# EDGAR Filing Document

**Accession Number:** 0000707823
**File Stem:** 0000707823-25-000081
**Filing Date:** 2025-7
**Character Count:** 837965
**Document Hash:** 4ffd92c6ec28253c08f5b1f69dae5915
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000707823-25-000081.hdr.sgml**: 20250723

**ACCESSION NUMBER**: 0000707823-25-000081

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 70

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250723

**DATE AS OF CHANGE**: 20250723

**EFFECTIVENESS DATE**: 20250723

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03583
- **FILM NUMBER:** 251142082

**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, MA 02210</u>

(Address of principal executive offices) (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>

---

| | |
|:---|:---|
| Date of fiscal year end: | November 30 |
| Date of reporting period: | May 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity® Growth Strategies K6 Fund<br> **Fidelity® Growth Strategies K6 Fund : FSKGX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Growth Strategies K6 Fund for the period December 1, 2024 to May 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Growth Strategies K6 Fund  | $22  | 0.45% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $812812758<br>|
| Number of Holdings | 141<br>|
| Portfolio Turnover | 36%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 27.1 |
| Industrials | 26.4 |
| Financials | 12.8 |
| Consumer Discretionary | 11.7 |
| Health Care | 7.1 |
| Communication Services | 4.1 |
| Energy | 2.8 |
| Consumer Staples | 2.3 |
| Materials | 2.0 |
| Utilities | 1.6 |
| Real Estate | 1.4 |

---

Common Stocks 99.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2952_20250531_AA.jpg) <br>|

---

Common Stocks - 99.3&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) - 0.7 <br>

---

| | |
|:---|:---|
| United States | 96.4 |
| Israel | 1.0 |
| Brazil | 1.0 |
| Korea (South) | 0.9 |
| United Kingdom | 0.3 |
| Germany | 0.2 |
| Canada | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2952_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 1.0&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; |
| &nbsp;&nbsp;Brazil - 1.0&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; |
| &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;United Kingdom - 0.3&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;Canada - 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** **(% of Fund's net assets)**<br>|  |
| Palantir Technologies Inc Class A | 8.5<br>|
| Axon Enterprise Inc | 4.5<br>|
| AppLovin Corp Class A | 3.6<br>|
| ROBLOX Corp Class A | 2.0<br>|
| Howmet Aerospace Inc | 2.0<br>|
| WW Grainger Inc | 1.9<br>|
| Fair Isaac Corp | 1.8<br>|
| Ameriprise Financial Inc | 1.7<br>|
| Cloudflare Inc Class A | 1.6<br>|
| Fastenal Co | 1.4<br>|
|  | 29.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img2952_20250531_1.jpg)<br>| ![](img109729_2.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> 1.9915921.101 2952-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity® Growth Company Fund<br> **Fidelity® Growth Company Fund Class K : FGCKX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Growth Company Fund for the period December 1, 2024 to May 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K  | $28  | 0.57% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $64630248566<br>|
| Number of Holdings | 586<br>|
| Portfolio Turnover | 18%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 47.4 |
| Consumer Discretionary | 16.8 |
| Communication Services | 12.8 |
| Health Care | 9.9 |
| Financials | 5.1 |
| Consumer Staples | 3.5 |
| Industrials | 3.4 |
| Materials | 0.5 |
| Energy | 0.2 |
| Real Estate | 0.2 |
| Utilities | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.2 |
| Preferred Stocks | 2.5 |
| 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_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.5&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 | 96.0 |
| Switzerland | 0.8 |
| Netherlands | 0.6 |
| China | 0.5 |
| India | 0.5 |
| Canada | 0.4 |
| Finland | 0.2 |
| Israel | 0.2 |
| United Kingdom | 0.2 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img25_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 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;India - 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;Canada - 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;Finland - 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;Israel - 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;United Kingdom - 0.2&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** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 16.0<br>|
| Microsoft Corp | 8.4<br>|
| Apple Inc | 7.5<br>|
| Amazon.com Inc | 7.2<br>|
| Meta Platforms Inc Class A | 4.1<br>|
| Alphabet Inc Class A | 3.6<br>|
| Alphabet Inc Class C | 2.2<br>|
| Eli Lilly & Co | 2.1<br>|
| Netflix Inc | 2.0<br>|
| Tesla Inc | 1.8<br>|
|  | 54.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img25_20250531_1.jpg)<br>| ![](img109734_2.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> 1.9915842.101 2090-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity® Growth Strategies Fund<br> **Fidelity® Growth Strategies Fund : FDEGX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Growth Strategies Fund for the period December 1, 2024 to May 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Growth Strategies Fund  | $34  | 0.68% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3809102468<br>|
| Number of Holdings | 141<br>|
| Portfolio Turnover | 48%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 27.0 |
| Industrials | 26.2 |
| Financials | 12.7 |
| Consumer Discretionary | 11.7 |
| Health Care | 7.2 |
| Communication Services | 4.1 |
| Energy | 2.8 |
| Consumer Staples | 2.3 |
| Materials | 2.0 |
| Utilities | 1.6 |
| Real Estate | 1.4 |

---

Common Stocks 99.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img324_20250531_AA.jpg) <br>|

---

Common Stocks - 99.0&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) - 1.0 <br>

---

| | |
|:---|:---|
| United States | 96.3 |
| Israel | 1.1 |
| Brazil | 1.0 |
| Korea (South) | 0.9 |
| United Kingdom | 0.3 |
| Germany | 0.2 |
| Canada | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img324_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 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;Brazil - 1.0&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; |
| &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;United Kingdom - 0.3&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;Canada - 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** **(% of Fund's net assets)**<br>|  |
| Palantir Technologies Inc Class A | 8.4<br>|
| Axon Enterprise Inc | 4.5<br>|
| AppLovin Corp Class A | 3.5<br>|
| ROBLOX Corp Class A | 1.9<br>|
| WW Grainger Inc | 1.9<br>|
| Howmet Aerospace Inc | 1.9<br>|
| Fair Isaac Corp | 1.8<br>|
| Ameriprise Financial Inc | 1.6<br>|
| Cloudflare Inc Class A | 1.5<br>|
| Fastenal Co | 1.4<br>|
|  | 28.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img324_20250531_1.jpg)<br>| ![](img109730_2.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> 1.9915885.101 324-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity® Growth Strategies Fund<br> **Fidelity Advisor® Growth Strategies Fund Class I : FGSJX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Growth Strategies Fund for the period December 1, 2024 to May 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $36  | 0.72% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3809102468<br>|
| Number of Holdings | 141<br>|
| Portfolio Turnover | 48%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 27.0 |
| Industrials | 26.2 |
| Financials | 12.7 |
| Consumer Discretionary | 11.7 |
| Health Care | 7.2 |
| Communication Services | 4.1 |
| Energy | 2.8 |
| Consumer Staples | 2.3 |
| Materials | 2.0 |
| Utilities | 1.6 |
| Real Estate | 1.4 |

---

Common Stocks 99.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img324_20250531_AA.jpg) <br>|

---

Common Stocks - 99.0&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) - 1.0 <br>

---

| | |
|:---|:---|
| United States | 96.3 |
| Israel | 1.1 |
| Brazil | 1.0 |
| Korea (South) | 0.9 |
| United Kingdom | 0.3 |
| Germany | 0.2 |
| Canada | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img324_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 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;Brazil - 1.0&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; |
| &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;United Kingdom - 0.3&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;Canada - 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** **(% of Fund's net assets)**<br>|  |
| Palantir Technologies Inc Class A | 8.4<br>|
| Axon Enterprise Inc | 4.5<br>|
| AppLovin Corp Class A | 3.5<br>|
| ROBLOX Corp Class A | 1.9<br>|
| WW Grainger Inc | 1.9<br>|
| Howmet Aerospace Inc | 1.9<br>|
| Fair Isaac Corp | 1.8<br>|
| Ameriprise Financial Inc | 1.6<br>|
| Cloudflare Inc Class A | 1.5<br>|
| Fastenal Co | 1.4<br>|
|  | 28.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img324_20250531_1.jpg)<br>| ![](img109803_2.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> 1.9918424.100 7827-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity® Growth Strategies Fund<br> **Fidelity Advisor® Growth Strategies Fund Class M : FGSGX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Growth Strategies Fund for the period December 1, 2024 to May 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $60  | 1.22% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3809102468<br>|
| Number of Holdings | 141<br>|
| Portfolio Turnover | 48%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 27.0 |
| Industrials | 26.2 |
| Financials | 12.7 |
| Consumer Discretionary | 11.7 |
| Health Care | 7.2 |
| Communication Services | 4.1 |
| Energy | 2.8 |
| Consumer Staples | 2.3 |
| Materials | 2.0 |
| Utilities | 1.6 |
| Real Estate | 1.4 |

---

Common Stocks 99.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img324_20250531_AA.jpg) <br>|

---

Common Stocks - 99.0&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) - 1.0 <br>

---

| | |
|:---|:---|
| United States | 96.3 |
| Israel | 1.1 |
| Brazil | 1.0 |
| Korea (South) | 0.9 |
| United Kingdom | 0.3 |
| Germany | 0.2 |
| Canada | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img324_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 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;Brazil - 1.0&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; |
| &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;United Kingdom - 0.3&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;Canada - 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** **(% of Fund's net assets)**<br>|  |
| Palantir Technologies Inc Class A | 8.4<br>|
| Axon Enterprise Inc | 4.5<br>|
| AppLovin Corp Class A | 3.5<br>|
| ROBLOX Corp Class A | 1.9<br>|
| WW Grainger Inc | 1.9<br>|
| Howmet Aerospace Inc | 1.9<br>|
| Fair Isaac Corp | 1.8<br>|
| Ameriprise Financial Inc | 1.6<br>|
| Cloudflare Inc Class A | 1.5<br>|
| Fastenal Co | 1.4<br>|
|  | 28.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img324_20250531_1.jpg)<br>| ![](img109801_2.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> 1.9918422.100 7825-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity® Growth Strategies Fund<br> **Fidelity Advisor® Growth Strategies Fund Class A : FGSFX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Growth Strategies Fund for the period December 1, 2024 to May 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $48  | 0.97% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3809102468<br>|
| Number of Holdings | 141<br>|
| Portfolio Turnover | 48%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 27.0 |
| Industrials | 26.2 |
| Financials | 12.7 |
| Consumer Discretionary | 11.7 |
| Health Care | 7.2 |
| Communication Services | 4.1 |
| Energy | 2.8 |
| Consumer Staples | 2.3 |
| Materials | 2.0 |
| Utilities | 1.6 |
| Real Estate | 1.4 |

---

Common Stocks 99.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img324_20250531_AA.jpg) <br>|

---

Common Stocks - 99.0&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) - 1.0 <br>

---

| | |
|:---|:---|
| United States | 96.3 |
| Israel | 1.1 |
| Brazil | 1.0 |
| Korea (South) | 0.9 |
| United Kingdom | 0.3 |
| Germany | 0.2 |
| Canada | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img324_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 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;Brazil - 1.0&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; |
| &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;United Kingdom - 0.3&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;Canada - 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** **(% of Fund's net assets)**<br>|  |
| Palantir Technologies Inc Class A | 8.4<br>|
| Axon Enterprise Inc | 4.5<br>|
| AppLovin Corp Class A | 3.5<br>|
| ROBLOX Corp Class A | 1.9<br>|
| WW Grainger Inc | 1.9<br>|
| Howmet Aerospace Inc | 1.9<br>|
| Fair Isaac Corp | 1.8<br>|
| Ameriprise Financial Inc | 1.6<br>|
| Cloudflare Inc Class A | 1.5<br>|
| Fastenal Co | 1.4<br>|
|  | 28.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img324_20250531_1.jpg)<br>| ![](img109800_2.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> 1.9918418.100 7824-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity® New Millennium Fund®<br> **Fidelity® New Millennium Fund® : FMILX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® New Millennium Fund® for the period December 1, 2024 to May 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® New Millennium Fund®  | $39  | 0.78% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4838259310<br>|
| Number of Holdings | 142<br>|
| Portfolio Turnover | 32%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 28.7 |
| Financials | 13.1 |
| Industrials | 12.4 |
| Consumer Discretionary | 11.7 |
| Communication Services | 9.8 |
| Health Care | 8.5 |
| Consumer Staples | 4.9 |
| Energy | 3.3 |
| Real Estate | 3.3 |
| Materials | 3.1 |
| Utilities | 0.7 |

---

Common Stocks 99.2 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img300_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.2&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) - 0.5 |

---

---

| | |
|:---|:---|
| United States | 94.7 |
| United Kingdom | 1.3 |
| Italy | 1.1 |
| Canada | 0.8 |
| Germany | 0.7 |
| Taiwan | 0.5 |
| Netherlands | 0.5 |
| Spain | 0.3 |
| Brazil | 0.1 |
| Congo Democratic Republic Of | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img300_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.3&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;Canada - 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 - 0.7&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;Taiwan - 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 - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 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;Brazil - 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; |
| &nbsp;&nbsp;Congo Democratic Republic Of - 0.0&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Microsoft Corp | 7.1<br>|
| NVIDIA Corp | 7.1<br>|
| Apple Inc | 5.2<br>|
| Amazon.com Inc | 4.1<br>|
| Alphabet Inc Class A | 3.0<br>|
| Meta Platforms Inc Class A | 3.0<br>|
| Space Exploration Technologies Corp | 2.3<br>|
| Visa Inc Class A | 2.2<br>|
| Broadcom Inc | 1.9<br>|
| Netflix Inc | 1.6<br>|
|  | 37.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img300_20250531_1.jpg)<br>| ![](img109721_2.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> 1.9915875.101 300-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity® Growth Company Fund<br> **Fidelity® Growth Company Fund : FDGRX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Growth Company Fund for the period December 1, 2024 to May 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Growth Company Fund  | $32  | 0.65% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $64630248566<br>|
| Number of Holdings | 586<br>|
| Portfolio Turnover | 18%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 47.4 |
| Consumer Discretionary | 16.8 |
| Communication Services | 12.8 |
| Health Care | 9.9 |
| Financials | 5.1 |
| Consumer Staples | 3.5 |
| Industrials | 3.4 |
| Materials | 0.5 |
| Energy | 0.2 |
| Real Estate | 0.2 |
| Utilities | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.2 |
| Preferred Stocks | 2.5 |
| 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_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.5&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 | 96.0 |
| Switzerland | 0.8 |
| Netherlands | 0.6 |
| China | 0.5 |
| India | 0.5 |
| Canada | 0.4 |
| Finland | 0.2 |
| Israel | 0.2 |
| United Kingdom | 0.2 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img25_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 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;India - 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;Canada - 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;Finland - 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;Israel - 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;United Kingdom - 0.2&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** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 16.0<br>|
| Microsoft Corp | 8.4<br>|
| Apple Inc | 7.5<br>|
| Amazon.com Inc | 7.2<br>|
| Meta Platforms Inc Class A | 4.1<br>|
| Alphabet Inc Class A | 3.6<br>|
| Alphabet Inc Class C | 2.2<br>|
| Eli Lilly & Co | 2.1<br>|
| Netflix Inc | 2.0<br>|
| Tesla Inc | 1.8<br>|
|  | 54.9 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img25_20250531_1.jpg)<br>| ![](img109733_2.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> 1.9915843.101 25-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity® Growth Strategies Fund<br> **Fidelity® Growth Strategies Fund Class K : FAGKX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Growth Strategies Fund for the period December 1, 2024 to May 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K  | $30  | 0.61% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3809102468<br>|
| Number of Holdings | 141<br>|
| Portfolio Turnover | 48%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 27.0 |
| Industrials | 26.2 |
| Financials | 12.7 |
| Consumer Discretionary | 11.7 |
| Health Care | 7.2 |
| Communication Services | 4.1 |
| Energy | 2.8 |
| Consumer Staples | 2.3 |
| Materials | 2.0 |
| Utilities | 1.6 |
| Real Estate | 1.4 |

---

Common Stocks 99.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img324_20250531_AA.jpg) <br>|

---

Common Stocks - 99.0&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) - 1.0 <br>

---

| | |
|:---|:---|
| United States | 96.3 |
| Israel | 1.1 |
| Brazil | 1.0 |
| Korea (South) | 0.9 |
| United Kingdom | 0.3 |
| Germany | 0.2 |
| Canada | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img324_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 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;Brazil - 1.0&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; |
| &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;United Kingdom - 0.3&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;Canada - 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** **(% of Fund's net assets)**<br>|  |
| Palantir Technologies Inc Class A | 8.4<br>|
| Axon Enterprise Inc | 4.5<br>|
| AppLovin Corp Class A | 3.5<br>|
| ROBLOX Corp Class A | 1.9<br>|
| WW Grainger Inc | 1.9<br>|
| Howmet Aerospace Inc | 1.9<br>|
| Fair Isaac Corp | 1.8<br>|
| Ameriprise Financial Inc | 1.6<br>|
| Cloudflare Inc Class A | 1.5<br>|
| Fastenal Co | 1.4<br>|
|  | 28.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img324_20250531_1.jpg)<br>| ![](img109731_2.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> 1.9915884.101 2076-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity® Equity Growth K6 Fund<br> **Fidelity® Equity Growth K6 Fund : FEGKX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Equity Growth K6 Fund for the period December 1, 2024 to May 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Equity Growth K6 Fund  | $22  | 0.45% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $232700216<br>|
| Number of Holdings | 126<br>|
| Portfolio Turnover | 59%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 28.4 |
| Consumer Discretionary | 17.5 |
| Health Care | 14.1 |
| Financials | 11.1 |
| Communication Services | 9.9 |
| Industrials | 8.8 |
| Consumer Staples | 2.2 |
| Materials | 2.0 |
| Energy | 1.4 |
| Real Estate | 0.7 |

---

Common Stocks 96.0 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7524_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.0&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) - 3.9 |

---

---

| | |
|:---|:---|
| United States | 89.3 |
| Taiwan | 2.3 |
| China | 2.1 |
| Brazil | 1.6 |
| Canada | 1.2 |
| Israel | 1.0 |
| Belgium | 0.6 |
| United Kingdom | 0.6 |
| Netherlands | 0.4 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7524_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.3&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;China - 2.1&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;Brazil - 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;Canada - 1.2&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;Israel - 1.0&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; |
| &nbsp;&nbsp;Belgium - 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;United Kingdom - 0.6&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;Others - 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;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 10.3<br>|
| Amazon.com Inc | 10.2<br>|
| Microsoft Corp | 5.8<br>|
| Alphabet Inc Class A | 4.8<br>|
| Apple Inc | 3.9<br>|
| Mastercard Inc Class A | 2.7<br>|
| Boston Scientific Corp | 2.6<br>|
| Visa Inc Class A | 2.5<br>|
| Eli Lilly & Co | 2.4<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.3<br>|
|  | 47.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img7524_20250531_1.jpg)<br>| ![](img109736_2.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> 1.9915923.101 7524-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity® Series Growth Company Fund<br> **Fidelity® Series Growth Company Fund : FCGSX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Series Growth Company Fund for the period December 1, 2024 to May 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **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%

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $17482061498<br>|
| Number of Holdings | 584<br>|
| Portfolio Turnover | 41%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 47.6 |
| Consumer Discretionary | 16.2 |
| Communication Services | 13.0 |
| Health Care | 9.7 |
| Financials | 5.1 |
| Consumer Staples | 3.5 |
| Industrials | 3.4 |
| Materials | 0.5 |
| Energy | 0.3 |
| Real Estate | 0.2 |
| Utilities | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.2 |
| Preferred Stocks | 2.3 |
| Bonds | 0.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.5 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2610_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.3&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) - 0.5 |

---

---

| | |
|:---|:---|
| United States | 95.9 |
| Switzerland | 0.7 |
| Netherlands | 0.6 |
| India | 0.6 |
| China | 0.5 |
| Canada | 0.4 |
| Finland | 0.2 |
| Israel | 0.2 |
| United Kingdom | 0.2 |
| Others | 0.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2610_20250531_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;Switzerland - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 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;China - 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;Canada - 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;Finland - 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;Israel - 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;United Kingdom - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 16.2<br>|
| Microsoft Corp | 8.3<br>|
| Apple Inc | 7.5<br>|
| Amazon.com Inc | 6.8<br>|
| Meta Platforms Inc Class A | 4.6<br>|
| Alphabet Inc Class A | 3.5<br>|
| Alphabet Inc Class C | 2.1<br>|
| Eli Lilly & Co | 2.0<br>|
| Netflix Inc | 2.0<br>|
| Tesla Inc | 1.8<br>|
|  | 54.8 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img2610_20250531_1.jpg)<br>| ![](img109719_2.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> 1.9915917.101 2610-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity® Growth Strategies Fund<br> **Fidelity Advisor® Growth Strategies Fund Class Z : FGSLX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Growth Strategies Fund for the period December 1, 2024 to May 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $30  | 0.61% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3809102468<br>|
| Number of Holdings | 141<br>|
| Portfolio Turnover | 48%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 27.0 |
| Industrials | 26.2 |
| Financials | 12.7 |
| Consumer Discretionary | 11.7 |
| Health Care | 7.2 |
| Communication Services | 4.1 |
| Energy | 2.8 |
| Consumer Staples | 2.3 |
| Materials | 2.0 |
| Utilities | 1.6 |
| Real Estate | 1.4 |

---

Common Stocks 99.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img324_20250531_AA.jpg) <br>|

---

Common Stocks - 99.0&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) - 1.0 <br>

---

| | |
|:---|:---|
| United States | 96.3 |
| Israel | 1.1 |
| Brazil | 1.0 |
| Korea (South) | 0.9 |
| United Kingdom | 0.3 |
| Germany | 0.2 |
| Canada | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img324_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 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;Brazil - 1.0&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; |
| &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;United Kingdom - 0.3&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;Canada - 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** **(% of Fund's net assets)**<br>|  |
| Palantir Technologies Inc Class A | 8.4<br>|
| Axon Enterprise Inc | 4.5<br>|
| AppLovin Corp Class A | 3.5<br>|
| ROBLOX Corp Class A | 1.9<br>|
| WW Grainger Inc | 1.9<br>|
| Howmet Aerospace Inc | 1.9<br>|
| Fair Isaac Corp | 1.8<br>|
| Ameriprise Financial Inc | 1.6<br>|
| Cloudflare Inc Class A | 1.5<br>|
| Fastenal Co | 1.4<br>|
|  | 28.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img324_20250531_1.jpg)<br>| ![](img109804_2.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> 1.9918426.100 7828-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity® Growth Strategies Fund<br> **Fidelity Advisor® Growth Strategies Fund Class C : FGSHX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Growth Strategies Fund for the period December 1, 2024 to May 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $85  | 1.72% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3809102468<br>|
| Number of Holdings | 141<br>|
| Portfolio Turnover | 48%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 27.0 |
| Industrials | 26.2 |
| Financials | 12.7 |
| Consumer Discretionary | 11.7 |
| Health Care | 7.2 |
| Communication Services | 4.1 |
| Energy | 2.8 |
| Consumer Staples | 2.3 |
| Materials | 2.0 |
| Utilities | 1.6 |
| Real Estate | 1.4 |

---

Common Stocks 99.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img324_20250531_AA.jpg) <br>|

---

Common Stocks - 99.0&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) - 1.0 <br>

---

| | |
|:---|:---|
| United States | 96.3 |
| Israel | 1.1 |
| Brazil | 1.0 |
| Korea (South) | 0.9 |
| United Kingdom | 0.3 |
| Germany | 0.2 |
| Canada | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img324_20250531_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 96.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Israel - 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;Brazil - 1.0&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; |
| &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;United Kingdom - 0.3&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;Canada - 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** **(% of Fund's net assets)**<br>|  |
| Palantir Technologies Inc Class A | 8.4<br>|
| Axon Enterprise Inc | 4.5<br>|
| AppLovin Corp Class A | 3.5<br>|
| ROBLOX Corp Class A | 1.9<br>|
| WW Grainger Inc | 1.9<br>|
| Howmet Aerospace Inc | 1.9<br>|
| Fair Isaac Corp | 1.8<br>|
| Ameriprise Financial Inc | 1.6<br>|
| Cloudflare Inc Class A | 1.5<br>|
| Fastenal Co | 1.4<br>|
|  | 28.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img324_20250531_1.jpg)<br>| ![](img109802_2.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> 1.9918420.100 7826-TSRS-0725 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF MAY 31, 2025 |
| Fidelity® Growth Company K6 Fund<br> **Fidelity® Growth Company K6 Fund : FGKFX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Growth Company K6 Fund for the period December 1, 2024 to May 31, 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 six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Growth Company K6 Fund  | $22  | 0.45% |

---

**Key Fund Statistics**

(as of May 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $19123199049<br>|
| Number of Holdings | 559<br>|
| Portfolio Turnover | 17%<br>|

---

**What did the Fund invest in?** (as of May 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 47.1 |
| Consumer Discretionary | 15.2 |
| Communication Services | 14.3 |
| Health Care | 10.0 |
| Financials | 5.0 |
| Consumer Staples | 3.5 |
| Industrials | 3.5 |
| Materials | 0.4 |
| Energy | 0.4 |
| Real Estate | 0.2 |
| Utilities | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.1 |
| Preferred Stocks | 2.5 |
| Bonds | 0.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3458_20250531_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.5&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) - 0.4 |

---

---

| | |
|:---|:---|
| United States | 95.9 |
| Switzerland | 0.8 |
| Netherlands | 0.6 |
| China | 0.6 |
| India | 0.5 |
| Canada | 0.4 |
| Finland | 0.2 |
| Israel | 0.2 |
| United Kingdom | 0.2 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3458_20250531_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;Switzerland - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 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;India - 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;Canada - 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;Finland - 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;Israel - 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;United Kingdom - 0.2&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** **(% of Fund's net assets)**<br>|  |
| NVIDIA Corp | 16.2<br>|
| Apple Inc | 6.6<br>|
| Meta Platforms Inc Class A | 6.2<br>|
| Microsoft Corp | 6.2<br>|
| Amazon.com Inc | 5.8<br>|
| Alphabet Inc Class A | 3.8<br>|
| Broadcom Inc | 2.3<br>|
| Eli Lilly & Co | 2.1<br>|
| Oracle Corp | 2.0<br>|
| Netflix Inc | 1.9<br>|
|  | 53.1 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2025 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.© 2025 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.© 2025 FMR LLC. All rights reserved. |
| ![](img3458_20250531_1.jpg)<br>| ![](img109732_2.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> 1.9915922.101 3458-TSRS-0725 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

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

Not applicable.

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® Growth Company Fund**

**Semi-Annual Report**

**May 31, 2025**

![](img109871_1.jpg)

![](img109871_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7Consolidated_GCF-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Growth Company Fund](#Sub_Sec_Fund_25_GCF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements25_GCF-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_GCF-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_GCF-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_GCF-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_GCF-SANN)** |

---

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.© 2025 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 (Semi-Annual Report)**

**Fidelity® Growth Company Fund**

**Consolidated Schedule of Investments May 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.2%** | &nbsp;&nbsp;**Common Stocks - 97.2%** | &nbsp;&nbsp;**Common Stocks - 97.2%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Inc Class A (b)(c)(d) | 4574 | 5919030 |
| 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  | 430673 | 78192324 |
| TOTAL BELGIUM |  | 78192324 |
| CANADA - 0.4%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Canada Goose Holdings Inc Subordinate Voting Shares (c)(e) | 1302902 | 15759954 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Cameco Corp (United States)  | 297659 | 17421981 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Celestica Inc (United States) (c) | 108112 | 12473963 |
| IT Services - 0.3% |  |  |
| Shopify Inc Class A (c) | 1272177 | 135936194 |
| TOTAL INFORMATION TECHNOLOGY |  | 148410157 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Agnico Eagle Mines Ltd/CA (United States) (e) | 119159 | 14059570 |
| Barrick Mining Corp  | 3046916 | 58436135 |
|  |  | 72495705 |
| TOTAL CANADA |  | 254087797 |
| CHINA - 0.4%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.1% |  |  |
| Alibaba Group Holding Ltd ADR  | 610661 | 69517648 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Atour Lifestyle Holdings Ltd ADR  | 1193738 | 37375937 |
| Trip.com Group Ltd ADR  | 284529 | 17825742 |
|  |  | 55201679 |
| TOTAL CONSUMER DISCRETIONARY |  | 124719327 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Ant International Co Ltd Class C (b)(d) | 1755314 | 3299990 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| BeOne Medicines Ltd ADR (c) | 627301 | 154052580 |
| Zai Lab Ltd ADR (c) | 176073 | 5306840 |
|  |  | 159359420 |
| TOTAL CHINA |  | 287378737 |
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Ascendis Pharma A/S ADR (c) | 54867 | 8934542 |
| Zealand Pharma A/S (c) | 981222 | 68205929 |
|  |  | 77140471 |
| Pharmaceuticals - 0.0% |  |  |
| Novo Nordisk A/S Class B ADR  | 20688 | 1479192 |
| TOTAL DENMARK |  | 78619663 |
| FINLAND - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Communications Equipment - 0.2% |  |  |
| Nokia Oyj ADR  | 27763178 | 144923789 |
| FRANCE - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| DNA Script SAS (b)(c)(d) | 1769 | 54192 |
| DNA Script SAS (b)(c)(d) | 463 | 14163 |
| TOTAL FRANCE |  | 68355 |
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| adidas AG  | 2563 | 638779 |
| Birkenstock Holding Plc (c)(e) | 215156 | 11571090 |
|  |  | 12209869 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| BioNTech SE ADR (c) | 439699 | 42127562 |
| TOTAL GERMANY |  | 54337431 |
| INDIA - 0.4%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Eternal Ltd (c) | 9483800 | 26426163 |
| MakeMyTrip Ltd (c)(e) | 731705 | 74363179 |
|  |  | 100789342 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Reliance Industries Ltd  | 3459976 | 57483878 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| HDFC Bank Ltd/Gandhinagar ADR  | 1440366 | 108589193 |
| Financial Services - 0.0% |  |  |
| Jio Financial Services Ltd (c) | 2318738 | 7771647 |
| TOTAL FINANCIALS |  | 116360840 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| Delhivery Ltd (c) | 2269100 | 9498305 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Pine Labs Pvt Ltd (b)(c)(d) | 4120 | 1938996 |
| TOTAL INDIA |  | 286071361 |
| IRELAND - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.0% |  |  |
| Prothena Corp PLC (c) | 2324125 | 10667734 |
| Pharmaceuticals - 0.1% |  |  |
| GH Research PLC (c) | 1326481 | 15957566 |
| TOTAL HEALTH CARE |  | 26625300 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Circle Internet Financial LLC  | 604608 | 15719808 |
| TOTAL IRELAND |  | 42345108 |
| ISRAEL - 0.2%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Personal Care Products - 0.2% |  |  |
| Oddity Tech Ltd Class A (c) | 1164446 | 86669716 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Etoro Group Ltd  | 82100 | 4860320 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Wix.com Ltd (c) | 82305 | 12259330 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd warrants 1/11/2034 (b)(c)(d) | 60209 | 0 |
| Xsight Labs Ltd warrants 12/30/2031 (b)(c)(d) | 110757 | 1 |
|  |  | 1 |
| TOTAL INFORMATION TECHNOLOGY |  | 12259331 |
| TOTAL ISRAEL |  | 103789367 |
| ITALY - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Passenger Airlines - 0.0% |  |  |
| Ryanair Holdings PLC ADR  | 54973 | 3056499 |
| JAPAN - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Machinery - 0.1% |  |  |
| Mitsubishi Heavy Industries Ltd  | 1882777 | 43353578 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Allegro MicroSystems Inc (c) | 539729 | 13682130 |
| Kioxia Holdings Corp (c)(e) | 1267150 | 18483949 |
|  |  | 32166079 |
| TOTAL JAPAN |  | 75519657 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Samsung Electronics Co Ltd  | 323515 | 13158250 |
| MEXICO - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| BBB Foods Inc Class A (c) | 855424 | 24687537 |
| NETHERLANDS - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Biotechnology - 0.6% |  |  |
| Argenx SE ADR (c) | 627063 | 359470136 |
| Pharmaceuticals - 0.0% |  |  |
| Pharvaris NV (c) | 1014807 | 16845796 |
| TOTAL HEALTH CARE |  | 376315932 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| ASML Holding NV depository receipt  | 11074 | 8158991 |
| TOTAL NETHERLANDS |  | 384474923 |
| POLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| CCC SA (c)(e) | 482900 | 28176316 |
| RUSSIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Ozon Holdings PLC ADR (b)(c)(e) | 100 | 0 |
| SWITZERLAND - 0.8%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| On Holding AG Class A (c)(e) | 6576100 | 390554579 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.0% |  |  |
| CRISPR Therapeutics AG (c)(e) | 600787 | 21802560 |
| Idorsia Ltd (c)(e) | 1676131 | 3344116 |
|  |  | 25146676 |
| Pharmaceuticals - 0.1% |  |  |
| Galderma Group AG  | 270971 | 35459996 |
| TOTAL HEALTH CARE |  | 60606672 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| TE Connectivity PLC  | 11656 | 1865776 |
| TOTAL SWITZERLAND |  | 453027027 |
| TAIWAN - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 473787 | 91592503 |
| UNITED KINGDOM - 0.2%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| 3i Group PLC  | 997227 | 54772864 |
| Financial Services - 0.0% |  |  |
| Revolut Group Holdings Ltd (b)(d) | 6744 | 5937418 |
| TOTAL FINANCIALS |  | 60710282 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Immunocore Holdings PLC ADR (c) | 1019763 | 37323326 |
| TOTAL UNITED KINGDOM |  | 98033608 |
| UNITED STATES - 93.4%  |  |  |
| Communication Services - 12.7% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Verizon Communications Inc  | 437892 | 19249732 |
| Entertainment - 2.1% |  |  |
| Netflix Inc (c) | 1002112 | 1209779670 |
| ROBLOX Corp Class A (c) | 1108210 | 96392106 |
| Roku Inc Class A (c) | 294377 | 21330557 |
| Spotify Technology SA (c) | 39862 | 26513811 |
| Walt Disney Co/The  | 18765 | 2121195 |
|  |  | 1356137339 |
| Interactive Media & Services - 10.2% |  |  |
| Alphabet Inc Class A  | 13643645 | 2343159593 |
| Alphabet Inc Class C  | 8181752 | 1414215833 |
| Epic Games Inc (b)(c)(d) | 51800 | 34919934 |
| Meta Platforms Inc Class A  | 4120564 | 2668023984 |
| Pinterest Inc Class A (c) | 603618 | 18778556 |
| Reddit Inc Class A (c) | 342756 | 38508637 |
| Reddit Inc Class B (c) | 289383 | 32512180 |
| Snap Inc Class A (c) | 6869917 | 56676815 |
|  |  | 6606795532 |
| Media - 0.0% |  |  |
| Comcast Corp Class A  | 493176 | 17049094 |
| Trade Desk Inc (The) Class A (c) | 73222 | 5507759 |
|  |  | 22556853 |
| Wireless Telecommunication Services - 0.4% |  |  |
| T-Mobile US Inc  | 942785 | 228342527 |
| TOTAL COMMUNICATION SERVICES |  | 8233081983 |
| Consumer Discretionary - 15.5% |  |  |
| Automobiles - 1.8% |  |  |
| Neutron Holdings Inc (b)(c)(d) | 1546251 | 96795 |
| Rad Power Bikes Inc (b)(c)(d) | 1182568 | 106431 |
| Rad Power Bikes Inc warrants 10/6/2033 (b)(c)(d) | 985838 | 187309 |
| Rivian Automotive Inc Class A (c)(e) | 842714 | 12244634 |
| Tesla Inc (c) | 3364879 | 1165795979 |
|  |  | 1178431148 |
| Broadline Retail - 7.6% |  |  |
| Amazon.com Inc (c) | 22292407 | 4570166360 |
| Etsy Inc (c) | 79204 | 4383941 |
| Ollie's Bargain Outlet Holdings Inc (c) | 2258577 | 251718407 |
|  |  | 4826268708 |
| Diversified Consumer Services - 0.0% |  |  |
| Duolingo Inc Class A (c) | 2391 | 1242388 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Airbnb Inc Class A (c) | 243993 | 31475097 |
| Booking Holdings Inc  | 47885 | 264273964 |
| Brinker International Inc (c) | 247291 | 42689845 |
| Cava Group Inc (c) | 70386 | 5720270 |
| Chipotle Mexican Grill Inc (c) | 2064401 | 103385202 |
| DoorDash Inc Class A (c) | 85869 | 17916567 |
| Expedia Group Inc Class A  | 18031 | 3006669 |
| Marriott International Inc/MD Class A1  | 348613 | 91974568 |
| McDonald's Corp  | 2699 | 847081 |
| Shake Shack Inc Class A (c) | 71958 | 9339429 |
| Sonder Holdings Inc Stage 1 rights (b)(c) | 53749 | 1 |
| Sonder Holdings Inc Stage 2 rights (b)(c) | 53749 | 1 |
| Sonder Holdings Inc Stage 3 rights (b)(c) | 53749 | 1 |
| 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  | 435645 | 36572398 |
| Viking Holdings Ltd (c) | 266421 | 11893033 |
| Wingstop Inc  | 63587 | 21727678 |
|  |  | 640821804 |
| Household Durables - 0.4% |  |  |
| DR Horton Inc  | 199470 | 23549428 |
| Garmin Ltd  | 597727 | 121320649 |
| Lennar Corp Class A  | 258812 | 27454777 |
| SharkNinja Inc (c) | 853553 | 78467127 |
| Toll Brothers Inc  | 204582 | 21327674 |
|  |  | 272119655 |
| Leisure Products - 0.0% |  |  |
| Peloton Interactive Inc Class A (c) | 797519 | 5662385 |
| Specialty Retail - 2.1% |  |  |
| Carvana Co Class A (c) | 329115 | 107673263 |
| Dick's Sporting Goods Inc  | 468648 | 84047332 |
| Fanatics Inc Class A (b)(c)(d) | 730532 | 44489399 |
| Floor & Decor Holdings Inc Class A (c) | 223666 | 16034616 |
| Home Depot Inc/The  | 1034387 | 380954388 |
| Lowe's Cos Inc  | 630031 | 142216898 |
| Restoration Hardware Inc (c) | 63907 | 11574197 |
| Revolve Group Inc Class A (c) | 1943952 | 40045411 |
| Ross Stores Inc  | 191113 | 26773020 |
| TJX Cos Inc/The  | 2751399 | 349152533 |
| Wayfair Inc Class A (c) | 4116943 | 169782729 |
|  |  | 1372743786 |
| Textiles, Apparel & Luxury Goods - 2.6% |  |  |
| Deckers Outdoor Corp (c) | 5224287 | 551266764 |
| Lululemon Athletica Inc (c) | 2843845 | 900560396 |
| NIKE Inc Class B  | 855675 | 51845348 |
| Skechers USA Inc Class A (c) | 1899950 | 117872898 |
| Tory Burch LLC Class A (b)(c)(d)(f) | 950844 | 35046114 |
| Tory Burch LLC Class B (b)(c)(d)(f) | 324840 | 12957868 |
|  |  | 1669549388 |
| TOTAL CONSUMER DISCRETIONARY |  | 9966839262 |
| Consumer Staples - 3.3% |  |  |
| Beverages - 0.9% |  |  |
| Celsius Holdings Inc (c) | 2006 | 75987 |
| Coca-Cola Co/The  | 4893043 | 352788400 |
| Constellation Brands Inc Class A  | 1214 | 216444 |
| Keurig Dr Pepper Inc  | 2534683 | 85342777 |
| Monster Beverage Corp (c) | 376159 | 24055368 |
| PepsiCo Inc  | 737879 | 96994195 |
|  |  | 559473171 |
| Consumer Staples Distribution & Retail - 1.1% |  |  |
| Albertsons Cos Inc Class A  | 2900881 | 64486585 |
| Costco Wholesale Corp  | 380734 | 396031892 |
| Kroger Co/The  | 1776758 | 121228198 |
| Maplebear Inc (c) | 136574 | 6237335 |
| Target Corp  | 524136 | 49274025 |
| Walmart Inc  | 657338 | 64892407 |
|  |  | 702150442 |
| Food Products - 0.1% |  |  |
| Bunge Global SA  | 187155 | 14626163 |
| Conagra Brands Inc  | 797855 | 18262901 |
| Hershey Co/The  | 44092 | 7085143 |
| Mondelez International Inc  | 359874 | 24287897 |
| Real Good Food Co Inc/The Class A (c) | 1 | 0 |
| Simply Good Foods Co/The (c) | 455169 | 15707882 |
| WK Kellogg Co (e) | 211580 | 3579934 |
|  |  | 83549920 |
| Household Products - 0.2% |  |  |
| Church & Dwight Co Inc  | 240107 | 23604919 |
| Clorox Co/The  | 54540 | 7192735 |
| Colgate-Palmolive Co  | 357335 | 33210715 |
| Procter & Gamble Co/The  | 550366 | 93501680 |
|  |  | 157510049 |
| Personal Care Products - 0.1% |  |  |
| Beauty Health Co/The (c)(d)(g) | 2884717 | 4702088 |
| Beauty Health Co/The Class A (c)(e)(g) | 3820522 | 6227451 |
| BellRing Brands Inc (c) | 226365 | 14249677 |
| Kenvue Inc  | 663111 | 15828460 |
|  |  | 41007676 |
| Tobacco - 0.9% |  |  |
| JUUL Labs Inc Class A (b)(c)(d) | 7791472 | 9505596 |
| Philip Morris International Inc  | 3321080 | 599753837 |
|  |  | 609259433 |
| TOTAL CONSUMER STAPLES |  | 2152950691 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Baker Hughes Co Class A  | 298966 | 11076690 |
| Halliburton Co  | 427163 | 8368123 |
|  |  | 19444813 |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| EOG Resources Inc  | 32224 | 3498560 |
| EQT Corp  | 625478 | 34482602 |
| Range Resources Corp  | 2048429 | 77922240 |
| Valero Energy Corp  | 167319 | 21579131 |
|  |  | 137482533 |
| TOTAL ENERGY |  | 156927346 |
| Financials - 4.7% |  |  |
| Banks - 0.5% |  |  |
| Bank of America Corp  | 3003688 | 132552751 |
| JPMorgan Chase & Co  | 458111 | 120941304 |
| Wells Fargo & Co  | 1091918 | 81653628 |
|  |  | 335147683 |
| Capital Markets - 1.1% |  |  |
| Blackrock Inc  | 96020 | 94089038 |
| Coinbase Global Inc Class A (c) | 286904 | 70756264 |
| Goldman Sachs Group Inc/The  | 97079 | 58291086 |
| Robinhood Markets Inc Class A (c) | 6941574 | 459185120 |
|  |  | 682321508 |
| Consumer Finance - 0.0% |  |  |
| American Express Co  | 107796 | 31697414 |
| Financial Services - 3.0% |  |  |
| Apollo Global Management Inc  | 415556 | 54309014 |
| Block Inc Class A (c) | 141385 | 8730524 |
| Mastercard Inc Class A  | 1269617 | 743487715 |
| Saluda Medical Inc warrants 1/20/2027 (b)(c)(d) | 87212 | 98550 |
| Toast Inc Class A (c) | 1866667 | 78736014 |
| Visa Inc Class A  | 2741833 | 1001289993 |
|  |  | 1886651810 |
| Insurance - 0.1% |  |  |
| Progressive Corp/The  | 270071 | 76951330 |
| TOTAL FINANCIALS |  | 3012769745 |
| Health Care - 8.0% |  |  |
| Biotechnology - 4.1% |  |  |
| AbbVie Inc  | 456290 | 84920132 |
| Absci Corp (c)(e) | 5695949 | 15094265 |
| Akouos Inc (b)(c) | 1254446 | 238345 |
| Alector Inc (c) | 3675448 | 4888346 |
| Alnylam Pharmaceuticals Inc (c) | 1344264 | 409409045 |
| Amgen Inc  | 373581 | 107658573 |
| Annexon Inc (c) | 2146743 | 4379356 |
| Antares Therapeutics Inc (b) | 2530180 | 455432 |
| Apogee Therapeutics Inc (c) | 1409807 | 51655328 |
| Arcellx Inc (c) | 479144 | 29735677 |
| Arrowhead Pharmaceuticals Inc (c)(e) | 1371804 | 22044890 |
| aTyr Pharma Inc (c) | 3539181 | 15820139 |
| Avidity Biosciences Inc (c) | 3743060 | 115959999 |
| Beam Therapeutics Inc (c) | 2758697 | 43670174 |
| Biohaven Ltd (c) | 163279 | 2418162 |
| Biomea Fusion Inc (c)(e) | 1621032 | 2334286 |
| Boundless Bio Inc (c) | 912001 | 1003201 |
| CAMP4 Therapeutics Corp (e) | 111154 | 220085 |
| Candel Therapeutics Inc (c) | 668909 | 3645554 |
| Caris Life Sciences Inc (b)(c)(d) | 926826 | 1668287 |
| Cartesian Therapeutics Inc (c) | 341042 | 3260362 |
| Century Therapeutics Inc (c) | 313277 | 166162 |
| Cibus Inc Class A (c)(e) | 1435026 | 4635134 |
| Crinetics Pharmaceuticals Inc (c) | 544846 | 16623251 |
| Day One Biopharmaceuticals Inc (c)(e) | 782767 | 4994053 |
| Denali Therapeutics Inc (c) | 1473404 | 19507869 |
| Deverra Therapeutics (b)(c) | 59780 | 1 |
| Dianthus Therapeutics Inc (c)(e) | 933779 | 16238417 |
| Disc Medicine Inc rights (b)(c) | 128509 | 1 |
| Dyne Therapeutics Inc (c) | 1301619 | 15567363 |
| Entrada Therapeutics Inc (c)(e) | 203309 | 1545148 |
| Exact Sciences Corp (c) | 198698 | 11182723 |
| Foghorn Therapeutics Inc (c) | 1860378 | 7590342 |
| Generation Bio CO (c) | 1330127 | 503054 |
| Ideaya Biosciences Inc (c) | 4116230 | 81871815 |
| Immunome Inc (c)(e) | 1527290 | 13379060 |
| Immunovant Inc (c) | 4702452 | 69831412 |
| Ionis Pharmaceuticals Inc (c) | 7670520 | 257039125 |
| Jade Biosciences Inc (d) | 545898 | 3957761 |
| Janux Therapeutics Inc (c) | 1570437 | 37376401 |
| Korro Bio Inc (c)(e) | 134066 | 1531034 |
| Korro Bio Inc (c)(d) | 58740 | 670811 |
| Krystal Biotech Inc (c) | 707202 | 89079164 |
| Kymera Therapeutics Inc (c)(e) | 1475503 | 43733909 |
| Lexicon Pharmaceuticals Inc (c)(e) | 11139366 | 6979927 |
| Metsera Inc (e) | 2809946 | 75081757 |
| Metsera Inc (h) | 463116 | 12374460 |
| Moderna Inc (c) | 4919665 | 130666302 |
| Monte Rosa Therapeutics Inc (c)(e) | 182247 | 761792 |
| MoonLake Immunotherapeutics Class A (c) | 478787 | 18677481 |
| Nurix Therapeutics Inc (c) | 653596 | 6947725 |
| Nuvalent Inc Class A (c) | 1725470 | 128737317 |
| ORIC Pharmaceuticals Inc (c)(e) | 727736 | 5945603 |
| Oruka Therapeutics Inc  | 297444 | 3259986 |
| Recursion Pharmaceuticals Inc Class A (c)(e) | 1124452 | 4700209 |
| Regeneron Pharmaceuticals Inc  | 89527 | 43893298 |
| Revolution Medicines Inc (c) | 2035930 | 80215642 |
| Roivant Sciences Ltd (c)(e) | 17556705 | 192948188 |
| Sana Biotechnology Inc (c)(e) | 9702718 | 21054898 |
| Scholar Rock Holding Corp (c) | 3500583 | 101551913 |
| Scholar Rock Holding Corp warrants 12/31/2025 (c)(d) | 167100 | 3649626 |
| Seres Therapeutics Inc (c)(e) | 162700 | 1147035 |
| Sigilon Therapeutics Inc rights (b)(c) | 28234 | 237730 |
| Spyre Therapeutics Inc (c) | 1492832 | 22810473 |
| Summit Therapeutics Inc (c)(e) | 2007740 | 36570984 |
| Taysha Gene Therapies Inc (c)(e) | 4230521 | 11464712 |
| Tectonic Therapeutic Inc (c) | 664103 | 14284856 |
| UNITY Biotechnology Inc warrants 8/22/2027 (c) | 1883637 | 48 |
| Upstream Bio Inc  | 334865 | 3090804 |
| Vaxcyte Inc (c) | 444854 | 14453306 |
| Vera Therapeutics Inc Class A (c) | 883996 | 16751724 |
| Vertex Pharmaceuticals Inc (c) | 183627 | 81172315 |
| Viking Therapeutics Inc (c)(e) | 767277 | 20563024 |
|  |  | 2677496783 |
| Health Care Equipment & Supplies - 1.1% |  |  |
| Abbott Laboratories  | 110754 | 14794519 |
| Blink Health LLC Class A1 (b)(c)(d) | 250304 | 8290068 |
| Boston Scientific Corp (c) | 220562 | 23216356 |
| Ceribell Inc  | 251075 | 4220571 |
| Dexcom Inc (c) | 403450 | 34616010 |
| GE HealthCare Technologies Inc  | 196601 | 13868235 |
| Inspire Medical Systems Inc (c) | 19945 | 2756399 |
| Intuitive Surgical Inc (c) | 763111 | 421496730 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 (b)(c)(d) | 11774 | 143643 |
| Novocure Ltd (c) | 5451594 | 104179961 |
| PROCEPT BioRobotics Corp (c) | 1403909 | 81426722 |
|  |  | 709009214 |
| Health Care Providers & Services - 0.4% |  |  |
| Alignment Healthcare Inc (c) | 1473979 | 22655057 |
| Cardinal Health Inc  | 264818 | 40898492 |
| CVS Health Corp  | 1073615 | 68754305 |
| McKesson Corp  | 99033 | 71255234 |
| Scorpion Therapeutics Inc (b) | 2530180 | 834959 |
| Scorpion Therapeutics Inc (b) | 2530180 | 101207 |
| Scorpion Therapeutics Inc (b) | 2530180 | 25 |
| Scorpion Therapeutics Inc rights 3/5/2040 (b)(c) | 2530180 | 1391599 |
| UnitedHealth Group Inc  | 154256 | 46571429 |
|  |  | 252462307 |
| Health Care Technology - 0.0% |  |  |
| Prognomiq Inc (b)(c) | 183441 | 45860 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Danaher Corp  | 4811 | 913609 |
| Thermo Fisher Scientific Inc  | 4009 | 1614905 |
|  |  | 2528514 |
| Pharmaceuticals - 2.4% |  |  |
| Adimab LLC (b)(c)(d)(f) | 3162765 | 48643326 |
| Adimab LLC (b)(c)(d)(f) | 3162765 | 15212899 |
| Alto Neuroscience Inc (c)(e) | 146612 | 378259 |
| Atea Pharmaceuticals Inc (c) | 943795 | 2803071 |
| Bristol-Myers Squibb Co  | 320662 | 15481561 |
| Dragonfly Therapeutics Inc (b)(d) | 481725 | 15511545 |
| Eli Lilly & Co  | 1726087 | 1273282597 |
| Harmony Biosciences Holdings Inc (c) | 1575721 | 54362375 |
| Maze Therapeutics Inc (e) | 136912 | 1370489 |
| Merck & Co Inc  | 195674 | 15035590 |
| Nuvation Bio Inc Class A (c) | 15557407 | 32981703 |
| Ocular Therapeutix Inc (c) | 1714465 | 13732865 |
| Optinose Inc (b) | 364134 | 4 |
| Optinose Inc warrants 11/23/2027 (b)(c) | 694735 | 13582 |
| Pfizer Inc  | 80381 | 1888150 |
| Rapport Therapeutics Inc (c) | 1547288 | 12796072 |
| Roche Holding AG rights (b)(c) | 3405875 | 5449400 |
| Sienna Biopharmaceuticals Inc (c) | 1352469 | 1 |
| Skyhawk Therapeutics Inc (b)(c)(d) | 603195 | 6713560 |
| Structure Therapeutics Inc ADR (c) | 495305 | 10777837 |
|  |  | 1526434886 |
| TOTAL HEALTH CARE |  | 5167977564 |
| Industrials - 2.6% |  |  |
| Aerospace & Defense - 1.0% |  |  |
| Boeing Co (c) | 301069 | 62417625 |
| GE Aerospace  | 225840 | 55536314 |
| Space Exploration Technologies Corp (b)(c)(d) | 2602366 | 481437710 |
|  |  | 599391649 |
| Air Freight & Logistics - 0.0% |  |  |
| United Parcel Service Inc Class B  | 72465 | 7068235 |
| Building Products - 0.0% |  |  |
| AZEK Co Inc/The Class A (c) | 425239 | 21053583 |
| Construction & Engineering - 0.1% |  |  |
| Fluor Corp (c) | 1148906 | 47771512 |
| Quanta Services Inc  | 136093 | 46620018 |
| WillScot Holdings Corp  | 45399 | 1223503 |
|  |  | 95615033 |
| Electrical Equipment - 0.3% |  |  |
| Eaton Corp PLC  | 285022 | 91264045 |
| Emerson Electric Co  | 157057 | 18749465 |
| GE Vernova Inc  | 84184 | 39817348 |
| Vertiv Holdings Co Class A  | 204068 | 22025059 |
|  |  | 171855917 |
| Ground Transportation - 0.5% |  |  |
| Avis Budget Group Inc (c)(e) | 312545 | 38064856 |
| Uber Technologies Inc (c) | 2957459 | 248899749 |
| Union Pacific Corp  | 288813 | 64018290 |
|  |  | 350982895 |
| Industrial Conglomerates - 0.1% |  |  |
| 3M Co  | 131499 | 19507876 |
| Honeywell International Inc  | 121513 | 27543352 |
|  |  | 47051228 |
| Machinery - 0.3% |  |  |
| Caterpillar Inc  | 215015 | 74831671 |
| Deere & Co  | 137320 | 69519623 |
| Illinois Tool Works Inc  | 133563 | 32733620 |
|  |  | 177084914 |
| Passenger Airlines - 0.3% |  |  |
| Delta Air Lines Inc  | 1028845 | 49785810 |
| Southwest Airlines Co  | 1391145 | 46436420 |
| United Airlines Holdings Inc (c) | 1334830 | 106045569 |
| 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 |
|  |  | 202267801 |
| Professional Services - 0.0% |  |  |
| Paylocity Holding Corp (c) | 73323 | 13997361 |
| TOTAL INDUSTRIALS |  | 1686368616 |
| Information Technology - 45.9% |  |  |
| Communications Equipment - 1.0% |  |  |
| Arista Networks Inc  | 1459216 | 126426474 |
| Ciena Corp (c) | 6089509 | 487526091 |
| Lumentum Holdings Inc (c) | 429341 | 31032767 |
|  |  | 644985332 |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Coherent Corp (c) | 1633799 | 123564219 |
| Corning Inc  | 891782 | 44223469 |
| Zebra Technologies Corp Class A (c) | 45259 | 13114700 |
|  |  | 180902388 |
| IT Services - 1.3% |  |  |
| Akamai Technologies Inc (c) | 61609 | 4677971 |
| Cloudflare Inc Class A (c) | 2565274 | 425553304 |
| CoreWeave Inc Class A (h) | 2186540 | 243383767 |
| CoreWeave Inc Class A (c)(e) | 320017 | 35621092 |
| CoreWeave Inc Class A (b)(h) | 184538 | 20624410 |
| IBM Corporation  | 45118 | 11688269 |
| Kyndryl Holdings Inc (c) | 480041 | 18740801 |
| MongoDB Inc Class A (c) | 5847 | 1104088 |
| Okta Inc Class A (c) | 478846 | 49402542 |
| Snowflake Inc Class A (c) | 83553 | 17184346 |
| X.Ai Holdings Corp Class A (b)(d) | 250617 | 9162558 |
|  |  | 837143148 |
| Semiconductors & Semiconductor Equipment - 19.5% |  |  |
| Advanced Micro Devices Inc (c) | 434690 | 48133224 |
| Applied Materials Inc  | 610144 | 95640072 |
| ARM Holdings PLC ADR (c) | 79774 | 9935054 |
| Astera Labs Inc (c) | 2994705 | 271679638 |
| Broadcom Inc  | 3358899 | 813088681 |
| Cirrus Logic Inc (c) | 17908 | 1761431 |
| First Solar Inc (c) | 28700 | 4536896 |
| GlobalFoundries Inc (c) | 676827 | 24230407 |
| Impinj Inc (c) | 651692 | 74351540 |
| KLA Corp  | 167034 | 126424694 |
| Lam Research Corp  | 558603 | 45129536 |
| Marvell Technology Inc  | 2593622 | 156110108 |
| Micron Technology Inc  | 282317 | 26667664 |
| Monolithic Power Systems Inc  | 71631 | 47412559 |
| NVIDIA Corp  | 76009000 | 10271096170 |
| ON Semiconductor Corp (c) | 618393 | 25984874 |
| QUALCOMM Inc  | 448444 | 65114069 |
| Silicon Laboratories Inc (c) | 1589181 | 191543986 |
| SiTime Corp (c) | 864860 | 169573100 |
| Teradyne Inc  | 422805 | 33232473 |
| Texas Instruments Inc  | 228425 | 41767511 |
|  |  | 12543413687 |
| Software - 14.7% |  |  |
| Adobe Inc (c) | 292026 | 121217072 |
| Appfolio Inc Class A (c) | 9391 | 1983097 |
| AppLovin Corp Class A (c) | 1232893 | 484526949 |
| Asapp Inc warrants 8/28/2028 (b)(c)(d) | 1007060 | 1037272 |
| Atlassian Corp Class A (c) | 22645 | 4701781 |
| Autodesk Inc (c) | 182540 | 54053745 |
| Celestial AI Inc (b)(d) | 42231 | 703567 |
| Confluent Inc Class A (c) | 1245765 | 28689968 |
| Crowdstrike Holdings Inc Class A (c) | 375298 | 176904218 |
| Datadog Inc Class A (c) | 336677 | 39687485 |
| Docusign Inc (c) | 144566 | 12809993 |
| Elastic NV (c) | 224588 | 18162432 |
| Figma Inc Class A (b)(c)(d) | 338578 | 9903407 |
| HubSpot Inc (c) | 128902 | 76039290 |
| Intuit Inc  | 275025 | 207223087 |
| Microsoft Corp  | 11652485 | 5364337995 |
| MicroStrategy Inc Class A (c)(e) | 205484 | 75835925 |
| Monday.com Ltd (c) | 254399 | 75681159 |
| Nutanix Inc Class A (c) | 12972899 | 994891624 |
| Oracle Corp  | 3486805 | 577170832 |
| Palantir Technologies Inc Class A (c) | 234839 | 30947083 |
| Palo Alto Networks Inc (c) | 106229 | 20440584 |
| Rubrik Inc Class A (c) | 522994 | 49867478 |
| SailPoint Inc  | 347934 | 6130597 |
| Salesforce Inc  | 1743143 | 462577858 |
| SentinelOne Inc Class A (c) | 230694 | 4062521 |
| Servicenow Inc (c) | 317803 | 321327435 |
| Stripe Inc Class B (b)(c)(d) | 205500 | 7295250 |
| Synopsys Inc (c) | 30138 | 13983429 |
| Workday Inc Class A (c) | 140136 | 34713089 |
| Zoom Communications Inc Class A (c) | 1565034 | 127159013 |
| Zscaler Inc (c) | 404224 | 111444557 |
|  |  | 9515509792 |
| Technology Hardware, Storage & Peripherals - 9.1% |  |  |
| Apple Inc  | 23861056 | 4792493099 |
| Pure Storage Inc Class A (c) | 16017572 | 858381683 |
| Sandisk Corp/DE  | 5000776 | 188479247 |
| Western Digital Corp (c) | 341866 | 17623192 |
|  |  | 5856977221 |
| TOTAL INFORMATION TECHNOLOGY |  | 29578931568 |
| Materials - 0.3% |  |  |
| Chemicals - 0.0% |  |  |
| Corteva Inc  | 292879 | 20735833 |
| Farmers Business Network Inc (b)(c) | 158470 | 286831 |
| Farmers Business Network Inc warrants 9/27/2033 (b)(c)(d) | 739310 | 1330758 |
| Mosaic Co/The  | 102300 | 3697122 |
|  |  | 26050544 |
| Containers & Packaging - 0.0% |  |  |
| Smurfit WestRock PLC  | 616687 | 26721048 |
| Metals & Mining - 0.3% |  |  |
| Freeport-McMoRan Inc  | 3517048 | 135336007 |
| TOTAL MATERIALS |  | 188107599 |
| Real Estate - 0.2% |  |  |
| Health Care REITs - 0.0% |  |  |
| Welltower Inc  | 79154 | 12211879 |
| Real Estate Management & Development - 0.1% |  |  |
| CBRE Group Inc Class A (c) | 303470 | 37939820 |
| Zillow Group Inc Class C (c) | 341049 | 22887798 |
|  |  | 60827618 |
| Specialized REITs - 0.1% |  |  |
| American Tower Corp  | 220856 | 47406740 |
| Equinix Inc  | 14328 | 12735013 |
|  |  | 60141753 |
| TOTAL REAL ESTATE |  | 133181250 |
| TOTAL UNITED STATES |  | 60277135624 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $22,364,792,765) |  | <br> **62784594906** |

