |  | 1691864 |
| TOTAL ISRAEL |  | 6280666 |
| UNITED KINGDOM - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Quell Therapeutics Ltd Series B (b)(c)(d) | 822639 | 1892070 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| NScale Global Holdings Ltd Series B (b)(d) | 5300 | 2013364 |
| TOTAL UNITED KINGDOM |  | 3905434 |
| UNITED STATES - 2.6%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rad Power Bikes Inc Series A (b)(c)(d) | 22348 | 0 |
| Rad Power Bikes Inc Series C (b)(c)(d) | 87936 | 0 |
| Rad Power Bikes Inc Series D (b)(c)(d) | 219600 | 2 |
| Waymo LLC Series A2 (b)(c)(d) | 6592 | 482205 |
| Waymo LLC Series C2 (b)(c)(d) | 18943 | 1634023 |
|  |  | 2116230 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Discord Inc Series I (b)(c)(d) | 1400 | 356944 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Freenome Holdings Inc Series C (b)(c)(d) | 141369 | 418453 |
| Freenome Holdings Inc Series D (b)(c)(d) | 125665 | 371968 |
| Laronde Inc Series B (b)(c)(d) | 81282 | 1949955 |
|  |  | 2740376 |
| TOTAL CONSUMER DISCRETIONARY |  | 5213550 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| GoBrands Inc Series G (b)(c)(d) | 19907 | 814993 |
| GoBrands Inc Series H (b)(c)(d) | 20720 | 1086764 |
|  |  | 1901757 |
| Food Products - 0.0% |  |  |
| AgBiome LLC Series D (b)(c)(d) | 511821 | 5118 |
| TOTAL CONSUMER STAPLES |  | 1906875 |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Akeana Series C (b)(c)(d) | 113800 | 1462330 |
| Paragon Biosciences Emalex Capital Inc Series C (b)(c)(d) | 109967 | 1020494 |
| Paragon Biosciences Emalex Capital Inc Series D-3 (b)(d) | 60730 | 621268 |
| Paragon Biosciences Emalex Capital Inc Series D1 (b)(c)(d) | 211815 | 1971998 |
| Paragon Biosciences Emalex Capital Inc Series D2 (b)(c)(d) | 15557 | 135656 |
| Tenstorrent Holdings Inc Series C1 (b)(c)(d) | 32710 | 2396335 |
| Tenstorrent Holdings Inc Series D1 (b)(c)(d) | 81867 | 6280018 |
| Tenstorrent Holdings Inc Series D2 (b)(c)(d) | 15346 | 1144197 |
|  |  | 15032296 |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.3% |  |  |
| Altos Labs Inc Series B (b)(c)(d) | 124464 | 3114089 |
| Altos Labs Inc Series C (b)(c)(d) | 52694 | 1318404 |
| Ankyra Therapeutics Series B (b)(c)(d) | 329325 | 1682851 |
| Asimov Inc Series B (b)(c)(d) | 19920 | 550390 |
| Bright Peak Therapeutics Inc. Series B (b)(c)(d) | 282257 | 505240 |
| Bright Peak Therapeutics Inc. Series C (b)(c)(d) | 1110268 | 1365630 |
| Cardurion Pharmaceuticals Inc Series B (b)(c)(d) | 449156 | 2394001 |
| Castle Creek Biosciences Inc Series C (b)(c)(d) | 582 | 148509 |
| Castle Creek Biosciences Inc Series D1 (b)(c)(d) | 4476 | 1005892 |
| Castle Creek Biosciences Inc Series D2 (b)(c)(d) | 1254 | 251477 |
| CELLANOME Inc Series B (b)(c)(d) | 400974 | 3015324 |
| City Therapeutics Inc Series A (b)(c)(d) | 298887 | 3084514 |
| Cleerly Inc Series C (b)(c)(d) | 294888 | 3691998 |
| Element Biosciences Inc Series B (b)(c)(d) | 125057 | 536495 |
| Element Biosciences Inc Series C (b)(c)(d) | 114255 | 862625 |
| Element Biosciences Inc Series D (b)(c)(d) | 92374 | 429539 |
| Element Biosciences Inc Series D1 (b)(c)(d) | 92374 | 429539 |
| ElevateBio LLC Series C (b)(c)(d) | 247600 | 472915 |
| Generate Biomedicines Inc Series B (b)(c)(d) | 191856 | 2442327 |
| Generate Biomedicines Inc Series C (b)(c)(d) | 284574 | 3622627 |
| Genesis Therapeutics Inc Series D (b)(c)(d) | 583881 | 3053698 |
| Kardigan Inc Series B (b)(d) | 142848 | 3052662 |
| LifeMine Therapeutics Inc Series C (b)(c)(d) | 1759782 | 2076543 |
| National Resilience LLC Series B (b)(c)(d) | 182315 | 723791 |
| National Resilience LLC Series C (b)(c)(d) | 74748 | 547902 |
| Neurona Therapeutics Inc Series F (b)(d) | 1010300 | 2374205 |
| Odyssey Therapeutics Inc Series B (b)(c)(d) | 458024 | 545049 |
| Odyssey Therapeutics Inc Series C (b)(c)(d) | 442442 | 513232 |
| Odyssey Therapeutics Inc Series D (b)(d) | 1754475 | 2280818 |
| Parabilis Medicines Inc Series D (b)(c)(d) | 272597 | 1913631 |
| Parabilis Medicines Inc Series E (b)(c)(d) | 202540 | 1462339 |
| Sonoma Biotherapeutics Inc Series B (b)(c)(d) | 587934 | 1763802 |
| Sonoma Biotherapeutics Inc Series B1 (b)(c)(d) | 313559 | 1056694 |
| T-Knife Therapeutics Inc Series B (b)(c)(d) | 241456 | 166604 |
| Treeline Biosciences Series A (b)(c)(d) | 283817 | 2296080 |
| Treeline Biosciences Series A1 (b)(c)(d) | 151334 | 1257585 |
| Triveni Bio Inc Series B (b)(c)(d) | 2078466 | 2369451 |
|  |  | 58378472 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Blink Health LLC Series C (b)(c)(d) | 145007 | 4862085 |
| Blink Health LLC Series C1 (b)(c)(d) | 56458 | 1893037 |
| Blink Health LLC Series D (b)(c)(d) | 62396 | 2092138 |
| Kardium Inc/Us Series D-6 (b) | 1517942 | 1396507 |
| Kardium Inc/Us Series D-6 (b)(d) | 1087032 | 1239216 |
| Kardium Inc/Us Series D-7 (b) | 3576917 | 2038843 |
| Kardium Inc/Us Series D-7 (b)(d) | 782873 | 446238 |
| Kardium Inc/Us Series D-7 (b) | 162879 | 94469 |
| Medical Microinstruments Inc/Italy Series C (b)(c)(d) | 81214 | 2745845 |
|  |  | 16808378 |
| Health Care Providers & Services - 0.0% |  |  |
| Conformal Medical Inc Series C (b)(c)(d) | 140186 | 901396 |
| Conformal Medical Inc Series D (b)(c)(d) | 201674 | 1548856 |
|  |  | 2450252 |
| Health Care Technology - 0.0% |  |  |
| Aledade Inc Series B1 (b)(c)(d) | 26096 | 874477 |
| Aledade Inc Series E1 (b)(c)(d) | 21357 | 715673 |
| Candid Therapeutics Series B (b)(c)(d) | 1469416 | 1542887 |
| Wugen Inc Series B (b)(c)(d) | 121894 | 193811 |
| Wugen Inc Series C (b)(d) | 1256700 | 2186658 |
|  |  | 5513506 |
| Pharmaceuticals - 0.0% |  |  |
| Galvanize Therapeutics Series B (b)(c)(d) | 1125997 | 810718 |
| Galvanize Therapeutics Series C-1 (b)(d) | 1919707 | 844671 |
| Kartos Therapeutics Inc Series C (b)(c)(d) | 472772 | 2893365 |
| Kartos Therapeutics Inc Series D (b)(d) | 128671 | 787466 |
| Mentari Therapeutics Inc Series A (b)(d) | 593950 | 819651 |
| Mirador Therapeutics Inc Series A (b)(c)(d) | 957764 | 3409640 |
| Mirador Therapeutics Inc Series B (b)(d) | 1424532 | 5156806 |
|  |  | 14722317 |
| TOTAL HEALTH CARE |  | 97872925 |
| Industrials - 0.8% |  |  |
| Aerospace & Defense - 0.8% |  |  |
| Anduril Industries Inc Series F (b)(c)(d) | 111962 | 4791974 |
| Anduril Industries Inc Series G (b)(d) | 20700 | 885960 |
| Space Exploration Technologies Corp Series G (b)(c)(d) | 7729 | 16385480 |
| Space Exploration Technologies Corp Series J (b)(c)(d) | 52171 | 110602520 |
| Space Exploration Technologies Corp Series N (b)(c)(d) | 19900 | 42188000 |
|  |  | 174853934 |
| Air Freight & Logistics - 0.0% |  |  |
| Zipline International Inc Series G (b)(c)(d) | 74075 | 4027458 |
| Electrical Equipment - 0.0% |  |  |
| Empower Semiconductor Inc Series D (b)(d) | 314200 | 2334505 |
| TOTAL INDUSTRIALS |  | 181215897 |
| Information Technology - 1.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Cerebras Systems Inc Series G (b)(d) | 763800 | 27672474 |
| Enevate Corp Series E (b)(c)(d) | 754820 | 135868 |
| Menlo Microsystems Inc Series C (b)(c)(d) | 993699 | 606156 |
| Vast Data Ltd Series A (b)(c)(d) | 107503 | 2527396 |
| Vast Data Ltd Series A1 (b)(c)(d) | 264598 | 6220699 |
| Vast Data Ltd Series A2 (b)(c)(d) | 304373 | 7155809 |
| Vast Data Ltd Series B (b)(c)(d) | 242193 | 5693957 |
| Vast Data Ltd Series C (b)(c)(d) | 7060 | 165981 |
| Vast Data Ltd Series E (b)(c)(d) | 231432 | 5440966 |
|  |  | 55619306 |
| IT Services - 0.5% |  |  |
| X.Ai Holdings Corp Series B (b)(d) | 677598 | 47486068 |
| X.Ai Holdings Corp Series C (b)(d) | 692600 | 48537409 |
|  |  | 96023477 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Alif Semiconductor Series C (b)(c)(d) | 43034 | 1090482 |
| Alif Semiconductor Series D (b)(d) | 76900 | 2082452 |
| Danger Devices Inc Series B (b)(d) | 1177500 | 1071525 |
| Retym Inc Series C (b)(c)(d) | 202380 | 2209990 |
| Retym Inc Series D (b)(d) | 50206 | 576867 |
| SiMa Technologies Inc Series B (b)(c)(d) | 299482 | 1832830 |
| SiMa Technologies Inc Series B1 (b)(c)(d) | 167848 | 1211862 |
|  |  | 10076008 |
| Software - 0.5% |  |  |
| Anthropic PBC Series D (b)(c)(d) | 100142 | 14849056 |
| Anthropic PBC Series E (b)(d) | 14200 | 2001632 |
| Anthropic PBC Series F (b)(d) | 19800 | 2791008 |
| Asapp Inc Series D (b)(c)(d) | 612736 | 588226 |
| Celestial AI Inc Series A (b)(d) | 84119 | 1550313 |
| Celestial AI Inc Series B (b)(d) | 63298 | 1166582 |
| Celestial AI Inc Series C1 (b)(d) | 253555 | 4673019 |
| Crusoe Energy Systems LLC Series D (b)(d) | 100444 | 8438301 |
| Crusoe Energy Systems LLC Series E (b)(d) | 14214 | 1194118 |
| Databricks Inc Series G (b)(c)(d) | 37815 | 6780986 |
| Databricks Inc Series H (b)(c)(d) | 56085 | 10057162 |
| Databricks Inc Series I (b)(c)(d) | 3131 | 561451 |
| Databricks Inc Series J (b)(d) | 84014 | 15065390 |
| Databricks Inc Series K (b)(d) | 6300 | 1129716 |
| Evozyne Inc Series A (b)(c)(d) | 78000 | 1287000 |
| Evozyne Inc Series B (b)(c)(d) | 95720 | 1624368 |
| Lyte Ai Inc Series B (b)(c)(d) | 213232 | 2123791 |
| Openai Group Pbc Series A-3 (b)(d) | 9442 | 4102927 |
| Physical Intelligence Inc Series B (b)(d) | 12400 | 3366972 |
| Skyryse Inc Series B (b)(c)(d) | 117653 | 3076626 |
| Skyryse Inc Series C (b)(d) | 114500 | 3093790 |
| Skyryse Inc Series C-1 (b)(d) | 18658 | 489026 |
| Stripe Inc Series H (b)(c)(d) | 14400 | 596448 |
|  |  | 90607908 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Lightmatter Inc Series C1 (b)(c)(d) | 136712 | 6448705 |
| Lightmatter Inc Series C2 (b)(c)(d) | 21474 | 1048790 |
| Lightmatter Inc Series D (b)(c)(d) | 133986 | 8745266 |
|  |  | 16242761 |
| TOTAL INFORMATION TECHNOLOGY |  | 268569460 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Farmers Business Network Inc Series G (b)(c)(d) | 33030 | 39636 |
| Manus Bio Inc Series One-5 (b)(d) | 121101 | 437175 |
| Manus Bio Inc Series One-6 (b)(d) | 181143 | 653926 |
|  |  | 1130737 |
| Metals & Mining - 0.0% |  |  |
| Diamond Foundry Inc Series C (b)(c)(d) | 301038 | 8868579 |
| TOTAL MATERIALS |  | 9999316 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Redwood Materials Series C (b)(c)(d) | 20469 | 977191 |
| Redwood Materials Series D (b)(c)(d) | 7960 | 380010 |
| Redwood Materials Series E (b)(d) | 1465 | 69939 |
|  |  | 1427140 |
| TOTAL UNITED STATES |  | 581237459 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $449,474,009) |  | <br> **672635945** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rad Power Bikes Inc 8% 12/31/2025 (b)(d) | 280502 | 59242 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 6% (b)(d)(k) | 41948 | 10893 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc 10% 12/31/2027 (b)(d) | 487886 | 596338 |
| SiMa Technologies Inc 7.5% 12/31/2027 (b)(d) | 434800 | 474637 |
|  |  | 1070975 |
| TOTAL INFORMATION TECHNOLOGY |  | 1081868 |
| TOTAL UNITED STATES |  | 1141110 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $1,245,135) |  | <br> **1141110** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (l) | 4.02 | 6375798 | 6377073 |
| Fidelity Securities Lending Cash Central Fund (l)(m) | 4.02 | 87364372 | 87373109 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $93,750,182) |  |  | **93750182** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.3%**<br> (Cost $10,425,226,613)<br>| <br>**22997608884** |
| **NET OTHER ASSETS (LIABILITIES) - (0.3)%**  | **(74626016)** |
| **NET ASSETS - 100.0%** | **22922982868** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Level 3 security.

(c) Non-income producing.

(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 $854,980,687 or 3.7% of net assets.

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

(f) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $23,934,612 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

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

(h) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,337,197 or 0.0% of net assets.

