# EDGAR Filing Document

**Accession Number:** 0000754510
**File Stem:** 0000754510-26-000028
**Filing Date:** 2026-3
**Character Count:** 1811556
**Document Hash:** e48ea896bd518e55d5f19d70819af90d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000754510-26-000028.hdr.sgml**: 20260325

**ACCESSION NUMBER**: 0000754510-26-000028

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 170

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260325

**DATE AS OF CHANGE**: 20260325

**EFFECTIVENESS DATE**: 20260325

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY SECURITIES FUND
- **CENTRAL INDEX KEY:** 0000754510

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04118
- **FILM NUMBER:** 26788989

**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

## Series and Classes Contracts Data

### Fidelity OTC Portfolio (Series ID: S000007191)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000019679 | Fidelity OTC Portfolio             | FOCPX           |
| C000064268 | Class K                            | FOCKX           |
| C000254549 | Fidelity Advisor OTC Fund: Class Z | FOTJX           |
| C000254550 | Fidelity Advisor OTC Fund: Class C | FOTGX           |
| C000254551 | Fidelity Advisor OTC Fund: Class A | FOTDX           |
| C000254552 | Fidelity Advisor OTC Fund: Class M | FOTEX           |
| C000254553 | Fidelity Advisor OTC Fund: Class I | FOTHX           |

### Fidelity Real Estate Income Fund (Series ID: S000007192)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000019680 | Fidelity Real Estate Income Fund                  | FRIFX           |
| C000087887 | Fidelity Advisor Real Estate Income Fund: Class A | FRINX           |
| C000087889 | Fidelity Advisor Real Estate Income Fund: Class C | FRIOX           |
| C000087890 | Fidelity Advisor Real Estate Income Fund: Class M | FRIQX           |
| C000087891 | Fidelity Advisor Real Estate Income Fund: Class I | FRIRX           |
| C000205040 | Fidelity Advisor Real Estate Income Fund: Class Z | FIKMX           |

### Fidelity Small Cap Growth Fund (Series ID: S000007193)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000019681 | Fidelity Small Cap Growth Fund                  | FCPGX           |
| C000019682 | Fidelity Advisor Small Cap Growth Fund: Class A | FCAGX           |
| C000019684 | Fidelity Advisor Small Cap Growth Fund: Class C | FCCGX           |
| C000019685 | Fidelity Advisor Small Cap Growth Fund: Class M | FCTGX           |
| C000019686 | Fidelity Advisor Small Cap Growth Fund: Class I | FCIGX           |
| C000177524 | Fidelity Advisor Small Cap Growth Fund: Class Z | FIDGX           |

### Fidelity Small Cap Value Fund (Series ID: S000007194)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000019687 | Fidelity Small Cap Value Fund                  | FCPVX           |
| C000019688 | Fidelity Advisor Small Cap Value Fund: Class A | FCVAX           |
| C000019690 | Fidelity Advisor Small Cap Value Fund: Class C | FCVCX           |
| C000019691 | Fidelity Advisor Small Cap Value Fund: Class M | FCVTX           |
| C000019692 | Fidelity Advisor Small Cap Value Fund: Class I | FCVIX           |
| C000205041 | Fidelity Advisor Small Cap Value Fund: Class Z | FIKNX           |

### Fidelity Blue Chip Growth Fund (Series ID: S000007195)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000019693 | Fidelity Blue Chip Growth Fund                  | FBGRX           |
| C000064269 | Class K                                         | FBGKX           |
| C000254554 | Fidelity Advisor Blue Chip Growth Fund: Class C | FBCHX           |
| C000254555 | Fidelity Advisor Blue Chip Growth Fund: Class M | FBCEX           |
| C000254556 | Fidelity Advisor Blue Chip Growth Fund: Class I | FBCJX           |
| C000254557 | Fidelity Advisor Blue Chip Growth Fund: Class Z | FBCKX           |
| C000254558 | Fidelity Advisor Blue Chip Growth Fund: Class A | FBCCX           |

### Fidelity Blue Chip Value Fund (Series ID: S000007196)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000019694 | Fidelity Blue Chip Value Fund                  | FBCVX           |
| C000257431 | Fidelity Advisor Blue Chip Value Fund: Class M | FFVLX           |
| C000257432 | Fidelity Advisor Blue Chip Value Fund: Class C | FFVMX           |
| C000257433 | Fidelity Advisor Blue Chip Value Fund: Class I | FFVOX           |
| C000257434 | Fidelity Advisor Blue Chip Value Fund: Class Z | FFVPX           |
| C000257435 | Fidelity Advisor Blue Chip Value Fund: Class A | FFVKX           |

### Fidelity Dividend Growth Fund (Series ID: S000007197)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000019695 | Fidelity Dividend Growth Fund                  | FDGFX           |
| C000064270 | Class K                                        | FDGKX           |
| C000257436 | Fidelity Advisor Dividend Growth Fund: Class M | FGDEX           |
| C000257437 | Fidelity Advisor Dividend Growth Fund: Class C | FGDGX           |
| C000257438 | Fidelity Advisor Dividend Growth Fund: Class I | FGDHX           |
| C000257439 | Fidelity Advisor Dividend Growth Fund: Class Z | FGDJX           |
| C000257440 | Fidelity Advisor Dividend Growth Fund: Class A | FGDDX           |

### Fidelity Growth & Income Portfolio (Series ID: S000007198)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000019696 | Fidelity Growth & Income Portfolio             | FGRIX           |
| C000064271 | Class K                                        | FGIKX           |
| C000256787 | Fidelity Advisor Growth & Income Fund: Class C | FGIJX           |
| C000256788 | Fidelity Advisor Growth & Income Fund: Class M | FGIEX           |
| C000256789 | Fidelity Advisor Growth & Income Fund: Class I | FGJDX           |
| C000256790 | Fidelity Advisor Growth & Income Fund: Class Z | FGJEX           |
| C000256791 | Fidelity Advisor Growth & Income Fund: Class A | FGIDX           |

### Fidelity Leveraged Company Stock Fund (Series ID: S000007200)

| Class ID   | Class Name                                             | Ticker Symbol   |
|:---|:---|:---|
| C000019698 | Fidelity Leveraged Company Stock Fund                  | FLVCX           |
| C000064272 | Class K                                                | FLCKX           |
| C000254544 | Fidelity Advisor Leveraged Company Stock Fund: Class Z | FLEOX           |
| C000254545 | Fidelity Advisor Leveraged Company Stock Fund: Class I | FLENX           |
| C000254546 | Fidelity Advisor Leveraged Company Stock Fund: Class A | FLEJX           |
| C000254547 | Fidelity Advisor Leveraged Company Stock Fund: Class M | FLELX           |
| C000254548 | Fidelity Advisor Leveraged Company Stock Fund: Class C | FLEMX           |

### Fidelity Series Small Cap Opportunities Fund (Series ID: S000015587)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000042507 | Fidelity Series Small Cap Opportunities Fund | FSOPX           |

### Fidelity Series Real Estate Income Fund (Series ID: S000031548)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000098199 | Fidelity Series Real Estate Income Fund | FSREX           |

### Fidelity Series Blue Chip Growth Fund (Series ID: S000042624)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000131779 | Fidelity Series Blue Chip Growth Fund | FSBDX           |

### Fidelity Blue Chip Growth K6 Fund (Series ID: S000057284)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000182860 | Fidelity Blue Chip Growth K6 Fund | FBCGX           |

### Fidelity Small Cap Growth K6 Fund (Series ID: S000057285)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000182861 | Fidelity Small Cap Growth K6 Fund | FOCSX           |

### Fidelity OTC K6 Portfolio (Series ID: S000065698)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000212501 | Fidelity OTC K6 Portfolio | FOKFX           |

?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>811-04118</u>

<u>Fidelity Securities Fund</u>

(Exact name of registrant as specified in charter)

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

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

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; Date of fiscal year end: | &nbsp;&nbsp; July 31 |
| &nbsp;&nbsp; Date of reporting period: | &nbsp;&nbsp; January 31, 2026 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Small Cap Value Fund<br> **Fidelity® Small Cap Value Fund : FCPVX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Small Cap Value Fund for the period August 1, 2025 to January 31, 2026. 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® Small Cap Value Fund  | $44  | 0.82% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4680745076<br>|
| Number of Holdings | 106<br>|
| Portfolio Turnover | 123%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 22.4 |
| Industrials | 17.6 |
| Consumer Discretionary | 10.4 |
| Health Care | 9.8 |
| Real Estate | 9.6 |
| Information Technology | 8.2 |
| Materials | 6.2 |
| Energy | 5.8 |
| Consumer Staples | 4.7 |
| Utilities | 4.0 |
| Communication Services | 0.6 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1389_20260131_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 | 95.1 |
| Canada | 2.7 |
| Bermuda | 1.9 |
| Brazil | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1389_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bermuda - 1.9&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;Brazil - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Old National Bancorp/IN | 2.7<br>|
| Axis Capital Holdings Ltd | 2.2<br>|
| Compass Inc Class A | 2.2<br>|
| UMB Financial Corp | 2.2<br>|
| BJ's Wholesale Club Holdings Inc | 2.1<br>|
| Sunoco LP | 2.0<br>|
| Signet Jewelers Ltd | 2.0<br>|
| CareTrust REIT Inc | 2.0<br>|
| Bank of Nt Butterfield & Son Ltd/The (United States) | 1.9<br>|
| Parsons Corp | 1.9<br>|
|  | 21.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1389_20260131_1.jpg)<br>| ![](img125492_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> 1.9915271.101 1389-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Small Cap Value Fund<br> **Fidelity Advisor® Small Cap Value Fund Class Z : FIKNX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Small Cap Value Fund for the period August 1, 2025 to January 31, 2026. 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  | $40  | 0.74% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4680745076<br>|
| Number of Holdings | 106<br>|
| Portfolio Turnover | 123%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 22.4 |
| Industrials | 17.6 |
| Consumer Discretionary | 10.4 |
| Health Care | 9.8 |
| Real Estate | 9.6 |
| Information Technology | 8.2 |
| Materials | 6.2 |
| Energy | 5.8 |
| Consumer Staples | 4.7 |
| Utilities | 4.0 |
| Communication Services | 0.6 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1389_20260131_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 | 95.1 |
| Canada | 2.7 |
| Bermuda | 1.9 |
| Brazil | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1389_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bermuda - 1.9&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;Brazil - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Old National Bancorp/IN | 2.7<br>|
| Axis Capital Holdings Ltd | 2.2<br>|
| Compass Inc Class A | 2.2<br>|
| UMB Financial Corp | 2.2<br>|
| BJ's Wholesale Club Holdings Inc | 2.1<br>|
| Sunoco LP | 2.0<br>|
| Signet Jewelers Ltd | 2.0<br>|
| CareTrust REIT Inc | 2.0<br>|
| Bank of Nt Butterfield & Son Ltd/The (United States) | 1.9<br>|
| Parsons Corp | 1.9<br>|
|  | 21.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1389_20260131_1.jpg)<br>| ![](img125493_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> 1.9915272.101 3303-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Small Cap Value Fund<br> **Fidelity Advisor® Small Cap Value Fund Class M : FCVTX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Small Cap Value Fund for the period August 1, 2025 to January 31, 2026. 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  | $73  | 1.36% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4680745076<br>|
| Number of Holdings | 106<br>|
| Portfolio Turnover | 123%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 22.4 |
| Industrials | 17.6 |
| Consumer Discretionary | 10.4 |
| Health Care | 9.8 |
| Real Estate | 9.6 |
| Information Technology | 8.2 |
| Materials | 6.2 |
| Energy | 5.8 |
| Consumer Staples | 4.7 |
| Utilities | 4.0 |
| Communication Services | 0.6 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1389_20260131_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 | 95.1 |
| Canada | 2.7 |
| Bermuda | 1.9 |
| Brazil | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1389_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bermuda - 1.9&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;Brazil - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Old National Bancorp/IN | 2.7<br>|
| Axis Capital Holdings Ltd | 2.2<br>|
| Compass Inc Class A | 2.2<br>|
| UMB Financial Corp | 2.2<br>|
| BJ's Wholesale Club Holdings Inc | 2.1<br>|
| Sunoco LP | 2.0<br>|
| Signet Jewelers Ltd | 2.0<br>|
| CareTrust REIT Inc | 2.0<br>|
| Bank of Nt Butterfield & Son Ltd/The (United States) | 1.9<br>|
| Parsons Corp | 1.9<br>|
|  | 21.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1389_20260131_1.jpg)<br>| ![](img125494_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> 1.9915269.101 1386-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Small Cap Value Fund<br> **Fidelity Advisor® Small Cap Value Fund Class I : FCVIX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Small Cap Value Fund for the period August 1, 2025 to January 31, 2026. 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  | $46  | 0.86% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4680745076<br>|
| Number of Holdings | 106<br>|
| Portfolio Turnover | 123%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 22.4 |
| Industrials | 17.6 |
| Consumer Discretionary | 10.4 |
| Health Care | 9.8 |
| Real Estate | 9.6 |
| Information Technology | 8.2 |
| Materials | 6.2 |
| Energy | 5.8 |
| Consumer Staples | 4.7 |
| Utilities | 4.0 |
| Communication Services | 0.6 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1389_20260131_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 | 95.1 |
| Canada | 2.7 |
| Bermuda | 1.9 |
| Brazil | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1389_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bermuda - 1.9&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;Brazil - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Old National Bancorp/IN | 2.7<br>|
| Axis Capital Holdings Ltd | 2.2<br>|
| Compass Inc Class A | 2.2<br>|
| UMB Financial Corp | 2.2<br>|
| BJ's Wholesale Club Holdings Inc | 2.1<br>|
| Sunoco LP | 2.0<br>|
| Signet Jewelers Ltd | 2.0<br>|
| CareTrust REIT Inc | 2.0<br>|
| Bank of Nt Butterfield & Son Ltd/The (United States) | 1.9<br>|
| Parsons Corp | 1.9<br>|
|  | 21.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1389_20260131_1.jpg)<br>| ![](img125495_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> 1.9915270.101 1387-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Small Cap Value Fund<br> **Fidelity Advisor® Small Cap Value Fund Class C : FCVCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Small Cap Value Fund for the period August 1, 2025 to January 31, 2026. 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  | $100  | 1.86% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4680745076<br>|
| Number of Holdings | 106<br>|
| Portfolio Turnover | 123%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 22.4 |
| Industrials | 17.6 |
| Consumer Discretionary | 10.4 |
| Health Care | 9.8 |
| Real Estate | 9.6 |
| Information Technology | 8.2 |
| Materials | 6.2 |
| Energy | 5.8 |
| Consumer Staples | 4.7 |
| Utilities | 4.0 |
| Communication Services | 0.6 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1389_20260131_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 | 95.1 |
| Canada | 2.7 |
| Bermuda | 1.9 |
| Brazil | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1389_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bermuda - 1.9&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;Brazil - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Old National Bancorp/IN | 2.7<br>|
| Axis Capital Holdings Ltd | 2.2<br>|
| Compass Inc Class A | 2.2<br>|
| UMB Financial Corp | 2.2<br>|
| BJ's Wholesale Club Holdings Inc | 2.1<br>|
| Sunoco LP | 2.0<br>|
| Signet Jewelers Ltd | 2.0<br>|
| CareTrust REIT Inc | 2.0<br>|
| Bank of Nt Butterfield & Son Ltd/The (United States) | 1.9<br>|
| Parsons Corp | 1.9<br>|
|  | 21.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1389_20260131_1.jpg)<br>| ![](img125496_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> 1.9915268.101 1385-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Small Cap Value Fund<br> **Fidelity Advisor® Small Cap Value Fund Class A : FCVAX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Small Cap Value Fund for the period August 1, 2025 to January 31, 2026. 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  | $60  | 1.11% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4680745076<br>|
| Number of Holdings | 106<br>|
| Portfolio Turnover | 123%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 22.4 |
| Industrials | 17.6 |
| Consumer Discretionary | 10.4 |
| Health Care | 9.8 |
| Real Estate | 9.6 |
| Information Technology | 8.2 |
| Materials | 6.2 |
| Energy | 5.8 |
| Consumer Staples | 4.7 |
| Utilities | 4.0 |
| Communication Services | 0.6 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1389_20260131_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 | 95.1 |
| Canada | 2.7 |
| Bermuda | 1.9 |
| Brazil | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1389_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bermuda - 1.9&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;Brazil - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Old National Bancorp/IN | 2.7<br>|
| Axis Capital Holdings Ltd | 2.2<br>|
| Compass Inc Class A | 2.2<br>|
| UMB Financial Corp | 2.2<br>|
| BJ's Wholesale Club Holdings Inc | 2.1<br>|
| Sunoco LP | 2.0<br>|
| Signet Jewelers Ltd | 2.0<br>|
| CareTrust REIT Inc | 2.0<br>|
| Bank of Nt Butterfield & Son Ltd/The (United States) | 1.9<br>|
| Parsons Corp | 1.9<br>|
|  | 21.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1389_20260131_1.jpg)<br>| ![](img125497_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> 1.9915267.101 1383-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Small Cap Growth K6 Fund<br> **Fidelity® Small Cap Growth K6 Fund : FOCSX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Small Cap Growth K6 Fund for the period August 1, 2025 to January 31, 2026. 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® Small Cap Growth K6 Fund  | $33  | 0.60% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3957843440<br>|
| Number of Holdings | 328<br>|
| Portfolio Turnover | 93%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Health Care | 28.3 |
| Industrials | 26.6 |
| Information Technology | 17.4 |
| Consumer Discretionary | 9.8 |
| Financials | 7.3 |
| Energy | 2.6 |
| Materials | 2.1 |
| Consumer Staples | 1.7 |
| Real Estate | 1.6 |
| Communication Services | 1.1 |
| Utilities | 0.5 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.1 |
| Preferred Stocks | 0.9 |
| Domestic Equity Funds | 0.6 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.4 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2957_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Domestic Equity Funds - 0.6&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.4 |

---

---

| | |
|:---|:---|
| United States | 91.7 |
| Thailand | 1.5 |
| Canada | 1.2 |
| United Kingdom | 1.1 |
| Israel | 1.1 |
| Italy | 0.9 |
| Netherlands | 0.7 |
| Australia | 0.5 |
| Taiwan | 0.3 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2957_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 1.5&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;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;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;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;Italy - 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;  |
| &nbsp;&nbsp;Netherlands - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 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;Taiwan - 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;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Bloom Energy Corp Class A | 2.2<br>|
| Nextpower Inc Class A | 1.5<br>|
| Fabrinet | 1.5<br>|
| BrightSpring Health Services Inc | 1.5<br>|
| OSI Systems Inc | 1.2<br>|
| Cogent Biosciences Inc | 1.2<br>|
| MACOM Technology Solutions Holdings Inc | 1.1<br>|
| Ensign Group Inc/The | 1.1<br>|
| Credo Technology Group Holding Ltd | 1.0<br>|
| Advanced Energy Industries Inc | 1.0<br>|
|  | 13.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2957_20260131_1.jpg)<br>| ![](img125498_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> 1.9915351.101 2957-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Small Cap Growth Fund<br> **Fidelity® Small Cap Growth Fund : FCPGX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Small Cap Growth Fund for the period August 1, 2025 to January 31, 2026. 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® Small Cap Growth Fund  | $46  | 0.84% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7841087249<br>|
| Number of Holdings | 325<br>|
| Portfolio Turnover | 89%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Health Care | 28.9 |
| Industrials | 26.7 |
| Information Technology | 17.3 |
| Consumer Discretionary | 10.1 |
| Financials | 7.6 |
| Energy | 2.5 |
| Materials | 2.1 |
| Consumer Staples | 1.7 |
| Real Estate | 1.6 |
| Communication Services | 1.1 |
| Utilities | 0.5 |

---

Common Stocks 99.1 <br> Preferred Stocks 1.0 <br> Bonds 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1388_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.0&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 91.6 |
| Thailand | 1.5 |
| Canada | 1.2 |
| United Kingdom | 1.2 |
| Israel | 1.1 |
| Italy | 0.9 |
| Netherlands | 0.8 |
| Australia | 0.6 |
| Japan | 0.3 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1388_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 1.5&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;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;United Kingdom - 1.2&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;Italy - 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;  |
| &nbsp;&nbsp;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 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;Japan - 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;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Bloom Energy Corp Class A | 2.3<br>|
| Nextpower Inc Class A | 1.5<br>|
| Fabrinet | 1.5<br>|
| BrightSpring Health Services Inc | 1.4<br>|
| Cogent Biosciences Inc | 1.2<br>|
| MACOM Technology Solutions Holdings Inc | 1.2<br>|
| Ensign Group Inc/The | 1.1<br>|
| OSI Systems Inc | 1.0<br>|
| Credo Technology Group Holding Ltd | 1.0<br>|
| Advanced Energy Industries Inc | 1.0<br>|
|  | 13.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1388_20260131_1.jpg)<br>| ![](img125499_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> 1.9915265.101 1388-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Small Cap Growth Fund<br> **Fidelity Advisor® Small Cap Growth Fund Class Z : FIDGX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Small Cap Growth Fund for the period August 1, 2025 to January 31, 2026. 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  | $42  | 0.77% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7841087249<br>|
| Number of Holdings | 325<br>|
| Portfolio Turnover | 89%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Health Care | 28.9 |
| Industrials | 26.7 |
| Information Technology | 17.3 |
| Consumer Discretionary | 10.1 |
| Financials | 7.6 |
| Energy | 2.5 |
| Materials | 2.1 |
| Consumer Staples | 1.7 |
| Real Estate | 1.6 |
| Communication Services | 1.1 |
| Utilities | 0.5 |

---

Common Stocks 99.1 <br> Preferred Stocks 1.0 <br> Bonds 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1388_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.0&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 91.6 |
| Thailand | 1.5 |
| Canada | 1.2 |
| United Kingdom | 1.2 |
| Israel | 1.1 |
| Italy | 0.9 |
| Netherlands | 0.8 |
| Australia | 0.6 |
| Japan | 0.3 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1388_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 1.5&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;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;United Kingdom - 1.2&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;Italy - 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;  |
| &nbsp;&nbsp;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 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;Japan - 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;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Bloom Energy Corp Class A | 2.3<br>|
| Nextpower Inc Class A | 1.5<br>|
| Fabrinet | 1.5<br>|
| BrightSpring Health Services Inc | 1.4<br>|
| Cogent Biosciences Inc | 1.2<br>|
| MACOM Technology Solutions Holdings Inc | 1.2<br>|
| Ensign Group Inc/The | 1.1<br>|
| OSI Systems Inc | 1.0<br>|
| Credo Technology Group Holding Ltd | 1.0<br>|
| Advanced Energy Industries Inc | 1.0<br>|
|  | 13.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1388_20260131_1.jpg)<br>| ![](img125500_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> 1.9915266.101 2891-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Small Cap Growth Fund<br> **Fidelity Advisor® Small Cap Growth Fund Class M : FCTGX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Small Cap Growth Fund for the period August 1, 2025 to January 31, 2026. 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  | $75  | 1.38% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7841087249<br>|
| Number of Holdings | 325<br>|
| Portfolio Turnover | 89%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Health Care | 28.9 |
| Industrials | 26.7 |
| Information Technology | 17.3 |
| Consumer Discretionary | 10.1 |
| Financials | 7.6 |
| Energy | 2.5 |
| Materials | 2.1 |
| Consumer Staples | 1.7 |
| Real Estate | 1.6 |
| Communication Services | 1.1 |
| Utilities | 0.5 |

---

Common Stocks 99.1 <br> Preferred Stocks 1.0 <br> Bonds 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1388_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.0&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 91.6 |
| Thailand | 1.5 |
| Canada | 1.2 |
| United Kingdom | 1.2 |
| Israel | 1.1 |
| Italy | 0.9 |
| Netherlands | 0.8 |
| Australia | 0.6 |
| Japan | 0.3 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1388_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 1.5&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;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;United Kingdom - 1.2&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;Italy - 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;  |
| &nbsp;&nbsp;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 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;Japan - 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;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Bloom Energy Corp Class A | 2.3<br>|
| Nextpower Inc Class A | 1.5<br>|
| Fabrinet | 1.5<br>|
| BrightSpring Health Services Inc | 1.4<br>|
| Cogent Biosciences Inc | 1.2<br>|
| MACOM Technology Solutions Holdings Inc | 1.2<br>|
| Ensign Group Inc/The | 1.1<br>|
| OSI Systems Inc | 1.0<br>|
| Credo Technology Group Holding Ltd | 1.0<br>|
| Advanced Energy Industries Inc | 1.0<br>|
|  | 13.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1388_20260131_1.jpg)<br>| ![](img125501_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> 1.9915263.101 1381-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Small Cap Growth Fund<br> **Fidelity Advisor® Small Cap Growth Fund Class I : FCIGX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Small Cap Growth Fund for the period August 1, 2025 to January 31, 2026. 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  | $48  | 0.89% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7841087249<br>|
| Number of Holdings | 325<br>|
| Portfolio Turnover | 89%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Health Care | 28.9 |
| Industrials | 26.7 |
| Information Technology | 17.3 |
| Consumer Discretionary | 10.1 |
| Financials | 7.6 |
| Energy | 2.5 |
| Materials | 2.1 |
| Consumer Staples | 1.7 |
| Real Estate | 1.6 |
| Communication Services | 1.1 |
| Utilities | 0.5 |

---

Common Stocks 99.1 <br> Preferred Stocks 1.0 <br> Bonds 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1388_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.0&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 91.6 |
| Thailand | 1.5 |
| Canada | 1.2 |
| United Kingdom | 1.2 |
| Israel | 1.1 |
| Italy | 0.9 |
| Netherlands | 0.8 |
| Australia | 0.6 |
| Japan | 0.3 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1388_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 1.5&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;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;United Kingdom - 1.2&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;Italy - 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;  |
| &nbsp;&nbsp;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 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;Japan - 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;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Bloom Energy Corp Class A | 2.3<br>|
| Nextpower Inc Class A | 1.5<br>|
| Fabrinet | 1.5<br>|
| BrightSpring Health Services Inc | 1.4<br>|
| Cogent Biosciences Inc | 1.2<br>|
| MACOM Technology Solutions Holdings Inc | 1.2<br>|
| Ensign Group Inc/The | 1.1<br>|
| OSI Systems Inc | 1.0<br>|
| Credo Technology Group Holding Ltd | 1.0<br>|
| Advanced Energy Industries Inc | 1.0<br>|
|  | 13.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1388_20260131_1.jpg)<br>| ![](img125502_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> 1.9915264.101 1382-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Small Cap Growth Fund<br> **Fidelity Advisor® Small Cap Growth Fund Class C : FCCGX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Small Cap Growth Fund for the period August 1, 2025 to January 31, 2026. 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  | $102  | 1.88% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7841087249<br>|
| Number of Holdings | 325<br>|
| Portfolio Turnover | 89%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Health Care | 28.9 |
| Industrials | 26.7 |
| Information Technology | 17.3 |
| Consumer Discretionary | 10.1 |
| Financials | 7.6 |
| Energy | 2.5 |
| Materials | 2.1 |
| Consumer Staples | 1.7 |
| Real Estate | 1.6 |
| Communication Services | 1.1 |
| Utilities | 0.5 |

---

Common Stocks 99.1 <br> Preferred Stocks 1.0 <br> Bonds 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1388_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.0&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 91.6 |
| Thailand | 1.5 |
| Canada | 1.2 |
| United Kingdom | 1.2 |
| Israel | 1.1 |
| Italy | 0.9 |
| Netherlands | 0.8 |
| Australia | 0.6 |
| Japan | 0.3 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1388_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 1.5&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;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;United Kingdom - 1.2&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;Italy - 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;  |
| &nbsp;&nbsp;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 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;Japan - 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;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Bloom Energy Corp Class A | 2.3<br>|
| Nextpower Inc Class A | 1.5<br>|
| Fabrinet | 1.5<br>|
| BrightSpring Health Services Inc | 1.4<br>|
| Cogent Biosciences Inc | 1.2<br>|
| MACOM Technology Solutions Holdings Inc | 1.2<br>|
| Ensign Group Inc/The | 1.1<br>|
| OSI Systems Inc | 1.0<br>|
| Credo Technology Group Holding Ltd | 1.0<br>|
| Advanced Energy Industries Inc | 1.0<br>|
|  | 13.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1388_20260131_1.jpg)<br>| ![](img125503_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> 1.9915262.101 1379-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Small Cap Growth Fund<br> **Fidelity Advisor® Small Cap Growth Fund Class A : FCAGX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Small Cap Growth Fund for the period August 1, 2025 to January 31, 2026. 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  | $62  | 1.13% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $7841087249<br>|
| Number of Holdings | 325<br>|
| Portfolio Turnover | 89%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Health Care | 28.9 |
| Industrials | 26.7 |
| Information Technology | 17.3 |
| Consumer Discretionary | 10.1 |
| Financials | 7.6 |
| Energy | 2.5 |
| Materials | 2.1 |
| Consumer Staples | 1.7 |
| Real Estate | 1.6 |
| Communication Services | 1.1 |
| Utilities | 0.5 |

---

Common Stocks 99.1 <br> Preferred Stocks 1.0 <br> Bonds 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1388_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.0&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 91.6 |
| Thailand | 1.5 |
| Canada | 1.2 |
| United Kingdom | 1.2 |
| Israel | 1.1 |
| Italy | 0.9 |
| Netherlands | 0.8 |
| Australia | 0.6 |
| Japan | 0.3 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1388_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 1.5&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;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;United Kingdom - 1.2&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;Italy - 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;  |
| &nbsp;&nbsp;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 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;Japan - 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;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Bloom Energy Corp Class A | 2.3<br>|
| Nextpower Inc Class A | 1.5<br>|
| Fabrinet | 1.5<br>|
| BrightSpring Health Services Inc | 1.4<br>|
| Cogent Biosciences Inc | 1.2<br>|
| MACOM Technology Solutions Holdings Inc | 1.2<br>|
| Ensign Group Inc/The | 1.1<br>|
| OSI Systems Inc | 1.0<br>|
| Credo Technology Group Holding Ltd | 1.0<br>|
| Advanced Energy Industries Inc | 1.0<br>|
|  | 13.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1388_20260131_1.jpg)<br>| ![](img125504_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> 1.9915261.101 1377-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Series Small Cap Opportunities Fund<br> **Fidelity® Series Small Cap Opportunities Fund : FSOPX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Series Small Cap Opportunities Fund for the period August 1, 2025 to January 31, 2026. 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 Small Cap Opportunities Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4728147115<br>|
| Number of Holdings | 231<br>|
| Portfolio Turnover | 35%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 20.0 |
| Health Care | 17.4 |
| Financials | 17.3 |
| Information Technology | 14.1 |
| Consumer Discretionary | 11.2 |
| Energy | 5.1 |
| Materials | 4.8 |
| Real Estate | 4.6 |
| Utilities | 2.4 |
| Consumer Staples | 1.9 |
| Communication Services | 0.5 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1799_20260131_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 | 87.7 |
| Canada | 4.1 |
| United Kingdom | 1.6 |
| Thailand | 1.6 |
| Puerto Rico | 1.1 |
| Japan | 0.9 |
| Netherlands | 0.9 |
| Chile | 0.7 |
| Israel | 0.6 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1799_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 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;Puerto Rico - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Japan - 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;  |
| &nbsp;&nbsp;Netherlands - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Chile - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 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;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Advanced Energy Industries Inc | 1.8<br>|
| Fabrinet | 1.6<br>|
| IES Holdings Inc | 1.6<br>|
| FirstCash Holdings Inc | 1.5<br>|
| Sanmina Corp | 1.4<br>|
| Nextpower Inc Class A | 1.2<br>|
| Academy Sports & Outdoors Inc | 1.1<br>|
| First BanCorp/Puerto Rico | 1.1<br>|
| Laureate Education Inc | 1.1<br>|
| Pathward Financial Inc | 1.1<br>|
|  | 13.5 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1799_20260131_1.jpg)<br>| ![](img125505_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> 1.9915273.101 1799-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Series Real Estate Income Fund<br> **Fidelity® Series Real Estate Income Fund : FSREX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Series Real Estate Income Fund for the period August 1, 2025 to January 31, 2026. 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 Real Estate Income Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $290287843<br>|
| Number of Holdings | 310<br>|
| Portfolio Turnover | 13%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| AAA | 0.6 |
| AA | 0.8 |
| A | 9.5 |
| BBB | 28.6 |
| BB | 10.2 |
| B | 5.3 |
| CCC,CC,C | 4.6 |
| Not Rated | 9.7 |
| Equities | 18.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 12.3 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2277_20260131_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 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;AA - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 9.5&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 28.6&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;BB - 10.2&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;B - 5.3&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 4.6&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;Not Rated - 9.7&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;Equities - 18.4&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;Short-Term Investments and Net Other Assets (Liabilities) - 12.3 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 46.4 |
| CMOs and Other Mortgage Related Securities | 20.0 |
| Preferred Stocks | 18.4 |
| Asset-Backed Securities | 1.5 |
| Bank Loan Obligations | 1.4 |
| Common Stocks | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 12.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2277_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 46.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 20.0 |
| Preferred Stocks - 18.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 12.3 |

---

United States 99.5 <br> United Kingdom 0.3 <br> Canada 0.2

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2277_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.5&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;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**<br>**(% of Fund's net assets)**  |  |
| American Tower Corp | 3.6<br>|
| Crown Castle Inc | 2.9<br>|
| Prologis LP | 2.6<br>|
| American Homes 4 Rent LP | 2.2<br>|
| Extra Space Storage LP | 2.1<br>|
| Simon Property Group LP | 2.1<br>|
| BX Trust 2019-OC11 | 1.9<br>|
| GLP Capital LP / GLP Financing II Inc | 1.8<br>|
| Invitation Homes Operating Partnership LP | 1.7<br>|
| MPT Operating Partnership LP / MPT Finance Corp | 1.7<br>|
|  | 22.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2277_20260131_1.jpg)<br>| ![](img125506_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> 1.9915315.101 2277-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Series Blue Chip Growth Fund<br> **Fidelity® Series Blue Chip Growth Fund : FSBDX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Series Blue Chip Growth Fund for the period August 1, 2025 to January 31, 2026. 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 Blue Chip Growth Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $15364325439<br>|
| Number of Holdings | 345<br>|
| Portfolio Turnover | 38%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 48.2 |
| Communication Services | 16.4 |
| Consumer Discretionary | 16.2 |
| Industrials | 7.1 |
| Health Care | 6.3 |
| Financials | 3.0 |
| Consumer Staples | 0.6 |
| Real Estate | 0.5 |
| Materials | 0.3 |
| Energy | 0.2 |
| Utilities | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.2 |
| Preferred Stocks | 1.8 |
| Bonds | 0.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2611_20260131_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 - 1.8&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) - 1.0 |

---

---

| | |
|:---|:---|
| United States | 95.3 |
| Canada | 1.4 |
| Taiwan | 1.0 |
| India | 0.6 |
| Finland | 0.3 |
| China | 0.3 |
| Netherlands | 0.2 |
| Switzerland | 0.2 |
| Denmark | 0.2 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2611_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;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;Finland - 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;China - 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;Netherlands - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 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;Others - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 15.5<br>|
| Apple Inc | 9.3<br>|
| Alphabet Inc Class A | 8.4<br>|
| Amazon.com Inc | 7.6<br>|
| Microsoft Corp | 6.6<br>|
| Meta Platforms Inc Class A | 4.7<br>|
| Broadcom Inc | 3.4<br>|
| Eli Lilly & Co | 2.7<br>|
| Space Exploration Technologies Corp | 2.5<br>|
| Netflix Inc | 2.0<br>|
|  | 62.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2611_20260131_1.jpg)<br>| ![](img125509_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> 1.9915329.101 2611-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Real Estate Income Fund<br> **Fidelity® Real Estate Income Fund : FRIFX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Real Estate Income Fund for the period August 1, 2025 to January 31, 2026. 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® Real Estate Income Fund  | $33  | 0.65% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5846606992<br>|
| Number of Holdings | 564<br>|
| Portfolio Turnover | 10%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| AAA | 0.7 |
| AA | 1.5 |
| A | 4.4 |
| BBB | 21.8 |
| BB | 11.7 |
| B | 3.7 |
| CCC,CC,C | 2.3 |
| Not Rated | 10.8 |
| Equities | 35.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 7.3 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1833_20260131_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 1.5&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 4.4&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 21.8&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;BB - 11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 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;Not Rated - 10.8&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;Equities - 35.8&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;Short-Term Investments and Net Other Assets (Liabilities) - 7.3 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 34.7 |
| Common Stocks | 24.5 |
| CMOs and Other Mortgage Related Securities | 19.0 |
| Preferred Stocks | 11.3 |
| Asset-Backed Securities | 1.6 |
| Bank Loan Obligations | 1.5 |
| Preferred Securities | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 7.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1833_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 34.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 24.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| CMOs and Other Mortgage Related Securities - 19.0 |
| Preferred Stocks - 11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 7.3 |