---

---

| | | |
|:---|:---|:---|
| &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 | 10136453 |
| Neutron Holdings Inc 4% 6/12/2027 (b)(d) | 742912 | 2093897 |
| Neutron Holdings Inc 8% 10/29/2026 (b)(d)(i) | 8959035 | 11607327 |
|  |  | 23837677 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Saluda Medical Inc 0% (b)(d)(j) | 1508100 | 1648202 |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| Wugen Inc 10% 6/14/2025 (b)(d) | 2085443 | 2396174 |
| Pharmaceuticals - 0.0% |  |  |
| Galvanize Therapeutics 6% 2/28/2027 (b)(d) | 2719400 | 3266543 |
| TOTAL HEALTH CARE |  | 5662717 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 10% 5/12/2025 (b)(d) | 63175 | 43844 |
| Software - 0.0% |  |  |
| Evozyne Inc 6% 9/13/2028 pay-in-kind (b)(d) | 4221091 | 4638134 |
| TOTAL INFORMATION TECHNOLOGY |  | 4681978 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Farmers Business Network Inc 15% 9/28/2025 (b)(d) | 850206 | 940328 |
| TOTAL UNITED STATES |  | 36770902 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $24,745,762) |  | <br> **36770902** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 2.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.5%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Inc Series A (b)(c)(d) | 3369 | 4359688 |
| Canva Inc Series A2 (b)(c)(d) | 611 | 790671 |
| TOTAL AUSTRALIA |  | 5150359 |
| BELGIUM - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| AgomAb Therapeutics SA Series C (b)(c)(d) | 36687 | 9263518 |
| AgomAb Therapeutics SA Series D (b)(d) | 7587 | 1976116 |
| TOTAL BELGIUM |  | 11239634 |
| CANADA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Deep Genomics Inc Series C (b)(c)(d) | 682293 | 6781992 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Kardium Inc/CA Series D-6 (b)(c)(d) | 5899008 | 6311939 |
| TOTAL HEALTH CARE |  | 13093931 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc Series B (b)(d) | 95900 | 5279295 |
| TOTAL CANADA |  | 18373226 |
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| ByteDance Ltd Series E1 (b)(c)(d) | 403450 | 89473107 |
| ESTONIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Bolt Technology OU Series E (b)(c)(d) | 72621 | 15379976 |
| FINLAND - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| Oura Health Oy Series D (b)(d) | 864427 | 24273110 |
| FRANCE - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| DNA Script SAS Series B (b)(c)(d) | 22 | 815 |
| DNA Script SAS Series C (b)(c)(d) | 10882 | 2524324 |
| TOTAL FRANCE |  | 2525139 |
| INDIA - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Meesho Series D2 (b)(d) | 164478 | 12381904 |
| Meesho Series E (b)(d) | 27397 | 2062446 |
| Meesho Series E1 (b)(c)(d) | 22612 | 1702231 |
| Meesho Series F (b)(c)(d) | 334784 | 25708064 |
|  |  | 41854645 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Pine Labs Pvt Ltd Series 1 (b)(c)(d) | 9846 | 4633823 |
| Pine Labs Pvt Ltd Series A (b)(c)(d) | 2460 | 1157750 |
| Pine Labs Pvt Ltd Series B (b)(c)(d) | 2677 | 1259877 |
| Pine Labs Pvt Ltd Series B2 (b)(c)(d) | 2165 | 1018914 |
| Pine Labs Pvt Ltd Series C (b)(c)(d) | 4028 | 1895698 |
| Pine Labs Pvt Ltd Series C1 (b)(c)(d) | 848 | 399093 |
| Pine Labs Pvt Ltd Series D (b)(c)(d) | 907 | 426861 |
|  |  | 10792016 |
| TOTAL INDIA |  | 52646661 |
| ISRAEL - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| InSightec Ltd Series G (b)(d) | 6623267 | 5099916 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Element Labs Inc Series A (b)(d) | 530700 | 1963589 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd Series D (b)(c)(d) | 787863 | 1323610 |
| Xsight Labs Ltd Series E (b)(d) | 553785 | 4430280 |
| Xsight Labs Ltd Series E1 (b)(d) | 200698 | 1605584 |
|  |  | 7359474 |
| TOTAL ISRAEL |  | 14422979 |
| UNITED KINGDOM - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Quell Therapeutics Ltd Series B (b)(c)(d) | 3870630 | 7121959 |
| UNITED STATES - 2.3%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Neutron Holdings Inc Series 1D (b)(c)(d) | 17893728 | 1120147 |
| Rad Power Bikes Inc Series A (b)(c)(d) | 154174 | 13876 |
| Rad Power Bikes Inc Series C (b)(c)(d) | 606658 | 139531 |
| Rad Power Bikes Inc Series D (b)(c)(d) | 1071300 | 396381 |
| Waymo LLC Series A2 (b)(c)(d) | 44767 | 3141748 |
| Waymo LLC Series C2 (b)(d) | 33554 | 2760152 |
|  |  | 7571835 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Discord Inc Series I (b)(c)(d) | 7000 | 1702190 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Freenome Holdings Inc Series C (b)(c)(d) | 900884 | 4081005 |
| Freenome Holdings Inc Series D (b)(c)(d) | 502404 | 2466803 |
| Laronde Inc Series B (b)(c)(d) | 344496 | 8264460 |
|  |  | 14812268 |
| TOTAL CONSUMER DISCRETIONARY |  | 24086293 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| GoBrands Inc Series G (b)(c)(d) | 125688 | 4729639 |
| GoBrands Inc Series H (b)(c)(d) | 104311 | 5030920 |
|  |  | 9760559 |
| Food Products - 0.0% |  |  |
| AgBiome LLC Series C (b)(c)(d) | 1060308 | 11 |
| AgBiome LLC Series D (b)(c)(d) | 852431 | 93767 |
|  |  | 93778 |
| Tobacco - 0.0% |  |  |
| JUUL Labs Inc Series E (b)(c)(d) | 22033 | 26880 |
| TOTAL CONSUMER STAPLES |  | 9881217 |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Akeana Series C (b)(c)(d) | 372100 | 4762880 |
| Paragon Biosciences Emalex Capital Inc Series B (b)(c)(d) | 416094 | 5280233 |
| Paragon Biosciences Emalex Capital Inc Series C (b)(c)(d) | 559977 | 7184505 |
| Paragon Biosciences Emalex Capital Inc Series D-3 (b)(d) | 239944 | 3313627 |
| Paragon Biosciences Emalex Capital Inc Series D1 (b)(c)(d) | 836878 | 10770620 |
| Paragon Biosciences Emalex Capital Inc Series D2 (b)(c)(d) | 138091 | 1692995 |
| Saluda Medical Inc Series D (b)(c)(d) | 581414 | 4604799 |
| Saluda Medical Inc Series E (b)(c)(d) | 612776 | 3744061 |
| Saluda Medical Inc Series E-1 (b)(d) | 186789 | 1593310 |
| Tenstorrent Holdings Inc Series C1 (b)(c)(d) | 178216 | 12778087 |
| Tenstorrent Holdings Inc Series D1 (b)(d) | 179036 | 13626430 |
| Tenstorrent Holdings Inc Series D2 (b)(d) | 47252 | 3466407 |
|  |  | 72817954 |
| Health Care - 0.5% |  |  |
| Biotechnology - 0.4% |  |  |
| Altos Labs Inc Series B (b)(c)(d) | 485428 | 10325054 |
| Altos Labs Inc Series C (b)(c)(d) | 108056 | 2298351 |
| Ankyra Therapeutics Series B (b)(c)(d) | 1356730 | 5711833 |
| Asimov Inc Series B (b)(c)(d) | 82174 | 2119267 |
| Bright Peak Therapeutics Inc. Series B (b)(c)(d) | 1272915 | 1845727 |
| Bright Peak Therapeutics Inc. Series C (b)(c)(d) | 2299209 | 2414169 |
| Cardurion Pharmaceuticals Inc Series B (b)(d) | 1181602 | 4785488 |
| Caris Life Sciences Inc Series D (b)(c)(d) | 1235035 | 9855579 |
| Castle Creek Biosciences Inc Series B (b)(c)(d) | 16803 | 3157116 |
| Castle Creek Biosciences Inc Series C (b)(c)(d) | 13100 | 2947631 |
| Castle Creek Biosciences Inc Series D1 (b)(c)(d) | 19720 | 3990934 |
| Castle Creek Biosciences Inc Series D2 (b)(c)(d) | 6341 | 1133960 |
| CELLANOME Inc Series B (b)(c)(d) | 1040007 | 7165648 |
| City Therapeutics Inc Series A (b)(c)(d) | 800961 | 7352822 |
| Cleerly Inc Series C (b)(c)(d) | 983054 | 11020035 |
| Element Biosciences Inc Series B (b)(c)(d) | 1096312 | 6183200 |
| Element Biosciences Inc Series C (b)(c)(d) | 480109 | 3912888 |
| Element Biosciences Inc Series D (b)(d) | 224866 | 1308720 |
| Element Biosciences Inc Series D1 (b)(d) | 224866 | 1308720 |
| ElevateBio LLC Series C (b)(c)(d) | 1534100 | 3022177 |
| Generate Biomedicines Inc Series B (b)(c)(d) | 820747 | 8757371 |
| Generate Biomedicines Inc Series C (b)(c)(d) | 752025 | 8024107 |
| Genesis Therapeutics Inc Series D (b)(c)(d) | 1654854 | 8174979 |
| Intarcia Therapeutics Inc (b)(c)(d) | 1051411 | 11 |
| Intarcia Therapeutics Inc Series DD (b)(c)(d) | 1543687 | 15 |
| LifeMine Therapeutics Inc Series C (b)(c)(d) | 7794524 | 9197538 |
| National Resilience Inc Series B (b)(c)(d) | 1277345 | 26543230 |
| National Resilience Inc Series C (b)(c)(d) | 379000 | 7875620 |
| Neurona Therapeutics Inc Series F (b)(d) | 3297200 | 6792232 |
| Odyssey Therapeutics Inc Series B (b)(c)(d) | 1298749 | 1805261 |
| Odyssey Therapeutics Inc Series C (b)(c)(d) | 990319 | 1198286 |
| Parabilis Medicines Inc Series D (b)(c)(d) | 883504 | 4753252 |
| Parabilis Medicines Inc Series E (b)(c)(d) | 491048 | 2911914 |
| Saliogen Therapeutics Inc Series B (b)(c)(d) | 51683 | 0 |
| Sonoma Biotherapeutics Inc Series B (b)(c)(d) | 2497760 | 6044579 |
| Sonoma Biotherapeutics Inc Series B1 (b)(c)(d) | 1332116 | 3716604 |
| T-Knife Therapeutics Inc Series B (b)(c)(d) | 995165 | 1353424 |
| Treeline Biosciences Series A (b)(c)(d) | 1347260 | 7032697 |
| Treeline Biosciences Series A1 (b)(c)(d) | 464216 | 2511409 |
| Triveni Bio Inc Series B (b)(d) | 4766021 | 4051118 |
|  |  | 202602966 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Blink Health LLC Series C (b)(c)(d) | 927374 | 30714627 |
| Blink Health LLC Series D (b)(d) | 241612 | 8002189 |
| Medical Microinstruments Inc/Italy Series C (b)(c)(d) | 212985 | 7105180 |
|  |  | 45821996 |
| Health Care Providers & Services - 0.0% |  |  |
| Conformal Medical Inc Series C (b)(c)(d) | 1067180 | 4268720 |
| Conformal Medical Inc Series D (b)(c)(d) | 82803 | 385862 |
|  |  | 4654582 |
| Health Care Technology - 0.0% |  |  |
| Aledade Inc Series B1 (b)(c)(d) | 101470 | 3593053 |
| Aledade Inc Series E1 (b)(c)(d) | 66006 | 2337272 |
| Candid Therapeutics Series B (b)(d) | 3627103 | 3590832 |
| Omada Health Inc Series E (c)(d) | 852686 | 16201034 |
| Wugen Inc Series B (b)(c)(d) | 493529 | 661329 |
|  |  | 26383520 |
| Pharmaceuticals - 0.0% |  |  |
| Galvanize Therapeutics Series B (b)(c)(d) | 4342265 | 1389525 |
| Kartos Therapeutics Inc Series C (b)(c)(d) | 1226990 | 6957033 |
| Kartos Therapeutics Inc Series D (b)(d) | 411901 | 2335479 |
| Mirador Therapeutics Inc Series A (b)(c)(d) | 2678245 | 7070567 |
|  |  | 17752604 |
| TOTAL HEALTH CARE |  | 297215668 |
| Industrials - 0.7% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| Anduril Industries Inc Series F (b)(d) | 287246 | 11742616 |
| Anduril Industries Inc Series G (b)(d) | 45100 | 1843688 |
| Space Exploration Technologies Corp Series G (b)(c)(d) | 216276 | 400110600 |
|  |  | 413696904 |
| Air Freight & Logistics - 0.0% |  |  |
| Zipline International Inc Series G (b)(d) | 180063 | 6172560 |
| Construction & Engineering - 0.0% |  |  |
| Beta Technologies Inc Series A (b)(c)(d) | 54111 | 5138381 |
| Beta Technologies Inc Series B, 6% (b)(c)(d) | 71156 | 8073360 |
| Beta Technologies Inc Series C, 6% (b)(d) | 51113 | 4980961 |
|  |  | 18192702 |
| TOTAL INDUSTRIALS |  | 438062166 |
| Information Technology - 0.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Enevate Corp Series E (b)(c)(d) | 4067736 | 1260998 |
| Menlo Microsystems Inc Series C (b)(c)(d) | 4423488 | 1902100 |
| Vast Data Ltd Series A (b)(c)(d) | 318221 | 6969040 |
| Vast Data Ltd Series A1 (b)(c)(d) | 783248 | 17153131 |
| Vast Data Ltd Series A2 (b)(c)(d) | 900985 | 19731572 |
| Vast Data Ltd Series B (b)(c)(d) | 716925 | 15700658 |
| Vast Data Ltd Series C (b)(c)(d) | 20899 | 457687 |
| Vast Data Ltd Series E (b)(c)(d) | 685070 | 15003033 |
|  |  | 78178219 |
| IT Services - 0.2% |  |  |
| X.Ai Holdings Corp Series B (b)(d) | 2143337 | 78360401 |
| X.Ai Holdings Corp Series C (b)(d) | 2242800 | 81996768 |
|  |  | 160357169 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Alif Semiconductor Series C (b)(c)(d) | 190608 | 4822382 |
| Alif Semiconductor Series D (b)(d) | 251500 | 6795530 |
| Danger Devices Inc Series B (b)(d) | 3437900 | 3094110 |
| Rexford Industrial Realty Inc 5.625% Series C (b)(c)(d) | 666292 | 6616280 |
| Rexford Industrial Realty Inc 5.875% Series D (b) | 165291 | 1735555 |
| SiMa Technologies Inc Series B (b)(c)(d) | 1596216 | 9353826 |
| SiMa Technologies Inc Series B1 (b)(c)(d) | 106922 | 742038 |
|  |  | 33159721 |
| Software - 0.4% |  |  |
| Anthropic PBC Series D (b)(c)(d) | 235150 | 15602203 |
| Anthropic PBC Series E (b)(d) | 45100 | 2867007 |
| Asapp Inc Series D (b)(c)(d) | 1755238 | 2369571 |
| Celestial AI Inc Series A (b)(d) | 269280 | 4486205 |
| Celestial AI Inc Series B (b)(d) | 202627 | 3375766 |
| Celestial AI Inc Series C1 (b)(d) | 811682 | 13522622 |
| Crusoe Energy Systems LLC Series D (b)(d) | 259289 | 8338734 |
| Databricks Inc Series G (b)(c)(d) | 250296 | 25730429 |
| Databricks Inc Series H (b)(c)(d) | 273171 | 28081980 |
| Databricks Inc Series J (b)(d) | 130663 | 13432156 |
| Dataminr Inc Series D, 8% (b)(c)(d) | 1773901 | 20169254 |
| Evozyne Inc Series A (b)(c)(d) | 444700 | 6394786 |
| Evozyne Inc Series B (b)(c)(d) | 247942 | 3820786 |
| Lyte Ai Inc Series B (b)(d) | 673357 | 7252055 |
| Skyryse Inc Series B (b)(c)(d) | 568445 | 15706135 |
| Stripe Inc Series H (b)(c)(d) | 88200 | 3131100 |
|  |  | 174280789 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Lightmatter Inc Series C1 (b)(c)(d) | 407933 | 25149069 |
| Lightmatter Inc Series C2 (b)(c)(d) | 64075 | 4032240 |
| Lightmatter Inc Series D (b)(d) | 426443 | 33019482 |
|  |  | 62200791 |
| TOTAL INFORMATION TECHNOLOGY |  | 508176689 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| Farmers Business Network Inc Series G (b)(c)(d) | 28363 | 51337 |
| Manus Bio Inc Series One-5 (b)(d) | 736380 | 2238595 |
| Manus Bio Inc Series One-6 (b)(d) | 914609 | 2780412 |
|  |  | 5070344 |
| Metals & Mining - 0.1% |  |  |
| Diamond Foundry Inc Series C (b)(c)(d) | 1704625 | 42291746 |
| TOTAL MATERIALS |  | 47362090 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Redwood Materials Series C (b)(c)(d) | 80057 | 2220781 |
| Redwood Materials Series D (b)(c)(d) | 18751 | 520153 |
|  |  | 2740934 |
| TOTAL UNITED STATES |  | 1400343011 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $1,324,678,865) |  | <br> **1640949161** |

---

---

| | | |
|:---|:---|:---|
| &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 | 9108018 |
| Pharmaceuticals - 0.0% |  |  |
| Faraday Pharmaceuticals Inc Series B (b)(c)(d) | 641437 | 641437 |
| TOTAL HEALTH CARE |  | 9749455 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $16,351,603) |  | <br> **9749455** |

---

---

| | | |
|:---|:---|:---|
| &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>|
| CANADA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Kardium Inc/CA 0% (b)(d)(j) | 8367916 | 8811416 |
| Kardium Inc/CA 10% 12/31/2026 (b)(d) | 7271631 | 8808450 |
| TOTAL CANADA |  | 17619866 |
| UNITED STATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rad Power Bikes Inc 8% 12/31/2025 (b)(d) | 985838 | 883836 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Intarcia Therapeutics Inc 6% (b)(d)(k) | 13681944 | 1 |
| Health Care Technology - 0.0% |  |  |
| HeartFlow Inc 0% (b)(d)(j) | 4851600 | 5035476 |
| TOTAL HEALTH CARE |  | 5035477 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 6% (b)(d)(j) | 226061 | 112729 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc 10% 12/31/2027 (b)(d) | 1705541 | 1769253 |
| Software - 0.0% |  |  |
| Skyryse Inc 0% 2/5/2027 (b)(d) | 1093998 | 1265099 |
| TOTAL INFORMATION TECHNOLOGY |  | 3147081 |
| TOTAL UNITED STATES |  | 9066394 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $38,184,529) |  | <br> **26686260** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** | &nbsp;&nbsp;**Money Market Funds - 0.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (l) | 4.32 | 130506845 | 130532946 |
| Fidelity Securities Lending Cash Central Fund (l)(m) | 4.32 | 331661302 | 331694469 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $462,223,292) |  |  | **462227415** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.5%**<br> (Cost $24,230,976,816)<br>| <br>**64960978099** |
| **NET OTHER ASSETS (LIABILITIES) - (0.5)%**  | **(330729533)** |
| **NET ASSETS - 100.0%** | **64630248566** |

---

**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 $2,487,026,145 or 3.8% of net assets.

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

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

(g) Affiliated company

(h) Security is 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 $276,382,637 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

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

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

(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 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 | 9/17/14 - 6/05/15 | 35731000 |
| Adimab LLC | 9/17/14 - 6/05/15 | 12138000 |
| AgBiome LLC Series C | 6/29/18 | 6715673 |
| AgBiome LLC Series D | 9/03/21 | 5053032 |
| AgomAb Therapeutics SA Series C | 10/03/23 | 8010458 |
| AgomAb Therapeutics SA Series D | 10/22/24 | 1963749 |
| AgomAb Therapeutics SA warrants 10/10/2033 | 10/03/23 | 0 |
| AgomAb Therapeutics SA warrants 11/4/2034 | 10/22/24 | 0 |
| Akeana Series C | 1/23/24 | 4748294 |
| Aledade Inc Series B1 | 5/07/21 | 3885357 |
| Aledade Inc Series E1 | 5/20/22 | 3288049 |
| Alif Semiconductor Series C | 3/08/22 | 3869064 |
| Alif Semiconductor Series D | 4/11/25 | 6794801 |
| Altos Labs Inc Series B | 7/22/22 | 9295170 |
| Altos Labs Inc Series C | 3/15/24 | 2703820 |
| Anduril Industries Inc Series F | 8/07/24 | 6243751 |
| Anduril Industries Inc Series G | 4/17/25 | 1843814 |
| Ankyra Therapeutics Series B | 8/26/21 | 7640832 |
| Ant International Co Ltd Class C | 5/16/18 | 6690161 |
| Anthropic PBC Series D | 5/31/24 | 7055558 |
| Anthropic PBC Series E | 2/14/25 | 2529501 |
| Asapp Inc Series D | 8/29/23 | 6777852 |
| Asapp Inc warrants 8/28/2028 | 8/29/23 | 1 |
| Asimov Inc Series B | 10/29/21 | 7615944 |
| Beauty Health Co/The | 12/08/20 | 28847170 |
| Beta Technologies Inc Series A | 4/09/21 | 3964713 |
| Beta Technologies Inc Series B, 6% | 4/04/22 | 7341165 |
| Beta Technologies Inc Series C, 6% | 10/24/24 | 5850905 |
| Blink Health LLC Class A1 | 12/30/20 - 6/17/24 | 7280990 |
| Blink Health LLC Series C | 11/07/19 - 7/14/21 | 35403430 |
| Blink Health LLC Series D | 6/17/24 - 6/25/24 | 10147704 |
| Bolt Technology OU Series E | 1/03/22 | 18866682 |
| Bright Peak Therapeutics Inc. Series B | 5/14/21 | 4972006 |
| Bright Peak Therapeutics Inc. Series C | 5/07/24 | 2606153 |
| ByteDance Ltd Series E1 | 11/18/20 | 44207703 |
| Candid Therapeutics Series B | 8/27/24 | 4352524 |
| Canva Inc Class A | 3/18/24 | 4878908 |
| Canva Inc Series A | 9/22/23 | 3593581 |
| Canva Inc Series A2 | 9/22/23 | 651730 |
| Cardurion Pharmaceuticals Inc Series B | 7/10/24 | 5787014 |
| Caris Life Sciences Inc | 10/06/22 | 5190226 |
| Caris Life Sciences Inc Series D | 5/11/21 | 10003784 |
| Castle Creek Biosciences Inc Series A4 | 9/29/16 | 15508325 |
| Castle Creek Biosciences Inc Series B | 10/09/18 | 6920316 |
| Castle Creek Biosciences Inc Series C | 12/09/19 | 5395235 |
| Castle Creek Biosciences Inc Series D1 | 4/19/22 | 4240392 |
| Castle Creek Biosciences Inc Series D2 | 6/28/21 | 1087100 |
| Celestial AI Inc | 2/25/25 | 625682 |
| Celestial AI Inc Series A | 2/25/25 | 3989572 |
| Celestial AI Inc Series B | 2/25/25 | 3002061 |
| Celestial AI Inc Series C1 | 2/25/25 | 14147780 |
| CELLANOME Inc Series B | 1/08/24 | 7789652 |
| City Therapeutics Inc Series A | 4/17/24 | 8033238 |
| Cleerly Inc Series C | 7/08/22 | 11580966 |
| Conformal Medical Inc Series C | 7/24/20 | 3913418 |
| Conformal Medical Inc Series D | 5/26/23 | 420611 |
| Crusoe Energy Systems LLC Series D | 12/10/24 | 7563937 |
| Danger Devices Inc Series B | 3/05/25 | 3095829 |
| Databricks Inc Series G | 2/01/21 | 14798159 |
| Databricks Inc Series H | 8/31/21 | 20073734 |
| Databricks Inc Series J | 12/17/24 | 12086328 |
| Dataminr Inc Series D, 8% | 2/18/15 - 3/06/15 | 22617238 |
| Deep Genomics Inc Series C | 7/21/21 | 9894067 |
| Diamond Foundry Inc Series C | 3/15/21 | 40911000 |
| Discord Inc Series I | 9/15/21 | 3854371 |
| DNA Script SAS | 12/17/21 | 370744 |
| DNA Script SAS | 12/17/21 | 1416515 |
| DNA Script SAS Series B | 12/17/21 | 17616 |
| DNA Script SAS Series C | 10/01/21 | 9465708 |
| Dragonfly Therapeutics Inc | 12/19/19 | 12746444 |
| Element Biosciences Inc Series B | 12/13/19 | 5745333 |
| Element Biosciences Inc Series C | 6/21/21 | 9869457 |
| Element Biosciences Inc Series D | 6/28/24 | 1763692 |
| Element Biosciences Inc Series D1 | 6/28/24 | 1763692 |
| Element Labs Inc Series A | 2/11/25 | 1957539 |
| ElevateBio LLC Series C | 3/09/21 | 6435550 |
| Enevate Corp 10% 5/12/2025 | 11/12/24 | 63175 |
| Enevate Corp 6% | 11/02/23 - 10/31/24 | 226061 |
| Enevate Corp Series E | 1/29/21 | 4509838 |
| Epic Games Inc | 7/13/20 - 7/30/20 | 29785000 |
| Evozyne Inc 6% 9/13/2028 pay-in-kind | 9/14/23 - 3/31/25 | 4221091 |
| Evozyne Inc Series A | 4/09/21 | 9992409 |
| Evozyne Inc Series B | 9/14/23 | 3840622 |
| Fanatics Inc Class A | 8/13/20 - 10/24/22 | 21635851 |
| Faraday Pharmaceuticals Inc Series B | 12/30/19 | 843278 |
| Farmers Business Network Inc 15% 9/28/2025 | 9/29/23 - 9/25/24 | 850206 |
| Farmers Business Network Inc Series G | 9/15/21 | 1762982 |
| Farmers Business Network Inc warrants 9/27/2033 | 9/29/23 | 1 |
| Figma Inc Class A | 5/15/24 | 7852640 |
| Freenome Holdings Inc Series C | 8/14/20 | 5957816 |
| Freenome Holdings Inc Series D | 11/22/21 | 3789282 |
| Galvanize Therapeutics 6% 2/28/2027 | 2/28/24 | 2719400 |
| Galvanize Therapeutics Series B | 3/29/22 | 7517698 |
| Generate Biomedicines Inc Series B | 11/02/21 | 9725852 |
| Generate Biomedicines Inc Series C | 6/05/23 - 1/21/25 | 8911496 |
| Genesis Therapeutics Inc Series D | 8/10/23 | 8452332 |
| GoBrands Inc Series G | 3/02/21 | 31386468 |
| GoBrands Inc Series H | 7/22/21 | 40523841 |
| HeartFlow Inc 0% | 3/26/25 | 4851600 |
| InSightec Ltd Series G | 6/17/24 | 5880136 |
| Intarcia Therapeutics Inc | 11/14/12 | 14330732 |
| Intarcia Therapeutics Inc 6% | 2/26/19 | 13681944 |
| Intarcia Therapeutics Inc Series DD | 3/17/14 | 49999990 |
| Jade Biosciences Inc | 10/30/24 | 5138709 |
| JUUL Labs Inc Class A | 7/06/18 - 2/23/24 | 9162633 |
| JUUL Labs Inc Series E | 7/06/18 | 649610 |
| Kardium Inc/CA 0% | 12/30/20 | 8367916 |
| Kardium Inc/CA 10% 12/31/2026 | 5/31/24 - 3/31/25 | 7271631 |
| Kardium Inc/CA Series D-6 | 12/30/20 | 5992448 |
| Kartos Therapeutics Inc Series C | 8/22/23 | 6936174 |
| Kartos Therapeutics Inc Series D | 2/26/25 | 2328476 |
| Korro Bio Inc | 7/14/23 | 3314622 |
| Laronde Inc Series B | 8/13/21 | 9645888 |
| LifeMine Therapeutics Inc Series C | 2/15/22 | 15874250 |
| Lightmatter Inc Series C1 | 5/19/23 | 6713272 |
| Lightmatter Inc Series C2 | 12/18/23 | 1666065 |
| Lightmatter Inc Series D | 10/11/24 | 34213735 |
| Lyte Ai Inc Series B | 8/13/24 | 8542274 |
| Manus Bio Inc Series One-5 | 11/13/20 | 7724091 |
| Manus Bio Inc Series One-6 | 3/30/21 | 9593583 |
| Medical Microinstruments Inc/Italy Series C | 2/16/24 | 7099578 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 | 2/16/24 | 0 |
| Meesho Series D2 | 7/15/24 | 9210768 |
| Meesho Series E | 7/15/24 | 1534232 |
| Meesho Series E1 | 4/18/24 | 1266272 |
| Meesho Series F | 9/21/21 - 7/15/24 | 25142963 |
| Menlo Microsystems Inc Series C | 2/09/22 | 5863333 |
| Mirador Therapeutics Inc Series A | 3/19/24 | 8034735 |
| National Resilience Inc Series B | 12/01/20 | 17448533 |
| National Resilience Inc Series C | 6/28/21 | 16831390 |
| Neurona Therapeutics Inc Series F | 3/28/25 | 6792232 |
| Neutron Holdings Inc | 2/04/21 | 15464 |
| Neutron Holdings Inc 4% 5/22/2027 | 6/04/20 | 3596400 |
| Neutron Holdings Inc 4% 6/12/2027 | 6/12/20 | 742912 |
| Neutron Holdings Inc 8% 10/29/2026 | 10/29/21 - 4/27/25 | 8959035 |
| Neutron Holdings Inc Series 1D | 1/25/19 | 4339229 |
| Odyssey Therapeutics Inc Series B | 9/30/22 | 8202691 |
| Odyssey Therapeutics Inc Series C | 10/25/23 | 4951595 |
| Omada Health Inc Series E | 12/22/21 | 15336081 |
| Oura Health Oy Series D | 12/18/24 | 22207130 |
| Parabilis Medicines Inc Series D | 11/17/22 | 9509242 |
| Parabilis Medicines Inc Series E | 2/29/24 | 3058296 |
| Paragon Biosciences Emalex Capital Inc Series B | 9/18/19 | 4239998 |
| Paragon Biosciences Emalex Capital Inc Series C | 2/26/21 | 5991754 |
| Paragon Biosciences Emalex Capital Inc Series D-3 | 5/06/25 | 3318426 |
| Paragon Biosciences Emalex Capital Inc Series D1 | 10/21/22 - 3/13/25 | 9063389 |
| Paragon Biosciences Emalex Capital Inc Series D2 | 5/18/22 | 1190283 |
| Pine Labs Pvt Ltd | 6/30/21 | 1536495 |
| Pine Labs Pvt Ltd Series 1 | 6/30/21 | 3671491 |
| Pine Labs Pvt Ltd Series A | 6/30/21 | 917547 |
| Pine Labs Pvt Ltd Series B | 6/30/21 | 998458 |
| Pine Labs Pvt Ltd Series B2 | 6/30/21 | 807553 |
| Pine Labs Pvt Ltd Series C | 6/30/21 | 1502191 |
| Pine Labs Pvt Ltd Series C1 | 6/30/21 | 316497 |
| Pine Labs Pvt Ltd Series D | 6/30/21 | 338495 |
| Quell Therapeutics Ltd Series B | 11/24/21 | 7315491 |
| Rad Power Bikes Inc | 1/21/21 | 5704519 |
| Rad Power Bikes Inc 8% 12/31/2025 | 10/06/23 | 985838 |
| Rad Power Bikes Inc Series A | 1/21/21 | 743711 |
| Rad Power Bikes Inc Series C | 1/21/21 | 2926421 |
| Rad Power Bikes Inc Series D | 9/17/21 | 10267125 |
| Rad Power Bikes Inc warrants 10/6/2033 | 10/06/23 | 1 |
| Redwood Materials Series C | 5/28/21 | 3794980 |
| Redwood Materials Series D | 6/02/23 | 895095 |
| Revolut Group Holdings Ltd | 12/27/24 | 5865604 |
| Rexford Industrial Realty Inc 5.625% Series C | 5/17/23 - 6/20/23 | 5184951 |
| Saliogen Therapeutics Inc Series B | 12/10/21 | 5471369 |
| Saluda Medical Inc 0% | 1/03/25 | 1508100 |
| Saluda Medical Inc Series D | 1/20/22 | 7416453 |
| Saluda Medical Inc Series E | 4/06/23 | 4947431 |
| Saluda Medical Inc Series E-1 | 4/06/23 | 1508097 |
| Saluda Medical Inc warrants 1/20/2027 | 1/20/22 | 0 |
| Scholar Rock Holding Corp warrants 12/31/2025 | 6/17/22 | 0 |
| SiMa Technologies Inc 10% 12/31/2027 | 4/08/24 - 4/05/25 | 1705541 |
| SiMa Technologies Inc Series B | 5/10/21 | 8184438 |
| SiMa Technologies Inc Series B1 | 4/25/22 | 758173 |
| Skyhawk Therapeutics Inc | 5/21/21 | 9904462 |
| Skyryse Inc 0% 2/5/2027 | 8/13/24 | 1093998 |
| Skyryse Inc Series B | 10/21/21 | 14029206 |
| Sonoma Biotherapeutics Inc Series B | 7/26/21 | 4936323 |
| Sonoma Biotherapeutics Inc Series B1 | 7/26/21 | 3949058 |
| Space Exploration Technologies Corp | 10/16/15 | 23161057 |
| Space Exploration Technologies Corp Series G | 1/20/15 | 16752739 |
| Stripe Inc Class B | 5/18/21 | 8246382 |
| Stripe Inc Series H | 3/15/21 | 3539025 |
| T-Knife Therapeutics Inc Series B | 6/30/21 | 5740908 |
| Taalas Inc Series B | 2/19/25 | 5266195 |
| Tenstorrent Holdings Inc Series C1 | 4/23/21 | 10595741 |
| Tenstorrent Holdings Inc Series D1 | 7/16/24 - 1/15/25 | 14112772 |
| Tenstorrent Holdings Inc Series D2 | 7/17/24 | 3590207 |
| Tory Burch LLC Class A | 5/14/15 | 67652550 |
| Tory Burch LLC Class B | 12/31/12 | 17505000 |
| Treeline Biosciences Series A | 7/30/21 - 10/27/22 | 10545678 |
| Treeline Biosciences Series A1 | 10/27/22 | 3997039 |
| Triveni Bio Inc Series B | 9/19/24 | 4987164 |
| Vast Data Ltd Series A | 11/28/23 | 3500431 |
| Vast Data Ltd Series A1 | 11/28/23 | 8615728 |
| Vast Data Ltd Series A2 | 11/28/23 | 9910835 |
| Vast Data Ltd Series B | 11/28/23 | 7886175 |
| Vast Data Ltd Series C | 11/28/23 | 229889 |
| Vast Data Ltd Series E | 11/28/23 | 15071540 |
| Waymo LLC Series A2 | 5/08/20 | 3844017 |
| Waymo LLC Series C2 | 10/18/24 | 2623966 |
| Wugen Inc 10% 6/14/2025 | 6/14/24 | 2085443 |
| Wugen Inc Series B | 7/09/21 | 3827268 |
| X.Ai Holdings Corp Class A | 10/27/21 | 8413721 |
| X.Ai Holdings Corp Series B | 5/13/24 | 25655744 |
| X.Ai Holdings Corp Series C | 11/22/24 | 48556620 |
| Xsight Labs Ltd Series D | 2/16/21 | 6299753 |
| Xsight Labs Ltd Series E | 11/04/24 - 12/30/24 | 4430276 |
| Xsight Labs Ltd Series E1 | 1/11/24 | 1604781 |
| Xsight Labs Ltd warrants 1/11/2034 | 1/11/24 | 0 |
| Xsight Labs Ltd warrants 12/30/2031 | 11/04/24 - 12/30/24 | 0 |
| Zipline International Inc Series G | 6/07/24 | 7552977 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| CoreWeave Inc Class A | 9/24/2025 |
| CoreWeave Inc Class A | 9/24/2025 |
| Metsera Inc | 7/30/2025 |