(i) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

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

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

(l) 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.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Adimab LLC | 1/19/2021 | 7455144 |
| Adimab LLC | 1/19/2021 | 2544864 |
| AgBiome LLC Series D | 9/3/2021 | 2852725 |
| AgomAb Therapeutics SA Series C | 10/3/2023 | 3296587 |
| AgomAb Therapeutics SA Series D | 10/22/2024 | 843788 |
| AgomAb Therapeutics SA warrants 10/10/2033 | 10/3/2023 | 0 |
| AgomAb Therapeutics SA warrants 11/4/2034 | 10/22/2024 | 0 |
| Akeana Series C | 1/23/2024 | 1452179 |
| Aledade Inc Series B1 | 5/7/2021 | 999234 |
| Aledade Inc Series E1 | 5/20/2022 | 1063886 |
| Alif Semiconductor Series C | 3/8/2022 | 873527 |
| Alif Semiconductor Series D | 4/11/2025 | 2077615 |
| Altos Labs Inc Series B | 7/22/2022 | 2383287 |
| Altos Labs Inc Series C | 3/15/2024 | 1318530 |
| Anduril Industries Inc Class B | 6/16/2025 | 89901 |
| Anduril Industries Inc Class C | 6/16/2025 | 41 |
| Anduril Industries Inc Series F | 8/7/2024 | 2433673 |
| Anduril Industries Inc Series G | 4/17/2025 | 846274 |
| Ankyra Therapeutics Series B | 8/26/2021 | 1854693 |
| Anthropic PBC Series D | 5/31/2024 | 3004711 |
| Anthropic PBC Series E | 2/14/2025 | 796428 |
| Anthropic PBC Series F | 8/18/2025 | 2791158 |
| Asapp Inc Series D | 8/29/2023 | 2366080 |
| Asapp Inc warrants 8/28/2028 | 8/29/2023 | 0 |
| Asimov Inc Series B | 10/29/2021 | 1846200 |
| Beauty Health Co/The | 12/8/2020 | 4286430 |
| Bending Spoons SpA Class C | 10/9/2025 | 1446968 |
| Blink Health LLC Class A1 | 12/30/2020 - 6/17/2024 | 2447843 |
| Blink Health LLC Series C | 11/7/2019 - 7/14/2021 | 5535787 |
| Blink Health LLC Series C1 | 7/15/2022 - 2/2/2024 | 2193318 |
| Blink Health LLC Series D | 6/17/2024 - 6/25/2024 | 2620632 |
| Bolt Technology OU Series E | 1/3/2022 | 4628275 |
| Bright Peak Therapeutics Inc. Series B | 5/14/2021 | 1102496 |
| Bright Peak Therapeutics Inc. Series C | 5/7/2024 | 1258489 |
| Bytedance Ltd Series E1 | 11/18/2020 | 5373408 |
| CAMP4 Therapeutics Corp | 9/9/2025 | 191490 |
| Candid Therapeutics Series B | 8/27/2024 | 1763299 |
| Canva Australia Holdings Pty Ltd Class A | 3/18/2024 - 11/12/2025 | 5382217 |
| Canva Australia Holdings Pty Ltd Series A | 9/22/2023 | 1575459 |
| Canva Australia Holdings Pty Ltd Series A2 | 9/22/2023 | 285865 |
| Cardurion Pharmaceuticals Inc Series B | 7/10/2024 | 2199786 |
| Castle Creek Biosciences Inc Series C | 12/9/2019 | 239697 |
| Castle Creek Biosciences Inc Series D1 | 4/19/2022 | 962474 |
| Castle Creek Biosciences Inc Series D2 | 6/28/2021 | 215100 |
| Celestial AI Inc | 2/25/2025 | 195464 |
| Celestial AI Inc Series A | 2/25/2025 | 1246282 |
| Celestial AI Inc Series B | 2/25/2025 | 937804 |
| Celestial AI Inc Series C1 | 2/25/2025 | 4419515 |
| CELLANOME Inc Series B | 1/8/2024 | 3003295 |
| Cerebras Systems Inc Series G | 9/19/2025 | 27674307 |
| City Therapeutics Inc Series A | 4/17/2024 | 2997687 |
| Cleerly Inc Series C | 7/8/2022 | 3473958 |
| Conformal Medical Inc Series C | 7/24/2020 | 514071 |
| Conformal Medical Inc Series D | 5/26/2023 - 7/31/2025 | 1024436 |
| Crescent Biopharma Inc | 10/28/2024 | 1399356 |
| Crusoe Energy Systems LLC Series D | 12/10/2024 | 2930137 |
| Crusoe Energy Systems LLC Series E | 10/8/2025 | 1194093 |
| Danger Devices Inc Series B | 3/5/2025 | 1060339 |
| Databricks Inc Series G | 2/1/2021 | 2235722 |
| Databricks Inc Series H | 8/31/2021 | 4121358 |
| Databricks Inc Series I | 9/14/2023 | 230129 |
| Databricks Inc Series J | 12/17/2024 | 7771296 |
| Databricks Inc Series K | 9/8/2025 | 945000 |
| Deep Genomics Inc Series C | 7/21/2021 | 2254110 |
| Diamond Foundry Inc Series C | 3/15/2021 | 7224912 |
| Discord Inc Series I | 9/15/2021 | 770873 |
| DNA Script SAS | 12/17/2021 | 92085 |
| DNA Script SAS | 12/17/2021 | 351526 |
| DNA Script SAS Series B | 12/17/2021 | 4804 |
| DNA Script SAS Series C | 10/1/2021 | 2217248 |
| Dragonfly Therapeutics Inc | 12/19/2019 | 830209 |
| Element Biosciences Inc Series B | 12/13/2019 | 655373 |
| Element Biosciences Inc Series C | 6/21/2021 | 2348706 |
| Element Biosciences Inc Series D | 6/28/2024 | 724517 |
| Element Biosciences Inc Series D1 | 6/28/2024 | 724517 |
| Element Labs Inc Series A | 2/11/2025 | 615627 |
| Element Labs Inc Series B | 6/27/2025 | 1366875 |
| ElevateBio LLC Series C | 3/9/2021 | 1038681 |
| Empower Semiconductor Inc Series D | 6/27/2025 | 2521706 |
| Enevate Corp 10% 5/12/2199 | 11/12/2024 | 11723 |
| Enevate Corp 6% | 11/2/2023 - 10/31/2024 | 41948 |
| Enevate Corp Series E | 1/29/2021 | 836858 |
| Epic Games Inc | 7/13/2020 - 7/30/2020 | 2875000 |
| Evozyne Inc 6% 9/13/2028 pay-in-kind | 9/14/2023 - 9/30/2025 | 1679667 |
| Evozyne Inc Series A | 4/9/2021 | 1752660 |
| Evozyne Inc Series B | 9/14/2023 | 1482703 |
| Fanatics Inc Class A | 8/13/2020 - 10/24/2022 | 7298409 |
| Farmers Business Network Inc 15% 12/31/2199 | 9/29/2023 - 9/25/2024 | 1143008 |
| Farmers Business Network Inc Series G | 9/15/2021 | 2053072 |
| Farmers Business Network Inc warrants 9/27/2033 | 9/29/2023 | 1 |
| Freenome Holdings Inc Series C | 8/14/2020 | 934916 |
| Freenome Holdings Inc Series D | 11/22/2021 | 947803 |
| Galvanize Therapeutics 10% 2/28/2027 | 7/7/2025 | 736585 |
| Galvanize Therapeutics Series B | 3/29/2022 | 1949422 |
| Galvanize Therapeutics Series C-1 | 7/7/2025 | 844671 |
| Generate Biomedicines Inc Series B | 11/2/2021 | 2273494 |
| Generate Biomedicines Inc Series C | 6/5/2023 - 1/21/2025 | 3372202 |
| Genesis Therapeutics Inc Series D | 8/10/2023 | 2982231 |
| GoBrands Inc Series G | 3/2/2021 | 4971122 |
| GoBrands Inc Series H | 7/22/2021 | 8049526 |
| InSightec Ltd Series G | 6/17/2024 | 2413860 |
| Jade Biosciences Inc | 10/7/2025 | 1270752 |
| JUUL Labs Inc Class A | 2/23/2024 - 11/4/2025 | 5626179 |
| Kardigan Inc Series B | 10/9/2025 | 3051959 |
| Kardium Inc/Us 10% 12/31/2026 | 5/31/2024 - 10/1/2025 | 985934 |
| Kardium Inc/Us Series D-6 | 12/30/2020 | 1104251 |
| Kardium Inc/Us Series D-7 | 8/6/2024 | 380030 |
| Kartos Therapeutics Inc Series C | 8/22/2023 | 2672580 |
| Kartos Therapeutics Inc Series D | 2/26/2025 | 727377 |
| Laronde Inc Series B | 8/13/2021 | 2275896 |
| LifeMine Therapeutics Inc Series C | 2/15/2022 | 3583954 |
| Lightmatter Inc Series C1 | 5/19/2023 | 2249842 |
| Lightmatter Inc Series C2 | 12/18/2023 | 558362 |
| Lightmatter Inc Series D | 10/11/2024 | 10749764 |
| Lyte Ai Inc Series B | 8/13/2024 | 2705082 |
| Manus Bio Inc Series One-5 | 11/13/2020 | 1270263 |
| Manus Bio Inc Series One-6 | 3/30/2021 | 1900058 |
| Medical Microinstruments Inc/Italy Series C | 2/16/2024 | 2707163 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 | 2/16/2024 | 0 |
| Menlo Microsystems Inc Series C | 2/9/2022 | 1317148 |
| Mentari Therapeutics Inc Series A | 9/18/2025 | 815077 |
| Mirador Therapeutics Inc Series A | 3/19/2024 | 2873292 |
| Mirador Therapeutics Inc Series B | 7/31/2025 | 4700956 |
| National Resilience LLC Series B | 12/1/2020 | 2490423 |
| National Resilience LLC Series C | 6/28/2021 | 3319559 |
| Neurona Therapeutics Inc Series F | 3/28/2025 | 2081218 |
| Neutron Holdings Inc 4% 5/22/2027 | 6/4/2020 | 310600 |
| Neutron Holdings Inc 4% 6/12/2027 | 6/12/2020 | 82200 |
| Neutron Holdings Inc 8% 10/29/2026 | 10/29/2021 - 10/29/2025 | 2430728 |
| NScale Global Holdings Ltd Series B | 9/25/2025 | 2013364 |
| Odyssey Therapeutics Inc Series B | 9/30/2022 | 2892807 |
| Odyssey Therapeutics Inc Series C | 10/25/2023 | 2212210 |
| Odyssey Therapeutics Inc Series D | 6/16/2025 | 2640432 |
| Openai Group Pbc Class A | 9/3/2025 | 2279000 |
| Openai Group Pbc Series A-3 | 8/4/2025 | 2897400 |
| Oruka Therapeutics Inc | 9/17/2025 | 1534545 |
| Oura Health Oy Series D | 12/18/2024 | 8351202 |
| Oura Health Oy Series E | 9/24/2025 | 30542936 |
| Parabilis Medicines Inc Series D | 11/17/2022 | 2933989 |
| Parabilis Medicines Inc Series E | 2/29/2024 | 1261439 |
| Paragon Biosciences Emalex Capital Inc Series C | 2/26/2021 | 1176647 |
| Paragon Biosciences Emalex Capital Inc Series D-3 | 5/6/2025 | 839896 |
| Paragon Biosciences Emalex Capital Inc Series D1 | 10/21/2022 - 3/13/2025 | 2293956 |
| Paragon Biosciences Emalex Capital Inc Series D2 | 5/18/2022 | 134101 |
| Physical Intelligence Inc Series B | 10/24/2025 | 3367335 |
| Prognomiq Inc | 8/20/2020 - 2/16/2022 | 674070 |
| Quell Therapeutics Ltd Series B | 11/24/2021 | 1554788 |
| Rad Power Bikes Inc | 1/21/2021 | 826884 |
| Rad Power Bikes Inc 8% 12/31/2025 | 10/6/2023 | 280501 |
| Rad Power Bikes Inc Series A | 1/21/2021 | 107803 |
| Rad Power Bikes Inc Series C | 1/21/2021 | 424189 |
| Rad Power Bikes Inc Series D | 9/17/2021 | 2104603 |
| Rad Power Bikes Inc warrants 10/6/2033 | 10/6/2023 | 0 |
| Redwood Materials Series C | 5/28/2021 | 970302 |
| Redwood Materials Series D | 6/2/2023 | 379977 |
| Redwood Materials Series E | 10/20/2025 | 69932 |
| Retym Inc Series C | 5/17/2023 - 6/20/2023 | 1574881 |
| Retym Inc Series D | 1/29/2025 | 531531 |
| Revolut Group Holdings Ltd | 12/27/2024 | 2320516 |
| Saluda Medical Inc | 1/20/2022 - 10/30/2025 | 5125678 |
| Saluda Medical Inc warrants 1/20/2027 | 1/20/2022 | 0 |
| Scholar Rock Holding Corp warrants 12/31/2025 | 6/17/2022 | 0 |
| Scorpion Therapeutics Inc | 3/5/2025 | 261494 |
| Scorpion Therapeutics Inc | 3/5/2025 | 0 |
| Scorpion Therapeutics Inc rights | 3/5/2025 | 435823 |
| SiMa Technologies Inc 10% 12/31/2027 | 4/8/2024 - 10/5/2025 | 487886 |
| SiMa Technologies Inc 7.5% 12/31/2027 | 7/18/2025 | 434800 |
| SiMa Technologies Inc Series B | 5/10/2021 | 1535564 |
| SiMa Technologies Inc Series B1 | 4/25/2022 - 10/17/2022 | 1190193 |
| Skyhawk Therapeutics Inc | 5/21/2021 | 2094864 |
| Skyryse Inc Series B | 10/21/2021 | 2903673 |
| Skyryse Inc Series C | 9/16/2025 - 11/21/2025 | 3094271 |
| Skyryse Inc Series C-1 | 8/13/2024 | 378171 |
| Sonoma Biotherapeutics Inc Series B | 7/26/2021 | 1161934 |
| Sonoma Biotherapeutics Inc Series B1 | 7/26/2021 | 929546 |
| Space Exploration Technologies Corp | 2/16/2021 - 4/2/2024 | 31631560 |
| Space Exploration Technologies Corp Class C | 4/2/2024 | 5731051 |
| Space Exploration Technologies Corp Series G | 9/7/2023 | 6260490 |
| Space Exploration Technologies Corp Series J | 9/7/2023 | 42258511 |
| Space Exploration Technologies Corp Series N | 8/4/2020 | 5373000 |
| Stripe Inc Class B | 5/18/2021 | 1544943 |
| Stripe Inc Series H | 3/15/2021 | 577800 |
| T-Knife Therapeutics Inc Series B | 6/30/2021 | 1392910 |
| Taalas Inc Series B | 2/19/2025 | 1647402 |
| Tenstorrent Holdings Inc Series C1 | 4/23/2021 | 1944778 |
| Tenstorrent Holdings Inc Series D1 | 7/16/2024 - 1/15/2025 | 6453285 |
| Tenstorrent Holdings Inc Series D2 | 7/17/2024 | 1165989 |
| Treeline Biosciences Series A | 7/30/2021 - 10/27/2022 | 2221578 |
| Treeline Biosciences Series A1 | 10/27/2022 | 1303031 |
| Triveni Bio Inc Series B | 9/19/2024 | 2174907 |
| Vast Data Ltd Series A | 11/28/2023 | 1182533 |
| Vast Data Ltd Series A1 | 11/28/2023 | 2910578 |
| Vast Data Ltd Series A2 | 11/28/2023 | 3348103 |
| Vast Data Ltd Series B | 11/28/2023 | 2664123 |
| Vast Data Ltd Series C | 11/28/2023 | 77660 |
| Vast Data Ltd Series E | 11/28/2023 | 5091504 |
| Waymo LLC Series A2 | 5/8/2020 | 566037 |
| Waymo LLC Series C2 | 10/18/2024 | 1481367 |
| Wugen Inc 0% 12/31/2199 | 6/14/2024 | 515072 |
| Wugen Inc Series B | 7/9/2021 | 945276 |
| Wugen Inc Series C | 8/22/2025 | 2227991 |
| Wugen Inc warrants 8/22/2035 | 8/22/2025 | 0 |
| X.Ai Holdings Corp Class A | 10/27/2021 - 7/18/2025 | 4639485 |
| X.Ai Holdings Corp Series B | 5/13/2024 | 8110848 |
| X.Ai Holdings Corp Series C | 11/22/2024 | 14994790 |
| Xsight Labs Ltd Series D | 2/16/2021 | 977119 |
| Xsight Labs Ltd Series F | 1/11/2024 - 12/30/2024 | 1661754 |
| Zipline International Inc Series G | 6/7/2024 | 3107172 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Beta Technologies Inc | 5/4/2026 |
| Caris Life Sciences Inc | 12/15/2025 |
| HeartFlow Inc | 2/4/2026 |
| Lenskart Solutions Ltd | 12/5/2025 |
| Lenskart Solutions Ltd | 2/3/2026 |
| Omada Health Inc | 12/3/2025 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 31760051 | 1544883552 | 1570266359 | 1460241 | (171) | - | 6377073 | 6375798 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 345922410 | 1344354189 | 1602904330 | 2534442 | 840 | - | 87373109 | 87364372 | 0.3% |
| Total | 377682461 | 2889237741 | 3173170689 | 3994683 | 669 | - | 93750182 |  |  |

---

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

Amounts in the dividend income column 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 income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of November 30, 2025, 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 Consolidated Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 3490602360 | 3487351910 | - | 3250450 |
| Consumer Discretionary | 2833961674 | 2806046642 | 11533028 | 16382004 |
| Consumer Staples | 469659539 | 461538801 | - | 8120738 |
| Energy | 60073556 | 60073556 | - | - |
| Financials | 894833541 | 888570747 | 2652697 | 3610097 |
| Health Care | 2547807792 | 2527839385 | 1449645 | 18518762 |
| Industrials | 630669600 | 511887263 | 15481489 | 103300848 |
| Information Technology | 11113391419 | 11086532890 | 5072929 | 21785600 |
| Materials | 123327376 | 122132816 | - | 1194560 |
| Real Estate | 54543539 | 54543539 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Consumer Discretionary | 6096761 | - | - | 6096761 |
| Health Care | 2314448 | - | - | 2314448 |
| Information Technology | 1963017 | - | - | 1963017 |
| Materials | 837025 | - | - | 837025 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 11759062 | - | - | 11759062 |
| Consumer Discretionary | 5213550 | - | - | 5213550 |
| Consumer Staples | 1906875 | - | - | 1906875 |
| Financials | 15032296 | - | - | 15032296 |
| Health Care | 162605253 | 4960620 | - | 157644633 |
| Industrials | 183901453 | - | - | 183901453 |
| Information Technology | 280791000 | - | - | 280791000 |
| Materials | 9999316 | - | - | 9999316 |
| Utilities | 1427140 | - | - | 1427140 |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 59242 | - | - | 59242 |
| Information Technology | 1081868 | - | - | 1081868 |
|  **Money Market Funds** | 93750182 | 93750182 | - | - |
| **Total Investments in Securities:** | 22997608884 | 22105228351 | 36189788 | 856190745 |

---

The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2025 ($)** |
| **Common Stocks** | 158312715 | 10251797 | 32363671 | 29475046 | (54209870) | - | 3384 | (33684) | 176163059 | 54686620 |
| **Convertible Preferred Stocks** | 375344887 | 1160573 | 186111440 | 171991106 | (66932681) | - | - | - | 667675325 | 186719357 |
| **Convertible Corporate Bonds** | 8563686 | 491456 | 1589121 | 2148244 | (1581256) | - | - | - | 11211251 | 1691236 |
| **Preferred Securities** | 5309285 | - | 334567 | 638936 | (5141678) | - | - | - | 1141110 | (196352) |
| <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. |  |  |  |

---

**Consolidated Financial Statements**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| **As of November 30, 2025** | **As of November 30, 2025** | **As of November 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $106,201,552) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $10,331,476,431) | $22903858702 |  |
| Fidelity Central Funds (cost $93,750,182) | 93750182 |  |
| Total Investment in Securities (cost $10,425,226,613) |  | $22997608884 |
| Cash |  | 169520 |
| Foreign currency held at value (cost $693) |  | 692 |
| Receivable for investments sold |  | 9216413 |
| Receivable for fund shares sold |  | 18896730 |
| Dividends receivable |  | 6500634 |
| Interest receivable |  | 485726 |
| Distributions receivable from Fidelity Central Funds |  | 165956 |
| Other receivables |  | 595745 |
| **Total assets** |  | 23033640300 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $7099363 |  |
| Payable for fund shares redeemed | 6412098 |  |
| Accrued management fee | 8524701 |  |
| Other payables and accrued expenses | 1251547 |  |
| Collateral on securities loaned | 87369723 |  |
| **Total liabilities** |  | 110657432 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $22922982868 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $9517056097 |
| Total accumulated earnings (loss) |  | 13405926771 |
| **Net Assets** |  | $22922982868 |
| **Net Asset Value**, offering price and redemption price per share ($22,922,982,868 ÷ 602,766,959 shares) |  | $38.03 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $84223452 |
| Interest  |  | 514818 |
| Income from Fidelity Central Funds (including $2,534,442 from security lending)  |  | 3994683 |
| **Total income** |  | 88732953 |
| **Expenses** |  |  |
| Management fee | $93493025 |  |
| Independent trustees' fees and expenses | 81244 |  |
| Interest | 20509 |  |
| Total expenses before reductions | 93594778 |  |
| Expense reductions | (6305) |  |
| Total expenses after reductions |  | 93588473 |
| **Net Investment income (loss)** |  | (4855520) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $567,680)  | 887616650 |  |
| Redemptions in-kind | 556546302 |  |
| Fidelity Central Funds | 669 |  |
| Foreign currency transactions | (915) |  |
| Futures contracts | (1485052) |  |
| Total net realized gain (loss) |  | 1442677654 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,036,460)  | 3382592699 |  |
| Unfunded commitments | (1660202) |  |
| Assets and liabilities in foreign currencies | 19085 |  |
| Total change in net unrealized appreciation (depreciation) |  | 3380951582 |
| **Net gain (loss)** |  | 4823629236 |
| **Net increase (decrease) in net assets resulting from operations** |  | $4818773716 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Year ended**<br> **November 30, 2025** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(4855520) | $5374015 |
| &nbsp;&nbsp;Net realized gain (loss) | 1442677654<br>| 2666690457<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 3380951582 | 4417305885<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4818773716<br>| 7089370357<br>|
| Distributions to shareholders | (462495103)<br>| (16291092)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 3072899791 | 3811265130 |
| Reinvestment of distributions | 461317514<br>| 16250553<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (6234099701) | (5785344119) |
| **Net increase (decrease) in net assets resulting from share transactions** | (2699882396)<br>| (1957828436)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1656396217<br>| 5115250829<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 21266586651 | 16151335822<br>|
| &nbsp;&nbsp;End of period | $22922982868 | $21266586651 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 97459553 | 144105130 |
| Issued in reinvestment of distributions | 14649651<br>| 721926<br>|
| &nbsp;&nbsp;Redeemed | (197311100) | (221182974) |
| &nbsp;&nbsp;Net increase (decrease) | (85201896) | (76355918) |

---

**Consolidated Financial Highlights** 

**Fidelity® Growth Company K6 Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $30.91 | $21.13 | $16.83 | $24.27 | $18.67 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.01)  | .01  | .02  | .03  | - C,D |
| Net realized and unrealized gain (loss)  | 7.81  | 9.79  | 4.31  | (6.87)  | 5.78  |
| Total from investment operations  | 7.80  | 9.80  | 4.33  | (6.84)  | 5.78  |
| Distributions from net investment income  | (.01)  | (.02)  | (.03)  | -  | (.02)  |
| Distributions from net realized gain  | (.66)  | -  | -  | (.60)  | (.16)  |
| Total distributions  | (.68) E | (.02)  | (.03)  | (.60)  | (.18)  |
| Net asset value, end of period  | $38.03 | $30.91 | $21.13 | $16.83 | $24.27 |
| **Total Return** F | 25.68% <br>| 46.43%  | 25.77%  | (28.85)%  | 31.20%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .45%  | .45%  | .45%  | .45%  | .45%  |
| Expenses net of fee waivers, if any  | .45% <br>| .45%  | .45%  | .45%  | .45%  |
| Expenses net of all reductions, if any  | .45%  | .45%  | .45%  | .45%  | .45%  |
| Net investment income (loss)  | (.02)%  | .03%  | .10%  | .15%  | (.01)% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $22922983 | $21266587 | $16151336 | $11611605 | $14970335 |
| Portfolio turnover rate I,J | 15% <br>| 22%  | 17%  | 23%  | 22%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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 (.07)%.*

D*Amount represents less than $.005 per share.*

E*Total distributions per share do not sum due to rounding.*

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 Consolidated 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*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), derivatives or securities that mature within one year from acquisition.* 

**Notes to Consolidated Financial Statements**

For the period ended November 30, 2025

**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 Consolidated 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 Consolidated 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 RatioA** |
| 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% |

---

*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 consolidated 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 consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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 - unadjusted 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 service 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 services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services 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 services. 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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $176163023  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 0.5 - 71.0 / 20.7 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 14.9 - 35.9 / 35.6 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI)  | 27.1 | Increase |
|  |  | Market approach  | Transaction price  | $0.61 - $62.50 / $23.63 | Increase |
|  |  |  | Discount rate  | 20.0% - 25.0% / 20.0% | Decrease |
|  |  |  | Parity price  | $4.90  | Increase |
|  |  |  | Premium rate  | 10.0% - 50.0% / 36.6% | Increase |
|  |  | Recovery value | Recovery value  | $0.00 | Increase |
|  |  | Black scholes | Volatility  | 60.0% - 110.0% / 79.7% | Increase |
|  |  |  | Discount rate  | 3.6% - 3.9% / 3.6% | Increase |
|  |  |  | Term | 1.0 - 5.0 / 2.1 | Increase |
|  |  | Discounted cash flow  | Discount rate | 3.8% - 15.1% / 7.0% | Decrease |
|  |  |  | Probability rate | 2.5% - 87.5% / 37.0% | Increase |
|  |  |  | Term | 0.5 - 9.3 / 5.5 | Increase |
| Convertible Corporate Bonds | $11211251  | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.5 - 3.8 / 3.5 | Increase |
|  |  |  | Discount rate | 29.2% | Decrease |
|  |  |  | Probability rate | 10.0% - 75.0% / 33.3% | Increase |
|  |  | Market approach | Transaction price | $100.00  | Increase |
|  |  |  | Discount rate | 19.9% - 21.7% / 19.9% | Decrease |
|  |  |  | Probability rate | 0.0% - 100.0% / 40.7% | Increase |
|  |  | Black scholes | Volatility | 60.0% - 110.0% / 73.5% | Increase |
|  |  |  | Discount rate | 3.6% - 4.4% / 3.8% | Increase |
|  |  |  | Term | 0.6 - 3.0 / 1.1 | Increase |
| Convertible Preferred Stocks | $667675335  | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.5 - 71.0 / 34.2 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA) | 35.9 | Increase |
|  |  |  | Enterprise value/Gross profit multiple (EV/GP) | 11.9 | Increase |
|  |  | Market approach | Transaction price | $0.41 - $278.23 / $32.41 | Increase |
|  |  |  | Discount rate | 10.0% - 90.0% / 21.9% | Decrease |
|  |  |  | Premium rate | 10.0% - 40.0% / 14.4% | Increase |
|  |  | Recovery value | Recovery value | $0.00 - $0.01 / $0.01 | Increase |
|  |  | Black scholes | Volatility | 40.0% - 110.0% / 75.6% | Increase |
|  |  |  | Discount rate | 3.5% - 3.7% / 3.6% | Increase |
|  |  |  | Term | 1.0 - 5.0 / 3.1 | Increase |
| Preferred Securities | $1141112  | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.5 | Increase |
|  |  | Market approach | Transaction price | $100.00  | Increase |
|  |  |  | Discount rate | 35.4% - 46.9% / 41.8% | Decrease |
|  |  |  | Probability rate | 0.0% - 60.0% / 37.3% | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Volatility | 50.0% - 100.0% / 50.5% | Increase |
|  |  |  | Discount rate | 3.6% - 4.4% / 3.7% | Increase |
|  |  |  | Term | 0.6 - 1.1 / 1.1 | 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 November 30, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. 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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable.