---

---

| | |
|:---|:---|
| United States | 99.6 |
| Canada | 0.2 |
| United Kingdom | 0.2 |
| Grand Cayman (UK Overseas Ter) | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1833_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.6&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; |
| &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;Grand Cayman (UK Overseas Ter) - 0.0&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Crown Castle Inc | 2.9<br>|
| American Tower Corp | 2.4<br>|
| Equinix Inc | 2.0<br>|
| American Tower Corp | 1.9<br>|
| GLP Capital LP / GLP Financing II Inc | 1.7<br>|
| Prologis Inc | 1.7<br>|
| VICI Properties LP | 1.7<br>|
| American Homes 4 Rent LP | 1.6<br>|
| Welltower Inc | 1.5<br>|
| Equity LifeStyle Properties Inc | 1.3<br>|
|  | 18.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1833_20260131_1.jpg)<br>| ![](img125522_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> 1.9915279.101 833-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Real Estate Income Fund<br> **Fidelity Advisor® Real Estate Income Fund Class Z : FIKMX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Real Estate Income Fund for the period August 1, 2025 to January 31, 2026. 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  | $29  | 0.57% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5846606992<br>|
| Number of Holdings | 564<br>|
| Portfolio Turnover | 10%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| AAA | 0.7 |
| AA | 1.5 |
| A | 4.4 |
| BBB | 21.8 |
| BB | 11.7 |
| B | 3.7 |
| CCC,CC,C | 2.3 |
| Not Rated | 10.8 |
| Equities | 35.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 7.3 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1833_20260131_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 1.5&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 4.4&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 21.8&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;BB - 11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 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;Not Rated - 10.8&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;Equities - 35.8&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;Short-Term Investments and Net Other Assets (Liabilities) - 7.3 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 34.7 |
| Common Stocks | 24.5 |
| CMOs and Other Mortgage Related Securities | 19.0 |
| Preferred Stocks | 11.3 |
| Asset-Backed Securities | 1.6 |
| Bank Loan Obligations | 1.5 |
| Preferred Securities | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 7.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1833_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 34.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 24.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| CMOs and Other Mortgage Related Securities - 19.0 |
| Preferred Stocks - 11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 7.3 |

---

---

| | |
|:---|:---|
| United States | 99.6 |
| Canada | 0.2 |
| United Kingdom | 0.2 |
| Grand Cayman (UK Overseas Ter) | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1833_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.6&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; |
| &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;Grand Cayman (UK Overseas Ter) - 0.0&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Crown Castle Inc | 2.9<br>|
| American Tower Corp | 2.4<br>|
| Equinix Inc | 2.0<br>|
| American Tower Corp | 1.9<br>|
| GLP Capital LP / GLP Financing II Inc | 1.7<br>|
| Prologis Inc | 1.7<br>|
| VICI Properties LP | 1.7<br>|
| American Homes 4 Rent LP | 1.6<br>|
| Welltower Inc | 1.5<br>|
| Equity LifeStyle Properties Inc | 1.3<br>|
|  | 18.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1833_20260131_1.jpg)<br>| ![](img125523_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> 1.9915278.101 3302-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Real Estate Income Fund<br> **Fidelity Advisor® Real Estate Income Fund Class M : FRIQX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Real Estate Income Fund for the period August 1, 2025 to January 31, 2026. 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  | $48  | 0.94% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5846606992<br>|
| Number of Holdings | 564<br>|
| Portfolio Turnover | 10%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| AAA | 0.7 |
| AA | 1.5 |
| A | 4.4 |
| BBB | 21.8 |
| BB | 11.7 |
| B | 3.7 |
| CCC,CC,C | 2.3 |
| Not Rated | 10.8 |
| Equities | 35.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 7.3 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1833_20260131_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 1.5&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 4.4&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 21.8&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;BB - 11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 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;Not Rated - 10.8&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;Equities - 35.8&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;Short-Term Investments and Net Other Assets (Liabilities) - 7.3 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 34.7 |
| Common Stocks | 24.5 |
| CMOs and Other Mortgage Related Securities | 19.0 |
| Preferred Stocks | 11.3 |
| Asset-Backed Securities | 1.6 |
| Bank Loan Obligations | 1.5 |
| Preferred Securities | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 7.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1833_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 34.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 24.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| CMOs and Other Mortgage Related Securities - 19.0 |
| Preferred Stocks - 11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 7.3 |

---

---

| | |
|:---|:---|
| United States | 99.6 |
| Canada | 0.2 |
| United Kingdom | 0.2 |
| Grand Cayman (UK Overseas Ter) | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1833_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.6&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; |
| &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;Grand Cayman (UK Overseas Ter) - 0.0&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Crown Castle Inc | 2.9<br>|
| American Tower Corp | 2.4<br>|
| Equinix Inc | 2.0<br>|
| American Tower Corp | 1.9<br>|
| GLP Capital LP / GLP Financing II Inc | 1.7<br>|
| Prologis Inc | 1.7<br>|
| VICI Properties LP | 1.7<br>|
| American Homes 4 Rent LP | 1.6<br>|
| Welltower Inc | 1.5<br>|
| Equity LifeStyle Properties Inc | 1.3<br>|
|  | 18.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1833_20260131_1.jpg)<br>| ![](img125524_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> 1.9915276.101 2225-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Real Estate Income Fund<br> **Fidelity Advisor® Real Estate Income Fund Class I : FRIRX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Real Estate Income Fund for the period August 1, 2025 to January 31, 2026. 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  | $35  | 0.69% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5846606992<br>|
| Number of Holdings | 564<br>|
| Portfolio Turnover | 10%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| AAA | 0.7 |
| AA | 1.5 |
| A | 4.4 |
| BBB | 21.8 |
| BB | 11.7 |
| B | 3.7 |
| CCC,CC,C | 2.3 |
| Not Rated | 10.8 |
| Equities | 35.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 7.3 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1833_20260131_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 1.5&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 4.4&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 21.8&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;BB - 11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 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;Not Rated - 10.8&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;Equities - 35.8&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;Short-Term Investments and Net Other Assets (Liabilities) - 7.3 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 34.7 |
| Common Stocks | 24.5 |
| CMOs and Other Mortgage Related Securities | 19.0 |
| Preferred Stocks | 11.3 |
| Asset-Backed Securities | 1.6 |
| Bank Loan Obligations | 1.5 |
| Preferred Securities | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 7.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1833_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 34.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 24.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| CMOs and Other Mortgage Related Securities - 19.0 |
| Preferred Stocks - 11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 7.3 |

---

---

| | |
|:---|:---|
| United States | 99.6 |
| Canada | 0.2 |
| United Kingdom | 0.2 |
| Grand Cayman (UK Overseas Ter) | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1833_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.6&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; |
| &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;Grand Cayman (UK Overseas Ter) - 0.0&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Crown Castle Inc | 2.9<br>|
| American Tower Corp | 2.4<br>|
| Equinix Inc | 2.0<br>|
| American Tower Corp | 1.9<br>|
| GLP Capital LP / GLP Financing II Inc | 1.7<br>|
| Prologis Inc | 1.7<br>|
| VICI Properties LP | 1.7<br>|
| American Homes 4 Rent LP | 1.6<br>|
| Welltower Inc | 1.5<br>|
| Equity LifeStyle Properties Inc | 1.3<br>|
|  | 18.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1833_20260131_1.jpg)<br>| ![](img125525_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> 1.9915277.101 2227-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Real Estate Income Fund<br> **Fidelity Advisor® Real Estate Income Fund Class C : FRIOX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Real Estate Income Fund for the period August 1, 2025 to January 31, 2026. 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  | $87  | 1.69% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5846606992<br>|
| Number of Holdings | 564<br>|
| Portfolio Turnover | 10%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| AAA | 0.7 |
| AA | 1.5 |
| A | 4.4 |
| BBB | 21.8 |
| BB | 11.7 |
| B | 3.7 |
| CCC,CC,C | 2.3 |
| Not Rated | 10.8 |
| Equities | 35.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 7.3 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1833_20260131_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 1.5&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 4.4&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 21.8&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;BB - 11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 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;Not Rated - 10.8&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;Equities - 35.8&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;Short-Term Investments and Net Other Assets (Liabilities) - 7.3 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 34.7 |
| Common Stocks | 24.5 |
| CMOs and Other Mortgage Related Securities | 19.0 |
| Preferred Stocks | 11.3 |
| Asset-Backed Securities | 1.6 |
| Bank Loan Obligations | 1.5 |
| Preferred Securities | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 7.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1833_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 34.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 24.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| CMOs and Other Mortgage Related Securities - 19.0 |
| Preferred Stocks - 11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 7.3 |

---

---

| | |
|:---|:---|
| United States | 99.6 |
| Canada | 0.2 |
| United Kingdom | 0.2 |
| Grand Cayman (UK Overseas Ter) | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1833_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.6&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; |
| &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;Grand Cayman (UK Overseas Ter) - 0.0&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Crown Castle Inc | 2.9<br>|
| American Tower Corp | 2.4<br>|
| Equinix Inc | 2.0<br>|
| American Tower Corp | 1.9<br>|
| GLP Capital LP / GLP Financing II Inc | 1.7<br>|
| Prologis Inc | 1.7<br>|
| VICI Properties LP | 1.7<br>|
| American Homes 4 Rent LP | 1.6<br>|
| Welltower Inc | 1.5<br>|
| Equity LifeStyle Properties Inc | 1.3<br>|
|  | 18.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1833_20260131_1.jpg)<br>| ![](img125526_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> 1.9915275.101 2224-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Real Estate Income Fund<br> **Fidelity Advisor® Real Estate Income Fund Class A : FRINX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Real Estate Income Fund for the period August 1, 2025 to January 31, 2026. 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  | 0.94% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5846606992<br>|
| Number of Holdings | 564<br>|
| Portfolio Turnover | 10%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| AAA | 0.7 |
| AA | 1.5 |
| A | 4.4 |
| BBB | 21.8 |
| BB | 11.7 |
| B | 3.7 |
| CCC,CC,C | 2.3 |
| Not Rated | 10.8 |
| Equities | 35.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 7.3 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1833_20260131_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 1.5&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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 4.4&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 21.8&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;BB - 11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;B - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 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;Not Rated - 10.8&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;Equities - 35.8&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;Short-Term Investments and Net Other Assets (Liabilities) - 7.3 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | |
|:---|:---|
| Corporate Bonds | 34.7 |
| Common Stocks | 24.5 |
| CMOs and Other Mortgage Related Securities | 19.0 |
| Preferred Stocks | 11.3 |
| Asset-Backed Securities | 1.6 |
| Bank Loan Obligations | 1.5 |
| Preferred Securities | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 7.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1833_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 34.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Common Stocks - 24.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| CMOs and Other Mortgage Related Securities - 19.0 |
| Preferred Stocks - 11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Asset-Backed Securities - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bank Loan Obligations - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 7.3 |

---

---

| | |
|:---|:---|
| United States | 99.6 |
| Canada | 0.2 |
| United Kingdom | 0.2 |
| Grand Cayman (UK Overseas Ter) | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1833_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.6&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; |
| &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;Grand Cayman (UK Overseas Ter) - 0.0&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Crown Castle Inc | 2.9<br>|
| American Tower Corp | 2.4<br>|
| Equinix Inc | 2.0<br>|
| American Tower Corp | 1.9<br>|
| GLP Capital LP / GLP Financing II Inc | 1.7<br>|
| Prologis Inc | 1.7<br>|
| VICI Properties LP | 1.7<br>|
| American Homes 4 Rent LP | 1.6<br>|
| Welltower Inc | 1.5<br>|
| Equity LifeStyle Properties Inc | 1.3<br>|
|  | 18.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1833_20260131_1.jpg)<br>| ![](img125527_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> 1.9915274.101 2221-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® OTC Portfolio<br> **Fidelity® OTC Portfolio : FOCPX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® OTC Portfolio for the period August 1, 2025 to January 31, 2026. 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® OTC Portfolio  | $42  | 0.78% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $36411075761<br>|
| Number of Holdings | 156<br>|
| Portfolio Turnover | 55%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 48.2 |
| Communication Services | 21.9 |
| Consumer Discretionary | 9.1 |
| Health Care | 8.5 |
| Industrials | 6.6 |
| Utilities | 1.1 |
| Consumer Staples | 0.7 |
| Materials | 0.3 |
| Real Estate | 0.2 |
| Financials | 0.1 |
| Energy | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 95.9 |
| Domestic Equity Funds | 3.3 |
| Preferred Stocks | 0.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img93_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 90.1 |
| Taiwan | 4.5 |
| Korea (South) | 1.7 |
| Netherlands | 1.7 |
| Belgium | 0.5 |
| United Kingdom | 0.4 |
| Canada | 0.4 |
| Brazil | 0.2 |
| Denmark | 0.2 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img93_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 4.5&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;Korea (South) - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 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;United Kingdom - 0.4&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;Brazil - 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;Denmark - 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;Others - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 13.2<br>|
| Alphabet Inc Class A | 10.2<br>|
| Apple Inc | 9.1<br>|
| Microsoft Corp | 6.8<br>|
| Amazon.com Inc | 6.3<br>|
| Meta Platforms Inc Class A | 4.5<br>|
| Alphabet Inc Class C | 4.1<br>|
| Space Exploration Technologies Corp | 3.9<br>|
| Invesco QQQ Trust ETF | 3.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.9<br>|
|  | 64.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img93_20260131_1.jpg)<br>| ![](img125529_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> 1.9915185.101 93-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® OTC Portfolio<br> **Fidelity® OTC Portfolio Class K : FOCKX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® OTC Portfolio for the period August 1, 2025 to January 31, 2026. 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  | $38  | 0.71% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $36411075761<br>|
| Number of Holdings | 156<br>|
| Portfolio Turnover | 55%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 48.2 |
| Communication Services | 21.9 |
| Consumer Discretionary | 9.1 |
| Health Care | 8.5 |
| Industrials | 6.6 |
| Utilities | 1.1 |
| Consumer Staples | 0.7 |
| Materials | 0.3 |
| Real Estate | 0.2 |
| Financials | 0.1 |
| Energy | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 95.9 |
| Domestic Equity Funds | 3.3 |
| Preferred Stocks | 0.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img93_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 90.1 |
| Taiwan | 4.5 |
| Korea (South) | 1.7 |
| Netherlands | 1.7 |
| Belgium | 0.5 |
| United Kingdom | 0.4 |
| Canada | 0.4 |
| Brazil | 0.2 |
| Denmark | 0.2 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img93_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 4.5&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;Korea (South) - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 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;United Kingdom - 0.4&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;Brazil - 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;Denmark - 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;Others - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 13.2<br>|
| Alphabet Inc Class A | 10.2<br>|
| Apple Inc | 9.1<br>|
| Microsoft Corp | 6.8<br>|
| Amazon.com Inc | 6.3<br>|
| Meta Platforms Inc Class A | 4.5<br>|
| Alphabet Inc Class C | 4.1<br>|
| Space Exploration Technologies Corp | 3.9<br>|
| Invesco QQQ Trust ETF | 3.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.9<br>|
|  | 64.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img93_20260131_1.jpg)<br>| ![](img125530_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> 1.9915184.101 2098-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® OTC K6 Portfolio<br> **Fidelity® OTC K6 Portfolio : FOKFX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® OTC K6 Portfolio for the period August 1, 2025 to January 31, 2026. 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® OTC K6 Portfolio  | $27  | 0.50% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $2883383660<br>|
| Number of Holdings | 150<br>|
| Portfolio Turnover | 61%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 52.5 |
| Communication Services | 23.8 |
| Health Care | 8.8 |
| Consumer Discretionary | 7.6 |
| Industrials | 3.0 |
| Utilities | 1.1 |
| Consumer Staples | 0.7 |
| Materials | 0.3 |
| Real Estate | 0.2 |
| Financials | 0.1 |
| Energy | 0.0 |

---

Common Stocks 97.1 <br> Domestic Equity Funds 2.1 <br> Preferred Stocks 1.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3407_20260131_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; |
| Domestic Equity Funds - 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.2)% |

---

---

| | |
|:---|:---|
| United States | 89.8 |
| Taiwan | 4.8 |
| Korea (South) | 1.7 |
| Netherlands | 1.7 |
| Belgium | 0.6 |
| United Kingdom | 0.4 |
| Canada | 0.3 |
| Brazil | 0.2 |
| Denmark | 0.2 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3407_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 4.8&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;Korea (South) - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 1.7&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 - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 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;Denmark - 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;Others - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 15.0<br>|
| Alphabet Inc Class A | 11.2<br>|
| Apple Inc | 9.9<br>|
| Microsoft Corp | 8.0<br>|
| Amazon.com Inc | 4.8<br>|
| Meta Platforms Inc Class A | 4.7<br>|
| Alphabet Inc Class C | 4.6<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 3.1<br>|
| Broadcom Inc | 2.8<br>|
| Invesco QQQ Trust ETF | 2.1<br>|
|  | 66.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img3407_20260131_1.jpg)<br>| ![](img125531_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> 1.9915355.101 3407-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Leveraged Company Stock Fund<br> **Fidelity® Leveraged Company Stock Fund : FLVCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period August 1, 2025 to January 31, 2026. 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® Leveraged Company Stock Fund  | $35  | 0.67% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3851991401<br>|
| Number of Holdings | 75<br>|
| Portfolio Turnover | 30%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 26.7 |
| Industrials | 22.6 |
| Financials | 15.6 |
| Communication Services | 12.4 |
| Consumer Discretionary | 8.9 |
| Utilities | 6.7 |
| Health Care | 2.9 |
| Materials | 2.4 |
| Consumer Staples | 1.5 |
| Energy | 0.3 |

---

Common Stocks 100.0 <br> Bonds 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img289_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 100.0&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 94.7 |
| Taiwan | 3.9 |
| Canada | 0.6 |
| Netherlands | 0.4 |
| Switzerland | 0.3 |
| Hong Kong | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img289_20260131_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;Taiwan - 3.9&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; |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;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;Switzerland - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 6.4<br>|
| Meta Platforms Inc Class A | 5.5<br>|
| Alphabet Inc Class A | 4.9<br>|
| Vistra Corp | 4.4<br>|
| Comfort Systems USA Inc | 4.2<br>|
| Apollo Global Management Inc | 4.1<br>|
| Arthur J Gallagher & Co | 3.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 3.9<br>|
| Vertiv Holdings Co Class A | 3.8<br>|
| TopBuild Corp | 3.7<br>|
|  | 44.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img289_20260131_1.jpg)<br>| ![](img125585_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> 1.9915230.101 122-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Leveraged Company Stock Fund<br> **Fidelity® Leveraged Company Stock Fund Class K : FLCKX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period August 1, 2025 to January 31, 2026. 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  | $31  | 0.60% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3851991401<br>|
| Number of Holdings | 75<br>|
| Portfolio Turnover | 30%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 26.7 |
| Industrials | 22.6 |
| Financials | 15.6 |
| Communication Services | 12.4 |
| Consumer Discretionary | 8.9 |
| Utilities | 6.7 |
| Health Care | 2.9 |
| Materials | 2.4 |
| Consumer Staples | 1.5 |
| Energy | 0.3 |

---

Common Stocks 100.0 <br> Bonds 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img289_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 100.0&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 94.7 |
| Taiwan | 3.9 |
| Canada | 0.6 |
| Netherlands | 0.4 |
| Switzerland | 0.3 |
| Hong Kong | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img289_20260131_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;Taiwan - 3.9&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; |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;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;Switzerland - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 6.4<br>|
| Meta Platforms Inc Class A | 5.5<br>|
| Alphabet Inc Class A | 4.9<br>|
| Vistra Corp | 4.4<br>|
| Comfort Systems USA Inc | 4.2<br>|
| Apollo Global Management Inc | 4.1<br>|
| Arthur J Gallagher & Co | 3.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 3.9<br>|
| Vertiv Holdings Co Class A | 3.8<br>|
| TopBuild Corp | 3.7<br>|
|  | 44.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img289_20260131_1.jpg)<br>| ![](img125586_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> 1.9915231.101 2094-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Growth & Income Portfolio<br> **Fidelity® Growth & Income Portfolio : FGRIX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Growth & Income Portfolio for the period August 1, 2025 to January 31, 2026. 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 & Income Portfolio  | $28  | 0.52% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $14445258650<br>|
| Number of Holdings | 193<br>|
| Portfolio Turnover | 18%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 20.7 |
| Industrials | 18.7 |
| Financials | 17.3 |
| Health Care | 10.7 |
| Energy | 10.4 |
| Consumer Staples | 6.4 |
| Communication Services | 5.6 |
| Consumer Discretionary | 2.7 |
| Utilities | 2.1 |
| Materials | 1.1 |
| Real Estate | 0.8 |

---

Common Stocks 94.5 <br> Preferred Stocks 2.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img127_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.5 |

---

---

| | |
|:---|:---|
| United States | 91.2 |
| Canada | 2.2 |
| United Kingdom | 1.3 |
| Belgium | 1.3 |
| Taiwan | 1.0 |
| Netherlands | 0.8 |
| Germany | 0.7 |
| France | 0.6 |
| Zambia | 0.4 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img127_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.2&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 - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 1.3&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;Taiwan - 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;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;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;France - 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;Zambia - 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;Others - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wells Fargo & Co | 6.2<br>|
| Microsoft Corp | 6.0<br>|
| Exxon Mobil Corp | 5.4<br>|
| GE Aerospace | 4.1<br>|
| NVIDIA Corp | 4.1<br>|
| GE Vernova Inc | 3.6<br>|
| Bank of America Corp | 3.0<br>|
| Apple Inc | 2.9<br>|
| Boeing Co | 2.5<br>|
| Shell PLC ADR | 2.2<br>|
|  | 40.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img127_20260131_1.jpg)<br>| ![](img125595_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> 1.9915187.101 27-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Growth & Income Portfolio<br> **Fidelity® Growth & Income Portfolio Class K : FGIKX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Growth & Income Portfolio for the period August 1, 2025 to January 31, 2026. 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  | $24  | 0.45% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $14445258650<br>|
| Number of Holdings | 193<br>|
| Portfolio Turnover | 18%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 20.7 |
| Industrials | 18.7 |
| Financials | 17.3 |
| Health Care | 10.7 |
| Energy | 10.4 |
| Consumer Staples | 6.4 |
| Communication Services | 5.6 |
| Consumer Discretionary | 2.7 |
| Utilities | 2.1 |
| Materials | 1.1 |
| Real Estate | 0.8 |

---

Common Stocks 94.5 <br> Preferred Stocks 2.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img127_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.5 |

---

---

| | |
|:---|:---|
| United States | 91.2 |
| Canada | 2.2 |
| United Kingdom | 1.3 |
| Belgium | 1.3 |
| Taiwan | 1.0 |
| Netherlands | 0.8 |
| Germany | 0.7 |
| France | 0.6 |
| Zambia | 0.4 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img127_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.2&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 - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 1.3&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;Taiwan - 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;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;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;France - 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;Zambia - 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;Others - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wells Fargo & Co | 6.2<br>|
| Microsoft Corp | 6.0<br>|
| Exxon Mobil Corp | 5.4<br>|
| GE Aerospace | 4.1<br>|
| NVIDIA Corp | 4.1<br>|
| GE Vernova Inc | 3.6<br>|
| Bank of America Corp | 3.0<br>|
| Apple Inc | 2.9<br>|
| Boeing Co | 2.5<br>|
| Shell PLC ADR | 2.2<br>|
|  | 40.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img127_20260131_1.jpg)<br>| ![](img125596_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> 1.9915186.101 2089-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Dividend Growth Fund<br> **Fidelity® Dividend Growth Fund : FDGFX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Dividend Growth Fund for the period August 1, 2025 to January 31, 2026. 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® Dividend Growth Fund  | $33  | 0.61% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $10786723741<br>|
| Number of Holdings | 132<br>|
| Portfolio Turnover | 43%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 25.3 |
| Industrials | 17.0 |
| Financials | 15.9 |
| Communication Services | 12.5 |
| Energy | 8.7 |
| Health Care | 6.1 |
| Consumer Staples | 3.9 |
| Materials | 3.6 |
| Consumer Discretionary | 3.6 |
| Real Estate | 2.4 |
| Utilities | 0.8 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img330_20260131_AA.jpg) <br>|

---

Common Stocks - 99.8&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) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 88.9 |
| Canada | 3.0 |
| Taiwan | 2.1 |
| United Kingdom | 1.7 |
| Korea (South) | 1.5 |
| Norway | 0.6 |
| Zambia | 0.5 |
| Brazil | 0.5 |
| Germany | 0.4 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img330_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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;Taiwan - 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;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Norway - 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;Zambia - 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;Brazil - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.8&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.6<br>|
| Alphabet Inc Class A | 7.8<br>|
| Microsoft Corp | 4.8<br>|
| Meta Platforms Inc Class A | 3.7<br>|
| Boeing Co | 2.9<br>|
| Western Digital Corp | 2.0<br>|
| GE Vernova Inc | 2.0<br>|
| Broadcom Inc | 1.9<br>|
| Seagate Technology Holdings PLC | 1.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.8<br>|
|  | 37.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img330_20260131_1.jpg)<br>| ![](img125598_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> 1.9915241.101 330-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Dividend Growth Fund<br> **Fidelity® Dividend Growth Fund Class K : FDGKX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Dividend Growth Fund for the period August 1, 2025 to January 31, 2026. 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  | 0.55% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $10786723741<br>|
| Number of Holdings | 132<br>|
| Portfolio Turnover | 43%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 25.3 |
| Industrials | 17.0 |
| Financials | 15.9 |
| Communication Services | 12.5 |
| Energy | 8.7 |
| Health Care | 6.1 |
| Consumer Staples | 3.9 |
| Materials | 3.6 |
| Consumer Discretionary | 3.6 |
| Real Estate | 2.4 |
| Utilities | 0.8 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img330_20260131_AA.jpg) <br>|

---

Common Stocks - 99.8&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) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 88.9 |
| Canada | 3.0 |
| Taiwan | 2.1 |
| United Kingdom | 1.7 |
| Korea (South) | 1.5 |
| Norway | 0.6 |
| Zambia | 0.5 |
| Brazil | 0.5 |
| Germany | 0.4 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img330_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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;Taiwan - 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;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Norway - 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;Zambia - 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;Brazil - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.8&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.6<br>|
| Alphabet Inc Class A | 7.8<br>|
| Microsoft Corp | 4.8<br>|
| Meta Platforms Inc Class A | 3.7<br>|
| Boeing Co | 2.9<br>|
| Western Digital Corp | 2.0<br>|
| GE Vernova Inc | 2.0<br>|
| Broadcom Inc | 1.9<br>|
| Seagate Technology Holdings PLC | 1.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.8<br>|
|  | 37.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img330_20260131_1.jpg)<br>| ![](img125599_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> 1.9915240.101 2083-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Blue Chip Value Fund<br> **Fidelity® Blue Chip Value Fund : FBCVX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Blue Chip Value Fund for the period August 1, 2025 to January 31, 2026. 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® Blue Chip Value Fund  | $24  | 0.45% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $603904138<br>|
| Number of Holdings | 82<br>|
| Portfolio Turnover | 126%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 18.9 |
| Industrials | 13.7 |
| Health Care | 13.3 |
| Information Technology | 12.4 |
| Communication Services | 10.2 |
| Consumer Discretionary | 8.0 |
| Energy | 6.3 |
| Consumer Staples | 5.5 |
| Materials | 4.3 |
| Real Estate | 4.2 |
| Utilities | 3.0 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1271_20260131_AA.jpg) <br>|

---

Common Stocks - 99.8&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) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 96.0 |
| Taiwan | 2.0 |
| United Kingdom | 1.1 |
| Canada | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1271_20260131_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;Taiwan - 2.0&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;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 4.7<br>|
| Wells Fargo & Co | 3.9<br>|
| Exxon Mobil Corp | 3.4<br>|
| Amazon.com Inc | 3.4<br>|
| US Bancorp | 2.6<br>|
| Merck & Co Inc | 2.0<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.0<br>|
| Cisco Systems Inc | 2.0<br>|
| Alphabet Inc Class C | 1.9<br>|
| Citigroup Inc | 1.9<br>|
|  | 27.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1271_20260131_1.jpg)<br>| ![](img125603_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> 1.9915254.101 1271-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Blue Chip Growth K6 Fund<br> **Fidelity® Blue Chip Growth K6 Fund : FBCGX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Blue Chip Growth K6 Fund for the period August 1, 2025 to January 31, 2026. 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® Blue Chip Growth K6 Fund  | $24  | 0.45% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $18042183481<br>|
| Number of Holdings | 362<br>|
| Portfolio Turnover | 22%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 45.3 |
| Communication Services | 17.4 |
| Consumer Discretionary | 15.8 |
| Industrials | 8.3 |
| Health Care | 6.9 |
| Financials | 3.6 |
| Consumer Staples | 1.1 |
| Real Estate | 0.6 |
| Materials | 0.3 |
| Energy | 0.2 |
| Utilities | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.8 |
| Preferred Stocks | 1.9 |
| Bonds | 0.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2945_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 95.2 |
| Canada | 1.5 |
| Taiwan | 1.2 |
| India | 0.7 |
| Finland | 0.3 |
| China | 0.2 |
| Switzerland | 0.2 |
| Netherlands | 0.2 |
| United Kingdom | 0.1 |
| Others | 0.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2945_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.5&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;Taiwan - 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;India - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Finland - 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;China - 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;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 16.4<br>|
| Alphabet Inc Class A | 8.2<br>|
| Amazon.com Inc | 5.7<br>|
| Meta Platforms Inc Class A | 5.6<br>|
| Apple Inc | 5.5<br>|
| Broadcom Inc | 4.9<br>|
| Microsoft Corp | 4.6<br>|
| Eli Lilly & Co | 3.0<br>|
| Netflix Inc | 2.2<br>|
| Space Exploration Technologies Corp | 2.2<br>|
|  | 58.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img2945_20260131_1.jpg)<br>| ![](img125605_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> 1.9915349.101 2945-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Blue Chip Growth Fund<br> **Fidelity® Blue Chip Growth Fund : FBGRX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period August 1, 2025 to January 31, 2026. 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® Blue Chip Growth Fund  | $38  | 0.72% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $89272974868<br>|
| Number of Holdings | 387<br>|
| Portfolio Turnover | 26%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 48.4 |
| Consumer Discretionary | 16.7 |
| Communication Services | 16.6 |
| Industrials | 7.1 |
| Health Care | 6.3 |
| Financials | 3.0 |
| Consumer Staples | 0.6 |
| Real Estate | 0.5 |
| Materials | 0.4 |
| Energy | 0.3 |
| Utilities | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.0 |
| Preferred Stocks | 3.0 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img312_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 3.0&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) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 95.1 |
| Canada | 1.3 |
| Taiwan | 1.1 |
| India | 0.8 |
| Finland | 0.3 |
| China | 0.3 |
| Netherlands | 0.3 |
| Switzerland | 0.2 |
| Denmark | 0.1 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img312_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;India - 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;Finland - 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;China - 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;Netherlands - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 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;Others - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 15.6<br>|
| Apple Inc | 9.5<br>|
| Alphabet Inc Class A | 8.4<br>|
| Amazon.com Inc | 7.7<br>|
| Microsoft Corp | 6.2<br>|
| Meta Platforms Inc Class A | 4.8<br>|
| Broadcom Inc | 3.3<br>|
| Eli Lilly & Co | 2.7<br>|
| Netflix Inc | 2.0<br>|
| Tesla Inc | 1.6<br>|
|  | 61.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img312_20260131_1.jpg)<br>| ![](img125606_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> 1.9915234.101 312-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Blue Chip Growth Fund<br> **Fidelity® Blue Chip Growth Fund Class K : FBGKX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period August 1, 2025 to January 31, 2026. 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  | $35  | 0.65% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $89272974868<br>|
| Number of Holdings | 387<br>|
| Portfolio Turnover | 26%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 48.4 |
| Consumer Discretionary | 16.7 |
| Communication Services | 16.6 |
| Industrials | 7.1 |
| Health Care | 6.3 |
| Financials | 3.0 |
| Consumer Staples | 0.6 |
| Real Estate | 0.5 |
| Materials | 0.4 |
| Energy | 0.3 |
| Utilities | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.0 |
| Preferred Stocks | 3.0 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img312_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 3.0&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) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 95.1 |
| Canada | 1.3 |
| Taiwan | 1.1 |
| India | 0.8 |
| Finland | 0.3 |
| China | 0.3 |
| Netherlands | 0.3 |
| Switzerland | 0.2 |
| Denmark | 0.1 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img312_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;India - 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;Finland - 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;China - 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;Netherlands - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 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;Others - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 15.6<br>|
| Apple Inc | 9.5<br>|
| Alphabet Inc Class A | 8.4<br>|
| Amazon.com Inc | 7.7<br>|
| Microsoft Corp | 6.2<br>|
| Meta Platforms Inc Class A | 4.8<br>|
| Broadcom Inc | 3.3<br>|
| Eli Lilly & Co | 2.7<br>|
| Netflix Inc | 2.0<br>|
| Tesla Inc | 1.6<br>|
|  | 61.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img312_20260131_1.jpg)<br>| ![](img125607_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> 1.9915233.101 2078-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Leveraged Company Stock Fund<br> **Fidelity Advisor® Leveraged Company Stock Fund Class A : FLEJX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period August 1, 2025 to January 31, 2026. 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  | $50  | 0.96% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3851991401<br>|
| Number of Holdings | 75<br>|
| Portfolio Turnover | 30%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 26.7 |
| Industrials | 22.6 |
| Financials | 15.6 |
| Communication Services | 12.4 |
| Consumer Discretionary | 8.9 |
| Utilities | 6.7 |
| Health Care | 2.9 |
| Materials | 2.4 |
| Consumer Staples | 1.5 |
| Energy | 0.3 |

---

Common Stocks 100.0 <br> Bonds 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img289_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 100.0&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 94.7 |
| Taiwan | 3.9 |
| Canada | 0.6 |
| Netherlands | 0.4 |
| Switzerland | 0.3 |
| Hong Kong | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img289_20260131_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;Taiwan - 3.9&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; |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;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;Switzerland - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 6.4<br>|
| Meta Platforms Inc Class A | 5.5<br>|
| Alphabet Inc Class A | 4.9<br>|
| Vistra Corp | 4.4<br>|
| Comfort Systems USA Inc | 4.2<br>|
| Apollo Global Management Inc | 4.1<br>|
| Arthur J Gallagher & Co | 3.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 3.9<br>|
| Vertiv Holdings Co Class A | 3.8<br>|
| TopBuild Corp | 3.7<br>|
|  | 44.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img289_20260131_1.jpg)<br>| ![](img125635_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> 1.9918398.101 7776-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Leveraged Company Stock Fund<br> **Fidelity Advisor® Leveraged Company Stock Fund Class M : FLELX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period August 1, 2025 to January 31, 2026. 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  | $63  | 1.21% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3851991401<br>|
| Number of Holdings | 75<br>|
| Portfolio Turnover | 30%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 26.7 |
| Industrials | 22.6 |
| Financials | 15.6 |
| Communication Services | 12.4 |
| Consumer Discretionary | 8.9 |
| Utilities | 6.7 |
| Health Care | 2.9 |
| Materials | 2.4 |
| Consumer Staples | 1.5 |
| Energy | 0.3 |

---

Common Stocks 100.0 <br> Bonds 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img289_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 100.0&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 94.7 |
| Taiwan | 3.9 |
| Canada | 0.6 |
| Netherlands | 0.4 |
| Switzerland | 0.3 |
| Hong Kong | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img289_20260131_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;Taiwan - 3.9&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; |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;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;Switzerland - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 6.4<br>|
| Meta Platforms Inc Class A | 5.5<br>|
| Alphabet Inc Class A | 4.9<br>|
| Vistra Corp | 4.4<br>|
| Comfort Systems USA Inc | 4.2<br>|
| Apollo Global Management Inc | 4.1<br>|
| Arthur J Gallagher & Co | 3.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 3.9<br>|
| Vertiv Holdings Co Class A | 3.8<br>|
| TopBuild Corp | 3.7<br>|
|  | 44.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img289_20260131_1.jpg)<br>| ![](img125636_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> 1.9918402.101 7805-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Leveraged Company Stock Fund<br> **Fidelity Advisor® Leveraged Company Stock Fund Class C : FLEMX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period August 1, 2025 to January 31, 2026. 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  | $89  | 1.71% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3851991401<br>|
| Number of Holdings | 75<br>|
| Portfolio Turnover | 30%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 26.7 |
| Industrials | 22.6 |
| Financials | 15.6 |
| Communication Services | 12.4 |
| Consumer Discretionary | 8.9 |
| Utilities | 6.7 |
| Health Care | 2.9 |
| Materials | 2.4 |
| Consumer Staples | 1.5 |
| Energy | 0.3 |

---

Common Stocks 100.0 <br> Bonds 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img289_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 100.0&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 94.7 |
| Taiwan | 3.9 |
| Canada | 0.6 |
| Netherlands | 0.4 |
| Switzerland | 0.3 |
| Hong Kong | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img289_20260131_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;Taiwan - 3.9&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; |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;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;Switzerland - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 6.4<br>|
| Meta Platforms Inc Class A | 5.5<br>|
| Alphabet Inc Class A | 4.9<br>|
| Vistra Corp | 4.4<br>|
| Comfort Systems USA Inc | 4.2<br>|
| Apollo Global Management Inc | 4.1<br>|
| Arthur J Gallagher & Co | 3.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 3.9<br>|
| Vertiv Holdings Co Class A | 3.8<br>|
| TopBuild Corp | 3.7<br>|
|  | 44.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img289_20260131_1.jpg)<br>| ![](img125637_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> 1.9918400.101 7806-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Leveraged Company Stock Fund<br> **Fidelity Advisor® Leveraged Company Stock Fund Class I : FLENX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period August 1, 2025 to January 31, 2026. 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  | $37  | 0.71% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3851991401<br>|
| Number of Holdings | 75<br>|
| Portfolio Turnover | 30%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 26.7 |
| Industrials | 22.6 |
| Financials | 15.6 |
| Communication Services | 12.4 |
| Consumer Discretionary | 8.9 |
| Utilities | 6.7 |
| Health Care | 2.9 |
| Materials | 2.4 |
| Consumer Staples | 1.5 |
| Energy | 0.3 |