---

**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 | 104013943 | 1626579382 | 1600060379 | 2301108 | - | - | 130532946 | 130506845 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 333418332 | 1064058538 | 1065782402 | 1944880 | - | 1 | 331694469 | 331661302 | 1.1% |
| Total | 437432275 | 2690637920 | 2665842781 | 4245988 | - | 1 | 462227415 |  |  |

---

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 | - | - | - | - | 432707 | 4702088 | 2884717 |
| Beauty Health Co/The Class A | 5694836 | 40928 | 81851 | - | (16916) | 590454 | 6227451 | 3820522 |
| Total | 9964217 | 40928 | 81851 | - | (16916) | 1023161 | 10929539 |  |

---

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 May 31, 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 | 8233081983 | 8198162049 | - | 34919934 |
| Consumer Discretionary | 10639048649 | 10546164730 | - | 92883919 |
| Consumer Staples | 2264307944 | 2254802348 | - | 9505596 |
| Energy | 231833205 | 231833205 | - | - |
| Financials | 3198001177 | 3133892355 | 54772864 | 9335958 |
| Health Care | 6027216118 | 5850340687 | 71855603 | 105019828 |
| Industrials | 1742276998 | 1217485708 | 43353578 | 481437712 |
| Information Technology | 30055044278 | 29982739979 | 15719808 | 56584491 |
| Materials | 260603304 | 258985715 | - | 1617589 |
| Real Estate | 133181250 | 133181250 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Consumer Discretionary | 23837677 | - | - | 23837677 |
| Financials | 1648202 | - | - | 1648202 |
| Health Care | 5662717 | - | - | 5662717 |
| Information Technology | 4681978 | - | - | 4681978 |
| Materials | 940328 | - | - | 940328 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 89473107 | - | - | 89473107 |
| Consumer Discretionary | 65940938 | - | - | 65940938 |
| Consumer Staples | 9881217 | - | - | 9881217 |
| Financials | 72817954 | - | - | 72817954 |
| Health Care | 360569357 | - | 16201034 | 344368323 |
| Industrials | 440025755 | - | - | 440025755 |
| Information Technology | 552137809 | - | - | 552137809 |
| Materials | 47362090 | - | - | 47362090 |
| Utilities | 2740934 | - | - | 2740934 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 9749455 | - | - | 9749455 |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 883836 | - | - | 883836 |
| Health Care | 22655343 | - | - | 22655343 |
| Information Technology | 3147081 | - | - | 3147081 |
|  **Money Market Funds** | 462227415 | 462227415 | - | - |
| **Total Investments in Securities:** | 64960978099 | 62269815441 | 201902887 | 2489259771 |
|  **Net Unrealized Appreciation on Unfunded Commitments** | 2088587 | - | - | 2088587 |
| **Total**  | 2088587 | - | - | 2088587 |

---

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 ($)** | **Net Realized Gain (Loss) on Investement Securities ($)** | **Net Unrealized Gain (Loss) on Investement Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amoritization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The Change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2025($)** |
| **Common Stocks** | 730178626 | 16375378 | 118818297 | 11385064 | (68448082) | - | 9427 | (17013683) | 791305027 | 155775857 |
| **Convertible Preferred Stocks** | 1362129932 | 8357697 | 170312340 | 114935094 | (19961697) | - | - | (11025239) | 1624748127 | 183973512 |
| **Non-Convertible Preferred Stocks** | 10957929 | - | (1210507) | 2033 | - | - | - | - | 9749455 | (1210507) |
| **Convertible Corporate Bonds** | 30935773 | - | 3766456 | 2068673 | - | - | - | - | 36770902 | 3766456 |
| **Preferred Securities** | 17743144 | - | 3645178 | 5297938 | - | - | - | - | 26686260 | 3645178 |
| <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 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $305,599,306) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $23,726,598,263) | $64487821145 |  |
| Fidelity Central Funds (cost $462,223,292) | 462227415 |  |
| Other affiliated issuers (cost $42,155,261) | 10929539 |  |
| Total Investment in Securities (cost $24,230,976,816) |  | $64960978099 |
| Cash |  | 158100 |
| Restricted cash |  | 169489 |
| Foreign currency held at value (cost $19,304) |  | 19300 |
| Receivable for investments sold |  | 66237055 |
| Unrealized appreciation on unfunded commitments |  | 2088587 |
| Receivable for fund shares sold |  | 12912233 |
| Dividends receivable |  | 28381254 |
| Interest receivable |  | 1474606 |
| Distributions receivable from Fidelity Central Funds |  | 1149088 |
| Prepaid expenses |  | 9726 |
| Other receivables |  | 1935756 |
| **Total assets** |  | 65075513293 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $41244777 |  |
| Payable for fund shares redeemed | 20641274 |  |
| Accrued management fee | 38529364 |  |
| Other payables and accrued expenses | 13211823 |  |
| Collateral on securities loaned | 331637489 |  |
| **Total liabilities** |  | 445264727 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $64630248566 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $20907765192 |
| Total accumulated earnings (loss) |  | 43722483374 |
| **Net Assets** |  | $64630248566 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Growth Company :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($57,635,139,527 ÷ 1,473,996,443 shares) |  | $39.10 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($6,995,109,039 ÷ 177,661,312 shares) |  | $39.37 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $135629051 |
| Interest  |  | 801492 |
| Income from Fidelity Central Funds (including $1,944,880 from security lending)  |  | 4245988 |
| **Total income** |  | 140676531 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $189693331 |  |
| Performance adjustment | 14584282 |  |
| Custodian fees and expenses | 473160 |  |
| Independent trustees' fees and expenses | 138857 |  |
| Registration fees | 154612 |  |
| Audit fees | 82260 |  |
| Legal | 34464 |  |
| Interest | 141065 |  |
| Miscellaneous | 147650 |  |
| Total expenses before reductions | 205449681 |  |
| Expense reductions | (14086) |  |
| Total expenses after reductions |  | 205435595 |
| **Net Investment income (loss)** |  | (64759064) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $6,815)  | 2630596607 |  |
| Redemptions in-kind | 595029521 |  |
| Affiliated issuers | (16916) |  |
| Foreign currency transactions | (43288) |  |
| Total net realized gain (loss) |  | 3225565924 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $97,785)  | (4606361037) |  |
| Fidelity Central Funds  | 1 |  |
| Other affiliated issuers  | 1023161 |  |
| Unfunded commitments | (2453910) |  |
| Assets and liabilities in foreign currencies | 362179 |  |
| Total change in net unrealized appreciation (depreciation) |  | (4607429606) |
| **Net gain (loss)** |  | (1381863682) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(1446622746) |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(64759064) | $(27685531) |
| &nbsp;&nbsp;Net realized gain (loss) | 3225565924<br>| 8672231812<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (4607429606) | 13345412069<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (1446622746)<br>| 21989958350<br>|
| Distributions to shareholders | (5603973094)<br>| (1985138245)<br>|
| Share transactions - net increase (decrease) | 2379901372<br>| (1673643792)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (4670694468)<br>| 18331176313<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 69300943034 | 50969766721<br>|
| &nbsp;&nbsp;End of period | $64630248566 | $69300943034 |

---

**Consolidated Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $43.44 | $31.27 | $26.47 | $41.75 | $34.49 | $21.54 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.04)  | (.02)  | (.06)  | (.09)  | (.14) C | (.10)  |
| Net realized and unrealized gain (loss)  | (.72)  | 13.41  | 6.48  | (11.30)  | 10.31  | 13.87  |
| Total from investment operations  | (.76)  | 13.39  | 6.42  | (11.39)  | 10.17  | 13.77  |
| Distributions from net realized gain  | (3.58)  | (1.22)  | (1.62)  | (3.89)  | (2.91)  | (.82)  |
| Total distributions  | (3.58)  | (1.22)  | (1.62)  | (3.89)  | (2.91)  | (.82)  |
| Net asset value, end of period  | $39.10 | $43.44 | $31.27 | $26.47 | $41.75 | $34.49 |
| **Total Return** D,E | (2.29)% <br>| 44.23%  | 26.74%  | (29.90)%  | 31.76%  | 66.23%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .65% H | .53%  | .72%  | .86%  | .79%  | .83%  |
| Expenses net of fee waivers, if any  | .65% H<br>| .52%  | .71%  | .86%  | .79%  | .83%  |
| Expenses net of all reductions, if any  | .65% H | .52%  | .71%  | .86%  | .79%  | .83%  |
| Net investment income (loss)  | (.21)% H | (.06)%  | (.22)%  | (.32)%  | (.38)% C | (.41)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $57635139 | $60512551 | $43116057 | $34900124 | $53845109 | $43532668 |
| Portfolio turnover rate I,J | 18% H<br>| 18%  | 12%  | 14%  | 16%  | 18%  |

---

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 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 Consolidated 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*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 Company Fund Class K**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $43.71 | $31.43 | $26.59 | $41.89 | $34.57 | $21.57 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.03)  | .01  | (.04)  | (.07)  | (.12) C | (.08)  |
| Net realized and unrealized gain (loss)  | (.73)  | 13.49  | 6.50  | (11.34)  | 10.35  | 13.90  |
| Total from investment operations  | (.76)  | 13.50  | 6.46  | (11.41)  | 10.23  | 13.82  |
| Distributions from net realized gain  | (3.58)  | (1.22)  | (1.62)  | (3.89)  | (2.91)  | (.82)  |
| Total distributions  | (3.58)  | (1.22)  | (1.62)  | (3.89)  | (2.91)  | (.82)  |
| Net asset value, end of period  | $39.37 | $43.71 | $31.43 | $26.59 | $41.89 | $34.57 |
| **Total Return** D,E | (2.27)% <br>| 44.36%  | 26.77%  | (29.85)%  | 31.87%  | 66.37%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .57% H | .45%  | .65%  | .79%  | .73%  | .75%  |
| Expenses net of fee waivers, if any  | .57% H<br>| .44%  | .65%  | .79%  | .72%  | .75%  |
| Expenses net of all reductions, if any  | .57% H | .44%  | .65%  | .79%  | .72%  | .75%  |
| Net investment income (loss)  | (.14)% H | .02%  | (.15)%  | (.26)%  | (.32)% C | (.33)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6995109 | $8788392 | $7853710 | $7775608 | $15994121 | $18448761 |
| Portfolio turnover rate I,J | 18% H<br>| 18%  | 12%  | 14%  | 16%  | 18%  |

---

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 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 Consolidated 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*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 Consolidated Financial Statements** **(Unaudited)**

For the period ended May 31, 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 financial statements and 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 | $791305027 | Market comparable  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 6.8 - 31.4 / 15.0 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI)  | 16.5 | Increase |
|  |  |  | Enterprise value/Revenue multiple (EV/R)  | 1.5 - 39.4 / 7.2 | Increase |
|  |  |  | Spinout allocation  | 12.5% | Increase |
|  |  |  | Spinout valuation  | $28000000.00  | Increase |
|  |  |  | Spinout valuation weighting  | 30.0% - 70.0% / 50.0% | Increase |
|  |  | Market approach  | Discount rate | 5.0% - 40.0% / 39.8% | Decrease |
|  |  |  | Premium rate | 50.0% | Increase |
|  |  |  | Transaction price | $0.02 - $33.33 / $12.30 | Increase |
|  |  | Discounted cash flow  | Discount rate | 4.2% - 13.6% / 8.5% | Decrease |
|  |  |  | Probability rate | 2.5% - 90.0% / 48.4% | Increase |
|  |  |  | Term | 0.1 - 9.7 / 5.8 | Increase |
|  |  | Recovery value  | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Discount rate | 2.6% - 4.3% / 4.1% | Increase |
|  |  |  | Term | 1.0 - 5.0 / 1.4 | Increase |
|  |  |  | Volatility | 50.0% - 80.0% / 64.2% | Increase |
|  |  | Book value | Book value multiple | 1.7 | Increase |
| Convertible Corporate Bonds | $36770902 | Market comparable | Discount rate | 25.0% - 33.2% / 28.8% | Decrease |
|  |  |  | Enterprise value/Revenue multiple (EV/R) | 1.9 - 11.5 / 4.8 | Increase |
|  |  |  | Probability rate | 0.0% - 75.0% / 30.0% | Increase |
|  |  | Market approach | Discount rate | 19.8% - 35.4% / 21.1% | Decrease |
|  |  |  | Probability rate | 0.0% - 80.0% / 33.3% | Increase |
|  |  |  | Transaction price | $7.75 - $100.00 / $69.25 | Increase |
|  |  | Black scholes | Discount rate | 4.1% - 5.0% / 4.3% | Increase |
|  |  |  | Term | 0.1 - 1.3 / 0.6 | Increase |
|  |  |  | Volatility | 65.0% - 100.0% / 72.2% | Increase |
| Convertible Preferred Stocks | $1624748127 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 31.4 | Increase |
|  |  |  | Enterprise Value/Gross Profit multiple (EV/GP) | 11.5 | Increase |
|  |  |  | Enterprise value/Revenue multiple (EV/R) | 1.1 - 39.4 / 11.2 | Increase |
|  |  | Market approach | Discount rate | 5.0% - 80.0% / 22.1% | Decrease |
|  |  |  | Premium rate | 15.0% | Increase |
|  |  |  | Transaction price | $0.41 - $239.78 / $30.22 | Increase |
|  |  | Recovery value | Recovery value | $0.00 - $0.11 / $0.02 | Increase |
|  |  | Black scholes | Discount rate | 3.8% - 4.3% / 4.0% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 2.9 | Increase |
|  |  |  | Volatility | 40.0% - 100.0% / 71.3% | Increase |
| Non-Convertible Preferred Stocks | $9749455 | Market approach | Discount rate | 5.0% | Decrease |
|  |  |  | Transaction price | $1.00 - $215.03 / $108.01 | Increase |
|  |  | Black scholes | Discount rate | 4.0% | Increase |
|  |  |  | Term | 3.0 | Increase |
|  |  |  | Volatility | 75.0% - 85.0% / 84.3% | Increase |
| Preferred Securities | $26686260 | Market comparable | Discount rate | 15.5% - 23.1% / 21.6% | Decrease |
|  |  |  | Enterprise value/Revenue multiple (EV/R) | 1.5 - 15.0 / 7.8 | Increase |
|  |  |  | Probability rate | 0.0% - 75.0% / 24.0% | Increase |
|  |  | Market approach | Discount rate | 5.0% - 37.9% / 22.2% | Decrease |
|  |  |  | Probability rate | 0.0% - 90.0% / 33.7% | Increase |
|  |  |  | Transaction price | $100.00  | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Discount rate | 4.0% - 5.0% / 4.2% | Increase |
|  |  |  | Term | 0.3 - 3.0 / 1.6 | Increase |
|  |  |  | Volatility | 50.0% - 100.0% / 59.0% | 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 May 31, 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** | $1767724 |

---

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

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, 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** | $43391905142 |
| **Gross unrealized depreciation** | <u>(2764151261)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$40627753881</u> |
| **Tax cost** | <u>$24333224218</u> |

---

The Fund elected to defer to its next fiscal year approximately $25,182,445 of ordinary losses recognized during the period January 1, 2024 to November 30, 2024.

**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** | Crescent Biopharma, Inc | 3870686 | 2088587 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Net Assets** |
| **Fidelity Growth Company Fund** | 112029696 | .17 |

---

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. 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** | 5706498946 | 8366917979 |

---

**Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The 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** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Growth Company Fund** | 16674613 | 595029521 | 754450536 |

---

**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.** Shares that were redeemed 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 ($)** | **Total Proceeds ($)** |
| **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 |

---

**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 %** |
| **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** | .60 |
| **Class K** | .53 |

---

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 annualized performance adjustment was .05%.

**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** | 264679 |

---

**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** | 735047273 | 646483393 | 238423440 |

---

**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 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** | 52348 |

---

**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 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** | 221528 | 9059 | 2922312 |

---

**8. 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 $14,086.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **May 31, 2025** | **Year ended**<br> **November 30, 2024** |
| **Fidelity Growth Company Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Growth Company | $4947937641 | $1684599444 |
| Class K | &nbsp;&nbsp;&nbsp;&nbsp; <u>656035453</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>300538801</u> |
| Total  | <u>$5603973094</u> | <u>$1985138245</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** |
|  | **Six months ended** <br> **May 31, 2025**  | **Year ended**<br> **November 30, 2024** | **Six months ended** <br> **May 31, 2025**  | **Year ended**<br> **November 30, 2024** |
| **Fidelity Growth Company Fund** |  |  |  |  |
| **Growth Company** |  |  |  |  |
| Shares sold | 61567134 | 132647992 | $2234510623 | $4962500510 |
| Reinvestment of distributions | 108705819 | 48617728 | 4541729126 | 1556253482 |
| Shares redeemed | <u>(89249727)</u> | <u>(167032946)</u> | <u>(3431083394)</u> | <u>(6363433073)</u> |
| Net increase (decrease) | <u>81023226</u> | <u>14232774</u> | <u>$3345156355</u> | <u>$155320919</u> |
| **Class K** |  |  |  |  |
| Shares sold | 12449854 | 27289679 | $483842016 | $1018338436 |
| Reinvestment of distributions | 15572632 | 9329212 | 654829174 | 300214055 |
| Shares redeemed | <u>(51442151)</u> | <u>(85430706)</u> | <u>(2103926173)</u> | <u>(3147517202)</u> |
| Net increase (decrease) | <u>(23419665)</u> | <u>(48811815)</u> | <u>$(965254983)</u> | <u>$(1828964711)</u> |

---

**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.

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.

---

| | |
|:---|:---|
| **Fund**  | **Strategic Advisers Fidelity U.S. Total Stock Fund** |
| Fidelity Growth Company Fund | 23% |

---

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 | 28% |

---

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Growth Company Fund**

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

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

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

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

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered the effective management fee rate for the retail class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) of the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate of the retail class ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. The Board considered that the fund has a variable unified management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board further considered that, when compared to the total expenses of its competitors, the fund ranked below its competitive medians.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and 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.

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

In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.

Based on its review, the Board concluded that the management fee of each class of the fund, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

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

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

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

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img109871_4.jpg)<br>

1.704741.127 GCF-SANN-0725

**Fidelity® Growth Strategies Fund**

**Semi-Annual Report**

**May 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img109869_1.jpg)

![](img109869_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_FEG-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Growth Strategies Fund](#Sub_Sec_Fund_324_FEG-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements324_FEG-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_FEG-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_FEG-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_FEG-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_FEG-SANN)** |

---

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.© 2025 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 (Semi-Annual Report)**

**Fidelity® Growth Strategies Fund**

**Schedule of Investments May 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.0%** | &nbsp;&nbsp;**Common Stocks - 99.0%** | &nbsp;&nbsp;**Common Stocks - 99.0%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (a) | 3058410 | 36731504 |
| CANADA - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Specialty Retail - 0.2% |  |  |
| Aritzia Inc Subordinate Voting Shares (a) | 165213 | 8017769 |
| GERMANY - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Birkenstock Holding Plc (a) | 165300 | 8889834 |
| ISRAEL - 1.1%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Etoro Group Ltd  | 4800 | 284160 |
| Information Technology - 1.1% |  |  |
| IT Services - 0.5% |  |  |
| Wix.com Ltd (a) | 124700 | 18574065 |
| Software - 0.6% |  |  |
| Cellebrite DI Ltd (a) | 1201200 | 20036016 |
| TOTAL INFORMATION TECHNOLOGY |  | 38610081 |
| TOTAL ISRAEL |  | 38894241 |
| KOREA (SOUTH) - 0.9%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Broadline Retail - 0.9% |  |  |
| Coupang Inc Class A (a) | 1257400 | 35270070 |
| UNITED KINGDOM - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| TechnipFMC PLC  | 417927 | 13018426 |
| UNITED STATES - 95.3%  |  |  |
| Communication Services - 4.1% |  |  |
| Entertainment - 2.9% |  |  |
| IMAX Corp (a)(b) | 500500 | 13938925 |
| Live Nation Entertainment Inc (a) | 171848 | 23575827 |
| ROBLOX Corp Class A (a) | 851500 | 74063470 |
|  |  | 111578222 |
| Interactive Media & Services - 0.2% |  |  |
| Reddit Inc Class A (a) | 56000 | 6291600 |
| Media - 1.0% |  |  |
| Trade Desk Inc (The) Class A (a) | 502164 | 37772776 |
| TOTAL COMMUNICATION SERVICES |  | 155642598 |
| Consumer Discretionary - 10.4% |  |  |
| Diversified Consumer Services - 1.1% |  |  |
| Duolingo Inc Class A (a) | 84263 | 43783897 |
| Hotels, Restaurants & Leisure - 5.6% |  |  |
| Brinker International Inc (a) | 63200 | 10910216 |
| Carnival Corp (a) | 518000 | 12027960 |
| Cava Group Inc (a) | 151000 | 12271770 |
| Dutch Bros Inc Class A (a) | 513100 | 37045820 |
| First Watch Restaurant Group Inc (a)(b) | 878100 | 13557864 |
| Hilton Worldwide Holdings Inc  | 175970 | 43717987 |
| Royal Caribbean Cruises Ltd  | 71400 | 18347658 |
| Sportradar Holding AG Class A (a) | 205400 | 4911114 |
| Texas Roadhouse Inc  | 167575 | 32712316 |
| Wingstop Inc (b) | 59700 | 20399490 |
| Wyndham Hotels & Resorts Inc  | 69600 | 5761488 |
|  |  | 211663683 |
| Household Durables - 1.6% |  |  |
| SharkNinja Inc (a) | 159700 | 14681221 |
| Somnigroup International Inc (b) | 725470 | 47199078 |
|  |  | 61880299 |
| Specialty Retail - 1.8% |  |  |
| Carvana Co Class A (a) | 84500 | 27645020 |
| Chewy Inc Class A (a) | 457600 | 20706400 |
| O'Reilly Automotive Inc (a) | 5000 | 6837500 |
| Tractor Supply Co (b) | 263700 | 12763080 |
|  |  | 67952000 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Deckers Outdoor Corp (a) | 60794 | 6414983 |
| VF Corp  | 463000 | 5768980 |
|  |  | 12183963 |
| TOTAL CONSUMER DISCRETIONARY |  | 397463842 |
| Consumer Staples - 2.3% |  |  |
| Consumer Staples Distribution & Retail - 2.1% |  |  |
| Casey's General Stores Inc  | 79605 | 34847885 |
| Performance Food Group Co (a) | 289670 | 25942845 |
| US Foods Holding Corp (a) | 254900 | 20167688 |
|  |  | 80958418 |
| Personal Care Products - 0.2% |  |  |
| elf Beauty Inc (a) | 65800 | 7401842 |
| TOTAL CONSUMER STAPLES |  | 88360260 |
| Energy - 2.5% |  |  |
| Oil, Gas & Consumable Fuels - 2.5% |  |  |
| Cheniere Energy Inc  | 128438 | 30438522 |
| Hess Corp  | 155417 | 20544573 |
| Permian Resources Corp Class A  | 330600 | 4168866 |
| Targa Resources Corp  | 198300 | 31317519 |
| Texas Pacific Land Corp (b) | 6500 | 7241195 |
|  |  | 93710675 |
| Financials - 11.7% |  |  |
| Capital Markets - 8.0% |  |  |
| Ameriprise Financial Inc  | 117217 | 59691585 |
| Ares Management Corp Class A  | 279437 | 46246824 |
| Blue Owl Capital Inc Class A  | 1869600 | 34924128 |
| Coinbase Global Inc Class A (a) | 99300 | 24489366 |
| Jefferies Financial Group Inc  | 233300 | 11338379 |
| LPL Financial Holdings Inc  | 68460 | 26504974 |
| MSCI Inc  | 64439 | 36344885 |
| Robinhood Markets Inc Class A (a) | 696900 | 46099935 |
| Tradeweb Markets Inc Class A  | 129800 | 18749610 |
|  |  | 304389686 |
| Financial Services - 1.6% |  |  |
| Affirm Holdings Inc Class A (a) | 152400 | 7909560 |
| Apollo Global Management Inc  | 139842 | 18275951 |
| Block Inc Class A (a) | 201500 | 12442625 |
| Corpay Inc (a) | 400 | 130044 |
| Toast Inc Class A (a) | 533200 | 22490376 |
|  |  | 61248556 |
| Insurance - 2.1% |  |  |
| Arthur J Gallagher & Co  | 80941 | 28122141 |
| Brown & Brown Inc  | 226700 | 25594430 |
| Kinsale Capital Group Inc (b) | 56700 | 26761833 |
|  |  | 80478404 |
| TOTAL FINANCIALS |  | 446116646 |
| Health Care - 7.2% |  |  |
| Biotechnology - 1.6% |  |  |
| Alnylam Pharmaceuticals Inc (a) | 149000 | 45379440 |
| Natera Inc (a) | 54200 | 8548966 |
| Neurocrine Biosciences Inc (a) | 43700 | 5375974 |
| Viking Therapeutics Inc (a) | 51400 | 1377520 |
|  |  | 60681900 |
| Health Care Equipment & Supplies - 1.5% |  |  |
| Dexcom Inc (a) | 84770 | 7273266 |
| Insulet Corp (a) | 91400 | 29707742 |
| Penumbra Inc (a) | 2626 | 701063 |
| TransMedics Group Inc (a)(b) | 164400 | 20898528 |
|  |  | 58580599 |
| Health Care Providers & Services - 2.4% |  |  |
| Cardinal Health Inc  | 244245 | 37721198 |
| Cencora Inc  | 176246 | 51329885 |
|  |  | 89051083 |
| Health Care Technology - 1.5% |  |  |
| Doximity Inc Class A (a) | 650400 | 33879336 |
| Veeva Systems Inc Class A (a) | 80056 | 22391663 |
|  |  | 56270999 |
| Life Sciences Tools & Services - 0.2% |  |  |
| West Pharmaceutical Services Inc  | 36999 | 7801239 |
| TOTAL HEALTH CARE |  | 272385820 |
| Industrials - 26.2% |  |  |
| Aerospace & Defense - 8.7% |  |  |
| Axon Enterprise Inc (a) | 222470 | 166932590 |
| HEICO Corp Class A  | 196900 | 46436896 |
| Howmet Aerospace Inc  | 421163 | 71551382 |
| Karman Holdings Inc (b) | 7800 | 334308 |
| Loar Holdings Inc (a) | 3400 | 295970 |
| Standard Aero Inc  | 58000 | 1701140 |
| TransDigm Group Inc  | 28900 | 42437627 |
|  |  | 329689913 |
| Building Products - 2.0% |  |  |
| AAON Inc (b) | 248994 | 23975632 |
| Lennox International Inc  | 47230 | 26658974 |
| Trane Technologies PLC  | 56568 | 24339513 |
|  |  | 74974119 |
| Commercial Services & Supplies - 2.6% |  |  |
| Cintas Corp  | 181464 | 41101596 |
| GEO Group Inc/The (a) | 511500 | 13882110 |
| GFL Environmental Inc Subordinate Voting Shares (United States)  | 359900 | 18149757 |
| Veralto Corp  | 90200 | 9112906 |
| VSE Corp  | 116131 | 15107482 |
|  |  | 97353851 |
| Construction & Engineering - 4.2% |  |  |
| Comfort Systems USA Inc  | 82700 | 39549621 |
| Construction Partners Inc Class A (a) | 477000 | 49937130 |
| EMCOR Group Inc  | 83800 | 39541868 |
| Fluor Corp (a) | 363600 | 15118488 |
| Quanta Services Inc  | 26000 | 8906560 |
| Sterling Infrastructure Inc (a) | 35234 | 6624344 |
|  |  | 159678011 |
| Electrical Equipment - 1.3% |  |  |
| GE Vernova Inc  | 10600 | 5013588 |
| nVent Electric PLC  | 285187 | 18765305 |
| Vertiv Holdings Co Class A  | 252500 | 27252325 |
|  |  | 51031218 |
| Ground Transportation - 1.9% |  |  |
| Old Dominion Freight Line Inc  | 245800 | 39369786 |
| XPO Inc (a) | 281200 | 32008996 |
|  |  | 71378782 |
| Machinery - 0.5% |  |  |
| RBC Bearings Inc (a) | 3600 | 1317132 |
| Westinghouse Air Brake Technologies Corp  | 84500 | 17096040 |
|  |  | 18413172 |
| Professional Services - 0.2% |  |  |
| Verisk Analytics Inc  | 31400 | 9863996 |
| Trading Companies & Distributors - 4.8% |  |  |
| Core & Main Inc Class A (a) | 460300 | 25229043 |
| Fastenal Co  | 1246400 | 51526176 |
| United Rentals Inc  | 47900 | 33931402 |
| WW Grainger Inc  | 66473 | 72293376 |
|  |  | 182979997 |
| TOTAL INDUSTRIALS |  | 995363059 |
| Information Technology - 25.9% |  |  |
| Electronic Equipment, Instruments & Components - 2.2% |  |  |
| Amphenol Corp Class A  | 211522 | 19022173 |
| Coherent Corp (a) | 409300 | 30955359 |
| OSI Systems Inc (a) | 56500 | 12379715 |
| Vontier Corp  | 575400 | 20570550 |
|  |  | 82927797 |
| IT Services - 3.6% |  |  |
| Cloudflare Inc Class A (a) | 343600 | 56999804 |
| Gartner Inc (a) | 93800 | 40936196 |
| GoDaddy Inc Class A (a) | 212450 | 38697768 |
|  |  | 136633768 |
| Semiconductors & Semiconductor Equipment - 1.2% |  |  |
| Entegris Inc  | 77700 | 5341098 |
| Monolithic Power Systems Inc  | 53000 | 35080700 |
| Onto Innovation Inc (a) | 75300 | 6923082 |
|  |  | 47344880 |
| Software - 18.1% |  |  |
| Appfolio Inc Class A (a) | 51400 | 10854138 |
| AppLovin Corp Class A (a) | 338230 | 132924390 |
| Cadence Design Systems Inc (a) | 42423 | 12178371 |
| Datadog Inc Class A (a) | 372100 | 43863148 |
| Fair Isaac Corp (a) | 40679 | 70223344 |
| Guidewire Software Inc (a) | 39500 | 8493290 |
| HubSpot Inc (a) | 62400 | 36809760 |
| Manhattan Associates Inc (a) | 26900 | 5078182 |
| MicroStrategy Inc Class A (a)(b) | 12300 | 4539438 |
| Monday.com Ltd (a) | 46100 | 13714289 |
| Onestream Inc Class A  | 4100 | 115046 |
| Palantir Technologies Inc Class A (a) | 2419700 | 318868066 |
| Synopsys Inc (a) | 23818 | 11051076 |
| Tyler Technologies Inc (a) | 36100 | 20829339 |
|  |  | 689541877 |
| Technology Hardware, Storage & Peripherals - 0.8% |  |  |
| Pure Storage Inc Class A (a) | 136196 | 7298744 |
| Super Micro Computer Inc (a)(b) | 559700 | 22399194 |
|  |  | 29697938 |
| TOTAL INFORMATION TECHNOLOGY |  | 986146260 |
| Materials - 2.0% |  |  |
| Construction Materials - 1.5% |  |  |
| CRH PLC  | 213900 | 19499124 |
| Vulcan Materials Co  | 144630 | 38337074 |
|  |  | 57836198 |
| Metals & Mining - 0.3% |  |  |
| Carpenter Technology Corp  | 40600 | 9541000 |
| Paper & Forest Products - 0.2% |  |  |
| Louisiana-Pacific Corp  | 94500 | 8511615 |
| TOTAL MATERIALS |  | 75888813 |
| Real Estate - 1.4% |  |  |
| Health Care REITs - 0.7% |  |  |
| Welltower Inc  | 166300 | 25656764 |
| Specialized REITs - 0.7% |  |  |
| Iron Mountain Inc  | 288764 | 28503894 |
| TOTAL REAL ESTATE |  | 54160658 |
| Utilities - 1.6% |  |  |
| Electric Utilities - 0.4% |  |  |
| NRG Energy Inc  | 114930 | 17917587 |
| Independent Power and Renewable Electricity Producers - 1.2% |  |  |
| Vistra Corp  | 275300 | 44204921 |
| TOTAL UTILITIES |  | 62122508 |
| TOTAL UNITED STATES |  | 3627361139 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,623,752,080) |  | <br> **3768182983** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.4%** | &nbsp;&nbsp;**Money Market Funds - 4.4%** | &nbsp;&nbsp;**Money Market Funds - 4.4%** | &nbsp;&nbsp;**Money Market Funds - 4.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.32 | 56989331 | 57000728 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.32 | 112302516 | 112313746 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $169,314,474) |  |  | **169314474** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.4%**<br> (Cost $2,793,066,554)<br>| <br>**3937497457** |
| **NET OTHER ASSETS (LIABILITIES) - (3.4)%**  | **(128394989)** |
| **NET ASSETS - 100.0%** | **3809102468** |

---

**Legend**

(a) Non-income producing

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

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

(d) 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 | 503230226 | 464171704 | 520961 | - | - | 57000728 | 56989331 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 77154473 | 330755062 | 295595789 | 24650 | - | - | 112313746 | 112302516 | 0.4% |
| Total | 95096679 | 833985288 | 759767493 | 545611 | - | - | 169314474 |  |  |

---

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 May 31, 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 | 155642598 | 155642598 | - | - |
| Consumer Discretionary | 449641515 | 449641515 | - | - |
| Consumer Staples | 88360260 | 88360260 | - | - |
| Energy | 106729101 | 106729101 | - | - |
| Financials | 483132310 | 483132310 | - | - |
| Health Care | 272385820 | 272385820 | - | - |
| Industrials | 995363059 | 995363059 | - | - |
| Information Technology | 1024756341 | 1024756341 | - | - |
| Materials | 75888813 | 75888813 | - | - |
| Real Estate | 54160658 | 54160658 | - | - |
| Utilities | 62122508 | 62122508 | - | - |
|  **Money Market Funds** | 169314474 | 169314474 | - | - |
| **Total Investments in Securities:** | 3937497457 | 3937497457 | - | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $108,968,850) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,623,752,080) | $3768182983 |  |
| Fidelity Central Funds (cost $169,314,474) | 169314474 |  |
| Total Investment in Securities (cost $2,793,066,554) |  | $3937497457 |
| Receivable for fund shares sold |  | 2190011 |
| Dividends receivable |  | 780874 |
| Distributions receivable from Fidelity Central Funds |  | 58180 |
| Prepaid expenses |  | 474 |
| Other receivables |  | 27029 |
| **Total assets** |  | 3940554025 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $13989536 |  |
| Payable for fund shares redeemed | 3044929 |  |
| Accrued management fee | 2055616 |  |
| Distribution and service plan fees payable | 1920 |  |
| Other payables and accrued expenses | 46706 |  |
| Collateral on securities loaned | 112312850 |  |
| **Total liabilities** |  | 131451557 |
| **Net Assets**  |  | $3809102468 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2565511741 |
| Total accumulated earnings (loss) |  | 1243590727 |
| **Net Assets** |  | $3809102468 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($6,276,890 ÷ 88,303 shares)(a) |  | $71.08 |
| Maximum offering price per share (100/94.25 of $71.08) |  | $75.42 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($1,110,992 ÷ 15,656 shares)(a) |  | $70.96 |
| Maximum offering price per share (100/96.50 of $70.96) |  | $73.53 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($642,416 ÷ 9,078 shares)(a) |  | $70.77 |
| **Growth Strategies :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,629,849,913 ÷ 50,970,113 shares) |  | $71.22 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($149,291,081 ÷ 2,065,380 shares) |  | $72.28 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($740,665 ÷ 10,407 shares) |  | $71.17 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($21,190,511 ÷ 297,388 shares) |  | $71.26 |
| *(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** |
| **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $6953814 |
| Income from Fidelity Central Funds (including $24,650 from security lending)  |  | 545611 |
| **Total income** |  | 7499425 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $11053601 |  |
| Performance adjustment | 737862 |  |
| Distribution and service plan fees | 6502 |  |
| Custodian fees and expenses | 21274 |  |
| Independent trustees' fees and expenses | 7391 |  |
| Registration fees | 68140 |  |
| Audit fees | 70689 |  |
| Legal | 4725 |  |
| Interest | 33402 |  |
| Miscellaneous | 7622 |  |
| Total expenses before reductions | 12011208 |  |
| Expense reductions | (1500) |  |
| Total expenses after reductions |  | 12009708 |
| **Net Investment income (loss)** |  | (4510283) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 109758771 |  |
| Foreign currency transactions | (356) |  |
| Total net realized gain (loss) |  | 109758415 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | (155959038) |
| **Net gain (loss)** |  | (46200623) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(50710906) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(4510283) | $(2508207) |
| &nbsp;&nbsp;Net realized gain (loss) | 109758415<br>| 982092975<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (155959038) | 292550056<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (50710906)<br>| 1272134824<br>|
| Distributions to shareholders | (258140300)<br>| (2052905)<br>|
| Share transactions - net increase (decrease) | 344146266<br>| (654705525)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 35295060<br>| 615376394<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3773807408 | 3158431014<br>|
| &nbsp;&nbsp;End of period | $3809102468 | $3773807408 |

---

**Financial Highlights** 

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

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 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 | (.15)  | (.06)  |
| Net realized and unrealized gain (loss)  | (.87)  | 9.79  |
| Total from investment operations  | (1.02)  | 9.73  |
| Distributions from net realized gain  | (5.24)  | -  |
| Total distributions  | (5.24)  | -  |
| Net asset value, end of period  | $71.08 | $77.34 |
| **Total Return** D,E,F | (1.09)% <br>| 14.39%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | .97% I | 1.05% I,J |
| Expenses net of fee waivers, if any  | .97% I<br>| 1.02% I,J |
| Expenses net of all reductions, if any  | .97% I | 1.02% I,J |
| Net investment income (loss)  | (.47)% I | (.59)% I,J |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $6277 | $330 |
| Portfolio turnover rate K | 48% I<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*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 Advisor® Growth Strategies Fund Class M**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 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 | (.24)  | (.09)  |
| Net realized and unrealized gain (loss)  | (.87)  | 9.79  |
| Total from investment operations  | (1.11)  | 9.70  |
| Distributions from net realized gain  | (5.24)  | -  |
| Total distributions  | (5.24)  | -  |
| Net asset value, end of period  | $70.96 | $77.31 |
| **Total Return** D,E,F | (1.21)% <br>| 14.35%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | 1.22% I | 1.27% I,J |
| Expenses net of fee waivers, if any  | 1.22% I<br>| 1.25% I,J |
| Expenses net of all reductions, if any  | 1.22% I | 1.25% I,J |
| Net investment income (loss)  | (.75)% I | (.84)% I,J |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $1111 | $148 |
| Portfolio turnover rate K | 48% I<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*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 Advisor® Growth Strategies Fund Class C**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 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 | (.41)  | (.14)  |
| Net realized and unrealized gain (loss)  | (.84)  | 9.79  |
| Total from investment operations  | (1.25)  | 9.65  |
| Distributions from net realized gain  | (5.24)  | -  |
| Total distributions  | (5.24)  | -  |
| Net asset value, end of period  | $70.77 | $77.26 |
| **Total Return** D,E,F | (1.41)% <br>| 14.27%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | 1.72% I | 1.77% I,J |
| Expenses net of fee waivers, if any  | 1.72% I<br>| 1.75% I,J |
| Expenses net of all reductions, if any  | 1.72% I | 1.75% I,J |
| Net investment income (loss)  | (1.25)% I | (1.35)% I,J |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $642 | $114 |
| Portfolio turnover rate K | 48% I<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>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $77.37 | $53.20 | $49.87 | $71.14 | $61.57 | $50.98 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.09)  | (.05)  | .06 C | (.08)  | (.15)  | .04 D |
| Net realized and unrealized gain (loss)  | (.82)  | 24.25  | 3.27  | (12.20)  | 14.72  | 12.31  |
| Total from investment operations  | (.91)  | 24.20  | 3.33  | (12.28)  | 14.57  | 12.35  |
| Distributions from net investment income  | -  | (.03) E | -  | -  | -  | (.22)  |
| Distributions from net realized gain  | (5.24)  | - E,F | -  | (8.99)  | (5.00)  | (1.55)  |
| Total distributions  | (5.24)  | (.03)  | -  | (8.99)  | (5.00)  | (1.76) G |
| Net asset value, end of period  | $71.22 | $77.37 | $53.20 | $49.87 | $71.14 | $61.57 |
| **Total Return** H,I | (.94)% <br>| 45.51%  | 6.68%  | (19.98)%  | 25.31%  | 25.02%  |
| **Ratios to Average Net Assets** B,J,K |  |  |  |  |  |  |
| Expenses before reductions  | .68% L | .77%  | .75%  | .83%  | .63%  | .63%  |
| Expenses net of fee waivers, if any  | .68% L<br>| .77%  | .75%  | .83%  | .63%  | .63%  |
| Expenses net of all reductions, if any  | .68% L | .77%  | .75%  | .83%  | .63%  | .63%  |
| Net investment income (loss)  | (.26)% L | (.08)%  | .12% C | (.16)%  | (.23)%  | .07% D |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3629850 | $3590305 | $2962005 | $2772991 | $3380836 | $3010588 |
| Portfolio turnover rate M | 48% L<br>| 93% N | 75% N | 74% N | 49%  | 67%  |

---

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

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

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

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

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

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

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

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

L*Annualized.*

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $78.42 | $53.94 | $50.50 | $71.85 | $62.08 | $51.38 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.06)  | .01  | .12 C | (.02)  | (.08)  | .10 D |
| Net realized and unrealized gain (loss)  | (.84)  | 24.56  | 3.32  | (12.34)  | 14.85  | 12.42  |
| Total from investment operations  | (.90)  | 24.57  | 3.44  | (12.36)  | 14.77  | 12.52  |
| Distributions from net investment income  | -  | (.09) E | -  | -  | -  | (.27)  |
| Distributions from net realized gain  | (5.24)  | - E,F | - E | (8.99)  | (5.00)  | (1.55)  |
| Total distributions  | (5.24)  | (.09)  | -  | (8.99)  | (5.00)  | (1.82)  |
| Net asset value, end of period  | $72.28 | $78.42 | $53.94 | $50.50 | $71.85 | $62.08 |
| **Total Return** G,H | (.91)% <br>| 45.62%  | 6.81%  | (19.89)%  | 25.44%  | 25.17%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | .61% K | .69%  | .64%  | .72%  | .52%  | .52%  |
| Expenses net of fee waivers, if any  | .61% K<br>| .68%  | .63%  | .71%  | .52%  | .52%  |
| Expenses net of all reductions, if any  | .61% K | .68%  | .63%  | .71%  | .52%  | .51%  |
| Net investment income (loss)  | (.18)% K | .01%  | .23% C | (.05)%  | (.13)%  | .19% D |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $149291 | $170619 | $196426 | $197851 | $251424 | $236150 |
| Portfolio turnover rate L | 48% K<br>| 93% M | 75% M | 74% M | 49%  | 67%  |

---

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

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

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

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

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

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

J*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment 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.*

K*Annualized.*

L*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.*

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

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

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 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 | (.09)  | (.04)  |
| Net realized and unrealized gain (loss)  | (.87)  | 9.80  |
| Total from investment operations  | (.96)  | 9.76  |
| Distributions from net realized gain  | (5.24)  | -  |
| Total distributions  | (5.24)  | -  |
| Net asset value, end of period  | $71.17 | $77.37 |
| **Total Return** D,E | (1.01)% <br>| 14.44%  |
| **Ratios to Average Net Assets** C,F,G |  |  |
| Expenses before reductions  | .72% H | .77% H,I |
| Expenses net of fee waivers, if any  | .72% H<br>| .75% H,I |
| Expenses net of all reductions, if any  | .72% H | .75% H,I |
| Net investment income (loss)  | (.26)% H | (.33)% H,I |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $741 | $143 |
| Portfolio turnover rate J | 48% H<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>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 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 | (.05)  | (.04)  |
| Net realized and unrealized gain (loss)  | (.84)  | 9.82  |
| Total from investment operations  | (.89)  | 9.78  |
| Distributions from net realized gain  | (5.24)  | -  |
| Total distributions  | (5.24)  | -  |
| Net asset value, end of period  | $71.26 | $77.39 |
| **Total Return** D,E | (.91)% <br>| 14.47%  |
| **Ratios to Average Net Assets** C,F,G |  |  |
| Expenses before reductions  | .61% H | .82% H,I |
| Expenses net of fee waivers, if any  | .61% H<br>| .67% H,I |
| Expenses net of all reductions, if any  | .61% H | .67% H,I |
| Net investment income (loss)  | (.16)% H | (.50)% H,I |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $21191 | $12148 |
| Portfolio turnover rate J | 48% H<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** **(Unaudited)**

For the period ended May 31, 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 May 31, 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** | $10982 |

---

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

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

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

Book-tax differences are primarily due to foreign currency transactions, redemptions in-kind, capital loss carryforwards 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** | $1261763777 |
| **Gross unrealized depreciation** | <u>(119751006)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$1142012771</u> |
| **Tax cost** | <u>$2795484686</u> |

---

The Fund elected to defer to its next fiscal year approximately $4,146,604 of ordinary losses recognized during the period January 1, 2024 to November 30, 2024.