**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 consolidated 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 Consolidated Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Growth Company K6 Fund** | $437665 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2025, the Fund did not have any unrecognized tax benefits in the consolidated financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Consolidated Statement of Assets and 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 consolidated 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 future transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), contingent interest, redemptions in-kind, partnerships 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**  | $13061092127 |
| **Gross unrealized depreciation**  | <u>(545103299)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$12515988828</u> |
| **Tax Cost**  | <u>$10481620056</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$-</u> |
| **Undistributed long-term capital gain**  | <u>$892417912</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$12515990974</u> |

---

The Fund intends to elect to defer to its next fiscal year $1,668,378 of ordinary losses recognized during the period January 1, 2025 to November 30, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2025** | **November 30, 2024** |
| **Ordinary Income**  | $8894150 | $16291092 |
| **Long-term Capital Gains**  | <u>453600953</u> | <u>-</u> |
| **Total**  | <u>$462495103</u> | <u>$16291092</u> |

---

**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 Consolidated Schedule of Investments, if applicable.

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Consolidated Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Consolidated Statement of Operations, as applicable based on contractual conditions of each commitment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** | **Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Growth Company K6 Fund** | Spinny Series G Convertible Preferred | 916795 | - |
| **Fidelity Growth Company K6 Fund** | Tubulis GmbH Series C Convertible Preferred | 775531 | - |

---

**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 Total Assets** |
| **Fidelity Growth Company K6 Fund** | 3634756 | .02 |

---

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 Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated 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 Consolidated Statement of Assets and Liabilities, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the consolidated financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, 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.

Derivatives were used 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 objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| 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.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a 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 a fund. Counterparty credit risk related to exchange-traded 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 Consolidated 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. Futures contracts were used to manage 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 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 Consolidated 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 Consolidated Statement of Operations.

Any open futures contracts at period end are presented in the Consolidated 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, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Consolidated Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Consolidated Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Growth Company K6 Fund** | 3123925446 | 5574237604 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Consolidated Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Growth Company K6 Fund** | 28283564 | - | 556546302 | 556546302 | 928592735 |

---

**Unaffiliated Exchanges In-Kind.** Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets.

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Growth Company K6 Fund** | 6162873 | 192614601 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Growth Company K6 Fund** | 82287153 | 1099345287 | 2100993643 |

---

**Prior Year Unaffiliated Exchanges In-Kind.** Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets.

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Growth Company K6 Fund** | 23087531 | 607688094 |

---

**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 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 Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Growth Company K6 Fund** | 134518 |

---

**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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the 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 K6 Fund** | Borrower | 14621455 | 4.59% | 20509 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Growth Company K6 Fund** | 370730973 | 408971502 | 61576303 |

---

**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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. 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** | 261745 | 9930 | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Consolidated Schedule of Investments or Consolidated Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Growth Company K6 Fund** | 21614817 |

---

**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 $6,305.

**10. Other.**

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

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

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying consolidated statement of assets and liabilities of Fidelity Growth Company K6 Fund (the "Fund"), a fund of Fidelity Mt. Vernon Street Trust, including the consolidated schedule of investments, as of November 30, 2025, the related consolidated statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 13, 2026

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

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2025, $892,417,912, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

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

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img120719_4.jpg)<br>

1.9893924.106 GCF-K6-ANN-0126

**Fidelity® Growth Company Fund**

**Annual Report**

**November 30, 2025**

![](img120720_1.jpg)

![](img120720_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7Consolidated_GCF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Growth Company Fund](#Sub_Sec_Fund_25_GCF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements25_GCF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_GCF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_GCF-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_GCF-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_GCF-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_GCF-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_GCF-ANN)** |

---

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.© 2026 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.*

**Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Growth Company Fund**

**Consolidated Schedule of Investments November 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.0%** | &nbsp;&nbsp;**Common Stocks - 97.0%** | &nbsp;&nbsp;**Common Stocks - 97.0%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Australia Holdings Pty Ltd Class A (b)(c)(d) | 9474 | 15595530 |
| BELGIUM - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| AgomAb Therapeutics SA warrants 10/10/2033 (b)(c)(d) | 10 | 0 |
| AgomAb Therapeutics SA warrants 11/4/2034 (b)(c)(d) | 10 | 0 |
| UCB SA  | 299106 | 83469769 |
| TOTAL BELGIUM |  | 83469769 |
| CANADA - 0.6%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Canada Goose Holdings Inc Subordinate Voting Shares (c) | 1157477 | 16225965 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Cameco Corp (United States) (c) | 576304 | 51008667 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Celestica Inc (United States) (c) | 167766 | 57780288 |
| IT Services - 0.2% |  |  |
| Shopify Inc Class A (c) | 890119 | 141283978 |
| TOTAL INFORMATION TECHNOLOGY |  | 199064266 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Agnico Eagle Mines Ltd/CA (United States)  | 316648 | 55232911 |
| Barrick Mining Corp  | 3024678 | 125212081 |
| Franco-Nevada Corp (United States)  | 126248 | 26491880 |
| Kinross Gold Corp (United States) (e) | 647044 | 18188407 |
| Novagold Resources Inc (United States) (c) | 2472500 | 25194775 |
|  |  | 250320054 |
| TOTAL CANADA |  | 516618952 |
| CHINA - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.1% |  |  |
| Alibaba Group Holding Ltd ADR  | 606204 | 95355889 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Atour Lifestyle Holdings Ltd ADR  | 1613376 | 61905237 |
| Luckin Coffee Inc ADR (c) | 1653714 | 60195190 |
| Trip.com Group Ltd ADR  | 282452 | 19749044 |
|  |  | 141849471 |
| TOTAL CONSUMER DISCRETIONARY |  | 237205360 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Ant International Co Ltd Class C (b)(d) | 1755314 | 2984033 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Zai Lab Ltd ADR (c)(e) | 334063 | 6818226 |
| TOTAL CHINA |  | 247007619 |
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Ascendis Pharma A/S ADR (c) | 54466 | 11564766 |
| Zealand Pharma A/S (c) | 858930 | 68914578 |
|  |  | 80479344 |
| Pharmaceuticals - 0.0% |  |  |
| Novo Nordisk A/S Class B ADR  | 20537 | 1013501 |
| TOTAL DENMARK |  | 81492845 |
| FINLAND - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Communications Equipment - 0.3% |  |  |
| Nokia Oyj ADR  | 33686247 | 204812382 |
| FRANCE - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Abivax SA ADR (c) | 312473 | 39006005 |
| Health Care Technology - 0.0% |  |  |
| DNA Script SAS (b)(c)(d) | 1769 | 34854 |
| DNA Script SAS (b)(c)(d) | 463 | 9106 |
|  |  | 43960 |
| TOTAL FRANCE |  | 39049965 |
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| adidas AG  | 2544 | 473842 |
| Birkenstock Holding Plc (c) | 121454 | 5262602 |
|  |  | 5736444 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| BioNTech SE ADR (c) | 516798 | 53307714 |
| TOTAL GERMANY |  | 59044158 |
| HONG KONG - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Futu Holdings Ltd Class A ADR  | 123100 | 20885146 |
| INDIA - 0.3%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.1% |  |  |
| Meesho  | 33305674 | 41373045 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Eternal Ltd (c) | 9483800 | 31851117 |
| MakeMyTrip Ltd (c) | 442659 | 31601426 |
|  |  | 63452543 |
| Specialty Retail - 0.0% |  |  |
| Lenskart Solutions Ltd (f) | 315851 | 1450838 |
| Lenskart Solutions Ltd (f) | 315850 | 1450833 |
| Lenskart Solutions Ltd (c) | 56687 | 260387 |
|  |  | 3162058 |
| TOTAL CONSUMER DISCRETIONARY |  | 107987646 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Reliance Industries Ltd  | 1524376 | 26740895 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| HDFC Bank Ltd ADR  | 1703071 | 62707074 |
| Financial Services - 0.0% |  |  |
| Jio Financial Services Ltd  | 2318738 | 7945718 |
| Pine Labs Ltd (f) | 3440279 | 9615964 |
|  |  | 17561682 |
| TOTAL FINANCIALS |  | 80268756 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| Delhivery Ltd (c) | 2269100 | 10822893 |
| TOTAL INDIA |  | 225820190 |
| IRELAND - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Prothena Corp PLC (c) | 2307162 | 24801992 |
| Pharmaceuticals - 0.0% |  |  |
| GH Research PLC (c) | 1565676 | 23735648 |
| TOTAL IRELAND |  | 48537640 |
| ISRAEL - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Personal Care Products - 0.1% |  |  |
| Oddity Tech Ltd Class A (c) | 1018306 | 44051918 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Etoro Group Ltd Class A  | 81501 | 3420597 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd warrants 7/24/2032 (b)(c) | 391041 | 547457 |
| TOTAL ISRAEL |  | 48019972 |
| ITALY - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Passenger Airlines - 0.0% |  |  |
| Ryanair Holdings PLC ADR  | 54572 | 3719627 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Bending Spoons SpA Class C (b)(d) | 55200 | 4915298 |
| TOTAL ITALY |  | 8634925 |
| JAPAN - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Rakuten Group Inc (c) | 449900 | 2749141 |
| Industrials - 0.1% |  |  |
| Machinery - 0.1% |  |  |
| Mitsubishi Heavy Industries Ltd  | 2003735 | 50753016 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Allegro MicroSystems Inc (c) | 535789 | 14300208 |
| Kioxia Holdings Corp (c)(e) | 1257902 | 75745503 |
|  |  | 90045711 |
| TOTAL JAPAN |  | 143547868 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Samsung Electronics Co Ltd  | 323515 | 22266721 |
| MEXICO - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| BBB Foods Inc Class A (c) | 849181 | 27666317 |
| NETHERLANDS - 0.9%  |  |  |
| Health Care - 0.8% |  |  |
| Biotechnology - 0.8% |  |  |
| Argenx SE ADR (c) | 612500 | 558587750 |
| Pharmaceuticals - 0.0% |  |  |
| Pharvaris NV (c) | 1264075 | 35874449 |
| TOTAL HEALTH CARE |  | 594462199 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| ASML Holding NV depository receipt  | 10994 | 11653640 |
| TOTAL NETHERLANDS |  | 606115839 |
| POLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| CCC SA (c)(e) | 836491 | 30967140 |
| RUSSIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Ozon Holdings PLC ADR (b)(c)(e) | 100 | 0 |
| SWITZERLAND - 0.5%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| On Holding AG Class A (c) | 7298321 | 321053141 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.0% |  |  |
| CRISPR Therapeutics AG (c)(e) | 596402 | 31889615 |
| Idorsia Ltd (c) | 4683018 | 18688921 |
|  |  | 50578536 |
| Pharmaceuticals - 0.1% |  |  |
| Galderma Group AG  | 268993 | 53590935 |
| TOTAL HEALTH CARE |  | 104169471 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| TE Connectivity PLC  | 11571 | 2616782 |
| TOTAL SWITZERLAND |  | 427839394 |
| TAIWAN - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Silicon Motion Technology Corp ADR  | 141308 | 12570760 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 538402 | 156949567 |
| TOTAL TAIWAN |  | 169520327 |
| UNITED KINGDOM - 0.1%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| 3i Group PLC  | 836409 | 34963942 |
| Financial Services - 0.0% |  |  |
| Revolut Group Holdings Ltd (b)(d) | 6744 | 9125374 |
| TOTAL FINANCIALS |  | 44089316 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Immunocore Holdings PLC ADR (c) | 1118380 | 44176010 |
| TOTAL UNITED KINGDOM |  | 88265326 |
| UNITED STATES - 93.1%  |  |  |
| Communication Services - 13.3% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Cogent Communications Holdings Inc (e) | 236364 | 4509825 |
| Lumen Technologies Inc (c) | 6295476 | 51056310 |
|  |  | 55566135 |
| Entertainment - 1.8% |  |  |
| Netflix Inc (c) | 10028530 | 1078869257 |
| ROBLOX Corp Class A (c) | 2649824 | 251812775 |
| Roku Inc Class A (c) | 372066 | 36012268 |
| Spotify Technology SA (c) | 95201 | 57013023 |
| Walt Disney Co/The  | 18628 | 1946067 |
|  |  | 1425653390 |
| Interactive Media & Services - 11.2% |  |  |
| Alphabet Inc Class A  | 11245668 | 3600637980 |
| Alphabet Inc Class C  | 7081580 | 2266955390 |
| Epic Games Inc (b)(c)(d) | 51800 | 33674662 |
| Meta Platforms Inc Class A  | 4346282 | 2816173422 |
| Reddit Inc Class A (c) | 352895 | 76391181 |
| Reddit Inc Class B (c) | 289383 | 62642738 |
| Snap Inc Class A (c) | 692878 | 5321303 |
|  |  | 8861796676 |
| Media - 0.0% |  |  |
| Comcast Corp Class A  | 489577 | 13066810 |
| Trade Desk Inc (The) Class A (c) | 72687 | 2875498 |
|  |  | 15942308 |
| Wireless Telecommunication Services - 0.2% |  |  |
| T-Mobile US Inc  | 935903 | 195613086 |
| TOTAL COMMUNICATION SERVICES |  | 10554571595 |
| Consumer Discretionary - 11.6% |  |  |
| Automobiles - 1.9% |  |  |
| Neutron Holdings Inc (b)(c)(d) | 1546251 | 148440 |
| Rad Power Bikes Inc (b)(c)(d) | 1182568 | 12 |
| Rad Power Bikes Inc warrants 10/6/2033 (b)(c)(d) | 985838 | 10 |
| Rivian Automotive Inc Class A (c)(e) | 630643 | 10632641 |
| Tesla Inc (c) | 3500636 | 1505868588 |
|  |  | 1516649691 |
| Broadline Retail - 5.8% |  |  |
| Amazon.com Inc (c) | 18491618 | 4312615150 |
| Ollie's Bargain Outlet Holdings Inc (c) | 2264428 | 278773731 |
|  |  | 4591388881 |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| Airbnb Inc Class A (c) | 242212 | 28336382 |
| Black Rock Coffee Bar Inc Class A  | 172736 | 3929744 |
| Booking Holdings Inc  | 47535 | 233619789 |
| Brinker International Inc (c) | 358575 | 55145249 |
| Chipotle Mexican Grill Inc (c) | 1893919 | 65378084 |
| DoorDash Inc Class A (c) | 222075 | 44053018 |
| Expedia Group Inc Class A  | 17900 | 4576851 |
| Marriott International Inc/MD Class A1  | 346069 | 105478371 |
| McDonald's Corp  | 2679 | 835366 |
| Shake Shack Inc Class A (c) | 71433 | 6248959 |
| Sonder Holdings Inc Stage 1 rights (b)(c) | 53749 | 0 |
| Sonder Holdings Inc Stage 2 rights (b)(c) | 53749 | 0 |
| Sonder Holdings Inc Stage 3 rights (b)(c) | 53749 | 0 |
| Sonder Holdings Inc Stage 4 rights (b)(c) | 53749 | 0 |
| Sonder Holdings Inc Stage 5 rights (b)(c) | 53749 | 0 |
| Sonder Holdings Inc Stage 5 rights (b)(c) | 53748 | 0 |
| Starbucks Corp  | 618644 | 53890079 |
| Viking Holdings Ltd (c) | 264477 | 17661774 |
| Wingstop Inc (e) | 77277 | 20457540 |
|  |  | 639611206 |
| Household Durables - 0.3% |  |  |
| DR Horton Inc  | 209698 | 33344079 |
| Garmin Ltd  | 431001 | 84183115 |
| Lennar Corp Class A  | 262622 | 34482269 |
| SharkNinja Inc (c) | 896279 | 87449942 |
| Somnigroup International Inc  | 585295 | 53566198 |
| Toll Brothers Inc  | 203089 | 28397935 |
|  |  | 321423538 |
| Leisure Products - 0.0% |  |  |
| Peloton Interactive Inc Class A (c) | 791698 | 5375629 |
| Specialty Retail - 2.2% |  |  |
| Carvana Co Class A (c) | 318650 | 119334425 |
| Dick's Sporting Goods Inc  | 512082 | 105780779 |
| Fanatics Inc Class A (b)(c)(d) | 730532 | 58442560 |
| Floor & Decor Holdings Inc Class A (c) | 222034 | 14125803 |
| Home Depot Inc/The  | 1100716 | 392867555 |
| Lowe's Cos Inc  | 299562 | 72637794 |
| Revolve Group Inc Class A (c) | 1943454 | 46973283 |
| RH (c) | 68173 | 10743383 |
| Ross Stores Inc  | 189718 | 33458666 |
| TJX Cos Inc/The  | 2711444 | 411922572 |
| Wayfair Inc Class A (c) | 4228880 | 468559905 |
|  |  | 1734846725 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Deckers Outdoor Corp (c) | 3418696 | 300947809 |
| Lululemon Athletica Inc (c) | 149605 | 27554249 |
| NIKE Inc Class B  | 802161 | 51843665 |
| Tory Burch LLC Class A (b)(c)(d)(g) | 950844 | 38062286 |
| Tory Burch LLC Class B (b)(c)(d)(g) | 324840 | 13003337 |
| VF Corp  | 583020 | 10202850 |
|  |  | 441614196 |
| TOTAL CONSUMER DISCRETIONARY |  | 9250909866 |
| Consumer Staples - 2.0% |  |  |
| Beverages - 0.6% |  |  |
| Celsius Holdings Inc (c) | 178679 | 7315118 |
| Coca-Cola Co/The  | 4615504 | 337485653 |
| Constellation Brands Inc Class A  | 1205 | 164338 |
| Keurig Dr Pepper Inc  | 1846797 | 51525636 |
| Monster Beverage Corp (c) | 373414 | 28002316 |
| PepsiCo Inc  | 287691 | 42791159 |
|  |  | 467284220 |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| Costco Wholesale Corp  | 377897 | 345242920 |
| Kroger Co/The  | 535373 | 36019895 |
| Maplebear Inc (c) | 135578 | 5695632 |
| Sprouts Farmers Market Inc (c) | 64200 | 5380602 |
| Target Corp  | 337239 | 30560598 |
| Walmart Inc  | 445621 | 49245577 |
|  |  | 472145224 |
| Food Products - 0.0% |  |  |
| Bunge Global SA  | 185790 | 17848845 |
| Hershey Co/The  | 43771 | 8232450 |
| Mondelez International Inc  | 303040 | 17446013 |
|  |  | 43527308 |
| Household Products - 0.1% |  |  |
| Church & Dwight Co Inc  | 126107 | 10739272 |
| Clorox Co/The  | 35168 | 3796034 |
| Colgate-Palmolive Co  | 354727 | 28516504 |
| Procter & Gamble Co/The  | 278926 | 41325676 |
|  |  | 84377486 |
| Personal Care Products - 0.0% |  |  |
| Beauty Health Co/The (c)(d)(h) | 2884717 | 4269381 |
| Beauty Health Co/The Class A (c)(e)(h) | 3792637 | 5613103 |
| Kenvue Inc  | 512270 | 8887884 |
|  |  | 18770368 |
| Tobacco - 0.7% |  |  |
| JUUL Labs Inc Class A (b)(c)(d) | 11552032 | 21925410 |
| Philip Morris International Inc  | 3266154 | 514353933 |
|  |  | 536279343 |
| TOTAL CONSUMER STAPLES |  | 1622383949 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Baker Hughes Co Class A  | 371921 | 18670434 |
| Halliburton Co  | 85378 | 2238611 |
|  |  | 20909045 |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| EOG Resources Inc  | 31990 | 3450121 |
| EQT Corp  | 620913 | 37788765 |
| Range Resources Corp  | 1617044 | 63857068 |
| Valero Energy Corp  | 166097 | 29359306 |
|  |  | 134455260 |
| TOTAL ENERGY |  | 155364305 |
| Financials - 3.8% |  |  |
| Banks - 0.5% |  |  |
| Bank of America Corp  | 2540864 | 136317354 |
| JPMorgan Chase & Co  | 467767 | 146448492 |
| Wells Fargo & Co  | 1325665 | 113808340 |
|  |  | 396574186 |
| Capital Markets - 1.0% |  |  |
| Blackrock Inc  | 95319 | 99827589 |
| Coinbase Global Inc Class A (c) | 10000 | 2728199 |
| Goldman Sachs Group Inc/The  | 116017 | 95834683 |
| Robinhood Markets Inc Class A (c) | 4765736 | 612349419 |
|  |  | 810739890 |
| Consumer Finance - 0.1% |  |  |
| American Express Co  | 134410 | 49095941 |
| Figure Technology Solutions Inc Class A (e) | 114445 | 4147487 |
|  |  | 53243428 |
| Financial Services - 2.2% |  |  |
| Apollo Global Management Inc  | 412523 | 54391158 |
| Block Inc Class A (c) | 140353 | 9375580 |
| Mastercard Inc Class A  | 1273830 | 701281630 |
| Saluda Medical Inc (c)(d) | 327636 | 5688243 |
| Saluda Medical Inc depository receipt  | 2003743 | 3478793 |
| Saluda Medical Inc warrants 1/20/2027 (c)(d) | 1693 | 0 |
| Toast Inc Class A (c) | 1853043 | 63355540 |
| Visa Inc Class A  | 2756657 | 921936367 |
|  |  | 1759507311 |
| TOTAL FINANCIALS |  | 3020064815 |
| Health Care - 10.0% |  |  |
| Biotechnology - 5.9% |  |  |
| AbbVie Inc  | 452959 | 103138764 |
| Absci Corp (c)(e) | 6885277 | 21826328 |
| Akouos Inc (b)(c)(e) | 1254446 | 238345 |
| Alnylam Pharmaceuticals Inc (c) | 1332945 | 601464772 |
| Amgen Inc  | 390354 | 134851693 |
| Antares Therapeutics Inc (b) | 159408 | 132309 |
| Apogee Therapeutics Inc (c) | 1687073 | 121418644 |
| Arcellx Inc (c) | 746367 | 54268345 |
| ArriVent Biopharma Inc (c) | 325866 | 7475366 |
| Arrowhead Pharmaceuticals Inc (c) | 1910806 | 100699476 |
| aTyr Pharma Inc (c)(e) | 4252670 | 3319209 |
| Beam Therapeutics Inc (c) | 3176399 | 80458187 |
| BeOne Medicines Ltd ADR (c) | 628419 | 214045796 |
| Biogen Inc (c) | 46800 | 8521812 |
| Biohaven Ltd (c) | 162088 | 1625743 |
| Biomea Fusion Inc (c) | 2726644 | 2972042 |
| Biomea Fusion Inc warrants 12/20/2026 (c) | 801300 | 17407 |
| Boundless Bio Inc (c) | 905345 | 1059254 |
| CAMP4 Therapeutics Corp (d) | 422196 | 1604345 |
| CAMP4 Therapeutics Corp (c)(e) | 110343 | 419303 |
| Candel Therapeutics Inc (c) | 906733 | 4325116 |
| Caris Life Sciences Inc (f) | 761007 | 19428509 |
| Caris Life Sciences Inc (c) | 481553 | 12294048 |
| Cartesian Therapeutics Inc (c) | 341342 | 2556652 |
| Cibus Inc Class A (c) | 2314445 | 3147645 |
| Crescent Biopharma Inc (c)(d) | 292679 | 4404819 |
| Day One Biopharmaceuticals Inc (c) | 777053 | 7374233 |
| Denali Therapeutics Inc (c) | 1462649 | 28477776 |
| Deverra Therapeutics (b)(c)(d) | 59780 | 1 |
| Dianthus Therapeutics Inc (c) | 1173294 | 51601470 |
| Disc Medicine Inc (c) | 55000 | 5134800 |
| Dyne Therapeutics Inc (c) | 1423630 | 31177497 |
| Foghorn Therapeutics Inc (c) | 1846799 | 8772295 |
| Ideaya Biosciences Inc (c) | 4179865 | 148886791 |
| Immuneering Corp (c)(e) | 2747634 | 21046876 |
| Immunome Inc (c)(e) | 3944764 | 72662553 |
| Immunovant Inc (c) | 4807703 | 116106027 |
| Insmed Inc (c) | 415275 | 86281687 |
| Ionis Pharmaceuticals Inc (c)(h) | 8155648 | 674716759 |
| Jade Biosciences Inc  | 541914 | 6947337 |
| Jade Biosciences Inc (c)(d) | 471080 | 6039246 |
| Janux Therapeutics Inc (c) | 1024582 | 34928000 |
| Krystal Biotech Inc (c) | 740856 | 161506608 |
| Kymera Therapeutics Inc (c) | 1679437 | 114000184 |
| Moderna Inc (c) | 3331176 | 86543952 |
| Nurix Therapeutics Inc (c) | 649707 | 11486820 |
| Nuvalent Inc Class A (c) | 1779276 | 194563831 |
| Odyssey Therapeutics Inc warrants (b)(c) | 769024 | 776714 |
| ORIC Pharmaceuticals Inc (c)(e) | 722424 | 8582397 |
| Oruka Therapeutics Inc (c)(d) | 344066 | 10356387 |
| Oruka Therapeutics Inc (c) | 314544 | 9467774 |
| Praxis Precision Medicines Inc (c) | 69100 | 13575386 |
| Recursion Pharmaceuticals Inc Class A (c)(e) | 1116245 | 5168214 |
| Regeneron Pharmaceuticals Inc  | 100773 | 78622087 |
| Revolution Medicines Inc (c) | 2525197 | 196359319 |
| Roivant Sciences Ltd (c) | 19667039 | 409271082 |
| Sana Biotechnology Inc (c)(e) | 10567827 | 45441656 |
| Scholar Rock Holding Corp (c) | 3728308 | 164269250 |
| Scholar Rock Holding Corp warrants 12/31/2025 (c)(d) | 167100 | 6138076 |
| Sigilon Therapeutics Inc rights (b)(c) | 28234 | 247895 |
| Spyre Therapeutics Inc (c) | 2280991 | 68429730 |
| Summit Therapeutics Inc (c)(e) | 2146778 | 38405858 |
| Taysha Gene Therapies Inc (c) | 4199643 | 19906308 |
| Tectonic Therapeutic Inc (c)(e) | 703917 | 15091980 |
| UNITY Biotechnology Inc warrants 8/22/2027 (b)(c) | 1883637 | 19 |
| Upstream Bio Inc (c) | 332420 | 9507212 |
| Vaxcyte Inc (c) | 661642 | 32824060 |
| Vera Therapeutics Inc Class A (c) | 877543 | 29617076 |
| Vertex Pharmaceuticals Inc (c) | 182286 | 79041032 |
|  |  | 4615068184 |
| Health Care Equipment & Supplies - 0.6% |  |  |
| Abbott Laboratories  | 109946 | 14172039 |
| Blink Health LLC Class A1 (b)(c)(d) | 250304 | 8392693 |
| Boston Scientific Corp (c) | 318561 | 32359426 |
| Ceribell Inc (c) | 249242 | 4229637 |
| Dexcom Inc (c) | 352271 | 22358640 |
| GE HealthCare Technologies Inc  | 213166 | 17051148 |
| Intuitive Surgical Inc (c) | 520064 | 298246304 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 (b)(c)(d) | 11774 | 142465 |
| Novocure Ltd (c) | 5436860 | 69646177 |
| PROCEPT BioRobotics Corp (c)(e) | 1438294 | 45565154 |
|  |  | 512163683 |
| Health Care Providers & Services - 0.3% |  |  |
| Alignment Healthcare Inc (c) | 1463221 | 28108475 |
| Blue Marlin Therapeutics, Inc. (b) | 895 | 55938 |
| Cardinal Health Inc  | 156429 | 33203620 |
| CVS Health Corp  | 1091245 | 87692448 |
| HCA Healthcare Inc  | 38700 | 19670823 |
| McKesson Corp  | 98310 | 86622907 |
| Omada Health Inc (f) | 852686 | 15970809 |
| Omada Health Inc (e) | 161543 | 3025700 |
| Scorpion Therapeutics Inc (b)(d) | 2530180 | 860261 |
| Scorpion Therapeutics Inc (b)(d) | 2530180 | 25 |
| Scorpion Therapeutics Inc rights (b)(c)(d) | 2530180 | 1442203 |
|  |  | 276653209 |
| Health Care Technology - 0.0% |  |  |
| HeartFlow Inc (f) | 319184 | 10293684 |
| HeartFlow Inc (e) | 183850 | 5929163 |
| Prognomiq Inc (b)(c)(d) | 183441 | 12840 |
| Wugen Inc warrants 8/22/2035 (b)(c)(d) | 134529 | 232735 |
|  |  | 16468422 |
| Life Sciences Tools & Services - 0.1% |  |  |
| 10X Genomics Inc Class A (c) | 10200 | 191862 |
| Danaher Corp  | 84166 | 19087165 |
| Thermo Fisher Scientific Inc  | 132570 | 78326334 |
|  |  | 97605361 |
| Pharmaceuticals - 3.1% |  |  |
| Adimab LLC (b)(c)(d)(g) | 3162765 | 43298253 |
| Adimab LLC (b)(c)(d)(g) | 3162765 | 15086389 |
| Amylyx Pharmaceuticals Inc (c) | 343733 | 5149120 |
| Atea Pharmaceuticals Inc (c) | 1979054 | 6135067 |
| Bristol-Myers Squibb Co  | 318754 | 15682697 |
| Crinetics Pharmaceuticals Inc (c) | 561867 | 25598661 |
| Dragonfly Therapeutics Inc (b)(c)(d) | 481725 | 16238950 |
| Eli Lilly & Co  | 1698541 | 1826729889 |
| Harmony Biosciences Holdings Inc (c) | 1159965 | 40935165 |
| LENZ Therapeutics Inc (c)(e) | 1235558 | 37709230 |
| Lexicon Pharmaceuticals Inc (c)(e) | 12395134 | 17725042 |
| Maze Therapeutics Inc  | 95775 | 3615506 |
| Nuvation Bio Inc Class A (c) | 16899404 | 135702214 |
| Ocular Therapeutix Inc (c) | 9458736 | 114923642 |
| Optinose Inc (b) | 364134 | 4 |
| Optinose Inc warrants 11/23/2027 (b)(c) | 694735 | 7 |
| Pfizer Inc  | 79795 | 2053923 |
| Pfizer Inc rights (b)(c) | 3876351 | 18994120 |
| Rapport Therapeutics Inc (c) | 1987207 | 59039920 |
| Roche Holding AG rights (b)(c) | 3405875 | 5653753 |
| Sienna Biopharmaceuticals Inc (b)(c) | 1342597 | 134 |
| Skyhawk Therapeutics Inc (b)(c)(d) | 603195 | 8722200 |
| Tarsus Pharmaceuticals Inc (c) | 173534 | 13875779 |
|  |  | 2412869665 |
| TOTAL HEALTH CARE |  | 7930828524 |
| Industrials - 2.7% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| Anduril Industries Inc Class B (b)(d) | 4798 | 205354 |
| Anduril Industries Inc Class C (b)(d) | 2 | 86 |
| Beta Technologies Inc (f) | 1308268 | 35676468 |
| Beta Technologies Inc Class A (c) | 813566 | 22185945 |
| Boeing Co (c) | 444995 | 84104055 |
| GE Aerospace  | 737854 | 220212526 |
| Space Exploration Technologies Corp (b)(c)(d) | 1598566 | 338895993 |
|  |  | 701280427 |
| Air Freight & Logistics - 0.0% |  |  |
| United Parcel Service Inc Class B  | 71936 | 6890749 |
| Construction & Engineering - 0.1% |  |  |
| Comfort Systems USA Inc  | 43358 | 42358165 |
| Fluor Corp (c) | 397230 | 17053084 |
