Fidelity Series Growth Company Fund

[Pages:64]Fidelity? Series Growth Company Fund

Annual Report

November 30, 2021

Contents

Note to Shareholders

3

Performance

4

Management's Discussion 5 of Fund Performance

Investment Summary

6

Schedule of Investments

7

Financial Statements

35

Notes to Financial

39

Statements

Report of Independent

49

Registered Public

Accounting Firm

Trustees and Officers

50

Shareholder Expense

60

Example

Distributions

62

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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. ? 2022 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 . 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 , , or , as applicable. NOT FDIC INSURED ?MAY LOSE VALUE ?NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and ? given the wide variability in outcomes regarding the outbreak ? significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action ? in concert with the U.S. Federal Reserve and central banks around the world ? to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

3

Annual Report

Performance: The Bottom Line

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

Average Annual Total Returns For the periods ended November 30, 2021

Fidelity? Series Growth Company Fund

Past 1 year

33.42%

Past 5 years

32.54%

Life of fundA 23.74%

A From November 7, 2013

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity? Series Growth Company Fund on November 7, 2013, when the fund started. The chart shows how the value of your investment would have changed, and also shows how the Russell 3000? Growth Index performed over the same period.

Period Ending Values $55,777Fidelity? Series Growth Company Fund $39,859Russell 3000? Growth Index

Annual Report

4

Management's Discussion of Fund Performance

Market Recap: The S&P 500? index gained 27.92% for the 12 months ending November 30, 2021, with U.S. equities rising on the prospect of a surge in economic growth amid strong corporate earnings, widespread COVID-19 vaccination, fiscal stimulus and fresh spending programs. After the index closed 2020 at an all-time high, investors were hopeful as the new year began. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In early September, sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, the Fed signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index returned -4.65% in September, its first monthly decline since January, but sharply reversed course with a 7.01% gain in October, driven by strength in earnings and notable improvement in the economy. By sector, energy gained about 57% to lead by a wide margin, followed by financials (+39%), whereas the defensive utilities (+8%) and consumer staples (+9%) groups notably lagged.

Comments from Portfolio Manager Steven Wymer: For the fiscal year ending November 30, 2021, the fund gained 33.42%, outperforming the 29.39% result of the benchmark Russell 3000? Growth Index. Versus the benchmark, security selection was the primary contributor, especially in the semiconductors & semiconductor equipment area of the information technology sector. Stock selection and an underweighting in industrials and an underweighting in consumer staples also helped. The fund's biggest individual relative contributor was an overweighting in Nvidia, which gained roughly 144% the past 12 months. It was the fund's largest holding. Also helping performance was our overweighting in Avis Budget, which gained roughly 443%. This was a stake we established the past year. Another notable relative contributor was an outsized stake in Cloudflare (+151%). In contrast, the biggest detractors from performance versus the benchmark were security selection and an overweighting in the health care sector, primarily within the pharmaceuticals, biotechnology & life sciences industry. Stock selection in consumer discretionary and an underweighting in information technology also hindered the fund's relative performance. The fund's largest individual relative detractor was our lighter-than-benchmark stake in Microsoft, which gained about 56% the past 12 months. The company was among our biggest holdings. Also hindering performance was our overweighting in Wayfair, which returned about -2%. Also hurting performance was our outsized stake in Acadia Pharmaceuticals, which returned approximately -66%. Notable changes in positioning include reduced exposure to the health care sector.

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

5

Annual Report

Investment Summary (Unaudited)

Top Ten Stocks as of November 30, 2021

NVIDIA Corp. Apple, Inc. , Inc. Alphabet, Inc. Class A Microsoft Corp. lululemon athletica, Inc. Alphabet, Inc. Class C Tesla, Inc. , Inc. Meta Platforms, Inc. Class A

Top Five Market Sectors as of November 30, 2021

Information Technology Consumer Discretionary Communication Services Health Care Industrials

Asset Allocation (% of fund's net assets)

As of November 30, 2021 *

Stocks

98.0%

Convertible Securities

1.8%

Short-Term Investments and Net Other Assets (Liabilities)