**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** | 920764783 | 853565317 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Shares that were redeemed 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 ($)** | **Total Proceeds ($)** |
| **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** | .67 |
| **Class M** | .67 |
| **Class C** | .67 |
| **Growth Strategies** | .63 |
| **Class K** | .55 |
| **Class I** | .67 |
| **Class Z** | .55 |

---

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 annualized performance adjustment was .04%.

**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% | 3100 | 528 |
| **Class M** | .25% | .25% | 1562 | 258 |
| **Class C** | .75% | .25% | <u>1840</u> | <u>1211</u> |
|  |  |  | <u>6502</u> | <u>1997</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** | 4786 |
| **Class M** | <u>61</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>4847</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** | 15507 |

---

**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 | 10840917 | 4.62% | 33402 |

---

**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** | 23859868 | 56689489 | 8589423 |

---

**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** | 2768 |

---

**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** | 2587 | 387 | - |

---

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** | 83948 |

---

**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:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **May 31, 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** |
|  | **Six months ended** <br> **May 31, 2025**  | **Year ended**<br> **November 30, 2024 A** | **Six months ended** <br> **May 31, 2025**  | **Year ended**<br> **November 30, 2024 A** |
| **Fidelity Growth Strategies Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 100554 | 4270 | $6914080 | $308888 |
| Reinvestment of distributions | 514 | - | 35301 | - |
| Shares redeemed | <u>(17035)</u> | <u>-</u> | <u>(1086485)</u> | <u>-</u> |
| Net increase (decrease) | <u>84033</u> | <u>4270</u> | <u>$5862896</u> | <u>$308888</u> |
| **Class M** |  |  |  |  |
| Shares sold | 15380 | 1920 | $1035155 | $132740 |
| Reinvestment of distributions | 308 | - | 21175 | - |
| Shares redeemed | <u>(1952)</u> | <u>-</u> | <u>(118665)</u> | <u>-</u> |
| Net increase (decrease) | <u>13736</u> | <u>1920</u> | <u>$937665</u> | <u>$132740</u> |
| **Class C** |  |  |  |  |
| Shares sold | 7562 | 1479 | $524915 | $100000 |
| Reinvestment of distributions | 219 | - | 15039 | - |
| Shares redeemed | <u>(182)</u> | <u>-</u> | <u>(11717)</u> | <u>-</u> |
| Net increase (decrease) | <u>7599</u> | <u>1479</u> | <u>$528237</u> | <u>$100000</u> |
| **Growth Strategies** |  |  |  |  |
| Shares sold | 6025710 | 26416234 | $419856934 | $1611260009 |
| Reinvestment of distributions | 3329324 | 28347 | 228891034 | 1607846 |
| Shares redeemed | <u>(4787801)</u> | <u>(35715980)</u> | <u>(316917140)</u> | <u>(2190810008)</u> |
| Net increase (decrease) | <u>4567233</u> | <u>(9271399)</u> | <u>$331830828</u> | <u>$(577942153)</u> |
| **Class K** |  |  |  |  |
| Shares sold | 343686 | 374380 | $23803215 | $24212442 |
| Reinvestment of distributions | 163798 | 5763 | 11426526 | 331077 |
| Shares redeemed | <u>(617751)</u> | <u>(1846320)</u> | <u>(40502961)</u> | <u>(114074001)</u> |
| Net increase (decrease) | <u>(110267)</u> | <u>(1466177)</u> | <u>$(5273220)</u> | <u>$(89530482)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 8881 | 1854 | $633313 | $128650 |
| Reinvestment of distributions | 209 | - | 14393 | - |
| Shares redeemed | <u>(537)</u> | <u>-</u> | <u>(33330)</u> | <u>-</u> |
| Net increase (decrease) | <u>8553</u> | <u>1854</u> | <u>$614376</u> | <u>$128650</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 148330 | 156979 | $10147780 | $12097188 |
| Reinvestment of distributions | 11187 | - | 769358 | - |
| Shares redeemed | <u>(19103)</u> | <u>(5)</u> | <u>(1271654)</u> | <u>(356)</u> |
| Net increase (decrease) | <u>140414</u> | <u>156974</u> | <u>$9645484</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 pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Growth Strategies Fund**

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

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

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

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

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered the effective management fee rate for the retail class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) of the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate of the retail class ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and 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.

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

In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.

Based on its review, the Board concluded that the management fee of each class of the fund, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

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

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

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

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img109869_4.jpg)<br>

1.704532.127 FEG-SANN-0725

**Fidelity® Growth Company K6 Fund**

**Semi-Annual Report**

**May 31, 2025**

![](img109870_1.jpg)

![](img109870_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7Consolidated_GCF-K6-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Growth Company K6 Fund](#Sub_Sec_Fund_3458_GCF-K6-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements3458_GCF-K6-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_GCF-K6-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_GCF-K6-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_GCF-K6-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_GCF-K6-SANN)** |

---

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.© 2025 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 (Semi-Annual Report)**

**Fidelity® Growth Company K6 Fund**

**Consolidated Schedule of Investments May 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.1%** | &nbsp;&nbsp;**Common Stocks - 97.1%** | &nbsp;&nbsp;**Common Stocks - 97.1%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Inc Class A (b)(c)(d) | 1805 | 2335778 |
| 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  | 121346 | 22031392 |
| TOTAL BELGIUM |  | 22031392 |
| CANADA - 0.4%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Canada Goose Holdings Inc Subordinate Voting Shares (c)(e) | 351576 | 4252677 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Cameco Corp (United States)  | 106842 | 6253462 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Celestica Inc (United States) (c) | 44740 | 5162101 |
| IT Services - 0.3% |  |  |
| Shopify Inc Class A (c) | 390862 | 41764859 |
| TOTAL INFORMATION TECHNOLOGY |  | 46926960 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Agnico Eagle Mines Ltd/CA (United States) (e) | 33934 | 4003873 |
| Barrick Mining Corp  | 972022 | 18642197 |
|  |  | 22646070 |
| TOTAL CANADA |  | 80079169 |
| CHINA - 0.5%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.1% |  |  |
| Alibaba Group Holding Ltd ADR  | 185000 | 21060400 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Atour Lifestyle Holdings Ltd ADR  | 376567 | 11790313 |
| Trip.com Group Ltd ADR  | 99739 | 6248648 |
|  |  | 18038961 |
| TOTAL CONSUMER DISCRETIONARY |  | 39099361 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| BeOne Medicines Ltd ADR (c) | 185300 | 45505974 |
| Zai Lab Ltd ADR (c) | 113704 | 3427039 |
|  |  | 48933013 |
| TOTAL CHINA |  | 88032374 |
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Ascendis Pharma A/S ADR (c) | 16957 | 2761278 |
| Zealand Pharma A/S (c) | 296001 | 20575388 |
|  |  | 23336666 |
| Pharmaceuticals - 0.0% |  |  |
| Novo Nordisk A/S Class B ADR  | 1024 | 73216 |
| TOTAL DENMARK |  | 23409882 |
| FINLAND - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Communications Equipment - 0.2% |  |  |
| Nokia Oyj ADR (e) | 8119598 | 42384302 |
| FRANCE - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| DNA Script SAS (b)(c)(d) | 439 | 13448 |
| DNA Script SAS (b)(c)(d) | 115 | 3517 |
| TOTAL FRANCE |  | 16965 |
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (c)(e) | 55599 | 2990114 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| BioNTech SE ADR (c) | 131183 | 12568643 |
| TOTAL GERMANY |  | 15558757 |
| INDIA - 0.4%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| MakeMyTrip Ltd (c)(e) | 222180 | 22580153 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Reliance Industries Ltd  | 921392 | 15307963 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| HDFC Bank Ltd/Gandhinagar ADR  | 421723 | 31793698 |
| Financial Services - 0.0% |  |  |
| Jio Financial Services Ltd (c) | 635846 | 2131147 |
| TOTAL FINANCIALS |  | 33924845 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| Delhivery Ltd (c) | 486000 | 2034364 |
| TOTAL INDIA |  | 73847325 |
| IRELAND - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.0% |  |  |
| Prothena Corp PLC (c) | 797132 | 3658836 |
| Pharmaceuticals - 0.1% |  |  |
| GH Research PLC (c)(e) | 482357 | 5802755 |
| TOTAL HEALTH CARE |  | 9461591 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Circle Internet Financial LLC  | 127757 | 3321682 |
| TOTAL IRELAND |  | 12783273 |
| ISRAEL - 0.2%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Personal Care Products - 0.2% |  |  |
| Oddity Tech Ltd Class A (c) | 368910 | 27457972 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Etoro Group Ltd  | 23825 | 1410440 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Wix.com Ltd (c) | 23925 | 3563628 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd warrants 1/11/2034 (b)(c)(d) | 24668 | 0 |
| Xsight Labs Ltd warrants 12/30/2031 (b)(c)(d) | 25107 | 0 |
|  |  | 0 |
| TOTAL INFORMATION TECHNOLOGY |  | 3563628 |
| TOTAL ISRAEL |  | 32432040 |
| ITALY - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Passenger Airlines - 0.0% |  |  |
| Ryanair Holdings PLC ADR  | 16567 | 921125 |
| JAPAN - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Machinery - 0.1% |  |  |
| Mitsubishi Heavy Industries Ltd  | 632479 | 14563715 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Allegro MicroSystems Inc (c) | 160228 | 4061780 |
| Kioxia Holdings Corp (c)(e) | 374640 | 5464883 |
|  |  | 9526663 |
| TOTAL JAPAN |  | 24090378 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Samsung Electronics Co Ltd  | 74975 | 3049441 |
| MEXICO - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| BBB Foods Inc Class A (c) | 251810 | 7267237 |
| NETHERLANDS - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Biotechnology - 0.6% |  |  |
| Argenx SE ADR (c) | 197600 | 113276176 |
| Pharmaceuticals - 0.0% |  |  |
| Pharvaris NV (c) | 305541 | 5071981 |
| TOTAL HEALTH CARE |  | 118348157 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| ASML Holding NV depository receipt  | 2411 | 1776352 |
| TOTAL NETHERLANDS |  | 120124509 |
| POLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| CCC SA (c) | 144900 | 8454645 |
| RUSSIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Ozon Holdings PLC ADR (b)(c)(e) | 3500 | 0 |
| SWITZERLAND - 0.8%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| On Holding AG Class A (c) | 1988500 | 118097015 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.0% |  |  |
| CRISPR Therapeutics AG (c)(e) | 179431 | 6511551 |
| Idorsia Ltd (c)(e) | 506215 | 1009970 |
|  |  | 7521521 |
| Pharmaceuticals - 0.1% |  |  |
| Galderma Group AG  | 82475 | 10792901 |
| TOTAL HEALTH CARE |  | 18314422 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| TE Connectivity PLC  | 3308 | 529511 |
| TOTAL SWITZERLAND |  | 136940948 |
| TAIWAN - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 135121 | 26121592 |
| UNITED KINGDOM - 0.2%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| 3i Group PLC  | 287252 | 15777366 |
| Financial Services - 0.0% |  |  |
| Revolut Group Holdings Ltd (b)(d) | 2668 | 2348907 |
| TOTAL FINANCIALS |  | 18126273 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Immunocore Holdings PLC ADR (c) | 313431 | 11471574 |
| TOTAL UNITED KINGDOM |  | 29597847 |
| UNITED STATES - 93.2%  |  |  |
| Communication Services - 14.2% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Verizon Communications Inc  | 106813 | 4695499 |
| Entertainment - 2.0% |  |  |
| Netflix Inc (c) | 289383 | 349351839 |
| ROBLOX Corp Class A (c) | 322826 | 28079405 |
| Roku Inc Class A (c) | 82057 | 5945850 |
| Spotify Technology SA (c) | 10393 | 6912800 |
| Walt Disney Co/The  | 67 | 7574 |
|  |  | 390297468 |
| Interactive Media & Services - 11.8% |  |  |
| Alphabet Inc Class A  | 4207181 | 722541265 |
| Alphabet Inc Class C  | 1745818 | 301764641 |
| Epic Games Inc (b)(c)(d) | 5000 | 3370650 |
| Meta Platforms Inc Class A  | 1830604 | 1185297785 |
| Pinterest Inc Class A (c) | 168655 | 5246857 |
| Reddit Inc Class A (c) | 104733 | 11766753 |
| Reddit Inc Class B (c) | 51402 | 5775014 |
| Snap Inc Class A (c) | 1729074 | 14264861 |
|  |  | 2250027826 |
| Media - 0.0% |  |  |
| Comcast Corp Class A  | 132819 | 4591553 |
| Trade Desk Inc (The) Class A (c) | 27563 | 2073289 |
|  |  | 6664842 |
| Wireless Telecommunication Services - 0.4% |  |  |
| T-Mobile US Inc  | 279190 | 67619818 |
| TOTAL COMMUNICATION SERVICES |  | 2719305453 |
| Consumer Discretionary - 14.1% |  |  |
| Automobiles - 1.8% |  |  |
| Rad Power Bikes Inc (b)(c)(d) | 171416 | 15427 |
| Rad Power Bikes Inc warrants 10/6/2033 (b)(c)(d) | 280502 | 53295 |
| Rivian Automotive Inc Class A (c)(e) | 153922 | 2236487 |
| Tesla Inc (c) | 977767 | 338757155 |
|  |  | 341062364 |
| Broadline Retail - 6.2% |  |  |
| Amazon.com Inc (c) | 5441443 | 1115550230 |
| Etsy Inc (c) | 28696 | 1588324 |
| Ollie's Bargain Outlet Holdings Inc (c) | 655141 | 73015464 |
|  |  | 1190154018 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Airbnb Inc Class A (c) | 74364 | 9592956 |
| Booking Holdings Inc  | 13583 | 74963627 |
| Brinker International Inc (c) | 78989 | 13635871 |
| Cava Group Inc (c) | 29119 | 2366501 |
| Chipotle Mexican Grill Inc (c) | 660365 | 33071079 |
| DoorDash Inc Class A (c) | 27803 | 5801096 |
| Expedia Group Inc Class A  | 2190 | 365183 |
| Marriott International Inc/MD Class A1  | 96422 | 25439016 |
| McDonald's Corp  | 847 | 265831 |
| Shake Shack Inc Class A (c) | 27506 | 3570004 |
| 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  | 131715 | 11057474 |
| Viking Holdings Ltd (c) | 76101 | 3397149 |
| Wingstop Inc  | 12772 | 4364192 |
|  |  | 187889979 |
| Household Durables - 0.4% |  |  |
| DR Horton Inc  | 70009 | 8265263 |
| Garmin Ltd  | 171201 | 34748667 |
| Lennar Corp Class A  | 87412 | 9272665 |
| SharkNinja Inc (c) | 260657 | 23962198 |
| Toll Brothers Inc  | 71493 | 7453145 |
|  |  | 83701938 |
| Leisure Products - 0.0% |  |  |
| Peloton Interactive Inc Class A (c) | 235661 | 1673193 |
| Specialty Retail - 2.2% |  |  |
| Carvana Co Class A (c) | 94882 | 31041595 |
| Dick's Sporting Goods Inc  | 132456 | 23754659 |
| Fanatics Inc Class A (b)(c)(d) | 204775 | 12470798 |
| Floor & Decor Holdings Inc Class A (c) | 65983 | 4730321 |
| Home Depot Inc/The  | 308429 | 113591316 |
| Lowe's Cos Inc  | 180627 | 40772933 |
| Restoration Hardware Inc (c) | 17266 | 3127045 |
| Revolve Group Inc Class A (c) | 658455 | 13564173 |
| Ross Stores Inc  | 95053 | 13315975 |
| TJX Cos Inc/The  | 810890 | 102901941 |
| Wayfair Inc Class A (c)(e) | 1337509 | 55158871 |
|  |  | 414429627 |
| Textiles, Apparel & Luxury Goods - 2.5% |  |  |
| Deckers Outdoor Corp (c) | 1586652 | 167423519 |
| Lululemon Athletica Inc (c) | 835052 | 264435917 |
| NIKE Inc Class B  | 243545 | 14756391 |
| Skechers USA Inc Class A (c) | 524575 | 32544633 |
|  |  | 479160460 |
| TOTAL CONSUMER DISCRETIONARY |  | 2698071579 |
| Consumer Staples - 3.3% |  |  |
| Beverages - 0.9% |  |  |
| Celsius Holdings Inc (c) | 3040 | 115155 |
| Coca-Cola Co/The  | 1416092 | 102100233 |
| Constellation Brands Inc Class A  | 9688 | 1727274 |
| Keurig Dr Pepper Inc  | 726039 | 24445733 |
| Monster Beverage Corp (c) | 137034 | 8763324 |
| PepsiCo Inc  | 210502 | 27670488 |
|  |  | 164822207 |
| Consumer Staples Distribution & Retail - 1.1% |  |  |
| Albertsons Cos Inc Class A  | 886276 | 19701915 |
| Costco Wholesale Corp  | 110549 | 114990859 |
| Kroger Co/The  | 519503 | 35445690 |
| Maplebear Inc (c) | 24683 | 1127273 |
| Target Corp  | 166497 | 15652383 |
| Walmart Inc  | 177902 | 17562485 |
|  |  | 204480605 |
| Food Products - 0.1% |  |  |
| Bunge Global SA  | 45561 | 3560592 |
| Conagra Brands Inc  | 231702 | 5303659 |
| Hershey Co/The  | 12437 | 1998502 |
| Mondelez International Inc  | 117536 | 7932505 |
| Simply Good Foods Co/The (c) | 134051 | 4626100 |
| WK Kellogg Co (e) | 66456 | 1124435 |
|  |  | 24545793 |
| Household Products - 0.3% |  |  |
| Church & Dwight Co Inc  | 75572 | 7429483 |
| Clorox Co/The  | 21511 | 2836871 |
| Colgate-Palmolive Co  | 101519 | 9435176 |
| Procter & Gamble Co/The  | 166680 | 28317265 |
|  |  | 48018795 |
| Personal Care Products - 0.0% |  |  |
| Beauty Health Co/The (c)(d) | 428643 | 698688 |
| Beauty Health Co/The Class A (c)(e) | 1343906 | 2190567 |
| BellRing Brands Inc (c) | 67445 | 4245663 |
| Kenvue Inc  | 224320 | 5354518 |
|  |  | 12489436 |
| Tobacco - 0.9% |  |  |
| JUUL Labs Inc Class A (b)(c)(d) | 2825095 | 3446616 |
| Philip Morris International Inc  | 960124 | 173388793 |
|  |  | 176835409 |
| TOTAL CONSUMER STAPLES |  | 631192245 |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Baker Hughes Co Class A  | 104784 | 3882247 |
| Halliburton Co  | 112439 | 2202680 |
|  |  | 6084927 |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| EOG Resources Inc  | 8538 | 926971 |
| EQT Corp  | 197644 | 10896114 |
| Range Resources Corp  | 620057 | 23586968 |
| Valero Energy Corp  | 54067 | 6973021 |
|  |  | 42383074 |
| TOTAL ENERGY |  | 48468001 |
| Financials - 4.6% |  |  |
| Banks - 0.5% |  |  |
| Bank of America Corp  | 917561 | 40491967 |
| JPMorgan Chase & Co  | 144219 | 38073816 |
| Wells Fargo & Co  | 329218 | 24618922 |
|  |  | 103184705 |
| Capital Markets - 1.0% |  |  |
| Blackrock Inc  | 28076 | 27511392 |
| Coinbase Global Inc Class A (c) | 84823 | 20919048 |
| Goldman Sachs Group Inc/The  | 27994 | 16808997 |
| Robinhood Markets Inc Class A (c) | 1999217 | 132248205 |
|  |  | 197487642 |
| Consumer Finance - 0.1% |  |  |
| American Express Co  | 40195 | 11819340 |
| Financial Services - 2.9% |  |  |
| Apollo Global Management Inc  | 127129 | 16614489 |
| Block Inc Class A (c) | 38033 | 2348538 |
| Mastercard Inc Class A  | 367644 | 215292326 |
| Saluda Medical Inc warrants 1/20/2027 (b)(c)(d) | 23230 | 26250 |
| Toast Inc Class A (c) | 532385 | 22455999 |
| Visa Inc Class A  | 804788 | 293900530 |
|  |  | 550638132 |
| Insurance - 0.1% |  |  |
| Progressive Corp/The  | 81072 | 23099845 |
| TOTAL FINANCIALS |  | 886229664 |
| Health Care - 8.1% |  |  |
| Biotechnology - 4.3% |  |  |
| AbbVie Inc  | 136161 | 25340924 |
| Absci Corp (c)(e) | 1970807 | 5222639 |
| Akouos Inc (b)(c) | 338256 | 64268 |
| Alector Inc (c) | 1245457 | 1656458 |
| Alnylam Pharmaceuticals Inc (c) | 409057 | 124582400 |
| Amgen Inc  | 114285 | 32934651 |
| Annexon Inc (c) | 617106 | 1258896 |
| Antares Therapeutics Inc (b) | 792406 | 142633 |
| Apogee Therapeutics Inc (c) | 434878 | 15933930 |
| Arcellx Inc (c) | 97629 | 6058856 |
| Arrowhead Pharmaceuticals Inc (c) | 416622 | 6695116 |
| aTyr Pharma Inc (c)(e) | 1221542 | 5460293 |
| Avidity Biosciences Inc (c) | 1118082 | 34638180 |
| Beam Therapeutics Inc (c) | 821587 | 13005722 |
| Biohaven Ltd (c) | 47571 | 704527 |
| Biomea Fusion Inc (c)(e) | 596198 | 858525 |
| Boundless Bio Inc (c) | 241344 | 265478 |
| CAMP4 Therapeutics Corp (e) | 32528 | 64405 |
| Candel Therapeutics Inc (c) | 203912 | 1111320 |
| Caris Life Sciences Inc (b)(c)(d) | 362791 | 653024 |
| Cartesian Therapeutics Inc (c) | 108220 | 1034583 |
| Century Therapeutics Inc (c) | 287390 | 152432 |
| Cibus Inc Class A (c)(e) | 433756 | 1401032 |
| Crinetics Pharmaceuticals Inc (c) | 163993 | 5003426 |
| Day One Biopharmaceuticals Inc (c)(e) | 343325 | 2190414 |
| Denali Therapeutics Inc (c) | 442291 | 5855933 |
| Dianthus Therapeutics Inc (c) | 265252 | 4612732 |
| Disc Medicine Inc rights (b)(c) | 50893 | 0 |
| Dyne Therapeutics Inc (c) | 374889 | 4483672 |
| Entrada Therapeutics Inc (c)(e) | 78568 | 597117 |
| Exact Sciences Corp (c) | 56769 | 3194959 |
| Foghorn Therapeutics Inc (c) | 535202 | 2183624 |
| Generation Bio CO (c) | 362643 | 137152 |
| Ideaya Biosciences Inc (c) | 1278365 | 25426680 |
| Immunome Inc (c)(e) | 508921 | 4458148 |
| Immunovant Inc (c)(e) | 1413552 | 20991247 |
| Ionis Pharmaceuticals Inc (c)(e) | 2383556 | 79872962 |
| Jade Biosciences Inc (d) | 167574 | 1214912 |
| Janux Therapeutics Inc (c) | 478749 | 11394226 |
| Korro Bio Inc (c) | 31283 | 357252 |
| Korro Bio Inc (c)(d) | 21489 | 245404 |
| Krystal Biotech Inc (c) | 216585 | 27281047 |
| Kymera Therapeutics Inc (c) | 431486 | 12789245 |
| Lexicon Pharmaceuticals Inc (c)(e) | 3533332 | 2213986 |
| Metsera Inc (e) | 866256 | 23146360 |
| Metsera Inc (f) | 186991 | 4996400 |
| Moderna Inc (c) | 1595558 | 42378020 |
| Monte Rosa Therapeutics Inc (c)(e) | 97703 | 408399 |
| MoonLake Immunotherapeutics Class A (c) | 180981 | 7060069 |
| Nurix Therapeutics Inc (c) | 171319 | 1821121 |
| Nuvalent Inc Class A (c) | 520602 | 38842115 |
| ORIC Pharmaceuticals Inc (c)(e) | 246991 | 2017916 |
| Oruka Therapeutics Inc  | 91935 | 1007608 |
| Recursion Pharmaceuticals Inc Class A (c)(e) | 486954 | 2035468 |
| Regeneron Pharmaceuticals Inc  | 25312 | 12409967 |
| Revolution Medicines Inc (c) | 588508 | 23187215 |
| Roivant Sciences Ltd (c)(e) | 5198735 | 57134098 |
| Sana Biotechnology Inc (c)(e) | 2975189 | 6456160 |
| Scholar Rock Holding Corp (c) | 1095578 | 31782718 |
| Scholar Rock Holding Corp warrants 12/31/2025 (c)(d) | 39325 | 858896 |
| Seres Therapeutics Inc (c)(e) | 49810 | 351161 |
| Sigilon Therapeutics Inc rights (b)(c) | 8716 | 73389 |
| Spyre Therapeutics Inc (c) | 454936 | 6951422 |
| Summit Therapeutics Inc (c)(e) | 624539 | 11375978 |
| Taysha Gene Therapies Inc (c) | 1522840 | 4126896 |
| Tectonic Therapeutic Inc (c) | 240573 | 5174725 |
| UNITY Biotechnology Inc warrants 8/22/2027 (c) | 712537 | 17 |
| Upstream Bio Inc  | 96703 | 892569 |
| Vaxcyte Inc (c) | 154489 | 5019348 |
| Vera Therapeutics Inc Class A (c) | 239804 | 4544286 |
| Vertex Pharmaceuticals Inc (c) | 58247 | 25748086 |
| Viking Therapeutics Inc (c)(e) | 244393 | 6549732 |
|  |  | 820094569 |
| Health Care Equipment & Supplies - 1.2% |  |  |
| Abbott Laboratories  | 34202 | 4568703 |
| Blink Health LLC Class A1 (b)(c)(d) | 85627 | 2835966 |
| Boston Scientific Corp (c) | 71512 | 7527353 |
| Ceribell Inc  | 72624 | 1220809 |
| Dexcom Inc (c) | 130216 | 11172533 |
| GE HealthCare Technologies Inc  | 56869 | 4011539 |
| Inspire Medical Systems Inc (c) | 5804 | 802113 |
| Intuitive Surgical Inc (c) | 229386 | 126699064 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 (b)(c)(d) | 3611 | 44054 |
| Novocure Ltd (c) | 1779794 | 34011864 |
| PROCEPT BioRobotics Corp (c) | 468598 | 27178684 |
|  |  | 220072682 |
| Health Care Providers & Services - 0.3% |  |  |
| Alignment Healthcare Inc (c) | 407871 | 6268977 |
| Cardinal Health Inc  | 76640 | 11836282 |
| CVS Health Corp  | 349782 | 22400039 |
| McKesson Corp  | 28776 | 20704620 |
| Scorpion Therapeutics Inc (b) | 792406 | 261494 |
| Scorpion Therapeutics Inc (b) | 792406 | 31696 |
| Scorpion Therapeutics Inc (b) | 792406 | 8 |
| Scorpion Therapeutics Inc rights 3/5/2040 (b)(c) | 792406 | 435823 |
| UnitedHealth Group Inc  | 41381 | 12493338 |
|  |  | 74432277 |
| Health Care Technology - 0.0% |  |  |
| Prognomiq Inc (b)(c) | 30664 | 7665 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Danaher Corp  | 1385 | 263012 |
| Thermo Fisher Scientific Inc  | 1187 | 478147 |
|  |  | 741159 |
| Pharmaceuticals - 2.3% |  |  |
| Adimab LLC (b)(c)(d)(g) | 196899 | 3028307 |
| Adimab LLC (b)(c)(d)(g) | 196899 | 947084 |
| Alto Neuroscience Inc (c)(e) | 36910 | 95228 |
| Atea Pharmaceuticals Inc (c) | 677881 | 2013307 |
| Bristol-Myers Squibb Co  | 116035 | 5602170 |
| Dragonfly Therapeutics Inc (b)(d) | 31376 | 1010307 |
| Eli Lilly & Co  | 511139 | 377051906 |
| Harmony Biosciences Holdings Inc (c) | 475281 | 16397195 |
| Maze Therapeutics Inc (e) | 41336 | 413773 |
| Merck & Co Inc  | 27742 | 2131695 |
| Nuvation Bio Inc Class A (c)(e) | 4588350 | 9727302 |
| Ocular Therapeutix Inc (c) | 513463 | 4112839 |
| Optinose Inc (b) | 120082 | 1 |
| Optinose Inc warrants 11/23/2027 (b)(c) | 231338 | 4523 |
| Pfizer Inc  | 24275 | 570220 |
| Rapport Therapeutics Inc (c) | 511795 | 4232545 |
| Roche Holding AG rights (b)(c) | 1208256 | 1933210 |
| Sienna Biopharmaceuticals Inc (c) | 390305 | 0 |
| Skyhawk Therapeutics Inc (b)(c)(d) | 127580 | 1419965 |
| Structure Therapeutics Inc ADR (c) | 147378 | 3206945 |
|  |  | 433898522 |
| TOTAL HEALTH CARE |  | 1549246874 |
| Industrials - 2.5% |  |  |
| Aerospace & Defense - 0.8% |  |  |
| Boeing Co (c) | 88646 | 18378089 |
| GE Aerospace  | 64677 | 15904721 |
| Space Exploration Technologies Corp (b)(c)(d) | 526373 | 97379005 |
| Space Exploration Technologies Corp Class C (b)(c)(d) | 100551 | 18601935 |
|  |  | 150263750 |
| Air Freight & Logistics - 0.0% |  |  |
| United Parcel Service Inc Class B  | 21026 | 2050876 |
| Building Products - 0.0% |  |  |
| AZEK Co Inc/The Class A (c) | 128414 | 6357777 |
| Construction & Engineering - 0.1% |  |  |
| Fluor Corp (c) | 385367 | 16023560 |
| Quanta Services Inc  | 31409 | 10759467 |
| WillScot Holdings Corp  | 12708 | 342481 |
|  |  | 27125508 |
| Electrical Equipment - 0.3% |  |  |
| Eaton Corp PLC  | 80893 | 25901939 |
| Emerson Electric Co  | 57288 | 6839040 |
| GE Vernova Inc  | 25868 | 12235047 |
| Vertiv Holdings Co Class A  | 64019 | 6909571 |
|  |  | 51885597 |
| Ground Transportation - 0.6% |  |  |
| Avis Budget Group Inc (c) | 111399 | 13567284 |
| Uber Technologies Inc (c) | 849775 | 71517064 |
| Union Pacific Corp  | 92115 | 20418211 |
|  |  | 105502559 |
| Industrial Conglomerates - 0.1% |  |  |
| 3M Co  | 43644 | 6474587 |
| Honeywell International Inc  | 45751 | 10370380 |
|  |  | 16844967 |
| Machinery - 0.3% |  |  |
| Caterpillar Inc  | 59297 | 20637135 |
| Deere & Co  | 37841 | 19157385 |
| Illinois Tool Works Inc  | 51743 | 12681174 |
|  |  | 52475694 |
| Passenger Airlines - 0.3% |  |  |
| Delta Air Lines Inc  | 303837 | 14702672 |
| Southwest Airlines Co (e) | 385862 | 12880074 |
| United Airlines Holdings Inc (c) | 388475 | 30862396 |
|  |  | 58445142 |
| Professional Services - 0.0% |  |  |
| Paylocity Holding Corp (c) | 23700 | 4524330 |
| TOTAL INDUSTRIALS |  | 475476200 |
| Information Technology - 45.6% |  |  |
| Communications Equipment - 1.0% |  |  |
| Arista Networks Inc  | 415847 | 36028984 |
| Ciena Corp (c) | 1859880 | 148901993 |
| Lumentum Holdings Inc (c) | 129312 | 9346671 |
|  |  | 194277648 |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Coherent Corp (c) | 458112 | 34647011 |
| Corning Inc  | 247928 | 12294750 |
| Zebra Technologies Corp Class A (c) | 7368 | 2135024 |
|  |  | 49076785 |
| IT Services - 1.4% |  |  |
| Akamai Technologies Inc (c) | 7154 | 543203 |
| Cloudflare Inc Class A (c) | 742825 | 123227239 |
| CoreWeave Inc Class A (f) | 870120 | 96853057 |
| CoreWeave Inc Class A (b)(f) | 91226 | 10195637 |
| CoreWeave Inc Class A (c)(e) | 22421 | 2495681 |
| IBM Corporation  | 7899 | 2046315 |
| Kyndryl Holdings Inc (c) | 139621 | 5450804 |
| MongoDB Inc Class A (c) | 6690 | 1263273 |
| Okta Inc Class A (c) | 169066 | 17442539 |
| Snowflake Inc Class A (c) | 16358 | 3364350 |
| X.Ai Holdings Corp Class A (b)(d) | 74646 | 2729058 |
|  |  | 265611156 |
| Semiconductors & Semiconductor Equipment - 20.7% |  |  |
| Advanced Micro Devices Inc (c) | 142508 | 15779911 |
| Applied Materials Inc  | 181827 | 28501382 |
| ARM Holdings PLC ADR (c) | 19065 | 2374355 |
| Astera Labs Inc (c) | 904639 | 82068850 |
| Broadcom Inc  | 1704637 | 412641479 |
| First Solar Inc (c) | 8476 | 1339885 |
| GlobalFoundries Inc (c) | 209818 | 7511484 |
| Impinj Inc (c) | 228479 | 26067169 |
| KLA Corp  | 55009 | 41635212 |
| Lam Research Corp  | 185311 | 14971276 |
| Marvell Technology Inc  | 741135 | 44608916 |
| Micron Technology Inc  | 88926 | 8399950 |
| Monolithic Power Systems Inc  | 21772 | 14410887 |
| NVIDIA Corp  | 22793680 | 3080109978 |
| ON Semiconductor Corp (c) | 193525 | 8131921 |
| QUALCOMM Inc  | 124123 | 18022660 |
| Silicon Laboratories Inc (c) | 498779 | 60117833 |
| SiTime Corp (c) | 250378 | 49091614 |
| Teradyne Inc  | 175698 | 13809863 |
| Texas Instruments Inc  | 55094 | 10073938 |
|  |  | 3939668563 |
| Software - 13.9% |  |  |
| Adobe Inc (c) | 160356 | 66562172 |
| Appfolio Inc Class A (c) | 5237 | 1105897 |
| AppLovin Corp Class A (c) | 354317 | 139246581 |
| Asapp Inc warrants 8/28/2028 (b)(c)(d) | 351555 | 362102 |
| Atlassian Corp Class A (c) | 9958 | 2067580 |
| Autodesk Inc (c) | 64491 | 19097075 |
| Celestial AI Inc (b)(d) | 13193 | 219795 |
| Confluent Inc Class A (c) | 400786 | 9230102 |
| Crowdstrike Holdings Inc Class A (c) | 106235 | 50075992 |
| Datadog Inc Class A (c) | 99640 | 11745563 |
| Docusign Inc (c) | 42163 | 3736063 |
| Elastic NV (c) | 68353 | 5527707 |
| Figma Inc Class A (b)(c)(d) | 129465 | 3786851 |
| HubSpot Inc (c) | 37004 | 21828660 |
| Intuit Inc  | 82358 | 62054282 |
| Microsoft Corp  | 2540656 | 1169616396 |
| MicroStrategy Inc Class A (c)(e) | 57537 | 21234605 |
| Monday.com Ltd (c) | 80363 | 23907189 |
| Nutanix Inc Class A (c) | 3968064 | 304310828 |
| Oracle Corp  | 2213235 | 366356790 |
| Palantir Technologies Inc Class A (c) | 67496 | 8894623 |
| Palo Alto Networks Inc (c) | 28269 | 5439521 |
| Rubrik Inc Class A (c) | 157044 | 14974145 |
| SailPoint Inc  | 102360 | 1803583 |
| Salesforce Inc  | 504123 | 133779121 |
| SentinelOne Inc Class A (c) | 72036 | 1268554 |
| Servicenow Inc (c) | 117366 | 118667589 |
| Stripe Inc Class B (b)(c)(d) | 38500 | 1366750 |
| Synopsys Inc (c) | 2941 | 1364565 |
| Workday Inc Class A (c) | 42497 | 10526932 |
| Zoom Communications Inc Class A (c) | 446058 | 36242213 |
| Zscaler Inc (c) | 130450 | 35965065 |
|  |  | 2652364891 |
| Technology Hardware, Storage & Peripherals - 8.3% |  |  |
| Apple Inc  | 6314646 | 1268296649 |
| Pure Storage Inc Class A (c) | 4961012 | 265860633 |
| Sandisk Corp/DE  | 1466908 | 55287763 |
| Western Digital Corp (c) | 90091 | 4644191 |
|  |  | 1594089236 |
| TOTAL INFORMATION TECHNOLOGY |  | 8695088279 |
| Materials - 0.3% |  |  |
| Chemicals - 0.0% |  |  |
| Corteva Inc  | 88984 | 6300068 |
| Farmers Business Network Inc (b)(c) | 9829 | 17790 |
| Farmers Business Network Inc warrants 9/27/2033 (b)(c)(d) | 993920 | 1789056 |
| Mosaic Co/The  | 30600 | 1105884 |
|  |  | 9212798 |
| Containers & Packaging - 0.0% |  |  |
| Smurfit WestRock PLC  | 183186 | 7937449 |
| Metals & Mining - 0.3% |  |  |
| Freeport-McMoRan Inc  | 1118226 | 43029337 |
| TOTAL MATERIALS |  | 60179584 |
| Real Estate - 0.2% |  |  |
| Health Care REITs - 0.0% |  |  |
| Welltower Inc  | 22510 | 3472843 |
| Real Estate Management & Development - 0.1% |  |  |
| CBRE Group Inc Class A (c) | 85652 | 10708213 |
| Zillow Group Inc Class C (c) | 133022 | 8927106 |
|  |  | 19635319 |
| Specialized REITs - 0.1% |  |  |
| American Tower Corp  | 82924 | 17799637 |
| Equinix Inc  | 6818 | 6059974 |
|  |  | 23859611 |
| TOTAL REAL ESTATE |  | 46967773 |
| TOTAL UNITED STATES |  | 17810225652 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $10,477,703,677) |  | <br> **18559704631** |