| Quanta Services Inc  | 124615 | 57931021 |
|  |  | 117342270 |
| Electrical Equipment - 0.5% |  |  |
| Eaton Corp PLC  | 344015 | 118991348 |
| Emerson Electric Co  | 155910 | 20795276 |
| GE Vernova Inc  | 287066 | 172173575 |
| Vertiv Holdings Co Class A  | 295406 | 53093320 |
|  |  | 365053519 |
| Ground Transportation - 0.4% |  |  |
| Avis Budget Group Inc (c)(e) | 129768 | 17632876 |
| Uber Technologies Inc (c) | 3064255 | 268244883 |
|  |  | 285877759 |
| Industrial Conglomerates - 0.1% |  |  |
| 3M Co  | 130539 | 22459235 |
| Honeywell International Inc  | 183078 | 35185761 |
|  |  | 57644996 |
| Machinery - 0.2% |  |  |
| Caterpillar Inc  | 233057 | 134184898 |
| Illinois Tool Works Inc  | 132588 | 33051537 |
|  |  | 167236435 |
| Passenger Airlines - 0.5% |  |  |
| Alaska Air Group Inc (c) | 153948 | 6598211 |
| Delta Air Lines Inc  | 2011884 | 128961764 |
| Southwest Airlines Co  | 996114 | 34674728 |
| United Airlines Holdings Inc (c) | 2416476 | 246383894 |
| Wheels Up Experience Inc Class A rights (b)(c) | 80889 | 1 |
| Wheels Up Experience Inc Stage 1 rights (b)(c) | 80889 | 1 |
| Wheels Up Experience Inc Stage 3 rights (b)(c) | 80890 | 0 |
|  |  | 416618599 |
| Professional Services - 0.0% |  |  |
| Paylocity Holding Corp (c) | 72788 | 10723856 |
| TOTAL INDUSTRIALS |  | 2128668610 |
| Information Technology - 49.0% |  |  |
| Communications Equipment - 2.0% |  |  |
| Arista Networks Inc (c) | 973757 | 127250565 |
| Ciena Corp (c) | 6343710 | 1295449019 |
| Lumentum Holdings Inc (c) | 628665 | 204416711 |
|  |  | 1627116295 |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Coherent Corp (c) | 1722881 | 283000433 |
| Corning Inc  | 2469489 | 207930974 |
|  |  | 490931407 |
| IT Services - 1.0% |  |  |
| Akamai Technologies Inc (c) | 85276 | 7633908 |
| Cloudflare Inc Class A (c) | 2422492 | 485007123 |
| CoreWeave Inc Class A (c)(e) | 1656071 | 121091912 |
| CoreWeave Inc Class A (i) | 145520 | 10640422 |
| IBM Corporation  | 88532 | 27319205 |
| Kyndryl Holdings Inc (c) | 476537 | 12308951 |
| MongoDB Inc Class A (c) | 17877 | 5941777 |
| Okta Inc Class A (c) | 346654 | 27846716 |
| Snowflake Inc (c) | 177345 | 44556158 |
| X.Ai Holdings Corp Class A (b)(d) | 449840 | 31524787 |
|  |  | 773870959 |
| Semiconductors & Semiconductor Equipment - 21.3% |  |  |
| Advanced Micro Devices Inc (c) | 867027 | 188604383 |
| Applied Materials Inc  | 345405 | 87128411 |
| ARM Holdings PLC ADR (c) | 79191 | 10735132 |
| Astera Labs Inc (c) | 2569096 | 404812457 |
| Broadcom Inc  | 4309215 | 1736441276 |
| Cirrus Logic Inc (c) | 17777 | 2139284 |
| First Solar Inc (c) | 35760 | 9759619 |
| GlobalFoundries Inc (c) | 736601 | 26399780 |
| Impinj Inc (c) | 894556 | 153747340 |
| Intel Corp (c) | 434600 | 17627376 |
| KLA Corp  | 169015 | 198672062 |
| Lam Research Corp  | 554526 | 86506056 |
| Marvell Technology Inc  | 2574691 | 230177375 |
| Micron Technology Inc  | 27770 | 6567050 |
| Monolithic Power Systems Inc  | 71108 | 66000312 |
| NVIDIA Corp  | 72996515 | 12920383156 |
| ON Semiconductor Corp (c) | 719393 | 36142304 |
| QUALCOMM Inc  | 376358 | 63262016 |
| Silicon Laboratories Inc (c) | 1630998 | 208082725 |
| SiTime Corp (c) | 879043 | 261691101 |
| Teradyne Inc  | 460519 | 83763801 |
| Texas Instruments Inc  | 226758 | 38156569 |
|  |  | 16836799585 |
| Software - 12.2% |  |  |
| Adobe Inc (c) | 161928 | 51838011 |
| AppLovin Corp Class A (c) | 1261992 | 756538964 |
| Asapp Inc warrants 8/28/2028 (b)(c)(d) | 1007060 | 684801 |
| Atlassian Corp Class A (c) | 22479 | 3361060 |
| Autodesk Inc (c) | 193808 | 58789719 |
| Celestial AI Inc (b)(d) | 42231 | 778317 |
| Circle Internet Group Inc Class A  | 362305 | 28959039 |
| Confluent Inc Class A (c) | 695702 | 15479370 |
| Crowdstrike Holdings Inc Class A (c) | 379359 | 193154428 |
| Datadog Inc Class A (c) | 376119 | 60182801 |
| Docusign Inc (c) | 73326 | 5085158 |
| Elastic NV (c) | 136449 | 9623748 |
| Figma Inc Class A  | 338578 | 12178651 |
| HubSpot Inc (c) | 90906 | 33391592 |
| Intuit Inc  | 273017 | 173114619 |
| Microsoft Corp  | 12529360 | 6164570414 |
| Monday.com Ltd (c) | 24995 | 3595781 |
| Netskope Inc Class A (c) | 218303 | 4012409 |
| Nutanix Inc Class A (c)(h) | 13441633 | 642510057 |
| Openai Group Pbc Class A (b)(d) | 18000 | 7821720 |
| Oracle Corp  | 3907016 | 789021881 |
| Palantir Technologies Inc Class A (c) | 422404 | 71153954 |
| Palo Alto Networks Inc (c) | 105454 | 20049969 |
| Rubrik Inc Class A (c) | 519176 | 35989280 |
| Salesforce Inc  | 127943 | 29495979 |
| SentinelOne Inc Class A (c) | 229011 | 3712268 |
| Servicenow Inc (c) | 313340 | 254560549 |
| Stripe Inc Class B (b)(c)(d) | 205500 | 8511810 |
| Via Transportation Inc (c) | 71703 | 2497415 |
| Workday Inc Class A (c) | 139113 | 29995545 |
| Zoom Communications Inc Class A (c) | 1479405 | 125690249 |
| Zscaler Inc (c) | 495577 | 124637616 |
|  |  | 9720987174 |
| Technology Hardware, Storage & Peripherals - 11.9% |  |  |
| Apple Inc  | 23675147 | 6601814741 |
| Pure Storage Inc Class A (c) | 15969895 | 1420681859 |
| Sandisk Corp/DE  | 6277799 | 1401706961 |
| Western Digital Corp  | 418508 | 68354912 |
|  |  | 9492558473 |
| TOTAL INFORMATION TECHNOLOGY |  | 38942263893 |
| Materials - 0.3% |  |  |
| Chemicals - 0.0% |  |  |
| Corteva Inc  | 362003 | 24424342 |
| Farmers Business Network Inc (b)(c) | 158470 | 190164 |
| Farmers Business Network Inc warrants 9/27/2033 (b)(c)(d) | 739310 | 879779 |
| Mosaic Co/The  | 437677 | 10718710 |
| Solstice Advanced Materials Inc  | 45769 | 2182266 |
|  |  | 38395261 |
| Construction Materials - 0.0% |  |  |
| James Hardie Industries PLC (c) | 438289 | 8669356 |
| Containers & Packaging - 0.0% |  |  |
| Smurfit WestRock PLC  | 354286 | 12644467 |
| Metals & Mining - 0.3% |  |  |
| Freeport-McMoRan Inc  | 3491377 | 150059384 |
| TOTAL MATERIALS |  | 209768468 |
| Real Estate - 0.2% |  |  |
| Health Care REITs - 0.0% |  |  |
| Welltower Inc  | 162139 | 33760583 |
| Real Estate Management & Development - 0.1% |  |  |
| CBRE Group Inc Class A (c) | 301256 | 48752258 |
| Zillow Group Inc Class C (c) | 662335 | 49264478 |
|  |  | 98016736 |
| Specialized REITs - 0.1% |  |  |
| American Tower Corp  | 219244 | 39742360 |
| Equinix Inc  | 14224 | 10715081 |
|  |  | 50457441 |
| TOTAL REAL ESTATE |  | 182234760 |
| TOTAL UNITED STATES |  | 73997058785 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $23,429,698,342) |  | <br> **77112236810** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Neutron Holdings Inc 4% 5/22/2027 (b)(d) | 3596400 | 16126258 |
| Neutron Holdings Inc 4% 6/12/2027 (b)(d) | 742912 | 3331217 |
| Neutron Holdings Inc 8% 10/29/2026 (b)(d)(j) | 9317396 | 16618508 |
|  |  | 36075983 |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Kardium Inc/Us 10% 12/31/2026 (b)(d) | 2148929 | 2526067 |
| Health Care Technology - 0.0% |  |  |
| Wugen Inc 0% 12/31/2199 (b)(d)(k) | 2085443 | 2209735 |
| Pharmaceuticals - 0.0% |  |  |
| Galvanize Therapeutics 10% 2/28/2027 (b)(d) | 1438534 | 1838015 |
| TOTAL HEALTH CARE |  | 6573817 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 10% 5/12/2199 (b)(d) | 63175 | 37962 |
| Software - 0.0% |  |  |
| Evozyne Inc 6% 9/13/2028 pay-in-kind (b)(d) | 4350816 | 5066525 |
| TOTAL INFORMATION TECHNOLOGY |  | 5104487 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Farmers Business Network Inc 15% 12/31/2199 (b)(d) | 850206 | 622606 |
| TOTAL UNITED STATES |  | 48376893 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $25,257,455) |  | <br> **48376893** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 2.7%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.7%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.7%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Australia Holdings Pty Ltd Series A (b)(c)(d) | 3369 | 5545846 |
| Canva Australia Holdings Pty Ltd Series A2 (b)(c)(d) | 611 | 1005791 |
| TOTAL AUSTRALIA |  | 6551637 |
| BELGIUM - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| AgomAb Therapeutics SA Series C (b)(c)(d) | 36687 | 10888919 |
| AgomAb Therapeutics SA Series D (b)(c)(d) | 7587 | 2317277 |
| TOTAL BELGIUM |  | 13206196 |
| CANADA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Deep Genomics Inc Series C (b)(c)(d) | 682293 | 8931215 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc Series B (b)(d) | 95900 | 5300393 |
| TOTAL CANADA |  | 14231608 |
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Bytedance Ltd Series E1 (b)(c)(d) | 403450 | 96743276 |
| DENMARK - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Galecto Inc Series C  | 900 | 16002000 |
| ESTONIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Bolt Technology OU Series E (b)(c)(d) | 72621 | 16247285 |
| FINLAND - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Health Care Technology - 0.2% |  |  |
| Oura Health Oy Series D (b)(d) | 864427 | 46307354 |
| Oura Health Oy Series E (b)(d) | 1920845 | 102899667 |
| TOTAL FINLAND |  | 149207021 |
| FRANCE - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| DNA Script SAS Series B (b)(c)(d) | 22 | 542 |
| DNA Script SAS Series C (b)(c)(d) | 10882 | 2166023 |
| TOTAL FRANCE |  | 2166565 |
| ISRAEL - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| InSightec Ltd Series G (b)(c)(d) | 6623267 | 4636287 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Element Labs Inc Series A (b)(d) | 530700 | 4192530 |
| Element Labs Inc Series B (b)(d) | 286800 | 2518104 |
|  |  | 6710634 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd Series D (b)(c)(d) | 787863 | 1166037 |
| Xsight Labs Ltd Series F (b)(d) | 1303469 | 5487605 |
|  |  | 6653642 |
| TOTAL ISRAEL |  | 18000563 |
| UNITED KINGDOM - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Quell Therapeutics Ltd Series B (b)(c)(d) | 3870630 | 8902449 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| NScale Global Holdings Ltd Series B (b)(d) | 17700 | 6723876 |
| TOTAL UNITED KINGDOM |  | 15626325 |
| UNITED STATES - 2.4%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Neutron Holdings Inc Series 1D (b)(c)(d) | 17893728 | 1717798 |
| Rad Power Bikes Inc Series A (b)(c)(d) | 154174 | 1 |
| Rad Power Bikes Inc Series C (b)(c)(d) | 606658 | 6 |
| Rad Power Bikes Inc Series D (b)(c)(d) | 1071300 | 11 |
| Waymo LLC Series A2 (b)(c)(d) | 44767 | 3274706 |
| Waymo LLC Series C2 (b)(c)(d) | 33554 | 2894368 |
|  |  | 7886890 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Discord Inc Series I (b)(c)(d) | 7000 | 1784720 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Freenome Holdings Inc Series C (b)(c)(d) | 900884 | 2666617 |
| Freenome Holdings Inc Series D (b)(c)(d) | 502404 | 1487115 |
| Laronde Inc Series B (b)(c)(d) | 344496 | 8264460 |
|  |  | 12418192 |
| TOTAL CONSUMER DISCRETIONARY |  | 22089802 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| GoBrands Inc Series G (b)(c)(d) | 125688 | 5145667 |
| GoBrands Inc Series H (b)(c)(d) | 104311 | 5471112 |
|  |  | 10616779 |
| Food Products - 0.0% |  |  |
| AgBiome LLC Series C (b)(c)(d) | 1060308 | 11 |
| AgBiome LLC Series D (b)(c)(d) | 852431 | 8524 |
|  |  | 8535 |
| Tobacco - 0.0% |  |  |
| JUUL Labs Inc Series E (b)(c)(d) | 22033 | 41818 |
| TOTAL CONSUMER STAPLES |  | 10667132 |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Akeana Series C (b)(c)(d) | 372100 | 4781484 |
| Paragon Biosciences Emalex Capital Inc Series B (b)(c)(d) | 416094 | 3803099 |
| Paragon Biosciences Emalex Capital Inc Series C (b)(c)(d) | 559977 | 5196587 |
| Paragon Biosciences Emalex Capital Inc Series D-3 (b)(d) | 239944 | 2454627 |
| Paragon Biosciences Emalex Capital Inc Series D1 (b)(c)(d) | 836878 | 7791334 |
| Paragon Biosciences Emalex Capital Inc Series D2 (b)(c)(d) | 138091 | 1204154 |
| Tenstorrent Holdings Inc Series C1 (b)(c)(d) | 178216 | 13056104 |
| Tenstorrent Holdings Inc Series D1 (b)(c)(d) | 179036 | 13733852 |
| Tenstorrent Holdings Inc Series D2 (b)(c)(d) | 47252 | 3523109 |
|  |  | 55544350 |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.3% |  |  |
| Altos Labs Inc Series B (b)(c)(d) | 485428 | 12145409 |
| Altos Labs Inc Series C (b)(c)(d) | 108056 | 2703561 |
| Ankyra Therapeutics Series B (b)(c)(d) | 1356730 | 6932890 |
| Asimov Inc Series B (b)(c)(d) | 82174 | 2270468 |
| Bright Peak Therapeutics Inc. Series B (b)(c)(d) | 1272915 | 2278518 |
| Bright Peak Therapeutics Inc. Series C (b)(c)(d) | 2299209 | 2828027 |
| Cardurion Pharmaceuticals Inc Series B (b)(c)(d) | 1181602 | 6297939 |
| Castle Creek Biosciences Inc Series B (b)(c)(d) | 16803 | 3645411 |
| Castle Creek Biosciences Inc Series C (b)(c)(d) | 13100 | 3342727 |
| Castle Creek Biosciences Inc Series D1 (b)(c)(d) | 19720 | 4431676 |
| Castle Creek Biosciences Inc Series D2 (b)(c)(d) | 6341 | 1271624 |
| CELLANOME Inc Series B (b)(c)(d) | 1040007 | 7820853 |
| City Therapeutics Inc Series A (b)(c)(d) | 800961 | 8265918 |
| Cleerly Inc Series C (b)(c)(d) | 983054 | 12307836 |
| Element Biosciences Inc Series B (b)(c)(d) | 1096312 | 4703178 |
| Element Biosciences Inc Series C (b)(c)(d) | 480109 | 3624823 |
| Element Biosciences Inc Series D (b)(c)(d) | 224866 | 1045627 |
| Element Biosciences Inc Series D1 (b)(c)(d) | 224866 | 1045627 |
| ElevateBio LLC Series C (b)(c)(d) | 1534100 | 2930131 |
| Generate Biomedicines Inc Series B (b)(c)(d) | 820747 | 10448110 |
| Generate Biomedicines Inc Series C (b)(c)(d) | 752025 | 9573278 |
| Genesis Therapeutics Inc Series D (b)(c)(d) | 1654854 | 8654886 |
| Intarcia Therapeutics Inc (b)(c)(d) | 1051411 | 10 |
| Intarcia Therapeutics Inc Series DD (b)(c)(d) | 1543687 | 15 |
| Kardigan Inc Series B (b)(d) | 405310 | 8661475 |
| LifeMine Therapeutics Inc Series C (b)(c)(d) | 7794524 | 9197538 |
| National Resilience LLC Series B (b)(c)(d) | 1277345 | 5071060 |
| National Resilience LLC Series C (b)(c)(d) | 379000 | 2778070 |
| Neurona Therapeutics Inc Series F (b)(d) | 3297200 | 7748420 |
| Odyssey Therapeutics Inc Series B (b)(c)(d) | 1298749 | 1545511 |
| Odyssey Therapeutics Inc Series C (b)(c)(d) | 990319 | 1148770 |
| Odyssey Therapeutics Inc Series D (b)(d) | 2563416 | 3332441 |
| Parabilis Medicines Inc Series D (b)(c)(d) | 883504 | 6202198 |
| Parabilis Medicines Inc Series E (b)(c)(d) | 491048 | 3545367 |
| Sonoma Biotherapeutics Inc Series B (b)(c)(d) | 2497760 | 7493280 |
| Sonoma Biotherapeutics Inc Series B1 (b)(c)(d) | 1332116 | 4489231 |
| T-Knife Therapeutics Inc Series B (b)(c)(d) | 995165 | 686663 |
| Treeline Biosciences Series A (b)(c)(d) | 1347260 | 10899333 |
| Treeline Biosciences Series A1 (b)(c)(d) | 464216 | 3857635 |
| Triveni Bio Inc Series B (b)(c)(d) | 4766021 | 5433264 |
|  |  | 200658798 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Blink Health LLC Series C (b)(c)(d) | 927374 | 31094851 |
| Blink Health LLC Series D (b)(c)(d) | 241612 | 8101250 |
| Kardium Inc/Us Series D-6 (b) | 8237435 | 7578440 |
| Kardium Inc/Us Series D-6 (b)(d) | 5899008 | 6724869 |
| Kardium Inc/Us Series D-7 (b) | 8754573 | 4990107 |
| Kardium Inc/Us Series D-7 (b)(d) | 1916096 | 1092175 |
| Kardium Inc/Us Series D-7 (b) | 398649 | 231216 |
| Medical Microinstruments Inc/Italy Series C (b)(c)(d) | 212985 | 7201023 |
|  |  | 67013931 |
| Health Care Providers & Services - 0.0% |  |  |
| Conformal Medical Inc Series C (b)(c)(d) | 1067180 | 6861967 |
| Conformal Medical Inc Series D (b)(c)(d) | 173136 | 1329684 |
|  |  | 8191651 |
| Health Care Technology - 0.0% |  |  |
| Aledade Inc Series B1 (b)(c)(d) | 101470 | 3400260 |
| Aledade Inc Series E1 (b)(c)(d) | 66006 | 2211861 |
| Candid Therapeutics Series B (b)(c)(d) | 3627103 | 3808458 |
| Wugen Inc Series B (b)(c)(d) | 493529 | 784711 |
| Wugen Inc Series C (b)(d) | 1850500 | 3219870 |
|  |  | 13425160 |
| Pharmaceuticals - 0.0% |  |  |
| Galvanize Therapeutics Series B (b)(c)(d) | 4342265 | 3126431 |
| Galvanize Therapeutics Series C-1 (b)(d) | 4790283 | 2107724 |
| Kartos Therapeutics Inc Series C (b)(c)(d) | 1226990 | 7509179 |
| Kartos Therapeutics Inc Series D (b)(d) | 411901 | 2520834 |
| Mentari Therapeutics Inc Series A (b)(d) | 2005263 | 2767263 |
| Mirador Therapeutics Inc Series A (b)(c)(d) | 2678245 | 9534552 |
| Mirador Therapeutics Inc Series B (b)(d) | 2942219 | 10650833 |
|  |  | 38216816 |
| TOTAL HEALTH CARE |  | 327506356 |
| Industrials - 0.6% |  |  |
| Aerospace & Defense - 0.6% |  |  |
| Anduril Industries Inc Series F (b)(c)(d) | 287246 | 12294129 |
| Anduril Industries Inc Series G (b)(d) | 45100 | 1930280 |
| Space Exploration Technologies Corp Series G (b)(c)(d) | 216276 | 458505120 |
|  |  | 472729529 |
| Air Freight & Logistics - 0.0% |  |  |
| Zipline International Inc Series G (b)(c)(d) | 180063 | 9790025 |
| Electrical Equipment - 0.0% |  |  |
| Empower Semiconductor Inc Series D (b)(d) | 1061500 | 7886945 |
| TOTAL INDUSTRIALS |  | 490406499 |
| Information Technology - 1.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Cerebras Systems Inc Series G (b)(d) | 2570200 | 93118347 |
| Enevate Corp Series E (b)(c)(d) | 4067736 | 732192 |
| Menlo Microsystems Inc Series C (b)(c)(d) | 4423488 | 2698328 |
| Vast Data Ltd Series A (b)(c)(d) | 318221 | 7481376 |
| Vast Data Ltd Series A1 (b)(c)(d) | 783248 | 18414160 |
| Vast Data Ltd Series A2 (b)(c)(d) | 900985 | 21182157 |
| Vast Data Ltd Series B (b)(c)(d) | 716925 | 16854907 |
| Vast Data Ltd Series C (b)(c)(d) | 20899 | 491335 |
| Vast Data Ltd Series E (b)(c)(d) | 685070 | 16105996 |
|  |  | 177078798 |
| IT Services - 0.5% |  |  |
| X.Ai Holdings Corp Series B (b)(d) | 2143337 | 150205057 |
| X.Ai Holdings Corp Series C (b)(d) | 2242800 | 157175425 |
|  |  | 307380482 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Alif Semiconductor Series C (b)(c)(d) | 190608 | 4830007 |
| Alif Semiconductor Series D (b)(d) | 251500 | 6810620 |
| Danger Devices Inc Series B (b)(d) | 3437900 | 3128489 |
| Retym Inc Series C (b)(c)(d) | 666292 | 7275909 |
| Retym Inc Series D (b)(d) | 165291 | 1899193 |
| SiMa Technologies Inc Series B (b)(c)(d) | 1596216 | 9768842 |
| SiMa Technologies Inc Series B1 (b)(c)(d) | 106922 | 771977 |
|  |  | 34485037 |
| Software - 0.4% |  |  |
| Anthropic PBC Series D (b)(c)(d) | 235150 | 34868042 |
| Anthropic PBC Series E (b)(d) | 45100 | 6357296 |
| Anthropic PBC Series F (b)(d) | 66600 | 9387936 |
| Asapp Inc Series D (b)(c)(d) | 1755238 | 1685027 |
| Celestial AI Inc Series A (b)(d) | 269280 | 4962830 |
| Celestial AI Inc Series B (b)(d) | 202627 | 3734416 |
| Celestial AI Inc Series C1 (b)(d) | 811682 | 14959299 |
| Crusoe Energy Systems LLC Series D (b)(d) | 259289 | 21782869 |
| Crusoe Energy Systems LLC Series E (b)(d) | 22214 | 1866198 |
| Databricks Inc Series G (b)(c)(d) | 250296 | 44883079 |
| Databricks Inc Series H (b)(c)(d) | 273171 | 48985024 |
| Databricks Inc Series J (b)(d) | 130663 | 23430489 |
| Databricks Inc Series K (b)(d) | 8900 | 1595948 |
| Dataminr Inc Series D, 8% (b)(c)(d) | 1773901 | 16000587 |
| Evozyne Inc Series A (b)(c)(d) | 444700 | 7337550 |
| Evozyne Inc Series B (b)(c)(d) | 247942 | 4207576 |
| Lyte Ai Inc Series B (b)(c)(d) | 673357 | 6706636 |
| Openai Group Pbc Series A-3 (b)(d) | 22979 | 9985295 |
| Physical Intelligence Inc Series B (b)(d) | 41700 | 11322801 |
| Skyryse Inc Series B (b)(c)(d) | 568445 | 14864837 |
| Skyryse Inc Series C (b)(d) | 296604 | 8014240 |
| Skyryse Inc Series C-1 (b)(d) | 53976 | 1414711 |
| Stripe Inc Series H (b)(c)(d) | 88200 | 3653244 |
|  |  | 302005930 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Lightmatter Inc Series C1 (b)(c)(d) | 407933 | 19242200 |
| Lightmatter Inc Series C2 (b)(c)(d) | 64075 | 3129422 |
| Lightmatter Inc Series D (b)(c)(d) | 426443 | 27833935 |
|  |  | 50205557 |
| TOTAL INFORMATION TECHNOLOGY |  | 871155804 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| Farmers Business Network Inc Series G (b)(c)(d) | 28363 | 34035 |
| Manus Bio Inc Series One-5 (b)(d) | 736380 | 2658332 |
| Manus Bio Inc Series One-6 (b)(d) | 914609 | 3301738 |
|  |  | 5994105 |
| Metals & Mining - 0.1% |  |  |
| Diamond Foundry Inc Series C (b)(c)(d) | 1704625 | 50218253 |
| TOTAL MATERIALS |  | 56212358 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Redwood Materials Series C (b)(c)(d) | 80057 | 3821921 |
| Redwood Materials Series D (b)(c)(d) | 18751 | 895173 |
| Redwood Materials Series E (b)(d) | 5091 | 243044 |
|  |  | 4960138 |
| TOTAL UNITED STATES |  | 1838542439 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $1,521,530,785) |  | <br> **2186524915** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Castle Creek Biosciences Inc Series A4 (b)(c)(d) | 46864 | 10583297 |
| Pharmaceuticals - 0.0% |  |  |
| Faraday Pharmaceuticals Inc Series B (b)(c)(d) | 641437 | 89801 |
| TOTAL HEALTH CARE |  | 10673098 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $16,351,603) |  | <br> **10673098** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rad Power Bikes Inc 8% 12/31/2025 (b)(d) | 985838 | 208340 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Intarcia Therapeutics Inc 6% (b)(d)(l) | 13681944 | 1 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 6% (b)(d)(m) | 226061 | 58723 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc 10% 12/31/2027 (b)(d) | 1778053 | 2173413 |
| SiMa Technologies Inc 7.5% 12/31/2027 (b)(d) | 1452300 | 1585198 |
|  |  | 3758611 |
| TOTAL INFORMATION TECHNOLOGY |  | 3817334 |
| TOTAL UNITED STATES |  | 4025675 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $18,124,196) |  | <br> **4025675** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** | &nbsp;&nbsp;**Money Market Funds - 0.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (n) | 4.02 | 270074271 | 270128286 |
| Fidelity Securities Lending Cash Central Fund (n)(o) | 4.02 | 230358172 | 230381208 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $500,505,371) |  |  | **500509494** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.4%**<br> (Cost $25,511,467,752)<br>| <br>**79862346885** |
| **NET OTHER ASSETS (LIABILITIES) - (0.4)%**  | **(282396373)** |
| **NET ASSETS - 100.0%** | **79579950512** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Level 3 security.