---

Common Stocks 100.0 <br> Bonds 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img289_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 100.0&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 94.7 |
| Taiwan | 3.9 |
| Canada | 0.6 |
| Netherlands | 0.4 |
| Switzerland | 0.3 |
| Hong Kong | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img289_20260131_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;Taiwan - 3.9&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; |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;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;Switzerland - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 6.4<br>|
| Meta Platforms Inc Class A | 5.5<br>|
| Alphabet Inc Class A | 4.9<br>|
| Vistra Corp | 4.4<br>|
| Comfort Systems USA Inc | 4.2<br>|
| Apollo Global Management Inc | 4.1<br>|
| Arthur J Gallagher & Co | 3.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 3.9<br>|
| Vertiv Holdings Co Class A | 3.8<br>|
| TopBuild Corp | 3.7<br>|
|  | 44.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img289_20260131_1.jpg)<br>| ![](img125638_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> 1.9918404.101 7807-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Leveraged Company Stock Fund<br> **Fidelity Advisor® Leveraged Company Stock Fund Class Z : FLEOX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period August 1, 2025 to January 31, 2026. 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  | $31  | 0.60% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3851991401<br>|
| Number of Holdings | 75<br>|
| Portfolio Turnover | 30%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 26.7 |
| Industrials | 22.6 |
| Financials | 15.6 |
| Communication Services | 12.4 |
| Consumer Discretionary | 8.9 |
| Utilities | 6.7 |
| Health Care | 2.9 |
| Materials | 2.4 |
| Consumer Staples | 1.5 |
| Energy | 0.3 |

---

Common Stocks 100.0 <br> Bonds 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img289_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 100.0&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;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 94.7 |
| Taiwan | 3.9 |
| Canada | 0.6 |
| Netherlands | 0.4 |
| Switzerland | 0.3 |
| Hong Kong | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img289_20260131_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;Taiwan - 3.9&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; |
| &nbsp;&nbsp;Canada - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;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;Switzerland - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 6.4<br>|
| Meta Platforms Inc Class A | 5.5<br>|
| Alphabet Inc Class A | 4.9<br>|
| Vistra Corp | 4.4<br>|
| Comfort Systems USA Inc | 4.2<br>|
| Apollo Global Management Inc | 4.1<br>|
| Arthur J Gallagher & Co | 3.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 3.9<br>|
| Vertiv Holdings Co Class A | 3.8<br>|
| TopBuild Corp | 3.7<br>|
|  | 44.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img289_20260131_1.jpg)<br>| ![](img125639_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> 1.9918406.101 7808-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Blue Chip Growth Fund<br> **Fidelity Advisor® Blue Chip Growth Fund Class A : FBCCX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period August 1, 2025 to January 31, 2026. 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  | $54  | 1.02% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $89272974868<br>|
| Number of Holdings | 387<br>|
| Portfolio Turnover | 26%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 48.4 |
| Consumer Discretionary | 16.7 |
| Communication Services | 16.6 |
| Industrials | 7.1 |
| Health Care | 6.3 |
| Financials | 3.0 |
| Consumer Staples | 0.6 |
| Real Estate | 0.5 |
| Materials | 0.4 |
| Energy | 0.3 |
| Utilities | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.0 |
| Preferred Stocks | 3.0 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img312_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 3.0&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) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 95.1 |
| Canada | 1.3 |
| Taiwan | 1.1 |
| India | 0.8 |
| Finland | 0.3 |
| China | 0.3 |
| Netherlands | 0.3 |
| Switzerland | 0.2 |
| Denmark | 0.1 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img312_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;India - 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;Finland - 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;China - 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;Netherlands - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 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;Others - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 15.6<br>|
| Apple Inc | 9.5<br>|
| Alphabet Inc Class A | 8.4<br>|
| Amazon.com Inc | 7.7<br>|
| Microsoft Corp | 6.2<br>|
| Meta Platforms Inc Class A | 4.8<br>|
| Broadcom Inc | 3.3<br>|
| Eli Lilly & Co | 2.7<br>|
| Netflix Inc | 2.0<br>|
| Tesla Inc | 1.6<br>|
|  | 61.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img312_20260131_1.jpg)<br>| ![](img125640_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> 1.9918459.101 7819-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Blue Chip Growth Fund<br> **Fidelity Advisor® Blue Chip Growth Fund Class M : FBCEX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period August 1, 2025 to January 31, 2026. 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  | $67  | 1.27% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $89272974868<br>|
| Number of Holdings | 387<br>|
| Portfolio Turnover | 26%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 48.4 |
| Consumer Discretionary | 16.7 |
| Communication Services | 16.6 |
| Industrials | 7.1 |
| Health Care | 6.3 |
| Financials | 3.0 |
| Consumer Staples | 0.6 |
| Real Estate | 0.5 |
| Materials | 0.4 |
| Energy | 0.3 |
| Utilities | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.0 |
| Preferred Stocks | 3.0 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img312_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 3.0&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) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 95.1 |
| Canada | 1.3 |
| Taiwan | 1.1 |
| India | 0.8 |
| Finland | 0.3 |
| China | 0.3 |
| Netherlands | 0.3 |
| Switzerland | 0.2 |
| Denmark | 0.1 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img312_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;India - 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;Finland - 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;China - 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;Netherlands - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 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;Others - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 15.6<br>|
| Apple Inc | 9.5<br>|
| Alphabet Inc Class A | 8.4<br>|
| Amazon.com Inc | 7.7<br>|
| Microsoft Corp | 6.2<br>|
| Meta Platforms Inc Class A | 4.8<br>|
| Broadcom Inc | 3.3<br>|
| Eli Lilly & Co | 2.7<br>|
| Netflix Inc | 2.0<br>|
| Tesla Inc | 1.6<br>|
|  | 61.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img312_20260131_1.jpg)<br>| ![](img125641_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> 1.9918463.101 7820-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Blue Chip Growth Fund<br> **Fidelity Advisor® Blue Chip Growth Fund Class C : FBCHX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period August 1, 2025 to January 31, 2026. 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  | $93  | 1.77% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $89272974868<br>|
| Number of Holdings | 387<br>|
| Portfolio Turnover | 26%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 48.4 |
| Consumer Discretionary | 16.7 |
| Communication Services | 16.6 |
| Industrials | 7.1 |
| Health Care | 6.3 |
| Financials | 3.0 |
| Consumer Staples | 0.6 |
| Real Estate | 0.5 |
| Materials | 0.4 |
| Energy | 0.3 |
| Utilities | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.0 |
| Preferred Stocks | 3.0 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img312_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 3.0&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) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 95.1 |
| Canada | 1.3 |
| Taiwan | 1.1 |
| India | 0.8 |
| Finland | 0.3 |
| China | 0.3 |
| Netherlands | 0.3 |
| Switzerland | 0.2 |
| Denmark | 0.1 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img312_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;India - 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;Finland - 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;China - 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;Netherlands - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 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;Others - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 15.6<br>|
| Apple Inc | 9.5<br>|
| Alphabet Inc Class A | 8.4<br>|
| Amazon.com Inc | 7.7<br>|
| Microsoft Corp | 6.2<br>|
| Meta Platforms Inc Class A | 4.8<br>|
| Broadcom Inc | 3.3<br>|
| Eli Lilly & Co | 2.7<br>|
| Netflix Inc | 2.0<br>|
| Tesla Inc | 1.6<br>|
|  | 61.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img312_20260131_1.jpg)<br>| ![](img125642_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> 1.9918461.101 7821-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Blue Chip Growth Fund<br> **Fidelity Advisor® Blue Chip Growth Fund Class I : FBCJX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period August 1, 2025 to January 31, 2026. 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  | $40  | 0.77% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $89272974868<br>|
| Number of Holdings | 387<br>|
| Portfolio Turnover | 26%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 48.4 |
| Consumer Discretionary | 16.7 |
| Communication Services | 16.6 |
| Industrials | 7.1 |
| Health Care | 6.3 |
| Financials | 3.0 |
| Consumer Staples | 0.6 |
| Real Estate | 0.5 |
| Materials | 0.4 |
| Energy | 0.3 |
| Utilities | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.0 |
| Preferred Stocks | 3.0 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img312_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 3.0&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) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 95.1 |
| Canada | 1.3 |
| Taiwan | 1.1 |
| India | 0.8 |
| Finland | 0.3 |
| China | 0.3 |
| Netherlands | 0.3 |
| Switzerland | 0.2 |
| Denmark | 0.1 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img312_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;India - 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;Finland - 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;China - 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;Netherlands - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 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;Others - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 15.6<br>|
| Apple Inc | 9.5<br>|
| Alphabet Inc Class A | 8.4<br>|
| Amazon.com Inc | 7.7<br>|
| Microsoft Corp | 6.2<br>|
| Meta Platforms Inc Class A | 4.8<br>|
| Broadcom Inc | 3.3<br>|
| Eli Lilly & Co | 2.7<br>|
| Netflix Inc | 2.0<br>|
| Tesla Inc | 1.6<br>|
|  | 61.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img312_20260131_1.jpg)<br>| ![](img125643_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> 1.9918465.101 7822-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Blue Chip Growth Fund<br> **Fidelity Advisor® Blue Chip Growth Fund Class Z : FBCKX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period August 1, 2025 to January 31, 2026. 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  | $35  | 0.65% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $89272974868<br>|
| Number of Holdings | 387<br>|
| Portfolio Turnover | 26%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 48.4 |
| Consumer Discretionary | 16.7 |
| Communication Services | 16.6 |
| Industrials | 7.1 |
| Health Care | 6.3 |
| Financials | 3.0 |
| Consumer Staples | 0.6 |
| Real Estate | 0.5 |
| Materials | 0.4 |
| Energy | 0.3 |
| Utilities | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.0 |
| Preferred Stocks | 3.0 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img312_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 3.0&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) - (0.1)% |

---

---

| | |
|:---|:---|
| United States | 95.1 |
| Canada | 1.3 |
| Taiwan | 1.1 |
| India | 0.8 |
| Finland | 0.3 |
| China | 0.3 |
| Netherlands | 0.3 |
| Switzerland | 0.2 |
| Denmark | 0.1 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img312_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 95.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;India - 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;Finland - 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;China - 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;Netherlands - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Denmark - 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;Others - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 15.6<br>|
| Apple Inc | 9.5<br>|
| Alphabet Inc Class A | 8.4<br>|
| Amazon.com Inc | 7.7<br>|
| Microsoft Corp | 6.2<br>|
| Meta Platforms Inc Class A | 4.8<br>|
| Broadcom Inc | 3.3<br>|
| Eli Lilly & Co | 2.7<br>|
| Netflix Inc | 2.0<br>|
| Tesla Inc | 1.6<br>|
|  | 61.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img312_20260131_1.jpg)<br>| ![](img125644_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> 1.9918467.101 7823-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® OTC Portfolio<br> **Fidelity Advisor® OTC Fund Class A : FOTDX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® OTC Portfolio for the period August 1, 2025 to January 31, 2026. 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  | $58  | 1.07% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $36411075761<br>|
| Number of Holdings | 156<br>|
| Portfolio Turnover | 55%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 48.2 |
| Communication Services | 21.9 |
| Consumer Discretionary | 9.1 |
| Health Care | 8.5 |
| Industrials | 6.6 |
| Utilities | 1.1 |
| Consumer Staples | 0.7 |
| Materials | 0.3 |
| Real Estate | 0.2 |
| Financials | 0.1 |
| Energy | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 95.9 |
| Domestic Equity Funds | 3.3 |
| Preferred Stocks | 0.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img93_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 90.1 |
| Taiwan | 4.5 |
| Korea (South) | 1.7 |
| Netherlands | 1.7 |
| Belgium | 0.5 |
| United Kingdom | 0.4 |
| Canada | 0.4 |
| Brazil | 0.2 |
| Denmark | 0.2 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img93_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 4.5&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;Korea (South) - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 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;United Kingdom - 0.4&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;Brazil - 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;Denmark - 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;Others - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 13.2<br>|
| Alphabet Inc Class A | 10.2<br>|
| Apple Inc | 9.1<br>|
| Microsoft Corp | 6.8<br>|
| Amazon.com Inc | 6.3<br>|
| Meta Platforms Inc Class A | 4.5<br>|
| Alphabet Inc Class C | 4.1<br>|
| Space Exploration Technologies Corp | 3.9<br>|
| Invesco QQQ Trust ETF | 3.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.9<br>|
|  | 64.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img93_20260131_1.jpg)<br>| ![](img125650_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> 1.9918489.101 7814-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® OTC Portfolio<br> **Fidelity Advisor® OTC Fund Class M : FOTEX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® OTC Portfolio for the period August 1, 2025 to January 31, 2026. 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  | $72  | 1.32% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $36411075761<br>|
| Number of Holdings | 156<br>|
| Portfolio Turnover | 55%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 48.2 |
| Communication Services | 21.9 |
| Consumer Discretionary | 9.1 |
| Health Care | 8.5 |
| Industrials | 6.6 |
| Utilities | 1.1 |
| Consumer Staples | 0.7 |
| Materials | 0.3 |
| Real Estate | 0.2 |
| Financials | 0.1 |
| Energy | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 95.9 |
| Domestic Equity Funds | 3.3 |
| Preferred Stocks | 0.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img93_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 90.1 |
| Taiwan | 4.5 |
| Korea (South) | 1.7 |
| Netherlands | 1.7 |
| Belgium | 0.5 |
| United Kingdom | 0.4 |
| Canada | 0.4 |
| Brazil | 0.2 |
| Denmark | 0.2 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img93_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 4.5&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;Korea (South) - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 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;United Kingdom - 0.4&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;Brazil - 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;Denmark - 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;Others - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 13.2<br>|
| Alphabet Inc Class A | 10.2<br>|
| Apple Inc | 9.1<br>|
| Microsoft Corp | 6.8<br>|
| Amazon.com Inc | 6.3<br>|
| Meta Platforms Inc Class A | 4.5<br>|
| Alphabet Inc Class C | 4.1<br>|
| Space Exploration Technologies Corp | 3.9<br>|
| Invesco QQQ Trust ETF | 3.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.9<br>|
|  | 64.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img93_20260131_1.jpg)<br>| ![](img125651_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> 1.9918493.101 7815-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® OTC Portfolio<br> **Fidelity Advisor® OTC Fund Class C : FOTGX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® OTC Portfolio for the period August 1, 2025 to January 31, 2026. 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  | $99  | 1.82% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $36411075761<br>|
| Number of Holdings | 156<br>|
| Portfolio Turnover | 55%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 48.2 |
| Communication Services | 21.9 |
| Consumer Discretionary | 9.1 |
| Health Care | 8.5 |
| Industrials | 6.6 |
| Utilities | 1.1 |
| Consumer Staples | 0.7 |
| Materials | 0.3 |
| Real Estate | 0.2 |
| Financials | 0.1 |
| Energy | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 95.9 |
| Domestic Equity Funds | 3.3 |
| Preferred Stocks | 0.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img93_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 90.1 |
| Taiwan | 4.5 |
| Korea (South) | 1.7 |
| Netherlands | 1.7 |
| Belgium | 0.5 |
| United Kingdom | 0.4 |
| Canada | 0.4 |
| Brazil | 0.2 |
| Denmark | 0.2 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img93_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 4.5&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;Korea (South) - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 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;United Kingdom - 0.4&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;Brazil - 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;Denmark - 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;Others - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 13.2<br>|
| Alphabet Inc Class A | 10.2<br>|
| Apple Inc | 9.1<br>|
| Microsoft Corp | 6.8<br>|
| Amazon.com Inc | 6.3<br>|
| Meta Platforms Inc Class A | 4.5<br>|
| Alphabet Inc Class C | 4.1<br>|
| Space Exploration Technologies Corp | 3.9<br>|
| Invesco QQQ Trust ETF | 3.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.9<br>|
|  | 64.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img93_20260131_1.jpg)<br>| ![](img125652_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> 1.9918491.101 7816-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® OTC Portfolio<br> **Fidelity Advisor® OTC Fund Class I : FOTHX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® OTC Portfolio for the period August 1, 2025 to January 31, 2026. 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  | $45  | 0.82% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $36411075761<br>|
| Number of Holdings | 156<br>|
| Portfolio Turnover | 55%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 48.2 |
| Communication Services | 21.9 |
| Consumer Discretionary | 9.1 |
| Health Care | 8.5 |
| Industrials | 6.6 |
| Utilities | 1.1 |
| Consumer Staples | 0.7 |
| Materials | 0.3 |
| Real Estate | 0.2 |
| Financials | 0.1 |
| Energy | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 95.9 |
| Domestic Equity Funds | 3.3 |
| Preferred Stocks | 0.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img93_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 90.1 |
| Taiwan | 4.5 |
| Korea (South) | 1.7 |
| Netherlands | 1.7 |
| Belgium | 0.5 |
| United Kingdom | 0.4 |
| Canada | 0.4 |
| Brazil | 0.2 |
| Denmark | 0.2 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img93_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 4.5&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;Korea (South) - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 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;United Kingdom - 0.4&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;Brazil - 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;Denmark - 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;Others - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 13.2<br>|
| Alphabet Inc Class A | 10.2<br>|
| Apple Inc | 9.1<br>|
| Microsoft Corp | 6.8<br>|
| Amazon.com Inc | 6.3<br>|
| Meta Platforms Inc Class A | 4.5<br>|
| Alphabet Inc Class C | 4.1<br>|
| Space Exploration Technologies Corp | 3.9<br>|
| Invesco QQQ Trust ETF | 3.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.9<br>|
|  | 64.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img93_20260131_1.jpg)<br>| ![](img125653_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> 1.9918495.101 7817-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® OTC Portfolio<br> **Fidelity Advisor® OTC Fund Class Z : FOTJX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® OTC Portfolio for the period August 1, 2025 to January 31, 2026. 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  | $39  | 0.71% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $36411075761<br>|
| Number of Holdings | 156<br>|
| Portfolio Turnover | 55%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 48.2 |
| Communication Services | 21.9 |
| Consumer Discretionary | 9.1 |
| Health Care | 8.5 |
| Industrials | 6.6 |
| Utilities | 1.1 |
| Consumer Staples | 0.7 |
| Materials | 0.3 |
| Real Estate | 0.2 |
| Financials | 0.1 |
| Energy | 0.0 |

---

---

| | |
|:---|:---|
| Common Stocks | 95.9 |
| Domestic Equity Funds | 3.3 |
| Preferred Stocks | 0.8 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img93_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 90.1 |
| Taiwan | 4.5 |
| Korea (South) | 1.7 |
| Netherlands | 1.7 |
| Belgium | 0.5 |
| United Kingdom | 0.4 |
| Canada | 0.4 |
| Brazil | 0.2 |
| Denmark | 0.2 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img93_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 4.5&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;Korea (South) - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Belgium - 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;United Kingdom - 0.4&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;Brazil - 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;Denmark - 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;Others - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 13.2<br>|
| Alphabet Inc Class A | 10.2<br>|
| Apple Inc | 9.1<br>|
| Microsoft Corp | 6.8<br>|
| Amazon.com Inc | 6.3<br>|
| Meta Platforms Inc Class A | 4.5<br>|
| Alphabet Inc Class C | 4.1<br>|
| Space Exploration Technologies Corp | 3.9<br>|
| Invesco QQQ Trust ETF | 3.3<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.9<br>|
|  | 64.3 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img93_20260131_1.jpg)<br>| ![](img125654_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> 1.9918497.101 7818-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Growth & Income Portfolio<br> **Fidelity Advisor® Growth & Income Fund Class A : FGIDX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Growth & Income Portfolio for the period August 1, 2025 to January 31, 2026. 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  | $43  | 0.81% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $14445258650<br>|
| Number of Holdings | 193<br>|
| Portfolio Turnover | 18%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 20.7 |
| Industrials | 18.7 |
| Financials | 17.3 |
| Health Care | 10.7 |
| Energy | 10.4 |
| Consumer Staples | 6.4 |
| Communication Services | 5.6 |
| Consumer Discretionary | 2.7 |
| Utilities | 2.1 |
| Materials | 1.1 |
| Real Estate | 0.8 |

---

Common Stocks 94.5 <br> Preferred Stocks 2.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img127_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.5 |

---

---

| | |
|:---|:---|
| United States | 91.2 |
| Canada | 2.2 |
| United Kingdom | 1.3 |
| Belgium | 1.3 |
| Taiwan | 1.0 |
| Netherlands | 0.8 |
| Germany | 0.7 |
| France | 0.6 |
| Zambia | 0.4 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img127_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.2&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 - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 1.3&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;Taiwan - 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;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;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;France - 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;Zambia - 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;Others - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wells Fargo & Co | 6.2<br>|
| Microsoft Corp | 6.0<br>|
| Exxon Mobil Corp | 5.4<br>|
| GE Aerospace | 4.1<br>|
| NVIDIA Corp | 4.1<br>|
| GE Vernova Inc | 3.6<br>|
| Bank of America Corp | 3.0<br>|
| Apple Inc | 2.9<br>|
| Boeing Co | 2.5<br>|
| Shell PLC ADR | 2.2<br>|
|  | 40.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img127_20260131_1.jpg)<br>| ![](img125656_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> 1.9919312.100 8997-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Growth & Income Portfolio<br> **Fidelity Advisor® Growth & Income Fund Class M : FGIEX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Growth & Income Portfolio for the period August 1, 2025 to January 31, 2026. 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  | $56  | 1.06% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $14445258650<br>|
| Number of Holdings | 193<br>|
| Portfolio Turnover | 18%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 20.7 |
| Industrials | 18.7 |
| Financials | 17.3 |
| Health Care | 10.7 |
| Energy | 10.4 |
| Consumer Staples | 6.4 |
| Communication Services | 5.6 |
| Consumer Discretionary | 2.7 |
| Utilities | 2.1 |
| Materials | 1.1 |
| Real Estate | 0.8 |

---

Common Stocks 94.5 <br> Preferred Stocks 2.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img127_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.5 |

---

---

| | |
|:---|:---|
| United States | 91.2 |
| Canada | 2.2 |
| United Kingdom | 1.3 |
| Belgium | 1.3 |
| Taiwan | 1.0 |
| Netherlands | 0.8 |
| Germany | 0.7 |
| France | 0.6 |
| Zambia | 0.4 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img127_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.2&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 - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 1.3&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;Taiwan - 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;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;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;France - 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;Zambia - 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;Others - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wells Fargo & Co | 6.2<br>|
| Microsoft Corp | 6.0<br>|
| Exxon Mobil Corp | 5.4<br>|
| GE Aerospace | 4.1<br>|
| NVIDIA Corp | 4.1<br>|
| GE Vernova Inc | 3.6<br>|
| Bank of America Corp | 3.0<br>|
| Apple Inc | 2.9<br>|
| Boeing Co | 2.5<br>|
| Shell PLC ADR | 2.2<br>|
|  | 40.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img127_20260131_1.jpg)<br>| ![](img125657_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> 1.9919314.100 8998-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Growth & Income Portfolio<br> **Fidelity Advisor® Growth & Income Fund Class C : FGIJX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Growth & Income Portfolio for the period August 1, 2025 to January 31, 2026. 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  | $83  | 1.56% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $14445258650<br>|
| Number of Holdings | 193<br>|
| Portfolio Turnover | 18%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 20.7 |
| Industrials | 18.7 |
| Financials | 17.3 |
| Health Care | 10.7 |
| Energy | 10.4 |
| Consumer Staples | 6.4 |
| Communication Services | 5.6 |
| Consumer Discretionary | 2.7 |
| Utilities | 2.1 |
| Materials | 1.1 |
| Real Estate | 0.8 |

---

Common Stocks 94.5 <br> Preferred Stocks 2.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img127_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.5 |

---

---

| | |
|:---|:---|
| United States | 91.2 |
| Canada | 2.2 |
| United Kingdom | 1.3 |
| Belgium | 1.3 |
| Taiwan | 1.0 |
| Netherlands | 0.8 |
| Germany | 0.7 |
| France | 0.6 |
| Zambia | 0.4 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img127_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.2&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 - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 1.3&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;Taiwan - 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;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;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;France - 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;Zambia - 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;Others - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wells Fargo & Co | 6.2<br>|
| Microsoft Corp | 6.0<br>|
| Exxon Mobil Corp | 5.4<br>|
| GE Aerospace | 4.1<br>|
| NVIDIA Corp | 4.1<br>|
| GE Vernova Inc | 3.6<br>|
| Bank of America Corp | 3.0<br>|
| Apple Inc | 2.9<br>|
| Boeing Co | 2.5<br>|
| Shell PLC ADR | 2.2<br>|
|  | 40.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img127_20260131_1.jpg)<br>| ![](img125658_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> 1.9919316.100 8999-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Growth & Income Portfolio<br> **Fidelity Advisor® Growth & Income Fund Class I : FGJDX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Growth & Income Portfolio for the period August 1, 2025 to January 31, 2026. 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  | $30  | 0.56% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $14445258650<br>|
| Number of Holdings | 193<br>|
| Portfolio Turnover | 18%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 20.7 |
| Industrials | 18.7 |
| Financials | 17.3 |
| Health Care | 10.7 |
| Energy | 10.4 |
| Consumer Staples | 6.4 |
| Communication Services | 5.6 |
| Consumer Discretionary | 2.7 |
| Utilities | 2.1 |
| Materials | 1.1 |
| Real Estate | 0.8 |

---

Common Stocks 94.5 <br> Preferred Stocks 2.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img127_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.5 |

---

---

| | |
|:---|:---|
| United States | 91.2 |
| Canada | 2.2 |
| United Kingdom | 1.3 |
| Belgium | 1.3 |
| Taiwan | 1.0 |
| Netherlands | 0.8 |
| Germany | 0.7 |
| France | 0.6 |
| Zambia | 0.4 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img127_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.2&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 - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 1.3&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;Taiwan - 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;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;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;France - 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;Zambia - 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;Others - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wells Fargo & Co | 6.2<br>|
| Microsoft Corp | 6.0<br>|
| Exxon Mobil Corp | 5.4<br>|
| GE Aerospace | 4.1<br>|
| NVIDIA Corp | 4.1<br>|
| GE Vernova Inc | 3.6<br>|
| Bank of America Corp | 3.0<br>|
| Apple Inc | 2.9<br>|
| Boeing Co | 2.5<br>|
| Shell PLC ADR | 2.2<br>|
|  | 40.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img127_20260131_1.jpg)<br>| ![](img125659_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> 1.9919318.100 9000-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Growth & Income Portfolio<br> **Fidelity Advisor® Growth & Income Fund Class Z : FGJEX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Growth & Income Portfolio for the period August 1, 2025 to January 31, 2026. 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  | $24  | 0.45% |

---

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $14445258650<br>|
| Number of Holdings | 193<br>|
| Portfolio Turnover | 18%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 20.7 |
| Industrials | 18.7 |
| Financials | 17.3 |
| Health Care | 10.7 |
| Energy | 10.4 |
| Consumer Staples | 6.4 |
| Communication Services | 5.6 |
| Consumer Discretionary | 2.7 |
| Utilities | 2.1 |
| Materials | 1.1 |
| Real Estate | 0.8 |

---

Common Stocks 94.5 <br> Preferred Stocks 2.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img127_20260131_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 2.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.5 |

---

---

| | |
|:---|:---|
| United States | 91.2 |
| Canada | 2.2 |
| United Kingdom | 1.3 |
| Belgium | 1.3 |
| Taiwan | 1.0 |
| Netherlands | 0.8 |
| Germany | 0.7 |
| France | 0.6 |
| Zambia | 0.4 |
| Others | 0.5 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img127_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.2&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 - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 1.3&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;Taiwan - 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;Netherlands - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;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;France - 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;Zambia - 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;Others - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Wells Fargo & Co | 6.2<br>|
| Microsoft Corp | 6.0<br>|
| Exxon Mobil Corp | 5.4<br>|
| GE Aerospace | 4.1<br>|
| NVIDIA Corp | 4.1<br>|
| GE Vernova Inc | 3.6<br>|
| Bank of America Corp | 3.0<br>|
| Apple Inc | 2.9<br>|
| Boeing Co | 2.5<br>|
| Shell PLC ADR | 2.2<br>|
|  | 40.0 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img127_20260131_1.jpg)<br>| ![](img125660_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> 1.9919320.100 9001-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Dividend Growth Fund<br> **Fidelity Advisor® Dividend Growth Fund Class Z : FGDJX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Dividend Growth Fund for the period August 1, 2025 to January 31, 2026. 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 A | $30  | 0.54% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $10786723741<br>|
| Number of Holdings | 132<br>|
| Portfolio Turnover | 43%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 25.3 |
| Industrials | 17.0 |
| Financials | 15.9 |
| Communication Services | 12.5 |
| Energy | 8.7 |
| Health Care | 6.1 |
| Consumer Staples | 3.9 |
| Materials | 3.6 |
| Consumer Discretionary | 3.6 |
| Real Estate | 2.4 |
| Utilities | 0.8 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img330_20260131_AA.jpg) <br>|

---

Common Stocks - 99.8&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) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 88.9 |
| Canada | 3.0 |
| Taiwan | 2.1 |
| United Kingdom | 1.7 |
| Korea (South) | 1.5 |
| Norway | 0.6 |
| Zambia | 0.5 |
| Brazil | 0.5 |
| Germany | 0.4 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img330_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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;Taiwan - 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;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Norway - 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;Zambia - 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;Brazil - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.8&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.6<br>|
| Alphabet Inc Class A | 7.8<br>|
| Microsoft Corp | 4.8<br>|
| Meta Platforms Inc Class A | 3.7<br>|
| Boeing Co | 2.9<br>|
| Western Digital Corp | 2.0<br>|
| GE Vernova Inc | 2.0<br>|
| Broadcom Inc | 1.9<br>|
| Seagate Technology Holdings PLC | 1.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.8<br>|
|  | 37.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img330_20260131_1.jpg)<br>| ![](img125661_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> 1.9918523.100 9024-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Dividend Growth Fund<br> **Fidelity Advisor® Dividend Growth Fund Class A : FGDDX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Dividend Growth Fund for the period August 1, 2025 to January 31, 2026. 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 A | $50  | 0.91% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $10786723741<br>|
| Number of Holdings | 132<br>|
| Portfolio Turnover | 43%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 25.3 |
| Industrials | 17.0 |
| Financials | 15.9 |
| Communication Services | 12.5 |
| Energy | 8.7 |
| Health Care | 6.1 |
| Consumer Staples | 3.9 |
| Materials | 3.6 |
| Consumer Discretionary | 3.6 |
| Real Estate | 2.4 |
| Utilities | 0.8 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img330_20260131_AA.jpg) <br>|

---

Common Stocks - 99.8&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) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 88.9 |
| Canada | 3.0 |
| Taiwan | 2.1 |
| United Kingdom | 1.7 |
| Korea (South) | 1.5 |
| Norway | 0.6 |
| Zambia | 0.5 |
| Brazil | 0.5 |
| Germany | 0.4 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img330_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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;Taiwan - 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;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Norway - 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;Zambia - 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;Brazil - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.8&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.6<br>|
| Alphabet Inc Class A | 7.8<br>|
| Microsoft Corp | 4.8<br>|
| Meta Platforms Inc Class A | 3.7<br>|
| Boeing Co | 2.9<br>|
| Western Digital Corp | 2.0<br>|
| GE Vernova Inc | 2.0<br>|
| Broadcom Inc | 1.9<br>|
| Seagate Technology Holdings PLC | 1.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.8<br>|
|  | 37.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img330_20260131_1.jpg)<br>| ![](img125662_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> 1.9918515.100 9018-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Dividend Growth Fund<br> **Fidelity Advisor® Dividend Growth Fund Class M : FGDEX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Dividend Growth Fund for the period August 1, 2025 to January 31, 2026. 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 A | $63  | 1.16% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $10786723741<br>|
| Number of Holdings | 132<br>|
| Portfolio Turnover | 43%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 25.3 |
| Industrials | 17.0 |
| Financials | 15.9 |
| Communication Services | 12.5 |
| Energy | 8.7 |
| Health Care | 6.1 |
| Consumer Staples | 3.9 |
| Materials | 3.6 |
| Consumer Discretionary | 3.6 |
| Real Estate | 2.4 |
| Utilities | 0.8 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img330_20260131_AA.jpg) <br>|

---

Common Stocks - 99.8&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) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 88.9 |
| Canada | 3.0 |
| Taiwan | 2.1 |
| United Kingdom | 1.7 |
| Korea (South) | 1.5 |
| Norway | 0.6 |
| Zambia | 0.5 |
| Brazil | 0.5 |
| Germany | 0.4 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img330_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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;Taiwan - 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;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Norway - 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;Zambia - 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;Brazil - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.8&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.6<br>|
| Alphabet Inc Class A | 7.8<br>|
| Microsoft Corp | 4.8<br>|
| Meta Platforms Inc Class A | 3.7<br>|
| Boeing Co | 2.9<br>|
| Western Digital Corp | 2.0<br>|
| GE Vernova Inc | 2.0<br>|
| Broadcom Inc | 1.9<br>|
| Seagate Technology Holdings PLC | 1.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.8<br>|
|  | 37.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img330_20260131_1.jpg)<br>| ![](img125663_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> 1.9918517.100 9019-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Dividend Growth Fund<br> **Fidelity Advisor® Dividend Growth Fund Class C : FGDGX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Dividend Growth Fund for the period August 1, 2025 to January 31, 2026. 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 A | $90  | 1.66% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $10786723741<br>|
| Number of Holdings | 132<br>|
| Portfolio Turnover | 43%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 25.3 |
| Industrials | 17.0 |
| Financials | 15.9 |
| Communication Services | 12.5 |
| Energy | 8.7 |
| Health Care | 6.1 |
| Consumer Staples | 3.9 |
| Materials | 3.6 |
| Consumer Discretionary | 3.6 |
| Real Estate | 2.4 |
| Utilities | 0.8 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img330_20260131_AA.jpg) <br>|

---

Common Stocks - 99.8&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) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 88.9 |
| Canada | 3.0 |
| Taiwan | 2.1 |
| United Kingdom | 1.7 |
| Korea (South) | 1.5 |
| Norway | 0.6 |
| Zambia | 0.5 |
| Brazil | 0.5 |
| Germany | 0.4 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img330_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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;Taiwan - 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;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Norway - 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;Zambia - 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;Brazil - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.8&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.6<br>|
| Alphabet Inc Class A | 7.8<br>|
| Microsoft Corp | 4.8<br>|
| Meta Platforms Inc Class A | 3.7<br>|
| Boeing Co | 2.9<br>|
| Western Digital Corp | 2.0<br>|
| GE Vernova Inc | 2.0<br>|
| Broadcom Inc | 1.9<br>|
| Seagate Technology Holdings PLC | 1.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.8<br>|
|  | 37.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img330_20260131_1.jpg)<br>| ![](img125664_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> 1.9918519.100 9022-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Dividend Growth Fund<br> **Fidelity Advisor® Dividend Growth Fund Class I : FGDHX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Dividend Growth Fund for the period August 1, 2025 to January 31, 2026. 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 A | $36  | 0.66% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $10786723741<br>|
| Number of Holdings | 132<br>|
| Portfolio Turnover | 43%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 25.3 |
| Industrials | 17.0 |
| Financials | 15.9 |
| Communication Services | 12.5 |
| Energy | 8.7 |
| Health Care | 6.1 |
| Consumer Staples | 3.9 |
| Materials | 3.6 |
| Consumer Discretionary | 3.6 |
| Real Estate | 2.4 |
| Utilities | 0.8 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img330_20260131_AA.jpg) <br>|

---

Common Stocks - 99.8&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) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 88.9 |
| Canada | 3.0 |
| Taiwan | 2.1 |
| United Kingdom | 1.7 |
| Korea (South) | 1.5 |
| Norway | 0.6 |
| Zambia | 0.5 |
| Brazil | 0.5 |
| Germany | 0.4 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img330_20260131_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 88.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.0&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;Taiwan - 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;United Kingdom - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Korea (South) - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Norway - 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;Zambia - 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;Brazil - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 0.8&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 8.6<br>|
| Alphabet Inc Class A | 7.8<br>|
| Microsoft Corp | 4.8<br>|
| Meta Platforms Inc Class A | 3.7<br>|
| Boeing Co | 2.9<br>|
| Western Digital Corp | 2.0<br>|
| GE Vernova Inc | 2.0<br>|
| Broadcom Inc | 1.9<br>|
| Seagate Technology Holdings PLC | 1.9<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 1.8<br>|
|  | 37.4 |

---

---

| | | |
|:---|:---|:---|
| 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.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img330_20260131_1.jpg)<br>| ![](img125665_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> 1.9918521.100 9023-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Blue Chip Value Fund<br> **Fidelity Advisor® Blue Chip Value Fund Class A : FFVKX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Blue Chip Value Fund for the period September 11, 2025 to January 31, 2026. 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 A | $30  | 0.74% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $603904138<br>|
| Number of Holdings | 82<br>|
| Portfolio Turnover | 126%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 18.9 |
| Industrials | 13.7 |
| Health Care | 13.3 |
| Information Technology | 12.4 |
| Communication Services | 10.2 |
| Consumer Discretionary | 8.0 |
| Energy | 6.3 |
| Consumer Staples | 5.5 |
| Materials | 4.3 |
| Real Estate | 4.2 |
| Utilities | 3.0 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1271_20260131_AA.jpg) <br>|

---

Common Stocks - 99.8&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) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 96.0 |
| Taiwan | 2.0 |
| United Kingdom | 1.1 |
| Canada | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1271_20260131_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;Taiwan - 2.0&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;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 4.7<br>|
| Wells Fargo & Co | 3.9<br>|
| Exxon Mobil Corp | 3.4<br>|
| Amazon.com Inc | 3.4<br>|
| US Bancorp | 2.6<br>|
| Merck & Co Inc | 2.0<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.0<br>|
| Cisco Systems Inc | 2.0<br>|
| Alphabet Inc Class C | 1.9<br>|
| Citigroup Inc | 1.9<br>|
|  | 27.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1271_20260131_1.jpg)<br>| ![](img125666_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> 1.9918528.100 9027-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Blue Chip Value Fund<br> **Fidelity Advisor® Blue Chip Value Fund Class M : FFVLX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Blue Chip Value Fund for the period September 11, 2025 to January 31, 2026. 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 A | $41  | 0.99% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $603904138<br>|
| Number of Holdings | 82<br>|
| Portfolio Turnover | 126%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 18.9 |
| Industrials | 13.7 |
| Health Care | 13.3 |
| Information Technology | 12.4 |
| Communication Services | 10.2 |
| Consumer Discretionary | 8.0 |
| Energy | 6.3 |
| Consumer Staples | 5.5 |
| Materials | 4.3 |
| Real Estate | 4.2 |
| Utilities | 3.0 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1271_20260131_AA.jpg) <br>|

---

Common Stocks - 99.8&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) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 96.0 |
| Taiwan | 2.0 |
| United Kingdom | 1.1 |
| Canada | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1271_20260131_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;Taiwan - 2.0&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;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 4.7<br>|
| Wells Fargo & Co | 3.9<br>|
| Exxon Mobil Corp | 3.4<br>|
| Amazon.com Inc | 3.4<br>|
| US Bancorp | 2.6<br>|
| Merck & Co Inc | 2.0<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.0<br>|
| Cisco Systems Inc | 2.0<br>|
| Alphabet Inc Class C | 1.9<br>|
| Citigroup Inc | 1.9<br>|
|  | 27.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1271_20260131_1.jpg)<br>| ![](img125667_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> 1.9918530.100 9028-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Blue Chip Value Fund<br> **Fidelity Advisor® Blue Chip Value Fund Class C : FFVMX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Blue Chip Value Fund for the period September 11, 2025 to January 31, 2026. 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 A | $61  | 1.49% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $603904138<br>|
| Number of Holdings | 82<br>|
| Portfolio Turnover | 126%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 18.9 |
| Industrials | 13.7 |
| Health Care | 13.3 |
| Information Technology | 12.4 |
| Communication Services | 10.2 |
| Consumer Discretionary | 8.0 |
| Energy | 6.3 |
| Consumer Staples | 5.5 |
| Materials | 4.3 |
| Real Estate | 4.2 |
| Utilities | 3.0 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1271_20260131_AA.jpg) <br>|

---

Common Stocks - 99.8&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) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 96.0 |
| Taiwan | 2.0 |
| United Kingdom | 1.1 |
| Canada | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1271_20260131_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;Taiwan - 2.0&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;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 4.7<br>|
| Wells Fargo & Co | 3.9<br>|
| Exxon Mobil Corp | 3.4<br>|
| Amazon.com Inc | 3.4<br>|
| US Bancorp | 2.6<br>|
| Merck & Co Inc | 2.0<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.0<br>|
| Cisco Systems Inc | 2.0<br>|
| Alphabet Inc Class C | 1.9<br>|
| Citigroup Inc | 1.9<br>|
|  | 27.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1271_20260131_1.jpg)<br>| ![](img125668_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> 1.9918532.100 9029-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Blue Chip Value Fund<br> **Fidelity Advisor® Blue Chip Value Fund Class I : FFVOX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Blue Chip Value Fund for the period September 11, 2025 to January 31, 2026. 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 A | $18  | 0.44% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $603904138<br>|
| Number of Holdings | 82<br>|
| Portfolio Turnover | 126%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 18.9 |
| Industrials | 13.7 |
| Health Care | 13.3 |
| Information Technology | 12.4 |
| Communication Services | 10.2 |
| Consumer Discretionary | 8.0 |
| Energy | 6.3 |
| Consumer Staples | 5.5 |
| Materials | 4.3 |
| Real Estate | 4.2 |
| Utilities | 3.0 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1271_20260131_AA.jpg) <br>|

---

Common Stocks - 99.8&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) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 96.0 |
| Taiwan | 2.0 |
| United Kingdom | 1.1 |
| Canada | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1271_20260131_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;Taiwan - 2.0&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;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 4.7<br>|
| Wells Fargo & Co | 3.9<br>|
| Exxon Mobil Corp | 3.4<br>|
| Amazon.com Inc | 3.4<br>|
| US Bancorp | 2.6<br>|
| Merck & Co Inc | 2.0<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.0<br>|
| Cisco Systems Inc | 2.0<br>|
| Alphabet Inc Class C | 1.9<br>|
| Citigroup Inc | 1.9<br>|
|  | 27.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1271_20260131_1.jpg)<br>| ![](img125669_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> 1.9918534.100 9031-TSRS-0426 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JANUARY 31, 2026 |
| Fidelity® Blue Chip Value Fund<br> **Fidelity Advisor® Blue Chip Value Fund Class Z : FFVPX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Blue Chip Value Fund for the period September 11, 2025 to January 31, 2026. 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 A | $15  | 0.37% |

---

AExpenses for the full reporting period would be higher.