---

---

| | | |
|:---|:---|:---|
| &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 | 875426 |
| Neutron Holdings Inc 4% 6/12/2027 (b)(d) | 82200 | 231680 |
| Neutron Holdings Inc 8% 10/29/2026 (b)(d)(h) | 2337238 | 3028126 |
|  |  | 4135232 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Saluda Medical Inc 0% (b)(d)(i) | 738600 | 807216 |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| Wugen Inc 10% 6/14/2025 (b)(d) | 515072 | 591817 |
| Pharmaceuticals - 0.0% |  |  |
| Galvanize Therapeutics 6% 2/28/2027 (b)(d) | 1089800 | 1309068 |
| TOTAL HEALTH CARE |  | 1900885 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 10% 5/12/2199 (b)(d) | 11723 | 8136 |
| Software - 0.0% |  |  |
| Evozyne Inc 6% 9/13/2028 pay-in-kind (b)(d) | 1629586 | 1790589 |
| TOTAL INFORMATION TECHNOLOGY |  | 1798725 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Farmers Business Network Inc 15% 9/28/2025 (b)(d) | 1143008 | 1264167 |
| TOTAL UNITED STATES |  | 9906225 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $7,857,827) |  | <br> **9906225** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 2.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.5%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Inc Series A (b)(c)(d) | 1477 | 1911327 |
| Canva Inc Series A2 (b)(c)(d) | 268 | 346808 |
| TOTAL AUSTRALIA |  | 2258135 |
| BELGIUM - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| AgomAb Therapeutics SA Series C (b)(c)(d) | 15098 | 3812266 |
| AgomAb Therapeutics SA Series D (b)(d) | 3260 | 849102 |
| TOTAL BELGIUM |  | 4661368 |
| CANADA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Deep Genomics Inc Series C (b)(c)(d) | 155443 | 1545104 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Kardium Inc/CA Series D-6 (b)(c)(d) | 1087032 | 1163124 |
| TOTAL HEALTH CARE |  | 2708228 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc Series B (b)(d) | 30000 | 1651500 |
| TOTAL CANADA |  | 4359728 |
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| ByteDance Ltd Series E1 (b)(c)(d) | 49039 | 10875379 |
| ESTONIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Bolt Technology OU Series E (b)(c)(d) | 17815 | 3772934 |
| FINLAND - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| Oura Health Oy Series D (b)(d) | 325076 | 9128134 |
| FRANCE - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| DNA Script SAS Series B (b)(c)(d) | 6 | 222 |
| DNA Script SAS Series C (b)(c)(d) | 2549 | 591298 |
| TOTAL FRANCE |  | 591520 |
| INDIA - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Meesho Series D2 (b)(d) | 61688 | 4643873 |
| Meesho Series E (b)(d) | 10275 | 773502 |
| Meesho Series E1 (b)(c)(d) | 4896 | 368571 |
| Meesho Series F (b)(c)(d) | 76519 | 5875894 |
| TOTAL INDIA |  | 11661840 |
| ISRAEL - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| InSightec Ltd Series G (b)(d) | 2718923 | 2093571 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Element Labs Inc Series A (b)(d) | 166900 | 617529 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd Series D (b)(c)(d) | 122201 | 205298 |
| Xsight Labs Ltd Series E (b)(d) | 125534 | 1004272 |
| Xsight Labs Ltd Series E1 (b)(d) | 82226 | 657808 |
|  |  | 1867378 |
| TOTAL ISRAEL |  | 4578478 |
| UNITED KINGDOM - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Quell Therapeutics Ltd Series B (b)(c)(d) | 822639 | 1513656 |
| UNITED STATES - 2.3%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rad Power Bikes Inc Series A (b)(c)(d) | 22348 | 2011 |
| Rad Power Bikes Inc Series C (b)(c)(d) | 87936 | 20225 |
| Rad Power Bikes Inc Series D (b)(c)(d) | 219600 | 81252 |
| Waymo LLC Series A2 (b)(c)(d) | 6592 | 462627 |
| Waymo LLC Series C2 (b)(d) | 18943 | 1558251 |
|  |  | 2124366 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Discord Inc Series I (b)(c)(d) | 1400 | 340438 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Freenome Holdings Inc Series C (b)(c)(d) | 141369 | 640402 |
| Freenome Holdings Inc Series D (b)(c)(d) | 125665 | 617015 |
| Laronde Inc Series B (b)(c)(d) | 81282 | 1949955 |
|  |  | 3207372 |
| TOTAL CONSUMER DISCRETIONARY |  | 5672176 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| GoBrands Inc Series G (b)(c)(d) | 19907 | 749100 |
| GoBrands Inc Series H (b)(c)(d) | 20720 | 999326 |
|  |  | 1748426 |
| Food Products - 0.0% |  |  |
| AgBiome LLC Series D (b)(c)(d) | 511821 | 56300 |
| TOTAL CONSUMER STAPLES |  | 1804726 |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Akeana Series C (b)(c)(d) | 113800 | 1456639 |
| Paragon Biosciences Emalex Capital Inc Series C (b)(c)(d) | 109967 | 1410877 |
| Paragon Biosciences Emalex Capital Inc Series D-3 (b)(d) | 60730 | 838681 |
| Paragon Biosciences Emalex Capital Inc Series D1 (b)(c)(d) | 211815 | 2726059 |
| Paragon Biosciences Emalex Capital Inc Series D2 (b)(c)(d) | 15557 | 190729 |
| Saluda Medical Inc Series D (b)(c)(d) | 154870 | 1226571 |
| Saluda Medical Inc Series E (b)(c)(d) | 196112 | 1198244 |
| Saluda Medical Inc Series E-1 (b)(d) | 91481 | 780333 |
| Tenstorrent Holdings Inc Series C1 (b)(c)(d) | 32710 | 2345307 |
| Tenstorrent Holdings Inc Series D1 (b)(d) | 81867 | 6230897 |
| Tenstorrent Holdings Inc Series D2 (b)(d) | 15346 | 1125783 |
|  |  | 19530120 |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.3% |  |  |
| Altos Labs Inc Series B (b)(c)(d) | 124464 | 2647350 |
| Altos Labs Inc Series C (b)(c)(d) | 52694 | 1120801 |
| Ankyra Therapeutics Series B (b)(c)(d) | 329325 | 1386458 |
| Asimov Inc Series B (b)(c)(d) | 19920 | 513737 |
| Bright Peak Therapeutics Inc. Series B (b)(c)(d) | 282257 | 409273 |
| Bright Peak Therapeutics Inc. Series C (b)(c)(d) | 1110268 | 1165781 |
| Cardurion Pharmaceuticals Inc Series B (b)(d) | 449156 | 1819082 |
| Caris Life Sciences Inc Series D (b)(c)(d) | 258638 | 2063931 |
| Castle Creek Biosciences Inc Series C (b)(c)(d) | 582 | 130956 |
| Castle Creek Biosciences Inc Series D1 (b)(c)(d) | 4476 | 905853 |
| Castle Creek Biosciences Inc Series D2 (b)(c)(d) | 1254 | 224253 |
| CELLANOME Inc Series B (b)(c)(d) | 400974 | 2762711 |
| City Therapeutics Inc Series A (b)(c)(d) | 298887 | 2743783 |
| Cleerly Inc Series C (b)(c)(d) | 294888 | 3305694 |
| Element Biosciences Inc Series B (b)(c)(d) | 125057 | 705321 |
| Element Biosciences Inc Series C (b)(c)(d) | 114255 | 931178 |
| Element Biosciences Inc Series D (b)(d) | 92374 | 537617 |
| Element Biosciences Inc Series D1 (b)(d) | 92374 | 537617 |
| ElevateBio LLC Series C (b)(c)(d) | 247600 | 487772 |
| Generate Biomedicines Inc Series B (b)(c)(d) | 191856 | 2047103 |
| Generate Biomedicines Inc Series C (b)(c)(d) | 284574 | 3036405 |
| Genesis Therapeutics Inc Series D (b)(c)(d) | 583881 | 2884372 |
| LifeMine Therapeutics Inc Series C (b)(c)(d) | 1759782 | 2076543 |
| National Resilience Inc Series B (b)(c)(d) | 182315 | 3788506 |
| National Resilience Inc Series C (b)(c)(d) | 74748 | 1553263 |
| Neurona Therapeutics Inc Series F (b)(d) | 1010300 | 2081218 |
| Odyssey Therapeutics Inc Series B (b)(c)(d) | 458024 | 636653 |
| Odyssey Therapeutics Inc Series C (b)(c)(d) | 442442 | 535355 |
| Parabilis Medicines Inc Series D (b)(c)(d) | 272597 | 1466572 |
| Parabilis Medicines Inc Series E (b)(c)(d) | 202540 | 1201062 |
| Saliogen Therapeutics Inc Series B (b)(c)(d) | 14028 | 0 |
| Sonoma Biotherapeutics Inc Series B (b)(c)(d) | 587934 | 1422800 |
| Sonoma Biotherapeutics Inc Series B1 (b)(c)(d) | 313559 | 874830 |
| T-Knife Therapeutics Inc Series B (b)(c)(d) | 241456 | 328380 |
| Treeline Biosciences Series A (b)(c)(d) | 283817 | 1481525 |
| Treeline Biosciences Series A1 (b)(c)(d) | 151334 | 818717 |
| Triveni Bio Inc Series B (b)(d) | 2078466 | 1766696 |
|  |  | 52399168 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Blink Health LLC Series C (b)(c)(d) | 145007 | 4802632 |
| Blink Health LLC Series C1 (b)(c)(d) | 56458 | 1869888 |
| Blink Health LLC Series D (b)(d) | 62396 | 2066556 |
| Medical Microinstruments Inc/Italy Series C (b)(c)(d) | 81214 | 2709299 |
|  |  | 11448375 |
| Health Care Providers & Services - 0.0% |  |  |
| Conformal Medical Inc Series C (b)(c)(d) | 140186 | 560744 |
| Conformal Medical Inc Series D (b)(c)(d) | 153658 | 716046 |
|  |  | 1276790 |
| Health Care Technology - 0.0% |  |  |
| Aledade Inc Series B1 (b)(c)(d) | 26096 | 924060 |
| Aledade Inc Series E1 (b)(c)(d) | 21357 | 756251 |
| Candid Therapeutics Series B (b)(d) | 1469416 | 1454722 |
| Omada Health Inc Series E (c)(d) | 212183 | 4031477 |
| Wugen Inc Series B (b)(c)(d) | 121894 | 163338 |
|  |  | 7329848 |
| Pharmaceuticals - 0.0% |  |  |
| Galvanize Therapeutics Series B (b)(c)(d) | 1125997 | 360319 |
| Kartos Therapeutics Inc Series C (b)(c)(d) | 472772 | 2680617 |
| Kartos Therapeutics Inc Series D (b)(d) | 128671 | 729565 |
| Mirador Therapeutics Inc Series A (b)(c)(d) | 957764 | 2528497 |
|  |  | 6298998 |
| TOTAL HEALTH CARE |  | 78753179 |
| Industrials - 0.9% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| Anduril Industries Inc Series F (b)(d) | 111962 | 4577007 |
| Anduril Industries Inc Series G (b)(d) | 20700 | 846216 |
| Space Exploration Technologies Corp Series G (b)(c)(d) | 7729 | 14298650 |
| Space Exploration Technologies Corp Series J (b)(c)(d) | 52171 | 96516350 |
| Space Exploration Technologies Corp Series N (b)(c)(d) | 19900 | 36815000 |
|  |  | 153053223 |
| Air Freight & Logistics - 0.0% |  |  |
| Zipline International Inc Series G (b)(d) | 74075 | 2539291 |
| Construction & Engineering - 0.0% |  |  |
| Beta Technologies Inc Series A (b)(c)(d) | 10545 | 1001353 |
| Beta Technologies Inc Series B, 6% (b)(c)(d) | 20919 | 2373470 |
| Beta Technologies Inc Series C, 6% (b)(d) | 21483 | 2093518 |
|  |  | 5468341 |
| TOTAL INDUSTRIALS |  | 161060855 |
| Information Technology - 0.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Enevate Corp Series E (b)(c)(d) | 754820 | 233994 |
| Menlo Microsystems Inc Series C (b)(c)(d) | 993699 | 427291 |
| Vast Data Ltd Series A (b)(c)(d) | 107503 | 2354316 |
| Vast Data Ltd Series A1 (b)(c)(d) | 264598 | 5794696 |
| Vast Data Ltd Series A2 (b)(c)(d) | 304373 | 6665769 |
| Vast Data Ltd Series B (b)(c)(d) | 242193 | 5304027 |
| Vast Data Ltd Series C (b)(c)(d) | 7060 | 154613 |
| Vast Data Ltd Series E (b)(c)(d) | 231432 | 5068361 |
|  |  | 26003067 |
| IT Services - 0.4% |  |  |
| X.Ai Holdings Corp Series B (b)(d) | 677598 | 24772983 |
| X.Ai Holdings Corp Series C (b)(d) | 692600 | 25321456 |
|  |  | 50094439 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Alif Semiconductor Series C (b)(c)(d) | 43034 | 1088760 |
| Alif Semiconductor Series D (b)(d) | 76900 | 2077838 |
| Danger Devices Inc Series B (b)(d) | 1177500 | 1059750 |
| Rexford Industrial Realty Inc 5.625% Series C (b)(c)(d) | 202380 | 2009633 |
| Rexford Industrial Realty Inc 5.875% Series D (b) | 50206 | 527163 |
| SiMa Technologies Inc Series B (b)(c)(d) | 299482 | 1754965 |
| SiMa Technologies Inc Series B1 (b)(c)(d) | 167848 | 1164865 |
|  |  | 9682974 |
| Software - 0.2% |  |  |
| Anthropic PBC Series D (b)(c)(d) | 100142 | 6644422 |
| Anthropic PBC Series E (b)(d) | 14200 | 902694 |
| Asapp Inc Series D (b)(c)(d) | 612736 | 827194 |
| Celestial AI Inc Series A (b)(d) | 84119 | 1401423 |
| Celestial AI Inc Series B (b)(d) | 63298 | 1054545 |
| Celestial AI Inc Series C1 (b)(d) | 253555 | 4224226 |
| Crusoe Energy Systems LLC Series D (b)(d) | 100444 | 3230279 |
| Databricks Inc Series G (b)(c)(d) | 37815 | 3887382 |
| Databricks Inc Series H (b)(c)(d) | 56085 | 5765538 |
| Databricks Inc Series I (b)(c)(d) | 3131 | 321867 |
| Databricks Inc Series J (b)(d) | 84014 | 8636639 |
| Evozyne Inc Series A (b)(c)(d) | 78000 | 1121640 |
| Evozyne Inc Series B (b)(c)(d) | 95720 | 1475045 |
| Lyte Ai Inc Series B (b)(d) | 213232 | 2296509 |
| Skyryse Inc Series B (b)(c)(d) | 117653 | 3250752 |
| Stripe Inc Series H (b)(c)(d) | 14400 | 511199 |
|  |  | 45551354 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Lightmatter Inc Series C1 (b)(c)(d) | 136712 | 8428295 |
| Lightmatter Inc Series C2 (b)(c)(d) | 21474 | 1351359 |
| Lightmatter Inc Series D (b)(d) | 133986 | 10374536 |
|  |  | 20154190 |
| TOTAL INFORMATION TECHNOLOGY |  | 151486024 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Farmers Business Network Inc Series G (b)(c)(d) | 33030 | 59784 |
| Manus Bio Inc Series One-5 (b)(d) | 121101 | 368147 |
| Manus Bio Inc Series One-6 (b)(d) | 181143 | 550675 |
|  |  | 978606 |
| Metals & Mining - 0.0% |  |  |
| Diamond Foundry Inc Series C (b)(c)(d) | 301038 | 7468753 |
| TOTAL MATERIALS |  | 8447359 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Redwood Materials Series C (b)(c)(d) | 20469 | 567810 |
| Redwood Materials Series D (b)(c)(d) | 7960 | 220810 |
|  |  | 788620 |
| TOTAL UNITED STATES |  | 427543059 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $377,767,704) |  | <br> **480944231** |

---

---

| | | |
|:---|:---|:---|
| &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>|
| CANADA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Kardium Inc/CA 0% (b)(d)(i) | 1541987 | 1623712 |
| Kardium Inc/CA 10% 12/31/2026 (b)(d) | 2971021 | 3599194 |
| TOTAL CANADA |  | 5222906 |
| UNITED STATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rad Power Bikes Inc 8% 12/31/2025 (b)(d) | 280502 | 251412 |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| HeartFlow Inc 0% (b)(d)(i) | 1486600 | 1542942 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 6% (b)(d)(i) | 41948 | 20911 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc 10% 12/31/2027 (b)(d) | 467990 | 485521 |
| Software - 0.0% |  |  |
| Skyryse Inc 0% 2/5/2027 (b)(d) | 378172 | 437318 |
| TOTAL INFORMATION TECHNOLOGY |  | 943750 |
| TOTAL UNITED STATES |  | 2738104 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $7,168,220) |  | <br> **7961010** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** | &nbsp;&nbsp;**Money Market Funds - 1.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (j) | 4.32 | 55031945 | 55042952 |
| Fidelity Securities Lending Cash Central Fund (j)(k) | 4.32 | 223414219 | 223436560 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $278,479,512) |  |  | **278479512** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.1%**<br> (Cost $11,148,976,940)<br>| <br>**19336995609** |
| **NET OTHER ASSETS (LIABILITIES) - (1.1)%**  | **(213796560)** |
| **NET ASSETS - 100.0%** | **19123199049** |

---

**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 $661,560,148 or 3.5% 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 $112,045,094 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 initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

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

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

(k) 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 | 1/19/21 | 7455144 |
| Adimab LLC | 1/19/21 | 2544864 |
| AgBiome LLC Series D | 9/03/21 | 3033967 |
| AgomAb Therapeutics SA Series C | 10/03/23 | 3296587 |
| AgomAb Therapeutics SA Series D | 10/22/24 | 843788 |
| AgomAb Therapeutics SA warrants 10/10/2033 | 10/03/23 | 0 |
| AgomAb Therapeutics SA warrants 11/4/2034 | 10/22/24 | 0 |
| Akeana Series C | 1/23/24 | 1452179 |
| Aledade Inc Series B1 | 5/07/21 | 999234 |
| Aledade Inc Series E1 | 5/20/22 | 1063886 |
| Alif Semiconductor Series C | 3/08/22 | 873527 |
| Alif Semiconductor Series D | 4/11/25 | 2077615 |
| Altos Labs Inc Series B | 7/22/22 | 2383286 |
| Altos Labs Inc Series C | 3/15/24 | 1318530 |
| Anduril Industries Inc Series F | 8/07/24 | 2433673 |
| Anduril Industries Inc Series G | 4/17/25 | 846274 |
| Ankyra Therapeutics Series B | 8/26/21 | 1854693 |
| Anthropic PBC Series D | 5/31/24 | 3004711 |
| Anthropic PBC Series E | 2/14/25 | 796428 |
| Asapp Inc Series D | 8/29/23 | 2366080 |
| Asapp Inc warrants 8/28/2028 | 8/29/23 | 0 |
| Asimov Inc Series B | 10/29/21 | 1846200 |
| Beauty Health Co/The | 12/08/20 | 4286430 |
| Beta Technologies Inc Series A | 4/09/21 | 772632 |
| Beta Technologies Inc Series B, 6% | 4/04/22 | 2158213 |
| Beta Technologies Inc Series C, 6% | 10/24/24 | 2459159 |
| Blink Health LLC Class A1 | 12/30/20 - 6/17/24 | 2447843 |
| Blink Health LLC Series C | 11/07/19 - 7/14/21 | 5535787 |
| Blink Health LLC Series C1 | 7/15/22 - 2/02/24 | 2193318 |
| Blink Health LLC Series D | 6/17/24 - 6/25/24 | 2620632 |
| Bolt Technology OU Series E | 1/03/22 | 4628275 |
| Bright Peak Therapeutics Inc. Series B | 5/14/21 | 1102496 |
| Bright Peak Therapeutics Inc. Series C | 5/07/24 | 1258489 |
| ByteDance Ltd Series E1 | 11/18/20 | 5373408 |
| Candid Therapeutics Series B | 8/27/24 | 1763299 |
| Canva Inc Class A | 3/18/24 | 1925323 |
| Canva Inc Series A | 9/22/23 | 1575458 |
| Canva Inc Series A2 | 9/22/23 | 285865 |
| Cardurion Pharmaceuticals Inc Series B | 7/10/24 | 2199786 |
| Caris Life Sciences Inc | 10/06/22 | 2031630 |
| Caris Life Sciences Inc Series D | 5/11/21 | 2094968 |
| Castle Creek Biosciences Inc Series C | 12/09/19 | 239697 |
| Castle Creek Biosciences Inc Series D1 | 4/19/22 | 962474 |
| Castle Creek Biosciences Inc Series D2 | 6/28/21 | 215100 |
| Celestial AI Inc | 2/25/25 | 195464 |
| Celestial AI Inc Series A | 2/25/25 | 1246282 |
| Celestial AI Inc Series B | 2/25/25 | 937804 |
| Celestial AI Inc Series C1 | 2/25/25 | 4419514 |
| CELLANOME Inc Series B | 1/08/24 | 3003295 |
| City Therapeutics Inc Series A | 4/17/24 | 2997687 |
| Cleerly Inc Series C | 7/08/22 | 3473958 |
| Conformal Medical Inc Series C | 7/24/20 | 514071 |
| Conformal Medical Inc Series D | 5/26/23 | 780530 |
| Crusoe Energy Systems LLC Series D | 12/10/24 | 2930136 |
| Danger Devices Inc Series B | 3/05/25 | 1060339 |
| Databricks Inc Series G | 2/01/21 | 2235722 |
| Databricks Inc Series H | 8/31/21 | 4121358 |
| Databricks Inc Series I | 9/14/23 | 230129 |
| Databricks Inc Series J | 12/17/24 | 7771295 |
| Deep Genomics Inc Series C | 7/21/21 | 2254110 |
| Diamond Foundry Inc Series C | 3/15/21 | 7224912 |
| Discord Inc Series I | 9/15/21 | 770874 |
| DNA Script SAS | 12/17/21 | 92085 |
| DNA Script SAS | 12/17/21 | 351526 |
| DNA Script SAS Series B | 12/17/21 | 4804 |
| DNA Script SAS Series C | 10/01/21 | 2217248 |
| Dragonfly Therapeutics Inc | 12/19/19 | 830209 |
| Element Biosciences Inc Series B | 12/13/19 | 655374 |
| Element Biosciences Inc Series C | 6/21/21 | 2348706 |
| Element Biosciences Inc Series D | 6/28/24 | 724517 |
| Element Biosciences Inc Series D1 | 6/28/24 | 724517 |
| Element Labs Inc Series A | 2/11/25 | 615627 |
| ElevateBio LLC Series C | 3/09/21 | 1038682 |
| Enevate Corp 10% 5/12/2199 | 11/12/24 | 11723 |
| Enevate Corp 6% | 11/02/23 - 10/31/24 | 41948 |
| Enevate Corp Series E | 1/29/21 | 836858 |
| Epic Games Inc | 7/13/20 - 7/30/20 | 2875000 |
| Evozyne Inc 6% 9/13/2028 pay-in-kind | 9/14/23 - 3/31/25 | 1629586 |
| Evozyne Inc Series A | 4/09/21 | 1752660 |
| Evozyne Inc Series B | 9/14/23 | 1482703 |
| Fanatics Inc Class A | 8/13/20 - 10/24/22 | 7298409 |
| Farmers Business Network Inc 15% 9/28/2025 | 9/29/23 - 9/25/24 | 1143008 |
| Farmers Business Network Inc Series G | 9/15/21 | 2053072 |
| Farmers Business Network Inc warrants 9/27/2033 | 9/29/23 | 1 |
| Figma Inc Class A | 5/15/24 | 3002682 |
| Freenome Holdings Inc Series C | 8/14/20 | 934916 |
| Freenome Holdings Inc Series D | 11/22/21 | 947803 |
| Galvanize Therapeutics 6% 2/28/2027 | 2/28/24 | 1089800 |
| Galvanize Therapeutics Series B | 3/29/22 | 1949422 |
| Generate Biomedicines Inc Series B | 11/02/21 | 2273494 |
| Generate Biomedicines Inc Series C | 6/05/23 - 1/21/25 | 3372202 |
| Genesis Therapeutics Inc Series D | 8/10/23 | 2982231 |
| GoBrands Inc Series G | 3/02/21 | 4971122 |
| GoBrands Inc Series H | 7/22/21 | 8049525 |
| HeartFlow Inc 0% | 3/26/25 | 1486600 |
| InSightec Ltd Series G | 6/17/24 | 2413860 |
| Jade Biosciences Inc | 10/30/24 | 1577431 |
| JUUL Labs Inc Class A | 2/23/24 | 2867387 |
| Kardium Inc/CA 0% | 12/30/20 | 1541987 |
| Kardium Inc/CA 10% 12/31/2026 | 5/31/24 - 3/31/25 | 2971021 |
| Kardium Inc/CA Series D-6 | 12/30/20 | 1104251 |
| Kartos Therapeutics Inc Series C | 8/22/23 | 2672580 |
| Kartos Therapeutics Inc Series D | 2/26/25 | 727377 |
| Korro Bio Inc | 7/14/23 | 1212586 |
| Laronde Inc Series B | 8/13/21 | 2275896 |
| LifeMine Therapeutics Inc Series C | 2/15/22 | 3583954 |
| Lightmatter Inc Series C1 | 5/19/23 | 2249842 |
| Lightmatter Inc Series C2 | 12/18/23 | 558363 |
| Lightmatter Inc Series D | 10/11/24 | 10749764 |
| Lyte Ai Inc Series B | 8/13/24 | 2705082 |
| Manus Bio Inc Series One-5 | 11/13/20 | 1270263 |
| Manus Bio Inc Series One-6 | 3/30/21 | 1900057 |
| Medical Microinstruments Inc/Italy Series C | 2/16/24 | 2707163 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 | 2/16/24 | 0 |
| Meesho Series D2 | 7/15/24 | 3454528 |
| Meesho Series E | 7/15/24 | 575400 |
| Meesho Series E1 | 4/18/24 | 274176 |
| Meesho Series F | 9/21/21 - 7/15/24 | 5669736 |
| Menlo Microsystems Inc Series C | 2/09/22 | 1317148 |
| Mirador Therapeutics Inc Series A | 3/19/24 | 2873292 |
| National Resilience Inc Series B | 12/01/20 | 2490423 |
| National Resilience Inc Series C | 6/28/21 | 3319559 |
| Neurona Therapeutics Inc Series F | 3/28/25 | 2081218 |
| Neutron Holdings Inc 4% 5/22/2027 | 6/04/20 | 310600 |
| Neutron Holdings Inc 4% 6/12/2027 | 6/12/20 | 82200 |
| Neutron Holdings Inc 8% 10/29/2026 | 10/29/21 - 4/27/25 | 2337238 |
| Odyssey Therapeutics Inc Series B | 9/30/22 | 2892806 |
| Odyssey Therapeutics Inc Series C | 10/25/23 | 2212210 |
| Omada Health Inc Series E | 12/22/21 | 3816251 |
| Oura Health Oy Series D | 12/18/24 | 8351202 |
| Parabilis Medicines Inc Series D | 11/17/22 | 2933989 |
| Parabilis Medicines Inc Series E | 2/29/24 | 1261439 |
| Paragon Biosciences Emalex Capital Inc Series C | 2/26/21 | 1176647 |
| Paragon Biosciences Emalex Capital Inc Series D-3 | 5/06/25 | 839896 |
| Paragon Biosciences Emalex Capital Inc Series D1 | 10/21/22 - 3/13/25 | 2293956 |
| Paragon Biosciences Emalex Capital Inc Series D2 | 5/18/22 | 134101 |
| Quell Therapeutics Ltd Series B | 11/24/21 | 1554788 |
| Rad Power Bikes Inc | 1/21/21 | 826883 |
| Rad Power Bikes Inc 8% 12/31/2025 | 10/06/23 | 280502 |
| Rad Power Bikes Inc Series A | 1/21/21 | 107803 |
| Rad Power Bikes Inc Series C | 1/21/21 | 424189 |
| Rad Power Bikes Inc Series D | 9/17/21 | 2104602 |
| Rad Power Bikes Inc warrants 10/6/2033 | 10/06/23 | 0 |
| Redwood Materials Series C | 5/28/21 | 970302 |
| Redwood Materials Series D | 6/02/23 | 379977 |
| Revolut Group Holdings Ltd | 12/27/24 | 2320517 |
| Rexford Industrial Realty Inc 5.625% Series C | 5/17/23 - 6/20/23 | 1574881 |
| Saliogen Therapeutics Inc Series B | 12/10/21 | 1485060 |
| Saluda Medical Inc 0% | 1/03/25 | 738600 |
| Saluda Medical Inc Series D | 1/20/22 | 1975505 |
| Saluda Medical Inc Series E | 4/06/23 | 1583369 |
| Saluda Medical Inc Series E-1 | 4/06/23 | 738599 |
| Saluda Medical Inc warrants 1/20/2027 | 1/20/22 | 0 |
| Scholar Rock Holding Corp warrants 12/31/2025 | 6/17/22 | 0 |
| SiMa Technologies Inc 10% 12/31/2027 | 4/08/24 - 4/05/25 | 467990 |
| SiMa Technologies Inc Series B | 5/10/21 | 1535564 |
| SiMa Technologies Inc Series B1 | 4/25/22 - 10/17/22 | 1190193 |
| Skyhawk Therapeutics Inc | 5/21/21 | 2094864 |
| Skyryse Inc 0% 2/5/2027 | 8/13/24 | 378172 |
| Skyryse Inc Series B | 10/21/21 | 2903673 |
| Sonoma Biotherapeutics Inc Series B | 7/26/21 | 1161934 |
| Sonoma Biotherapeutics Inc Series B1 | 7/26/21 | 929546 |
| Space Exploration Technologies Corp | 2/16/21 - 12/09/24 | 41334315 |
| Space Exploration Technologies Corp Class C | 4/02/24 - 12/09/24 | 12356760 |
| Space Exploration Technologies Corp Series G | 9/07/23 | 6260490 |
| Space Exploration Technologies Corp Series J | 9/07/23 | 42258510 |
| Space Exploration Technologies Corp Series N | 8/04/20 | 5373000 |
| Stripe Inc Class B | 5/18/21 | 1544943 |
| Stripe Inc Series H | 3/15/21 | 577800 |
| T-Knife Therapeutics Inc Series B | 6/30/21 | 1392911 |
| Taalas Inc Series B | 2/19/25 | 1647402 |
| Tenstorrent Holdings Inc Series C1 | 4/23/21 | 1944778 |
| Tenstorrent Holdings Inc Series D1 | 7/16/24 - 1/15/25 | 6453285 |
| Tenstorrent Holdings Inc Series D2 | 7/17/24 | 1165989 |
| Treeline Biosciences Series A | 7/30/21 - 10/27/22 | 2221578 |
| Treeline Biosciences Series A1 | 10/27/22 | 1303031 |
| Triveni Bio Inc Series B | 9/19/24 | 2174907 |
| Vast Data Ltd Series A | 11/28/23 | 1182533 |
| Vast Data Ltd Series A1 | 11/28/23 | 2910578 |
| Vast Data Ltd Series A2 | 11/28/23 | 3348103 |
| Vast Data Ltd Series B | 11/28/23 | 2664123 |
| Vast Data Ltd Series C | 11/28/23 | 77660 |
| Vast Data Ltd Series E | 11/28/23 | 5091504 |
| Waymo LLC Series A2 | 5/08/20 | 566037 |
| Waymo LLC Series C2 | 10/18/24 | 1481367 |
| Wugen Inc 10% 6/14/2025 | 6/14/24 | 515072 |
| Wugen Inc Series B | 7/09/21 | 945276 |
| X.Ai Holdings Corp Class A | 10/27/21 | 2482445 |
| X.Ai Holdings Corp Series B | 5/13/24 | 8110848 |
| X.Ai Holdings Corp Series C | 11/22/24 | 14994790 |
| Xsight Labs Ltd Series D | 2/16/21 | 977119 |
| Xsight Labs Ltd Series E | 11/04/24 - 12/30/24 | 1004275 |
| Xsight Labs Ltd Series E1 | 1/11/24 | 657479 |
| Xsight Labs Ltd warrants 1/11/2034 | 1/11/24 | 0 |
| Xsight Labs Ltd warrants 12/30/2031 | 11/04/24 - 12/30/24 | 0 |
| Zipline International Inc Series G | 6/07/24 | 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 |
| CoreWeave Inc Class A | 9/24/2025 |
| CoreWeave Inc Class A | 9/24/2025 |
| Metsera Inc | 7/30/2025 |

---

**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 | 1062238377 | 1038955476 | 1026095 | - | - | 55042952 | 55031945 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 345922410 | 779443425 | 901929275 | 825432 | - | - | 223436560 | 223414219 | 0.7% |
| Total | 377682461 | 1841681802 | 1940884751 | 1851527 | - | - | 278479512 |  |  |

---

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 May 31, 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 | 2719305453 | 2715934803 | - | 3370650 |
| Consumer Discretionary | 2893545544 | 2881006024 | - | 12539520 |
| Consumer Staples | 665917454 | 662470838 | - | 3446616 |
| Energy | 70029426 | 70029426 | - | - |
| Financials | 939691222 | 921538699 | 15777366 | 2375157 |
| Health Care | 1813802513 | 1779457830 | 21434301 | 12910382 |
| Industrials | 492995404 | 362450749 | 14563715 | 115980940 |
| Information Technology | 8834624188 | 8810306535 | 3321682 | 20995971 |
| Materials | 82825654 | 81018808 | - | 1806846 |
| Real Estate | 46967773 | 46967773 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Consumer Discretionary | 4135232 | - | - | 4135232 |
| Financials | 807216 | - | - | 807216 |
| Health Care | 1900885 | - | - | 1900885 |
| Information Technology | 1798725 | - | - | 1798725 |
| Materials | 1264167 | - | - | 1264167 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 10875379 | - | - | 10875379 |
| Consumer Discretionary | 17334016 | - | - | 17334016 |
| Consumer Staples | 1804726 | - | - | 1804726 |
| Financials | 19530120 | - | - | 19530120 |
| Health Care | 99449656 | - | 4031477 | 95418179 |
| Industrials | 161678384 | - | - | 161678384 |
| Information Technology | 161035971 | - | - | 161035971 |
| Materials | 8447359 | - | - | 8447359 |
| Utilities | 788620 | - | - | 788620 |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 251412 | - | - | 251412 |
| Health Care | 6765848 | - | - | 6765848 |
| Information Technology | 943750 | - | - | 943750 |
|  **Money Market Funds** | 278479512 | 278479512 | - | - |
| **Total Investments in Securities:** | 19336995609 | 18609660997 | 59128541 | 668206071 |
|  **Net Unrealized Appreciation on Unfunded Commitments** | 755080 | - | - | 755080 |
| **Total**  | 755080 | - | - | 755080 |

---

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 ($)** | **Net Realized Gain (Loss) on Investement Securities ($)** | **Net Unrealized Gain (Loss) on Investement Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amoritization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The Change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2025($)** |
| **Common Stocks** | 158312711 | (3120939) | 27359890 | 6850707 | (12413046) | - | 31845 | (3595086) | 173426082 | 48520216 |
| **Convertible Preferred Stocks** | 375344891 | 2617432 | 64516712 | 43187765 | (6010511) | - | - | (2743535) | 476912754 | 70648857 |
| **Convertible Corporate Bonds** | 8563686 | - | 321785 | 1020754 | - | - | - | - | 9906225 | 321785 |
| **Preferred Securities** | 5309285 | - | 997052 | 1654673 | - | - | - | - | 7961010 | 997052 |
| <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 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $207,648,600) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $10,870,497,428) | $19058516097 |  |
| Fidelity Central Funds (cost $278,479,512) | 278479512 |  |
| Total Investment in Securities (cost $11,148,976,940) |  | $19336995609 |
| Restricted cash |  | 10552 |
| Foreign currency held at value (cost $406) |  | 406 |
| Receivable for investments sold |  | 22282225 |
| Unrealized appreciation on unfunded commitments |  | 755080 |
| Receivable for fund shares sold |  | 11838172 |
| Dividends receivable |  | 6593170 |
| Interest receivable |  | 362370 |
| Distributions receivable from Fidelity Central Funds |  | 387442 |
| Other receivables |  | 543668 |
| **Total assets** |  | 19379768694 |
| **Liabilities** |  |  |
| Payable to custodian bank | $3557120 |  |
| Payable for investments purchased  | 10245370 |  |
| Payable for fund shares redeemed | 9882131 |  |
| Accrued management fee | 7081355 |  |
| Other payables and accrued expenses | 2369655 |  |
| Collateral on securities loaned | 223434014 |  |
| **Total liabilities** |  | 256569645 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $19123199049 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $10449487689 |
| Total accumulated earnings (loss) |  | 8673711360 |
| **Net Assets** |  | $19123199049 |
| **Net Asset Value**, offering price and redemption price per share ($19,123,199,049 ÷ 644,906,363 shares) |  | $29.65 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $42464971 |
| Interest  |  | 291349 |
| Income from Fidelity Central Funds (including $825,432 from security lending)  |  | 1851527 |
| **Total income** |  | 44607847 |
| **Expenses** |  |  |
| Management fee | $44688141 |  |
| Independent trustees' fees and expenses | 42996 |  |
| Interest | 14637 |  |
| Total expenses before reductions | 44745774 |  |
| Expense reductions | (4443) |  |
| Total expenses after reductions |  | 44741331 |
| **Net Investment income (loss)** |  | (133484) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 309423691 |  |
| Redemptions in-kind | 226535596 |  |
| Foreign currency transactions | 15318 |  |
| Futures contracts | (1485052) |  |
| Total net realized gain (loss) |  | 534489553 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $157,639)  | (1002965002) |  |
| Unfunded commitments | (905122) |  |
| Assets and liabilities in foreign currencies | 23319 |  |
| Total change in net unrealized appreciation (depreciation) |  | (1003846805) |
| **Net gain (loss)** |  | (469357252) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(469490736) |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(133484) | $5374015 |
| &nbsp;&nbsp;Net realized gain (loss) | 534489553<br>| 2666690457<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (1003846805) | 4417305885<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (469490736)<br>| 7089370357<br>|
| Distributions to shareholders | (462495103)<br>| (16291092)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1622866314 | 3811265130 |
| Reinvestment of distributions | 461317514<br>| 16250553<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (3295585591) | (5785344119) |
| **Net increase (decrease) in net assets resulting from share transactions** | (1211401763)<br>| (1957828436)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (2143387602)<br>| 5115250829<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 21266586651 | 16151335822<br>|
| &nbsp;&nbsp;End of period | $19123199049 | $21266586651 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 55124209 | 144105130 |
| Issued in reinvestment of distributions | 14649651<br>| 721926<br>|
| &nbsp;&nbsp;Redeemed | (112836352) | (221182974) |
| &nbsp;&nbsp;Net increase (decrease) | (43062492) | (76355918) |

---

**Consolidated Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $30.91 | $21.13 | $16.83 | $24.27 | $18.67 | $11.19 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | - C | .01  | .02  | .03  | - C,D | - C |
| Net realized and unrealized gain (loss)  | (.58)  | 9.79  | 4.31  | (6.87)  | 5.78  | 7.49  |
| Total from investment operations  | (.58)  | 9.80  | 4.33  | (6.84)  | 5.78  | 7.49  |
| Distributions from net investment income  | (.01)  | (.02)  | (.03)  | -  | (.02)  | (.01)  |
| Distributions from net realized gain  | (.66)  | -  | -  | (.60)  | (.16)  | -  |
| Total distributions  | (.68) E | (.02)  | (.03)  | (.60)  | (.18)  | (.01)  |
| Net asset value, end of period  | $29.65 | $30.91 | $21.13 | $16.83 | $24.27 | $18.67 |
| **Total Return** F,G | (2.02)% <br>| 46.43%  | 25.77%  | (28.85)%  | 31.20%  | 66.95%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .45% J | .45%  | .45%  | .45%  | .45%  | .45%  |
| Expenses net of fee waivers, if any  | .45% J<br>| .45%  | .45%  | .45%  | .45%  | .45%  |
| Expenses net of all reductions, if any  | .45% J | .45%  | .45%  | .45%  | .45%  | .45%  |
| Net investment income (loss)  | -% J,K | .03%  | .10%  | .15%  | (.01)% D | .01%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $19123199 | $21266587 | $16151336 | $11611605 | $14970335 | $8000089 |
| Portfolio turnover rate L,M | 17% J<br>| 22%  | 17%  | 23%  | 22%  | 18%  |

---

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 (.07)%.*

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

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

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

H*Fees and expenses of any underlying 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.*

I*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.*

J*Annualized.*

K*Amount represents less than .005%.*

L*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.* 

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

**Notes to Consolidated Financial Statements** **(Unaudited)**

For the period ended May 31, 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 financial statements and 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 | $173426082 | Market comparable  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 31.4 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI)  | 16.5 | Increase |
|  |  |  | Enterprise value/Revenue multiple (EV/R)  | 1.5 - 39.4 / 7.1 | Increase |
|  |  |  | Spinout allocation  | 12.5% | Increase |
|  |  |  | Spinout valuation  | $28000000.00  | Increase |
|  |  |  | Spinout valuation weighting  | 30.0% - 70.0% / 50.0% | Increase |
|  |  | Market approach  | Discount rate | 5.0% - 40.0% / 39.8% | Decrease |
|  |  |  | Premium rate | 50.0% | Increase |
|  |  |  | Transaction price | $0.02 - $33.33 / $12.30 | Increase |
|  |  | Discounted cash flow  | Discount rate | 4.2% - 13.6% / 10.3% | Decrease |
|  |  |  | Probability rate | 2.5% - 90.0% / 51.8% | Increase |
|  |  |  | Term | 0.1 - 9.7 / 5.9 | Increase |
|  |  | Recovery value  | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Discount rate | 2.6% - 4.3% / 4.1% | Increase |
|  |  |  | Term | 1.0 - 5.0 / 2.1 | Increase |
|  |  |  | Volatility | 50.0% - 80.0% / 59.0% | Increase |
| Convertible Corporate Bonds | $9906225 | Market comparable | Discount rate | 25.0% - 33.2% / 28.7% | Decrease |
|  |  |  | Enterprise value/Revenue multiple (EV/R) | 1.9 - 11.5 / 4.8 | Increase |
|  |  |  | Probability rate | 0.0% - 75.0% / 29.2% | Increase |
|  |  | Market approach | Discount rate | 19.8% - 35.4% / 20.7% | Decrease |
|  |  |  | Probability rate | 0.0% - 80.0% / 33.3% | Increase |
|  |  |  | Transaction price | $7.75 - $100.00 / $69.25 | Increase |
|  |  | Black scholes | Discount rate | 4.1% - 5.0% / 4.3% | Increase |
|  |  |  | Term | 0.1 - 1.3 / 0.6 | Increase |
|  |  |  | Volatility | 65.0% - 100.0% / 71.4% | Increase |
| Convertible Preferred Stocks | $476912754 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 31.4 | Increase |
|  |  |  | Enterprise Value/Gross Profit multiple (EV/GP) | 11.5 | Increase |
|  |  |  | Enterprise value/Revenue multiple (EV/R) | 1.1 - 39.4 / 11.3 | Increase |
|  |  | Market approach | Discount rate | 5.0% - 80.0% / 19.5% | Decrease |
|  |  |  | Premium rate | 15.0% | Increase |
|  |  |  | Transaction price | $0.41 - $239.78 / $27.85 | Increase |
|  |  | Recovery value | Recovery value | $0.00 - $0.11 / $0.06 | Increase |
|  |  | Black scholes | Discount rate | 3.8% - 4.3% / 4.0% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 2.9 | Increase |
|  |  |  | Volatility | 40.0% - 100.0% / 71.2% | Increase |
| Preferred Securities | $7961010 | Market comparable | Discount rate | 15.5% - 23.1% / 21.4% | Decrease |
|  |  |  | Enterprise value/Revenue multiple (EV/R) | 1.5 - 15.0 / 7.8 | Increase |
|  |  |  | Probability rate | 0.0% - 75.0% / 24.0% | Increase |
|  |  | Market approach | Discount rate | 5.0% - 37.9% / 27.4% | Decrease |
|  |  |  | Probability rate | 0.0% - 90.0% / 33.6% | Increase |
|  |  |  | Transaction price | $100.00  | Increase |
|  |  | Black scholes | Discount rate | 4.0% - 5.0% / 4.2% | Increase |
|  |  |  | Term | 0.3 - 3.0 / 1.4 | Increase |
|  |  |  | Volatility | 50.0% - 100.0% / 58.6% | Increase |

---

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 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** | $361818 |

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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. 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 foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), contingent interest, redemptions in-kind, partnerships, capital loss carryforwards and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $9108329299 |
| **Gross unrealized depreciation** | <u>(964049682)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$8144279617</u> |
| **Tax cost** | <u>$11192715992</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 Growth Company K6 Fund** | Crescent Biopharma, Inc | 1399357 | 755080 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Net Assets** |
| **Fidelity Growth Company K6 Fund** | 3985943 | .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):

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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.

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Growth Company K6 Fund** | 1705548808 | 3085721848 |

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**Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The 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.

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| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Growth Company K6 Fund** | 13691419 | 226535596 | 404823364 |

---

**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.

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| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity Growth Company K6 Fund** | 2127789 | 65025246 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Shares that were redeemed 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.

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| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **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.

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| | | |
|:---|:---|:---|
|  | **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:

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Growth Company K6 Fund** | 90341 |

---

**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Growth Company K6 Fund** | Borrower | 12629333 | 4.64% | 14637 |

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**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 Growth Company K6 Fund** | 230685707 | 217372413 | 24184512 |

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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 advisor.

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 Growth Company K6 Fund** | 91144 | 3843 | 1281665 |

---

**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 $4,443.

**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 pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Growth Company K6 Fund**

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

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

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

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

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to funds and classes in the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

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

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

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

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

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

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img109870_4.jpg)<br>

1.9893923.105 GCF-K6-SANN-0725

**Fidelity® Series Growth Company Fund**

**Semi-Annual Report**

**May 31, 2025**

![](img109860_1.jpg)

![](img109860_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7Consolidated_XS7-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Growth Company Fund](#Sub_Sec_Fund_2610_XS7-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements2610_XS7-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_XS7-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_XS7-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_XS7-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_XS7-SANN)** |

---

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.© 2025 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 (Semi-Annual Report)**