(c) Non-income producing.

(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 $2,940,951,889 or 3.7% of net assets.

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

(f) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $93,887,105 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

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

(h) Affiliated company.

(i) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $10,640,422 or 0.0% of net assets.

(j) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

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

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

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

(n) 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.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Adimab LLC | 9/17/2014 - 6/5/2015 | 35731000 |
| Adimab LLC | 9/17/2014 - 6/5/2015 | 12138000 |
| AgBiome LLC Series C | 6/29/2018 | 6715673 |
| AgBiome LLC Series D | 9/3/2021 | 4751176 |
| AgomAb Therapeutics SA Series C | 10/3/2023 | 8010458 |
| AgomAb Therapeutics SA Series D | 10/22/2024 | 1963748 |
| AgomAb Therapeutics SA warrants 10/10/2033 | 10/3/2023 | 0 |
| AgomAb Therapeutics SA warrants 11/4/2034 | 10/22/2024 | 0 |
| Akeana Series C | 1/23/2024 | 4748294 |
| Aledade Inc Series B1 | 5/7/2021 | 3885358 |
| Aledade Inc Series E1 | 5/20/2022 | 3288049 |
| Alif Semiconductor Series C | 3/8/2022 | 3869064 |
| Alif Semiconductor Series D | 4/11/2025 | 6794801 |
| Altos Labs Inc Series B | 7/22/2022 | 9295170 |
| Altos Labs Inc Series C | 3/15/2024 | 2703820 |
| Anduril Industries Inc Class B | 6/16/2025 | 196156 |
| Anduril Industries Inc Class C | 6/16/2025 | 80 |
| Anduril Industries Inc Series F | 8/7/2024 | 6243752 |
| Anduril Industries Inc Series G | 4/17/2025 | 1843814 |
| Ankyra Therapeutics Series B | 8/26/2021 | 7640832 |
| Ant International Co Ltd Class C | 5/16/2018 | 6690160 |
| Anthropic PBC Series D | 5/31/2024 | 7055558 |
| Anthropic PBC Series E | 2/14/2025 | 2529501 |
| Anthropic PBC Series F | 8/18/2025 | 9388442 |
| Asapp Inc Series D | 8/29/2023 | 6777852 |
| Asapp Inc warrants 8/28/2028 | 8/29/2023 | 0 |
| Asimov Inc Series B | 10/29/2021 | 7615944 |
| Beauty Health Co/The | 12/8/2020 | 28847170 |
| Bending Spoons SpA Class C | 10/9/2025 | 4870282 |
| Blink Health LLC Class A1 | 12/30/2020 - 6/17/2024 | 7280990 |
| Blink Health LLC Series C | 11/7/2019 - 7/14/2021 | 35403430 |
| Blink Health LLC Series D | 6/17/2024 - 6/25/2024 | 10147704 |
| Bolt Technology OU Series E | 1/3/2022 | 18866682 |
| Bright Peak Therapeutics Inc. Series B | 5/14/2021 | 4972006 |
| Bright Peak Therapeutics Inc. Series C | 5/7/2024 | 2606153 |
| Bytedance Ltd Series E1 | 11/18/2020 | 44207703 |
| CAMP4 Therapeutics Corp | 9/9/2025 | 645960 |
| Candid Therapeutics Series B | 8/27/2024 | 4352523 |
| Canva Australia Holdings Pty Ltd Class A | 3/18/2024 - 11/12/2025 | 12944994 |
| Canva Australia Holdings Pty Ltd Series A | 9/22/2023 | 3593581 |
| Canva Australia Holdings Pty Ltd Series A2 | 9/22/2023 | 651730 |
| Cardurion Pharmaceuticals Inc Series B | 7/10/2024 | 5787014 |
| Castle Creek Biosciences Inc Series A4 | 9/29/2016 | 15508325 |
| Castle Creek Biosciences Inc Series B | 10/9/2018 | 6920316 |
| Castle Creek Biosciences Inc Series C | 12/9/2019 | 5395235 |
| Castle Creek Biosciences Inc Series D1 | 4/19/2022 | 4240392 |
| Castle Creek Biosciences Inc Series D2 | 6/28/2021 | 1087099 |
| Celestial AI Inc | 2/25/2025 | 625681 |
| Celestial AI Inc Series A | 2/25/2025 | 3989572 |
| Celestial AI Inc Series B | 2/25/2025 | 3002060 |
| Celestial AI Inc Series C1 | 2/25/2025 | 14147780 |
| CELLANOME Inc Series B | 1/8/2024 | 7789652 |
| Cerebras Systems Inc Series G | 9/19/2025 | 93124515 |
| City Therapeutics Inc Series A | 4/17/2024 | 8033238 |
| Cleerly Inc Series C | 7/8/2022 | 11580966 |
| Conformal Medical Inc Series C | 7/24/2020 | 3913418 |
| Conformal Medical Inc Series D | 5/26/2023 - 7/31/2025 | 879472 |
| Crescent Biopharma Inc | 10/28/2024 | 3870686 |
| Crusoe Energy Systems LLC Series D | 12/10/2024 | 7563938 |
| Crusoe Energy Systems LLC Series E | 10/8/2025 | 1866159 |
| Danger Devices Inc Series B | 3/5/2025 | 3095829 |
| Databricks Inc Series G | 2/1/2021 | 14798159 |
| Databricks Inc Series H | 8/31/2021 | 20073734 |
| Databricks Inc Series J | 12/17/2024 | 12086328 |
| Databricks Inc Series K | 9/8/2025 | 1334999 |
| Dataminr Inc Series D, 8% | 2/18/2015 - 3/6/2015 | 22617238 |
| Deep Genomics Inc Series C | 7/21/2021 | 9894067 |
| Deverra Therapeutics | 5/1/2018 | 0 |
| Diamond Foundry Inc Series C | 3/15/2021 | 40911000 |
| Discord Inc Series I | 9/15/2021 | 3854371 |
| DNA Script SAS | 12/17/2021 | 370743 |
| DNA Script SAS | 12/17/2021 | 1416515 |
| DNA Script SAS Series B | 12/17/2021 | 17616 |
| DNA Script SAS Series C | 10/1/2021 | 9465708 |
| Dragonfly Therapeutics Inc | 12/19/2019 | 12746444 |
| Element Biosciences Inc Series B | 12/13/2019 | 5745333 |
| Element Biosciences Inc Series C | 6/21/2021 | 9869457 |
| Element Biosciences Inc Series D | 6/28/2024 | 1763691 |
| Element Biosciences Inc Series D1 | 6/28/2024 | 1763691 |
| Element Labs Inc Series A | 2/11/2025 | 1957538 |
| Element Labs Inc Series B | 6/27/2025 | 2517789 |
| ElevateBio LLC Series C | 3/9/2021 | 6435550 |
| Empower Semiconductor Inc Series D | 6/27/2025 | 8519387 |
| Enevate Corp 10% 5/12/2199 | 11/12/2024 | 63175 |
| Enevate Corp 6% | 11/2/2023 - 10/31/2024 | 226061 |
| Enevate Corp Series E | 1/29/2021 | 4509838 |
| Epic Games Inc | 7/13/2020 - 7/30/2020 | 29785000 |
| Evozyne Inc 6% 9/13/2028 pay-in-kind | 9/14/2023 - 9/30/2025 | 4350816 |
| Evozyne Inc Series A | 4/9/2021 | 9992409 |
| Evozyne Inc Series B | 9/14/2023 | 3840622 |
| Fanatics Inc Class A | 8/13/2020 - 10/24/2022 | 21635851 |
| Faraday Pharmaceuticals Inc Series B | 12/30/2019 | 843278 |
| Farmers Business Network Inc 15% 12/31/2199 | 9/29/2023 - 9/25/2024 | 850206 |
| Farmers Business Network Inc Series G | 9/15/2021 | 1762981 |
| Farmers Business Network Inc warrants 9/27/2033 | 9/29/2023 | 0 |
| Freenome Holdings Inc Series C | 8/14/2020 | 5957816 |
| Freenome Holdings Inc Series D | 11/22/2021 | 3789282 |
| Galvanize Therapeutics 10% 2/28/2027 | 7/7/2025 | 1838015 |
| Galvanize Therapeutics Series B | 3/29/2022 | 7517698 |
| Galvanize Therapeutics Series C-1 | 7/7/2025 | 2107725 |
| Generate Biomedicines Inc Series B | 11/2/2021 | 9725852 |
| Generate Biomedicines Inc Series C | 6/5/2023 - 1/21/2025 | 8911496 |
| Genesis Therapeutics Inc Series D | 8/10/2023 | 8452332 |
| GoBrands Inc Series G | 3/2/2021 | 31386468 |
| GoBrands Inc Series H | 7/22/2021 | 40523841 |
| InSightec Ltd Series G | 6/17/2024 | 5880136 |
| Intarcia Therapeutics Inc | 11/14/2012 | 14330732 |
| Intarcia Therapeutics Inc 6% | 2/26/2019 | 13681944 |
| Intarcia Therapeutics Inc Series DD | 3/17/2014 | 49999990 |
| Jade Biosciences Inc | 10/7/2025 | 4305671 |
| JUUL Labs Inc Class A | 7/6/2018 - 11/4/2025 | 16300063 |
| JUUL Labs Inc Series E | 7/6/2018 | 649610 |
| Kardigan Inc Series B | 10/9/2025 | 8659481 |
| Kardium Inc/Us 10% 12/31/2026 | 5/31/2024 - 10/1/2025 | 2413092 |
| Kardium Inc/Us Series D-6 | 12/30/2020 | 5992448 |
| Kardium Inc/Us Series D-7 | 8/6/2024 | 930130 |
| Kartos Therapeutics Inc Series C | 8/22/2023 | 6936175 |
| Kartos Therapeutics Inc Series D | 2/26/2025 | 2328476 |
| Laronde Inc Series B | 8/13/2021 | 9645888 |
| LifeMine Therapeutics Inc Series C | 2/15/2022 | 15874250 |
| Lightmatter Inc Series C1 | 5/19/2023 | 6713272 |
| Lightmatter Inc Series C2 | 12/18/2023 | 1666065 |
| Lightmatter Inc Series D | 10/11/2024 | 34213735 |
| Lyte Ai Inc Series B | 8/13/2024 | 8542274 |
| Manus Bio Inc Series One-5 | 11/13/2020 | 7724091 |
| Manus Bio Inc Series One-6 | 3/30/2021 | 9593583 |
| Medical Microinstruments Inc/Italy Series C | 2/16/2024 | 7099578 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 | 2/16/2024 | 0 |
| Menlo Microsystems Inc Series C | 2/9/2022 | 5863333 |
| Mentari Therapeutics Inc Series A | 9/18/2025 | 2751822 |
| Mirador Therapeutics Inc Series A | 3/19/2024 | 8034735 |
| Mirador Therapeutics Inc Series B | 7/31/2025 | 9709323 |
| National Resilience LLC Series B | 12/1/2020 | 17448533 |
| National Resilience LLC Series C | 6/28/2021 | 16831390 |
| Neurona Therapeutics Inc Series F | 3/28/2025 | 6792232 |
| Neutron Holdings Inc | 2/4/2021 | 15464 |
| Neutron Holdings Inc 4% 5/22/2027 | 6/4/2020 | 3596400 |
| Neutron Holdings Inc 4% 6/12/2027 | 6/12/2020 | 742912 |
| Neutron Holdings Inc 8% 10/29/2026 | 10/29/2021 - 10/29/2025 | 9317396 |
| Neutron Holdings Inc Series 1D | 1/25/2019 | 4339229 |
| NScale Global Holdings Ltd Series B | 9/25/2025 | 6723876 |
| Odyssey Therapeutics Inc Series B | 9/30/2022 | 8202691 |
| Odyssey Therapeutics Inc Series C | 10/25/2023 | 4951595 |
| Odyssey Therapeutics Inc Series D | 6/16/2025 | 3857864 |
| Openai Group Pbc Class A | 9/3/2025 | 7740000 |
| Openai Group Pbc Series A-3 | 8/4/2025 | 7051600 |
| Oruka Therapeutics Inc | 9/17/2025 | 5160990 |
| Oura Health Oy Series D | 12/18/2024 | 22207129 |
| Oura Health Oy Series E | 9/24/2025 | 102899667 |
| Parabilis Medicines Inc Series D | 11/17/2022 | 9509242 |
| Parabilis Medicines Inc Series E | 2/29/2024 | 3058296 |
| Paragon Biosciences Emalex Capital Inc Series B | 9/18/2019 | 4239998 |
| Paragon Biosciences Emalex Capital Inc Series C | 2/26/2021 | 5991754 |
| Paragon Biosciences Emalex Capital Inc Series D-3 | 5/6/2025 | 3318426 |
| Paragon Biosciences Emalex Capital Inc Series D1 | 10/21/2022 - 3/13/2025 | 9063389 |
| Paragon Biosciences Emalex Capital Inc Series D2 | 5/18/2022 | 1190282 |
| Physical Intelligence Inc Series B | 10/24/2025 | 11324023 |
| Prognomiq Inc | 8/20/2020 - 2/16/2022 | 3655328 |
| Quell Therapeutics Ltd Series B | 11/24/2021 | 7315491 |
| Rad Power Bikes Inc | 1/21/2021 | 5704519 |
| Rad Power Bikes Inc 8% 12/31/2025 | 10/6/2023 | 985838 |
| Rad Power Bikes Inc Series A | 1/21/2021 | 743711 |
| Rad Power Bikes Inc Series C | 1/21/2021 | 2926421 |
| Rad Power Bikes Inc Series D | 9/17/2021 | 10267125 |
| Rad Power Bikes Inc warrants 10/6/2033 | 10/6/2023 | 0 |
| Redwood Materials Series C | 5/28/2021 | 3794980 |
| Redwood Materials Series D | 6/2/2023 | 895095 |
| Redwood Materials Series E | 10/20/2025 | 243022 |
| Retym Inc Series C | 5/17/2023 - 6/20/2023 | 5184951 |
| Retym Inc Series D | 1/29/2025 | 1749936 |
| Revolut Group Holdings Ltd | 12/27/2024 | 5865604 |
| Saluda Medical Inc | 1/20/2022 - 10/30/2025 | 15689338 |
| Saluda Medical Inc warrants 1/20/2027 | 1/20/2022 | 0 |
| Scholar Rock Holding Corp warrants 12/31/2025 | 6/17/2022 | 0 |
| Scorpion Therapeutics Inc | 3/5/2025 | 834959 |
| Scorpion Therapeutics Inc | 3/5/2025 | 0 |
| Scorpion Therapeutics Inc rights | 3/5/2025 | 1391599 |
| SiMa Technologies Inc 10% 12/31/2027 | 4/8/2024 - 10/5/2025 | 1778053 |
| SiMa Technologies Inc 7.5% 12/31/2027 | 7/18/2025 | 1452300 |
| SiMa Technologies Inc Series B | 5/10/2021 | 8184438 |
| SiMa Technologies Inc Series B1 | 4/25/2022 | 758173 |
| Skyhawk Therapeutics Inc | 5/21/2021 | 9904462 |
| Skyryse Inc Series B | 10/21/2021 | 14029206 |
| Skyryse Inc Series C | 9/16/2025 - 11/21/2025 | 8015486 |
| Skyryse Inc Series C-1 | 8/13/2024 | 1093997 |
| Sonoma Biotherapeutics Inc Series B | 7/26/2021 | 4936323 |
| Sonoma Biotherapeutics Inc Series B1 | 7/26/2021 | 3949058 |
| Space Exploration Technologies Corp | 10/16/2015 | 14227237 |
| Space Exploration Technologies Corp Series G | 1/20/2015 | 16752739 |
| Stripe Inc Class B | 5/18/2021 | 8246382 |
| Stripe Inc Series H | 3/15/2021 | 3539025 |
| T-Knife Therapeutics Inc Series B | 6/30/2021 | 5740908 |
| Taalas Inc Series B | 2/19/2025 | 5266195 |
| Tenstorrent Holdings Inc Series C1 | 4/23/2021 | 10595741 |
| Tenstorrent Holdings Inc Series D1 | 7/16/2024 - 1/15/2025 | 14112772 |
| Tenstorrent Holdings Inc Series D2 | 7/17/2024 | 3590207 |
| Tory Burch LLC Class A | 5/14/2015 | 67652550 |
| Tory Burch LLC Class B | 12/31/2012 | 17505000 |
| Treeline Biosciences Series A | 7/30/2021 - 10/27/2022 | 10545678 |
| Treeline Biosciences Series A1 | 10/27/2022 | 3997039 |
| Triveni Bio Inc Series B | 9/19/2024 | 4987164 |
| Vast Data Ltd Series A | 11/28/2023 | 3500431 |
| Vast Data Ltd Series A1 | 11/28/2023 | 8615728 |
| Vast Data Ltd Series A2 | 11/28/2023 | 9910835 |
| Vast Data Ltd Series B | 11/28/2023 | 7886175 |
| Vast Data Ltd Series C | 11/28/2023 | 229889 |
| Vast Data Ltd Series E | 11/28/2023 | 15071540 |
| Waymo LLC Series A2 | 5/8/2020 | 3844017 |
| Waymo LLC Series C2 | 10/18/2024 | 2623966 |
| Wugen Inc 0% 12/31/2199 | 6/14/2024 | 2085443 |
| Wugen Inc Series B | 7/9/2021 | 3827268 |
| Wugen Inc Series C | 8/22/2025 | 3280733 |
| Wugen Inc warrants 8/22/2035 | 8/22/2025 | 0 |
| X.Ai Holdings Corp Class A | 10/27/2021 - 7/18/2025 | 15696473 |
| X.Ai Holdings Corp Series B | 5/13/2024 | 25655744 |
| X.Ai Holdings Corp Series C | 11/22/2024 | 48556620 |
| Xsight Labs Ltd Series D | 2/16/2021 | 6299754 |
| Xsight Labs Ltd Series F | 1/11/2024 - 12/30/2024 | 6035057 |
| Zipline International Inc Series G | 6/7/2024 | 7552976 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Beta Technologies Inc | 5/4/2026 |
| Caris Life Sciences Inc | 12/15/2025 |
| HeartFlow Inc | 2/4/2026 |
| Lenskart Solutions Ltd | 12/5/2025 |
| Lenskart Solutions Ltd | 2/3/2026 |
| Omada Health Inc | 12/3/2025 |
| Pine Labs Ltd | 5/4/2026 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 104013943 | 4322974187 | 4156863337 | 5755179 | 3492 | 1 | 270128286 | 270074271 | 0.5% |
| Fidelity Securities Lending Cash Central Fund | 333418332 | 2268958954 | 2371999174 | 9996018 | 3096 | - | 230381208 | 230358172 | 0.8% |
| Total | 437432275 | 6591933141 | 6528862511 | 15751197 | 6588 | 1 | 500509494 |  |  |

---

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

Amounts in the dividend income column 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 income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Other Affiliated Issuers**

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) and Shares end of period columns means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  |
| Beauty Health Co/The | 4269381 | - | - | - | - | - | 4269381 | 2884717 |
| Beauty Health Co/The Class A | 5694836 | 41145 | 136002 | - | (5791) | 18915 | 5613103 | 3792637 |
| Ionis Pharmaceuticals Inc | 266394769 | 48076102 | 8772498 | - | 3435744 | 365582642 | 674716759 | 8155648 |
| Nutanix Inc Class A | 860141748 | 43823801 | 23191759 | - | 12387010 | (250650743) | 642510057 | 13441633 |
| Total | 1136500734 | 91941048 | 32100259 | - | 15816963 | 114950814 | 1327109300 |  |

---

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of November 30, 2025, 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 Consolidated Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 10554571595 | 10520896933 | - | 33674662 |
| Consumer Discretionary | 9972834703 | 9821331171 | 41846887 | 109656645 |
| Consumer Staples | 1694102184 | 1672176774 | - | 21925410 |
| Energy | 233113867 | 233113867 | - | - |
| Financials | 3171712663 | 3150436220 | 9167036 | 12109407 |
| Health Care | 8986312363 | 8859584667 | 6155483 | 120572213 |
| Industrials | 2193964146 | 1804109695 | 50753016 | 339101435 |
| Information Technology | 39663302007 | 39570655566 | 22266721 | 70379720 |
| Materials | 460088522 | 459018579 | - | 1069943 |
| Real Estate | 182234760 | 182234760 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Consumer Discretionary | 36075983 | - | - | 36075983 |
| Health Care | 6573817 | - | - | 6573817 |
| Information Technology | 5104487 | - | - | 5104487 |
| Materials | 622606 | - | - | 622606 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 96743276 | - | - | 96743276 |
| Consumer Discretionary | 22089802 | - | - | 22089802 |
| Consumer Staples | 10667132 | - | - | 10667132 |
| Financials | 55544350 | - | - | 55544350 |
| Health Care | 530558089 | 16002000 | - | 514556089 |
| Industrials | 497117133 | - | - | 497117133 |
| Information Technology | 912632637 | - | - | 912632637 |
| Materials | 56212358 | - | - | 56212358 |
| Utilities | 4960138 | - | - | 4960138 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 10673098 | - | - | 10673098 |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 208340 | - | - | 208340 |
| Health Care | 1 | - | - | 1 |
| Information Technology | 3817334 | - | - | 3817334 |
|  **Money Market Funds** | 500509494 | 500509494 | - | - |
| **Total Investments in Securities:** | 79862346885 | 76790069726 | 130189143 | 2942088016 |