**Key Fund Statistics**

(as of January 31, 2026)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $603904138<br>|
| Number of Holdings | 82<br>|
| Portfolio Turnover | 126%<br>|

---

**What did the Fund invest in?** (as of January 31, 2026)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 18.9 |
| Industrials | 13.7 |
| Health Care | 13.3 |
| Information Technology | 12.4 |
| Communication Services | 10.2 |
| Consumer Discretionary | 8.0 |
| Energy | 6.3 |
| Consumer Staples | 5.5 |
| Materials | 4.3 |
| Real Estate | 4.2 |
| Utilities | 3.0 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1271_20260131_AA.jpg) <br>|

---

Common Stocks - 99.8&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) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 96.0 |
| Taiwan | 2.0 |
| United Kingdom | 1.1 |
| Canada | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1271_20260131_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;Taiwan - 2.0&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;United Kingdom - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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**<br>**(% of Fund's net assets)**  |  |
| Alphabet Inc Class A | 4.7<br>|
| Wells Fargo & Co | 3.9<br>|
| Exxon Mobil Corp | 3.4<br>|
| Amazon.com Inc | 3.4<br>|
| US Bancorp | 2.6<br>|
| Merck & Co Inc | 2.0<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.0<br>|
| Cisco Systems Inc | 2.0<br>|
| Alphabet Inc Class C | 1.9<br>|
| Citigroup Inc | 1.9<br>|
|  | 27.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2026 FMR LLC. All rights reserved. |
| ![](img1271_20260131_1.jpg)<br>| ![](img125670_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> 1.9918536.100 9032-TSRS-0426 <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® Small Cap Value Fund**

**Semi-Annual Report**

**January 31, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img125795_1.jpg)

![](img125795_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SCV-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Small Cap Value Fund](#Sub_Sec_Fund_1389_SCV-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1389_SCV-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SCV-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SCV-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SCV-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SCV-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.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Small Cap Value Fund**

**Schedule of Investments January 31, 2026 (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>|
| BERMUDA - 1.9%  |  |  |
| Financials - 1.9% |  |  |
| Banks - 1.9% |  |  |
| Bank of Nt Butterfield & Son Ltd/The (United States)  | 1760000 | 91168000 |
| BRAZIL - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| ERO Copper Corp (b) | 406510 | 13637408 |
| CANADA - 2.7%  |  |  |
| Energy - 1.3% |  |  |
| Energy Equipment & Services - 1.3% |  |  |
| CES Energy Solutions Corp  | 5500000 | 57356883 |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Triple Flag Precious Metals Corp (United States)  | 685827 | 23126086 |
| Utilities - 0.9% |  |  |
| Gas Utilities - 0.9% |  |  |
| Brookfield Infrastructure Corp (United States) (a) | 925750 | 44297138 |
| TOTAL CANADA |  | 124780107 |
| UNITED STATES - 94.4%  |  |  |
| Communication Services - 0.6% |  |  |
| Media - 0.6% |  |  |
| EchoStar Corp Class A (b) | 304500 | 34475490 |
| Consumer Discretionary - 10.4% |  |  |
| Automobile Components - 0.3% |  |  |
| American Axle & Manufacturing Holdings Inc (b) | 1880000 | 14983600 |
| Diversified Consumer Services - 1.5% |  |  |
| Laureate Education Inc (b) | 2033161 | 69737422 |
| Hotels, Restaurants & Leisure - 1.4% |  |  |
| Brinker International Inc (b) | 180114 | 28407580 |
| Cheesecake Factory Inc/The (a) | 668847 | 38766372 |
|  |  | 67173952 |
| Household Durables - 2.8% |  |  |
| KB Home  | 1369628 | 78808395 |
| Taylor Morrison Home Corp (b) | 845900 | 51557605 |
|  |  | 130366000 |
| Specialty Retail - 4.3% |  |  |
| Murphy USA Inc  | 155000 | 65489050 |
| National Vision Holdings Inc (a)(b) | 1205000 | 31751750 |
| Signet Jewelers Ltd (a) | 988984 | 91253554 |
| Urban Outfitters Inc (b) | 135000 | 9564750 |
|  |  | 198059104 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| PVH Corp  | 71689 | 4470526 |
| TOTAL CONSUMER DISCRETIONARY |  | 484790604 |
| Consumer Staples - 4.7% |  |  |
| Consumer Staples Distribution & Retail - 3.4% |  |  |
| BJ's Wholesale Club Holdings Inc (b) | 1072114 | 99106218 |
| Chefs' Warehouse Inc/The (b) | 949535 | 59725752 |
|  |  | 158831970 |
| Food Products - 1.3% |  |  |
| Post Holdings Inc (b) | 595000 | 60874450 |
| TOTAL CONSUMER STAPLES |  | 219706420 |
| Energy - 4.5% |  |  |
| Energy Equipment & Services - 0.6% |  |  |
| Cactus Inc Class A  | 462000 | 25978260 |
| Oil, Gas & Consumable Fuels - 3.9% |  |  |
| Chord Energy Corp  | 760829 | 76265499 |
| Core Natural Resources Inc  | 160000 | 15260800 |
| Sunoco LP  | 1595000 | 91840100 |
|  |  | 183366399 |
| TOTAL ENERGY |  | 209344659 |
| Financials - 20.5% |  |  |
| Banks - 11.9% |  |  |
| BOK Financial Corp (a) | 328809 | 42725441 |
| Eastern Bankshares Inc  | 3265000 | 66883525 |
| First Bancorp/Southern Pines NC  | 156005 | 9037370 |
| FNB Corp/PA  | 1970000 | 34573500 |
| Hancock Whitney Corp  | 905102 | 62271018 |
| Old National Bancorp/IN  | 5039586 | 123117086 |
| SOUTHSTATE BANK CORP  | 408746 | 41826978 |
| TriCo Bancshares  | 666616 | 33210809 |
| UMB Financial Corp  | 754977 | 95987776 |
| Wintrust Financial Corp  | 290013 | 42774017 |
|  |  | 552407520 |
| Capital Markets - 2.4% |  |  |
| AllianceBernstein Holding LP  | 833857 | 35472277 |
| Lazard Inc  | 774795 | 41621988 |
| Perella Weinberg Partners Class A  | 1499511 | 33454090 |
|  |  | 110548355 |
| Consumer Finance - 0.6% |  |  |
| FirstCash Holdings Inc  | 170619 | 29090539 |
| Financial Services - 0.7% |  |  |
| Federal Agricultural Mortgage Corp Class C  | 204829 | 34677550 |
| Insurance - 4.9% |  |  |
| Axis Capital Holdings Ltd  | 1003900 | 103582402 |
| Baldwin Insurance Group Inc/The Class A (a)(b) | 1731922 | 37963730 |
| Primerica Inc  | 338591 | 89062977 |
|  |  | 230609109 |
| TOTAL FINANCIALS |  | 957333073 |
| Health Care - 9.8% |  |  |
| Biotechnology - 2.7% |  |  |
| CG oncology Inc (b) | 100905 | 5252105 |
| Cogent Biosciences Inc (b) | 195000 | 7002450 |
| Cytokinetics Inc (b) | 310853 | 19642801 |
| Dianthus Therapeutics Inc (b) | 101900 | 5440441 |
| Disc Medicine Inc (b) | 89020 | 6883026 |
| GRAIL Inc (a)(b) | 103219 | 10096883 |
| Kiniksa Pharmaceuticals International Plc Class A (b) | 83695 | 3675884 |
| Olema Pharmaceuticals Inc (b) | 355000 | 9130600 |
| Praxis Precision Medicines Inc (b) | 82300 | 25842200 |
| Spyre Therapeutics Inc (b) | 280564 | 8972437 |
| Vaxcyte Inc (b) | 419000 | 22445830 |
| Viridian Therapeutics Inc (b) | 4600 | 151800 |
|  |  | 124536457 |
| Health Care Equipment & Supplies - 2.1% |  |  |
| Enovis Corp (b) | 1770000 | 39010800 |
| LivaNova PLC (b) | 154300 | 10139053 |
| QuidelOrtho Corp (b) | 1729427 | 46988532 |
|  |  | 96138385 |
| Health Care Providers & Services - 3.2% |  |  |
| BrightSpring Health Services Inc (b) | 1788980 | 70253245 |
| LifeStance Health Group Inc (b) | 6549537 | 46305227 |
| Pediatrix Medical Group Inc (a)(b) | 1646387 | 35199753 |
|  |  | 151758225 |
| Pharmaceuticals - 1.8% |  |  |
| Amylyx Pharmaceuticals Inc (b) | 360000 | 5144399 |
| Enliven Therapeutics Inc (b) | 208477 | 5514217 |
| Ligand Pharmaceuticals Inc (b) | 399965 | 76833277 |
|  |  | 87491893 |
| TOTAL HEALTH CARE |  | 459924960 |
| Industrials - 17.6% |  |  |
| Commercial Services & Supplies - 0.4% |  |  |
| HNI Corp  | 179293 | 8568412 |
| UniFirst Corp/MA  | 50000 | 10750000 |
|  |  | 19318412 |
| Construction & Engineering - 1.3% |  |  |
| WillScot Holdings Corp (a) | 3076010 | 61612480 |
| Electrical Equipment - 1.3% |  |  |
| Nextpower Inc Class A (b) | 405700 | 47503413 |
| Thermon Group Holdings Inc (b) | 250581 | 11338790 |
|  |  | 58842203 |
| Ground Transportation - 1.2% |  |  |
| Knight-Swift Transportation Holdings Inc  | 594000 | 32729400 |
| Saia Inc (b) | 64000 | 21431680 |
|  |  | 54161080 |
| Machinery - 6.5% |  |  |
| Atmus Filtration Technologies Inc  | 1005488 | 58288139 |
| Blue Bird Corp (a)(b) | 1426827 | 71783667 |
| Enpro Inc  | 270086 | 64491135 |
| JBT Marel Corp  | 236618 | 37222378 |
| REV Group Inc  | 1117120 | 71383968 |
|  |  | 303169287 |
| Professional Services - 2.9% |  |  |
| KBR Inc  | 1100000 | 47091000 |
| Parsons Corp (b) | 1276234 | 89412954 |
|  |  | 136503954 |
| Trading Companies & Distributors - 4.0% |  |  |
| DXP Enterprises Inc/TX (b) | 524253 | 68179103 |
| GATX Corp  | 235000 | 42748850 |
| Herc Holdings Inc  | 548000 | 78550320 |
|  |  | 189478273 |
| TOTAL INDUSTRIALS |  | 823085689 |
| Information Technology - 8.2% |  |  |
| Electronic Equipment, Instruments & Components - 5.2% |  |  |
| Bel Fuse Inc Class B  | 398636 | 80201577 |
| Crane NXT Co  | 472944 | 23893131 |
| Itron Inc (b) | 100000 | 9908000 |
| OSI Systems Inc (b) | 83000 | 20761620 |
| Sanmina Corp (b) | 560838 | 79459528 |
| Vontier Corp  | 732100 | 27453750 |
|  |  | 241677606 |
| Semiconductors & Semiconductor Equipment - 3.0% |  |  |
| MaxLinear Inc (b)(c) | 4586449 | 79574890 |
| Penguin Solutions Inc (a)(b)(c) | 3160000 | 60703600 |
|  |  | 140278490 |
| TOTAL INFORMATION TECHNOLOGY |  | 381956096 |
| Materials - 5.4% |  |  |
| Construction Materials - 2.2% |  |  |
| Eagle Materials Inc  | 286000 | 58289660 |
| Knife River Corp (b) | 681700 | 45789789 |
|  |  | 104079449 |
| Containers & Packaging - 1.9% |  |  |
| Silgan Holdings Inc (a) | 2040507 | 88047877 |
| Metals & Mining - 1.3% |  |  |
| Coeur Mining Inc (b) | 3025000 | 61831000 |
| TOTAL MATERIALS |  | 253958326 |
| Real Estate - 9.6% |  |  |
| Health Care REITs - 3.7% |  |  |
| American Healthcare REIT Inc  | 1735000 | 81388850 |
| CareTrust REIT Inc  | 2411581 | 90048435 |
|  |  | 171437285 |
| Industrial REITs - 0.7% |  |  |
| Terreno Realty Corp  | 539100 | 33176214 |
| Real Estate Management & Development - 2.7% |  |  |
| Compass Inc Class A (b) | 8148237 | 102015927 |
| Cushman & Wakefield Ltd  | 1620225 | 26636499 |
|  |  | 128652426 |
| Retail REITs - 1.6% |  |  |
| Acadia Realty Trust  | 2544400 | 50913444 |
| Curbline Properties Corp  | 315000 | 7638750 |
| SITE Centers Corp  | 2591270 | 15858572 |
|  |  | 74410766 |
| Specialized REITs - 0.9% |  |  |
| National Storage Affiliates Trust  | 1279000 | 40684990 |
| TOTAL REAL ESTATE |  | 448361681 |
| Utilities - 3.1% |  |  |
| Gas Utilities - 1.4% |  |  |
| Southwest Gas Holdings Inc  | 812673 | 67305578 |
| Multi-Utilities - 0.2% |  |  |
| Unitil Corp  | 165169 | 8408753 |
| Water Utilities - 1.5% |  |  |
| California Water Service Group  | 1545735 | 69094355 |
| TOTAL UTILITIES |  | 144808686 |
| TOTAL UNITED STATES |  | 4417745684 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,945,275,100) |  | <br> **4647331199** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** | &nbsp;&nbsp;**Money Market Funds - 4.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (d) | 3.70 | 39645649 | 39653578 |
| Fidelity Securities Lending Cash Central Fund (d)(e) | 3.70 | 147864912 | 147879699 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $187,533,277) |  |  | **187533277** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.3%**<br> (Cost $4,132,808,377)<br>| <br>**4834864476** |
| **NET OTHER ASSETS (LIABILITIES) - (3.3)%**  | **(154119400)** |
| **NET ASSETS - 100.0%** | **4680745076** |

---

**Legend**

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

(b) Non-income producing.

(c) Affiliated company.

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

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

**Affiliated Central Funds**

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 | 53260961 | 1014686294 | 1028286646 | 1030755 | (7031) | - | 39653578 | 39645649 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 207737983 | 699744105 | 759603054 | 248854 | 665 | - | 147879699 | 147864912 | 0.5% |
| Total | 260998944 | 1714430399 | 1787889700 | 1279609 | (6366) | - | 187533277 |  |  |

---

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.

**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  |
| Blue Bird Corp | 88586155 | 28783617 | 60375533 | - | 2291618 | 12497809 | - | - |
| MaxLinear Inc | - | 76979675 | - | - | - | 2595215 | 79574890 | 4586449 |
| Penguin Solutions Inc | 50675500 | 25017976 | 4567024 | - | 114879 | (10537731) | 60703600 | 3160000 |
| Total | 139261655 | 130781268 | 64942557 | - | 2406497 | 4555293 | 140278490 |  |

---

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 January 31, 2026, 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 | 34475490 | 34475490 | - | - |
| Consumer Discretionary | 484790604 | 484790604 | - | - |
| Consumer Staples | 219706420 | 219706420 | - | - |
| Energy | 266701542 | 266701542 | - | - |
| Financials | 1048501073 | 1048501073 | - | - |
| Health Care | 459924960 | 459924960 | - | - |
| Industrials | 823085689 | 823085689 | - | - |
| Information Technology | 381956096 | 381956096 | - | - |
| Materials | 290721820 | 290721820 | - | - |
| Real Estate | 448361681 | 448361681 | - | - |
| Utilities | 189105824 | 189105824 | - | - |
|  **Money Market Funds** | 187533277 | 187533277 | - | - |
| **Total Investments in Securities:** | 4834864476 | 4834864476 | - | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $158,999,249) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,804,538,924) | $4507052709 |  |
| Fidelity Central Funds (cost $187,533,277) | 187533277 |  |
| Other affiliated issuers (cost $140,736,176) | 140278490 |  |
| Total Investment in Securities (cost $4,132,808,377) |  | $4834864476 |
| Foreign currency held at value (cost $382,152) |  | 418489 |
| Receivable for investments sold |  | 7331432 |
| Receivable for fund shares sold |  | 3534503 |
| Dividends receivable |  | 1008851 |
| Distributions receivable from Fidelity Central Funds |  | 109802 |
| Prepaid expenses |  | 3040 |
| **Total assets** |  | 4847270593 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $11489960 |  |
| Payable for fund shares redeemed | 4277470 |  |
| Accrued management fee | 2680978 |  |
| Distribution and service plan fees payable | 122809 |  |
| Other payables and accrued expenses | 80848 |  |
| Collateral on securities loaned | 147873452 |  |
| **Total liabilities** |  | 166525517 |
| **Net Assets**  |  | $4680745076 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3908747225 |
| Total accumulated earnings (loss) |  | 771997851 |
| **Net Assets** |  | $4680745076 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($242,736,170 ÷ 12,052,090 shares)(a) |  | $20.14 |
| Maximum offering price per share (100/94.25 of $20.14) |  | $21.37 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($102,320,449 ÷ 5,367,856 shares)(a) |  | $19.06 |
| Maximum offering price per share (100/96.50 of $19.06) |  | $19.75 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($34,147,180 ÷ 2,123,650 shares)(a) |  | $16.08 |
| **Small Cap Value :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,554,316,336 ÷ 121,758,595 shares) |  | $20.98 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($921,588,352 ÷ 43,919,054 shares) |  | $20.98 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($825,636,589 ÷ 39,333,054 shares) |  | $20.99 |
| *(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 January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $33877415 |
| Interest  |  | 376 |
| Income from Fidelity Central Funds (including $248,854 from security lending)  |  | 1279609 |
| **Total income** |  | 35157400 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $17051610 |  |
| Performance adjustment | 1342463 |  |
| Distribution and service plan fees | 725011 |  |
| Custodian fees and expenses | 25983 |  |
| Independent trustees' fees and expenses | 9288 |  |
| Registration fees | 156924 |  |
| Audit fees | 31850 |  |
| Legal | 3821 |  |
| Miscellaneous | 7296 |  |
| **Total expenses** |  | 19354246 |
| **Net Investment income (loss)** |  | 15803154 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 222637959 |  |
| Fidelity Central Funds | (6366) |  |
| Other affiliated issuers | 2406497 |  |
| Foreign currency transactions | 2508 |  |
| Total net realized gain (loss) |  | 225040598 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 354457864 |  |
| Affiliated issuers  | 4555293 |  |
| Assets and liabilities in foreign currencies | 41349 |  |
| Total change in net unrealized appreciation (depreciation) |  | 359054506 |
| **Net gain (loss)** |  | 584095104 |
| **Net increase (decrease) in net assets resulting from operations** |  | $599898258 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $15803154 | $39787476 |
| &nbsp;&nbsp;Net realized gain (loss) | 225040598<br>| 343380291<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 359054506 | (519024494)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 599898258<br>| (135856727)<br>|
| Distributions to shareholders | (439892248)<br>| (290185441)<br>|
| Share transactions - net increase (decrease) | 121976949<br>| (303727803)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 281982959<br>| (729769971)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4398762117 | 5128532088<br>|
| &nbsp;&nbsp;End of period | $4680745076 | $4398762117 |

---

**Financial Highlights** 

**Fidelity Advisor® Small Cap Value Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.50 | $21.25 | $19.35 | $19.13 | $21.03 | $12.33 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .04  | .11  | .09  | .09  | .18 C | .09 D |
| Net realized and unrealized gain (loss)  | 2.58  | (.67)  | 2.80  | 1.18  | (.41)  | 8.66  |
| Total from investment operations  | 2.62  | (.56)  | 2.89  | 1.27  | (.23)  | 8.75  |
| Distributions from net investment income  | (.17)  | (.07)  | (.09)  | -  | (.39)  | (.05)  |
| Distributions from net realized gain  | (1.81)  | (1.13)  | (.90)  | (1.05)  | (1.28)  | -  |
| Total distributions  | (1.98)  | (1.19) E | (.99)  | (1.05)  | (1.67)  | (.05)  |
| Net asset value, end of period  | $20.14 | $19.50 | $21.25 | $19.35 | $19.13 | $21.03 |
| **Total Return** F,G,H | 13.94% <br>| (2.62)%  | 16.03%  | 7.17%  | (1.50)%  | 71.07%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | 1.11% K | 1.20%  | 1.30%  | 1.30%  | 1.26%  | 1.24%  |
| Expenses net of fee waivers, if any  | 1.11% K<br>| 1.20%  | 1.29%  | 1.29%  | 1.25%  | 1.24%  |
| Expenses net of all reductions, if any  | 1.11% K | 1.20%  | 1.29%  | 1.29%  | 1.25%  | 1.23%  |
| Net investment income (loss)  | .43% K | .59%  | .50%  | .51%  | .90% C | .50% D |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $242736 | $232664 | $275800 | $270455 | $267854 | $232920 |
| Portfolio turnover rate L | 123% K<br>| 96%  | 63%  | 29%  | 40%  | 54%  |

---

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 $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .14%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .13%.*

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

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.*

**Fidelity Advisor® Small Cap Value Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $18.54 | $20.29 | $18.55 | $18.42 | $20.31 | $11.93 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .02  | .06  | .04  | .04  | .13 C | .05 D |
| Net realized and unrealized gain (loss)  | 2.44  | (.65)  | 2.68  | 1.14  | (.40)  | 8.37  |
| Total from investment operations  | 2.46  | (.59)  | 2.72  | 1.18  | (.27)  | 8.42  |
| Distributions from net investment income  | (.14)  | (.05)  | (.08)  | -  | (.35)  | (.04)  |
| Distributions from net realized gain  | (1.81)  | (1.12)  | (.90)  | (1.05)  | (1.28)  | -  |
| Total distributions  | (1.94) E | (1.16) E | (.98)  | (1.05)  | (1.62) E | (.04)  |
| Net asset value, end of period  | $19.06 | $18.54 | $20.29 | $18.55 | $18.42 | $20.31 |
| **Total Return** F,G,H | 13.82% <br>| (2.92)%  | 15.75%  | 6.95%  | (1.74)%  | 70.63%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | 1.36% K | 1.45%  | 1.55%  | 1.54%  | 1.50%  | 1.48%  |
| Expenses net of fee waivers, if any  | 1.36% K<br>| 1.45%  | 1.55%  | 1.54%  | 1.49%  | 1.48%  |
| Expenses net of all reductions, if any  | 1.36% K | 1.45%  | 1.55%  | 1.54%  | 1.49%  | 1.47%  |
| Net investment income (loss)  | .18% K | .34%  | .24%  | .26%  | .66% C | .26% D |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $102320 | $97536 | $106502 | $94205 | $81790 | $80182 |
| Portfolio turnover rate L | 123% K<br>| 96%  | 63%  | 29%  | 40%  | 54%  |

---

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 $.15 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.10)%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.11)%.*

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

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.*

**Fidelity Advisor® Small Cap Value Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.91 | $17.60 | $16.28 | $16.38 | $18.25 | $10.76 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.03)  | (.03)  | (.04)  | (.04)  | .03 C | (.04) D |
| Net realized and unrealized gain (loss)  | 2.09  | (.56)  | 2.31  | .99  | (.36)  | 7.55  |
| Total from investment operations  | 2.06  | (.59)  | 2.27  | .95  | (.33)  | 7.51  |
| Distributions from net investment income  | (.09)  | (.03)  | (.05)  | -  | (.31)  | (.02)  |
| Distributions from net realized gain  | (1.81)  | (1.08)  | (.90)  | (1.05)  | (1.24)  | -  |
| Total distributions  | (1.89) E | (1.10) E | (.95)  | (1.05)  | (1.54) E | (.02)  |
| Net asset value, end of period  | $16.08 | $15.91 | $17.60 | $16.28 | $16.38 | $18.25 |
| **Total Return** F,G,H | 13.56% <br>| (3.39)%  | 15.15%  | 6.38%  | (2.27)%  | 69.84%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | 1.86% K | 1.95%  | 2.06%  | 2.06%  | 2.02%  | 2.01%  |
| Expenses net of fee waivers, if any  | 1.86% K<br>| 1.95%  | 2.05%  | 2.05%  | 2.01%  | 2.01%  |
| Expenses net of all reductions, if any  | 1.86% K | 1.95%  | 2.05%  | 2.05%  | 2.01%  | 2.00%  |
| Net investment income (loss)  | (.32)% K | (.17)%  | (.27)%  | (.26)%  | .14% C | (.26)% D |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $34147 | $33269 | $39363 | $38077 | $38832 | $32469 |
| Portfolio turnover rate L | 123% K<br>| 96%  | 63%  | 29%  | 40%  | 54%  |

---

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 $.13 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.62)%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.64)%.*

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

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.*

**Fidelity® Small Cap Value Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.25 | $22.02 | $20.00 | $19.69 | $21.59 | $12.64 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .07  | .18  | .15  | .14  | .24 C | .14 D |
| Net realized and unrealized gain (loss)  | 2.69  | (.70)  | 2.90  | 1.22  | (.42)  | 8.89  |
| Total from investment operations  | 2.76  | (.52)  | 3.05  | 1.36  | (.18)  | 9.03  |
| Distributions from net investment income  | (.22)  | (.12)  | (.13)  | -  | (.44)  | (.08)  |
| Distributions from net realized gain  | (1.81)  | (1.13)  | (.90)  | (1.05)  | (1.28)  | -  |
| Total distributions  | (2.03)  | (1.25)  | (1.03)  | (1.05)  | (1.72)  | (.08)  |
| Net asset value, end of period  | $20.98 | $20.25 | $22.02 | $20.00 | $19.69 | $21.59 |
| **Total Return** E,F | 14.15% <br>| (2.36)%  | 16.33%  | 7.44%  | (1.23)%  | 71.64%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .82% I | .91%  | 1.03%  | 1.04%  | .99%  | .97%  |
| Expenses net of fee waivers, if any  | .82% I<br>| .91%  | 1.02%  | 1.03%  | .98%  | .97%  |
| Expenses net of all reductions, if any  | .82% I | .91%  | 1.02%  | 1.03%  | .98%  | .96%  |
| Net investment income (loss)  | .72% I | .88%  | .76%  | .77%  | 1.17% C | .77% D |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2554316 | $2402748 | $2806717 | $2696316 | $2691063 | $2715703 |
| Portfolio turnover rate J | 123% I<br>| 96%  | 63%  | 29%  | 40%  | 54%  |

---

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 $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .41%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .40%.*

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

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

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

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

I*Annualized.*

J*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.*

**Fidelity Advisor® Small Cap Value Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.25 | $22.02 | $20.00 | $19.69 | $21.59 | $12.65 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .07  | .17  | .15  | .14  | .24 C | .15 D |
| Net realized and unrealized gain (loss)  | 2.68  | (.70)  | 2.90  | 1.22  | (.42)  | 8.87  |
| Total from investment operations  | 2.75  | (.53)  | 3.05  | 1.36  | (.18)  | 9.02  |
| Distributions from net investment income  | (.21)  | (.11)  | (.13)  | -  | (.44)  | (.08)  |
| Distributions from net realized gain  | (1.81)  | (1.13)  | (.90)  | (1.05)  | (1.28)  | -  |
| Total distributions  | (2.02)  | (1.24)  | (1.03)  | (1.05)  | (1.72)  | (.08)  |
| Net asset value, end of period  | $20.98 | $20.25 | $22.02 | $20.00 | $19.69 | $21.59 |
| **Total Return** E,F | 14.09% <br>| (2.40)%  | 16.32%  | 7.44%  | (1.22)%  | 71.55%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .86% I | .95%  | 1.03%  | 1.03%  | .99%  | .97%  |
| Expenses net of fee waivers, if any  | .86% I<br>| .95%  | 1.03%  | 1.03%  | .99%  | .97%  |
| Expenses net of all reductions, if any  | .86% I | .95%  | 1.03%  | 1.03%  | .99%  | .96%  |
| Net investment income (loss)  | .68% I | .84%  | .76%  | .77%  | 1.17% C | .77% D |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $921588 | $908375 | $1085761 | $1169580 | $1319154 | $845012 |
| Portfolio turnover rate J | 123% I<br>| 96%  | 63%  | 29%  | 40%  | 54%  |

---

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 $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .40%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .40%.*

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

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

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

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

I*Annualized.*

J*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.*

**Fidelity Advisor® Small Cap Value Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.28 | $22.05 | $20.03 | $19.69 | $21.59 | $12.65 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .08  | .19  | .17  | .16  | .27 C | .17 D |
| Net realized and unrealized gain (loss)  | 2.68  | (.69)  | 2.90  | 1.23  | (.43)  | 8.87  |
| Total from investment operations  | 2.76  | (.50)  | 3.07  | 1.39  | (.16)  | 9.04  |
| Distributions from net investment income  | (.24)  | (.15)  | (.15)  | -  | (.47)  | (.10)  |
| Distributions from net realized gain  | (1.81)  | (1.13)  | (.90)  | (1.05)  | (1.28)  | -  |
| Total distributions  | (2.05)  | (1.27) E | (1.05)  | (1.05)  | (1.74) E | (.10)  |
| Net asset value, end of period  | $20.99 | $20.28 | $22.05 | $20.03 | $19.69 | $21.59 |
| **Total Return** F,G | 14.14% <br>| (2.25)%  | 16.46%  | 7.60%  | (1.11)%  | 71.75%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |  |
| Expenses before reductions  | .74% J | .84%  | .93%  | .90%  | .86%  | .84%  |
| Expenses net of fee waivers, if any  | .74% J<br>| .84%  | .93%  | .90%  | .86%  | .84%  |
| Expenses net of all reductions, if any  | .74% J | .84%  | .93%  | .90%  | .86%  | .83%  |
| Net investment income (loss)  | .80% J | .95%  | .86%  | .90%  | 1.30% C | .90% D |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $825637 | $724170 | $814390 | $639652 | $540854 | $364564 |
| Portfolio turnover rate K | 123% J<br>| 96%  | 63%  | 29%  | 40%  | 54%  |

---

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 $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .53%.*

D*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .53%.*

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 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 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 Financial Statements** **(Unaudited)**

For the period ended January 31, 2026

**1. Organization.**

Fidelity Small Cap Value Fund (the Fund) is a fund of Fidelity Securities Fund (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, Small Cap Value, 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 January 31, 2026 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.

**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.

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

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

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, certain corporate actions 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** | $845300435 |
| **Gross unrealized depreciation** | <u>(149524987)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$695775448</u> |
| **Tax cost** | <u>$4139089028</u> |

---

**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 Small Cap Value Fund** | 2770172565 | 3040544209 |

---

**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** | .85 |
| **Class M** | .84 |
| **Class C** | .86 |
| **Small Cap Value** | .84 |
| **Class I** | .84 |
| **Class Z** | .70 |

---

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** | .79 |
| **Class M** | .79 |
| **Class C** | .79 |
| **Small Cap Value** | .75 |
| **Class I** | .79 |
| **Class Z** | .68 |

---

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 Small Cap Value Fund** | Russell 2000 Value Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Small Cap Value. 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 .06%.