**Fidelity® Series Growth Company Fund**

**Consolidated Schedule of Investments May 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.2%** | &nbsp;&nbsp;**Common Stocks - 97.2%** | &nbsp;&nbsp;**Common Stocks - 97.2%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Inc Class A (b)(c)(d) | 1088 | 1407937 |
| 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  | 114600 | 20806599 |
| TOTAL BELGIUM |  | 20806599 |
| CANADA - 0.4%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Canada Goose Holdings Inc Subordinate Voting Shares (c)(e) | 395015 | 4778117 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Cameco Corp (United States)  | 61000 | 3570330 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Celestica Inc (United States) (c) | 34300 | 3957534 |
| IT Services - 0.3% |  |  |
| Shopify Inc Class A (c) | 362090 | 38690478 |
| TOTAL INFORMATION TECHNOLOGY |  | 42648012 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Agnico Eagle Mines Ltd/CA (United States) (e) | 31600 | 3728484 |
| Barrick Mining Corp  | 883700 | 16948289 |
|  |  | 20676773 |
| TOTAL CANADA |  | 71673232 |
| CHINA - 0.4%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Alibaba Group Holding Ltd ADR  | 167600 | 19079584 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Atour Lifestyle Holdings Ltd ADR  | 331100 | 10366741 |
| Trip.com Group Ltd ADR  | 54500 | 3414425 |
|  |  | 13781166 |
| TOTAL CONSUMER DISCRETIONARY |  | 32860750 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Ant International Co Ltd Class C (b)(d) | 570188 | 1071953 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| BeOne Medicines Ltd ADR (c) | 170039 | 41758178 |
| Zai Lab Ltd ADR (c) | 74500 | 2245430 |
|  |  | 44003608 |
| TOTAL CHINA |  | 77936311 |
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Ascendis Pharma A/S ADR (c) | 9489 | 1545189 |
| Zealand Pharma A/S (c) | 257300 | 17885234 |
| TOTAL DENMARK |  | 19430423 |
| FINLAND - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Communications Equipment - 0.2% |  |  |
| Nokia Oyj ADR (e) | 7648100 | 39923082 |
| FRANCE - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| DNA Script SAS (b)(c)(d) | 324 | 9926 |
| DNA Script SAS (b)(c)(d) | 85 | 2600 |
| TOTAL FRANCE |  | 12526 |
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (c) | 50500 | 2715890 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| BioNTech SE ADR (c) | 129202 | 12378844 |
| TOTAL GERMANY |  | 15094734 |
| INDIA - 0.5%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Eternal Ltd (c) | 2843600 | 7923557 |
| MakeMyTrip Ltd (c) | 247050 | 25107692 |
|  |  | 33031249 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Reliance Industries Ltd  | 868018 | 14421210 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| HDFC Bank Ltd/Gandhinagar ADR  | 386722 | 29154972 |
| Financial Services - 0.0% |  |  |
| Jio Financial Services Ltd (c) | 413459 | 1385778 |
| TOTAL FINANCIALS |  | 30540750 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| Delhivery Ltd (c) | 646600 | 2706626 |
| TOTAL INDIA |  | 80699835 |
| IRELAND - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.0% |  |  |
| Prothena Corp PLC (c) | 758905 | 3483374 |
| Pharmaceuticals - 0.1% |  |  |
| GH Research PLC (c) | 317000 | 3813510 |
| TOTAL HEALTH CARE |  | 7296884 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Circle Internet Financial LLC  | 137221 | 3567746 |
| TOTAL IRELAND |  | 10864630 |
| ISRAEL - 0.2%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Personal Care Products - 0.2% |  |  |
| Oddity Tech Ltd Class A (c)(e) | 317571 | 23636810 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Etoro Group Ltd  | 21900 | 1296480 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Wix.com Ltd (c) | 24100 | 3589695 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd warrants 1/11/2034 (b)(c)(d) | 7116 | 0 |
| Xsight Labs Ltd warrants 12/30/2031 (b)(c)(d) | 20595 | 0 |
|  |  | 0 |
| TOTAL INFORMATION TECHNOLOGY |  | 3589695 |
| TOTAL ISRAEL |  | 28522985 |
| ITALY - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Passenger Airlines - 0.0% |  |  |
| Ryanair Holdings PLC ADR  | 10445 | 580742 |
| JAPAN - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Machinery - 0.1% |  |  |
| Mitsubishi Heavy Industries Ltd  | 644600 | 14842818 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Allegro MicroSystems Inc (c) | 157400 | 3990090 |
| Kioxia Holdings Corp (c)(e) | 335700 | 4896864 |
|  |  | 8886954 |
| TOTAL JAPAN |  | 23729772 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Samsung Electronics Co Ltd  | 58763 | 2390054 |
| MEXICO - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| BBB Foods Inc Class A (c) | 209300 | 6040398 |
| NETHERLANDS - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Biotechnology - 0.6% |  |  |
| Argenx SE ADR (c) | 169260 | 97029988 |
| Pharmaceuticals - 0.0% |  |  |
| Pharvaris NV (c) | 289539 | 4806347 |
| TOTAL HEALTH CARE |  | 101836335 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| ASML Holding NV depository receipt  | 985 | 725718 |
| TOTAL NETHERLANDS |  | 102562053 |
| POLAND - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| CCC SA (c) | 132000 | 7701954 |
| SWITZERLAND - 0.7%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| On Holding AG Class A (c)(e) | 1866006 | 110822096 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.0% |  |  |
| CRISPR Therapeutics AG (c)(e) | 143200 | 5196728 |
| Idorsia Ltd (c)(e) | 374514 | 747208 |
|  |  | 5943936 |
| Pharmaceuticals - 0.1% |  |  |
| Galderma Group AG  | 77290 | 10114378 |
| TOTAL HEALTH CARE |  | 16058314 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| TE Connectivity PLC  | 1241 | 198647 |
| TOTAL SWITZERLAND |  | 127079057 |
| TAIWAN - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 139168 | 26903958 |
| UNITED KINGDOM - 0.2%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| 3i Group PLC  | 276700 | 15197795 |
| Financial Services - 0.0% |  |  |
| Revolut Group Holdings Ltd (b)(d) | 1828 | 1609371 |
| TOTAL FINANCIALS |  | 16807166 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Immunocore Holdings PLC ADR (c) | 275670 | 10089522 |
| TOTAL UNITED KINGDOM |  | 26896688 |
| UNITED STATES - 93.3%  |  |  |
| Communication Services - 12.9% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Verizon Communications Inc  | 109200 | 4800432 |
| Entertainment - 2.1% |  |  |
| Electronic Arts Inc  | 2854 | 410348 |
| Netflix Inc (c) | 268129 | 323693373 |
| ROBLOX Corp Class A (c) | 292200 | 25415556 |
| Roku Inc Class A (c) | 90576 | 6563137 |
| Spotify Technology SA (c) | 10200 | 6784428 |
| Walt Disney Co/The  | 8076 | 912911 |
|  |  | 363779753 |
| Interactive Media & Services - 10.4% |  |  |
| Alphabet Inc Class A  | 3449480 | 592413695 |
| Alphabet Inc Class C  | 2155960 | 372657686 |
| Epic Games Inc (b)(c)(d) | 11800 | 7954734 |
| IAC Inc Class A (c) | 6700 | 240931 |
| Meta Platforms Inc Class A  | 1248430 | 808345941 |
| Pinterest Inc Class A (c) | 134400 | 4181184 |
| Reddit Inc Class A (c) | 93038 | 10452820 |
| Reddit Inc Class B (c) | 46152 | 5185177 |
| Snap Inc Class A (c) | 1838303 | 15166000 |
|  |  | 1816598168 |
| Media - 0.0% |  |  |
| Comcast Corp Class A  | 125100 | 4324707 |
| Trade Desk Inc (The) Class A (c) | 66500 | 5002130 |
|  |  | 9326837 |
| Wireless Telecommunication Services - 0.4% |  |  |
| T-Mobile US Inc  | 263253 | 63759877 |
| TOTAL COMMUNICATION SERVICES |  | 2258265067 |
| Consumer Discretionary - 15.2% |  |  |
| Automobiles - 1.8% |  |  |
| Neutron Holdings Inc (b)(c)(d) | 438358 | 27441 |
| Rad Power Bikes Inc (b)(c)(d) | 249183 | 22426 |
| Rad Power Bikes Inc warrants 10/6/2033 (b)(c)(d) | 181375 | 34462 |
| Rivian Automotive Inc Class A (c)(e) | 225619 | 3278244 |
| Tesla Inc (c) | 904005 | 313201572 |
|  |  | 316564145 |
| Broadline Retail - 7.2% |  |  |
| Amazon.com Inc (c) | 5802360 | 1189541824 |
| Etsy Inc (c) | 15381 | 851338 |
| Ollie's Bargain Outlet Holdings Inc (c) | 584737 | 65168939 |
|  |  | 1255562101 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Airbnb Inc Class A (c) | 62800 | 8101200 |
| Booking Holdings Inc  | 13172 | 72695346 |
| Brinker International Inc (c) | 79100 | 13655033 |
| Cava Group Inc (c) | 34250 | 2783498 |
| Chipotle Mexican Grill Inc (c) | 519250 | 26004040 |
| DoorDash Inc Class A (c) | 41700 | 8700705 |
| Dutch Bros Inc Class A (c) | 3600 | 259920 |
| Expedia Group Inc Class A  | 5800 | 967150 |
| Hyatt Hotels Corp Class A (e) | 3983 | 525875 |
| Marriott International Inc/MD Class A1  | 94850 | 25024276 |
| McDonald's Corp  | 2925 | 918011 |
| Shake Shack Inc Class A (c) | 22236 | 2886010 |
| 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  | 132853 | 11153009 |
| Viking Holdings Ltd (c) | 59000 | 2633760 |
| Wingstop Inc  | 11400 | 3895380 |
|  |  | 180203213 |
| Household Durables - 0.4% |  |  |
| DR Horton Inc  | 52300 | 6174538 |
| Garmin Ltd  | 164100 | 33307377 |
| Lennar Corp Class A  | 77200 | 8189376 |
| SharkNinja Inc (c) | 242700 | 22311411 |
| Toll Brothers Inc  | 62300 | 6494775 |
|  |  | 76477477 |
| Leisure Products - 0.0% |  |  |
| Peloton Interactive Inc Class A (c) | 227842 | 1617678 |
| Specialty Retail - 2.2% |  |  |
| Carvana Co Class A (c) | 90600 | 29640696 |
| Dick's Sporting Goods Inc  | 117800 | 21126252 |
| Fanatics Inc Class A (b)(c)(d) | 180405 | 10986665 |
| Floor & Decor Holdings Inc Class A (c) | 49800 | 3570162 |
| Home Depot Inc/The  | 300977 | 110846819 |
| Lowe's Cos Inc  | 173173 | 39090341 |
| Restoration Hardware Inc (c) | 16929 | 3066011 |
| Revolve Group Inc Class A (c) | 521723 | 10747494 |
| Ross Stores Inc  | 43100 | 6037879 |
| TJX Cos Inc/The  | 720272 | 91402517 |
| Wayfair Inc Class A (c)(e) | 1214520 | 50086805 |
|  |  | 376601641 |
| Textiles, Apparel & Luxury Goods - 2.6% |  |  |
| Deckers Outdoor Corp (c) | 1404200 | 148171184 |
| Lululemon Athletica Inc (c) | 770958 | 244139270 |
| NIKE Inc Class B  | 268754 | 16283805 |
| Skechers USA Inc Class A (c) | 598315 | 37119463 |
| Tory Burch LLC Class A (b)(c)(d)(f) | 248840 | 9172242 |
|  |  | 454885964 |
| TOTAL CONSUMER DISCRETIONARY |  | 2661912219 |
| Consumer Staples - 3.3% |  |  |
| Beverages - 0.9% |  |  |
| Coca-Cola Co/The  | 1333007 | 96109805 |
| Constellation Brands Inc Class A  | 8000 | 1426319 |
| Keurig Dr Pepper Inc  | 716871 | 24137047 |
| Monster Beverage Corp (c) | 119870 | 7665687 |
| PepsiCo Inc  | 146664 | 19278983 |
|  |  | 148617841 |
| Consumer Staples Distribution & Retail - 1.1% |  |  |
| Albertsons Cos Inc Class A  | 789800 | 17557254 |
| Costco Wholesale Corp  | 104794 | 109004624 |
| Dollar Tree Inc (c) | 8800 | 794288 |
| Kroger Co/The  | 469340 | 32023068 |
| Maplebear Inc (c) | 20445 | 933723 |
| Target Corp  | 140663 | 13223729 |
| Walmart Inc  | 180000 | 17769600 |
|  |  | 191306286 |
| Food Products - 0.1% |  |  |
| Archer-Daniels-Midland Co  | 1500 | 72405 |
| Bunge Global SA  | 36454 | 2848880 |
| Conagra Brands Inc  | 211900 | 4850391 |
| Hershey Co/The  | 11600 | 1864004 |
| Mondelez International Inc  | 115017 | 7762497 |
| Real Good Food Co Inc/The Class A (c) | 1 | 0 |
| Simply Good Foods Co/The (c) | 129400 | 4465594 |
| WK Kellogg Co (e) | 47500 | 803700 |
|  |  | 22667471 |
| Household Products - 0.2% |  |  |
| Church & Dwight Co Inc  | 65621 | 6451201 |
| Clorox Co/The  | 10700 | 1411115 |
| Colgate-Palmolive Co  | 94691 | 8800582 |
| Procter & Gamble Co/The  | 112678 | 19142865 |
|  |  | 35805763 |
| Personal Care Products - 0.1% |  |  |
| Beauty Health Co/The (c)(d) | 553828 | 902739 |
| Beauty Health Co/The Class A (c)(e) | 1091098 | 1778490 |
| BellRing Brands Inc (c) | 65300 | 4110635 |
| Kenvue Inc  | 222300 | 5306301 |
|  |  | 12098165 |
| Tobacco - 0.9% |  |  |
| JUUL Labs Inc Class A (b)(c)(d) | 2069029 | 2524215 |
| Philip Morris International Inc  | 888300 | 160418097 |
|  |  | 162942312 |
| TOTAL CONSUMER STAPLES |  | 573437838 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Baker Hughes Co Class A  | 87700 | 3249285 |
| Halliburton Co  | 78600 | 1539773 |
|  |  | 4789058 |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| EOG Resources Inc  | 6700 | 727419 |
| EQT Corp  | 171500 | 9454795 |
| Exxon Mobil Corp  | 4500 | 460350 |
| Range Resources Corp  | 507800 | 19316712 |
| Valero Energy Corp  | 32800 | 4230216 |
|  |  | 34189492 |
| TOTAL ENERGY |  | 38978550 |
| Financials - 4.7% |  |  |
| Banks - 0.5% |  |  |
| Bank of America Corp  | 836617 | 36919908 |
| JPMorgan Chase & Co  | 130923 | 34563672 |
| Wells Fargo & Co  | 282200 | 21102916 |
|  |  | 92586496 |
| Capital Markets - 1.0% |  |  |
| Blackrock Inc  | 25397 | 24886266 |
| Coinbase Global Inc Class A (c) | 71100 | 17534682 |
| Goldman Sachs Group Inc/The  | 21950 | 13179878 |
| Robinhood Markets Inc Class A (c) | 1830100 | 121061115 |
|  |  | 176661941 |
| Consumer Finance - 0.1% |  |  |
| American Express Co  | 37300 | 10968065 |
| Financial Services - 3.0% |  |  |
| Apollo Global Management Inc  | 122900 | 16061801 |
| Block Inc Class A (c) | 35685 | 2203549 |
| Mastercard Inc Class A  | 339949 | 199074134 |
| PayPal Holdings Inc (c) | 4127 | 290046 |
| Saluda Medical Inc warrants 1/20/2027 (b)(c)(d) | 16498 | 18643 |
| Toast Inc Class A (c) | 524800 | 22136064 |
| Visa Inc Class A  | 747312 | 272910869 |
|  |  | 512695106 |
| Insurance - 0.1% |  |  |
| Progressive Corp/The  | 74900 | 21341257 |
| TOTAL FINANCIALS |  | 814252865 |
| Health Care - 7.8% |  |  |
| Biotechnology - 4.1% |  |  |
| AbbVie Inc  | 129349 | 24073142 |
| Absci Corp (c)(e) | 1613233 | 4275067 |
| Akouos Inc (b)(c) | 200563 | 38107 |
| Alector Inc (c) | 985555 | 1310788 |
| Alnylam Pharmaceuticals Inc (c) | 357431 | 108859185 |
| Amgen Inc  | 98904 | 28502155 |
| Annexon Inc (c) | 496640 | 1013146 |
| Antares Therapeutics Inc (b) | 526726 | 94811 |
| Apogee Therapeutics Inc (c) | 411336 | 15071351 |
| Arcellx Inc (c) | 76100 | 4722766 |
| Arrowhead Pharmaceuticals Inc (c)(e) | 374918 | 6024932 |
| aTyr Pharma Inc (c)(e) | 1002131 | 4479526 |
| Avidity Biosciences Inc (c) | 1045712 | 32396158 |
| Beam Therapeutics Inc (c)(e) | 799867 | 12661895 |
| Biogen Inc (c) | 1242 | 161199 |
| Biohaven Ltd (c) | 45200 | 669412 |
| Biomea Fusion Inc (c)(e) | 500827 | 721191 |
| Boundless Bio Inc (c) | 276061 | 303667 |
| CAMP4 Therapeutics Corp (e) | 24200 | 47916 |
| Candel Therapeutics Inc (c) | 197100 | 1074195 |
| Caris Life Sciences Inc (b)(c)(d) | 396011 | 712820 |
| Cartesian Therapeutics Inc (c) | 90131 | 861652 |
| Cibus Inc Class A (c)(e) | 385439 | 1244968 |
| Crinetics Pharmaceuticals Inc (c) | 149700 | 4567347 |
| Day One Biopharmaceuticals Inc (c)(e) | 238200 | 1519716 |
| Denali Therapeutics Inc (c) | 363800 | 4816712 |
| Deverra Therapeutics (b)(c) | 20487 | 0 |
| Dianthus Therapeutics Inc (c) | 252484 | 4390697 |
| Disc Medicine Inc rights (b)(c) | 16600 | 0 |
| Dyne Therapeutics Inc (c) | 318000 | 3803280 |
| Entrada Therapeutics Inc (c) | 33769 | 256644 |
| Exact Sciences Corp (c) | 45700 | 2571996 |
| Foghorn Therapeutics Inc (c)(e) | 385512 | 1572889 |
| Generation Bio CO (c) | 172860 | 65376 |
| Ideaya Biosciences Inc (c) | 1142500 | 22724325 |
| Immunome Inc (c)(e) | 406697 | 3562666 |
| Immunovant Inc (c)(e) | 1272659 | 18898986 |
| Ionis Pharmaceuticals Inc (c) | 2152552 | 72132018 |
| Jade Biosciences Inc (d) | 142886 | 1035924 |
| Janux Therapeutics Inc (c) | 391408 | 9315510 |
| Korro Bio Inc (c)(d) | 16996 | 194094 |
| Korro Bio Inc (c)(e) | 15857 | 181087 |
| Krystal Biotech Inc (c) | 185700 | 23390772 |
| Kymera Therapeutics Inc (c) | 370800 | 10990512 |
| Lexicon Pharmaceuticals Inc (c)(e) | 2875818 | 1801988 |
| Metsera Inc (e) | 731936 | 19557330 |
| Metsera Inc (g) | 109069 | 2914324 |
| Moderna Inc (c) | 1375541 | 36534369 |
| Monte Rosa Therapeutics Inc (c)(e) | 25800 | 107844 |
| MoonLake Immunotherapeutics Class A (c) | 110500 | 4310605 |
| Nurix Therapeutics Inc (c) | 159500 | 1695485 |
| Nuvalent Inc Class A (c) | 476608 | 35559723 |
| ORIC Pharmaceuticals Inc (c) | 62908 | 513958 |
| Oruka Therapeutics Inc  | 78239 | 857499 |
| Recursion Pharmaceuticals Inc Class A (c)(e) | 239300 | 1000274 |
| Regeneron Pharmaceuticals Inc  | 23121 | 11335764 |
| Revolution Medicines Inc (c) | 529102 | 20846619 |
| Roivant Sciences Ltd (c) | 4908400 | 53943316 |
| Sana Biotechnology Inc (c)(e) | 2609200 | 5661964 |
| Scholar Rock Holding Corp (c) | 933600 | 27083736 |
| Scholar Rock Holding Corp warrants 12/31/2025 (c)(d) | 44550 | 973015 |
| Seres Therapeutics Inc (c)(e) | 36480 | 257184 |
| Sigilon Therapeutics Inc rights (b)(c) | 3192 | 26877 |
| Spyre Therapeutics Inc (c) | 377945 | 5775000 |
| Summit Therapeutics Inc (c)(e) | 579083 | 10547997 |
| Taysha Gene Therapies Inc (c)(e) | 1032020 | 2796774 |
| Tectonic Therapeutic Inc (c)(e) | 178922 | 3848612 |
| UNITY Biotechnology Inc warrants 8/22/2027 (c) | 700000 | 18 |
| Upstream Bio Inc  | 79100 | 730093 |
| Vaxcyte Inc (c) | 117290 | 3810752 |
| Vera Therapeutics Inc Class A (c) | 149382 | 2830789 |
| Vertex Pharmaceuticals Inc (c) | 45493 | 20110181 |
| Viking Therapeutics Inc (c)(e) | 185400 | 4968720 |
|  |  | 715711410 |
| Health Care Equipment & Supplies - 1.1% |  |  |
| Abbott Laboratories  | 21701 | 2898820 |
| Blink Health LLC Class A1 (b)(c)(d) | 28770 | 952862 |
| Boston Scientific Corp (c) | 66700 | 7020842 |
| Ceribell Inc  | 59300 | 996833 |
| Dexcom Inc (c) | 89184 | 7651987 |
| GE HealthCare Technologies Inc  | 42300 | 2983842 |
| Inspire Medical Systems Inc (c) | 4450 | 614990 |
| Insulet Corp (c) | 6060 | 1969682 |
| Intuitive Surgical Inc (c) | 200973 | 111005427 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 (b)(c)(d) | 3109 | 37930 |
| Novocure Ltd (c) | 1598800 | 30553068 |
| PROCEPT BioRobotics Corp (c) | 431562 | 25030596 |
|  |  | 191716879 |
| Health Care Providers & Services - 0.4% |  |  |
| Alignment Healthcare Inc (c) | 448822 | 6898394 |
| Cardinal Health Inc  | 71300 | 11011572 |
| CVS Health Corp  | 333000 | 21325320 |
| McKesson Corp  | 26300 | 18923113 |
| Scorpion Therapeutics Inc (b) | 526726 | 173820 |
| Scorpion Therapeutics Inc (b) | 526726 | 21069 |
| Scorpion Therapeutics Inc (b) | 526726 | 5 |
| Scorpion Therapeutics Inc rights 3/5/2040 (b)(c) | 526726 | 289699 |
| UnitedHealth Group Inc  | 41154 | 12424804 |
|  |  | 71067796 |
| Health Care Technology - 0.0% |  |  |
| Prognomiq Inc (b)(c) | 36205 | 9051 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Danaher Corp  | 4033 | 765867 |
| Thermo Fisher Scientific Inc  | 1200 | 483384 |
|  |  | 1249251 |
| Pharmaceuticals - 2.2% |  |  |
| Adimab LLC (b)(c)(d)(f) | 762787 | 11731665 |
| Adimab LLC (b)(c)(d)(f) | 762787 | 3669005 |
| Alto Neuroscience Inc (c)(e) | 18600 | 47988 |
| Atea Pharmaceuticals Inc (c) | 140800 | 418176 |
| Bristol-Myers Squibb Co  | 85765 | 4140734 |
| Dragonfly Therapeutics Inc (b)(d) | 126113 | 4060839 |
| Eli Lilly & Co  | 448700 | 330992529 |
| Harmony Biosciences Holdings Inc (c) | 375123 | 12941744 |
| Maze Therapeutics Inc (e) | 32500 | 325325 |
| Merck & Co Inc  | 37100 | 2850764 |
| Nuvation Bio Inc Class A (c) | 3748402 | 7946612 |
| Ocular Therapeutix Inc (c)(e) | 449120 | 3597451 |
| Optinose Inc (b) | 103948 | 1 |
| Optinose Inc warrants 11/23/2027 (b)(c) | 206400 | 4035 |
| Pfizer Inc  | 12000 | 281880 |
| Rapport Therapeutics Inc (c) | 405453 | 3353096 |
| Roche Holding AG rights (b)(c) | 858559 | 1373694 |
| Sienna Biopharmaceuticals Inc (c) | 589618 | 1 |
| Skyhawk Therapeutics Inc (b)(c)(d) | 126063 | 1403081 |
| Structure Therapeutics Inc ADR (c) | 97677 | 2125452 |
|  |  | 391264072 |
| TOTAL HEALTH CARE |  | 1371018459 |
| Industrials - 2.6% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| Boeing Co (c) | 80386 | 16665626 |
| GE Aerospace  | 62500 | 15369375 |
| Lockheed Martin Corp  | 2060 | 993702 |
| Space Exploration Technologies Corp (b)(c)(d) | 714271 | 132140135 |
|  |  | 165168838 |
| Air Freight & Logistics - 0.0% |  |  |
| United Parcel Service Inc Class B  | 15184 | 1481047 |
| Building Products - 0.0% |  |  |
| AZEK Co Inc/The Class A (c) | 118000 | 5842180 |
| Construction & Engineering - 0.1% |  |  |
| Fluor Corp (c) | 267100 | 11106018 |
| Quanta Services Inc  | 32900 | 11270224 |
| WillScot Holdings Corp  | 12600 | 339570 |
|  |  | 22715812 |
| Electrical Equipment - 0.3% |  |  |
| Eaton Corp PLC  | 77544 | 24829589 |
| Emerson Electric Co  | 37349 | 4458723 |
| GE Vernova Inc  | 25550 | 12084639 |
| Vertiv Holdings Co Class A  | 52400 | 5655532 |
|  |  | 47028483 |
| Ground Transportation - 0.6% |  |  |
| Avis Budget Group Inc (c)(e) | 93700 | 11411723 |
| Lyft Inc Class A (c) | 101300 | 1543812 |
| Uber Technologies Inc (c) | 803004 | 67580817 |
| Union Pacific Corp  | 79161 | 17546827 |
|  |  | 98083179 |
| Industrial Conglomerates - 0.1% |  |  |
| 3M Co  | 45180 | 6702453 |
| Honeywell International Inc  | 38783 | 8790943 |
|  |  | 15493396 |
| Machinery - 0.3% |  |  |
| Caterpillar Inc  | 54760 | 19058123 |
| Deere & Co  | 38852 | 19669214 |
| Illinois Tool Works Inc  | 30953 | 7585961 |
|  |  | 46313298 |
| Passenger Airlines - 0.3% |  |  |
| Delta Air Lines Inc  | 278890 | 13495487 |
| JetBlue Airways Corp (c)(e) | 133014 | 671721 |
| Southwest Airlines Co  | 338237 | 11290351 |
| United Airlines Holdings Inc (c) | 346225 | 27505845 |
| 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 | 0 |
|  |  | 52963404 |
| Professional Services - 0.0% |  |  |
| Paylocity Holding Corp (c) | 12697 | 2423857 |
| TOTAL INDUSTRIALS |  | 457513494 |
| Information Technology - 46.1% |  |  |
| Communications Equipment - 1.0% |  |  |
| Arista Networks Inc  | 380628 | 32977610 |
| Ciena Corp (c) | 1642668 | 131512000 |
| Lumentum Holdings Inc (c) | 119500 | 8637460 |
|  |  | 173127070 |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Coherent Corp (c) | 434890 | 32890731 |
| Corning Inc  | 242900 | 12045411 |
| Zebra Technologies Corp Class A (c) | 11500 | 3332354 |
|  |  | 48268496 |
| IT Services - 1.3% |  |  |
| Akamai Technologies Inc (c) | 29600 | 2247528 |
| Cloudflare Inc Class A (c) | 685881 | 113780799 |
| CoreWeave Inc Class A (g) | 593420 | 66053581 |
| CoreWeave Inc Class A (c)(e) | 164400 | 18299364 |
| CoreWeave Inc Class A (b)(g) | 43862 | 4902122 |
| IBM Corporation  | 15495 | 4014135 |
| Kyndryl Holdings Inc (c) | 118000 | 4606720 |
| MongoDB Inc Class A (c) | 9041 | 1707212 |
| Okta Inc Class A (c) | 109681 | 11315789 |
| Snowflake Inc Class A (c) | 19275 | 3964289 |
| X.Ai Holdings Corp Class A (b)(d) | 62820 | 2296699 |
|  |  | 233188238 |
| Semiconductors & Semiconductor Equipment - 20.0% |  |  |
| Advanced Micro Devices Inc (c) | 119436 | 13225148 |
| Applied Materials Inc  | 157785 | 24732799 |
| ARM Holdings PLC ADR (c) | 9500 | 1183130 |
| Astera Labs Inc (c) | 840812 | 76278465 |
| Broadcom Inc  | 1059250 | 256412648 |
| First Solar Inc (c) | 14750 | 2331680 |
| GlobalFoundries Inc (c) | 186800 | 6687440 |
| Impinj Inc (c) | 175414 | 20012983 |
| KLA Corp  | 41286 | 31248548 |
| Lam Research Corp  | 128500 | 10381515 |
| Marvell Technology Inc  | 690541 | 41563663 |
| Micron Technology Inc  | 90631 | 8561004 |
| Monolithic Power Systems Inc  | 17600 | 11649440 |
| NVIDIA Corp  | 20877000 | 2821109010 |
| ON Semiconductor Corp (c) | 167000 | 7017340 |
| QUALCOMM Inc  | 118709 | 17236547 |
| Silicon Laboratories Inc (c) | 447676 | 53958388 |
| SiTime Corp (c) | 235135 | 46102919 |
| Teradyne Inc  | 107650 | 8461290 |
| Texas Instruments Inc  | 69794 | 12761833 |
|  |  | 3470915790 |
| Software - 14.4% |  |  |
| Adobe Inc (c) | 82512 | 34249906 |
| Appfolio Inc Class A (c) | 5000 | 1055850 |
| AppLovin Corp Class A (c) | 338300 | 132951900 |
| Asapp Inc warrants 8/28/2028 (b)(c)(d) | 250984 | 258514 |
| Atlassian Corp Class A (c) | 4526 | 939733 |
| Autodesk Inc (c) | 62642 | 18549549 |
| Celestial AI Inc (b)(d) | 10863 | 180977 |
| Confluent Inc Class A (c) | 325700 | 7500871 |
| Crowdstrike Holdings Inc Class A (c) | 88733 | 41826074 |
| Datadog Inc Class A (c) | 66580 | 7848450 |
| Docusign Inc (c) | 27800 | 2463358 |
| Elastic NV (c) | 58894 | 4762758 |
| Figma Inc Class A (b)(c)(d) | 84629 | 2475398 |
| HubSpot Inc (c) | 32367 | 19093293 |
| Intuit Inc  | 72694 | 54772748 |
| Microsoft Corp  | 3110466 | 1431934128 |
| MicroStrategy Inc Class A (c)(e) | 52900 | 19523274 |
| Monday.com Ltd (c) | 84375 | 25100719 |
| Nutanix Inc Class A (c) | 3456600 | 265086654 |
| Oracle Corp  | 961104 | 159091545 |
| Palantir Technologies Inc Class A (c) | 71700 | 9448626 |
| Palo Alto Networks Inc (c) | 27300 | 5253066 |
| Rubrik Inc Class A (c) | 137300 | 13091555 |
| SailPoint Inc (e) | 90000 | 1585800 |
| Salesforce Inc  | 346649 | 91990245 |
| SentinelOne Inc Class A (c) | 23300 | 410313 |
| Servicenow Inc (c) | 84750 | 85689878 |
| Stripe Inc Class B (b)(c)(d) | 43500 | 1544250 |
| Synopsys Inc (c) | 7000 | 3247860 |
| Workday Inc Class A (c) | 40632 | 10064953 |
| Zoom Communications Inc Class A (c) | 421803 | 34271494 |
| Zscaler Inc (c) | 102065 | 28139321 |
|  |  | 2514403060 |
| Technology Hardware, Storage & Peripherals - 9.1% |  |  |
| Apple Inc  | 6472728 | 1300047419 |
| Pure Storage Inc Class A (c) | 4385097 | 234997348 |
| Sandisk Corp/DE  | 1528407 | 57605660 |
| Western Digital Corp (c) | 86400 | 4453920 |
|  |  | 1597104347 |
| TOTAL INFORMATION TECHNOLOGY |  | 8037007001 |
| Materials - 0.3% |  |  |
| Chemicals - 0.0% |  |  |
| Albemarle Corp (e) | 4500 | 250920 |
| Corteva Inc  | 71700 | 5076360 |
| Farmers Business Network Inc (b)(c) | 21002 | 38014 |
| Farmers Business Network Inc warrants 9/27/2033 (b)(c)(d) | 468740 | 843732 |
| Mosaic Co/The  | 29100 | 1051674 |
|  |  | 7260700 |
| Containers & Packaging - 0.0% |  |  |
| Smurfit WestRock PLC  | 133300 | 5775889 |
| Metals & Mining - 0.3% |  |  |
| Freeport-McMoRan Inc  | 886700 | 34120216 |
| TOTAL MATERIALS |  | 47156805 |
| Real Estate - 0.2% |  |  |
| Health Care REITs - 0.0% |  |  |
| Welltower Inc  | 21800 | 3363303 |
| Real Estate Management & Development - 0.1% |  |  |
| CBRE Group Inc Class A (c) | 73700 | 9213974 |
| Zillow Group Inc Class C (c) | 101400 | 6804954 |
|  |  | 16018928 |
| Specialized REITs - 0.1% |  |  |
| American Tower Corp  | 56098 | 12041436 |
| Equinix Inc  | 3200 | 2844224 |
|  |  | 14885660 |
| TOTAL REAL ESTATE |  | 34267891 |
| TOTAL UNITED STATES |  | 16293810189 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $6,422,498,208) |  | <br> **16984067159** |

---

---

| | | |
|:---|:---|:---|
| &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) | 857900 | 2417992 |
| Neutron Holdings Inc 4% 6/12/2027 (b)(d) | 25455 | 71745 |
| Neutron Holdings Inc 8% 10/29/2026 (b)(d)(h) | 1608501 | 2083974 |
|  |  | 4573711 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Saluda Medical Inc 0% (b)(d)(i) | 343200 | 375083 |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| Wugen Inc 10% 6/14/2025 (b)(d) | 408689 | 469584 |
| Pharmaceuticals - 0.0% |  |  |
| Galvanize Therapeutics 6% 2/28/2027 (b)(d) | 751000 | 902101 |
| TOTAL HEALTH CARE |  | 1371685 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 10% 5/12/2199 (b)(d) | 12651 | 8780 |
| Software - 0.0% |  |  |
| Evozyne Inc 6% 9/13/2028 pay-in-kind (b)(d) | 1086811 | 1194187 |
| TOTAL INFORMATION TECHNOLOGY |  | 1202967 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Farmers Business Network Inc 15% 9/28/2025 (b)(d) | 539051 | 596190 |
| TOTAL UNITED STATES |  | 8119636 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $5,633,257) |  | <br> **8119636** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 2.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.3%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Inc Series A (b)(c)(d) | 924 | 1195712 |
| Canva Inc Series A2 (b)(c)(d) | 168 | 217402 |
| TOTAL AUSTRALIA |  | 1413114 |
| BELGIUM - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| AgomAb Therapeutics SA Series C (b)(c)(d) | 9503 | 2399521 |
| AgomAb Therapeutics SA Series D (b)(d) | 1999 | 520661 |
| TOTAL BELGIUM |  | 2920182 |
| CANADA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Deep Genomics Inc Series C (b)(c)(d) | 129534 | 1287568 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Kardium Inc/CA Series D-6 (b)(c)(d) | 1136853 | 1216433 |
| TOTAL HEALTH CARE |  | 2504001 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc Series B (b)(d) | 24600 | 1354230 |
| TOTAL CANADA |  | 3858231 |
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| ByteDance Ltd Series E1 (b)(c)(d) | 84766 | 18798556 |
| ESTONIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Bolt Technology OU Series E (b)(c)(d) | 13569 | 2873699 |
| FINLAND - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| Oura Health Oy Series D (b)(d) | 225686 | 6337263 |
| FRANCE - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| DNA Script SAS Series B (b)(c)(d) | 4 | 147 |
| DNA Script SAS Series C (b)(c)(d) | 2060 | 477863 |
| TOTAL FRANCE |  | 478010 |
| INDIA - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Meesho Series D2 (b)(d) | 45049 | 3391289 |
| Meesho Series E (b)(d) | 7504 | 564901 |
| Meesho Series E1 (b)(c)(d) | 4566 | 343728 |
| Meesho Series F (b)(c)(d) | 69426 | 5331223 |
| TOTAL INDIA |  | 9631141 |
| ISRAEL - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| InSightec Ltd Series G (b)(d) | 1613647 | 1242508 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Element Labs Inc Series A (b)(d) | 134000 | 495800 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd Series D (b)(c)(d) | 167386 | 281208 |
| Xsight Labs Ltd Series E (b)(d) | 102977 | 823817 |
| Xsight Labs Ltd Series E1 (b)(d) | 23720 | 189760 |
|  |  | 1294785 |
| TOTAL ISRAEL |  | 3033093 |
| UNITED KINGDOM - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Quell Therapeutics Ltd Series B (b)(c)(d) | 760965 | 1400175 |
| UNITED STATES - 2.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Neutron Holdings Inc Series 1D (b)(c)(d) | 5678726 | 355488 |
| Rad Power Bikes Inc Series A (b)(c)(d) | 32487 | 2924 |
| Rad Power Bikes Inc Series C (b)(c)(d) | 127831 | 29401 |
| Rad Power Bikes Inc Series D (b)(c)(d) | 215900 | 79883 |
| Waymo LLC Series A2 (b)(c)(d) | 10731 | 753102 |
| Waymo LLC Series C2 (b)(d) | 6310 | 519060 |
|  |  | 1739858 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Discord Inc Series I (b)(c)(d) | 1400 | 340438 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Freenome Holdings Inc Series C (b)(c)(d) | 190858 | 864587 |
| Freenome Holdings Inc Series D (b)(c)(d) | 91538 | 449451 |
| Laronde Inc Series B (b)(c)(d) | 66432 | 1593704 |
|  |  | 2907742 |
| TOTAL CONSUMER DISCRETIONARY |  | 4988038 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| GoBrands Inc Series G (b)(c)(d) | 26833 | 1009725 |
| GoBrands Inc Series H (b)(c)(d) | 21372 | 1030772 |
|  |  | 2040497 |
| Food Products - 0.0% |  |  |
| AgBiome LLC Series C (b)(c)(d) | 338565 | 3 |
| AgBiome LLC Series D (b)(c)(d) | 126371 | 13901 |
|  |  | 13904 |
| Tobacco - 0.0% |  |  |
| JUUL Labs Inc Series E (b)(c)(d) | 6648 | 8111 |
| TOTAL CONSUMER STAPLES |  | 2062512 |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Akeana Series C (b)(c)(d) | 100800 | 1290239 |
| Paragon Biosciences Emalex Capital Inc Series B (b)(c)(d) | 198234 | 2515590 |
| Paragon Biosciences Emalex Capital Inc Series C (b)(c)(d) | 115792 | 1485611 |
| Paragon Biosciences Emalex Capital Inc Series D-3 (b)(d) | 68366 | 944134 |
| Paragon Biosciences Emalex Capital Inc Series D1 (b)(c)(d) | 238444 | 3068775 |
| Paragon Biosciences Emalex Capital Inc Series D2 (b)(c)(d) | 44427 | 544675 |
| Saluda Medical Inc Series D (b)(c)(d) | 109988 | 871105 |
| Saluda Medical Inc Series E (b)(c)(d) | 246641 | 1506977 |
| Saluda Medical Inc Series E-1 (b)(d) | 42508 | 362593 |
| Tenstorrent Holdings Inc Series C1 (b)(c)(d) | 40678 | 2916613 |
| Tenstorrent Holdings Inc Series D1 (b)(d) | 41795 | 3181017 |
| Tenstorrent Holdings Inc Series D2 (b)(d) | 11638 | 853764 |
|  |  | 19541093 |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.3% |  |  |
| Altos Labs Inc Series B (b)(c)(d) | 122084 | 2596727 |
| Altos Labs Inc Series C (b)(c)(d) | 26465 | 562910 |
| Ankyra Therapeutics Series B (b)(c)(d) | 257347 | 1083431 |
| Asimov Inc Series B (b)(c)(d) | 15783 | 407044 |
| Bright Peak Therapeutics Inc. Series B (b)(c)(d) | 239403 | 347134 |
| Bright Peak Therapeutics Inc. Series C (b)(c)(d) | 613036 | 643688 |
| Cardurion Pharmaceuticals Inc Series B (b)(d) | 292510 | 1184666 |
| Caris Life Sciences Inc Series D (b)(c)(d) | 255590 | 2039608 |
| Castle Creek Biosciences Inc Series B (b)(c)(d) | 4910 | 922540 |
| Castle Creek Biosciences Inc Series C (b)(c)(d) | 2570 | 578276 |
| Castle Creek Biosciences Inc Series D1 (b)(c)(d) | 4460 | 902615 |
| Castle Creek Biosciences Inc Series D2 (b)(c)(d) | 1412 | 252507 |
| CELLANOME Inc Series B (b)(c)(d) | 274637 | 1892249 |
| City Therapeutics Inc Series A (b)(c)(d) | 196252 | 1801593 |
| Cleerly Inc Series C (b)(c)(d) | 272438 | 3054030 |
| Element Biosciences Inc Series B (b)(c)(d) | 250956 | 1415392 |
| Element Biosciences Inc Series C (b)(c)(d) | 101911 | 830575 |
| Element Biosciences Inc Series D (b)(d) | 52404 | 304991 |
| Element Biosciences Inc Series D1 (b)(d) | 52404 | 304991 |
| ElevateBio LLC Series C (b)(c)(d) | 332500 | 655025 |
| Generate Biomedicines Inc Series B (b)(c)(d) | 157390 | 1679351 |
| Generate Biomedicines Inc Series C (b)(c)(d) | 240013 | 2560939 |
| Genesis Therapeutics Inc Series D (b)(c)(d) | 402516 | 1988429 |
| Intarcia Therapeutics Inc Series EE (b)(c)(d) | 116544 | 1 |
| LifeMine Therapeutics Inc Series C (b)(c)(d) | 1780790 | 2101332 |
| National Resilience Inc Series B (b)(c)(d) | 251448 | 5225090 |
| National Resilience Inc Series C (b)(c)(d) | 44850 | 931983 |
| Neurona Therapeutics Inc Series F (b)(d) | 887600 | 1828456 |
| Odyssey Therapeutics Inc Series B (b)(c)(d) | 468023 | 650552 |
| Odyssey Therapeutics Inc Series C (b)(c)(d) | 215628 | 260910 |
| Parabilis Medicines Inc Series D (b)(c)(d) | 247595 | 1332061 |
| Parabilis Medicines Inc Series E (b)(c)(d) | 114541 | 679228 |
| Saliogen Therapeutics Inc Series B (b)(c)(d) | 8766 | 0 |
| Sonoma Biotherapeutics Inc Series B (b)(c)(d) | 481325 | 1164807 |
| Sonoma Biotherapeutics Inc Series B1 (b)(c)(d) | 256702 | 716198 |
| T-Knife Therapeutics Inc Series B (b)(c)(d) | 199356 | 271124 |
| Treeline Biosciences Series A (b)(c)(d) | 289700 | 1512234 |
| Treeline Biosciences Series A1 (b)(c)(d) | 143637 | 777076 |
| Triveni Bio Inc Series B (b)(d) | 1221168 | 1037993 |
|  |  | 46497756 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Blink Health LLC Series C (b)(c)(d) | 197068 | 6526892 |
| Blink Health LLC Series C1 (b)(c)(d) | 84687 | 2804833 |
| Blink Health LLC Series D (b)(d) | 63464 | 2101928 |
| Medical Microinstruments Inc/Italy Series C (b)(c)(d) | 53171 | 1773785 |
|  |  | 13207438 |
| Health Care Providers & Services - 0.0% |  |  |
| Conformal Medical Inc Series C (b)(c)(d) | 240750 | 963000 |
| Conformal Medical Inc Series D (b)(c)(d) | 55260 | 257512 |
|  |  | 1220512 |
| Health Care Technology - 0.0% |  |  |
| Aledade Inc Series B1 (b)(c)(d) | 22992 | 814147 |
| Aledade Inc Series E1 (b)(c)(d) | 17916 | 634405 |
| Candid Therapeutics Series B (b)(d) | 922295 | 913072 |
| Omada Health Inc Series E (c)(d) | 145020 | 2755380 |
| Wugen Inc Series B (b)(c)(d) | 96718 | 129602 |
|  |  | 5246606 |
| Pharmaceuticals - 0.0% |  |  |
| Galvanize Therapeutics Series B (b)(c)(d) | 1018908 | 326050 |
| Kartos Therapeutics Inc Series C (b)(c)(d) | 314398 | 1782637 |
| Kartos Therapeutics Inc Series D (b)(d) | 105952 | 600748 |
| Mirador Therapeutics Inc Series A (b)(c)(d) | 694131 | 1832506 |
|  |  | 4541941 |
| TOTAL HEALTH CARE |  | 70714253 |
| Industrials - 0.7% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| Anduril Industries Inc Series F (b)(d) | 67505 | 2759604 |
| Anduril Industries Inc Series G (b)(d) | 16600 | 678608 |
| Space Exploration Technologies Corp Series G (b)(c)(d) | 53937 | 99783450 |
|  |  | 103221662 |
| Air Freight & Logistics - 0.0% |  |  |
| Zipline International Inc Series G (b)(d) | 44809 | 1536053 |
| Construction & Engineering - 0.0% |  |  |
| Beta Technologies Inc Series A (b)(c)(d) | 10986 | 1043230 |
| Beta Technologies Inc Series B, 6% (b)(c)(d) | 17147 | 1945499 |
| Beta Technologies Inc Series C, 6% (b)(d) | 13007 | 1267532 |
|  |  | 4256261 |
| TOTAL INDUSTRIALS |  | 109013976 |
| Information Technology - 0.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Enevate Corp Series E (b)(c)(d) | 814561 | 252514 |
| Menlo Microsystems Inc Series C (b)(c)(d) | 959784 | 412707 |
| Vast Data Ltd Series A (b)(c)(d) | 87399 | 1914038 |
| Vast Data Ltd Series A1 (b)(c)(d) | 215119 | 4711106 |
| Vast Data Ltd Series A2 (b)(c)(d) | 247456 | 5419286 |
| Vast Data Ltd Series B (b)(c)(d) | 196904 | 4312198 |
| Vast Data Ltd Series C (b)(c)(d) | 5740 | 125706 |
| Vast Data Ltd Series E (b)(c)(d) | 188154 | 4120573 |
|  |  | 21268128 |
| IT Services - 0.3% |  |  |
| X.Ai Holdings Corp Series B (b)(d) | 567127 | 20734163 |
| X.Ai Holdings Corp Series C (b)(d) | 574200 | 20992752 |
|  |  | 41726915 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Alif Semiconductor Series C (b)(c)(d) | 43548 | 1101764 |
| Alif Semiconductor Series D (b)(d) | 67900 | 1834659 |
| Danger Devices Inc Series B (b)(d) | 984000 | 885600 |
| Rexford Industrial Realty Inc 5.625% Series C (b)(c)(d) | 202413 | 2009961 |
| Rexford Industrial Realty Inc 5.875% Series D (b) | 50214 | 527247 |
| SiMa Technologies Inc Series B (b)(c)(d) | 338113 | 1981342 |
| SiMa Technologies Inc Series B1 (b)(c)(d) | 22648 | 157177 |
|  |  | 8497750 |
| Software - 0.3% |  |  |
| Anthropic PBC Series D (b)(c)(d) | 65931 | 4374522 |
| Anthropic PBC Series E (b)(d) | 11600 | 737412 |
| Asapp Inc Series D (b)(c)(d) | 437448 | 590554 |
| Celestial AI Inc Series A (b)(d) | 69265 | 1153955 |
| Celestial AI Inc Series B (b)(d) | 52121 | 868336 |
| Celestial AI Inc Series C1 (b)(d) | 208786 | 3478375 |
| Crusoe Energy Systems LLC Series D (b)(d) | 66580 | 2141213 |
| Databricks Inc Series G (b)(c)(d) | 53226 | 5471633 |
| Databricks Inc Series H (b)(c)(d) | 56454 | 5803471 |
| Databricks Inc Series J (b)(d) | 21183 | 2177612 |
| Dataminr Inc Series D, 8% (b)(c)(d) | 442241 | 5028280 |
| Evozyne Inc Series A (b)(c)(d) | 101400 | 1458132 |
| Evozyne Inc Series B (b)(c)(d) | 63838 | 983744 |
| Lyte Ai Inc Series B (b)(d) | 178058 | 1917685 |
| Skyryse Inc Series B (b)(c)(d) | 117170 | 3237407 |
| Stripe Inc Series H (b)(c)(d) | 19200 | 681600 |
|  |  | 40103931 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Lightmatter Inc Series C1 (b)(c)(d) | 121541 | 7493003 |
| Lightmatter Inc Series C2 (b)(c)(d) | 19091 | 1201397 |
| Lightmatter Inc Series D (b)(d) | 112461 | 8707855 |
|  |  | 17402255 |
| TOTAL INFORMATION TECHNOLOGY |  | 128998979 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| Farmers Business Network Inc Series G (b)(c)(d) | 15988 | 28938 |
| Manus Bio Inc Series One-5 (b)(d) | 134553 | 409041 |
| Manus Bio Inc Series One-6 (b)(d) | 187183 | 569037 |
|  |  | 1007016 |
| Metals & Mining - 0.1% |  |  |
| Diamond Foundry Inc Series C (b)(c)(d) | 355446 | 8818615 |
| TOTAL MATERIALS |  | 9825631 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Redwood Materials Series C (b)(c)(d) | 16253 | 450859 |
| Redwood Materials Series D (b)(c)(d) | 6752 | 187300 |
|  |  | 638159 |
| TOTAL UNITED STATES |  | 345782641 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $302,408,683) |  | <br> **396526105** |

---

---

| | | |
|:---|:---|:---|
| &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 | 2625863 |
| Pharmaceuticals - 0.0% |  |  |
| Faraday Pharmaceuticals Inc Series B (b)(c)(d) | 219824 | 219824 |
| TOTAL HEALTH CARE |  | 2845687 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $4,760,543) |  | <br> **2845687** |

---

---

| | | |
|:---|:---|:---|
| &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>|
| CANADA - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Kardium Inc/CA 0% (b)(d)(i) | 1612660 | 1698131 |
| Kardium Inc/CA 10% 12/31/2026 (b)(d) | 1901778 | 2303877 |
| TOTAL CANADA |  | 4002008 |
| UNITED STATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rad Power Bikes Inc 8% 12/31/2025 (b)(d) | 181375 | 162565 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Intarcia Therapeutics Inc 6% (b)(d)(j) | 614446 | 0 |
| Health Care Technology - 0.0% |  |  |
| HeartFlow Inc 0% (b)(d)(i) | 1306000 | 1355497 |
| TOTAL HEALTH CARE |  | 1355497 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 6% (b)(d)(i) | 45268 | 22567 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc 10% 12/31/2027 (b)(d) | 361270 | 374803 |
| Software - 0.0% |  |  |
| Skyryse Inc 0% 2/5/2027 (b)(d) | 177030 | 204717 |
| TOTAL INFORMATION TECHNOLOGY |  | 602087 |
| TOTAL UNITED STATES |  | 2120149 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $6,199,827) |  | <br> **6122157** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.9%** | &nbsp;&nbsp;**Money Market Funds - 4.9%** | &nbsp;&nbsp;**Money Market Funds - 4.9%** | &nbsp;&nbsp;**Money Market Funds - 4.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (k) | 4.32 | 701718953 | 701859297 |
| Fidelity Securities Lending Cash Central Fund (k)(l) | 4.32 | 151854703 | 151869889 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $853,729,186) |  |  | **853729186** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 104.4%**<br> (Cost $7,595,229,704)<br>| <br>**18251409930** |
| **NET OTHER ASSETS (LIABILITIES) - (4.4)%**  | **(769348432)** |
| **NET ASSETS - 100.0%** | **17482061498** |

---

**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 $613,342,632 or 3.5% of net assets.

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

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

(g) 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 $73,870,027 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(h) 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.