0.2%

* Foreign investments ? 5.9%

% of fund's net assets 11.4 9.3 7.3 5.0 4.9 4.3 2.8 2.3 2.1 1.7 51.1

% of fund's net assets 41.7 23.3 12.2 11.9 5.0

Annual Report

6

Schedule of Investments November 30, 2021

Showing Percentage of Net Assets

Common Stocks ? 97.9%

COMMUNICATION SERVICES ? 12.1% Diversified Telecommunication Services ? 0.0% IHS Holding Ltd. Entertainment ? 2.1% Activision Blizzard, Inc. Electronic Arts, Inc. Live Nation Entertainment, Inc. (a) Netflix, Inc. (a) Roblox Corp. (a) Roku, Inc. Class A (a) Sea Ltd. ADR (a) The Walt Disney Co. (a)

Interactive Media & Services ? 9.7% Alphabet, Inc.:

Class A (a) Class C (a) IAC (a) Kuaishou Technology Class B (b) Match Group, Inc. (a) Meta Platforms, Inc. Class A (a) NerdWallet, Inc. Snap, Inc. Class A (a) Tencent Holdings Ltd. Twitter, Inc. (a) Vimeo, Inc.

Media ? 0.0% Comcast Corp. Class A DISH Network Corp. Class A (a)

Wireless Telecommunication Services ? 0.3% TMobile U.S., Inc. (a)

TOTAL COMMUNICATION SERVICES

Shares

Value

54,100 $729,809

39,128 5,054 32,700 138,229 281,400 355,276 212,485 21,676

2,292,901 627,808

3,487,455 88,729,195 35,484,540 80,864,370 61,210,554 3,140,852 275,837,675

230,199 130,343 12,900 74,000 27,153 682,230 33,900 323,981 69,090 119,581 216,820

25,310 58,900

345,053

653,293,253 371,352,421

1,724,085 806,143

3,529,618 221,356,346

612,912 15,424,735 4,029,265 5,254,389 4,186,794 1,281,569,961

1,264,994 1,840,625 3,105,619

37,545,217

1,598,788,281

CONSUMER DISCRETIONARY ? 23.0% Automobiles ? 3.1% Lucid Motors, Inc. (c) Neutron Holdings, Inc. (a)(c)(d) Rad Power Bikes, Inc. (c)(d) Rivian Automotive, Inc. Rivian Automotive, Inc.

85,400 438,358 249,183 23,000 858,319

4,524,492 30,685

2,388,120 2,754,480 92,513,055

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

7

Annual Report

Schedule of Investments ? continued

Common Stocks ? continued

CONSUMER DISCRETIONARY ? continued Automobiles ? continued Sono Group NV (e) Tesla, Inc. (a) XPeng, Inc. ADR (a)

Shares

41,800 259,885 131,300

Diversified Consumer Services ? 0.0% Duolingo, Inc. (e) Hotels, Restaurants & Leisure ? 1.3% Airbnb, Inc. Class A Booking Holdings, Inc. (a) Chipotle Mexican Grill, Inc. (a) Dutch Bros, Inc. (e) F45 Training Holdings, Inc. (e) Hyatt Hotels Corp. Class A (a) Marriott International, Inc. Class A (a) McDonald's Corp. Penn National Gaming, Inc. (a) Portillo's, Inc. (e) Rush Street Interactive, Inc. (a) Shake Shack, Inc. Class A (a) Starbucks Corp. Sweetgreen, Inc. Vail Resorts, Inc. Yum China Holdings, Inc.

17,900

22,600 18,172 6,670 73,000 150,200 16,783 226,550 5,625 452,300 3,700 130,900 8,836 296,853 241,551 7,900 76,412

Household Durables ? 0.5% D.R. Horton, Inc. KB Home Lennar Corp. Class A PulteGroup, Inc. Purple Innovation, Inc. (a) Toll Brothers, Inc. Traeger, Inc. Vizio Holding Corp.

96,510 139,850 364,869 29,400 190,800 97,300 51,600 71,200

Internet & Direct Marketing Retail ? 9.3% , Inc. (a) Cazoo Group Ltd. Chewy, Inc. (a)(e) Etsy, Inc. (a) Farfetch Ltd. Class A (a) , Inc. sponsored ADR (a)

272,918 611,665 76,000 26,481 29,850 151,829

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

Annual Report

8

Value

$631,180 297,505,953 7,221,500 407,569,465

1,972,401

3,899,404 38,194,818 10,961,545 3,857,320 1,598,128 1,321,997 33,429,718 1,375,875 23,171,329

150,775 2,335,256

644,940 32,546,963 8,300,175 2,620,509 3,828,241 168,236,993

9,429,027 5,592,602 38,329,488 1,470,882 1,969,056 6,175,631

666,156 1,369,176 65,002,018

957,142,530 4,706,762 5,187,760 7,271,153 1,027,139 12,770,337

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