**Distribution and Service Plan Fees.** In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 300328 | 3509 |
| **Class M** | .25% | .25% | 253928 | - |
| **Class C** | .75% | .25% | <u>170755</u> | <u>17019</u> |
|  |  |  | <u>725011</u> | <u>20528</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** | 16902 |
| **Class M** | 881 |
| **Class C**A | <u>31</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>17814</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**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 Small Cap Value Fund** | 101268 |

---

**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 Small Cap Value Fund** | 194938680 | 244099388 | 11292773 |

---

**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 Small Cap Value Fund** | 3732 |

---

**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 Small Cap Value Fund** | 26231 | 223 | - |

---

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 Small Cap Value Fund** | 15377138 |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **January 31, 2026** | **Year ended**<br> **July 31, 2025** |
| **Fidelity Small Cap Value Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $23241607 | $15326126 |
| Class M | 10247070 | 6155268 |
| Class C | 3948739 | 2467954 |
| Small Cap Value | 239169485 | 158216919 |
| Class I | 87846858 | 60676292 |
| Class Z | <u>75438489</u> | <u>47342882</u> |
| Total  | <u>$439892248</u> | <u>$290185441</u> |

---

**9. 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> **January 31, 2026**  | **Year ended**<br> **July 31, 2025** | **Six months ended** <br> **January 31, 2026**  | **Year ended**<br> **July 31, 2025** |
| **Fidelity Small Cap Value Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 619790 | 1696151 | $12260788 | $33464402 |
| Reinvestment of distributions  | 1160659 | 758416 | 22703922 | 14962279 |
| Shares redeemed | <u>(1660643)</u> | <u>(3499161)</u> | <u>(32927145)</u> | <u>(68355471)</u> |
| Net increase (decrease) | <u>119806</u> | <u>(1044594)</u> | <u>$2037565</u> | <u>$(19928790)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 369568 | 767048 | $6986528 | $14304287 |
| Reinvestment of distributions  | 548599 | 324837 | 10171972 | 6105558 |
| Shares redeemed | <u>(810158)</u> | <u>(1081679)</u> | <u>(15032809)</u> | <u>(20075729)</u> |
| Net increase (decrease) | <u>108009</u> | <u>10206</u> | <u>$2125691</u> | <u>$334116</u> |
| **Class C** |  |  |  |  |
| Shares sold | 133972 | 316078 | $2147337 | $5116349 |
| Reinvestment of distributions  | 238468 | 143154 | 3746828 | 2319743 |
| Shares redeemed | <u>(339295)</u> | <u>(605034)</u> | <u>(5384766)</u> | <u>(9659398)</u> |
| Net increase (decrease) | <u>33145</u> | <u>(145802)</u> | <u>$509399</u> | <u>$(2223306)</u> |
| **Small Cap Value** |  |  |  |  |
| Shares sold | 8670780 | 18034076 | $179572925 | $370052614 |
| Reinvestment of distributions  | 11168885 | 7352182 | 227368471 | 150366933 |
| Shares redeemed | <u>(16707572)</u> | <u>(34193578)</u> | <u>(343620177)</u> | <u>(692040981)</u> |
| Net increase (decrease) | <u>3132093</u> | <u>(8807320)</u> | <u>$63321219</u> | <u>$(171621434)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 3688566 | 11941511 | $76236681 | $242381596 |
| Reinvestment of distributions  | 4084165 | 2854514 | 83156039 | 58385991 |
| Shares redeemed | <u>(8704163)</u> | <u>(19247886)</u> | <u>(179749050)</u> | <u>(388280431)</u> |
| Net increase (decrease) | <u>(931432)</u> | <u>(4451861)</u> | <u>$(20356330)</u> | <u>$(87512844)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 5931019 | 12196015 | $122887833 | $252286868 |
| Reinvestment of distributions  | 3517442 | 2168003 | 71644154 | 44384521 |
| Shares redeemed | <u>(5829152)</u> | <u>(15575806)</u> | <u>(120192582)</u> | <u>(319446934)</u> |
| Net increase (decrease) | <u>3619309</u> | <u>(1211788)</u> | <u>$74339405</u> | <u>$(22775545)</u> |

---

**10. Other.**

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

**11. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img125795_4.jpg)<br>

1.803709.121 SCV-SANN-0426

**Fidelity® Small Cap Growth K6 Fund**

**Semi-Annual Report**

**January 31, 2026**

![](img125796_1.jpg)

![](img125796_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7Consolidated_SCPK6-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Small Cap Growth K6 Fund](#Sub_Sec_Fund_2957_SCPK6-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements2957_SCPK6-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SCPK6-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SCPK6-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SCPK6-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SCPK6-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.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Small Cap Growth K6 Fund**

**Consolidated Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.1%** | &nbsp;&nbsp;**Common Stocks - 98.1%** | &nbsp;&nbsp;**Common Stocks - 98.1%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.5%  |  |  |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| DroneShield Ltd (b)(c) | 4508138 | 10422283 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Elsight Ltd (b) | 3807303 | 11267666 |
| TOTAL AUSTRALIA |  | 21689949 |
| BAHAMAS (NASSAU) - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Diversified Consumer Services - 0.1% |  |  |
| OneSpaWorld Holdings Ltd  | 243128 | 4777465 |
| CANADA - 1.2%  |  |  |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| CES Energy Solutions Corp  | 1321152 | 13777666 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Xenon Pharmaceuticals Inc (b) | 214133 | 8781594 |
| Industrials - 0.2% |  |  |
| Electrical Equipment - 0.2% |  |  |
| Electrovaya Inc (United States) (b) | 597060 | 6466159 |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Kraken Robotics Inc (b) | 1219960 | 7149621 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| G Mining Ventures Corp (b) | 399310 | 12659797 |
| TOTAL CANADA |  | 48834837 |
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Leisure Products - 0.1% |  |  |
| Tonies SE Class A (b) | 330270 | 4047961 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Tubulis GmbH (e)(f)(h) | 4900 | 1763955 |
| TOTAL GERMANY |  | 5811916 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Accelerant Holdings Class A (b)(d) | 560460 | 7655884 |
| ISRAEL - 1.1%  |  |  |
| Information Technology - 1.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Nova Ltd (b) | 48580 | 22241867 |
| Software - 0.5% |  |  |
| Cellebrite DI Ltd (b) | 1435276 | 21112910 |
| TOTAL ISRAEL |  | 43354777 |
| ITALY - 0.9%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Lottomatica Group Spa  | 337291 | 8284019 |
| Leisure Products - 0.3% |  |  |
| Sanlorenzo SpA/Ameglia (d) | 259923 | 9936216 |
| TOTAL CONSUMER DISCRETIONARY |  | 18220235 |
| Industrials - 0.5% |  |  |
| Electrical Equipment - 0.5% |  |  |
| Prysmian SpA  | 155635 | 18531212 |
| TOTAL ITALY |  | 36751447 |
| JAPAN - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Professional Services - 0.3% |  |  |
| BayCurrent Inc  | 260830 | 9170173 |
| Timee Inc (b) | 149800 | 1310605 |
| TOTAL JAPAN |  | 10480778 |
| NETHERLANDS - 0.7%  |  |  |
| Health Care - 0.5% |  |  |
| Biotechnology - 0.3% |  |  |
| Newamsterdam Pharma Co NV (b) | 250980 | 7810498 |
| uniQure NV (b) | 144537 | 3283881 |
|  |  | 11094379 |
| Pharmaceuticals - 0.2% |  |  |
| Pharvaris NV (b) | 330166 | 8930990 |
| TOTAL HEALTH CARE |  | 20025369 |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| BE Semiconductor Industries NV  | 43170 | 8417721 |
| TOTAL NETHERLANDS |  | 28443090 |
| TAIWAN - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Silicon Motion Technology Corp ADR  | 89040 | 10589527 |
| THAILAND - 1.5%  |  |  |
| Information Technology - 1.5% |  |  |
| Electronic Equipment, Instruments & Components - 1.5% |  |  |
| Fabrinet (b) | 120411 | 58933960 |
| UNITED KINGDOM - 1.1%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Leisure Products - 0.3% |  |  |
| Games Workshop Group PLC  | 56439 | 13167426 |
| Energy - 0.8% |  |  |
| Energy Equipment & Services - 0.8% |  |  |
| Subsea 7 SA  | 80969 | 2064896 |
| TechnipFMC PLC  | 485908 | 27074794 |
| TOTAL ENERGY |  | 29139690 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Starling Bank Ltd (e)(f) | 431700 | 1329113 |
| TOTAL UNITED KINGDOM |  | 43636229 |
| UNITED STATES - 90.1%  |  |  |
| Communication Services - 1.1% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Globalstar Inc (b) | 164860 | 10158673 |
| Entertainment - 0.5% |  |  |
| IMAX Corp (b)(d) | 541909 | 18918043 |
| Interactive Media & Services - 0.1% |  |  |
| ZoomInfo Technologies Inc (b) | 437653 | 3523107 |
| Media - 0.2% |  |  |
| MNTN Inc Class A (b)(d) | 937773 | 8627512 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Gogo Inc (b)(d) | 655706 | 3009690 |
| TOTAL COMMUNICATION SERVICES |  | 44237025 |
| Consumer Discretionary - 8.9% |  |  |
| Automobile Components - 0.5% |  |  |
| LCI Industries  | 12614 | 1850347 |
| Patrick Industries Inc  | 128080 | 16159854 |
|  |  | 18010201 |
| Broadline Retail - 0.3% |  |  |
| Etsy Inc (b) | 131900 | 6985424 |
| Savers Value Village Inc (b)(d) | 303780 | 3147160 |
|  |  | 10132584 |
| Diversified Consumer Services - 1.8% |  |  |
| Adtalem Global Education Inc (b) | 181881 | 18833778 |
| Duolingo Inc Class A (b) | 85880 | 11513073 |
| Frontdoor Inc (b) | 353630 | 20903069 |
| Grand Canyon Education Inc (b) | 90633 | 15755641 |
| Stride Inc (b) | 49210 | 4163166 |
| Universal Technical Institute Inc (b)(d) | 68821 | 1915288 |
|  |  | 73084015 |
| Hotels, Restaurants & Leisure - 3.2% |  |  |
| Black Rock Coffee Bar Inc Class A (d) | 359880 | 5365811 |
| Brinker International Inc (b) | 81649 | 12877680 |
| Cava Group Inc (b)(d) | 123291 | 7473900 |
| Cheesecake Factory Inc/The (d) | 357012 | 20692416 |
| Dutch Bros Inc Class A (b) | 181322 | 9862104 |
| First Watch Restaurant Group Inc (b) | 590530 | 9442575 |
| Kura Sushi USA Inc Class A (b)(d) | 156122 | 10430511 |
| Lindblad Expeditions Holdings Inc (b) | 381700 | 6362939 |
| Pursuit Attractions and Hospitality Inc (b) | 150442 | 5224850 |
| Red Rock Resorts Inc Class A  | 249857 | 15773472 |
| Shake Shack Inc Class A (b) | 63230 | 5600281 |
| Sportradar Holding AG Class A (b) | 426815 | 7729620 |
| Travel + Leisure Co  | 108020 | 7511711 |
|  |  | 124347870 |
| Household Durables - 0.5% |  |  |
| Champion Homes Inc (b) | 110696 | 8676352 |
| Somnigroup International Inc  | 141526 | 12433060 |
|  |  | 21109412 |
| Specialty Retail - 2.6% |  |  |
| BARK Inc warrants 6/1/2026 (b) | 54 | 0 |
| Boot Barn Holdings Inc (b) | 144961 | 25872640 |
| Chewy Inc Class A (b) | 251457 | 7319913 |
| Fanatics Inc Class A (b)(e)(f) | 163048 | 13043840 |
| Group 1 Automotive Inc  | 6845 | 2424910 |
| RealReal Inc/The (b) | 1167420 | 17126051 |
| ThredUp Inc Class A (b) | 390259 | 1982516 |
| Urban Outfitters Inc (b) | 250886 | 17775273 |
| Warby Parker Inc Class A (b) | 726087 | 18522479 |
|  |  | 104067622 |
| TOTAL CONSUMER DISCRETIONARY |  | 350751704 |
| Consumer Staples - 1.7% |  |  |
| Beverages - 0.9% |  |  |
| Vita Coco Co Inc/The (b) | 613059 | 32706698 |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Sprouts Farmers Market Inc (b) | 95940 | 6803105 |
| US Foods Holding Corp (b) | 129096 | 10795008 |
|  |  | 17598113 |
| Tobacco - 0.4% |  |  |
| Turning Point Brands Inc  | 131952 | 15985984 |
| TOTAL CONSUMER STAPLES |  | 66290795 |
| Energy - 1.5% |  |  |
| Energy Equipment & Services - 1.0% |  |  |
| Cactus Inc Class A  | 358151 | 20138831 |
| WaterBridge Infrastructure LLC Class A  | 321610 | 7056123 |
| Weatherford International PLC  | 142300 | 13387584 |
|  |  | 40582538 |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Antero Resources Corp (b) | 336414 | 12235377 |
| Centrus Energy Corp Class A (b)(d) | 27070 | 7533040 |
|  |  | 19768417 |
| TOTAL ENERGY |  | 60350955 |
| Financials - 7.1% |  |  |
| Banks - 1.6% |  |  |
| Axos Financial Inc (b) | 26000 | 2573740 |
| Central BanCo Inc  | 240400 | 5793640 |
| East West Bancorp Inc  | 116929 | 13381355 |
| Eastern Bankshares Inc  | 569964 | 11675713 |
| First Bancorp/Southern Pines NC  | 234174 | 13565700 |
| Hancock Whitney Corp  | 119318 | 8209078 |
| Pinnacle Financial Partners Inc  | 80590 | 7663303 |
|  |  | 62862529 |
| Capital Markets - 2.1% |  |  |
| Houlihan Lokey Inc Class A  | 67307 | 11329114 |
| P10 Inc Class A  | 1004844 | 10832218 |
| Perella Weinberg Partners (f) | 457262 | 10201515 |
| Perella Weinberg Partners Class A  | 685960 | 15303769 |
| Piper Sandler Cos  | 22283 | 7717717 |
| PJT Partners Inc Class A  | 79740 | 13797412 |
| StepStone Group Inc rights 12/31/2038 (b)(e) | 6434 | 441179 |
| Wealthfront Corp (b) | 732920 | 6361746 |
| WisdomTree Inc  | 443752 | 7188782 |
|  |  | 83173452 |
| Consumer Finance - 1.9% |  |  |
| Enova International Inc (b) | 132810 | 21936228 |
| EZCORP Inc Class A (b)(d) | 612970 | 13148207 |
| Figure Technology Solutions Inc Class A  | 59900 | 3407111 |
| FirstCash Holdings Inc  | 177555 | 30273128 |
| LendingClub Corp (b) | 283800 | 4799058 |
|  |  | 73563732 |
| Financial Services - 0.2% |  |  |
| HA Sustainable Infrastructure Capital Inc  | 332570 | 11443733 |
| Insurance - 1.3% |  |  |
| Baldwin Insurance Group Inc/The Class A (b) | 269841 | 5914914 |
| Lemonade Inc (b)(d) | 149850 | 12996491 |
| Oscar Health Inc Class A (b) | 580320 | 8327592 |
| Stewart Information Services Corp  | 172624 | 11640036 |
| Trupanion Inc (b)(d) | 384609 | 12303642 |
|  |  | 51182675 |
| TOTAL FINANCIALS |  | 282226121 |
| Health Care - 27.1% |  |  |
| Biotechnology - 13.5% |  |  |
| Apogee Therapeutics Inc (b) | 121576 | 7964444 |
| Arcellx Inc (b)(d) | 171118 | 11689071 |
| ArriVent Biopharma Inc (b) | 149030 | 3351685 |
| Arrowhead Pharmaceuticals Inc (b) | 76570 | 5308598 |
| Blueprint Medicines Corp rights (b)(e) | 62502 | 0 |
| Bridgebio Pharma Inc (b) | 336522 | 26003055 |
| Caris Life Sciences Inc (b) | 563256 | 13045009 |
| Celldex Therapeutics Inc (b) | 237705 | 5847543 |
| Centessa Pharmaceuticals PLC ADR (b) | 262210 | 6442500 |
| CG oncology Inc (b)(d) | 510589 | 26576157 |
| Cogent Biosciences Inc (b) | 1249295 | 44862183 |
| Crescent Biopharma Inc (b)(f) | 239807 | 2299749 |
| Cytokinetics Inc (b) | 281164 | 17766753 |
| CytomX Therapeutics Inc (b) | 1639670 | 9329722 |
| Dianthus Therapeutics Inc (b) | 221960 | 11850444 |
| Disc Medicine Inc (b) | 198806 | 15371680 |
| Inovio Pharmaceuticals Inc (b)(d) | 2982620 | 4861671 |
| Insmed Inc (b) | 45487 | 7135546 |
| Jade Biosciences Inc  | 231258 | 3609937 |
| Janux Therapeutics Inc (b) | 261204 | 3581107 |
| Kiniksa Pharmaceuticals International Plc Class A (b) | 291812 | 12816383 |
| Kymera Therapeutics Inc (b) | 157460 | 11445767 |
| Madrigal Pharmaceuticals Inc (b) | 36139 | 17683174 |
| Mineralys Therapeutics Inc (b) | 188573 | 5825020 |
| Mirum Pharmaceuticals Inc (b)(d) | 178500 | 18424770 |
| Moderna Inc (b) | 154740 | 6819392 |
| Nurix Therapeutics Inc (b) | 475558 | 7856218 |
| Nuvalent Inc Class A (b) | 240581 | 24753379 |
| Olema Pharmaceuticals Inc (b) | 193300 | 4971676 |
| Oruka Therapeutics Inc (b) | 229754 | 7864479 |
| Oruka Therapeutics Inc (b)(f) | 66100 | 2262603 |
| Palvella Therapeutics Inc (b) | 76880 | 5895927 |
| Praxis Precision Medicines Inc (b) | 56240 | 17659360 |
| Precigen Inc (b)(d) | 1186540 | 5327565 |
| Rhythm Pharmaceuticals Inc (b) | 207612 | 21284382 |
| Scholar Rock Holding Corp (b) | 24941 | 1105884 |
| Soleno Therapeutics Inc (b) | 329457 | 12703862 |
| Spyre Therapeutics Inc (b) | 377826 | 12082875 |
| Stoke Therapeutics Inc (b) | 259177 | 7863430 |
| Travere Therapeutics Inc (b) | 450590 | 14008843 |
| Upstream Bio Inc (b) | 693618 | 21557647 |
| Veracyte Inc (b) | 457070 | 17405226 |
| Vericel Corp (b) | 252910 | 9099702 |
| Viking Therapeutics Inc (b)(d) | 108364 | 3146891 |
| Viridian Therapeutics Inc (b) | 610677 | 20152341 |
| X4 Pharmaceuticals Inc (b) | 1689700 | 6251890 |
| Zenas Biopharma Inc (b) | 338265 | 6213928 |
| Zenas Biopharma Inc (f) | 80024 | 1470041 |
| Zymeworks Inc (b) | 184050 | 4146647 |
|  |  | 534996156 |
| Health Care Equipment & Supplies - 2.9% |  |  |
| Artivion Inc (b) | 265488 | 10823946 |
| Ceribell Inc (b) | 675645 | 13925043 |
| Integer Holdings Corp (b)(d) | 82914 | 7201910 |
| iRhythm Technologies Inc (b) | 39980 | 6177310 |
| LivaNova PLC (b) | 96540 | 6343643 |
| Masimo Corp (b) | 81989 | 11259549 |
| Neogen Corp (b) | 614798 | 6283236 |
| NeuroPace Inc (b) | 188747 | 2855742 |
| Penumbra Inc (b) | 845 | 302654 |
| PROCEPT BioRobotics Corp (b)(d) | 135082 | 3911975 |
| Shoulder Innovations Inc (g) | 330303 | 4677090 |
| Shoulder Innovations Inc  | 57600 | 815616 |
| TransMedics Group Inc (b)(d) | 288521 | 38654601 |
|  |  | 113232315 |
| Health Care Providers & Services - 6.2% |  |  |
| Alignment Healthcare Inc (b) | 942359 | 21231348 |
| BrightSpring Health Services Inc (b) | 1423172 | 55887965 |
| Ensign Group Inc/The  | 226796 | 38931802 |
| GeneDx Holdings Corp Class A (b) | 120540 | 11603180 |
| Guardant Health Inc (b) | 291590 | 33252925 |
| HealthEquity Inc (b) | 201438 | 17257193 |
| LifeStance Health Group Inc (b) | 2723586 | 19255753 |
| Privia Health Group Inc (b) | 755852 | 17550883 |
| Progyny Inc (b) | 791581 | 18895038 |
| RadNet Inc (b) | 71220 | 4992522 |
| Surgery Partners Inc (b) | 324670 | 4824596 |
|  |  | 243683205 |
| Health Care Technology - 0.4% |  |  |
| Waystar Holding Corp (b) | 536280 | 14243597 |
| Wugen Inc warrants 8/22/2035 (b)(e)(f) | 45967 | 79523 |
|  |  | 14323120 |
| Life Sciences Tools & Services - 0.7% |  |  |
| BioLife Solutions Inc (b) | 292290 | 6371922 |
| Charles River Laboratories International Inc (b) | 62539 | 13163209 |
| Veterinary Emergency Group (b)(e)(f)(h) | 68413 | 6729787 |
|  |  | 26264918 |
| Pharmaceuticals - 3.4% |  |  |
| Amylyx Pharmaceuticals Inc (b) | 1053389 | 15052929 |
| Axsome Therapeutics Inc (b) | 163505 | 30125797 |
| Crinetics Pharmaceuticals Inc (b) | 421632 | 21056302 |
| Definium Therapeutics Inc (b)(d) | 409890 | 6918943 |
| Enliven Therapeutics Inc (b) | 569804 | 15071316 |
| Enliven Therapeutics Inc (b)(f) | 100587 | 2660526 |
| Liquidia Corp (b)(d) | 113501 | 4811307 |
| Ocular Therapeutix Inc (b) | 329204 | 3008925 |
| Structure Therapeutics Inc ADR (b) | 207912 | 18389816 |
| Trevi Therapeutics Inc (b) | 643320 | 6735560 |
| WaVe Life Sciences Ltd (b) | 942970 | 12202032 |
|  |  | 136033453 |
| TOTAL HEALTH CARE |  | 1068533167 |
| Industrials - 25.4% |  |  |
| Aerospace & Defense - 6.9% |  |  |
| AeroVironment Inc (b) | 48000 | 13362720 |
| ATI Inc (b) | 243889 | 29339847 |
| Beta Technologies Inc (i) | 1317426 | 28324659 |
| Beta Technologies Inc Class A (b) | 46530 | 1000395 |
| BWX Technologies Inc  | 102775 | 21113068 |
| Cadre Holdings Inc  | 331490 | 13262915 |
| Carpenter Technology Corp  | 68506 | 21773262 |
| Karman Holdings Inc (b)(d) | 324128 | 33644487 |
| Kratos Defense & Security Solutions Inc (b) | 237060 | 24419551 |
| Leonardo DRS Inc  | 260308 | 10688246 |
| Mercury Systems Inc (b) | 175838 | 16507671 |
| Moog Inc Class A  | 49650 | 15160628 |
| V2X Inc (b) | 192569 | 13254524 |
| VSE Corp  | 43430 | 9492495 |
| Woodward Inc  | 70078 | 22273592 |
|  |  | 273618060 |
| Building Products - 1.5% |  |  |
| Armstrong World Industries Inc  | 42850 | 7873259 |
| AZZ Inc  | 171690 | 21339350 |
| Modine Manufacturing Co (b) | 20200 | 3730132 |
| Simpson Manufacturing Co Inc  | 21680 | 3832590 |
| Tecnoglass Inc  | 314591 | 15386646 |
| Zurn Elkay Water Solutions Corp  | 118610 | 5469107 |
|  |  | 57631084 |
| Commercial Services & Supplies - 0.6% |  |  |
| HNI Corp  | 259176 | 12386021 |
| Montrose Environmental Group Inc (b) | 92248 | 2055285 |
| OPENLANE Inc (b) | 287023 | 8622171 |
|  |  | 23063477 |
| Construction & Engineering - 3.7% |  |  |
| Cardinal Infrastructure Group Inc Class A  | 220899 | 5564445 |
| Construction Partners Inc Class A (b) | 208218 | 22878994 |
| Dycom Industries Inc (b) | 62584 | 22804984 |
| Granite Construction Inc  | 134371 | 16223955 |
| IES Holdings Inc (b) | 50097 | 19051388 |
| Legence Corp Class A  | 275890 | 12942000 |
| Limbach Holdings Inc (b) | 51120 | 4395297 |
| Primoris Services Corp  | 74880 | 11100960 |
| Sterling Infrastructure Inc (b) | 85837 | 30721921 |
|  |  | 145683944 |
| Electrical Equipment - 4.4% |  |  |
| Acuity Inc  | 38080 | 11775859 |
| Bloom Energy Corp Class A (b) | 586607 | 88794702 |
| Fluence Energy Inc Class A (b) | 237450 | 7306337 |
| Nextpower Inc Class A (b) | 512317 | 59987198 |
| Preformed Line Products Co  | 17750 | 4454185 |
| Shoals Technologies Group Inc (b) | 254450 | 2402008 |
|  |  | 174720289 |
| Machinery - 3.8% |  |  |
| Atmus Filtration Technologies Inc  | 346430 | 20082547 |
| Blue Bird Corp (b) | 192500 | 9684675 |
| Federal Signal Corp  | 103071 | 11140944 |
| ITT Inc  | 89329 | 16284677 |
| JBT Marel Corp (d) | 152790 | 24035395 |
| Mueller Industries Inc  | 105188 | 14320294 |
| Oshkosh Corp  | 52530 | 7554865 |
| RBC Bearings Inc (b) | 37046 | 18510775 |
| REV Group Inc  | 309537 | 19779414 |
| SPX Technologies Inc (b) | 35120 | 7319359 |
|  |  | 148712945 |
| Passenger Airlines - 0.1% |  |  |
| Joby Aviation Inc Class A (b)(d) | 581600 | 6147512 |
| Professional Services - 3.2% |  |  |
| CACI International Inc (b) | 33873 | 21020906 |
| CRA International Inc  | 18000 | 3400920 |
| FTI Consulting Inc (b) | 70373 | 12292052 |
| Huron Consulting Group Inc (b) | 199020 | 33634380 |
| Parsons Corp (b) | 148840 | 10427730 |
| Planet Labs PBC Class A (b)(d) | 696580 | 17393603 |
| UL Solutions Inc Class A  | 112555 | 7904738 |
| Upwork Inc (b)(d) | 950040 | 19029301 |
|  |  | 125103630 |
| Trading Companies & Distributors - 1.2% |  |  |
| DXP Enterprises Inc/TX (b) | 47075 | 6122104 |
| Herc Holdings Inc  | 38930 | 5580226 |
| Xometry Inc Class A (b)(d) | 659874 | 37698602 |
|  |  | 49400932 |
| TOTAL INDUSTRIALS |  | 1004081873 |
| Information Technology - 13.4% |  |  |
| Communications Equipment - 0.6% |  |  |
| Lumentum Holdings Inc (b) | 36709 | 14384055 |
| Viavi Solutions Inc (b) | 292880 | 7163845 |
| Vistance Networks Inc (b) | 194490 | 3500819 |
|  |  | 25048719 |
| Electronic Equipment, Instruments & Components - 4.4% |  |  |
| Advanced Energy Industries Inc  | 155165 | 39622934 |
| Belden Inc  | 96230 | 11307987 |
| Evolv Technologies Holdings Inc Class A (b) | 537760 | 3328734 |
| Mirion Technologies Inc Class A (b) | 776269 | 19282522 |
| OSI Systems Inc (b)(d) | 184522 | 46156334 |
| Sanmina Corp (b) | 127573 | 18074543 |
| TD SYNNEX Corp  | 79835 | 12667419 |
| TTM Technologies Inc (b) | 144349 | 14175072 |
| Vontier Corp  | 251979 | 9449213 |
|  |  | 174064758 |
| Semiconductors & Semiconductor Equipment - 4.7% |  |  |
| Aehr Test Systems (b) | 726949 | 18638972 |
| Credo Technology Group Holding Ltd (b) | 324738 | 40683177 |
| Impinj Inc (b) | 54285 | 7496759 |
| Kopin Corp (b)(d) | 759690 | 1937210 |
| MACOM Technology Solutions Holdings Inc (b) | 192153 | 42093036 |
| Onto Innovation Inc (b) | 51060 | 10316673 |
| Rambus Inc (b) | 133879 | 15239447 |
| Rigetti Computing Inc Class A (b)(d) | 193630 | 3518257 |
| SiTime Corp (b) | 79791 | 28972910 |
| Veeco Instruments Inc (b) | 558327 | 17436552 |
|  |  | 186332993 |
| Software - 3.4% |  |  |
| Algolia Inc (b)(e)(f) | 43269 | 681053 |
| Alkami Technology Inc (b)(d) | 382794 | 8111405 |
| Bitdeer Technologies Group Class A (b) | 71870 | 937184 |
| Clear Secure Inc Class A  | 96180 | 3137392 |
| Commvault Systems Inc (b) | 50303 | 4310967 |
| Intapp Inc (b) | 566046 | 19217262 |
| InterDigital Inc (d) | 70382 | 22975500 |
| JFrog Ltd (b) | 136320 | 7470336 |
| Life360 Inc (b)(d) | 227957 | 13059657 |
| PAR Technology Corp (b)(d) | 241175 | 6321197 |
| Plaid Inc/DE Class A (e)(f) | 29415 | 5923887 |
| Varonis Systems Inc (b) | 339403 | 10127786 |
| Workiva Inc Class A (b) | 252119 | 19418205 |
| Zeta Global Holdings Corp Class A (b)(d) | 621605 | 11549421 |
|  |  | 133241252 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| IonQ Inc (b)(d) | 291005 | 11634380 |
| TOTAL INFORMATION TECHNOLOGY |  | 530322102 |
| Materials - 1.8% |  |  |
| Chemicals - 0.5% |  |  |
| Element Solutions Inc  | 457423 | 13311009 |
| Minerals Technologies Inc  | 8333 | 547978 |
| Sensient Technologies Corp  | 64950 | 6139074 |
|  |  | 19998061 |
| Metals & Mining - 1.0% |  |  |
| Coeur Mining Inc (b) | 976130 | 19952098 |
| Ivanhoe Electric Inc / US (b) | 648615 | 11084830 |
| USA Rare Earth Inc (f) | 288719 | 6473080 |
|  |  | 37510008 |
| Paper & Forest Products - 0.3% |  |  |
| Louisiana-Pacific Corp  | 151865 | 12717175 |
| TOTAL MATERIALS |  | 70225244 |
| Real Estate - 1.6% |  |  |
| Real Estate Management & Development - 1.6% |  |  |
| Compass Inc Class A (b) | 3030931 | 37947256 |
| Jones Lang LaSalle Inc (b) | 45750 | 16374383 |
| Landbridge Co LLC Class A (d) | 189106 | 10866030 |
| TOTAL REAL ESTATE |  | 65187669 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.3% |  |  |
| IDACORP Inc  | 85243 | 11319418 |
| Gas Utilities - 0.2% |  |  |
| UGI Corp  | 193250 | 7751257 |
| TOTAL UTILITIES |  | 19070675 |
| TOTAL UNITED STATES |  | 3561277330 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,875,919,909) |  | <br> **3882237189** |

---

---

| | | |
|:---|:---|:---|
| &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%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| Wugen Inc 0% 12/31/2199 (e)(f)(j)<br>(Cost $253,457)<br>| 253458 | **268462** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.9%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.9%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.9%** |
|  | Shares | Value ($)<br>|
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Galecto Inc Series C  | 129 | 3384315 |
| FINLAND - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Health Care Technology - 0.2% |  |  |
| Oura Health Oy Series E (e)(f) | 124086 | 6647287 |
| UNITED STATES - 0.6%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Bright Peak Therapeutics Inc. Series B (b)(e)(f) | 199331 | 356802 |
| Bright Peak Therapeutics Inc. Series C (b)(e)(f) | 1323335 | 1627703 |
| Endeavor BioMedicines Inc Series C (b)(e)(f) | 210174 | 1370334 |
| LifeMine Therapeutics Inc Series C (b)(e)(f) | 402743 | 475237 |
| Parabilis Medicines Inc Series F (e)(f) | 245400 | 1511664 |
| Sonoma Biotherapeutics Inc Series B (b)(e)(f) | 438013 | 1314040 |
| Sonoma Biotherapeutics Inc Series B1 (b)(e)(f) | 233603 | 787242 |
| T-Knife Therapeutics Inc Series B (b)(e)(f) | 201583 | 139092 |
| Treeline Biosciences Series A (b)(e)(f) | 21246 | 179316 |
|  |  | 7761430 |
| Health Care Technology - 0.0% |  |  |
| Wugen Inc Series B (b)(e)(f) | 59982 | 95371 |
| Wugen Inc Series C (e)(f) | 632300 | 1093879 |
|  |  | 1189250 |
| TOTAL HEALTH CARE |  | 8950680 |
| Information Technology - 0.4% |  |  |
| Communications Equipment - 0.3% |  |  |
| Astranis Space Technologies Corp Series C (b)(e)(f) | 125912 | 2646670 |
| Astranis Space Technologies Corp Series C (b)(e)(f) | 26805 | 563441 |
| Astranis Space Technologies Corp Series D (b)(e)(f) | 503082 | 8034220 |
|  |  | 11244331 |
| IT Services - 0.0% |  |  |
| Yanka Industries Inc Series E (b)(e)(f) | 191029 | 298005 |
| Yanka Industries Inc Series F (b)(e)(f) | 28989 | 76241 |
|  |  | 374246 |
| Software - 0.1% |  |  |
| Algolia Inc Series D (b)(e)(f) | 9900 | 155826 |
| Lyte Ai Inc Series B (b)(e)(f) | 38600 | 405686 |
| Skyryse Inc Series B (b)(e)(f) | 12000 | 313800 |
| Skyryse Inc Series C (e)(f) | 112800 | 3047856 |
|  |  | 3923168 |
| TOTAL INFORMATION TECHNOLOGY |  | 15541745 |
| TOTAL UNITED STATES |  | 24492425 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $33,433,706) |  | <br> **34524027** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 0.6%** | &nbsp;&nbsp;**Domestic Equity Funds - 0.6%** | &nbsp;&nbsp;**Domestic Equity Funds - 0.6%** |
|  | Shares | Value ($)<br>|
| iShares Russell 2000 Growth ETF <br>(Cost $18,061,228)<br>| 78335 | **26346411** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 6.6%** | &nbsp;&nbsp;**Money Market Funds - 6.6%** | &nbsp;&nbsp;**Money Market Funds - 6.6%** | &nbsp;&nbsp;**Money Market Funds - 6.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (k) | 3.70 | 17035426 | 17038834 |
| Fidelity Securities Lending Cash Central Fund (k)(l) | 3.70 | 244241027 | 244265451 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $261,304,285) |  |  | **261304285** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 106.2%**<br> (Cost $3,188,972,585)<br>| <br>**4204680374** |
| **NET OTHER ASSETS (LIABILITIES) - (6.2)%**  | **(246836934)** |
| **NET ASSETS - 100.0%** | **3957843440** |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

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

(b) Non-income producing.

(c) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $10,422,283 or 0.3% of net assets.

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

(e) Level 3 security.

(f) 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 $84,562,891 or 2.1% of net assets.

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,677,090 or 0.1% of net assets.