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

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

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | 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 | 9/17/14 - 6/05/15 | 8625646 |
| Adimab LLC | 9/17/14 - 6/05/15 | 2958349 |
| AgBiome LLC Series C | 6/29/18 | 2144369 |
| AgBiome LLC Series D | 9/03/21 | 749101 |
| AgomAb Therapeutics SA Series C | 10/03/23 | 2074942 |
| AgomAb Therapeutics SA Series D | 10/22/24 | 517403 |
| AgomAb Therapeutics SA warrants 10/10/2033 | 10/03/23 | 0 |
| AgomAb Therapeutics SA warrants 11/4/2034 | 10/22/24 | 0 |
| Akeana Series C | 1/23/24 | 1286289 |
| Aledade Inc Series B1 | 5/07/21 | 880380 |
| Aledade Inc Series E1 | 5/20/22 | 892475 |
| Alif Semiconductor Series C | 3/08/22 | 883961 |
| Alif Semiconductor Series D | 4/11/25 | 1834461 |
| Altos Labs Inc Series B | 7/22/22 | 2337713 |
| Altos Labs Inc Series C | 3/15/24 | 662218 |
| Anduril Industries Inc Series F | 8/07/24 | 1467329 |
| Anduril Industries Inc Series G | 4/17/25 | 678654 |
| Ankyra Therapeutics Series B | 8/26/21 | 1449327 |
| Ant International Co Ltd Class C | 5/16/18 | 2351948 |
| Anthropic PBC Series D | 5/31/24 | 1978227 |
| Anthropic PBC Series E | 2/14/25 | 650603 |
| Asapp Inc Series D | 8/29/23 | 1689205 |
| Asapp Inc warrants 8/28/2028 | 8/29/23 | 0 |
| Asimov Inc Series B | 10/29/21 | 1462779 |
| Beauty Health Co/The | 12/08/20 | 5538280 |
| Beta Technologies Inc Series A | 4/09/21 | 804944 |
| Beta Technologies Inc Series B, 6% | 4/04/22 | 1769056 |
| Beta Technologies Inc Series C, 6% | 10/24/24 | 1488911 |
| Blink Health LLC Class A1 | 12/30/20 - 6/17/24 | 910758 |
| Blink Health LLC Series C | 11/07/19 - 7/14/21 | 7523268 |
| Blink Health LLC Series C1 | 7/15/22 - 2/02/24 | 3290001 |
| Blink Health LLC Series D | 6/17/24 - 6/25/24 | 2665488 |
| Bolt Technology OU Series E | 1/03/22 | 3525179 |
| Bright Peak Therapeutics Inc. Series B | 5/14/21 | 935108 |
| Bright Peak Therapeutics Inc. Series C | 5/07/24 | 694876 |
| ByteDance Ltd Series E1 | 11/18/20 | 9288165 |
| Candid Therapeutics Series B | 8/27/24 | 1106754 |
| Canva Inc Class A | 3/18/24 | 1160527 |
| Canva Inc Series A | 9/22/23 | 985595 |
| Canva Inc Series A2 | 9/22/23 | 179199 |
| Cardurion Pharmaceuticals Inc Series B | 7/10/24 | 1432597 |
| Caris Life Sciences Inc | 10/06/22 | 2217662 |
| Caris Life Sciences Inc Series D | 5/11/21 | 2070279 |
| Castle Creek Biosciences Inc Series A4 | 9/29/16 | 4471547 |
| Castle Creek Biosciences Inc Series B | 10/09/18 | 2022184 |
| Castle Creek Biosciences Inc Series C | 12/09/19 | 1058455 |
| Castle Creek Biosciences Inc Series D1 | 4/19/22 | 959034 |
| Castle Creek Biosciences Inc Series D2 | 6/28/21 | 242100 |
| Celestial AI Inc | 2/25/25 | 160943 |
| Celestial AI Inc Series A | 2/25/25 | 1026209 |
| Celestial AI Inc Series B | 2/25/25 | 772209 |
| Celestial AI Inc Series C1 | 2/25/25 | 3639182 |
| CELLANOME Inc Series B | 1/08/24 | 2057031 |
| City Therapeutics Inc Series A | 4/17/24 | 1968309 |
| Cleerly Inc Series C | 7/08/22 | 3209483 |
| Conformal Medical Inc Series C | 7/24/20 | 882846 |
| Conformal Medical Inc Series D | 5/26/23 | 280702 |
| Crusoe Energy Systems LLC Series D | 12/10/24 | 1942261 |
| Danger Devices Inc Series B | 3/05/25 | 886092 |
| Databricks Inc Series G | 2/01/21 | 3146861 |
| Databricks Inc Series H | 8/31/21 | 4148473 |
| Databricks Inc Series J | 12/17/24 | 1959428 |
| Dataminr Inc Series D, 8% | 2/18/15 - 3/06/15 | 5638573 |
| Deep Genomics Inc Series C | 7/21/21 | 1878398 |
| Diamond Foundry Inc Series C | 3/15/21 | 8530704 |
| Discord Inc Series I | 9/15/21 | 770874 |
| DNA Script SAS | 12/17/21 | 68063 |
| DNA Script SAS | 12/17/21 | 259441 |
| DNA Script SAS Series B | 12/17/21 | 3203 |
| DNA Script SAS Series C | 10/01/21 | 1791891 |
| Dragonfly Therapeutics Inc | 12/19/19 | 3336950 |
| Element Biosciences Inc Series B | 12/13/19 | 1315160 |
| Element Biosciences Inc Series C | 6/21/21 | 2094954 |
| Element Biosciences Inc Series D | 6/28/24 | 411020 |
| Element Biosciences Inc Series D1 | 6/28/24 | 411020 |
| Element Labs Inc Series A | 2/11/25 | 494272 |
| ElevateBio LLC Series C | 3/09/21 | 1394838 |
| Enevate Corp 10% 5/12/2199 | 11/12/24 | 12651 |
| Enevate Corp 6% | 11/02/23 - 10/31/24 | 45268 |
| Enevate Corp Series E | 1/29/21 | 903092 |
| Epic Games Inc | 7/13/20 - 7/30/20 | 6785000 |
| Evozyne Inc 6% 9/13/2028 pay-in-kind | 9/14/23 - 3/31/25 | 1086811 |
| Evozyne Inc Series A | 4/09/21 | 2278458 |
| Evozyne Inc Series B | 9/14/23 | 988851 |
| Fanatics Inc Class A | 8/13/20 - 10/24/22 | 6002415 |
| Faraday Pharmaceuticals Inc Series B | 12/30/19 | 288996 |
| Farmers Business Network Inc 15% 9/28/2025 | 9/29/23 - 9/25/24 | 539051 |
| Farmers Business Network Inc Series G | 9/15/21 | 993779 |
| Farmers Business Network Inc warrants 9/27/2033 | 9/29/23 | 0 |
| Figma Inc Class A | 5/15/24 | 1962800 |
| Freenome Holdings Inc Series C | 8/14/20 | 1262201 |
| Freenome Holdings Inc Series D | 11/22/21 | 690407 |
| Galvanize Therapeutics 6% 2/28/2027 | 2/28/24 | 751000 |
| Galvanize Therapeutics Series B | 3/29/22 | 1764020 |
| Generate Biomedicines Inc Series B | 11/02/21 | 1865072 |
| Generate Biomedicines Inc Series C | 6/05/23 - 1/21/25 | 2844154 |
| Genesis Therapeutics Inc Series D | 8/10/23 | 2055891 |
| GoBrands Inc Series G | 3/02/21 | 6700664 |
| GoBrands Inc Series H | 7/22/21 | 8302821 |
| HeartFlow Inc 0% | 3/26/25 | 1306000 |
| InSightec Ltd Series G | 6/17/24 | 1432596 |
| Intarcia Therapeutics Inc 6% | 2/26/19 | 614446 |
| Intarcia Therapeutics Inc Series EE | 9/02/16 | 6992640 |
| Jade Biosciences Inc | 10/30/24 | 1345035 |
| JUUL Labs Inc Class A | 7/06/18 - 2/23/24 | 2478548 |
| JUUL Labs Inc Series E | 7/06/18 | 196006 |
| Kardium Inc/CA 0% | 12/30/20 | 1612660 |
| Kardium Inc/CA 10% 12/31/2026 | 5/31/24 - 3/31/25 | 1901778 |
| Kardium Inc/CA Series D-6 | 12/30/20 | 1154861 |
| Kartos Therapeutics Inc Series C | 8/22/23 | 1777292 |
| Kartos Therapeutics Inc Series D | 2/26/25 | 598947 |
| Korro Bio Inc | 7/14/23 | 959092 |
| Laronde Inc Series B | 8/13/21 | 1860096 |
| LifeMine Therapeutics Inc Series C | 2/15/22 | 3626739 |
| Lightmatter Inc Series C1 | 5/19/23 | 2000176 |
| Lightmatter Inc Series C2 | 12/18/23 | 496400 |
| Lightmatter Inc Series D | 10/11/24 | 9022802 |
| Lyte Ai Inc Series B | 8/13/24 | 2258862 |
| Manus Bio Inc Series One-5 | 11/13/20 | 1411367 |
| Manus Bio Inc Series One-6 | 3/30/21 | 1963412 |
| Medical Microinstruments Inc/Italy Series C | 2/16/24 | 1772386 |
| Medical Microinstruments Inc/Italy warrants 2/16/2031 | 2/16/24 | 0 |
| Meesho Series D2 | 7/15/24 | 2522744 |
| Meesho Series E | 7/15/24 | 420224 |
| Meesho Series E1 | 4/18/24 | 255696 |
| Meesho Series F | 9/21/21 - 7/15/24 | 5179069 |
| Menlo Microsystems Inc Series C | 2/09/22 | 1272194 |
| Mirador Therapeutics Inc Series A | 3/19/24 | 2082393 |
| National Resilience Inc Series B | 12/01/20 | 3434780 |
| National Resilience Inc Series C | 6/28/21 | 1991789 |
| Neurona Therapeutics Inc Series F | 3/28/25 | 1828456 |
| Neutron Holdings Inc | 2/04/21 | 4384 |
| Neutron Holdings Inc 4% 5/22/2027 | 6/04/20 | 857900 |
| Neutron Holdings Inc 4% 6/12/2027 | 6/12/20 | 25455 |
| Neutron Holdings Inc 8% 10/29/2026 | 10/29/21 - 4/27/25 | 1608501 |
| Neutron Holdings Inc Series 1D | 1/25/19 | 1377091 |
| Odyssey Therapeutics Inc Series B | 9/30/22 | 2955958 |
| Odyssey Therapeutics Inc Series C | 10/25/23 | 1078140 |
| Omada Health Inc Series E | 12/22/21 | 2608284 |
| Oura Health Oy Series D | 12/18/24 | 5797873 |
| Parabilis Medicines Inc Series D | 11/17/22 | 2664890 |
| Parabilis Medicines Inc Series E | 2/29/24 | 713373 |
| Paragon Biosciences Emalex Capital Inc Series B | 9/18/19 | 2020004 |
| Paragon Biosciences Emalex Capital Inc Series C | 2/26/21 | 1238974 |
| Paragon Biosciences Emalex Capital Inc Series D-3 | 5/06/25 | 945502 |
| Paragon Biosciences Emalex Capital Inc Series D1 | 10/21/22 - 3/13/25 | 2582349 |
| Paragon Biosciences Emalex Capital Inc Series D2 | 5/18/22 | 382943 |
| Quell Therapeutics Ltd Series B | 11/24/21 | 1438224 |
| Rad Power Bikes Inc | 1/21/21 | 1202019 |
| Rad Power Bikes Inc 8% 12/31/2025 | 10/06/23 | 181375 |
| Rad Power Bikes Inc Series A | 1/21/21 | 156712 |
| Rad Power Bikes Inc Series C | 1/21/21 | 616636 |
| Rad Power Bikes Inc Series D | 9/17/21 | 2069142 |
| Rad Power Bikes Inc warrants 10/6/2033 | 10/06/23 | 0 |
| Redwood Materials Series C | 5/28/21 | 770449 |
| Redwood Materials Series D | 6/02/23 | 322313 |
| Revolut Group Holdings Ltd | 12/27/24 | 1589939 |
| Rexford Industrial Realty Inc 5.625% Series C | 5/17/23 - 6/20/23 | 1575137 |
| Saliogen Therapeutics Inc Series B | 12/10/21 | 928004 |
| Saluda Medical Inc 0% | 1/03/25 | 343200 |
| Saluda Medical Inc Series D | 1/20/22 | 1402995 |
| Saluda Medical Inc Series E | 4/06/23 | 1991330 |
| Saluda Medical Inc Series E-1 | 4/06/23 | 343201 |
| Saluda Medical Inc warrants 1/20/2027 | 1/20/22 | 0 |
| Scholar Rock Holding Corp warrants 12/31/2025 | 6/17/22 | 0 |
| SiMa Technologies Inc 10% 12/31/2027 | 4/08/24 - 4/05/25 | 361270 |
| SiMa Technologies Inc Series B | 5/10/21 | 1733641 |
| SiMa Technologies Inc Series B1 | 4/25/22 | 160595 |
| Skyhawk Therapeutics Inc | 5/21/21 | 2069954 |
| Skyryse Inc 0% 2/5/2027 | 8/13/24 | 177030 |
| Skyryse Inc Series B | 10/21/21 | 2891752 |
| Sonoma Biotherapeutics Inc Series B | 7/26/21 | 951243 |
| Sonoma Biotherapeutics Inc Series B1 | 7/26/21 | 760993 |
| Space Exploration Technologies Corp | 10/16/15 | 6357012 |
| Space Exploration Technologies Corp Series G | 1/20/15 | 4177960 |
| Stripe Inc Class B | 5/18/21 | 1745585 |
| Stripe Inc Series H | 3/15/21 | 770400 |
| T-Knife Therapeutics Inc Series B | 6/30/21 | 1150045 |
| Taalas Inc Series B | 2/19/25 | 1350870 |
| Tenstorrent Holdings Inc Series C1 | 4/23/21 | 2418540 |
| Tenstorrent Holdings Inc Series D1 | 7/16/24 - 1/15/25 | 3294551 |
| Tenstorrent Holdings Inc Series D2 | 7/17/24 | 884255 |
| Tory Burch LLC Class A | 5/14/15 | 17704966 |
| Treeline Biosciences Series A | 7/30/21 - 10/27/22 | 2267627 |
| Treeline Biosciences Series A1 | 10/27/22 | 1236758 |
| Triveni Bio Inc Series B | 9/19/24 | 1277830 |
| Vast Data Ltd Series A | 11/28/23 | 961389 |
| Vast Data Ltd Series A1 | 11/28/23 | 2366309 |
| Vast Data Ltd Series A2 | 11/28/23 | 2722016 |
| Vast Data Ltd Series B | 11/28/23 | 2165944 |
| Vast Data Ltd Series C | 11/28/23 | 63140 |
| Vast Data Ltd Series E | 11/28/23 | 4139388 |
| Waymo LLC Series A2 | 5/08/20 | 921441 |
| Waymo LLC Series C2 | 10/18/24 | 493450 |
| Wugen Inc 10% 6/14/2025 | 6/14/24 | 408689 |
| Wugen Inc Series B | 7/09/21 | 750038 |
| X.Ai Holdings Corp Class A | 10/27/21 | 1326759 |
| X.Ai Holdings Corp Series B | 5/13/24 | 6788510 |
| X.Ai Holdings Corp Series C | 11/22/24 | 12431430 |
| Xsight Labs Ltd Series D | 2/16/21 | 1338418 |
| Xsight Labs Ltd Series E | 11/04/24 - 12/30/24 | 823817 |
| Xsight Labs Ltd Series E1 | 1/11/24 | 189665 |
| Xsight Labs Ltd warrants 1/11/2034 | 1/11/24 | 0 |
| Xsight Labs Ltd warrants 12/30/2031 | 11/04/24 - 12/30/24 | 0 |
| Zipline International Inc Series G | 6/07/24 | 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 |
| CoreWeave Inc Class A | 9/24/2025 |
| CoreWeave Inc Class A | 9/24/2025 |
| Metsera Inc | 7/30/2025 |

---

**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 | 2455885104 | 1950632452 | 2166420 | - | - | 701859297 | 701718953 | 1.3% |
| Fidelity Securities Lending Cash Central Fund | 256455667 | 638297402 | 742883180 | 696576 | - | - | 151869889 | 151854703 | 0.5% |
| Total | 453062312 | 3094182506 | 2693515632 | 2862996 | - | - | 853729186 |  |  |

---

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 May 31, 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 | 2258265067 | 2250310333 | - | 7954734 |
| Consumer Discretionary | 2853822275 | 2833579039 | - | 20243236 |
| Consumer Staples | 603115046 | 600590831 | - | 2524215 |
| Energy | 56970090 | 56970090 | - | - |
| Financials | 863969214 | 846071452 | 15197795 | 2699967 |
| Health Care | 1602931514 | 1559461350 | 18858267 | 24611897 |
| Industrials | 475643680 | 328660727 | 14842818 | 132140135 |
| Information Technology | 8167248804 | 8150615161 | 3567746 | 13065897 |
| Materials | 67833578 | 66951832 | - | 881746 |
| Real Estate | 34267891 | 34267891 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Consumer Discretionary | 4573711 | - | - | 4573711 |
| Financials | 375083 | - | - | 375083 |
| Health Care | 1371685 | - | - | 1371685 |
| Information Technology | 1202967 | - | - | 1202967 |
| Materials | 596190 | - | - | 596190 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 18798556 | - | - | 18798556 |
| Consumer Discretionary | 14619179 | - | - | 14619179 |
| Consumer Staples | 2062512 | - | - | 2062512 |
| Financials | 19541093 | - | - | 19541093 |
| Health Care | 85596392 | - | 2755380 | 82841012 |
| Industrials | 109509776 | - | - | 109509776 |
| Information Technology | 135934807 | - | - | 135934807 |
| Materials | 9825631 | - | - | 9825631 |
| Utilities | 638159 | - | - | 638159 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 2845687 | - | - | 2845687 |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 162565 | - | - | 162565 |
| Health Care | 5357505 | - | - | 5357505 |
| Information Technology | 602087 | - | - | 602087 |
|  **Money Market Funds** | 853729186 | 853729186 | - | - |
| **Total Investments in Securities:** | 18251409930 | 17581207892 | 55222006 | 614980032 |

---

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 ($)** | **Net Realized Gain (Loss) on Investement Securities ($)** | **Net Unrealized Gain (Loss) on Investement Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amoritization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The Change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2025($)** |
| **Common Stocks** | 188496716 | 6952874 | 29999321 | 2879604 | (20347347) | - | 2064 | (3861405) | 204121827 | 44262130 |
| **Convertible Preferred Stocks** | 326060850 | 1739841 | 43327666 | 28823383 | (4305898) | - | - | (1875117) | 393770725 | 47508440 |
| **Non-Convertible Preferred Stocks** | 3200025 | - | (354338) | - | - | - | - | - | 2845687 | (354338) |
| **Convertible Corporate Bonds** | 6985975 | - | 629606 | 504055 | - | - | - | - | 8119636 | 629606 |
| **Preferred Securities** | 3869300 | - | 835108 | 1417749 | - | - | - | - | 6122157 | 835108 |
| <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 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $141,465,255) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $6,741,500,518) | $17397680744 |  |
| Fidelity Central Funds (cost $853,729,186) | 853729186 |  |
| Total Investment in Securities (cost $7,595,229,704) |  | $18251409930 |
| Segregated cash with brokers for derivative instruments |  | 45977483 |
| Restricted cash |  | 40876 |
| Foreign currency held at value (cost $284,376) |  | 284141 |
| Receivable for investments sold |  | 296571241 |
| Unrealized appreciation on unfunded commitments |  | 493788 |
| Receivable for fund shares sold |  | 499 |
| Dividends receivable |  | 7696706 |
| Interest receivable |  | 351716 |
| Distributions receivable from Fidelity Central Funds |  | 700634 |
| Other receivables |  | 252399 |
| **Total assets** |  | 18603779413 |
| **Liabilities** |  |  |
| Payable to custodian bank | $4588916 |  |
| Payable for investments purchased  | 11340298 |  |
| Payable for fund shares redeemed | 949940600 |  |
| Payable for daily variation margin on futures contracts | 2028417 |  |
| Other payables and accrued expenses | 1960182 |  |
| Collateral on securities loaned | 151859502 |  |
| **Total liabilities** |  | 1121717915 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $17482061498 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $6028457834 |
| Total accumulated earnings (loss) |  | 11453603664 |
| **Net Assets** |  | $17482061498 |
| **Net Asset Value**, offering price and redemption price per share ($17,482,061,498 ÷ 748,985,501 shares) |  | $23.34 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $36175335 |
| Interest  |  | 228775 |
| Income from Fidelity Central Funds (including $696,576 from security lending)  |  | 2862996 |
| **Total income** |  | 39267106 |
| **Expenses** |  |  |
| Custodian fees and expenses | $122662 |  |
| Independent trustees' fees and expenses | 36290 |  |
| **Total expenses** |  | 158952 |
| **Net Investment income (loss)** |  | 39108154 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 843772995 |  |
| Foreign currency transactions | (37075) |  |
| Futures contracts | (27719537) |  |
| Total net realized gain (loss) |  | 816016383 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $209,676)  | (1058613285) |  |
| Unfunded commitments | (571818) |  |
| Assets and liabilities in foreign currencies | 65938 |  |
| Total change in net unrealized appreciation (depreciation) |  | (1059119165) |
| **Net gain (loss)** |  | (243102782) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(203994628) |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $39108154 | $77639319 |
| &nbsp;&nbsp;Net realized gain (loss) | 816016383<br>| 2233545909<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (1059119165) | 3577738677<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (203994628)<br>| 5888923905<br>|
| Distributions to shareholders | (2005810693)<br>| (437595037)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2768628672 | 3012251210 |
| Reinvestment of distributions | 2005810693<br>| 437595037<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (3036022490) | (4568096849) |
| **Net increase (decrease) in net assets resulting from share transactions** | 1738416875<br>| (1118250602)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (471388446)<br>| 4333078266<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 17953449944 | 13620371678<br>|
| &nbsp;&nbsp;End of period | $17482061498 | $17953449944 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 121744282 | 130036558 |
| Issued in reinvestment of distributions | 81338633<br>| 22934750<br>|
| &nbsp;&nbsp;Redeemed | (128027131) | (197988027) |
| &nbsp;&nbsp;Net increase (decrease) | 75055784 | (45016719) |

---

**Consolidated Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $26.64 | $18.94 | $15.09 | $29.25 | $29.01 | $19.16 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .05  | .11  | .09  | .10  | .10 C | .09  |
| Net realized and unrealized gain (loss)  | (.36)  | 8.20  | 3.84  | (6.37)  | 7.43  | 11.72  |
| Total from investment operations  | (.31)  | 8.31  | 3.93  | (6.27)  | 7.53  | 11.81  |
| Distributions from net investment income  | (.12)  | (.10)  | (.08)  | (.12)  | (.16)  | (.13)  |
| Distributions from net realized gain  | (2.87)  | (.51)  | -  | (7.77)  | (7.13)  | (1.84)  |
| Total distributions  | (2.99)  | (.61)  | (.08)  | (7.89)  | (7.29)  | (1.96) D |
| Net asset value, end of period  | $23.34 | $26.64 | $18.94 | $15.09 | $29.25 | $29.01 |
| **Total Return** E,F | (1.75)% <br>| 45.14%  | 26.24%  | (28.60)%  | 33.42%  | 68.41%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions I | -% J | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any I | -% J<br>| -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any I | -% J | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | .45% J | .48%  | .54%  | .60%  | .40% C | .41%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $17482061 | $17953450 | $13620372 | $12547656 | $13178104 | $12836920 |
| Portfolio turnover rate K | 41% J<br>| 27%  | 21%  | 29%  | 34%  | 18%  |

---

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 distributions per share do not sum due to rounding.*

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

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

G*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to 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*Amount represents less than .005%.*

J*Annualized.*

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

**Notes to Consolidated Financial Statements** **(Unaudited)**

For the period ended May 31, 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 financial statements and 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 Input\*** |
| Common Stocks | $&nbsp;&nbsp;&nbsp;&nbsp; 204121827 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 6.8 - 31.4 / 19.1 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI) | 16.5 | Increase |
|  |  |  | Enterprise value/Revenue multiple (EV/R) | 1.5 - 39.4 / 6.9 | Increase |
|  |  |  | Spinout allocation | 12.5% | Increase |
|  |  |  | Spinout valuation | $28000000.00 | Increase |
|  |  |  | Spinout valuation weighting | 30.0% - 70.0% / 50.0% | Increase |
|  |  | Market approach | Discount rate | 5.0% - 40.0% / 39.8% | Decrease |
|  |  |  | Premium rate | 50.0% | Increase |
|  |  |  | Transaction price | $0.02 - $33.33 / $12.30 | Increase |
|  |  | Discounted cash flow | Discount rate | 4.2% - 13.6% / 10.8% | Decrease |
|  |  |  | Probability rate | 2.5% - 90.0% / 52.4% | Increase |
|  |  |  | Term | 0.1 - 9.7 / 5.9 | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Discount rate | 2.6% - 4.3% / 4.1% | Increase |
|  |  |  | Term | 1.0 - 5.0 / 1.4 | Increase |
|  |  |  | Volatility | 50.0% - 80.0% / 62.7% | Increase |
|  |  | Book value | Book value multiple | 1.7 | Increase |
| Convertible Corporate Bonds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8119636 | Market comparable | Discount rate | 25.0% - 33.2% / 28.5% | Decrease |
|  |  |  | Enterprise value/Revenue multiple (EV/R) | 1.9 - 11.5 / 4.8 | Increase |
|  |  |  | Probability rate | 0.0% - 75.0% / 29.0% | Increase |
|  |  | Market approach | Discount rate | 19.8% - 35.4% / 20.9% | Decrease |
|  |  |  | Probability rate | 0.0% - 80.0% / 33.3% | Increase |
|  |  |  | Transaction price | $7.75 - $100.00 / $69.25 | Increase |
|  |  | Black scholes | Discount rate | 4.1% - 5.0% / 4.3% | Increase |
|  |  |  | Term | 0.1 - 1.3 / 0.6 | Increase |
|  |  |  | Volatility | 65.0% - 100.0% / 71.5% | Increase |
| Convertible Preferred Stocks | $&nbsp;&nbsp;&nbsp;&nbsp; 393770725 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 31.4 | Increase |
|  |  |  | Enterprise Value/Gross Profit multiple (EV/GP) | 11.5 | Increase |
|  |  |  | Enterprise value/Revenue multiple (EV/R) | 1.1 - 39.4 / 11.0 | Increase |
|  |  | Market approach | Discount rate | 5.0% - 80.0% / 20.8% | Decrease |
|  |  |  | Premium rate | 15.0% | Increase |
|  |  |  | Transaction price | $0.41 - $239.78 / $30.22 | Increase |
|  |  | Recovery value | Recovery value | $0.00 - $0.11 / $0.03 | Increase |
|  |  | Black scholes | Discount rate | 3.8% - 4.3% / 4.0% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 2.9 | Increase |
|  |  |  | Volatility | 40.0% - 100.0% / 71.1% | Increase |
| Non-Convertible Preferred Stocks | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2845687 | Market approach | Discount rate | 5.0% | Decrease |
|  |  |  | Transaction price | $1.00 - $215.03 / $108.01 | Increase |
|  |  | Black scholes | Discount rate | 4.0% | Increase |
|  |  |  | Term | 3.0 | Increase |
|  |  |  | Volatility | 75.0% - 85.0% / 84.2% | Increase |
| Preferred Securities | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6122157 | Market comparable | Discount rate | 15.5% - 23.1% / 22.1% | Decrease |
|  |  |  | Enterprise value/Revenue multiple (EV/R) | 1.5 - 15.0 / 7.8 | Increase |
|  |  |  | Probability rate | 0.0% - 75.0% / 24.0% | Increase |
|  |  | Market approach | Discount rate | 5.0% - 37.9% / 24.2% | Decrease |
|  |  |  | Probability rate | 0.0% - 90.0% / 33.6% | Increase |
|  |  |  | Transaction price | $100.00 | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Discount rate | 4.0% - 5.0% / 4.2% | Increase |
|  |  |  | Term | 0.3 - 3.0 / 1.5 | Increase |
|  |  |  | Volatility | 50.0% - 100.0% / 59.2% | Increase |

---

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 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** | $90716 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the 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 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** | $11188276741 |
| **Gross unrealized depreciation** | <u>(563555270)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$10624721471</u> |
| **Tax cost** | <u>$7626688459</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 Series Growth Company Fund** | Crescent Biopharma, Inc | 915115 | 493788 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Net Assets** |
| **Fidelity Series Growth Company Fund** | 24613788 | .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.

**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 Series Growth Company Fund** | 3544931584 | 3824186606 |

---

**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:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Growth Company Fund** | 98754 |

---

**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 Series Growth Company Fund** | 363302925 | 266152990 | 102238488 |

---

**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 Series Growth Company Fund** | 79291 | 414 | 9804 |

---

**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.

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.

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Series Growth Company Fund**

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

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

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

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

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to expansion of Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, and noted that the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts.

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

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

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through March 31, 2028.

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

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

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

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

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img109860_4.jpg)<br>

1.968010.111 XS7-SANN-0725

**Fidelity® Growth Strategies K6 Fund**

**Semi-Annual Report**

**May 31, 2025**

![](img109868_1.jpg)

![](img109868_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_FEGK6-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Growth Strategies K6 Fund](#Sub_Sec_Fund_2952_FEGK6-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2952_FEGK6-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_FEGK6-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_FEGK6-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_FEGK6-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_FEGK6-SANN)** |

---

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.© 2025 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 (Semi-Annual Report)**

**Fidelity® Growth Strategies K6 Fund**

**Schedule of Investments May 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** | &nbsp;&nbsp;**Common Stocks - 99.3%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 1.0%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (a) | 659400 | 7919394 |
| CANADA - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Specialty Retail - 0.2% |  |  |
| Aritzia Inc Subordinate Voting Shares (a) | 33000 | 1601487 |
| GERMANY - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Birkenstock Holding Plc (a) | 35700 | 1919946 |
| ISRAEL - 1.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Etoro Group Ltd  | 1000 | 59200 |
| Information Technology - 1.0% |  |  |
| IT Services - 0.5% |  |  |
| Wix.com Ltd (a) | 26700 | 3976965 |
| Software - 0.5% |  |  |
| Cellebrite DI Ltd (a) | 256500 | 4278420 |
| TOTAL INFORMATION TECHNOLOGY |  | 8255385 |
| TOTAL ISRAEL |  | 8314585 |
| KOREA (SOUTH) - 0.9%  |  |  |
| Consumer Discretionary - 0.9% |  |  |
| Broadline Retail - 0.9% |  |  |
| Coupang Inc Class A (a) | 272400 | 7640820 |
| UNITED KINGDOM - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| TechnipFMC PLC  | 89273 | 2780854 |
| UNITED STATES - 95.7%  |  |  |
| Communication Services - 4.1% |  |  |
| Entertainment - 2.9% |  |  |
| IMAX Corp (a) | 106900 | 2977165 |
| Live Nation Entertainment Inc (a) | 36700 | 5034873 |
| ROBLOX Corp Class A (a) | 182900 | 15908642 |
|  |  | 23920680 |
| Interactive Media & Services - 0.2% |  |  |
| Reddit Inc Class A (a) | 11900 | 1336965 |
| Media - 1.0% |  |  |
| Trade Desk Inc (The) Class A (a) | 108600 | 8168892 |
| TOTAL COMMUNICATION SERVICES |  | 33426537 |
| Consumer Discretionary - 10.4% |  |  |
| Diversified Consumer Services - 1.2% |  |  |
| Duolingo Inc Class A (a) | 18200 | 9456902 |
| Hotels, Restaurants & Leisure - 5.6% |  |  |
| Brinker International Inc (a) | 13300 | 2295979 |
| Carnival Corp (a) | 110400 | 2563488 |
| Cava Group Inc (a) | 32300 | 2625021 |
| Dutch Bros Inc Class A (a) | 111200 | 8028640 |
| First Watch Restaurant Group Inc (a)(b) | 187500 | 2895000 |
| Hilton Worldwide Holdings Inc  | 37900 | 9415876 |
| Royal Caribbean Cruises Ltd  | 15200 | 3905944 |
| Sportradar Holding AG Class A (a) | 43500 | 1040085 |
| Texas Roadhouse Inc  | 36200 | 7066602 |
| Wingstop Inc (b) | 12800 | 4373760 |
| Wyndham Hotels & Resorts Inc  | 14400 | 1192032 |
|  |  | 45402427 |
| Household Durables - 1.5% |  |  |
| SharkNinja Inc (a) | 34100 | 3134813 |
| Somnigroup International Inc  | 144300 | 9388158 |
|  |  | 12522971 |
| Specialty Retail - 1.8% |  |  |
| Carvana Co Class A (a) | 18000 | 5888880 |
| Chewy Inc Class A (a) | 97800 | 4425450 |
| O'Reilly Automotive Inc (a) | 1100 | 1504250 |
| Tractor Supply Co  | 56300 | 2724920 |
|  |  | 14543500 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Deckers Outdoor Corp (a) | 14034 | 1480868 |
| VF Corp  | 101300 | 1262198 |
|  |  | 2743066 |
| TOTAL CONSUMER DISCRETIONARY |  | 84668866 |
| Consumer Staples - 2.3% |  |  |
| Consumer Staples Distribution & Retail - 2.1% |  |  |
| Casey's General Stores Inc  | 17100 | 7485696 |
| Performance Food Group Co (a) | 61900 | 5543764 |
| US Foods Holding Corp (a) | 54400 | 4304128 |
|  |  | 17333588 |
| Personal Care Products - 0.2% |  |  |
| elf Beauty Inc (a) | 14000 | 1574860 |
| TOTAL CONSUMER STAPLES |  | 18908448 |
| Energy - 2.5% |  |  |
| Oil, Gas & Consumable Fuels - 2.5% |  |  |
| Cheniere Energy Inc  | 27600 | 6540924 |
| Hess Corp  | 33200 | 4388708 |
| Permian Resources Corp Class A  | 69300 | 873873 |
| Targa Resources Corp  | 42800 | 6759404 |
| Texas Pacific Land Corp  | 1400 | 1559642 |
|  |  | 20122551 |
| Financials - 11.8% |  |  |
| Capital Markets - 8.1% |  |  |
| Ameriprise Financial Inc  | 25200 | 12832848 |
| Ares Management Corp Class A  | 60300 | 9979650 |
| Blue Owl Capital Inc Class A  | 403500 | 7537380 |
| Coinbase Global Inc Class A (a) | 21200 | 5228344 |
| Jefferies Financial Group Inc  | 49800 | 2420280 |
| LPL Financial Holdings Inc  | 14700 | 5691252 |
| MSCI Inc  | 14000 | 7896280 |
| Robinhood Markets Inc Class A (a) | 149300 | 9876195 |
| Tradeweb Markets Inc Class A  | 27700 | 4001265 |
|  |  | 65463494 |
| Financial Services - 1.6% |  |  |
| Affirm Holdings Inc Class A (a) | 32800 | 1702320 |
| Apollo Global Management Inc  | 30000 | 3920700 |
| Block Inc Class A (a) | 43000 | 2655250 |
| Corpay Inc (a) | 100 | 32511 |
| Toast Inc Class A (a) | 113900 | 4804302 |
|  |  | 13115083 |
| Insurance - 2.1% |  |  |
| Arthur J Gallagher & Co  | 17300 | 6010712 |
| Brown & Brown Inc  | 48400 | 5464360 |
| Kinsale Capital Group Inc  | 12100 | 5711079 |
|  |  | 17186151 |
| TOTAL FINANCIALS |  | 95764728 |
| Health Care - 7.1% |  |  |
| Biotechnology - 1.6% |  |  |
| Alnylam Pharmaceuticals Inc (a) | 32100 | 9776376 |
| Natera Inc (a) | 11700 | 1845441 |
| Neurocrine Biosciences Inc (a) | 9200 | 1131784 |
| Viking Therapeutics Inc (a) | 9500 | 254600 |
|  |  | 13008201 |
| Health Care Equipment & Supplies - 1.5% |  |  |
| Dexcom Inc (a) | 17599 | 1509994 |
| Insulet Corp (a) | 19800 | 6435594 |
| Penumbra Inc (a) | 600 | 160182 |
| TransMedics Group Inc (a) | 32000 | 4067840 |
|  |  | 12173610 |
| Health Care Providers & Services - 2.4% |  |  |
| Cardinal Health Inc  | 52706 | 8139915 |
| Cencora Inc  | 37900 | 11037996 |
|  |  | 19177911 |
| Health Care Technology - 1.5% |  |  |
| Doximity Inc Class A (a) | 140400 | 7313436 |
| Veeva Systems Inc Class A (a) | 17100 | 4782870 |
|  |  | 12096306 |
| Life Sciences Tools & Services - 0.1% |  |  |
| West Pharmaceutical Services Inc  | 7700 | 1623545 |
| TOTAL HEALTH CARE |  | 58079573 |
| Industrials - 26.4% |  |  |
| Aerospace & Defense - 8.8% |  |  |
| Axon Enterprise Inc (a) | 47800 | 35867208 |
| HEICO Corp Class A  | 42200 | 9952448 |
| Howmet Aerospace Inc  | 90500 | 15375045 |
| Karman Holdings Inc (b) | 1500 | 64290 |
| Loar Holdings Inc (a) | 300 | 26115 |
| Standard Aero Inc  | 12000 | 351960 |
| TransDigm Group Inc  | 6200 | 9104266 |
|  |  | 70741332 |
| Building Products - 2.0% |  |  |
| AAON Inc  | 53200 | 5122628 |
| Lennox International Inc  | 10300 | 5813835 |
| Trane Technologies PLC  | 12132 | 5220036 |
|  |  | 16156499 |
| Commercial Services & Supplies - 2.6% |  |  |
| Cintas Corp  | 39100 | 8856150 |
| GEO Group Inc/The (a) | 109200 | 2963688 |
| GFL Environmental Inc Subordinate Voting Shares (United States)  | 76900 | 3878067 |
| Veralto Corp  | 19500 | 1970085 |
| VSE Corp (b) | 25036 | 3256933 |
|  |  | 20924923 |
| Construction & Engineering - 4.2% |  |  |
| Comfort Systems USA Inc  | 17900 | 8560317 |
| Construction Partners Inc Class A (a) | 102700 | 10751663 |
| EMCOR Group Inc  | 18100 | 8540666 |
| Fluor Corp (a) | 77700 | 3230766 |
| Quanta Services Inc  | 5500 | 1884080 |
| Sterling Infrastructure Inc (a) | 7556 | 1420604 |
|  |  | 34388096 |
| Electrical Equipment - 1.4% |  |  |
| GE Vernova Inc  | 2400 | 1135152 |
| nVent Electric PLC  | 61000 | 4013800 |
| Vertiv Holdings Co Class A  | 54000 | 5828220 |
|  |  | 10977172 |
| Ground Transportation - 1.9% |  |  |
| Old Dominion Freight Line Inc  | 53000 | 8489010 |
| XPO Inc (a) | 60900 | 6932247 |
|  |  | 15421257 |
| Machinery - 0.5% |  |  |
| RBC Bearings Inc (a) | 900 | 329283 |
| Westinghouse Air Brake Technologies Corp  | 18000 | 3641760 |
|  |  | 3971043 |
| Professional Services - 0.2% |  |  |
| Verisk Analytics Inc  | 6400 | 2010495 |
| Trading Companies & Distributors - 4.8% |  |  |
| Core & Main Inc Class A (a)(b) | 98300 | 5387823 |
| Fastenal Co  | 268200 | 11087388 |
| United Rentals Inc  | 10300 | 7296314 |
| WW Grainger Inc  | 14300 | 15552108 |
|  |  | 39323633 |
| TOTAL INDUSTRIALS |  | 213914450 |
| Information Technology - 26.1% |  |  |
| Electronic Equipment, Instruments & Components - 2.2% |  |  |
| Amphenol Corp Class A  | 45178 | 4062858 |
| Coherent Corp (a) | 88400 | 6685692 |
| OSI Systems Inc (a) | 12100 | 2651231 |
| Vontier Corp  | 123400 | 4411550 |
|  |  | 17811331 |
| IT Services - 3.7% |  |  |
| Cloudflare Inc Class A (a) | 74000 | 12275860 |
| Gartner Inc (a) | 20300 | 8859326 |
| GoDaddy Inc Class A (a) | 45800 | 8342470 |
|  |  | 29477656 |
| Semiconductors & Semiconductor Equipment - 1.2% |  |  |
| Entegris Inc (b) | 16100 | 1106714 |
| Monolithic Power Systems Inc  | 11500 | 7611850 |
| Onto Innovation Inc (a) | 15600 | 1434264 |
|  |  | 10152828 |
| Software - 18.3% |  |  |
| Appfolio Inc Class A (a) | 11000 | 2322870 |
| AppLovin Corp Class A (a) | 72700 | 28571100 |
| Cadence Design Systems Inc (a) | 9100 | 2612337 |
| Datadog Inc Class A (a) | 80200 | 9453976 |
| Fair Isaac Corp (a) | 8700 | 15018636 |
| Guidewire Software Inc (a) | 8600 | 1849172 |
| HubSpot Inc (a) | 13500 | 7963650 |
| Manhattan Associates Inc (a) | 5600 | 1057168 |
| MicroStrategy Inc Class A (a)(b) | 2600 | 959556 |
| Monday.com Ltd (a) | 9900 | 2945151 |
| Onestream Inc Class A  | 400 | 11224 |
| Palantir Technologies Inc Class A (a) | 519800 | 68499244 |
| Synopsys Inc (a) | 5100 | 2366298 |
| Tyler Technologies Inc (a) | 7600 | 4385124 |
|  |  | 148015506 |
| Technology Hardware, Storage & Peripherals - 0.7% |  |  |
| Pure Storage Inc Class A (a) | 15200 | 814568 |
| Super Micro Computer Inc (a)(b) | 120300 | 4814406 |
|  |  | 5628974 |
| TOTAL INFORMATION TECHNOLOGY |  | 211086295 |
| Materials - 2.0% |  |  |
| Construction Materials - 1.5% |  |  |
| CRH PLC  | 45713 | 4167197 |
| Vulcan Materials Co  | 31200 | 8270184 |
|  |  | 12437381 |
| Metals & Mining - 0.3% |  |  |
| Carpenter Technology Corp  | 8700 | 2044500 |
| Paper & Forest Products - 0.2% |  |  |
| Louisiana-Pacific Corp  | 20500 | 1846435 |
| TOTAL MATERIALS |  | 16328316 |
| Real Estate - 1.4% |  |  |
| Health Care REITs - 0.6% |  |  |
| Welltower Inc  | 35500 | 5476940 |
| Specialized REITs - 0.8% |  |  |
| Iron Mountain Inc  | 62516 | 6170954 |
| TOTAL REAL ESTATE |  | 11647894 |
| Utilities - 1.6% |  |  |
| Electric Utilities - 0.4% |  |  |
| NRG Energy Inc  | 24500 | 3819550 |
| Independent Power and Renewable Electricity Producers - 1.2% |  |  |
| Vistra Corp  | 59300 | 9521801 |
| TOTAL UTILITIES |  | 13341351 |
| TOTAL UNITED STATES |  | 777289009 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $648,407,426) |  | <br> **807466095** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.6%** | &nbsp;&nbsp;**Money Market Funds - 2.6%** | &nbsp;&nbsp;**Money Market Funds - 2.6%** | &nbsp;&nbsp;**Money Market Funds - 2.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.32 | 8139587 | 8141215 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.32 | 12911976 | 12913267 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $21,054,482) |  |  | **21054482** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.9%**<br> (Cost $669,461,908)<br>| <br>**828520577** |
| **NET OTHER ASSETS (LIABILITIES) - (1.9)%**  | **(15707819)** |
| **NET ASSETS - 100.0%** | **812812758** |

---

**Legend**

(a) Non-income producing

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

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

(d) 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 | 284704549 | 278641427 | 293142 | - | - | 8141215 | 8139587 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 3694450 | 86932968 | 77714151 | 3087 | - | - | 12913267 | 12911976 | 0.0% |
| Total | 5772543 | 371637517 | 356355578 | 296229 | - | - | 21054482 |  |  |

---

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 May 31, 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 | 33426537 | 33426537 | - | - |
| Consumer Discretionary | 95831119 | 95831119 | - | - |
| Consumer Staples | 18908448 | 18908448 | - | - |
| Energy | 22903405 | 22903405 | - | - |
| Financials | 103743322 | 103743322 | - | - |
| Health Care | 58079573 | 58079573 | - | - |
| Industrials | 213914450 | 213914450 | - | - |
| Information Technology | 219341680 | 219341680 | - | - |
| Materials | 16328316 | 16328316 | - | - |
| Real Estate | 11647894 | 11647894 | - | - |
| Utilities | 13341351 | 13341351 | - | - |
|  **Money Market Funds** | 21054482 | 21054482 | - | - |
| **Total Investments in Securities:** | 828520577 | 828520577 | - | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $15,244,500) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $648,407,426) | $807466095 |  |
| Fidelity Central Funds (cost $21,054,482) | 21054482 |  |
| Total Investment in Securities (cost $669,461,908) |  | $828520577 |
| Receivable for fund shares sold |  | 1012960 |
| Dividends receivable |  | 165068 |
| Distributions receivable from Fidelity Central Funds |  | 34199 |
| Other receivables |  | 5835 |
| **Total assets** |  | 829738639 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $3040305 |  |
| Payable for fund shares redeemed | 680328 |  |
| Accrued management fee | 291981 |  |
| Collateral on securities loaned | 12913267 |  |
| **Total liabilities** |  | 16925881 |
| **Net Assets**  |  | $812812758 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $658691197 |
| Total accumulated earnings (loss) |  | 154121561 |
| **Net Assets** |  | $812812758 |
| **Net Asset Value**, offering price and redemption price per share ($812,812,758 ÷ 42,287,602 shares) |  | $19.22 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $1382137 |
| Income from Fidelity Central Funds (including $3,087 from security lending)  |  | 296229 |
| **Total income** |  | 1678366 |
| **Expenses** |  |  |
| Management fee | $1515359 |  |
| Independent trustees' fees and expenses | 1261 |  |
| Total expenses before reductions | 1516620 |  |
| Expense reductions | (85) |  |
| Total expenses after reductions |  | 1516535 |
| **Net Investment income (loss)** |  | 161831 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (4211640) |  |
| Foreign currency transactions | (100) |  |
| Total net realized gain (loss) |  | (4211740) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 11364907 |
| **Net gain (loss)** |  | 7153167 |
| **Net increase (decrease) in net assets resulting from operations** |  | $7314998 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $161831 | $783869 |
| &nbsp;&nbsp;Net realized gain (loss) | (4211740)<br>| 28258409<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 11364907 | 102334556<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 7314998<br>| 131376834<br>|
| Distributions to shareholders | (29455968)<br>| (2301548)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 351117532 | 332222738 |
| Reinvestment of distributions | 29455968<br>| 2301548<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (99314902) | (67622950) |
| **Net increase (decrease) in net assets resulting from share transactions** | 281258598<br>| 266901336<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 259117628<br>| 395976622<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 553695130 | 157718508<br>|
| &nbsp;&nbsp;End of period | $812812758 | $553695130 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 19211644 | 19779769 |
| Issued in reinvestment of distributions | 1587923<br>| 153539<br>|
| &nbsp;&nbsp;Redeemed | (5525619) | (3991066) |
| &nbsp;&nbsp;Net increase (decrease) | 15273948 | 15942242 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.50 | $14.25 | $13.32 | $20.90 | $17.06 | $13.69 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | - C | .04  | .06 D | .03  | (.01)  | .04 E |
| Net realized and unrealized gain (loss)  | (.22) F | 6.41  | .90  | (3.21)  | 4.29  | 3.40  |
| Total from investment operations  | (.22)  | 6.45  | .96  | (3.18)  | 4.28  | 3.44  |
| Distributions from net investment income  | (.03)  | (.05)  | (.03)  | -  | (.02)  | (.07)  |
| Distributions from net realized gain  | (1.03)  | (.16)  | -  | (4.40)  | (.42)  | -  |
| Total distributions  | (1.06)  | (.20) G | (.03)  | (4.40)  | (.44)  | (.07)  |
| Net asset value, end of period  | $19.22 | $20.50 | $14.25 | $13.32 | $20.90 | $17.06 |
| **Total Return** H,I | (.90)% <br>| 45.82%  | 7.27%  | (19.67)%  | 25.64%  | 25.24%  |
| **Ratios to Average Net Assets** B,J,K |  |  |  |  |  |  |
| Expenses before reductions  | .45% L | .45%  | .45%  | .45%  | .45%  | .45%  |
| Expenses net of fee waivers, if any  | .45% L<br>| .45%  | .45%  | .45%  | .45%  | .45%  |
| Expenses net of all reductions, if any  | .45% L | .45%  | .45%  | .45%  | .45%  | .45%  |
| Net investment income (loss)  | .05% L | .25%  | .42% D | .22%  | (.06)%  | .25% E |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $812813 | $553695 | $157719 | $131329 | $157368 | $182192 |
| Portfolio turnover rate M | 36% L<br>| 95% N | 86% N | 78% N | 51%  | 73%  |

---

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

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

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

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

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

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

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

L*Annualized.*

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

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

**Notes to Financial Statements** **(Unaudited)**

For the period ended May 31, 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 May 31, 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.