---

The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at November 30, 2025 ($)** |
| **Common Stocks** | 730178626 | 220046706 | (1687492) | 74127538 | (314059564) | - | 10078 | (126457) | 708489435 | 51065825 |
| **Convertible Preferred Stocks** | 1362129932 | 2990197 | 520747045 | 518079300 | (233423559) | - | - | - | 2170522915 | 511174451 |
| **Non-Convertible Preferred Stocks** | 10957929 | - | (286864) | 2033 | - | - | - | - | 10673098 | (286864) |
| **Convertible Corporate Bonds** | 30935773 | 1226340 | 14860754 | 5299766 | (3945740) | - | - | - | 48376893 | 15115562 |
| **Preferred Securities** | 17743144 | - | 2078658 | 2010720 | (17806847) | - | - | - | 4025675 | (733763) |
| <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. | <br> 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, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations. |  |  |  |

---

**Consolidated Financial Statements**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| **As of November 30, 2025** | **As of November 30, 2025** | **As of November 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $320,696,640) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $24,055,745,592) | $78034728091 |  |
| Fidelity Central Funds (cost $500,505,371) | 500509494 |  |
| Other affiliated issuers (cost $955,216,789) | 1327109300 |  |
| Total Investment in Securities (cost $25,511,467,752) |  | $79862346885 |
| Cash |  | 587505 |
| Foreign currency held at value (cost $44,491) |  | 44167 |
| Receivable for investments sold |  | 24517668 |
| Receivable for fund shares sold |  | 18251551 |
| Dividends receivable |  | 30659403 |
| Interest receivable |  | 1723346 |
| Distributions receivable from Fidelity Central Funds |  | 1022599 |
| Prepaid expenses |  | 66176 |
| Other receivables |  | 2222777 |
| **Total assets** |  | 79941442077 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $47200069 |  |
| Payable for fund shares redeemed | 24467717 |  |
| Accrued management fee | 47338866 |  |
| Other payables and accrued expenses | 12163780 |  |
| Collateral on securities loaned | 230321133 |  |
| **Total liabilities** |  | 361491565 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $79579950512 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $21730013014 |
| Total accumulated earnings (loss) |  | 57849937498 |
| **Net Assets** |  | $79579950512 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Growth Company :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($71,629,185,512 ÷ 1,444,602,467 shares) |  | $49.58 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($7,950,765,000 ÷ 159,187,710 shares) |  | $49.95 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $276335982 |
| Interest  |  | 1441438 |
| Income from Fidelity Central Funds (including $9,996,018 from security lending)  |  | 15751197 |
| **Total income** |  | 293528617 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $401486048 |  |
| Performance adjustment | 70336047 |  |
| Custodian fees and expenses | 841626 |  |
| Independent trustees' fees and expenses | 267451 |  |
| Registration fees | 236775 |  |
| Audit fees | 136619 |  |
| Legal | 51133 |  |
| Interest | 141065 |  |
| Miscellaneous | 245640 |  |
| Total expenses before reductions | 473742404 |  |
| Expense reductions | (10341) |  |
| Total expenses after reductions |  | 473732063 |
| **Net Investment income (loss)** |  | (180203446) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $922,652)  | 4272210107 |  |
| Redemptions in-kind | 2542252954 |  |
| Fidelity Central Funds | 6588 |  |
| Other affiliated issuers | 15816963 |  |
| Foreign currency transactions | (113900) |  |
| Futures contracts | (2587423) |  |
| Total net realized gain (loss) |  | 6827585289 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,364,895)  | 8902051840 |  |
| Fidelity Central Funds  | 1 |  |
| Other affiliated issuers  | 114950814 |  |
| Unfunded commitments | (4542497) |  |
| Assets and liabilities in foreign currencies | 465086 |  |
| Total change in net unrealized appreciation (depreciation) |  | 9012925244 |
| **Net gain (loss)** |  | 15840510533 |
| **Net increase (decrease) in net assets resulting from operations** |  | $15660307087 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Year ended**<br> **November 30, 2025** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(180203446) | $(27685531) |
| &nbsp;&nbsp;Net realized gain (loss) | 6827585289<br>| 8672231812<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 9012925244 | 13345412069<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 15660307087<br>| 21989958350<br>|
| Distributions to shareholders | (5603973094)<br>| (1985138245)<br>|
| Share transactions - net increase (decrease) | 222673485<br>| (1673643792)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 10279007478<br>| 18331176313<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 69300943034 | 50969766721<br>|
| &nbsp;&nbsp;End of period | $79579950512 | $69300943034 |

---

**Consolidated Financial Highlights** 

**Fidelity® Growth Company Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $43.44 | $31.27 | $26.47 | $41.75 | $34.49 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.11)  | (.02)  | (.06)  | (.09)  | (.14) C |
| Net realized and unrealized gain (loss)  | 9.83  | 13.41  | 6.48  | (11.30)  | 10.31  |
| Total from investment operations  | 9.72  | 13.39  | 6.42  | (11.39)  | 10.17  |
| Distributions from net realized gain  | (3.58)  | (1.22)  | (1.62)  | (3.89)  | (2.91)  |
| Total distributions  | (3.58)  | (1.22)  | (1.62)  | (3.89)  | (2.91)  |
| Net asset value, end of period  | $49.58 | $43.44 | $31.27 | $26.47 | $41.75 |
| **Total Return** D | 23.90% <br>| 44.23%  | 26.74%  | (29.90)%  | 31.76%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .69%  | .53%  | .72%  | .86%  | .79%  |
| Expenses net of fee waivers, if any  | .69% <br>| .52%  | .71%  | .86%  | .79%  |
| Expenses net of all reductions, if any  | .69%  | .52%  | .71%  | .86%  | .79%  |
| Net investment income (loss)  | (.27)%  | (.06)%  | (.22)%  | (.32)%  | (.38)% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $71629186 | $60512551 | $43116057 | $34900124 | $53845109 |
| Portfolio turnover rate G,H | 16% <br>| 18%  | 12%  | 14%  | 16%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*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 (.43)%.*

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

E*Fees and expenses of any underlying 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 Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

F*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.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Fidelity® Growth Company Fund Class K**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $43.71 | $31.43 | $26.59 | $41.89 | $34.57 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.08)  | .01  | (.04)  | (.07)  | (.12) C |
| Net realized and unrealized gain (loss)  | 9.90  | 13.49  | 6.50  | (11.34)  | 10.35  |
| Total from investment operations  | 9.82  | 13.50  | 6.46  | (11.41)  | 10.23  |
| Distributions from net realized gain  | (3.58)  | (1.22)  | (1.62)  | (3.89)  | (2.91)  |
| Total distributions  | (3.58)  | (1.22)  | (1.62)  | (3.89)  | (2.91)  |
| Net asset value, end of period  | $49.95 | $43.71 | $31.43 | $26.59 | $41.89 |
| **Total Return** D | 23.99% <br>| 44.36%  | 26.77%  | (29.85)%  | 31.87%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .62%  | .45%  | .65%  | .79%  | .73%  |
| Expenses net of fee waivers, if any  | .62% <br>| .44%  | .65%  | .79%  | .72%  |
| Expenses net of all reductions, if any  | .62%  | .44%  | .65%  | .79%  | .72%  |
| Net investment income (loss)  | (.20)%  | .02%  | (.15)%  | (.26)%  | (.32)% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7950765 | $8788392 | $7853710 | $7775608 | $15994121 |
| Portfolio turnover rate G,H | 16% <br>| 18%  | 12%  | 14%  | 16%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*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 (.37)%.*

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

E*Fees and expenses of any underlying 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 Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

F*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.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

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

**Notes to Consolidated Financial Statements**

For the period ended November 30, 2025

**1. Organization.**

Fidelity Growth Company Fund (the Fund) is a non-diversified 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 Consolidated 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 RatioA** |
| 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% |

---

*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 consolidated 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 consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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 - unadjusted 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 service 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 services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services 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 services. 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 InputA** |
| Common Stocks | $708489308  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 0.5 - 71.0 / 19.3 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 7.3 - 35.9 / 32.0 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI)  | 27.1 | Increase |
|  |  | Market approach  | Transaction price  | $0.61 - $62.50 / $26.52 | Increase |
|  |  |  | Discount rate  | 20.0% - 25.0% / 20.0% | Decrease |
|  |  |  | Parity price  | $4.90  | Increase |
|  |  |  | Premium rate  | 10.0% - 50.0% / 48.2% | Increase |
|  |  | Recovery value | Recovery value  | $0.00 | Increase |
|  |  | Black scholes | Volatility  | 60.0% - 110.0% / 79.5% | Increase |
|  |  |  | Discount rate  | 3.6% - 4.0% / 3.7% | Increase |
|  |  |  | Term | 1.0 - 5.0 / 1.3 | Increase |
|  |  | Discounted cash flow  | Discount rate | 3.8% - 15.1% / 10.6% | Decrease |
|  |  |  | Probability rate | 2.5% - 87.5% / 36.8% | Increase |
|  |  |  | Term | 0.5 - 9.3 / 5.4 | Increase |
|  |  | Book value | Book value multiple | 1.5 | Increase |
| Convertible Corporate Bonds | $48376893  | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.5 - 3.8 / 3.7 | Increase |
|  |  |  | Discount rate | 29.2% | Decrease |
|  |  |  | Probability rate | 10.0% - 75.0% / 33.3% | Increase |
|  |  | Market approach | Transaction price | $100.00  | Increase |
|  |  |  | Discount rate | 19.9% - 21.7% / 19.9% | Decrease |
|  |  |  | Probability rate | 0.0% - 100.0% / 40.5% | Increase |
|  |  | Black scholes | Volatility | 60.0% - 110.0% / 74.9% | Increase |
|  |  |  | Discount rate | 3.6% - 4.4% / 3.8% | Increase |
|  |  |  | Term | 0.6 - 3.0 / 1.0 | Increase |
| Convertible Preferred Stocks | $2170522920  | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.5 - 71.0 / 31.1 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA) | 35.9 | Increase |
|  |  |  | Enterprise value/Gross profit multiple (EV/GP) | 11.9 | Increase |
|  |  | Market approach | Transaction price | $0.41 - $278.23 / $33.28 | Increase |
|  |  |  | Discount rate | 10.0% - 90.0% / 23.9% | Decrease |
|  |  |  | Premium rate | 10.0% - 40.0% / 14.8% | Increase |
|  |  | Recovery value | Recovery value | $0.00 - $0.01 / $0.01 | Increase |
|  |  | Black scholes | Volatility | 40.0% - 110.0% / 74.5% | Increase |
|  |  |  | Discount rate | 3.5% - 3.7% / 3.6% | Increase |
|  |  |  | Term | 1.0 - 5.0 / 3.0 | Increase |
| Non-Convertible Preferred Stocks | $10673098  | Market approach | Transaction price | $1.00 - $215.03 / $213.23 | Increase |
|  |  |  | Discount rate | 80.0% | Decrease |
|  |  |  | Premium rate | 10.0% | Increase |
|  |  | Black scholes | Volatility | 75.0% - 85.0% / 84.9% | Increase |
|  |  |  | Discount rate | 3.6% | Increase |
|  |  |  | Term | 3.0 | Increase |
| Preferred Securities | $4025675  | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.5 | Increase |
|  |  | Market approach | Transaction price | $100.00  | Increase |
|  |  |  | Discount rate | 35.4% - 46.9% / 41.6% | Decrease |
|  |  |  | Probability rate | 0.0% - 60.0% / 37.1% | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Volatility | 50.0% - 100.0% / 50.8% | Increase |
|  |  |  | Discount rate | 3.6% - 4.4% / 3.7% | Increase |
|  |  |  | Term | 0.6 - 1.1 / 1.1 | 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 November 30, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. 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. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable.

**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 consolidated 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 Consolidated Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Growth Company Fund** | $2111855 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of November 30, 2025, the Fund did not have any unrecognized tax benefits in the consolidated financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Consolidated Statement of Assets and 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the consolidated 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 transactions, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), contingent interest, redemptions in-kind, partnerships, net operating losses 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**  | $55956504430 |
| **Gross unrealized depreciation**  | <u>(1777433191)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$54179071239</u> |
| **Tax Cost**  | <u>$25683275646</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$-</u> |
| **Undistributed long-term capital gain**  | <u>$3840680167</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$54179167056</u> |

---

The Fund intends to elect to defer to its next fiscal year $160,256,486 of ordinary losses recognized during the period January 1, 2025 to November 30, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2025** | **November 30, 2024** |
| **Long-term Capital Gains**  | <u>$5603973094</u> | <u>$1985138245</u> |

---

**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 Consolidated Schedule of Investments, if applicable.

**Commitments.** A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Consolidated Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Consolidated Statement of Operations, as applicable based on contractual conditions of each commitment.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment to be Acquired** | **Commitment Amount ($)** | **Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Growth Company Fund** | Spinny Series G Convertible Preferred | 1795909 | - |
| **Fidelity Growth Company Fund** | Tubulis GmbH Series C Convertible Preferred | 2538103 | - |

---

**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 Total Assets** |
| **Fidelity Growth Company Fund** | 109450265 | .14 |

---

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 Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated 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 Consolidated Statement of Assets and Liabilities, if applicable.

**Consolidated Special Purpose Vehicle.** The Funds included in the table below hold private equity of Indian issuers through a wholly owned special purpose vehicle (SPV). As of period end, the investment in the SPV was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **SPV Name** | **Net Assets of SPV** | **% of Fund's Total Assets** |
| **Fidelity Growth Company Fund** | Fid FDI 25, LLC | 50503431 | .06 |

---

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

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the consolidated financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, 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.

Derivatives were used 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 objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| 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.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a 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 a fund. Counterparty credit risk related to exchange-traded 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 Consolidated 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. Futures contracts were used to manage 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 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 Consolidated 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 Consolidated Statement of Operations.

Any open futures contracts at period end are presented in the Consolidated 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, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Consolidated Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Consolidated Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Growth Company Fund** | 11119908443 | 13954376075 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Consolidated Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Growth Company Fund** | 67652550 | 16218800 | 2526034154 | 2542252954 | 3000087558 |

---

**Unaffiliated Exchanges In-Kind.** Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets.

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Growth Company Fund** | 3158931 | 114921898 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Growth Company Fund** | 77241090 | 2447139076 | 2878261973 |

---

**Prior Year Unaffiliated Exchanges In-Kind.** Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets.

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Growth Company Fund** | 3235922 | 134387843 |

---

**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 pays a monthly management fee.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Growth Company** | .60 |
| **Class K** | .54 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Growth Company** | .59 |
| **Class K** | .52 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Growth Company Fund** | Russell 3000 Growth Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Growth Company. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was .10%.

**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 Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Growth Company Fund** | 413630 |

---

**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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the 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 | 364824000 | 4.64% | 141065 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Growth Company Fund** | 1360775928 | 1041494737 | 368639399 |

---

**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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Consolidated Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Growth Company Fund** | 91011 |

---

**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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. 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** | 1037012 | 34755 | - |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Consolidated Schedule of Investments or Consolidated Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Growth Company Fund** | 98489958 |

---

**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. During the period, custodian credits reduced the Fund's expenses by $10,341.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **November 30, 2025** | **Year ended**<br> **November 30, 2024** |
| **Fidelity Growth Company Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Growth Company | $4947937641 | $1684599444 |
| Class K | <u>656035453</u> | <u>300538801</u> |
| Total  | <u>$5603973094</u> | <u>$1985138245</u> |

---

**11. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **November 30, 2025**  | **Year ended**<br> **November 30, 2024** | **Year ended** <br> **November 30, 2025**  | **Year ended**<br> **November 30, 2024** |
| **Fidelity Growth Company Fund** |  |  |  |  |
| **Growth Company** |  |  |  |  |
| Shares sold | 132487077 | 132647992 | $5397431291 | $4962500510 |
| Reinvestment of distributions | 108705819 | 48617728 | 4541729126 | 1556253482 |
| Shares redeemed | <u>(189563646)</u> | <u>(167032946)</u> | <u>(7926864926)</u> | <u>(6363433073)</u> |
| Net increase (decrease) | <u>51629250</u> | <u>14232774</u> | <u>$2012295491</u> | <u>$155320919</u> |
| **Class K** |  |  |  |  |
| Shares sold | 21036460 | 27289679 | $876009059 | $1018338436 |
| Reinvestment of distributions | 15572632 | 9329212 | 654829174 | 300214055 |
| Shares redeemed | <u>(78502359)</u> | <u>(85430706)</u> | <u>(3320460239)</u> | <u>(3147517202)</u> |
| Net increase (decrease) | <u>(41893267)</u> | <u>(48811815)</u> | <u>$(1789622006)</u> | <u>$(1828964711)</u> |

---

**12. Other.**

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

---

| | |
|:---|:---|
|  | **Strategic Advisers Fidelity U.S. Total Stock Fund** |
| Fidelity Growth Company Fund  | 24% |

---

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| Fidelity Growth Company Fund | 29% |

---

**13. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

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

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying consolidated statement of assets and liabilities of Fidelity Growth Company Fund (the "Fund"), a fund of Fidelity Mt. Vernon Street Trust, including the consolidated schedule of investments, as of November 30, 2025, the related consolidated statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of November 30, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

January 13, 2026

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

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 30, 2025, $4,317,426,654, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img120720_4.jpg)<br>

1.539089.128 GCF-ANN-0126

**Fidelity® Equity Growth K6 Fund**

**Annual Report**

**November 30, 2025**

![](img120907_1.jpg)

![](img120907_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_EGK-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Equity Growth K6 Fund](#Sub_Sec_Fund_7524_EGK-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements7524_EGK-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_EGK-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_EGK-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_EGK-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_EGK-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_EGK-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_EGK-ANN)** |

---

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.© 2026 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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Equity Growth K6 Fund**