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

(i) 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 $28,324,659 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

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

(k) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements 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>|
| Algolia Inc | 10/27/2021 | 1265403 |
| Algolia Inc Series D | 7/23/2021 | 289526 |
| Astranis Space Technologies Corp Series C | 3/19/2021 | 2760108 |
| Astranis Space Technologies Corp Series C | 4/5/2023 | 587591 |
| Astranis Space Technologies Corp Series D | 4/25/2024 - 12/6/2024 | 4699993 |
| Bright Peak Therapeutics Inc. Series B | 5/14/2021 | 778587 |
| Bright Peak Therapeutics Inc. Series C | 5/7/2024 | 1500001 |
| Crescent Biopharma Inc | 10/28/2024 - 12/4/2025 | 3208819 |
| Endeavor BioMedicines Inc Series C | 4/22/2024 | 1371301 |
| Enliven Therapeutics Inc | 3/19/2024 | 1408218 |
| Fanatics Inc Class A | 8/13/2020 - 3/22/2021 | 2891600 |
| LifeMine Therapeutics Inc Series C | 2/15/2022 | 820222 |
| Lyte Ai Inc Series B | 8/13/2024 | 489683 |
| Oruka Therapeutics Inc | 9/17/2025 | 991500 |
| Oura Health Oy Series E | 9/24/2025 | 6647287 |
| Parabilis Medicines Inc Series F | 1/6/2026 | 1512744 |
| Perella Weinberg Partners | 12/29/2020 | 4572620 |
| Plaid Inc/DE Class A | 3/31/2025 | 5999972 |
| Skyryse Inc Series B | 10/21/2021 | 296160 |
| Skyryse Inc Series C | 9/16/2025 - 11/21/2025 | 3048330 |
| Sonoma Biotherapeutics Inc Series B | 7/26/2021 | 865645 |
| Sonoma Biotherapeutics Inc Series B1 | 7/26/2021 | 692516 |
| Starling Bank Ltd | 6/18/2021 - 4/5/2022 | 824188 |
| T-Knife Therapeutics Inc Series B | 6/30/2021 | 1162892 |
| Treeline Biosciences Series A | 7/30/2021 | 166303 |
| Tubulis GmbH | 12/11/2025 | 1747714 |
| USA Rare Earth Inc | 1/26/2026 | 6207458 |
| Veterinary Emergency Group | 9/16/2021 - 10/31/2023 | 3598868 |
| Wugen Inc 0% 12/31/2199 | 6/14/2024 | 253457 |
| Wugen Inc Series B | 7/9/2021 | 465154 |
| Wugen Inc Series C | 8/22/2025 | 1120999 |
| Wugen Inc warrants 8/22/2035 | 8/22/2025 | 0 |
| Yanka Industries Inc Series E | 5/15/2020 | 2307478 |
| Yanka Industries Inc Series F | 4/8/2021 | 924076 |
| Zenas Biopharma Inc | 10/8/2025 | 1520456 |

---

---

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

---

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 9772988 | 495891963 | 488626727 | 505278 | 610 | - | 17038834 | 17035426 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 307400265 | 628971008 | 692104485 | 737608 | (1337) | - | 244265451 | 244241027 | 0.8% |
| Total | 317173253 | 1124862971 | 1180731212 | 1242886 | (727) | - | 261304285 |  |  |

---

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 January 31, 2026, 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 | 44237025 | 44237025 | - | - |
| Consumer Discretionary | 390964791 | 377920951 | - | 13043840 |
| Consumer Staples | 66290795 | 66290795 | - | - |
| Energy | 103268311 | 103268311 | - | - |
| Financials | 291211118 | 289440826 | - | 1770292 |
| Health Care | 1099104085 | 1090530820 | - | 8573265 |
| Industrials | 1049982305 | 1049982305 | - | - |
| Information Technology | 670035374 | 663430434 | - | 6604940 |
| Materials | 82885041 | 82885041 | - | - |
| Real Estate | 65187669 | 65187669 | - | - |
| Utilities | 19070675 | 19070675 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Health Care | 268462 | - | - | 268462 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 18982282 | 3384315 | - | 15597967 |
| Information Technology | 15541745 | - | - | 15541745 |
|  **Domestic Equity Funds** | 26346411 | 26346411 | - | - |
|  **Money Market Funds** | 261304285 | 261304285 | - | - |
| **Total Investments in Securities:** | 4204680374 | 4143279863 | - | 61400511 |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2026 ($)** |
| **Common Stocks** | 24433506 | 4542 | 3794266 | 1764565 | (4542) | - | - | - | 29992337 | 3794266 |
| **Convertible Preferred Stocks** | 22530267 | - | 2624060 | 12329359 | (6343974) | - | - | - | 31139712 | 5652922 |
| **Convertible Corporate Bonds** | 301691 | - | (33229) | - | - | - | - | - | 268462 | (33229) |
| <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 January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $254,856,972) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,927,668,300) | $3943376089 |  |
| Fidelity Central Funds (cost $261,304,285) | 261304285 |  |
| Total Investment in Securities (cost $3,188,972,585) |  | $4204680374 |
| Cash |  | 23654 |
| Foreign currency held at value (cost $73,145) |  | 73802 |
| Receivable for investments sold |  | 20134898 |
| Receivable for fund shares sold |  | 3321539 |
| Dividends receivable |  | 117800 |
| Interest receivable |  | 30128 |
| Distributions receivable from Fidelity Central Funds |  | 131149 |
| **Total assets** |  | 4228513344 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $20302339 |  |
| Payable for fund shares redeemed | 4083311 |  |
| Accrued management fee | 2014738 |  |
| Other payables and accrued expenses | 4137 |  |
| Collateral on securities loaned | 244265379 |  |
| **Total liabilities** |  | 270669904 |
| **Net Assets**  |  | $3957843440 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2877797621 |
| Total accumulated earnings (loss) |  | 1080045819 |
| **Net Assets** |  | $3957843440 |
| **Net Asset Value**, offering price and redemption price per share ($3,957,843,440 ÷ 197,000,446 shares) |  | $20.09 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $5432325 |
| Interest  |  | 11639 |
| Income from Fidelity Central Funds (including $737,608 from security lending)  |  | 1242886 |
| **Total income** |  | 6686850 |
| **Expenses** |  |  |
| Management fee | $11436278 |  |
| Independent trustees' fees and expenses | 7566 |  |
| Interest | 2065 |  |
| Total expenses before reductions | 11445909 |  |
| Expense reductions | (5139) |  |
| Total expenses after reductions |  | 11440770 |
| **Net Investment income (loss)** |  | (4753920) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 164863894 |  |
| Fidelity Central Funds | (727) |  |
| Foreign currency transactions | 19189 |  |
| Total net realized gain (loss) |  | 164882356 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 376053501 |  |
| Assets and liabilities in foreign currencies | 3548 |  |
| Total change in net unrealized appreciation (depreciation) |  | 376057049 |
| **Net gain (loss)** |  | 540939405 |
| **Net increase (decrease) in net assets resulting from operations** |  | $536185485 |

---

---

| | | |
|:---|:---|:---|
| **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> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(4753920) | $(3769717) |
| &nbsp;&nbsp;Net realized gain (loss) | 164882356<br>| 59143521<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 376057049 | 30733398<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 536185485<br>| 86107202<br>|
| Distributions to shareholders | (103233999)<br>| (70800445)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 319358521 | 1679219445 |
| Reinvestment of distributions | 101972893<br>| 70297823<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (494644338) | (1071977154) |
| **Net increase (decrease) in net assets resulting from share transactions** | (73312924)<br>| 677540114<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 359638562<br>| 692846871<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3598204878 | 2905358007<br>|
| &nbsp;&nbsp;End of period | $3957843440 | $3598204878 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 16506008 | 94589078 |
| Issued in reinvestment of distributions | 5237372<br>| 4031806<br>|
| &nbsp;&nbsp;Redeemed | (25707701) | (61393374) |
| &nbsp;&nbsp;Net increase (decrease) | (3964321) | 37227510 |

---

**Consolidated Financial Highlights** 

**Fidelity® Small Cap Growth K6 Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.90 | $17.74 | $14.58 | $13.22 | $21.55 | $15.32 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.02)  | (.02)  | - C | .01  | .01  | (.03) D |
| Net realized and unrealized gain (loss)  | 2.74  | .58  | 3.20  | 1.36  | (3.11)  | 6.81  |
| Total from investment operations  | 2.72  | .56  | 3.20  | 1.37  | (3.10)  | 6.78  |
| Distributions from net investment income  | -  | (.28)  | (.04)  | (.01)  | -  | -  |
| Distributions from net realized gain  | (.53)  | (.12)  | -  | -  | (5.23)  | (.55)  |
| Total distributions  | (.53)  | (.40)  | (.04)  | (.01)  | (5.23)  | (.55)  |
| Net asset value, end of period  | $20.09 | $17.90 | $17.74 | $14.58 | $13.22 | $21.55 |
| **Total Return** E,F | 15.31% <br>| 3.24%  | 21.98%  | 10.34%  | (20.31)%  | 44.76%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .60% I | .60%  | .60%  | .60%  | .60%  | .60%  |
| Expenses net of fee waivers, if any  | .60% I<br>| .60%  | .60%  | .60%  | .60%  | .60%  |
| Expenses net of all reductions, if any  | .60% I | .60%  | .60%  | .60%  | .60%  | .59%  |
| Net investment income (loss)  | (.25)% I | (.11)%  | (.03)%  | .04%  | .09%  | (.14)% D |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3957843 | $3598205 | $2905358 | $1894187 | $1265226 | $1154380 |
| Portfolio turnover rate J | 93% I<br>| 81% K | 85% K | 76% K | 81% K | 119%  |

---

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 (.22)%.*

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

For the period ended January 31, 2026

**1. Organization.**

Fidelity Small Cap Growth K6 Fund (the Fund) is a fund of Fidelity Securities Fund (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. Effective the close of business on October 16, 2024, new positions in the Fund may no longer be opened 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 Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

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

---

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

---

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds 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. Exchange-Traded Funds (ETFs) are valued at their last 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 but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $29992337  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 3.6 - 5.8 / 3.8 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI)  | 16.0 | Increase |
|  |  |  | Enterprise value/Gross profit multiple (EV/GP)  | 16.3 | Increase |
|  |  | Market approach  | Transaction price  | $1.77 - $360.11 / $344.65 | Increase |
|  |  | Recovery value  | Recovery value  | $0.00 | Increase |
|  |  | Black scholes  | Discount rate  | 3.6% | Increase |
|  |  |  | Volatility | 90.0% - 110.0% / 90.9% | Increase |
|  |  |  | Term | 2.0 - 3.0 / 2.0 | Increase |
|  |  | Discounted cash flow  | Discount rate | 7.9% - 9.7% / 8.8% | Decrease |
| Convertible Corporate Bonds | $268462  | Market approach  | Transaction price | $100.00 | Increase |
|  |  | Black scholes  | Discount rate | 3.6% | Increase |
|  |  |  | Volatility | 110.0% | Increase |
|  |  |  | Term | 3.0 | Increase |
| Convertible Preferred Stocks | $31139712  | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.9 - 27.3 / 13.3 | Increase |
|  |  |  | Enterprise value/Gross profit multiple (EV/GP) | 11.9 | Increase |
|  |  | Market approach | Transaction price | $0.41 - $8.61 / $3.51 | Increase |
|  |  |  | Discount rate | 90.0% | Decrease |
|  |  |  | Premium rate | 10.0% - 20.0% / 15.1% | Increase |
|  |  | Black scholes | Discount rate | 3.6% - 3.7% / 3.7% | Increase |
|  |  |  | Volatility | 75.0% - 110.0% - 82.6% | Increase |
|  |  |  | Term | 2.5 - 3.0 / 2.9 | 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 January 31, 2026, 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.

**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 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, passive foreign investment companies (PFIC), 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** | $1189622573 |
| **Gross unrealized depreciation** | <u>(183901198)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$1005721375</u> |
| **Tax cost** | <u>$3198958999</u> |

---

The Fund elected to defer to its next fiscal year $13,429,092 of ordinary losses recognized during the period January 1, 2025 to July 31, 2025.

**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.

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

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

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Total Assets** |
| **Fidelity Small Cap Growth K6 Fund** | 8493742 | .20 |

---

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.

**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 Small Cap Growth K6 Fund** | 1746780661 | 1938160452 |

---

**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 Small Cap Growth K6 Fund** | 2217519 | 38462188 |

---

**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 .60% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Small Cap Growth K6 Fund** | 67922 |

---

**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 Small Cap Growth K6 Fund**  | Borrower | 8205000 | 4.53% | 2065 |

---

**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 Small Cap Growth K6 Fund** | 77428853 | 89139781 | 7163322 |

---

**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 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 Small Cap Growth K6 Fund** | 79243 | 25669 | - |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Small Cap Growth K6 Fund** | 26792437 |

---

**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 $5,139.

**9. Other.**

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

**10. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img125796_4.jpg)<br>

1.9884010.108 SCPK6-SANN-0426

**Fidelity® Small Cap Growth Fund**

**Semi-Annual Report**

**January 31, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img125797_1.jpg)

![](img125797_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7Consolidated_SCP-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Small Cap Growth Fund](#Sub_Sec_Fund_1388_SCP-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements1388_SCP-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SCP-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SCP-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SCP-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SCP-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.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Small Cap Growth Fund**

**Consolidated Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.1%** | &nbsp;&nbsp;**Common Stocks - 99.1%** | &nbsp;&nbsp;**Common Stocks - 99.1%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.6%  |  |  |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| DroneShield Ltd (b)(c) | 9000892 | 20809000 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Elsight Ltd (b) | 7576022 | 22421143 |
| TOTAL AUSTRALIA |  | 43230143 |
| BAHAMAS (NASSAU) - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Diversified Consumer Services - 0.0% |  |  |
| OneSpaWorld Holdings Ltd  | 487539 | 9580140 |
| CANADA - 1.2%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| CES Energy Solutions Corp  | 1873738 | 19540322 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Xenon Pharmaceuticals Inc (b) | 478931 | 19640960 |
| Industrials - 0.2% |  |  |
| Electrical Equipment - 0.2% |  |  |
| Electrovaya Inc (United States) (b) | 1194660 | 12938168 |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Kraken Robotics Inc (b) | 2399610 | 14063003 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| G Mining Ventures Corp (b) | 793070 | 25143636 |
| TOTAL CANADA |  | 91326089 |
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Leisure Products - 0.1% |  |  |
| Tonies SE Class A (b) | 657330 | 8056578 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Tubulis GmbH (e)(f)(i) | 9800 | 3527910 |
| TOTAL GERMANY |  | 11584488 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Accelerant Holdings Class A (b)(d) | 1125300 | 15371598 |
| ISRAEL - 1.1%  |  |  |
| Information Technology - 1.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Nova Ltd (b) | 96358 | 44116547 |
| Software - 0.5% |  |  |
| Cellebrite DI Ltd (b) | 2840497 | 41783711 |
| TOTAL ISRAEL |  | 85900258 |
| ITALY - 0.9%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Lottomatica Group Spa  | 666879 | 16378849 |
| Leisure Products - 0.3% |  |  |
| Sanlorenzo SpA/Ameglia (d) | 520427 | 19894643 |
| TOTAL CONSUMER DISCRETIONARY |  | 36273492 |
| Industrials - 0.5% |  |  |
| Electrical Equipment - 0.5% |  |  |
| Prysmian SpA  | 312235 | 37177325 |
| TOTAL ITALY |  | 73450817 |
| JAPAN - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Professional Services - 0.3% |  |  |
| BayCurrent Inc  | 522698 | 18376841 |
| Timee Inc (b) | 297020 | 2598637 |
| TOTAL JAPAN |  | 20975478 |
| NETHERLANDS - 0.8%  |  |  |
| Health Care - 0.6% |  |  |
| Biotechnology - 0.3% |  |  |
| Newamsterdam Pharma Co NV (b) | 504110 | 15687903 |
| uniQure NV (b) | 290201 | 6593367 |
|  |  | 22281270 |
| Pharmaceuticals - 0.3% |  |  |
| Pharvaris NV (b) | 759471 | 20543690 |
| TOTAL HEALTH CARE |  | 42824960 |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| BE Semiconductor Industries NV  | 86090 | 16786696 |
| TOTAL NETHERLANDS |  | 59611656 |
| TAIWAN - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Silicon Motion Technology Corp ADR  | 174558 | 20760183 |
| THAILAND - 1.5%  |  |  |
| Information Technology - 1.5% |  |  |
| Electronic Equipment, Instruments & Components - 1.5% |  |  |
| Fabrinet (b) | 239362 | 117153337 |
| UNITED KINGDOM - 1.2%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Leisure Products - 0.3% |  |  |
| Games Workshop Group PLC  | 112716 | 26297057 |
| Energy - 0.8% |  |  |
| Energy Equipment & Services - 0.8% |  |  |
| Subsea 7 SA  | 160800 | 4100772 |
| TechnipFMC PLC  | 971540 | 54134209 |
| TOTAL ENERGY |  | 58234981 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Starling Bank Ltd (e)(f) | 1942800 | 5981468 |
| TOTAL UNITED KINGDOM |  | 90513506 |
| UNITED STATES - 90.9%  |  |  |
| Communication Services - 1.1% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Globalstar Inc (b) | 329780 | 20321044 |
| Entertainment - 0.5% |  |  |
| IMAX Corp (b) | 1087126 | 37951569 |
| Interactive Media & Services - 0.1% |  |  |
| ZoomInfo Technologies Inc (b) | 886856 | 7139191 |
| Media - 0.2% |  |  |
| MNTN Inc Class A (b)(d) | 1882686 | 17320711 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Gogo Inc (b)(d) | 1314496 | 6033536 |
| TOTAL COMMUNICATION SERVICES |  | 88766051 |
| Consumer Discretionary - 9.3% |  |  |
| Automobile Components - 0.4% |  |  |
| LCI Industries  | 24069 | 3530682 |
| Patrick Industries Inc  | 255090 | 32184705 |
|  |  | 35715387 |
| Broadline Retail - 0.2% |  |  |
| Etsy Inc (b) | 265200 | 14044992 |
| Savers Value Village Inc (b)(d) | 607610 | 6294839 |
|  |  | 20339831 |
| Diversified Consumer Services - 1.9% |  |  |
| Adtalem Global Education Inc (b) | 358389 | 37111181 |
| Duolingo Inc Class A (b) | 172360 | 23106582 |
| Frontdoor Inc (b) | 697380 | 41222132 |
| Grand Canyon Education Inc (b) | 181999 | 31638706 |
| Stride Inc (b) | 97390 | 8239194 |
| Universal Technical Institute Inc (b) | 136729 | 3805168 |
|  |  | 145122963 |
| Hotels, Restaurants & Leisure - 3.2% |  |  |
| Black Rock Coffee Bar Inc Class A (d) | 716530 | 10683462 |
| Brinker International Inc (b) | 163498 | 25786905 |
| Cava Group Inc (b)(d) | 247296 | 14991084 |
| Cheesecake Factory Inc/The (d) | 710428 | 41176407 |
| Dutch Bros Inc Class A (b) | 362136 | 19696577 |
| First Watch Restaurant Group Inc (b) | 1182590 | 18909614 |
| Kura Sushi USA Inc Class A (b)(d) | 311686 | 20823742 |
| Lindblad Expeditions Holdings Inc (b) | 757925 | 12634610 |
| Pursuit Attractions and Hospitality Inc (b) | 298438 | 10364752 |
| Red Rock Resorts Inc Class A  | 499873 | 31556982 |
| Shake Shack Inc Class A (b) | 126720 | 11223590 |
| Sportradar Holding AG Class A (b) | 855039 | 15484756 |
| Travel + Leisure Co  | 216150 | 15031071 |
|  |  | 248363552 |
| Household Durables - 0.5% |  |  |
| Champion Homes Inc (b) | 222404 | 17432026 |
| Somnigroup International Inc  | 284444 | 24988405 |
|  |  | 42420431 |
| Specialty Retail - 3.1% |  |  |
| Boot Barn Holdings Inc (b) | 287387 | 51292832 |
| Chewy Inc Class A (b) | 502833 | 14637469 |
| Fanatics Inc Class A (b)(e)(f) | 726062 | 58084960 |
| Group 1 Automotive Inc  | 13939 | 4938030 |
| RealReal Inc/The (b) | 2300410 | 33747015 |
| ThredUp Inc Class A (b) | 779281 | 3958747 |
| Urban Outfitters Inc (b) | 503314 | 35659797 |
| Warby Parker Inc Class A (b) | 1454973 | 37116361 |
|  |  | 239435211 |
| TOTAL CONSUMER DISCRETIONARY |  | 731397375 |
| Consumer Staples - 1.7% |  |  |
| Beverages - 0.9% |  |  |
| Vita Coco Co Inc/The (b) | 1215161 | 64828839 |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Sprouts Farmers Market Inc (b) | 191940 | 13610465 |
| US Foods Holding Corp (b) | 258165 | 21587758 |
|  |  | 35198223 |
| Tobacco - 0.4% |  |  |
| Turning Point Brands Inc  | 263878 | 31968820 |
| TOTAL CONSUMER STAPLES |  | 131995882 |
| Energy - 1.5% |  |  |
| Energy Equipment & Services - 1.0% |  |  |
| Cactus Inc Class A  | 707967 | 39808984 |
| WaterBridge Infrastructure LLC Class A  | 644070 | 14130896 |
| Weatherford International PLC  | 284046 | 26723048 |
|  |  | 80662928 |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Antero Resources Corp (b) | 661925 | 24074213 |
| Centrus Energy Corp Class A (b)(d) | 53766 | 14962002 |
|  |  | 39036215 |
| TOTAL ENERGY |  | 119699143 |
| Financials - 7.3% |  |  |
| Banks - 1.6% |  |  |
| Axos Financial Inc (b) | 51600 | 5107883 |
| Central BanCo Inc  | 483000 | 11640300 |
| East West Bancorp Inc  | 234261 | 26808829 |
| Eastern Bankshares Inc  | 1142921 | 23412737 |
| First Bancorp/Southern Pines NC  | 464206 | 26891454 |
| Hancock Whitney Corp  | 236332 | 16259642 |
| Pinnacle Financial Partners Inc  | 161780 | 15383660 |
|  |  | 125504505 |
| Capital Markets - 2.2% |  |  |
| Houlihan Lokey Inc Class A  | 134186 | 22586188 |
| P10 Inc Class A  | 2007536 | 21641238 |
| Perella Weinberg Partners (f) | 2039500 | 45501245 |
| Perella Weinberg Partners Class A  | 503827 | 11240380 |
| Piper Sandler Cos  | 44627 | 15456561 |
| PJT Partners Inc Class A  | 159140 | 27535994 |
| StepStone Group Inc rights 12/31/2038 (b)(e) | 31066 | 2130196 |
| Wealthfront Corp (b) | 1462260 | 12692417 |
| WisdomTree Inc  | 879958 | 14255320 |
|  |  | 173039539 |
| Consumer Finance - 1.9% |  |  |
| Enova International Inc (b) | 263430 | 43510733 |
| EZCORP Inc Class A (b) | 1227640 | 26332878 |
| Figure Technology Solutions Inc Class A (d) | 119600 | 6802848 |
| FirstCash Holdings Inc  | 354012 | 60359046 |
| LendingClub Corp (b) | 570700 | 9650537 |
|  |  | 146656042 |
| Financial Services - 0.3% |  |  |
| HA Sustainable Infrastructure Capital Inc  | 667110 | 22955255 |
| Insurance - 1.3% |  |  |
| Baldwin Insurance Group Inc/The Class A (b) | 533907 | 11703241 |
| Lemonade Inc (b)(d) | 300820 | 26090119 |
| Oscar Health Inc Class A (b) | 1164380 | 16708853 |
| Stewart Information Services Corp  | 383596 | 25865878 |
| Trupanion Inc (b) | 760431 | 24326188 |
|  |  | 104694279 |
| TOTAL FINANCIALS |  | 572849620 |
| Health Care - 27.4% |  |  |
| Biotechnology - 13.8% |  |  |
| Apogee Therapeutics Inc (b) | 297975 | 19520342 |
| Arcellx Inc (b)(d) | 343693 | 23477669 |
| ArriVent Biopharma Inc (b) | 298740 | 6718663 |
| Arrowhead Pharmaceuticals Inc (b) | 153340 | 10631062 |
| Blueprint Medicines Corp rights (b)(e) | 124518 | 0 |
| Bridgebio Pharma Inc (b) | 673269 | 52023496 |
| Caris Life Sciences Inc (b) | 1124760 | 26049442 |
| Celldex Therapeutics Inc (b) | 473857 | 11656882 |
| Centessa Pharmaceuticals PLC ADR (b) | 525560 | 12913009 |
| CG oncology Inc (b)(d) | 909861 | 47358265 |
| Cogent Biosciences Inc (b) | 2509157 | 90103828 |
| Crescent Biopharma Inc (b)(f) | 518531 | 4972711 |
| Cytokinetics Inc (b) | 561677 | 35492370 |
| CytomX Therapeutics Inc (b) | 3283170 | 18681237 |
| Dianthus Therapeutics Inc (b)(d) | 445439 | 23781988 |
| Disc Medicine Inc (b) | 398364 | 30801504 |
| Inovio Pharmaceuticals Inc (b)(d)(g) | 5980194 | 9747716 |
| Insmed Inc (b) | 91414 | 14340114 |
| Jade Biosciences Inc  | 516015 | 8054994 |
| Janux Therapeutics Inc (b) | 679062 | 9309940 |
| Kiniksa Pharmaceuticals International Plc Class A (b) | 581262 | 25529027 |
| Kymera Therapeutics Inc (b) | 316053 | 22973893 |
| Madrigal Pharmaceuticals Inc (b) | 71182 | 34830064 |
| Mineralys Therapeutics Inc (b) | 378758 | 11699835 |
| Mirum Pharmaceuticals Inc (b)(d) | 358290 | 36982694 |
| Moderna Inc (b) | 308710 | 13604850 |
| Nurix Therapeutics Inc (b) | 948302 | 15665949 |
| Nuvalent Inc Class A (b) | 517504 | 53245987 |
| Olema Pharmaceuticals Inc (b) | 388100 | 9981932 |
| Oruka Therapeutics Inc (b) | 553410 | 18943224 |
| Oruka Therapeutics Inc (b)(f) | 132308 | 4528903 |
| Palvella Therapeutics Inc (b) | 154240 | 11828666 |
| Praxis Precision Medicines Inc (b) | 112000 | 35168000 |
| Precigen Inc (b)(d) | 2361153 | 10601577 |
| Rhythm Pharmaceuticals Inc (b) | 410088 | 42042222 |
| Scholar Rock Holding Corp (b) | 54959 | 2436881 |
| Soleno Therapeutics Inc (b) | 652511 | 25160824 |
| Spyre Therapeutics Inc (b) | 766820 | 24522904 |
| Stoke Therapeutics Inc (b) | 520825 | 15801831 |
| Travere Therapeutics Inc (b) | 904040 | 28106604 |
| Upstream Bio Inc (b) | 1371372 | 42622242 |
| Veracyte Inc (b) | 918040 | 34958963 |
| Vericel Corp (b) | 506688 | 18230634 |
| Viking Therapeutics Inc (b)(d) | 216331 | 6282252 |
| Viridian Therapeutics Inc (b) | 1268990 | 41876670 |
| X4 Pharmaceuticals Inc (b) | 3386200 | 12528940 |
| Zenas Biopharma Inc (b) | 675111 | 12401789 |
| Zenas Biopharma Inc (f) | 160245 | 2943701 |
| Zymeworks Inc (b) | 369100 | 8315823 |
|  |  | 1079452113 |
| Health Care Equipment & Supplies - 2.9% |  |  |
| Artivion Inc (b) | 532577 | 21713164 |
| Ceribell Inc (b) | 1335885 | 27532590 |
| Integer Holdings Corp (b) | 166392 | 14452809 |
| iRhythm Technologies Inc (b) | 79354 | 12260987 |
| LivaNova PLC (b) | 192220 | 12630776 |
| Masimo Corp (b) | 164754 | 22625667 |
| Neogen Corp (b) | 1220968 | 12478293 |
| NeuroPace Inc (b) | 370634 | 5607692 |
| Penumbra Inc (b) | 2638 | 944852 |
| PROCEPT BioRobotics Corp (b)(d) | 274321 | 7944336 |
| Shoulder Innovations Inc (h) | 661617 | 9368497 |
| Shoulder Innovations Inc  | 116000 | 1642560 |
| TransMedics Group Inc (b)(d) | 572950 | 76760977 |
|  |  | 225963200 |
| Health Care Providers & Services - 6.1% |  |  |
| Alignment Healthcare Inc (b) | 1873477 | 42209437 |
| BrightSpring Health Services Inc (b) | 2611217 | 102542492 |
| Ensign Group Inc/The  | 449817 | 77215586 |
| GeneDx Holdings Corp Class A (b) | 241680 | 23264117 |
| Guardant Health Inc (b) | 578380 | 65958455 |
| HealthEquity Inc (b) | 402464 | 34479091 |
| LifeStance Health Group Inc (b) | 5464919 | 38636977 |
| Privia Health Group Inc (b) | 1509439 | 35049174 |
| Progyny Inc (b) | 1586779 | 37876415 |
| RadNet Inc (b) | 142670 | 10001167 |
| Surgery Partners Inc (b) | 655065 | 9734265 |
|  |  | 476967176 |
| Health Care Technology - 0.4% |  |  |
| Waystar Holding Corp (b) | 1074280 | 28532877 |
| Wugen Inc warrants 8/22/2035 (b)(e)(f) | 92226 | 159551 |
|  |  | 28692428 |
| Life Sciences Tools & Services - 0.7% |  |  |
| BioLife Solutions Inc (b)(d) | 582890 | 12707002 |
| Charles River Laboratories International Inc (b) | 122551 | 25794534 |
| Veterinary Emergency Group (b)(e)(f)(i) | 190561 | 18745486 |
|  |  | 57247022 |
| Pharmaceuticals - 3.5% |  |  |
| Amylyx Pharmaceuticals Inc (b) | 2115961 | 30237083 |
| Axsome Therapeutics Inc (b) | 325655 | 60001935 |
| Crinetics Pharmaceuticals Inc (b) | 938892 | 46888267 |
| Definium Therapeutics Inc (b)(d) | 817400 | 13797712 |
| Enliven Therapeutics Inc (b)(d) | 1072854 | 28376988 |
| Enliven Therapeutics Inc (b)(f) | 266907 | 7059690 |
| Liquidia Corp (b)(d) | 227529 | 9644954 |
| Ocular Therapeutix Inc (b) | 640446 | 5853676 |
| Structure Therapeutics Inc ADR (b) | 414389 | 36652707 |
| Trevi Therapeutics Inc (b) | 1290330 | 13509755 |
| WaVe Life Sciences Ltd (b) | 1879860 | 24325388 |
|  |  | 276348155 |
| TOTAL HEALTH CARE |  | 2144670094 |
| Industrials - 25.4% |  |  |
| Aerospace & Defense - 6.9% |  |  |
| AeroVironment Inc (b)(d) | 95900 | 26697601 |
| ATI Inc (b) | 483503 | 58165411 |
| Beta Technologies Inc (j) | 2706887 | 58198071 |
| Beta Technologies Inc Class A (b) | 90090 | 1936935 |
| BWX Technologies Inc  | 185095 | 38024066 |
| Cadre Holdings Inc  | 664770 | 26597448 |
| Carpenter Technology Corp  | 137438 | 43681920 |
| Karman Holdings Inc (b)(d) | 645172 | 66968854 |
| Kratos Defense & Security Solutions Inc (b) | 473590 | 48784506 |
| Leonardo DRS Inc  | 520842 | 21385772 |
| Mercury Systems Inc (b) | 350232 | 32879780 |
| Moog Inc Class A  | 99640 | 30425074 |
| V2X Inc (b) | 384273 | 26449510 |
| VSE Corp  | 87250 | 19070232 |
| Woodward Inc  | 138922 | 44154968 |
|  |  | 543420148 |
| Building Products - 1.5% |  |  |
| Armstrong World Industries Inc  | 85970 | 15796128 |
| AZZ Inc  | 343912 | 42744823 |
| Modine Manufacturing Co (b) | 40000 | 7386400 |
| Simpson Manufacturing Co Inc  | 43390 | 7670484 |
| Tecnoglass Inc  | 630331 | 30829489 |
| Zurn Elkay Water Solutions Corp  | 238800 | 11011068 |
|  |  | 115438392 |
| Commercial Services & Supplies - 0.6% |  |  |
| HNI Corp  | 514668 | 24595984 |
| Montrose Environmental Group Inc (b) | 182472 | 4065476 |
| OPENLANE Inc (b) | 575617 | 17291535 |
|  |  | 45952995 |
| Construction & Engineering - 3.7% |  |  |
| Cardinal Infrastructure Group Inc Class A  | 444434 | 11195292 |
| Construction Partners Inc Class A (b) | 415142 | 45615803 |
| Dycom Industries Inc (b) | 125386 | 45689405 |
| Granite Construction Inc  | 268079 | 32367858 |
| IES Holdings Inc (b) | 100223 | 38113805 |
| Legence Corp Class A  | 553160 | 25948736 |
| Limbach Holdings Inc (b) | 101890 | 8760501 |
| Primoris Services Corp  | 149110 | 22105558 |
| Sterling Infrastructure Inc (b) | 170277 | 60943841 |
|  |  | 290740799 |
| Electrical Equipment - 4.4% |  |  |
| Acuity Inc  | 75948 | 23486160 |
| Bloom Energy Corp Class A (b) | 1167911 | 176786688 |
| Fluence Energy Inc Class A (b)(d) | 473550 | 14571134 |
| Nextpower Inc Class A (b) | 1015773 | 118936861 |
| Preformed Line Products Co  | 35540 | 8918407 |
| Shoals Technologies Group Inc (b) | 509400 | 4808735 |
|  |  | 347507985 |
| Machinery - 3.8% |  |  |
| Atmus Filtration Technologies Inc  | 691110 | 40063647 |
| Blue Bird Corp (b) | 386300 | 19434753 |
| Federal Signal Corp  | 206969 | 22371279 |
| ITT Inc  | 176978 | 32263089 |
| JBT Marel Corp  | 305510 | 48059779 |
| Mueller Industries Inc  | 211120 | 28741877 |
| Oshkosh Corp  | 104980 | 15098224 |
| RBC Bearings Inc (b) | 73244 | 36597829 |
| REV Group Inc  | 621338 | 39703498 |
| SPX Technologies Inc (b) | 70420 | 14676232 |
|  |  | 297010207 |
| Passenger Airlines - 0.2% |  |  |
| Joby Aviation Inc Class A (b)(d) | 1169000 | 12356329 |
| Professional Services - 3.2% |  |  |
| CACI International Inc (b) | 67724 | 42028160 |
| CRA International Inc  | 36040 | 6809398 |
| FTI Consulting Inc (b) | 140517 | 24544104 |
| Huron Consulting Group Inc (b) | 395060 | 66765140 |
| Parsons Corp (b) | 298630 | 20922018 |
| Planet Labs PBC Class A (b)(d) | 1397050 | 34884339 |
| UL Solutions Inc Class A  | 221645 | 15566128 |
| Upwork Inc (b)(d) | 1889600 | 37848688 |
|  |  | 249367975 |
| Trading Companies & Distributors - 1.1% |  |  |
| DXP Enterprises Inc/TX (b) | 93951 | 12218328 |
| Herc Holdings Inc  | 78110 | 11196287 |
| Xometry Inc Class A (b)(d) | 1151429 | 65781139 |
|  |  | 89195754 |
| TOTAL INDUSTRIALS |  | 1990990584 |
| Information Technology - 13.3% |  |  |
| Communications Equipment - 0.6% |  |  |
| Lumentum Holdings Inc (b) | 73461 | 28784958 |
| Viavi Solutions Inc (b) | 580660 | 14202944 |
| Vistance Networks Inc (b) | 390500 | 7029000 |
|  |  | 50016902 |
| Electronic Equipment, Instruments & Components - 4.3% |  |  |
| Advanced Energy Industries Inc  | 308002 | 78651391 |
| Belden Inc  | 193093 | 22690358 |
| Evolv Technologies Holdings Inc Class A (b) | 1064696 | 6590468 |
| Mirion Technologies Inc Class A (b) | 1538971 | 38228040 |
| OSI Systems Inc (b)(d) | 329098 | 82320574 |
| Sanmina Corp (b) | 255778 | 36238627 |
| TD SYNNEX Corp  | 159477 | 25304216 |
| TTM Technologies Inc (b) | 288791 | 28359276 |
| Vontier Corp  | 564044 | 21151650 |
|  |  | 339534600 |
| Semiconductors & Semiconductor Equipment - 4.8% |  |  |
| Aehr Test Systems (b)(d) | 1454511 | 37293662 |
| Credo Technology Group Holding Ltd (b) | 649162 | 81327015 |
| Impinj Inc (b) | 130615 | 18037932 |
| Kopin Corp (b)(d) | 1513533 | 3859508 |
| MACOM Technology Solutions Holdings Inc (b) | 381379 | 83544884 |
| Onto Innovation Inc (b) | 101840 | 20576772 |
| Rambus Inc (b) | 267717 | 30474226 |
| Rigetti Computing Inc Class A (b)(d) | 382870 | 6956748 |
| SiTime Corp (b) | 157779 | 57291133 |
| Veeco Instruments Inc (b) | 1115873 | 34848714 |
|  |  | 374210594 |
| Software - 3.3% |  |  |
| Algolia Inc (b)(e)(f) | 234640 | 3693234 |
| Alkami Technology Inc (b)(d) | 764931 | 16208888 |
| Bitdeer Technologies Group Class A (b)(d) | 140485 | 1831924 |
| Clear Secure Inc Class A  | 192810 | 6289462 |
| Commvault Systems Inc (b) | 103307 | 8853410 |
| Intapp Inc (b) | 1118369 | 37968628 |
| InterDigital Inc (d) | 140728 | 45939248 |
| JFrog Ltd (b) | 273920 | 15010816 |
| Life360 Inc (b)(d) | 458025 | 26240252 |
| PAR Technology Corp (b)(d) | 484883 | 12708783 |
| Varonis Systems Inc (b) | 681830 | 20345807 |
| Workiva Inc Class A (b) | 503691 | 38794281 |
| Zeta Global Holdings Corp Class A (b)(d) | 1236703 | 22977942 |
|  |  | 256862675 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| IonQ Inc (b)(d) | 583385 | 23323732 |
| TOTAL INFORMATION TECHNOLOGY |  | 1043948503 |
| Materials - 1.8% |  |  |
| Chemicals - 0.5% |  |  |
| Element Solutions Inc  | 908305 | 26431676 |
| Minerals Technologies Inc  | 16742 | 1100953 |
| Sensient Technologies Corp  | 130080 | 12295162 |
|  |  | 39827791 |
| Metals & Mining - 1.0% |  |  |
| Coeur Mining Inc (b) | 1958600 | 40033784 |
| Ivanhoe Electric Inc / US (b) | 1291246 | 22067394 |
| USA Rare Earth Inc (f) | 574205 | 12873676 |
|  |  | 74974854 |
| Paper & Forest Products - 0.3% |  |  |
| Louisiana-Pacific Corp  | 302825 | 25358566 |
| TOTAL MATERIALS |  | 140161211 |
| Real Estate - 1.6% |  |  |
| Real Estate Management & Development - 1.6% |  |  |
| Compass Inc Class A (b) | 6008679 | 75228661 |
| Jones Lang LaSalle Inc (b) | 79850 | 28579114 |
| Landbridge Co LLC Class A (d) | 372248 | 21389370 |
| TOTAL REAL ESTATE |  | 125197145 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.3% |  |  |
| IDACORP Inc (d) | 170957 | 22701380 |
| Gas Utilities - 0.2% |  |  |
| UGI Corp  | 388220 | 15571503 |
| TOTAL UTILITIES |  | 38272883 |
| TOTAL UNITED STATES |  | 7127948491 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,639,623,640) |  | <br> **7767406184** |

---

---

| | | |
|:---|:---|:---|
| &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%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| Wugen Inc 0% 12/31/2199 (e)(f)(k)<br>(Cost $1,379,633)<br>| 1379633 | **1461307** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 1.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.0%** |
|  | Shares | Value ($)<br>|
| DENMARK - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Galecto Inc Series C  | 157 | 4118895 |
| FINLAND - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Health Care Technology - 0.2% |  |  |
| Oura Health Oy Series E (e)(f) | 249257 | 13352697 |
| UNITED STATES - 0.8%  |  |  |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| Bright Peak Therapeutics Inc. Series B (b)(e)(f) | 1079522 | 1932344 |
| Bright Peak Therapeutics Inc. Series C (b)(e)(f) | 2205558 | 2712837 |
| Endeavor BioMedicines Inc Series C (b)(e)(f) | 556156 | 3626137 |
| LifeMine Therapeutics Inc Series C (b)(e)(f) | 2048403 | 2417116 |
| Parabilis Medicines Inc Series F (e)(f) | 492000 | 3030720 |
| Sonoma Biotherapeutics Inc Series B (b)(e)(f) | 2370360 | 7111080 |
| Sonoma Biotherapeutics Inc Series B1 (b)(e)(f) | 1264171 | 4260256 |
| T-Knife Therapeutics Inc Series B (b)(e)(f) | 1097257 | 757107 |
| Treeline Biosciences Series A (b)(e)(f) | 115000 | 970600 |
|  |  | 26818197 |
| Health Care Technology - 0.0% |  |  |
| Wugen Inc Series B (b)(e)(f) | 326496 | 519129 |
| Wugen Inc Series C (e)(f) | 1268600 | 2194678 |
|  |  | 2713807 |
| TOTAL HEALTH CARE |  | 29532004 |
| Information Technology - 0.4% |  |  |
| Communications Equipment - 0.3% |  |  |
| Astranis Space Technologies Corp Series C (b)(e)(f) | 557717 | 11723212 |
| Astranis Space Technologies Corp Series C (b)(e)(f) | 87241 | 1833806 |
| Astranis Space Technologies Corp Series D (b)(e)(f) | 620825 | 9914575 |
|  |  | 23471593 |
| IT Services - 0.0% |  |  |
| Yanka Industries Inc Series E (b)(e)(f) | 869641 | 1356640 |
| Yanka Industries Inc Series F (b)(e)(f) | 127716 | 335893 |
|  |  | 1692533 |
| Software - 0.1% |  |  |
| Algolia Inc Series D (b)(e)(f) | 53800 | 846812 |
| Lyte Ai Inc Series B (b)(e)(f) | 97800 | 1027878 |
| Skyryse Inc Series B (b)(e)(f) | 62100 | 1623915 |
| Skyryse Inc Series C (e)(f) | 226900 | 6130838 |
|  |  | 9629443 |
| TOTAL INFORMATION TECHNOLOGY |  | 34793569 |
| TOTAL UNITED STATES |  | 64325573 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $97,466,540) |  | <br> **81797165** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.4%** | &nbsp;&nbsp;**Money Market Funds - 5.4%** | &nbsp;&nbsp;**Money Market Funds - 5.4%** | &nbsp;&nbsp;**Money Market Funds - 5.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (l) | 3.70 | 2324107 | 2324571 |
| Fidelity Securities Lending Cash Central Fund (l)(m) | 3.70 | 421653553 | 421695719 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $424,020,290) |  |  | **424020290** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 105.5%**<br> (Cost $6,162,490,103)<br>| <br>**8274684946** |
| **NET OTHER ASSETS (LIABILITIES) - (5.5)%**  | **(433597697)** |
| **NET ASSETS - 100.0%** | **7841087249** |

---

**Legend**

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

(b) Non-income producing.