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

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

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

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

Book-tax differences are primarily due to foreign currency transactions 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** | $189629595 |
| **Gross unrealized depreciation** | <u>(33564355)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$156065240</u> |
| **Tax cost** | <u>$672455337</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** | 370896144 | 120092925 |

---

**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** | 3665 |

---

**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** | 38221044 | 4385870 | (1153824) |

---

**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** | 318 | - | - |

---

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** | 2858417 |

---

**8. 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 $85.

**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 pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Growth Strategies K6 Fund**

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

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

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

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

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to funds and classes in the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total mapped group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

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

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

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

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

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

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img109868_4.jpg)<br>

1.9883994.108 FEGK6-SANN-0725

**Fidelity® Equity Growth K6 Fund**

**Semi-Annual Report**

**May 31, 2025**

![](img110063_1.jpg)

![](img110063_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_EGK-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Equity Growth K6 Fund](#Sub_Sec_Fund_7524_EGK-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements7524_EGK-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_EGK-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_EGK-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_EGK-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_EGK-SANN)** |

---

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.© 2025 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 (Semi-Annual Report)**

**Fidelity® Equity Growth K6 Fund**

**Schedule of Investments May 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.0%** | &nbsp;&nbsp;**Common Stocks - 96.0%** | &nbsp;&nbsp;**Common Stocks - 96.0%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Biotechnology - 0.1% |  |  |
| Galapagos NV ADR (a) | 8985 | 258408 |
| Pharmaceuticals - 0.5% |  |  |
| UCB SA  | 6530 | 1185577 |
| TOTAL BELGIUM |  | 1443985 |
| BRAZIL - 1.6%  |  |  |
| Consumer Discretionary - 1.3% |  |  |
| Broadline Retail - 1.3% |  |  |
| MercadoLibre Inc (a) | 1224 | 3137467 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Vale SA ADR  | 73194 | 668261 |
| TOTAL BRAZIL |  | 3805728 |
| CANADA - 1.2%  |  |  |
| Information Technology - 1.2% |  |  |
| IT Services - 1.2% |  |  |
| Shopify Inc Class A (United States) (a) | 26437 | 2834575 |
| CHINA - 2.1%  |  |  |
| Communication Services - 1.1% |  |  |
| Interactive Media & Services - 1.1% |  |  |
| Tencent Holdings Ltd  | 42259 | 2664120 |
| Consumer Discretionary - 1.0% |  |  |
| Automobiles - 1.0% |  |  |
| BYD Co Ltd H Shares  | 45571 | 2264789 |
| TOTAL CHINA |  | 4928909 |
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Life Sciences Tools & Services - 0.1% |  |  |
| Chemometec A/S  | 3154 | 254006 |
| GERMANY - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| BioNTech SE ADR (a) | 8928 | 855392 |
| ISRAEL - 1.0%  |  |  |
| Health Care - 0.5% |  |  |
| Biotechnology - 0.0% |  |  |
| Gamida Cell Ltd (a)(b) | 10294 | 0 |
| Gamida Cell Ltd warrants 4/21/2028 (a)(b) | 501 | 0 |
|  |  | 0 |
| Pharmaceuticals - 0.5% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (a) | 63365 | 1063265 |
| TOTAL HEALTH CARE |  | 1063265 |
| Information Technology - 0.5% |  |  |
| IT Services - 0.5% |  |  |
| Wix.com Ltd (a) | 8060 | 1200537 |
| TOTAL ISRAEL |  | 2263802 |
| JAPAN - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Chugai Pharmaceutical Co Ltd  | 18461 | 965169 |
| NETHERLANDS - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| BE Semiconductor Industries NV  | 8073 | 976689 |
| TAIWAN - 2.3%  |  |  |
| Information Technology - 2.3% |  |  |
| Semiconductors & Semiconductor Equipment - 2.3% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 27212 | 5260624 |
| UNITED KINGDOM - 0.6%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Leisure Products - 0.2% |  |  |
| Games Workshop Group PLC  | 2396 | 494891 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Immunocore Holdings PLC ADR (a) | 1921 | 70309 |
| Industrials - 0.4% |  |  |
| Professional Services - 0.4% |  |  |
| RELX PLC ADR  | 13547 | 730454 |
| TOTAL UNITED KINGDOM |  | 1295654 |
| UNITED STATES - 85.3%  |  |  |
| Communication Services - 8.8% |  |  |
| Entertainment - 1.8% |  |  |
| Live Nation Entertainment Inc (a) | 12888 | 1768104 |
| ROBLOX Corp Class A (a) | 28869 | 2511026 |
|  |  | 4279130 |
| Interactive Media & Services - 7.0% |  |  |
| Alphabet Inc Class A  | 63864 | 10968004 |
| Meta Platforms Inc Class A  | 7976 | 5164380 |
|  |  | 16132384 |
| TOTAL COMMUNICATION SERVICES |  | 20411514 |
| Consumer Discretionary - 15.0% |  |  |
| Broadline Retail - 10.3% |  |  |
| Amazon.com Inc (a) | 115665 | 23712482 |
| Savers Value Village Inc (a) | 25917 | 259688 |
|  |  | 23972170 |
| Diversified Consumer Services - 0.3% |  |  |
| Duolingo Inc Class A (a) | 1197 | 621973 |
| Hotels, Restaurants & Leisure - 1.9% |  |  |
| Airbnb Inc Class A (a) | 21634 | 2790786 |
| Carnival Corp (a) | 19744 | 458456 |
| Kura Sushi USA Inc Class A (a)(c) | 4465 | 294957 |
| Starbucks Corp  | 9784 | 821367 |
|  |  | 4365566 |
| Household Durables - 0.5% |  |  |
| DR Horton Inc  | 4094 | 483338 |
| TopBuild Corp (a) | 2262 | 639897 |
|  |  | 1123235 |
| Specialty Retail - 2.0% |  |  |
| Floor & Decor Holdings Inc Class A (a) | 5350 | 383541 |
| Lowe's Cos Inc  | 19224 | 4339434 |
|  |  | 4722975 |
| TOTAL CONSUMER DISCRETIONARY |  | 34805919 |
| Consumer Staples - 2.2% |  |  |
| Beverages - 1.2% |  |  |
| Coca-Cola Co/The  | 14896 | 1074002 |
| Constellation Brands Inc Class A  | 8827 | 1573766 |
|  |  | 2647768 |
| Personal Care Products - 1.0% |  |  |
| Estee Lauder Cos Inc/The Class A  | 35364 | 2367266 |
| TOTAL CONSUMER STAPLES |  | 5015034 |
| Energy - 1.4% |  |  |
| Oil, Gas & Consumable Fuels - 1.4% |  |  |
| Cheniere Energy Inc  | 9110 | 2158979 |
| Range Resources Corp  | 31503 | 1198374 |
|  |  | 3357353 |
| Financials - 11.1% |  |  |
| Banks - 0.4% |  |  |
| Huntington Bancshares Inc/OH  | 28430 | 444361 |
| M&T Bank Corp  | 2396 | 437605 |
|  |  | 881966 |
| Capital Markets - 1.6% |  |  |
| Evercore Inc Class A  | 2676 | 619467 |
| Intercontinental Exchange Inc  | 14262 | 2564308 |
| Morgan Stanley  | 4615 | 590858 |
|  |  | 3774633 |
| Consumer Finance - 0.9% |  |  |
| Capital One Financial Corp  | 11351 | 2147042 |
| Financial Services - 6.3% |  |  |
| Mastercard Inc Class A  | 10689 | 6259478 |
| Rocket Cos Inc Class A (c) | 48816 | 622404 |
| Toast Inc Class A (a) | 46431 | 1958460 |
| Visa Inc Class A  | 16099 | 5879194 |
|  |  | 14719536 |
| Insurance - 1.9% |  |  |
| Arthur J Gallagher & Co  | 12562 | 4364541 |
| TOTAL FINANCIALS |  | 25887718 |
| Health Care - 12.1% |  |  |
| Biotechnology - 3.8% |  |  |
| Alnylam Pharmaceuticals Inc (a) | 8475 | 2581146 |
| Arcellx Inc (a) | 1047 | 64977 |
| Beam Therapeutics Inc (a)(c) | 17589 | 278434 |
| Biogen Inc (a) | 4793 | 622083 |
| Blueprint Medicines Corp (a)(c) | 736 | 74594 |
| Cytokinetics Inc (a) | 3975 | 123305 |
| Exact Sciences Corp (a) | 41615 | 2342092 |
| Gilead Sciences Inc  | 18624 | 2050130 |
| Hookipa Pharma Inc (a) | 514 | 817 |
| Janux Therapeutics Inc (a) | 1612 | 38366 |
| Krystal Biotech Inc (a) | 424 | 53407 |
| Moderna Inc (a) | 7880 | 209293 |
| Seres Therapeutics Inc (a) | 88 | 620 |
| Synlogic Inc (a) | 323 | 371 |
| Vor BioPharma Inc (a) | 4167 | 833 |
| XOMA Royalty Corp (a) | 5660 | 140142 |
|  |  | 8580610 |
| Health Care Equipment & Supplies - 3.6% |  |  |
| Align Technology Inc (a) | 6126 | 1108438 |
| Boston Scientific Corp (a) | 57559 | 6058661 |
| Ceribell Inc  | 1949 | 32763 |
| Glaukos Corp (a) | 5001 | 471544 |
| Penumbra Inc (a) | 2450 | 654077 |
| Pulmonx Corp (a) | 4548 | 15463 |
| RxSight Inc (a) | 929 | 14204 |
|  |  | 8355150 |
| Health Care Providers & Services - 0.8% |  |  |
| HealthEquity Inc (a)(c) | 17950 | 1805950 |
| Health Care Technology - 0.3% |  |  |
| Veeva Systems Inc Class A (a) | 2883 | 806375 |
| Life Sciences Tools & Services - 0.1% |  |  |
| 10X Genomics Inc Class A (a)(c) | 9571 | 91212 |
| Bio-Techne Corp  | 1400 | 67760 |
| Codexis Inc (a) | 24059 | 55336 |
| MaxCyte Inc (United States) (a) | 13826 | 32905 |
|  |  | 247213 |
| Pharmaceuticals - 3.5% |  |  |
| Aclaris Therapeutics Inc (a) | 1046 | 1527 |
| Eli Lilly & Co  | 7548 | 5567933 |
| Royalty Pharma PLC Class A  | 78671 | 2586702 |
| Zevra Therapeutics Inc (a)(c) | 12203 | 104336 |
|  |  | 8260498 |
| TOTAL HEALTH CARE |  | 28055796 |
| Industrials - 8.4% |  |  |
| Aerospace & Defense - 1.4% |  |  |
| GE Aerospace  | 13467 | 3311670 |
| Loar Holdings Inc (a) | 94 | 8183 |
|  |  | 3319853 |
| Building Products - 0.0% |  |  |
| Simpson Manufacturing Co Inc  | 556 | 86569 |
| Electrical Equipment - 1.5% |  |  |
| GE Vernova Inc  | 7251 | 3429578 |
| Ground Transportation - 0.3% |  |  |
| Uber Technologies Inc (a) | 8194 | 689607 |
| Machinery - 2.4% |  |  |
| Deere & Co  | 6184 | 3130712 |
| Ingersoll Rand Inc  | 13240 | 1080914 |
| Westinghouse Air Brake Technologies Corp  | 6223 | 1259037 |
|  |  | 5470663 |
| Professional Services - 2.3% |  |  |
| Equifax Inc  | 14875 | 3929826 |
| KBR Inc  | 7476 | 390172 |
| UL Solutions Inc Class A  | 14411 | 1030387 |
|  |  | 5350385 |
| Trading Companies & Distributors - 0.5% |  |  |
| Ferguson Enterprises Inc (United Kingdom)  | 6582 | 1199875 |
| TOTAL INDUSTRIALS |  | 19546530 |
| Information Technology - 23.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.8% |  |  |
| Flex Ltd (a) | 21532 | 910804 |
| Jabil Inc  | 5742 | 964713 |
|  |  | 1875517 |
| IT Services - 0.0% |  |  |
| Gartner Inc (a) | 436 | 190279 |
| Semiconductors & Semiconductor Equipment - 10.6% |  |  |
| Astera Labs Inc (a) | 315 | 28577 |
| NVIDIA Corp  | 176277 | 23820312 |
| SiTime Corp (a) | 3686 | 722714 |
|  |  | 24571603 |
| Software - 8.6% |  |  |
| Appfolio Inc Class A (a) | 447 | 94393 |
| CyberArk Software Ltd (a) | 1155 | 442111 |
| Docusign Inc (a) | 9729 | 862087 |
| HubSpot Inc (a) | 3839 | 2264626 |
| Microsoft Corp  | 28635 | 13182409 |
| Monday.com Ltd (a) | 4525 | 1346142 |
| Nutanix Inc Class A (a) | 4080 | 312895 |
| OpenAI Global LLC rights (a)(b)(d) | 70200 | 103194 |
| Palo Alto Networks Inc (a) | 3551 | 683283 |
| SailPoint Inc (c) | 1100 | 19382 |
| Zeta Global Holdings Corp Class A (a) | 22751 | 298948 |
| Zscaler Inc (a) | 1080 | 297756 |
|  |  | 19907226 |
| Technology Hardware, Storage & Peripherals - 3.9% |  |  |
| Apple Inc  | 45738 | 9186477 |
| TOTAL INFORMATION TECHNOLOGY |  | 55731102 |
| Materials - 1.7% |  |  |
| Construction Materials - 0.5% |  |  |
| Eagle Materials Inc  | 376 | 76031 |
| Martin Marietta Materials Inc  | 1865 | 1021181 |
|  |  | 1097212 |
| Containers & Packaging - 0.6% |  |  |
| International Paper Co  | 28025 | 1339875 |
| Metals & Mining - 0.6% |  |  |
| Carpenter Technology Corp  | 6014 | 1413290 |
| TOTAL MATERIALS |  | 3850377 |
| Real Estate - 0.7% |  |  |
| Real Estate Management & Development - 0.7% |  |  |
| Zillow Group Inc Class A (a) | 5287 | 349840 |
| Zillow Group Inc Class C (a) | 22760 | 1527424 |
|  |  | 1877264 |
| TOTAL UNITED STATES |  | 198538607 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $203,599,957) |  | <br> **223423140** |

---

---

| | | |
|:---|:---|:---|
| &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%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Akeana Series C (a)(b)(d) | 400 | 5120 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Anduril Industries Inc Series F (b)(d) | 1470 | 60094 |
| Anduril Industries Inc Series G (b)(d) | 214 | 8748 |
|  |  | 68842 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| X.Ai Holdings Corp Series C (b)(d) | 4600 | 168176 |
| TOTAL UNITED STATES |  | 242138 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $145,395) |  | <br> **242138** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.7%** | &nbsp;&nbsp;**Money Market Funds - 3.7%** | &nbsp;&nbsp;**Money Market Funds - 3.7%** | &nbsp;&nbsp;**Money Market Funds - 3.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.32 | 5698191 | 5699331 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.32 | 2806769 | 2807050 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $8,506,381) |  |  | **8506381** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.8%**<br> (Cost $212,251,733)<br>| <br>**232171659** |
| **NET OTHER ASSETS (LIABILITIES) - 0.2%**  | **528557** |
| **NET ASSETS - 100.0%** | **232700216** |

---

**Legend**

(a) Non-income producing

(b) Level 3 security

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

(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 $345,332 or 0.1% of net assets.

(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 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 | 1/23/24 | 5104 |
| Anduril Industries Inc Series F | 8/07/24 | 31953 |
| Anduril Industries Inc Series G | 4/17/25 | 8749 |
| OpenAI Global LLC rights | 9/30/24 | 70200 |
| X.Ai Holdings Corp Series C | 11/22/24 | 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 | 97471430 | 94417804 | 105262 | - | - | 5699331 | 5698191 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 228675 | 8885031 | 6306656 | 8352 | - | - | 2807050 | 2806769 | 0.0% |
| Total | 2874380 | 106356461 | 100724460 | 113614 | - | - | 8506381 |  |  |

---

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 May 31, 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 | 23075634 | 20411514 | 2664120 | - |
| Consumer Discretionary | 40703066 | 38438277 | 2264789 | - |
| Consumer Staples | 5015034 | 5015034 | - | - |
| Energy | 3357353 | 3357353 | - | - |
| Financials | 25887718 | 25887718 | - | - |
| Health Care | 32707922 | 31488747 | 1219175 | - |
| Industrials | 20276984 | 20276984 | - | - |
| Information Technology | 66003527 | 65900333 | - | 103194 |
| Materials | 4518638 | 4518638 | - | - |
| Real Estate | 1877264 | 1877264 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 5120 | - | - | 5120 |
| Industrials | 68842 | - | - | 68842 |
| Information Technology | 168176 | - | - | 168176 |
|  **Money Market Funds** | 8506381 | 8506381 | - | - |
| **Total Investments in Securities:** | 232171659 | 225678243 | 6148084 | 345332 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $2,717,691) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $203,745,352) | $223665278 |  |
| Fidelity Central Funds (cost $8,506,381) | 8506381 |  |
| Total Investment in Securities (cost $212,251,733) |  | $232171659 |
| Foreign currency held at value (cost $24,278) |  | 24278 |
| Receivable for fund shares sold |  | 3419683 |
| Dividends receivable |  | 118471 |
| Distributions receivable from Fidelity Central Funds |  | 25990 |
| Prepaid expenses |  | 11 |
| Receivable from investment adviser for expense reductions |  | 5470 |
| Other receivables |  | 2497 |
| **Total assets** |  | 235768059 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $145732 |  |
| Accrued management fee | 83630 |  |
| Other payables and accrued expenses | 31431 |  |
| Collateral on securities loaned | 2807050 |  |
| **Total liabilities** |  | 3067843 |
| **Net Assets**  |  | $232700216 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $216535086 |
| Total accumulated earnings (loss) |  | 16165130 |
| **Net Assets** |  | $232700216 |
| **Net Asset Value**, offering price and redemption price per share ($232,700,216 ÷ 16,166,840 shares) |  | $14.39 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $601915 |
| Income from Fidelity Central Funds (including $8,352 from security lending)  |  | 113614 |
| **Total income** |  | 715529 |
| **Expenses** |  |  |
| Management fee | $438832 |  |
| Custodian fees and expenses | 10678 |  |
| Independent trustees' fees and expenses | 364 |  |
| Registration fees | 11555 |  |
| Audit fees | 44176 |  |
| Legal | 514 |  |
| Miscellaneous | 329 |  |
| Total expenses before reductions | 506448 |  |
| Expense reductions | (68170) |  |
| Total expenses after reductions |  | 438278 |
| **Net Investment income (loss)** |  | 277251 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (3585769) |  |
| Foreign currency transactions | (2834) |  |
| Total net realized gain (loss) |  | (3588603) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1453429 |  |
| Assets and liabilities in foreign currencies | 29 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1453458 |
| **Net gain (loss)** |  | (2135145) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(1857894) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $277251 | $73985 |
| &nbsp;&nbsp;Net realized gain (loss) | (3588603)<br>| 2048106<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1453458 | 18400318<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (1857894)<br>| 20522409<br>|
| Distributions to shareholders | (2560425)<br>| (2423)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 100720182 | 145123148 |
| Reinvestment of distributions | 2560425<br>| 2423<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (20483889) | (13470800) |
| **Net increase (decrease) in net assets resulting from share transactions** | 82796718<br>| 131654771<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 78378399<br>| 152174757<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 154321817 | 2147060<br>|
| &nbsp;&nbsp;End of period | $232700216 | $154321817 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 7021718 | 11222608 |
| Issued in reinvestment of distributions | 173588<br>| 217<br>|
| &nbsp;&nbsp;Redeemed | (1461335) | (991702) |
| &nbsp;&nbsp;Net increase (decrease) | 5733971 | 10231123 |

---

**Financial Highlights** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 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 | .02  | .01  | .01  |
| Net realized and unrealized gain (loss)  | (.20)  | 4.15  | .63  |
| Total from investment operations  | (.18)  | 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  | $14.39 | $14.79 | $10.64 |
| **Total Return** D,E | (1.29)% <br>| 39.15%  | 6.40%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |
| Expenses before reductions  | .52% H | .60%  | 6.77% H,I |
| Expenses net of fee waivers, if any  | .45% H<br>| .45%  | .45% H,I |
| Expenses net of all reductions, if any  | .45% H | .45%  | .45% H,I |
| Net investment income (loss)  | .28% H | .10%  | .44% H,I |
| **Supplemental Data** |  |  |  |
| Net assets, end of period (000 omitted) | $232700 | $154322 | $2147 |
| Portfolio turnover rate J | 59% H<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*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.*

L*Amount not annualized.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended May 31, 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 May 31, 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. 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. 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, partnerships, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $27717180 |
| **Gross unrealized depreciation** | <u>(8882575)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$18834605</u> |
| **Tax cost** | <u>$213337054</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 in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Equity Growth K6 Fund** | 130544851 | 55077352 |

---

**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** | 766 |

---

**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** | 4268670 | 2374199 | (86071) |

---

**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.

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** | 138 |

---

**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** | 944 | - | - |

---

**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, 2026. 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 $68,118.

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 $52.

**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 pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Equity Growth K6 Fund**

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

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

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

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

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to funds and classes in the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for the period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for the period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the period ended September 30, 2024.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.45% through March 31, 2026.

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

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

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

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

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

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img110063_4.jpg)<br>

1.9909901.101 EGK-SANN-0725

**Fidelity® New Millennium Fund®**

**Semi-Annual Report**

**May 31, 2025**

![](img109862_1.jpg)

![](img109862_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_NMF-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® New Millennium Fund®](#Sub_Sec_Fund_300_NMF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements300_NMF-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_NMF-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_NMF-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_NMF-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_NMF-SANN)** |

---

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.© 2025 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 (Semi-Annual Report)**

**Fidelity® New Millennium Fund®**

**Schedule of Investments May 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** | &nbsp;&nbsp;**Common Stocks - 99.2%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Vale SA ADR  | 405300 | 3700389 |
| CANADA - 0.8%  |  |  |
| Materials - 0.8% |  |  |
| Metals & Mining - 0.8% |  |  |
| Agnico Eagle Mines Ltd/CA (United States) (a) | 248000 | 29261520 |
| Franco-Nevada Corp (United States)  | 51900 | 8760720 |
| TOTAL CANADA |  | 38022240 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Ivanhoe Mine Ltd Class A (b) | 367500 | 2846595 |
| GERMANY - 0.7%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| BioNTech SE ADR (b) | 107600 | 10309156 |
| Information Technology - 0.5% |  |  |
| Software - 0.5% |  |  |
| SAP SE ADR  | 85000 | 25743100 |
| TOTAL GERMANY |  | 36052256 |
| ITALY - 1.1%  |  |  |
| Consumer Discretionary - 0.8% |  |  |
| Textiles, Apparel & Luxury Goods - 0.8% |  |  |
| Brunello Cucinelli SpA  | 316800 | 39010610 |
| Industrials - 0.3% |  |  |
| Electrical Equipment - 0.3% |  |  |
| Prysmian SpA  | 206600 | 13286868 |
| TOTAL ITALY |  | 52297478 |
| NETHERLANDS - 0.5%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Argenx SE ADR (b) | 23000 | 13184980 |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| NXP Semiconductors NV  | 54476 | 10411998 |
| TOTAL NETHERLANDS |  | 23596978 |
| SPAIN - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Specialty Retail - 0.3% |  |  |
| Industria de Diseno Textil SA  | 224200 | 12146098 |
| TAIWAN - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 125400 | 24242328 |
| UNITED KINGDOM - 1.3%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Flutter Entertainment PLC (United Kingdom) (a)(b) | 84800 | 21417152 |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| TechnipFMC PLC  | 438886 | 13671299 |
| Financials - 0.6% |  |  |
| Capital Markets - 0.6% |  |  |
| London Stock Exchange Group PLC  | 167562 | 25495714 |
| TOTAL UNITED KINGDOM |  | 60584165 |
| UNITED STATES - 93.9%  |  |  |
| Communication Services - 9.8% |  |  |
| Entertainment - 3.6% |  |  |
| Netflix Inc (b) | 59700 | 72071631 |
| Spotify Technology SA (b) | 53500 | 35584990 |
| Take-Two Interactive Software Inc (b) | 92600 | 20953528 |
| TKO Group Holdings Inc Class A  | 99700 | 15733657 |
| Walt Disney Co/The  | 253500 | 28655640 |
|  |  | 172999446 |
| Interactive Media & Services - 6.2% |  |  |
| Alphabet Inc Class A  | 858000 | 147352920 |
| Meta Platforms Inc Class A  | 225500 | 146008995 |
| Reddit Inc Class A (b) | 77100 | 8662185 |
|  |  | 302024100 |
| TOTAL COMMUNICATION SERVICES |  | 475023546 |
| Consumer Discretionary - 10.2% |  |  |
| Broadline Retail - 4.1% |  |  |
| Amazon.com Inc (b) | 978500 | 200602286 |
| Hotels, Restaurants & Leisure - 1.9% |  |  |
| Booking Holdings Inc  | 6500 | 35873045 |
| Chipotle Mexican Grill Inc (b) | 292200 | 14633376 |
| Hilton Worldwide Holdings Inc  | 99000 | 24595560 |
| Royal Caribbean Cruises Ltd  | 72600 | 18656022 |
|  |  | 93758003 |
| Household Durables - 1.0% |  |  |
| Lennar Corp Class A  | 76800 | 8146944 |
| NVR Inc (b) | 2110 | 15014612 |
| Somnigroup International Inc  | 377000 | 24527620 |
|  |  | 47689176 |
| Specialty Retail - 2.5% |  |  |
| Dick's Sporting Goods Inc  | 97100 | 17413914 |
| Group 1 Automotive Inc  | 24000 | 10174080 |
| Lowe's Cos Inc  | 218300 | 49276859 |
| TJX Cos Inc/The  | 344686 | 43740653 |
|  |  | 120605506 |
| Textiles, Apparel & Luxury Goods - 0.7% |  |  |
| NIKE Inc Class B  | 194800 | 11802932 |
| Ralph Lauren Corp Class A  | 73300 | 20290173 |
|  |  | 32093105 |
| TOTAL CONSUMER DISCRETIONARY |  | 494748076 |
| Consumer Staples - 4.9% |  |  |
| Beverages - 0.7% |  |  |
| Keurig Dr Pepper Inc  | 948000 | 31919160 |
| Consumer Staples Distribution & Retail - 3.3% |  |  |
| Albertsons Cos Inc Class A  | 914000 | 20318220 |
| BJ's Wholesale Club Holdings Inc (b) | 311200 | 35230952 |
| Dollar Tree Inc (b) | 74000 | 6679240 |
| Performance Food Group Co (b) | 421000 | 37704760 |
| Walmart Inc  | 615900 | 60801648 |
|  |  | 160734820 |
| Tobacco - 0.9% |  |  |
| Philip Morris International Inc  | 243100 | 43901429 |
| TOTAL CONSUMER STAPLES |  | 236555409 |
| Energy - 3.0% |  |  |
| Energy Equipment & Services - 0.8% |  |  |
| Baker Hughes Co Class A  | 727500 | 26953875 |
| Kodiak Gas Services Inc  | 310200 | 10953162 |
|  |  | 37907037 |
| Oil, Gas & Consumable Fuels - 2.2% |  |  |
| Antero Resources Corp (b) | 364400 | 13646780 |
| Cheniere Energy Inc  | 106526 | 25245597 |
| Exxon Mobil Corp  | 524300 | 53635890 |
| Shell PLC ADR  | 232900 | 15422638 |
|  |  | 107950905 |
| TOTAL ENERGY |  | 145857942 |
| Financials - 12.5% |  |  |
| Banks - 4.1% |  |  |
| Bank of America Corp  | 965200 | 42594276 |
| First Citizens BancShares Inc/NC Class A  | 8200 | 15160816 |
| JPMorgan Chase & Co  | 228300 | 60271200 |
| M&T Bank Corp  | 114400 | 20894016 |
| Wells Fargo & Co  | 738268 | 55207681 |
|  |  | 194127989 |
| Capital Markets - 3.6% |  |  |
| Ares Management Corp Class A  | 49800 | 8241900 |
| Blue Owl Capital Inc Class A  | 790600 | 14768408 |
| Charles Schwab Corp/The  | 364500 | 32199930 |
| Goldman Sachs Group Inc/The  | 63500 | 38128575 |
| Houlihan Lokey Inc Class A  | 100200 | 17502936 |
| Moody's Corp  | 45800 | 21952856 |
| Morgan Stanley  | 248800 | 31853864 |
| Stifel Financial Corp  | 116800 | 11004896 |
|  |  | 175653365 |
| Financial Services - 3.3% |  |  |
| Apollo Global Management Inc  | 138200 | 18061358 |
| Block Inc Class A (b) | 129700 | 8008975 |
| Fiserv Inc (b) | 175801 | 28618645 |
| Visa Inc Class A  | 290800 | 106197252 |
|  |  | 160886230 |
| Insurance - 1.5% |  |  |
| Chubb Ltd  | 144209 | 42858915 |
| Marsh & McLennan Cos Inc  | 125800 | 29394428 |
|  |  | 72253343 |
| TOTAL FINANCIALS |  | 602920927 |
| Health Care - 7.9% |  |  |
| Biotechnology - 1.1% |  |  |
| Alnylam Pharmaceuticals Inc (b) | 55100 | 16781256 |
| Gilead Sciences Inc  | 333900 | 36755712 |
|  |  | 53536968 |
| Health Care Equipment & Supplies - 3.0% |  |  |
| Boston Scientific Corp (b) | 546068 | 57479118 |
| Glaukos Corp (b) | 56900 | 5365101 |
| Insulet Corp (b) | 69300 | 22524579 |
| Intuitive Surgical Inc (b) | 41900 | 23143046 |
| Stryker Corp  | 96000 | 36733440 |
|  |  | 145245284 |
| Health Care Providers & Services - 1.0% |  |  |
| Cigna Group/The  | 49000 | 15515360 |
| UnitedHealth Group Inc  | 106600 | 32183606 |
|  |  | 47698966 |
| Health Care Technology - 0.6% |  |  |
| Veeva Systems Inc Class A (b) | 96000 | 26851200 |
| Life Sciences Tools & Services - 1.2% |  |  |
| Danaher Corp  | 170700 | 32415930 |
| Thermo Fisher Scientific Inc  | 66900 | 26948658 |
|  |  | 59364588 |
| Pharmaceuticals - 1.0% |  |  |
| Eli Lilly & Co  | 65700 | 48464919 |
| TOTAL HEALTH CARE |  | 381161925 |
| Industrials - 11.9% |  |  |
| Aerospace & Defense - 5.5% |  |  |
| Boeing Co (b) | 172860 | 35837335 |
| GE Aerospace  | 192712 | 47389808 |
| General Dynamics Corp  | 56400 | 15706836 |
| Howmet Aerospace Inc  | 180600 | 30682134 |
| Space Exploration Technologies Corp (b)(c)(d) | 587191 | 108630335 |
| TransDigm Group Inc  | 17300 | 25403839 |
|  |  | 263650287 |
| Building Products - 0.7% |  |  |
| Trane Technologies PLC  | 74100 | 31883007 |
| Construction & Engineering - 0.9% |  |  |
| Comfort Systems USA Inc  | 29900 | 14299077 |
| Quanta Services Inc  | 86500 | 29631440 |
|  |  | 43930517 |
| Electrical Equipment - 1.5% |  |  |
| Eaton Corp PLC  | 89300 | 28593860 |
| GE Vernova Inc  | 92903 | 43941261 |
|  |  | 72535121 |
| Machinery - 2.4% |  |  |
| Allison Transmission Holdings Inc  | 223600 | 23147072 |
| Deere & Co  | 69000 | 34931940 |
| Parker-Hannifin Corp  | 32100 | 21336870 |
| Westinghouse Air Brake Technologies Corp  | 186600 | 37752912 |
|  |  | 117168794 |
| Professional Services - 0.4% |  |  |
| Paycom Software Inc  | 77900 | 20183111 |
| Trading Companies & Distributors - 0.5% |  |  |
| United Rentals Inc  | 34600 | 24509948 |
| TOTAL INDUSTRIALS |  | 573860785 |
| Information Technology - 27.5% |  |  |
| Communications Equipment - 1.6% |  |  |
| Arista Networks Inc  | 353900 | 30661896 |
| Cisco Systems Inc  | 771700 | 48647968 |
|  |  | 79309864 |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Flex Ltd (b) | 490162 | 20733853 |
| IT Services - 0.5% |  |  |
| CoreWeave Inc Class A (e) | 223240 | 24848844 |
| CoreWeave Inc Class A (d)(e) | 14492 | 1619661 |
|  |  | 26468505 |
| Semiconductors & Semiconductor Equipment - 9.6% |  |  |
| Broadcom Inc  | 388000 | 93923160 |
| Marvell Technology Inc  | 159791 | 9617820 |
| Micron Technology Inc  | 221400 | 20913444 |
| NVIDIA Corp  | 2488900 | 336325057 |
|  |  | 460779481 |
| Software - 10.2% |  |  |
| Applied Intuition Inc Class A (c)(d) | 18639 | 2542173 |
| Autodesk Inc (b) | 115800 | 34290696 |
| Docusign Inc (b) | 90900 | 8054649 |
| Fair Isaac Corp (b) | 8000 | 13810240 |
| Intuit Inc  | 15000 | 11302050 |
| Microsoft Corp  | 744500 | 342738020 |
| Monday.com Ltd (b) | 77700 | 23114973 |
| Oracle Corp  | 117000 | 19367010 |
| Palo Alto Networks Inc (b) | 170800 | 32865336 |
|  |  | 488085147 |
| Technology Hardware, Storage & Peripherals - 5.2% |  |  |
| Apple Inc  | 1259100 | 252890235 |
| TOTAL INFORMATION TECHNOLOGY |  | 1328267085 |
| Materials - 2.2% |  |  |
| Chemicals - 1.7% |  |  |
| CF Industries Holdings Inc  | 138900 | 12599619 |
| Corteva Inc  | 213500 | 15115800 |
| Linde PLC  | 71600 | 33478728 |
| Sherwin-Williams Co/The  | 65100 | 23358531 |
|  |  | 84552678 |
| Construction Materials - 0.3% |  |  |
| Martin Marietta Materials Inc  | 23800 | 13031690 |
| Metals & Mining - 0.2% |  |  |
| Freeport-McMoRan Inc  | 306089 | 11778305 |
| TOTAL MATERIALS |  | 109362673 |
| Real Estate - 3.3% |  |  |
| Health Care REITs - 0.5% |  |  |
| Ventas Inc  | 374300 | 24060004 |
| Industrial REITs - 0.3% |  |  |
| Terreno Realty Corp  | 257400 | 14522508 |
| Real Estate Management & Development - 1.3% |  |  |
| CBRE Group Inc Class A (b) | 299600 | 37455992 |
| Zillow Group Inc Class C (b) | 330400 | 22173144 |
|  |  | 59629136 |
| Residential REITs - 0.2% |  |  |
| Equity Residential  | 171200 | 12007968 |
| Specialized REITs - 1.0% |  |  |
| American Tower Corp  | 109700 | 23547105 |
| Public Storage Operating Co  | 79800 | 24611118 |
|  |  | 48158223 |
| TOTAL REAL ESTATE |  | 158377839 |
| Utilities - 0.7% |  |  |
| Electric Utilities - 0.5% |  |  |
| Constellation Energy Corp  | 51100 | 15644265 |
| Exelon Corp  | 250200 | 10963764 |
|  |  | 26608029 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Vistra Corp  | 72100 | 11577096 |
| TOTAL UTILITIES |  | 38185125 |
| TOTAL UNITED STATES |  | 4544321332 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,008,336,796) |  | <br> **4797809859** |

---

---

| | | |
|:---|:---|:---|
| &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%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| National Resilience Inc Series B (b)(c)(d) | 243347 | 5056751 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Anduril Industries Inc Series G (c)(d) | 31400 | 1283632 |
| Construction & Engineering - 0.2% |  |  |
| Beta Technologies Inc Series B, 6% (b)(c)(d) | 49853 | 5656321 |
| Beta Technologies Inc Series C, 6% (c)(d) | 7000 | 682150 |
|  |  | 6338471 |
| TOTAL INDUSTRIALS |  | 7622103 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Applied Intuition Inc Series A2 (c)(d) | 24262 | 3309094 |
| Applied Intuition Inc Series B2 (c)(d) | 11699 | 1595627 |
|  |  | 4904721 |
| TOTAL UNITED STATES |  | 17583575 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $12,699,152) |  | <br> **17583575** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** | &nbsp;&nbsp;**Money Market Funds - 1.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.32 | 24504791 | 24509692 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.32 | 32774909 | 32778187 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $57,287,879) |  |  | **57287879** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.7%**<br> (Cost $3,078,323,827)<br>| <br>**4872681313** |
| **NET OTHER ASSETS (LIABILITIES) - (0.7)%**  | **(34422003)** |
| **NET ASSETS - 100.0%** | **4838259310** |

---

**Legend**

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

(b) Non-income producing

(c) 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 $128,756,083 or 2.7% of net assets.

(d) Level 3 security

(e) 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 $26,468,505 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

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

(g) 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 Series G | 4/17/25 | 1283720 |
| Applied Intuition Inc Class A | 7/02/24 | 1112653 |
| Applied Intuition Inc Series A2 | 7/02/24 | 1448318 |
| Applied Intuition Inc Series B2 | 7/02/24 | 698371 |
| Beta Technologies Inc Series B, 6% | 4/04/22 | 5143334 |
| Beta Technologies Inc Series C, 6% | 10/24/24 | 801290 |
| National Resilience Inc Series B | 12/01/20 | 3324120 |
| Space Exploration Technologies Corp | 4/08/16 - 9/11/17 | 5998289 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| CoreWeave Inc Class A | 9/24/2025 |
| CoreWeave Inc Class A | 9/24/2025 |

---

**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 | 28954711 | 307695331 | 312140350 | 678340 | - | - | 24509692 | 24504791 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 16467496 | 97078244 | 80767553 | 8825 | - | - | 32778187 | 32774909 | 0.1% |
| Total | 45422207 | 404773575 | 392907903 | 687165 | - | - | 57287879 |  |  |

---

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 May 31, 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 | 475023546 | 475023546 | - | - |
| Consumer Discretionary | 567321936 | 555175838 | 12146098 | - |
| Consumer Staples | 236555409 | 236555409 | - | - |
| Energy | 159529241 | 159529241 | - | - |
| Financials | 628416641 | 602920927 | 25495714 | - |
| Health Care | 404656061 | 404656061 | - | - |
| Industrials | 587147653 | 465230450 | 13286868 | 108630335 |
| Information Technology | 1388664511 | 1384502677 | - | 4161834 |
| Materials | 153931897 | 153931897 | - | - |
| Real Estate | 158377839 | 158377839 | - | - |
| Utilities | 38185125 | 38185125 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 5056751 | - | - | 5056751 |
| Industrials | 7622103 | - | - | 7622103 |
| Information Technology | 4904721 | - | - | 4904721 |
|  **Money Market Funds** | 57287879 | 57287879 | - | - |
| **Total Investments in Securities:** | 4872681313 | 4691376889 | 50928680 | 130375744 |

---

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 ($)** | **Net Realized Gain (Loss) on Investement Securities ($)** | **Net Unrealized Gain (Loss) on Investement Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amoritization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The Change in unrealized gain (loss) for the period attributable to Level 3 securities held at May 31, 2025($)** |
| **Common Stocks** | 81103216 | 2416706 | 48007989 | - | (18735742) | - | - | - | 112792169 | 44140356 |
| **Convertible Preferred Stocks** | 25991027 | - | (9691172) | 1283720 | - | - | - | - | 17583575 | (1654559) |
| <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. |  |  |  |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** | <br> **As of May 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $32,022,526) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,021,035,948) | $4815393434 |  |
| Fidelity Central Funds (cost $57,287,879) | 57287879 |  |
| Total Investment in Securities (cost $3,078,323,827) |  | $4872681313 |
| Foreign currency held at value (cost $208,302) |  | 216873 |
| Receivable for fund shares sold |  | 1486000 |
| Dividends receivable |  | 3203353 |
| Distributions receivable from Fidelity Central Funds |  | 111607 |
| Prepaid expenses |  | 758 |
| Other receivables |  | 81379 |
| **Total assets** |  | 4877781283 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $3570948 |  |
| Accrued management fee | 3132878 |  |
| Other payables and accrued expenses | 39960 |  |
| Collateral on securities loaned | 32778187 |  |
| **Total liabilities** |  | 39521973 |
| **Net Assets**  |  | $4838259310 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2954876759 |
| Total accumulated earnings (loss) |  | 1883382551 |
| **Net Assets** |  | $4838259310 |
| **Net Asset Value**, offering price and redemption price per share ($4,838,259,310 ÷ 80,745,212 shares) |  | $59.92 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** | **Six months ended May 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $22424923 |
| Income from Fidelity Central Funds (including $8,825 from security lending)  |  | 687165 |
| **Total income** |  | 23112088 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $15173825 |  |
| Performance adjustment | 3648571 |  |
| Custodian fees and expenses | 19039 |  |
| Independent trustees' fees and expenses | 10408 |  |
| Registration fees | 53410 |  |
| Audit fees | 48182 |  |
| Legal | 3791 |  |
| Miscellaneous | 11287 |  |
| Total expenses before reductions | 18968513 |  |
| Expense reductions | (467) |  |
| Total expenses after reductions |  | 18968046 |
| **Net Investment income (loss)** |  | 4144042 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 88275855 |  |
| Foreign currency transactions | (37240) |  |
| Total net realized gain (loss) |  | 88238615 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (181160224) |  |
| Assets and liabilities in foreign currencies | 40689 |  |
| Total change in net unrealized appreciation (depreciation) |  | (181119535) |
| **Net gain (loss)** |  | (92880920) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(88736878) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **November 30, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4144042 | $8096384 |
| &nbsp;&nbsp;Net realized gain (loss) | 88238615<br>| 352441785<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (181119535) | 1108986024<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (88736878)<br>| 1469524193<br>|
| Distributions to shareholders | (175010312)<br>| (144345357)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 389252396 | 1566852012 |
| Reinvestment of distributions | 160933866<br>| 134886480<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (530247836) | (1599799158) |
| **Net increase (decrease) in net assets resulting from share transactions** | 19938426<br>| 101939334<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (243808764)<br>| 1427118170<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 5082068074 | 3654949904<br>|
| &nbsp;&nbsp;End of period | $4838259310 | $5082068074 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 6514410 | 28341836 |
| Issued in reinvestment of distributions | 2645198<br>| 2822483<br>|
| &nbsp;&nbsp;Redeemed | (9125396) | (27668208) |
| &nbsp;&nbsp;Net increase (decrease) | 34212 | 3496111 |

---

**Financial Highlights** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **May 31, 2025**<br> **(Unaudited)**  | **Years ended November 30, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $62.97 | $47.33 | $42.93 | $42.94 | $37.77 | $38.43 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .05  | .09  | .17  | .75  | .62  | .54  |
| Net realized and unrealized gain (loss)  | (.94)  | 17.40  | 5.81  | 2.77  | 7.70  | .45  |
| Total from investment operations  | (.89)  | 17.49  | 5.98  | 3.52  | 8.32  | .99  |
| Distributions from net investment income  | (.12)  | (.14)  | (.64)  | (.85)  | (.58)  | (.36)  |
| Distributions from net realized gain  | (2.04)  | (1.71)  | (.94)  | (2.68)  | (2.56)  | (1.29)  |
| Total distributions  | (2.16)  | (1.85)  | (1.58)  | (3.53)  | (3.15) C | (1.65)  |
| Net asset value, end of period  | $59.92 | $62.97 | $47.33 | $42.93 | $42.94 | $37.77 |
| **Total Return** D,E | (1.46)% <br>| 38.19%  | 14.66%  | 8.45%  | 23.56%  | 2.60%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .78% H | .78%  | .87%  | .54%  | .49%  | .46%  |
| Expenses net of fee waivers, if any  | .78% H<br>| .77%  | .86%  | .54%  | .48%  | .46%  |
| Expenses net of all reductions, if any  | .78% H | .77%  | .86%  | .54%  | .48%  | .45%  |
| Net investment income (loss)  | .17% H | .17%  | .40%  | 1.83%  | 1.46%  | 1.61%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4838259 | $5082068 | $3654950 | $2580076 | $2629756 | $2330800 |
| Portfolio turnover rate I | 32% H<br>| 44% J | 59% J | 12%  | 19%  | 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*Total distributions per share do not sum due to rounding.*

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

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

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

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment 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*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** **(Unaudited)**

For the period ended May 31, 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.

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 | $112792169 | Market comparable | Enterprise value/EBITDA multiple (EV/EBITDA) | 31.4 | Increase |
|  |  |  | Enterprise value/Revenue multiple (EV/R) | 20.2 | Increase |
|  |  | Black scholes | Volatility | 50.0% | Increase |
| Convertible Preferred Stocks | $17583575 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 12.0 - 20.2 / 15.9 | Increase |
|  |  | Market approach | Discount rate | 50.0% | Decrease |
|  |  |  | Transaction price | $60.73 | Increase |

---

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of May 31, 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. 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 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. 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), redemptions in-kind 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** | $1843300210 |
| **Gross unrealized depreciation** | <u>(49476072)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$1793824138</u> |
| **Tax cost** | <u>$3078857175</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.

**3. 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** | 787022239 | 930771865 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Shares that were redeemed 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 ($)** | **Total Proceeds ($)** |
| **Fidelity New Millennium Fund** | 4444072 | 141461394 | 266111018 |

---

**4. 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 the 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 annualized performance adjustment was .15%.

**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** | 17866 |

---

**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** | 22657608 | 43736669 | (4202240) |

---

**5. 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** | 3926 |

---

**6. 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** | 969 | - | - |

---

**7. 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 $467.

**8. 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.

**9. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, 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.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity New Millennium Fund**

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

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

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

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

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has a management fee based on tiered schedules and subject to a maximum rate (the management fee). The Board also considered that in exchange for the variable management fee, the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the fund's management fee and total expense ratio, the Board considered the effective management fee rate from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) relative to the total universe of funds and classes within the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. The Board considered that the fund has a variable unified management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board further considered that, when compared to the total expenses of its competitors, the fund ranked below its competitive medians.

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

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

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

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

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

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

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img109862_4.jpg)<br>

1.704547.127 NMF-SANN-0725

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

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

Item 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) Not applicable.

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99cert.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.](ex99906cert.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

---

| | |
|:---|:---|
| By: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | July 23, 2025 |

---

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

---

| | |
|:---|:---|
| By: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | July 23, 2025 |

---

---

| | |
|:---|:---|
| By: | <u>/s/Stephanie Caron</u> |
|  | Stephanie Caron |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | July 23, 2025 |

---

## 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:

July 23, 2025

---

| |
|:---|
| <u>/s/Stacie M. Smith</u> |
| Stacie M. Smith |
| 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:

July 23, 2025

---

| |
|:---|
| <u>/s/Stephanie Caron</u> |
| Stephanie Caron |
| Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

Exhibit EX-99.906CERT

**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: July 23, 2025

---

| |
|:---|
| <u>/s/Stacie M. Smith</u> |
| Stacie M. Smith |
| President and Treasurer (Principal Executive Officer) |

---

Dated: July 23, 2025

---

| |
|:---|
| <u>/s/Stephanie Caron</u> |
| Stephanie Caron |
| 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>