**Schedule of Investments November 30, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Canva Australia Holdings Pty Ltd Class A (a)(b)(c) | 150 | 246921 |
| BELGIUM - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| Pharmaceuticals - 0.9% |  |  |
| UCB SA  | 10107 | 2820502 |
| BRAZIL - 0.5%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.3% |  |  |
| MercadoLibre Inc (c) | 408 | 845286 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (c) | 16113 | 280205 |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Vale SA ADR  | 50078 | 631484 |
| TOTAL BRAZIL |  | 1756975 |
| CANADA - 1.7%  |  |  |
| Information Technology - 0.7% |  |  |
| IT Services - 0.7% |  |  |
| Shopify Inc Class A (United States) (c) | 13775 | 2185266 |
| Materials - 1.0% |  |  |
| Metals & Mining - 1.0% |  |  |
| Agnico Eagle Mines Ltd/CA (United States)  | 9881 | 1723543 |
| Franco-Nevada Corp  | 7400 | 1554611 |
|  |  | 3278154 |
| TOTAL CANADA |  | 5463420 |
| CHINA - 1.6%  |  |  |
| Communication Services - 1.3% |  |  |
| Interactive Media & Services - 1.3% |  |  |
| Tencent Holdings Ltd  | 53081 | 4194012 |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.3% |  |  |
| Alibaba Group Holding Ltd ADR  | 5986 | 941598 |
| TOTAL CHINA |  | 5135610 |
| GERMANY - 0.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Specialty Retail - 0.4% |  |  |
| Auto1 Group SE (c) | 42500 | 1195393 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Bullish  | 500 | 21810 |
| ISRAEL - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Gamida Cell Ltd rights (a)(c) | 10294 | 0 |
| KOREA (SOUTH) - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| SK Hynix Inc  | 6630 | 2406570 |
| NETHERLANDS - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| Argenx SE ADR (c) | 1360 | 1240293 |
| TAIWAN - 2.8%  |  |  |
| Information Technology - 2.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Chroma ATE Inc  | 8484 | 221448 |
| Semiconductors & Semiconductor Equipment - 2.7% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 30117 | 8779407 |
| TOTAL TAIWAN |  | 9000855 |
| THAILAND - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Fabrinet (c) | 315 | 144714 |
| UNITED KINGDOM - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Flutter Entertainment PLC (c) | 2804 | 585503 |
| UNITED STATES - 90.3%  |  |  |
| Communication Services - 13.9% |  |  |
| Entertainment - 3.1% |  |  |
| Live Nation Entertainment Inc (c) | 6790 | 892545 |
| Netflix Inc (c) | 57660 | 6203063 |
| ROBLOX Corp Class A (c) | 10568 | 1004277 |
| Spotify Technology SA (c) | 3024 | 1810983 |
|  |  | 9910868 |
| Interactive Media & Services - 10.8% |  |  |
| Alphabet Inc Class A  | 66110 | 21167100 |
| Meta Platforms Inc Class A  | 19835 | 12852088 |
| Reddit Inc Class A (c) | 4600 | 995762 |
|  |  | 35014950 |
| TOTAL COMMUNICATION SERVICES |  | 44925818 |
| Consumer Discretionary - 9.8% |  |  |
| Automobiles - 1.8% |  |  |
| Tesla Inc (c) | 13715 | 5899782 |
| Broadline Retail - 5.2% |  |  |
| Amazon.com Inc (c) | 71311 | 16631151 |
| Diversified Consumer Services - 0.1% |  |  |
| Duolingo Inc Class A (c) | 1928 | 369038 |
| Hotels, Restaurants & Leisure - 1.1% |  |  |
| Airbnb Inc Class A (c) | 1826 | 213624 |
| Hilton Worldwide Holdings Inc  | 5190 | 1479306 |
| Viking Holdings Ltd (c)(d) | 27398 | 1829638 |
|  |  | 3522568 |
| Household Durables - 0.7% |  |  |
| DR Horton Inc  | 7719 | 1227399 |
| Lennar Corp Class A  | 1248 | 163862 |
| SharkNinja Inc (c) | 10660 | 1040096 |
|  |  | 2431357 |
| Specialty Retail - 0.9% |  |  |
| AutoZone Inc (c) | 262 | 1036034 |
| Lowe's Cos Inc  | 928 | 225021 |
| Ross Stores Inc  | 2191 | 386405 |
| Williams-Sonoma Inc  | 7586 | 1365557 |
|  |  | 3013017 |
| TOTAL CONSUMER DISCRETIONARY |  | 31866913 |
| Consumer Staples - 1.5% |  |  |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| Costco Wholesale Corp  | 2500 | 2283976 |
| Personal Care Products - 0.3% |  |  |
| Estee Lauder Cos Inc/The Class A  | 9848 | 926401 |
| Tobacco - 0.5% |  |  |
| Philip Morris International Inc  | 10380 | 1634642 |
| TOTAL CONSUMER STAPLES |  | 4845019 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| APA Corp  | 23340 | 582800 |
| Cheniere Energy Inc  | 3427 | 714393 |
| EQT Corp  | 9012 | 548470 |
|  |  | 1845663 |
| Financials - 7.6% |  |  |
| Banks - 0.8% |  |  |
| Bank of America Corp  | 45346 | 2432813 |
| Capital Markets - 2.3% |  |  |
| Cboe Global Markets Inc  | 5855 | 1511585 |
| Charles Schwab Corp/The  | 16022 | 1485720 |
| Coinbase Global Inc Class A (c) | 3610 | 984880 |
| Gemini Space Station Inc Class A (d) | 300 | 3300 |
| Morgan Stanley  | 21418 | 3633778 |
|  |  | 7619263 |
| Consumer Finance - 0.5% |  |  |
| Capital One Financial Corp  | 7636 | 1672819 |
| Financial Services - 4.0% |  |  |
| Apollo Global Management Inc  | 14535 | 1916440 |
| Mastercard Inc Class A  | 19845 | 10925268 |
|  |  | 12841708 |
| TOTAL FINANCIALS |  | 24566603 |
| Health Care - 6.8% |  |  |
| Biotechnology - 2.3% |  |  |
| Alnylam Pharmaceuticals Inc (c) | 8858 | 3996995 |
| Blueprint Medicines Corp rights (a)(c) | 936 | 0 |
| Cytokinetics Inc (c) | 2498 | 170189 |
| Gilead Sciences Inc  | 4028 | 506884 |
| Insmed Inc (c) | 10938 | 2272588 |
| Legend Biotech Corp ADR (c) | 12222 | 338672 |
| Moderna Inc (c) | 4847 | 125925 |
|  |  | 7411253 |
| Health Care Equipment & Supplies - 1.5% |  |  |
| Boston Scientific Corp (c) | 858 | 87155 |
| Edwards Lifesciences Corp (c) | 22418 | 1942968 |
| Insulet Corp (c) | 5200 | 1701388 |
| Penumbra Inc (c) | 3450 | 1011437 |
|  |  | 4742948 |
| Health Care Providers & Services - 0.3% |  |  |
| CVS Health Corp  | 12600 | 1012536 |
| Health Care Technology - 0.2% |  |  |
| Veeva Systems Inc Class A (c) | 3495 | 839813 |
| Pharmaceuticals - 2.5% |  |  |
| Eli Lilly & Co  | 7515 | 8082157 |
| TOTAL HEALTH CARE |  | 22088707 |
| Industrials - 6.7% |  |  |
| Aerospace & Defense - 1.2% |  |  |
| Anduril Industries Inc Class B (a)(b) | 200 | 8560 |
| Beta Technologies Inc Class A (c) | 1700 | 46359 |
| Boeing Co (c) | 10500 | 1984500 |
| GE Aerospace  | 5872 | 1752498 |
|  |  | 3791917 |
| Air Freight & Logistics - 0.0% |  |  |
| CH Robinson Worldwide Inc  | 917 | 145684 |
| Building Products - 0.9% |  |  |
| Trane Technologies PLC  | 7000 | 2950360 |
| Construction & Engineering - 0.5% |  |  |
| Dycom Industries Inc (c) | 2800 | 1012284 |
| EMCOR Group Inc  | 1000 | 615070 |
|  |  | 1627354 |
| Electrical Equipment - 1.2% |  |  |
| GE Vernova Inc  | 5330 | 3196774 |
| Nextpower Inc Class A (c) | 6800 | 623016 |
|  |  | 3819790 |
| Machinery - 1.9% |  |  |
| Cummins Inc  | 3239 | 1612957 |
| Deere & Co  | 2025 | 940592 |
| Parker-Hannifin Corp  | 1706 | 1470060 |
| Westinghouse Air Brake Technologies Corp  | 9223 | 1923457 |
|  |  | 5947066 |
| Passenger Airlines - 0.0% |  |  |
| Delta Air Lines Inc  | 2106 | 134995 |
| Trading Companies & Distributors - 1.0% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 8748 | 2215202 |
| United Rentals Inc  | 1412 | 1151034 |
|  |  | 3366236 |
| TOTAL INDUSTRIALS |  | 21783402 |
| Information Technology - 40.9% |  |  |
| Communications Equipment - 0.4% |  |  |
| Arista Networks Inc (c) | 5163 | 674701 |
| Lumentum Holdings Inc (c) | 1847 | 600570 |
|  |  | 1275271 |
| Electronic Equipment, Instruments & Components - 1.7% |  |  |
| Amphenol Corp Class A  | 25109 | 3537858 |
| Coherent Corp (c) | 9034 | 1483925 |
| Corning Inc  | 5555 | 467731 |
|  |  | 5489514 |
| Semiconductors & Semiconductor Equipment - 19.3% |  |  |
| Advanced Micro Devices Inc (c) | 3186 | 693051 |
| Broadcom Inc  | 43800 | 17649648 |
| First Solar Inc (c) | 3348 | 913736 |
| Lam Research Corp  | 2107 | 328692 |
| Marvell Technology Inc  | 20900 | 1868460 |
| Micron Technology Inc  | 3257 | 770215 |
| NVIDIA Corp  | 228078 | 40369807 |
|  |  | 62593609 |
| Software - 14.0% |  |  |
| Cadence Design Systems Inc (c) | 3600 | 1122624 |
| Datadog Inc Class A (c) | 9120 | 1459291 |
| Microsoft Corp  | 71728 | 35290893 |
| Oracle Corp  | 20905 | 4221765 |
| Palantir Technologies Inc Class A (c) | 10200 | 1718190 |
| Synopsys Inc (c) | 3682 | 1539113 |
| Via Transportation Inc (c) | 300 | 10449 |
|  |  | 45362325 |
| Technology Hardware, Storage & Peripherals - 5.5% |  |  |
| Apple Inc  | 63745 | 17775293 |
| TOTAL INFORMATION TECHNOLOGY |  | 132496012 |
| Materials - 0.8% |  |  |
| Chemicals - 0.7% |  |  |
| Corteva Inc  | 19213 | 1296301 |
| Sherwin-Williams Co/The  | 2659 | 913872 |
|  |  | 2210173 |
| Construction Materials - 0.1% |  |  |
| Vulcan Materials Co  | 1181 | 351040 |
| TOTAL MATERIALS |  | 2561213 |
| Real Estate - 0.7% |  |  |
| Health Care REITs - 0.3% |  |  |
| Ventas Inc  | 11800 | 951434 |
| Real Estate Management & Development - 0.4% |  |  |
| Zillow Group Inc Class C (c) | 18809 | 1399013 |
| TOTAL REAL ESTATE |  | 2350447 |
| Utilities - 1.1% |  |  |
| Electric Utilities - 0.9% |  |  |
| Constellation Energy Corp  | 1900 | 692284 |
| NRG Energy Inc  | 12825 | 2173709 |
|  |  | 2865993 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Vistra Corp  | 4278 | 765163 |
| TOTAL UTILITIES |  | 3631156 |
| TOTAL UNITED STATES |  | 292960953 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $270,142,486) |  | <br> **322979519** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.3%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.3%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Akeana Series C (a)(b)(c) | 400 | 5140 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Anduril Industries Inc Series F (a)(b)(c) | 1470 | 62916 |
| Anduril Industries Inc Series G (a)(b) | 214 | 9159 |
|  |  | 72075 |
| Information Technology - 0.3% |  |  |
| IT Services - 0.1% |  |  |
| X.Ai Holdings Corp Series C (a)(b) | 4600 | 322368 |
| Software - 0.2% |  |  |
| Anthropic PBC Series F (a)(b) | 1000 | 140960 |
| Databricks Inc Series K (a)(b) | 1000 | 179320 |
| Openai Group Pbc Series A-2 (a)(b) | 373 | 162083 |
|  |  | 482363 |
| TOTAL INFORMATION TECHNOLOGY |  | 804731 |
| TOTAL UNITED STATES |  | 881946 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $506,563) |  | <br> **881946** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.02 | 279623 | 279679 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.02 | 206179 | 206200 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $485,879) |  |  | **485879** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $271,134,928)<br>| <br>**324347344** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(30058)** |
| **NET ASSETS - 100.0%** | **324317286** |

---

**Legend**

(a) Level 3 security.

(b) 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 $1,137,427 or 0.4% of net assets.

(c) Non-income producing.

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

(e) 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.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Akeana Series C | 1/23/2024 | 5103 |
| Anduril Industries Inc Class B | 6/16/2025 | 8176 |
| Anduril Industries Inc Series F | 8/7/2024 | 31953 |
| Anduril Industries Inc Series G | 4/17/2025 | 8749 |
| Anthropic PBC Series F | 8/18/2025 | 140968 |
| Canva Australia Holdings Pty Ltd Class A | 8/19/2025 - 11/12/2025 | 246921 |
| Databricks Inc Series K | 9/8/2025 | 150000 |
| Openai Group Pbc Series A-2 | 9/30/2024 | 70200 |
| X.Ai Holdings Corp Series C | 11/22/2024 | 99590 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 2645705 | 186108287 | 188474249 | 186538 | (64) | - | 279679 | 279623 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 228675 | 12752941 | 12775416 | 24264 | - | - | 206200 | 206179 | 0.0% |
| Total | 2874380 | 198861228 | 201249665 | 210802 | (64) | - | 485879 |  |  |

---

Amounts in the dividend 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.

Amounts in the dividend income column 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 income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of November 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 49119830 | 44925818 | 4194012 | - |
| Consumer Discretionary | 35434693 | 35434693 | - | - |
| Consumer Staples | 4845019 | 4845019 | - | - |
| Energy | 1845663 | 1845663 | - | - |
| Financials | 24868618 | 24868618 | - | - |
| Health Care | 26149502 | 26149502 | - | - |
| Industrials | 21783402 | 21774842 | - | 8560 |
| Information Technology | 146480338 | 143826847 | 2406570 | 246921 |
| Materials | 6470851 | 6470851 | - | - |
| Real Estate | 2350447 | 2350447 | - | - |
| Utilities | 3631156 | 3631156 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 5140 | - | - | 5140 |
| Industrials | 72075 | - | - | 72075 |
| Information Technology | 804731 | - | - | 804731 |
|  **Money Market Funds** | 485879 | 485879 | - | - |
| **Total Investments in Securities:** | 324347344 | 316609335 | 6600582 | 1137427 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of November 30, 2025** | **As of November 30, 2025** | **As of November 30, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $202,540) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $270,649,049) | $323861465 |  |
| Fidelity Central Funds (cost $485,879) | 485879 |  |
| Total Investment in Securities (cost $271,134,928) |  | $324347344 |
| Foreign currency held at value (cost $1) |  | 1 |
| Receivable for investments sold |  | 102406 |
| Receivable for fund shares sold |  | 122805 |
| Dividends receivable |  | 109757 |
| Interest receivable |  | 110 |
| Distributions receivable from Fidelity Central Funds |  | 7244 |
| Prepaid expenses |  | 235 |
| Receivable from investment adviser for expense reductions |  | 7775 |
| Other receivables |  | 4189 |
| **Total assets** |  | 324701866 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $6377 |  |
| Accrued management fee | 120869 |  |
| Audit fee payable | 40044 |  |
| Other payables and accrued expenses | 11090 |  |
| Collateral on securities loaned | 206200 |  |
| **Total liabilities** |  | 384580 |
| **Net Assets**  |  | $324317286 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $268066787 |
| Total accumulated earnings (loss) |  | 56250499 |
| **Net Assets** |  | $324317286 |
| **Net Asset Value**, offering price and redemption price per share ($324,317,286 ÷ 19,447,006 shares) |  | $16.68 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** | <br> **Year ended November 30, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $1321087 |
| Income from Fidelity Central Funds (including $24,264 from security lending)  |  | 210802 |
| **Total income** |  | 1531889 |
| **Expenses** |  |  |
| Management fee | $1082555 |  |
| Custodian fees and expenses | 22205 |  |
| Independent trustees' fees and expenses | 838 |  |
| Registration fees | 30931 |  |
| Audit fees | 66595 |  |
| Legal | 563 |  |
| Miscellaneous | 686 |  |
| Total expenses before reductions | 1204373 |  |
| Expense reductions | (120081) |  |
| Total expenses after reductions |  | 1084292 |
| **Net Investment income (loss)** |  | 447597 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 3048373 |  |
| Fidelity Central Funds | (64) |  |
| Foreign currency transactions | (14345) |  |
| Total net realized gain (loss) |  | 3033964 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 34745919 |  |
| Assets and liabilities in foreign currencies | (4) |  |
| Total change in net unrealized appreciation (depreciation) |  | 34745915 |
| **Net gain (loss)** |  | 37779879 |
| **Net increase (decrease) in net assets resulting from operations** |  | $38227476 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **November 30, 2025** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $447597 | $73985 |
| &nbsp;&nbsp;Net realized gain (loss) | 3033964<br>| 2048106<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 34745915 | 18400318<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 38227476<br>| 20522409<br>|
| Distributions to shareholders | (2560425)<br>| (2423)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 184209445 | 145123148 |
| Reinvestment of distributions | 2560425<br>| 2423<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (52441452) | (13470800) |
| **Net increase (decrease) in net assets resulting from share transactions** | 134328418<br>| 131654771<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 169995469<br>| 152174757<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 154321817 | 2147060<br>|
| &nbsp;&nbsp;End of period | $324317286 | $154321817 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 12316708 | 11222608 |
| Issued in reinvestment of distributions | 173588<br>| 217<br>|
| &nbsp;&nbsp;Redeemed | (3476159) | (991702) |
| &nbsp;&nbsp;Net increase (decrease) | 9014137 | 10231123 |

---

**Financial Highlights** 

**Fidelity® Equity Growth K6 Fund** <br>

---

| | | | |
|:---|:---|:---|:---|
| **Years ended November 30,** | **2025**  | **2024**  | **2023** A  |
| **Selected Per-Share Data**  |  |  |  |
| Net asset value, beginning of period  | $14.79 | $10.64 | $10.00 |
| Income from Investment Operations  |  |  |  |
| Net investment income (loss) B,C | .03  | .01  | .01  |
| Net realized and unrealized gain (loss)  | 2.08  | 4.15  | .63  |
| Total from investment operations  | 2.11  | 4.16  | .64  |
| Distributions from net investment income  | (.02)  | (.01)  | -  |
| Distributions from net realized gain  | (.20)  | -  | -  |
| Total distributions  | (.22)  | (.01)  | -  |
| Net asset value, end of period  | $16.68 | $14.79 | $10.64 |
| **Total Return** D,E | 14.42% <br>| 39.15%  | 6.40%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |
| Expenses before reductions  | .50%  | .60%  | 6.77% H,I |
| Expenses net of fee waivers, if any  | .45% <br>| .45%  | .45% H,I |
| Expenses net of all reductions, if any  | .45%  | .45%  | .45% H,I |
| Net investment income (loss)  | .19%  | .10%  | .44% H,I |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $324317 | $154322 | $2147 |
| Portfolio turnover rate J | 86% <br>| 76% K | 14% L |

---

A*For the period August 24, 2023 (commencement of operations) through November 30, 2023.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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*Audit fees are not annualized.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

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

L*Amount not annualized.*

**Notes to Financial Statements**

For the period ended November 30, 2025

**1. Organization.**

Fidelity Equity Growth K6 Fund (the Fund) is a non-diversified 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 RatioA** |
| 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% |

---

*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. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 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 designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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 - unadjusted 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 service 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 November 30, 2025 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. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. 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. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

**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. As of November 30, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) 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**  | $60190825 |
| **Gross unrealized depreciation**  | <u>(8224603)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$51966222</u> |
| **Tax Cost**  | <u>$272381122</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$908041</u> |
| **Undistributed long-term capital gain**  | <u>$3376249</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$51966210</u> |

---

Due to large subscriptions in the current period, the Fund is subject to an annual limit on its use of some of its unrealized capital losses to offset capital gains in future periods. If those capital losses are realized and the limitation prevents the Fund from using any of those capital losses in a future period, those capital losses will be available to offset capital gains in subsequent periods.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **November 30, 2025** | **November 30, 2024** |
| **Ordinary Income**  | $2536607 | $2423 |
| **Long-term Capital Gains**  | <u>23818</u> | <u>-</u> |
| **Total**  | <u>$2560425</u> | <u>$2423</u> |

---

**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.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Equity Growth K6 Fund** | 337736382 | 201991834 |

---

**Prior Year Unaffiliated Exchanges In-Kind.** Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Equity Growth K6 Fund** | 4780203 | 61811382 |

---

**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 pays all other expenses, except third-party expenses (including custody, audit and registration fees) and certain other limited exceptions.

**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 Equity Growth K6 Fund** | 3339 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Equity Growth K6 Fund** | 20032310 | 14580050 | 391090 |

---

**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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Equity Growth K6 Fund** | 275 |

---

**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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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 Equity Growth K6 Fund** | 2511 | 24 | - |

---

**8. Expense Reductions.**

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .45% of average net assets. This reimbursement will remain in place through March 31, 2027. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $120,028.

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 $53.

**9. Other.**

A 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, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

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

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Equity Growth K6 Fund (one of the funds constituting Fidelity Mt. Vernon Street Trust, referred to hereafter as the "Fund") as of November 30, 2025, the related statement of operations for the year ended November 30, 2025, the statement of changes in net assets for each of the two years in the period ended November 30, 2025, including the related notes, and the financial highlights for each of the two years in the period ended November 30, 2025 and for the period August 24, 2023 (commencement of operations) through November 30, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2025 and the financial highlights for each of the two years in the period ended November 30, 2025 and for the period August 24, 2023 (commencement of operations) through November 30, 2023 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2025 by correspondence with the custodian, issuers of privately offered securities and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

January 14, 2026

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

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended November 2025, $3,383,561, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $26,182 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 13% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 15.43% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img120907_4.jpg)<br>

1.9909900.102 EGK-ANN-0126

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

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

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(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.](ex99.htm)

(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.](ex99_906.htm)

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; January 22, 2026 |

---

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.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; January 22, 2026 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; January 22, 2026 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Mt. Vernon Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

January 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Mt. Vernon Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

January 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Mt. Vernon Street Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: January 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp;Stacie M. Smith |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: January 22, 2026

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>