(c) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $20,809,000 or 0.3% of net assets.

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

(e) Level 3 security.

(f) 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 $243,684,202 or 3.1% of net assets.

(g) Affiliated company.

(h) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $9,368,497 or 0.1% of net assets.

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

(j) 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 $58,198,071 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

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

(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>|
| Algolia Inc | 10/27/2021 | 6862059 |
| Algolia Inc Series D | 7/23/2021 | 1573384 |
| Astranis Space Technologies Corp Series C | 3/19/2021 | 12225676 |
| Astranis Space Technologies Corp Series C | 4/5/2023 | 1912404 |
| Astranis Space Technologies Corp Series D | 4/25/2024 - 12/6/2024 | 5799996 |
| Bright Peak Therapeutics Inc. Series B | 5/14/2021 | 4216613 |
| Bright Peak Therapeutics Inc. Series C | 5/7/2024 | 2500000 |
| Crescent Biopharma Inc | 10/28/2024 - 12/4/2025 | 6932525 |
| Endeavor BioMedicines Inc Series C | 4/22/2024 | 3628695 |
| Enliven Therapeutics Inc | 3/19/2024 | 3736698 |
| Fanatics Inc Class A | 8/13/2020 - 3/22/2021 | 12874623 |
| LifeMine Therapeutics Inc Series C | 2/15/2022 | 4171757 |
| Lyte Ai Inc Series B | 8/13/2024 | 1240700 |
| Oruka Therapeutics Inc | 9/17/2025 | 1984620 |
| Oura Health Oy Series E | 9/24/2025 | 13352697 |
| Parabilis Medicines Inc Series F | 1/6/2026 | 3032885 |
| Perella Weinberg Partners | 12/29/2020 | 20395000 |
| Skyryse Inc Series B | 10/21/2021 | 1532626 |
| Skyryse Inc Series C | 9/16/2025 - 11/21/2025 | 6131791 |
| Sonoma Biotherapeutics Inc Series B | 7/26/2021 | 4684542 |
| Sonoma Biotherapeutics Inc Series B1 | 7/26/2021 | 3747635 |
| Starling Bank Ltd | 6/18/2021 - 4/5/2022 | 3728430 |
| T-Knife Therapeutics Inc Series B | 6/30/2021 | 6329856 |
| Treeline Biosciences Series A | 7/30/2021 | 900163 |
| Tubulis GmbH | 12/11/2025 | 3495429 |
| USA Rare Earth Inc | 1/26/2026 | 12345407 |
| Veterinary Emergency Group | 9/16/2021 - 3/17/2022 | 9329011 |
| Wugen Inc 0% 12/31/2199 | 6/14/2024 | 1379633 |
| Wugen Inc Series B | 7/9/2021 | 2531944 |
| Wugen Inc Series C | 8/22/2025 | 2249088 |
| Wugen Inc warrants 8/22/2035 | 8/22/2025 | 0 |
| Yanka Industries Inc Series E | 5/15/2020 | 10504568 |
| Yanka Industries Inc Series F | 4/8/2021 | 4071177 |
| Zenas Biopharma Inc | 10/8/2025 | 3044655 |

---

---

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

---

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 44848011 | 882325032 | 924850461 | 725943 | 1989 | - | 2324571 | 2324107 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 485601517 | 1079226261 | 1143133032 | 971399 | 973 | - | 421695719 | 421653553 | 1.3% |
| Total | 530449528 | 1961551293 | 2067983493 | 1697342 | 2962 | - | 424020290 |  |  |

---

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  |
| Aehr Test Systems | 15166415 | 23409528 | 8996260 | - | (862520) | 8576499 | - | - |
| Inovio Pharmaceuticals Inc | - | 11362369 | - | - | - | (1614653) | 9747716 | 5980194 |
| Total | 15166415 | 34771897 | 8996260 | - | (862520) | 6961846 | 9747716 |  |

---

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 January 31, 2026, 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 | 88766051 | 88766051 | - | - |
| Consumer Discretionary | 811604642 | 753519682 | - | 58084960 |
| Consumer Staples | 131995882 | 131995882 | - | - |
| Energy | 197474446 | 197474446 | - | - |
| Financials | 594202686 | 586091022 | - | 8111664 |
| Health Care | 2210663924 | 2188230977 | - | 22432947 |
| Industrials | 2082890555 | 2082890555 | - | - |
| Information Technology | 1321033123 | 1317339889 | - | 3693234 |
| Materials | 165304847 | 165304847 | - | - |
| Real Estate | 125197145 | 125197145 | - | - |
| Utilities | 38272883 | 38272883 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Health Care | 1461307 | - | - | 1461307 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 47003596 | 4118895 | - | 42884701 |
| Information Technology | 34793569 | - | - | 34793569 |
|  **Money Market Funds** | 424020290 | 424020290 | - | - |
| **Total Investments in Securities:** | 8274684946 | 8103222564 | - | 171462382 |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2026 ($)** |
| **Common Stocks** | 72725157 | 21923 | 16085368 | 3512280 | (21923) | - | - | - | 92322805 | 16085368 |
| **Convertible Preferred Stocks** | 84851190 | - | (2780484) | 24766462 | (29158898) | - | - | - | 77678270 | 11713311 |
| **Convertible Corporate Bonds** | 1642177 | - | (180870) | - | - | - | - | - | 1461307 | (180870) |
| <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 January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $467,961,517) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,727,107,444) | $7840916940 |  |
| Fidelity Central Funds (cost $424,020,290) | 424020290 |  |
| Other affiliated issuers (cost $11,362,369) | 9747716 |  |
| Total Investment in Securities (cost $6,162,490,103) |  | $8274684946 |
| Foreign currency held at value (cost $374) |  | 375 |
| Receivable for investments sold |  | 40831116 |
| Receivable for fund shares sold |  | 2272772 |
| Dividends receivable |  | 270071 |
| Interest receivable |  | 163774 |
| Distributions receivable from Fidelity Central Funds |  | 157802 |
| Prepaid expenses |  | 4894 |
| **Total assets** |  | 8318385750 |
| **Liabilities** |  |  |
| Payable to custodian bank | $2324170 |  |
| Payable for investments purchased  | 39993146 |  |
| Payable for fund shares redeemed | 6236631 |  |
| Accrued management fee | 5508404 |  |
| Distribution and service plan fees payable | 157481 |  |
| Notes payable to affiliates | 1254000 |  |
| Other payables and accrued expenses | 140872 |  |
| Collateral on securities loaned | 421683797 |  |
| **Total liabilities** |  | 477298501 |
| **Net Assets**  |  | $7841087249 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5581108727 |
| Total accumulated earnings (loss) |  | 2259978522 |
| **Net Assets** |  | $7841087249 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($407,412,956 ÷ 12,201,439 shares)(a) |  | $33.39 |
| Maximum offering price per share (100/94.25 of $33.39) |  | $35.43 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($96,417,262 ÷ 3,095,207 shares)(a) |  | $31.15 |
| Maximum offering price per share (100/96.50 of $31.15) |  | $32.28 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($33,699,689 ÷ 1,285,815 shares)(a) |  | $26.21 |
| **Small Cap Growth :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,069,479,572 ÷ 84,495,328 shares) |  | $36.33 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,087,245,522 ÷ 29,852,692 shares) |  | $36.42 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,146,832,248 ÷ 85,573,411 shares) |  | $36.77 |
| *(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.* |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $10645929 |
| Interest  |  | 28308 |
| Income from Fidelity Central Funds (including $971,399 from security lending)  |  | 1697342 |
| **Total income** |  | 12371579 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $27552077 |  |
| Performance adjustment | 3583434 |  |
| Distribution and service plan fees | 920576 |  |
| Custodian fees and expenses | 7494 |  |
| Independent trustees' fees and expenses | 15161 |  |
| Registration fees | 175232 |  |
| Audit fees | 37680 |  |
| Legal | 9214 |  |
| Interest | 41690 |  |
| Miscellaneous | 12289 |  |
| **Total expenses** |  | 32354847 |
| **Net Investment income (loss)** |  | (19983268) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 398898984 |  |
| Fidelity Central Funds | 2962 |  |
| Other affiliated issuers | (862520) |  |
| Foreign currency transactions | 37738 |  |
| Total net realized gain (loss) |  | 398077164 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 689320053 |  |
| Affiliated issuers  | 6961847 |  |
| Assets and liabilities in foreign currencies | 12318 |  |
| Total change in net unrealized appreciation (depreciation) |  | 696294218 |
| **Net gain (loss)** |  | 1094371382 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1074388114 |

---

---

| | | |
|:---|:---|:---|
| **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> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(19983268) | $(34578644) |
| &nbsp;&nbsp;Net realized gain (loss) | 398077164<br>| 417157356<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 696294218 | (184544532)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1074388114<br>| 198034180<br>|
| Distributions to shareholders | (476366977)<br>| (107192580)<br>|
| Share transactions - net increase (decrease) | 16492028<br>| (353846785)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 614513165<br>| (263005185)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 7226574084 | 7489579269<br>|
| &nbsp;&nbsp;End of period | $7841087249 | $7226574084 |

---

**Consolidated Financial Highlights** 

**Fidelity Advisor® Small Cap Growth Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $31.07 | $30.63 | $25.34 | $23.12 | $34.89 | $26.64 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.13)  | (.23)  | (.19)  | (.17)  | (.17)  | (.26) C |
| Net realized and unrealized gain (loss)  | 4.68  | 1.04  | 5.48  | 2.39  | (5.58)  | 11.27  |
| Total from investment operations  | 4.55  | .81  | 5.29  | 2.22  | (5.75)  | 11.01  |
| Distributions from net investment income  | -  | (.23)  | -  | -  | -  | -  |
| Distributions from net realized gain  | (2.23)  | (.14)  | -  | -  | (6.02)  | (2.76)  |
| Total distributions  | (2.23)  | (.37)  | -  | -  | (6.02)  | (2.76)  |
| Net asset value, end of period  | $33.39 | $31.07 | $30.63 | $25.34 | $23.12 | $34.89 |
| **Total Return** D,E,F | 15.13% <br>| 2.69%  | 20.88%  | 9.60%  | (20.62)%  | 44.21%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.13% I | 1.17%  | 1.27%  | 1.32%  | 1.29%  | 1.29%  |
| Expenses net of fee waivers, if any  | 1.13% I<br>| 1.17%  | 1.26%  | 1.32%  | 1.29%  | 1.29%  |
| Expenses net of all reductions, if any  | 1.13% I | 1.17%  | 1.26%  | 1.32%  | 1.29%  | 1.28%  |
| Net investment income (loss)  | (.81)% I | (.75)%  | (.71)%  | (.71)%  | (.61)%  | (.82)% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $407413 | $372911 | $388894 | $295801 | $287905 | $387793 |
| Portfolio turnover rate J | 89% I<br>| 77% K | 84% K | 75% K | 79% K | 107%  |

---

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 $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.91)%.*

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 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*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® Small Cap Growth Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $29.16 | $28.78 | $23.87 | $21.83 | $33.27 | $25.56 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.16)  | (.28)  | (.24)  | (.21)  | (.22)  | (.33) C |
| Net realized and unrealized gain (loss)  | 4.38  | .97  | 5.15  | 2.25  | (5.28)  | 10.77  |
| Total from investment operations  | 4.22  | .69  | 4.91  | 2.04  | (5.50)  | 10.44  |
| Distributions from net investment income  | -  | (.17)  | -  | -  | -  | -  |
| Distributions from net realized gain  | (2.23)  | (.14)  | -  | -  | (5.94)  | (2.73)  |
| Total distributions  | (2.23)  | (.31)  | -  | -  | (5.94)  | (2.73)  |
| Net asset value, end of period  | $31.15 | $29.16 | $28.78 | $23.87 | $21.83 | $33.27 |
| **Total Return** D,E,F | 14.98% <br>| 2.44%  | 20.57%  | 9.34%  | (20.85)%  | 43.82%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.38% I | 1.42%  | 1.52%  | 1.58%  | 1.54%  | 1.55%  |
| Expenses net of fee waivers, if any  | 1.38% I<br>| 1.42%  | 1.51%  | 1.57%  | 1.54%  | 1.55%  |
| Expenses net of all reductions, if any  | 1.38% I | 1.42%  | 1.51%  | 1.57%  | 1.54%  | 1.53%  |
| Net investment income (loss)  | (1.06)% I | (1.00)%  | (.97)%  | (.97)%  | (.86)%  | (1.08)% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $96417 | $96070 | $96688 | $76283 | $70182 | $98005 |
| Portfolio turnover rate J | 89% I<br>| 77% K | 84% K | 75% K | 79% K | 107%  |

---

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 $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.17)%.*

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 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*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® Small Cap Growth Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.92 | $24.67 | $20.56 | $18.90 | $29.58 | $23.07 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.20)  | (.37)  | (.31)  | (.28)  | (.31)  | (.43) C |
| Net realized and unrealized gain (loss)  | 3.72  | .84  | 4.42  | 1.94  | (4.54)  | 9.62  |
| Total from investment operations  | 3.52  | .47  | 4.11  | 1.66  | (4.85)  | 9.19  |
| Distributions from net investment income  | -  | (.08)  | -  | -  | -  | -  |
| Distributions from net realized gain  | (2.23)  | (.14)  | -  | -  | (5.83)  | (2.68)  |
| Total distributions  | (2.23)  | (.22)  | -  | -  | (5.83)  | (2.68)  |
| Net asset value, end of period  | $26.21 | $24.92 | $24.67 | $20.56 | $18.90 | $29.58 |
| **Total Return** D,E,F | 14.70% <br>| 1.91%  | 19.99%  | 8.78%  | (21.24)%  | 43.07%  |
| **Ratios to Average Net Assets** A,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.88% I | 1.92%  | 2.03%  | 2.08%  | 2.05%  | 2.06%  |
| Expenses net of fee waivers, if any  | 1.88% I<br>| 1.92%  | 2.02%  | 2.08%  | 2.05%  | 2.06%  |
| Expenses net of all reductions, if any  | 1.88% I | 1.92%  | 2.02%  | 2.08%  | 2.05%  | 2.05%  |
| Net investment income (loss)  | (1.56)% I | (1.50)%  | (1.47)%  | (1.48)%  | (1.37)%  | (1.59)% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $33700 | $37545 | $52767 | $51891 | $59768 | $88239 |
| Portfolio turnover rate J | 89% I<br>| 77% K | 84% K | 75% K | 79% K | 107%  |

---

A*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.*

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

C*Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.68)%.*

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 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*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® Small Cap Growth Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $33.57 | $33.06 | $27.27 | $24.81 | $37.02 | $28.07 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.09)  | (.15)  | (.12)  | (.11)  | (.10)  | (.18) C |
| Net realized and unrealized gain (loss)  | 5.08  | 1.12  | 5.91  | 2.57  | (6.00)  | 11.92  |
| Total from investment operations  | 4.99  | .97  | 5.79  | 2.46  | (6.10)  | 11.74  |
| Distributions from net investment income  | -  | (.32)  | -  | -  | -  | -  |
| Distributions from net realized gain  | (2.23)  | (.14)  | -  | -  | (6.11)  | (2.79)  |
| Total distributions  | (2.23)  | (.46)  | -  | -  | (6.11)  | (2.79)  |
| Net asset value, end of period  | $36.33 | $33.57 | $33.06 | $27.27 | $24.81 | $37.02 |
| **Total Return** D,E | 15.32% <br>| 2.97%  | 21.23%  | 9.92%  | (20.42)%  | 44.60%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .84% H | .88%  | .99%  | 1.05%  | 1.02%  | 1.00%  |
| Expenses net of fee waivers, if any  | .84% H<br>| .88%  | .98%  | 1.05%  | 1.01%  | 1.00%  |
| Expenses net of all reductions, if any  | .84% H | .88%  | .98%  | 1.05%  | 1.01%  | .99%  |
| Net investment income (loss)  | (.52)% H | (.46)%  | (.43)%  | (.44)%  | (.33)%  | (.53)% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3069480 | $2910591 | $3194599 | $2766171 | $2747002 | $4540695 |
| Portfolio turnover rate I | 89% H<br>| 77% J | 84% J | 75% J | 79% J | 107%  |

---

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 $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.62)%.*

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 Advisor® Small Cap Growth Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $33.66 | $33.16 | $27.36 | $24.90 | $37.13 | $28.15 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.10)  | (.16)  | (.13)  | (.11)  | (.10)  | (.19) C |
| Net realized and unrealized gain (loss)  | 5.09  | 1.12  | 5.93  | 2.57  | (6.03)  | 11.96  |
| Total from investment operations  | 4.99  | .96  | 5.80  | 2.46  | (6.13)  | 11.77  |
| Distributions from net investment income  | -  | (.32)  | -  | -  | -  | -  |
| Distributions from net realized gain  | (2.23)  | (.14)  | -  | -  | (6.10)  | (2.79)  |
| Total distributions  | (2.23)  | (.46)  | -  | -  | (6.10)  | (2.79)  |
| Net asset value, end of period  | $36.42 | $33.66 | $33.16 | $27.36 | $24.90 | $37.13 |
| **Total Return** D,E | 15.27% <br>| 2.92%  | 21.20%  | 9.88%  | (20.42)%  | 44.57%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .89% H | .92%  | 1.01%  | 1.07%  | 1.04%  | 1.04%  |
| Expenses net of fee waivers, if any  | .89% H<br>| .92%  | 1.01%  | 1.06%  | 1.03%  | 1.04%  |
| Expenses net of all reductions, if any  | .89% H | .92%  | 1.01%  | 1.06%  | 1.03%  | 1.03%  |
| Net investment income (loss)  | (.56)% H | (.50)%  | (.46)%  | (.46)%  | (.35)%  | (.57)% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1087246 | $1142932 | $1228751 | $660166 | $606422 | $775746 |
| Portfolio turnover rate I | 89% H<br>| 77% J | 84% J | 75% J | 79% J | 107%  |

---

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 $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.66)%.*

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 Advisor® Small Cap Growth Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $33.95 | $33.45 | $27.56 | $25.04 | $37.32 | $28.26 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.08)  | (.13)  | (.09)  | (.08)  | (.06)  | (.15) C |
| Net realized and unrealized gain (loss)  | 5.13  | 1.13  | 5.98  | 2.60  | (6.06)  | 12.01  |
| Total from investment operations  | 5.05  | 1.00  | 5.89  | 2.52  | (6.12)  | 11.86  |
| Distributions from net investment income  | -  | (.37)  | -  | -  | -  | -  |
| Distributions from net realized gain  | (2.23)  | (.14)  | -  | -  | (6.16)  | (2.80)  |
| Total distributions  | (2.23)  | (.50) D | -  | -  | (6.16)  | (2.80)  |
| Net asset value, end of period  | $36.77 | $33.95 | $33.45 | $27.56 | $25.04 | $37.32 |
| **Total Return** E,F | 15.32% <br>| 3.05%  | 21.37%  | 10.06%  | (20.33)%  | 44.75%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .77% I | .80%  | .88%  | .93%  | .90%  | .90%  |
| Expenses net of fee waivers, if any  | .77% I<br>| .80%  | .88%  | .92%  | .90%  | .90%  |
| Expenses net of all reductions, if any  | .77% I | .80%  | .88%  | .92%  | .90%  | .89%  |
| Net investment income (loss)  | (.45)% I | (.38)%  | (.33)%  | (.32)%  | (.22)%  | (.43)% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3146832 | $2666525 | $2527880 | $1637933 | $1465312 | $366620 |
| Portfolio turnover rate J | 89% I<br>| 77% K | 84% K | 75% K | 79% K | 107%  |

---

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 $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.52)%.*

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

For the period ended January 31, 2026

**1. Organization.**

Fidelity Small Cap Growth Fund (the Fund) is a fund of Fidelity Securities Fund (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, Small Cap Growth, 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. Effective the close of business on October 16, 2024, new positions in the Fund may no longer be opened 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 Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

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

---

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

---

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds 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 | $92322805  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 3.6 - 5.8 / 3.8 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI)  | 16.0 | Increase |
|  |  | Market approach  | Transaction price  | $1.77 - $360.11 / $344.60 | Increase |
|  |  | Recovery value  | Recovery value  | $0.00 | Increase |
|  |  | Black scholes  | Discount rate  | 3.6% | Increase |
|  |  |  | Volatility  | 90.0% - 110.0% / 90.9% | Increase |
|  |  |  | Term | 2.0 - 3.0 / 2.0 | Increase |
|  |  | Discounted cash flow  | Discount rate | 7.9% - 9.7% / 8.8% | Decrease |
| Convertible Corporate Bonds | $1461307  | Market approach  | Transaction price | $100.00 | Increase |
|  |  | Black scholes  | Discount rate | 3.6% | Increase |
|  |  |  | Volatility | 110.0% | Increase |
|  |  |  | Term | 3.0 | Increase |
| Convertible Preferred Stocks | $77678270  | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.9 - 27.3 / 13.2 | Increase |
|  |  |  | Enterprise value/Gross profit multiple (EV/GP) | 11.9 | Increase |
|  |  | Market approach | Transaction price | $0.41 - $8.61 / $3.38 | Increase |
|  |  |  | Discount rate | 90.0% | Decrease |
|  |  |  | Premium rate | 10.0% - 20.0% / 17.0% | Increase |
|  |  | Black scholes | Discount rate | 3.6% - 3.7% / 3.7% | Increase |
|  |  |  | Volatility | 75.0% - 110.0% - 82.3% | Increase |
|  |  |  | Term | 2.5 - 3.0 / 2.9 | 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 January 31, 2026, 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.

**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.

**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 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, passive foreign investment companies (PFIC), redemptions in-kind 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** | $2481589020 |
| **Gross unrealized depreciation** | <u>(384385552)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$2097203468</u> |
| **Tax cost** | <u>$6177481478</u> |

---

The Fund elected to defer to its net fiscal year $47,836,699 of ordinary losses recognized during the period January 1, 2025 to July 31, 2025.

**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.

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

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

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Total Assets** |
| **Fidelity Small Cap Growth Fund** | 22273396 | .27 |

---

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.

**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 Small Cap Growth Fund** | 3362250888 | 3803461375 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Small Cap Growth Fund** | 1186205 | 16684 | 11603165 | 11619849 | 38462188 |

---

**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** | .85 |
| **Class M** | .85 |
| **Class C** | .86 |
| **Small Cap Growth** | .83 |
| **Class I** | .84 |
| **Class Z** | .70 |

---

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** | .78 |
| **Class M** | .78 |
| **Class C** | .78 |
| **Small Cap Growth** | .74 |
| **Class I** | .78 |
| **Class Z** | .67 |

---

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 Small Cap Growth Fund** | Russell 2000 Growth Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Small Cap Growth. 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 .09%.

**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 494898 | 3590 |
| **Class M** | .25% | .25% | 245355 | - |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp; <u>180323</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>8057</u> |
|  |  |  | <u>920576</u> | <u>11647</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** | 11380 |
| **Class M** | 878 |
| **Class C**A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>107</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>12365</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**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 Small Cap Growth Fund** | 135837 |

---

**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. Any open loans, including accrued interest, at period end are presented as Notes payable to affiliates in the Consolidated Statement of Assets and Liabilities. 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 Small Cap Growth Fund**  | Borrower | 13763280 | 4.38% | 41690 |

---

**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 Small Cap Growth Fund** | 150831113 | 185892632 | 20897412 |

---

**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 Small Cap Growth Fund** | 6075 |

---

**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 Small Cap Growth Fund** | 102450 | 28194 | - |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Small Cap Growth Fund** | 74486360 |

---

**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **January 31, 2026** | **Year ended**<br> **July 31, 2025** |
| **Fidelity Small Cap Growth Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $26652008 | $4738908 |
| Class M | 7103750 | 1065925 |
| Class C | 3118866 | 461614 |
| Small Cap Growth | 188258692 | 44545355 |
| Class I | 74653229 | 17551414 |
| Class Z | <u>176580432</u> | <u>38829364</u> |
| Total  | <u>$476366977</u> | <u>$107192580</u> |

---

**9. 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> **January 31, 2026**  | **Year ended**<br> **July 31, 2025** | **Six months ended** <br> **January 31, 2026**  | **Year ended**<br> **July 31, 2025** |
| **Fidelity Small Cap Growth Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 534255 | 1981455 | $17395689 | $60787958 |
| Reinvestment of distributions  | 804209 | 151411 | 25587125 | 4562868 |
| Shares redeemed | <u>(1140199)</u> | <u>(2824595)</u> | <u>(37080026)</u> | <u>(84448483)</u> |
| Net increase (decrease) | <u>198265</u> | <u>(691729)</u> | <u>$5902788</u> | <u>$(19097657)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 73412 | 460569 | $2229156 | $13300682 |
| Reinvestment of distributions  | 236903 | 36975 | 7039949 | 1046009 |
| Shares redeemed | <u>(510013)</u> | <u>(561684)</u> | <u>(15473425)</u> | <u>(15696523)</u> |
| Net increase (decrease) | <u>(199698)</u> | <u>(64140)</u> | <u>$(6204320)</u> | <u>$(1349832)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 27368 | 154315 | $699735 | $3787790 |
| Reinvestment of distributions  | 120733 | 18622 | 3031643 | 452132 |
| Shares redeemed | <u>(369000)</u> | <u>(804988)</u> | <u>(9451620)</u> | <u>(19772475)</u> |
| Net increase (decrease) | <u>(220899)</u> | <u>(632051)</u> | <u>$(5720242)</u> | <u>$(15532553)</u> |
| **Small Cap Growth** |  |  |  |  |
| Shares sold | 3547010 | 15673635 | $125971764 | $515613694 |
| Reinvestment of distributions  | 5008146 | 1257710 | 172956860 | 41060357 |
| Shares redeemed | <u>(10759387)</u> | <u>(26858637)</u> | <u>(377309898)</u> | <u>(870243915)</u> |
| Net increase (decrease) | <u>(2204231)</u> | <u>(9927292)</u> | <u>$(78381274)</u> | <u>$(313569864)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1947033 | 10484692 | $68792257 | $342358177 |
| Reinvestment of distributions  | 1372717 | 379133 | 47517846 | 12386974 |
| Shares redeemed | <u>(7423565)</u> | <u>(13965343)</u> | <u>(269383473)</u> | <u>(461678822)</u> |
| Net increase (decrease) | <u>(4103815)</u> | <u>(3101518)</u> | <u>$(153073370)</u> | <u>$(106933671)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 4648204 | 8421458 | $172932392 | $281900094 |
| Reinvestment of distributions  | 4871471 | 1124780 | 170338065 | 37160203 |
| Shares redeemed | <u>(2497780)</u> | <u>(6575335)</u> | <u>(89302011)</u> | <u>(216423505)</u> |
| Net increase (decrease) | <u>7021895</u> | <u>2970903</u> | <u>$253968446</u> | <u>$102636792</u> |

---

**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.

In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

---

| | |
|:---|:---|
|  | **Strategic Advisers Fidelity U.S. Total Stock Fund** |
| **Fidelity Small Cap Growth Fund** | 24% |

---

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| **Fidelity Small Cap Growth Fund** | 32% |

---

**11. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img125797_4.jpg)<br>

1.803700.121 SCP-SANN-0426

**Fidelity® Series Small Cap Opportunities Fund**

**Semi-Annual Report**

**January 31, 2026**

![](img125798_1.jpg)

![](img125798_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SMO-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Small Cap Opportunities Fund](#Sub_Sec_Fund_1799_SMO-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1799_SMO-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SMO-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SMO-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SMO-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SMO-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.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Series Small Cap Opportunities Fund**

**Schedule of Investments January 31, 2026 (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 - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Embraer SA ADR  | 172304 | 12657452 |
| CANADA - 4.1%  |  |  |
| Energy - 0.7% |  |  |
| Energy Equipment & Services - 0.5% |  |  |
| CES Energy Solutions Corp  | 2333014 | 24329893 |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Secure Waste Infrastructure Corp  | 630277 | 8132756 |
| TOTAL ENERGY |  | 32462649 |
| Financials - 0.6% |  |  |
| Capital Markets - 0.6% |  |  |
| TMX Group Ltd  | 762400 | 28146622 |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.4% |  |  |
| Xenon Pharmaceuticals Inc (a) | 453871 | 18613250 |
| Industrials - 0.1% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Electrovaya Inc (United States) (a) | 845900 | 9161097 |
| Information Technology - 0.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Celestica Inc (United States) (a) | 29776 | 8366758 |
| Software - 0.2% |  |  |
| Lumine Group Inc Subordinate Voting Shares (a)(b) | 530618 | 8740691 |
| TOTAL INFORMATION TECHNOLOGY |  | 17107449 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| OR Royalties Inc  | 443387 | 17482795 |
| Real Estate - 0.6% |  |  |
| Real Estate Management & Development - 0.6% |  |  |
| Colliers International Group Inc Subordinate Voting Shares  | 199265 | 27228176 |
| Utilities - 0.9% |  |  |
| Gas Utilities - 0.9% |  |  |
| Brookfield Infrastructure Corp (United States)  | 898621 | 42999015 |
| TOTAL CANADA |  | 193201053 |
| CHILE - 0.7%  |  |  |
| Materials - 0.7% |  |  |
| Metals & Mining - 0.7% |  |  |
| Lundin Mining Corp  | 1368303 | 34517834 |
| DENMARK - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Ascendis Pharma A/S ADR (a) | 60258 | 13624334 |
| GUATEMALA - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Wireless Telecommunication Services - 0.3% |  |  |
| Millicom International Cellular SA  | 218649 | 13344148 |
| ISRAEL - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| IT Services - 0.1% |  |  |
| Wix.com Ltd (a) | 81429 | 7071294 |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| Nova Ltd (a) | 44653 | 20443930 |
| TOTAL ISRAEL |  | 27515224 |
| JAPAN - 0.9%  |  |  |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| Takeuchi Manufacturing Co Ltd  | 244983 | 10115284 |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Allegro MicroSystems Inc (a) | 861247 | 31788627 |
| TOTAL JAPAN |  | 41903911 |
| NETHERLANDS - 0.9%  |  |  |
| Health Care - 0.9% |  |  |
| Biotechnology - 0.9% |  |  |
| Argenx SE ADR (a) | 27262 | 22913711 |
| Newamsterdam Pharma Co NV (a)(d) | 298200 | 9279984 |
| uniQure NV (a) | 394900 | 8972128 |
| TOTAL NETHERLANDS |  | 41165823 |
| PUERTO RICO - 1.1%  |  |  |
| Financials - 1.1% |  |  |
| Banks - 1.1% |  |  |
| First BanCorp/Puerto Rico (d) | 2309161 | 51078641 |
| THAILAND - 1.6%  |  |  |
| Information Technology - 1.6% |  |  |
| Electronic Equipment, Instruments & Components - 1.6% |  |  |
| Fabrinet (a) | 154740 | 75735946 |
| UNITED KINGDOM - 1.6%  |  |  |
| Communication Services - 0.2% |  |  |
| Media - 0.2% |  |  |
| 4imprint Group PLC  | 188500 | 10523706 |
| Consumer Discretionary - 0.4% |  |  |
| Leisure Products - 0.4% |  |  |
| Games Workshop Group PLC  | 80989 | 18895031 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Nomad Foods Ltd (d) | 408294 | 5185334 |
| Energy - 0.9% |  |  |
| Energy Equipment & Services - 0.9% |  |  |
| TechnipFMC PLC  | 743446 | 41424811 |
| TOTAL UNITED KINGDOM |  | 76028882 |
| UNITED STATES - 87.0%  |  |  |
| Consumer Discretionary - 10.8% |  |  |
| Automobile Components - 1.3% |  |  |
| Patrick Industries Inc (d) | 286006 | 36085377 |
| Phinia Inc  | 370714 | 26383715 |
|  |  | 62469092 |
| Distributors - 0.2% |  |  |
| GigaCloud Technology Inc Class A (a) | 289700 | 11567721 |
| Diversified Consumer Services - 1.4% |  |  |
| Frontdoor Inc (a) | 231200 | 13666232 |
| Laureate Education Inc (a) | 1470365 | 50433520 |
|  |  | 64099752 |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| Brinker International Inc (a) | 91018 | 14355359 |
| Dutch Bros Inc Class A (a) | 76660 | 4169537 |
| Pursuit Attractions and Hospitality Inc (a) | 210700 | 7317611 |
|  |  | 25842507 |
| Household Durables - 2.5% |  |  |
| Champion Homes Inc (a) | 163051 | 12779937 |
| Green Brick Partners Inc (a) | 583701 | 40503013 |
| Installed Building Products Inc (d) | 98623 | 28417231 |
| Lovesac Co/The (a)(d) | 319250 | 4252410 |
| SharkNinja Inc (a) | 283773 | 33541969 |
|  |  | 119494560 |
| Leisure Products - 0.3% |  |  |
| Acushnet Holdings Corp (d) | 155363 | 15060889 |
| Specialty Retail - 3.3% |  |  |
| Academy Sports & Outdoors Inc (d) | 950090 | 52264451 |
| Boot Barn Holdings Inc (a) | 204842 | 36560200 |
| Group 1 Automotive Inc  | 35800 | 12682508 |
| Murphy USA Inc  | 85710 | 36213332 |
| RealReal Inc/The (a) | 388700 | 5702229 |
| Warby Parker Inc Class A (a) | 317300 | 8094323 |
|  |  | 151517043 |
| Textiles, Apparel & Luxury Goods - 1.3% |  |  |
| Crocs Inc (a) | 150843 | 12658745 |
| Kontoor Brands Inc  | 398110 | 23779110 |
| Samsonite Group SA (b)(e) | 2844759 | 7202843 |
| Steven Madden Ltd  | 395059 | 17335189 |
|  |  | 60975887 |
| TOTAL CONSUMER DISCRETIONARY |  | 511027451 |
| Consumer Staples - 1.8% |  |  |
| Beverages - 0.7% |  |  |
| Primo Brands Corp Class A  | 450853 | 8539156 |
| Vita Coco Co Inc/The (a) | 466412 | 24883080 |
|  |  | 33422236 |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Performance Food Group Co (a) | 127803 | 12198796 |
| Food Products - 0.8% |  |  |
| Darling Ingredients Inc (a) | 332173 | 15167019 |
| Post Holdings Inc (a) | 73606 | 7530630 |
| Simply Good Foods Co/The (a) | 782226 | 14682382 |
|  |  | 37380031 |
| TOTAL CONSUMER STAPLES |  | 83001063 |
| Energy - 3.5% |  |  |
| Energy Equipment & Services - 1.9% |  |  |
| Cactus Inc Class A  | 550348 | 30946068 |
| Liberty Energy Inc Class A  | 3890 | 95889 |
| Noble Corp PLC (d) | 346200 | 12331644 |
| Weatherford International PLC  | 503201 | 47341150 |
|  |  | 90714751 |
| Oil, Gas & Consumable Fuels - 1.6% |  |  |
| Antero Resources Corp (a) | 566043 | 20586984 |
| Chord Energy Corp  | 279825 | 28049658 |
| Core Natural Resources Inc  | 155859 | 14865831 |
| Northern Oil & Gas Inc (d) | 497560 | 12439000 |
|  |  | 75941473 |
| TOTAL ENERGY |  | 166656224 |
| Financials - 15.6% |  |  |
| Banks - 7.5% |  |  |
| Axos Financial Inc (a) | 249583 | 24706221 |
| Central BanCo Inc  | 329100 | 7931309 |
| Community Financial System Inc  | 243077 | 15192313 |
| Connectone Bancorp Inc  | 413470 | 11006571 |
| CVB Financial Corp  | 1094100 | 21564711 |
| East West Bancorp Inc  | 162536 | 18600620 |
| First Bancorp/Southern Pines NC  | 329200 | 19070556 |
| First Hawaiian Inc  | 814700 | 21630285 |
| First Horizon Corp  | 510721 | 12507557 |
| First Interstate BancSystem Inc Class A  | 403974 | 14328958 |
| Glacier Bancorp Inc  | 319889 | 16211975 |
| Home BancShares Inc/AR  | 316780 | 9154942 |
| Pathward Financial Inc  | 555500 | 50156095 |
| Pinnacle Financial Partners Inc  | 268987 | 25577974 |
| SOUTHSTATE BANK CORP  | 364393 | 37288336 |
| TriCo Bancshares  | 619868 | 30881824 |
| Western Alliance Bancorp  | 195261 | 17407518 |
|  |  | 353217765 |
| Capital Markets - 2.2% |  |  |
| Houlihan Lokey Inc Class A  | 70683 | 11897362 |
| Lazard Inc  | 604144 | 32454616 |
| Piper Sandler Cos  | 44733 | 15493275 |
| Stifel Financial Corp  | 225702 | 27829057 |
| Wealthfront Corp (a) | 33900 | 294251 |
| WisdomTree Inc  | 957000 | 15503400 |
|  |  | 103471961 |
| Consumer Finance - 2.1% |  |  |
| FirstCash Holdings Inc  | 419590 | 71540095 |
| SLM Corp  | 1015422 | 27568707 |
|  |  | 99108802 |
| Financial Services - 1.8% |  |  |
| Essent Group Ltd  | 706678 | 44464180 |
| PennyMac Financial Services Inc  | 400589 | 40026853 |
|  |  | 84491033 |
| Insurance - 2.0% |  |  |
| First American Financial Corp  | 200678 | 12678836 |
| Genworth Financial Inc Class A (a) | 2298945 | 19173201 |
| Primerica Inc  | 173541 | 45648225 |
| Selective Insurance Group Inc  | 227372 | 19117438 |
|  |  | 96617700 |
| TOTAL FINANCIALS |  | 736907261 |
| Health Care - 15.8% |  |  |
| Biotechnology - 8.2% |  |  |
| Arcellx Inc (a)(d) | 178169 | 12170724 |
| Astria Therapeutics Inc warrants (a) | 183003 | 1456210 |
| Celldex Therapeutics Inc (a) | 140796 | 3463582 |
| Centessa Pharmaceuticals PLC ADR (a) | 150300 | 3692871 |
| Cogent Biosciences Inc (a) | 905054 | 32500489 |
| Cytokinetics Inc (a) | 402376 | 25426139 |
| CytomX Therapeutics Inc (a) | 2531495 | 14404207 |
| Dianthus Therapeutics Inc (a) | 402306 | 21479117 |
| Disc Medicine Inc (a) | 201635 | 15590418 |
| Insmed Inc (a) | 81430 | 12773924 |
| Jade Biosciences Inc  | 513700 | 8018857 |
| Kiniksa Pharmaceuticals International Plc Class A (a) | 79680 | 3499546 |
| Kymera Therapeutics Inc (a) | 158500 | 11521365 |
| Mineralys Therapeutics Inc (a) | 234168 | 7233450 |
| Nuvalent Inc Class A (a) | 237729 | 24459937 |
| Olema Pharmaceuticals Inc (a) | 417500 | 10738100 |
| Oruka Therapeutics Inc (a) | 410772 | 14060726 |
| Oruka Therapeutics Inc (a)(c) | 81000 | 2772630 |
| Praxis Precision Medicines Inc (a) | 59200 | 18588800 |
| Rhythm Pharmaceuticals Inc (a) | 160000 | 16403200 |
| Soleno Therapeutics Inc (a) | 33570 | 1294459 |
| Spyre Therapeutics Inc (a)(d) | 327147 | 10462161 |
| Stoke Therapeutics Inc (a) | 418600 | 12700324 |
| Upstream Bio Inc (a) | 555000 | 17249400 |
| Vaxcyte Inc (a) | 539998 | 28927693 |
| Vericel Corp (a) | 280280 | 10084474 |
| Viking Therapeutics Inc (a)(d) | 457501 | 13285829 |
| Viridian Therapeutics Inc (a) | 763961 | 25210713 |
| Zenas Biopharma Inc (a) | 536332 | 9852419 |
|  |  | 389321764 |
| Health Care Equipment & Supplies - 1.5% |  |  |
| Artivion Inc (a) | 256923 | 10474751 |
| Axogen Inc (a) | 379300 | 13218605 |
| Ceribell Inc (a) | 437000 | 9006570 |
| Kestra Medical Technologies Ltd  | 537900 | 13269993 |
| LivaNova PLC (a) | 56100 | 3686331 |
| Masimo Corp (a) | 79948 | 10979259 |
| Penumbra Inc (a) | 2967 | 1062689 |
| TransMedics Group Inc (a) | 73700 | 9873958 |
|  |  | 71572156 |
| Health Care Providers & Services - 3.3% |  |  |
| BrightSpring Health Services Inc (a) | 648900 | 25482303 |
| Brookdale Senior Living Inc (a) | 1627600 | 24414000 |
| Encompass Health Corp  | 44087 | 4167544 |
| Ensign Group Inc/The  | 136557 | 23441375 |
| GeneDx Holdings Corp Class A (a) | 92500 | 8904050 |
| Guardant Health Inc (a) | 224800 | 25636192 |
| HealthEquity Inc (a) | 145359 | 12452906 |
| LifeStance Health Group Inc (a) | 119266 | 843211 |
| Privia Health Group Inc (a) | 897434 | 20838417 |
| Surgery Partners Inc (a) | 598986 | 8900932 |
|  |  | 155080930 |
| Health Care Technology - 0.3% |  |  |
| Waystar Holding Corp (a) | 587376 | 15600707 |
| Life Sciences Tools & Services - 0.5% |  |  |
| 10X Genomics Inc Class A (a) | 314746 | 6357869 |
| Charles River Laboratories International Inc (a) | 77400 | 16291152 |
|  |  | 22649021 |
| Pharmaceuticals - 2.0% |  |  |
| Amylyx Pharmaceuticals Inc (a) | 881400 | 12595206 |
| Crinetics Pharmaceuticals Inc (a) | 425022 | 21225599 |
| Elanco Animal Health Inc (a) | 340600 | 8201648 |
| Enliven Therapeutics Inc (a) | 430126 | 11376833 |
| Enliven Therapeutics Inc (a)(c) | 224300 | 5932735 |
| MBX Biosciences Inc (a) | 68302 | 2516928 |
| Structure Therapeutics Inc ADR (a) | 343505 | 30383017 |
|  |  | 92231966 |
| TOTAL HEALTH CARE |  | 746456544 |
| Industrials - 19.5% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| Carpenter Technology Corp  | 73155 | 23250854 |
| Air Freight & Logistics - 0.4% |  |  |
| GXO Logistics Inc (a) | 320518 | 18138114 |
| Building Products - 1.7% |  |  |
| AAON Inc (d) | 87837 | 7998437 |
| AZZ Inc  | 163300 | 20296557 |
| Simpson Manufacturing Co Inc  | 224717 | 39725472 |
| Tecnoglass Inc  | 246422 | 12052500 |
|  |  | 80072966 |
| Commercial Services & Supplies - 1.3% |  |  |
| Brink's Co/The  | 367502 | 46687455 |
| HNI Corp  | 185170 | 8849274 |
| Vestis Corp  | 819463 | 5351093 |
|  |  | 60887822 |
| Construction & Engineering - 5.1% |  |  |
| Cardinal Infrastructure Group Inc Class A  | 229261 | 5775085 |
| Construction Partners Inc Class A (a) | 326061 | 35827583 |
| Granite Construction Inc  | 274924 | 33194324 |
| IES Holdings Inc (a) | 197536 | 75120965 |
| Legence Corp Class A  | 519663 | 24377391 |
| Primoris Services Corp  | 193504 | 28686968 |
| Sterling Infrastructure Inc (a) | 95555 | 34200090 |
| WillScot Holdings Corp  | 248094 | 4969323 |
|  |  | 242151729 |
| Electrical Equipment - 2.0% |  |  |
| Nextpower Inc Class A (a) | 501227 | 58688669 |
| Thermon Group Holdings Inc (a) | 827220 | 37431705 |
|  |  | 96120374 |
| Ground Transportation - 0.1% |  |  |
| ArcBest Corp  | 106676 | 9624308 |
| Machinery - 3.6% |  |  |
| Atmus Filtration Technologies Inc  | 470094 | 27251349 |
| Blue Bird Corp (a) | 217819 | 10958474 |
| Federal Signal Corp  | 181622 | 19631522 |
| Kadant Inc (d) | 41237 | 13238726 |
| REV Group Inc  | 321517 | 20544936 |
| SPX Technologies Inc (a) | 213246 | 44442600 |
| Terex Corp  | 568392 | 32398344 |
|  |  | 168465951 |
| Passenger Airlines - 0.8% |  |  |
| SkyWest Inc (a) | 369259 | 35640879 |
| Professional Services - 2.0% |  |  |
| Amentum Holdings Inc (a) | 526945 | 18854092 |
| CRA International Inc  | 107776 | 20363197 |
| ExlService Holdings Inc (a) | 399749 | 15650173 |
| First Advantage Corp (a)(d) | 727497 | 9821210 |
| FTI Consulting Inc (a) | 72500 | 12663575 |
| KBR Inc  | 374437 | 16029648 |
|  |  | 93381895 |
| Trading Companies & Distributors - 2.0% |  |  |
| Applied Industrial Technologies Inc  | 42994 | 11196067 |
| Herc Holdings Inc  | 271559 | 38925267 |
| Rush Enterprises Inc Class A  | 720440 | 46245044 |
|  |  | 96366378 |
| TOTAL INDUSTRIALS |  | 924101270 |
| Information Technology - 10.8% |  |  |
| Communications Equipment - 0.8% |  |  |
| Ciena Corp (a) | 154018 | 38783273 |
| Electronic Equipment, Instruments & Components - 6.4% |  |  |
| Advanced Energy Industries Inc (d) | 320496 | 81841859 |
| Belden Inc  | 337769 | 39691235 |
| ePlus Inc  | 173790 | 14912920 |
| Insight Enterprises Inc (a) | 122536 | 10295474 |
| OSI Systems Inc (a) | 91169 | 22805014 |
| Sanmina Corp (a) | 465423 | 65941131 |
| TD SYNNEX Corp  | 274064 | 43485735 |
| TTM Technologies Inc (a) | 226500 | 22242300 |
|  |  | 301215668 |
| Semiconductors & Semiconductor Equipment - 2.8% |  |  |
| Axcelis Technologies Inc (a) | 218693 | 19260293 |
| Diodes Inc (a) | 213445 | 12633810 |
| MACOM Technology Solutions Holdings Inc (a) | 217928 | 47739308 |
| MKS Inc  | 119069 | 28030033 |
| Onto Innovation Inc (a) | 58590 | 11838109 |
| Veeco Instruments Inc (a) | 350782 | 10954921 |
|  |  | 130456474 |
| Software - 0.8% |  |  |
| Agilysys Inc (a) | 123600 | 10722300 |
| Intapp Inc (a) | 334481 | 11355630 |
| PAR Technology Corp (a)(d) | 314860 | 8252481 |
| Riot Platforms Inc (a) | 277400 | 4291377 |
| SPS Commerce Inc (a) | 59919 | 5348370 |
|  |  | 39970158 |
| TOTAL INFORMATION TECHNOLOGY |  | 510425573 |
| Materials - 3.7% |  |  |
| Chemicals - 1.1% |  |  |
| Element Solutions Inc  | 1014293 | 29515927 |
| Minerals Technologies Inc  | 206936 | 13608111 |
| Perimeter Solutions Inc (a) | 354800 | 9278020 |
|  |  | 52402058 |
| Construction Materials - 0.8% |  |  |
| Eagle Materials Inc  | 186368 | 37983662 |
| Metals & Mining - 1.3% |  |  |
| Commercial Metals Co  | 593885 | 45651940 |
| Constellium SE (a) | 744711 | 16733656 |
|  |  | 62385596 |
| Paper & Forest Products - 0.5% |  |  |
| Louisiana-Pacific Corp  | 185388 | 15524391 |
| Sylvamo Corp  | 142194 | 6958974 |
|  |  | 22483365 |
| TOTAL MATERIALS |  | 175254681 |
| Real Estate - 4.0% |  |  |
| Diversified REITs - 0.8% |  |  |
| Essential Properties Realty Trust Inc  | 1312144 | 39836692 |
| Health Care REITs - 1.5% |  |  |
| American Healthcare REIT Inc  | 723587 | 33943466 |
| CareTrust REIT Inc  | 988101 | 36895692 |
|  |  | 70839158 |
| Industrial REITs - 0.4% |  |  |
| Americold Realty Trust Inc  | 674300 | 8368063 |
| Terreno Realty Corp  | 182285 | 11217819 |
|  |  | 19585882 |
| Real Estate Management & Development - 0.5% |  |  |
| Jones Lang LaSalle Inc (a) | 65518 | 23449547 |
| Retail REITs - 0.3% |  |  |
| Acadia Realty Trust  | 685890 | 13724658 |
| Specialized REITs - 0.5% |  |  |
| Outfront Media Inc  | 892393 | 21702998 |
| TOTAL REAL ESTATE |  | 189138935 |
| Utilities - 1.5% |  |  |
| Gas Utilities - 1.5% |  |  |
| Southwest Gas Holdings Inc  | 559613 | 46347149 |
| UGI Corp  | 581334 | 23317306 |
| TOTAL UTILITIES |  | 69664455 |
| TOTAL UNITED STATES |  | 4112633457 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,960,756,255) |  | <br> **4693406705** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (f) | 3.70 | 104136868 | 104157695 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.70 | 105481611 | 105492159 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $209,649,854) |  |  | **209649854** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.7%**<br> (Cost $3,170,406,109)<br>| <br>**4903056559** |
| **NET OTHER ASSETS (LIABILITIES) - (3.7)%**  | **(174909444)** |
| **NET ASSETS - 100.0%** | **4728147115** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| LONG |  |  |  |  |
| Equity Contracts |  |  |  |  |
| CME E-Mini Russell 2000 Index Contracts (United States) | 100 | 3/2026 | 13123000 | 338596 |
| The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. | The notional amount of long futures as a percentage of Net Assets is 0.3%. |

---

**Legend**

(a) Non-income producing.

(b) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $15,943,534 or 0.3% of net assets.

(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 $8,705,365 or 0.2% of net assets.

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

(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $7,202,843 or 0.2% of net assets.

(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>|
| Enliven Therapeutics Inc | 3/19/2024 | 3140200 |
| Oruka Therapeutics Inc | 9/17/2025 | 1215000 |

---

**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 | 75539148 | 731768611 | 703145232 | 1503949 | (4832) | - | 104157695 | 104136868 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 112851025 | 619109579 | 626469157 | 188945 | 712 | - | 105492159 | 105481611 | 0.3% |
| Total | 188390173 | 1350878190 | 1329614389 | 1692894 | (4120) | - | 209649854 |  |  |

---

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 January 31, 2026, 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 | 23867854 | 23867854 | - | - |
| Consumer Discretionary | 529922482 | 529922482 | - | - |
| Consumer Staples | 88186397 | 88186397 | - | - |
| Energy | 240543684 | 240543684 | - | - |
| Financials | 816132524 | 816132524 | - | - |
| Health Care | 819859951 | 818403741 | 1456210 | - |
| Industrials | 956035103 | 956035103 | - | - |
| Information Technology | 662572819 | 662572819 | - | - |
| Materials | 227255310 | 227255310 | - | - |
| Real Estate | 216367111 | 216367111 | - | - |
| Utilities | 112663470 | 112663470 | - | - |
|  **Money Market Funds** | 209649854 | 209649854 | - | - |
| **Total Investments in Securities:** | 4903056559 | 4901600349 | 1456210 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 338596 | 338596 | - | - |
| Total Assets | 338596 | 338596 | - | - |
| **Total Derivative Instruments:** | 338596 | 338596 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 338596 | - |
| **Total Equity Risk**  | 338596 | - |
| **Total Value of Derivatives** | 338596 | - |

---

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

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $121,478,283) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,960,756,255) | $4693406705 |  |
| Fidelity Central Funds (cost $209,649,854) | 209649854 |  |
| Total Investment in Securities (cost $3,170,406,109) |  | $4903056559 |
| Segregated cash with brokers for derivative instruments |  | 1558126 |
| Cash |  | 604390 |
| Foreign currency held at value (cost $428) |  | 428 |
| Receivable for investments sold |  | 58054449 |
| Receivable for fund shares sold |  | 1385157 |
| Dividends receivable |  | 217365 |
| Distributions receivable from Fidelity Central Funds |  | 231335 |
| Other receivables |  | 45087 |
| **Total assets** |  | 4965152896 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $9459322 |  |
| Payable for fund shares redeemed | 121792550 |  |
| Payable for daily variation margin on futures contracts | 228887 |  |
| Other payables and accrued expenses | 44011 |  |
| Collateral on securities loaned | 105481011 |  |
| **Total liabilities** |  | 237005781 |
| **Net Assets**  |  | $4728147115 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2892749627 |
| Total accumulated earnings (loss) |  | 1835397488 |
| **Net Assets** |  | $4728147115 |
| **Net Asset Value**, offering price and redemption price per share ($4,728,147,115 ÷ 275,487,298 shares) |  | $17.16 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $21623783 |
| Income from Fidelity Central Funds (including $188,945 from security lending)  |  | 1692894 |
| **Total income** |  | 23316677 |
| **Expenses** |  |  |
| Custodian fees and expenses | $34956 |  |
| Independent trustees' fees and expenses | 9182 |  |
| Total expenses before reductions | 44138 |  |
| Expense reductions | (386) |  |
| Total expenses after reductions |  | 43752 |
| **Net Investment income (loss)** |  | 23272925 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 218265568 |  |
| Fidelity Central Funds | (4120) |  |
| Foreign currency transactions | (15268) |  |
| Futures contracts | 3806078 |  |
| Total net realized gain (loss) |  | 222052258 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 605118831 |  |
| Assets and liabilities in foreign currencies | 6351 |  |
| Futures contracts | (246155) |  |
| Total change in net unrealized appreciation (depreciation) |  | 604879027 |
| **Net gain (loss)** |  | 826931285 |
| **Net increase (decrease) in net assets resulting from operations** |  | $850204210 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $23272925 | $45423878 |
| &nbsp;&nbsp;Net realized gain (loss) | 222052258<br>| 614401017<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 604879027 | (644613350)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 850204210<br>| 15211545<br>|
| Distributions to shareholders | (201927300)<br>| (465019571)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 133916238 | 1820657966 |
| Reinvestment of distributions | 201927300<br>| 465019571<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (621522819) | (3205698071) |
| **Net increase (decrease) in net assets resulting from share transactions** | (285679281)<br>| (920020534)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 362597629<br>| (1369828560)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4365549486 | 5735378046<br>|
| &nbsp;&nbsp;End of period | $4728147115 | $4365549486 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 6968603 | 122717649 |
| Issued in reinvestment of distributions | 12361154<br>| 31316313<br>|
| &nbsp;&nbsp;Redeemed | (36611454) | (214472846) |
| &nbsp;&nbsp;Net increase (decrease) | (17281697) | (60438884) |

---

**Financial Highlights** 

**Fidelity® Series Small Cap Opportunities Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.91 | $16.24 | $13.47 | $12.57 | $18.08 | $12.66 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .08  | .15  | .16  | .14  | .12  | .12  |
| Net realized and unrealized gain (loss)  | 2.89  | (.10)  | 2.75  | 1.36  | (1.03)  | 5.62  |
| Total from investment operations  | 2.97  | .05  | 2.91  | 1.50  | (.91)  | 5.74  |
| Distributions from net investment income  | (.17)  | (.32)  | (.14)  | (.14)  | (.12)  | (.14)  |
| Distributions from net realized gain  | (.54)  | (1.05)  | -  | (.47)  | (4.48)  | (.19)  |
| Total distributions  | (.72) C | (1.38) C | (.14)  | (.60) C | (4.60)  | (.32) C |
| Net asset value, end of period  | $17.16 | $14.91 | $16.24 | $13.47 | $12.57 | $18.08 |
| **Total Return** D,E | 20.18% <br>| .39%  | 21.85%  | 12.51%  | (7.62)%  | 45.98%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions H | -% I | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% I<br>| -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any H | -% I | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.01% I | 1.00%  | 1.14%  | 1.11%  | .86%  | .77%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4728147 | $4365549 | $5735378 | $4942472 | $5039957 | $6012414 |
| Portfolio turnover rate J | 35% I<br>| 43% K | 47%  | 34%  | 39%  | 96%  |

---

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*Amount represents less than .005%.*

I*Annualized.*

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

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

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

For the period ended January 31, 2026

**1. Organization.**

Fidelity Series Small Cap Opportunities Fund (the Fund) is a fund of Fidelity Securities Fund (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 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.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 January 31, 2026 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. 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, futures contracts, 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** | $1862669929 |
| **Gross unrealized depreciation** | <u>(139249309)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$1723420620</u> |
| **Tax cost** | <u>$3179974535</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.

**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 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 Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

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

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the 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 Small Cap Opportunities Fund** | 794428793 | 1211915836 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Small Cap Opportunities Fund** | 20928 |

---

**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 Small Cap Opportunities Fund** | 32933550 | 159237353 | 48043645 |

---

**Prior Fiscal Year Affiliated Redemptions In-Kind.** Affiliated shareholders that redeemed 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 on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Series Small Cap Opportunities Fund** | 68819878 | 415947457 | 1032986370 |

---

**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 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 Series Small Cap Opportunities Fund** | 19942 | 7707 | - |

---

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 Series Small Cap Opportunities Fund** | 20268598 |

---

**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 $386.

**10. Other.**

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

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

**11. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img125798_4.jpg)<br>

1.839810.118 SMO-SANN-0426

**Fidelity® Series Real Estate Income Fund**

**Semi-Annual Report**

**January 31, 2026**

![](img125799_1.jpg)

![](img125799_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SRE-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Real Estate Income Fund](#Sub_Sec_Fund_2277_SRE-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2277_SRE-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SRE-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SRE-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SRE-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SRE-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.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Series Real Estate Income Fund**

**Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 1.5%** | &nbsp;&nbsp;**Asset-Backed Securities - 1.5%** | &nbsp;&nbsp;**Asset-Backed Securities - 1.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 1.5%  |  |  |
| Home Partners of America Trust Series 2021-1 Class F, 3.325% 9/17/2041 (g) | 406471 | 367756 |
| Home Partners of America Trust Series 2021-2 Class G, 4.505% 12/17/2026 (g) | 959496 | 946042 |
| Retained Vantage Data Ctrs Issuer LLC / Vantage Data Ctrs CDA Qc4 Ltd Partnership Series 2024-1A Class B, 5.775% 9/15/2049 (g) | 553000 | 542886 |
| SG Commercial Mortgage Securities Trust Series 2019-PREZ Class F, 3.4771% 9/15/2039 (c)(g) | 2000000 | 1669062 |
| Switch Abs Issuer LLC Series 2024-2A Class C, 10.033% 6/25/2054 (g) | 750000 | 776409 |
| TOTAL UNITED STATES |  | 4302155 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $4,543,657) |  | <br> **4302155** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 1.4%** | &nbsp;&nbsp;**Bank Loan Obligations - 1.4%** | &nbsp;&nbsp;**Bank Loan Obligations - 1.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 1.4%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Uniti Services LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6719% 10/6/2032 (b)(c)(d) | 500000 | 500000 |
| Financials - 1.2% |  |  |
| Financial Services - 1.2% |  |  |
| MHP Commercial Mortgage Trust U.S. SOFR Index + 5%, 8.7501% 1/9/2027 (b)(c)(d)(e) | 3514502 | 3426640 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Cushman & Wakefield US Borrower LLC Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4219% 1/31/2030 (b)(c)(d) | 16950 | 17045 |
| TOTAL UNITED STATES |  | 3943685 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $4,026,620) |  | <br> **3943685** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 20.0%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 20.0%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 20.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 20.0%  |  |  |
| Ares Tr 2 Series 2025-IND3 Class E, CME Term SOFR 1 month Index + 3.55%, 7.2302% 4/15/2042 (b)(c)(g) | 1000000 | 1002500 |
| BANK Series 2017-BNK4 Class D, 3.357% 5/15/2050 (e)(g) | 625000 | 352624 |
| BANK Series 2017-BNK8 Class E, 2.8% 11/15/2050 (g) | 1848000 | 814973 |
| BANK Series 2025-BNK51 Class B, 5.895% 12/25/2067 (c) | 825000 | 843623 |
| Benchmark Mortgage Trust Series 2019-B14 Class 225D, 3.4041% 12/15/2062 (c)(e)(g) | 573000 | 2865 |
| Benchmark Mortgage Trust Series 2019-B14 Class 225E, 3.4041% 12/15/2062 (c)(e)(g) | 859000 | 2148 |
| BFLD Commercial Mortgage Trust Series 2024-UNIV Class D, CME Term SOFR 1 month Index + 2.6909%, 6.3711% 11/15/2041 (b)(c)(g) | 381000 | 383262 |
| BPR Commercial Mortgage Trust Series 2024-PARK Class C, 6.1833% 11/5/2039 (c)(g) | 303000 | 312619 |
| BPR Trust Series 2024-PMDW Class D, 5.85% 11/5/2041 (c)(g) | 254000 | 253802 |
| Bres Coml Mtg Trust Series 2025-ATCAP Class F, CME Term SOFR 1 month Index + 5.1885%, 8.8687% 11/15/2042 (b)(c)(g) | 1000000 | 1002307 |
| BSREP Commercial Mortgage Trust Series 2021-DC Class F, CME Term SOFR 1 month Index + 2.9645%, 6.6455% 8/15/2038 (b)(c)(g) | 91177 | 38077 |
| BSREP Commercial Mortgage Trust Series 2021-DC Class G, CME Term SOFR 1 month Index + 3.9645%, 7.6455% 8/15/2038 (b)(c)(g) | 213030 | 76226 |
| BX Commercial Mortgage Trust 2020-VIVA Series 2020-VIVA Class E, 3.5488% 3/11/2044 (c)(g) | 2018000 | 1822544 |
| BX Commercial Mortgage Trust 2024-VLT5 Series 2024-VLT5 Class B, 5.8015% 11/13/2046 (c)(g) | 353000 | 362050 |
| BX Commercial Mortgage Trust 2024-VLT5 Series 2024-VLT5 Class E, 8.1339% 11/13/2046 (c)(g) | 800000 | 860155 |
| BX Commercial Mortgage Trust 2025-SPOT Series 2025-SPOT Class E, CME Term SOFR 1 month Index + 3.6902%, 7.3704% 4/15/2040 (b)(c)(g) | 906642 | 911173 |
| BX Commercial Mortgage Trust Series 2019-IMC Class G, CME Term SOFR 1 month Index + 3.6463%, 7.3263% 4/15/2034 (b)(c)(g) | 819000 | 796619 |
| BX Trust 2019-OC11 Series 2019-OC11 Class E, 3.944% 12/9/2041 (c)(g) | 5666000 | 5252323 |
| BX Trust 2024 VLT4 Series 2024-VLT4 Class F, CME Term SOFR 1 month Index + 3.9379%, 7.6181% 6/15/2041 (b)(c)(g) | 750000 | 750850 |
| BX Trust 2024-FNX Series 2024-FNX Class D, CME Term SOFR 1 month Index + 2.9402%, 6.6204% 11/15/2041 (b)(c)(g) | 256756 | 257799 |
| BX Trust 2024-FNX Series 2024-FNX Class E, CME Term SOFR 1 month Index + 3.9387%, 7.6189% 11/15/2041 (b)(c)(g) | 864135 | 863086 |
| BX Trust Series 2022-LBA6 Class F, CME Term SOFR 1 month Index + 3.35%, 7.0302% 1/15/2039 (b)(c)(g) | 700000 | 699125 |
| BX Trust Series 2025-OMG Class F, CME Term SOFR 1 month Index + 3.6%, 7.281% 10/15/2042 (b)(c)(e)(g) | 1000000 | 1000400 |
| COMM Mortgage Trust Series 2017-CD4 Class D, 3.3% 5/10/2050 (e)(g) | 213000 | 187167 |
| COMM Mortgage Trust Series 2017-COR2 Class D, 3% 9/10/2050 (g) | 31000 | 28187 |
| COMM Mortgage Trust Series 2018-HCLV Class F, CME Term SOFR 1 month Index + 3.346%, 7.026% 9/15/2033 (b)(c)(g) | 735000 | 41431 |
| COMM Mortgage Trust Series 2018-HCLV Class G, CME Term SOFR 1 month Index + 5.3523%, 9.0323% 9/15/2033 (b)(c)(g) | 735000 | 15705 |
| COMM Mortgage Trust Series 2025-180W Class F, 7.3635% 8/10/2042 (c)(g) | 2000000 | 1969705 |
| Cone Trust Series 2024-DFW1 Class E, CME Term SOFR 1 month Index + 3.8885%, 7.5687% 8/15/2041 (b)(c)(g) | 500000 | 499637 |
| Credit Suisse Commercial Mortgage Trust Series 2021-SOP2 Class F, CME Term SOFR 1 month Index + 4.4314%, 8.1115% 6/15/2034 (b)(g) | 800000 | 438965 |
| DBGS Mortgage Trust Series 2018-C1 Class C, 4.6356% 10/15/2051 (c) | 1000000 | 911635 |
| ELP Series 2025-ELP Class E, 6.665% 11/13/2042 (c)(g) | 455000 | 463634 |
| EQT Trust Series 2024-EXTR Class B, 5.6546% 7/5/2041 (c)(g) | 1000000 | 1018872 |
| Extended Stay America Trust Series 2025-ESH Class F, CME Term SOFR 1 month Index + 4.1%, 7.7802% 10/15/2042 (b)(c)(g) | 1000000 | 1012500 |
| Extended Stay America Trust Series 2026-ESH2 Class E, CME Term SOFR 1 month Index + 2.9%, 6.57% 2/15/2043 (b)(c)(g) | 780000 | 786338 |
| Extended Stay America Trust Series 2026-ESH2 Class F, 7.42% 2/15/2043 (g) | 285000 | 287850 |
| GS Mortgage Securities Trust Series 2011-GC5 Class C, 5.1413% 8/10/2044 (c)(g) | 101000 | 92976 |
| GS Mortgage Securities Trust Series 2011-GC5 Class D, 5.1413% 8/10/2044 (c)(g) | 759236 | 587847 |
| GS Mortgage Securities Trust Series 2011-GC5 Class E, 5.1413% 8/10/2044 (c)(g) | 848000 | 289390 |
| GS Mortgage Securities Trust Series 2011-GC5 Class F, 4.5% 8/10/2044 (e)(g) | 677000 | 2030 |
| GS Mortgage Securities Trust Series 2012-GCJ9 Class E, 4.6643% 11/10/2045 (c)(e)(g) | 355000 | 340800 |
| GS Mortgage Securities Trust Series 2018-RIVR Class G, CME Term SOFR 1 month Index + 2.647%, 6.577% 7/15/2035 (b)(c)(g) | 669000 | 494 |
| GS Mortgage Securities Trust Series 2023-SHIP Class E, 7.4336% 9/10/2038 (c)(g) | 1000000 | 1003627 |
| GS Mortgage Securities Trust Series 2024-RVR Class A, 5.3716% 8/10/2041 (c)(g) | 500000 | 506852 |
| Hilton USA Trust Series 2016-HHV Class F, 4.1935% 11/5/2038 (c)(g) | 2515000 | 2470072 |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C23 Class UH5, 4.7094% 9/15/2047 (g) | 1624000 | 1598972 |
| JPMDB Commercial Mortgage Securities Trust Series 2018-C8 Class D, 3.2552% 6/15/2051 (c)(g) | 302000 | 242717 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class E, 4.6895% 6/15/2045 (c)(g) | 592418 | 584032 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class G, 4% 6/15/2045 (g) | 805000 | 542516 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class D, 4.3311% 4/15/2046 (c) | 281066 | 2811 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class E, 3.8046% 6/10/2027 (c)(g) | 924000 | 2300 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-AON Class F, 4.6132% 7/5/2031 (c)(g) | 961000 | 107556 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN Class FFX, 4.6254% 1/16/2037 (e)(g) | 1406000 | 337440 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI Class E, 5.7972% 10/5/2039 (c)(g) | 356000 | 352546 |
| MHC Commercial Mortgage Trust Series 2021-MHC Class F, CME Term SOFR 1 month Index + 2.7154%, 6.3954% 4/15/2038 (b)(c)(g) | 555200 | 555200 |
| MHC Commercial Mortgage Trust Series 2021-MHC Class G, CME Term SOFR 1 month Index + 3.3154%, 6.9954% 4/15/2038 (b)(c)(g) | 1076800 | 1076800 |
| MHP Commercial Mortgage Trust Series 2021-STOR Class G, CME Term SOFR 1 month Index + 2.8645%, 6.5455% 7/15/2038 (b)(c)(g) | 250000 | 249688 |
| MHP Series 2025-MHIL2 Class E, CME Term SOFR 1 month Index + 3.5%, 7.1802% 9/15/2040 (b)(c)(g) | 2000000 | 1999195 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6 Class F, 4.3446% 11/15/2045 (c)(e)(g) | 1000000 | 140060 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class C, 3.7057% 5/15/2046 (c) | 625000 | 585287 |
| Morgan Stanley Capital I Trust Series 2011-C2 Class D, 5.2113% 6/15/2044 (c)(g) | 667378 | 660904 |
| Morgan Stanley Capital I Trust Series 2011-C2 Class F, 5.2113% 6/15/2044 (c)(g) | 970000 | 729925 |
| Morgan Stanley Capital I Trust Series 2011-C2 Class XB, 0.4924% 6/15/2044 (c)(g)(h) | 21123262 | 79130 |
| Morgan Stanley Capital I Trust Series 2011-C3 Class E, 4.94% 7/15/2049 (c)(g) | 154041 | 152381 |
| Morgan Stanley Capital I Trust Series 2011-C3 Class F, 4.94% 7/15/2049 (c)(g) | 636000 | 617262 |
| Morgan Stanley Capital I Trust Series 2011-C3 Class G, 4.94% 7/15/2049 (c)(g) | 979600 | 941505 |
| Morgan Stanley Capital I Trust Series 2015-MS1 Class D, 4.028% 5/15/2048 (c)(e)(g) | 980000 | 824543 |
| Morgan Stanley Capital I Trust Series 2016-BNK2 Class D, 3% 11/15/2049 (g) | 2346000 | 1769422 |
| Morgan Stanley Capital I Trust Series 2024-BPR2 Class A, 7.291% 5/5/2029 (g) | 962329 | 1010545 |
| Morgan Stanley Capital I Trust Series 2024-NSTB Class B, 3.9% 9/24/2057 (c)(g) | 739000 | 713172 |
| MSJP Series 2015-HAUL Class E, 4.851% 9/5/2047 (c)(g) | 1000000 | 861071 |
| NXPT Commercial Mortgage Trust Series 2024-STOR Class E, 6.7033% 11/5/2041 (c)(g) | 1022000 | 1034452 |
| NYC Commercial Mortgage Trust Series 2025-77C Class B, 4.984% 1/10/2036 (c)(g) | 115000 | 115605 |
| NYC Commercial Mortgage Trust Series 2025-77C Class E, 6.2628% 1/10/2036 (c)(g) | 235000 | 237275 |
| PKHL Commercial Mortgage Trust Series 2021-MF Class G, CME Term SOFR 1 month Index + 4.4645%, 8.1455% 7/15/2038 (b)(c)(g) | 500000 | 93234 |
| Prima Capital CRE Securitization Ltd Series 2020-8A Class C, 3% 12/26/2070 (g) | 250000 | 214525 |
| PRM Trust Series 2025-PRM6 Class E, 6.5831% 7/5/2033 (c)(g) | 500000 | 502540 |
| Providence Place Group LP Series 2000-C1 Class A2, 7.75% 7/20/2028 (g) | 418586 | 427662 |
| ROCK Trust Series 2024-CNTR Class E, 8.8191% 11/13/2041 (g) | 720000 | 765542 |
| SCG Trust Series 2025-SNIP Class E, 7.0802% 9/15/2042 (c)(g) | 500000 | 502500 |
| SELF Commercial Mortgage Trust Series 2024-STRG Class D, CME Term SOFR 1 month Index + 2.9403%, 6.6205% 11/15/2034 (b)(c)(g) | 212100 | 212497 |
| SELF Commercial Mortgage Trust Series 2024-STRG Class E, CME Term SOFR 1 month Index + 4.1885%, 7.8687% 11/15/2034 (b)(c)(g) | 247800 | 248420 |
| SHR Trust Series 2024-LXRY Class D, CME Term SOFR 1 month Index + 3.6%, 7.2802% 10/15/2041 (b)(c)(g) | 512000 | 517115 |
| SREIT Trust Series 2021-MFP2 Class J, CME Term SOFR 1 month Index + 4.03%, 7.71% 11/15/2036 (b)(c)(g) | 1000000 | 998018 |
| STWD Trust Series 2021-LIH Class G, CME Term SOFR 1 month Index + 4.3145%, 7.995% 11/15/2036 (b)(c)(g) | 1280000 | 1273289 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class F, CME Term SOFR 1 month Index + 4.2389%, 7.9191% 2/15/2042 (b)(c)(g) | 500000 | 494563 |
| UBS Commercial Mortgage Trust Series 2012-C1 Class E, 5% 5/10/2045 (c)(g) | 926620 | 881401 |
| UBS Commercial Mortgage Trust Series 2012-C1 Class F, 5% 5/10/2045 (c)(e)(g) | 399000 | 147414 |
| WF-RBS Commercial Mortgage Trust Series 2011-C3 Class D, 6.0497% 3/15/2044 (c)(e)(g) | 843916 | 303827 |
| WF-RBS Commercial Mortgage Trust Series 2011-C4I Class G, 5% 6/15/2044 (c)(e) | 45000 | 14363 |
| WF-RBS Commercial Mortgage Trust Series 2013-C11 Class E, 4.0678% 3/15/2045 (c)(g) | 53000 | 37630 |
| WF-RBS Commercial Mortgage Trust Series 2013-C13 Class D, 3.9682% 5/15/2045 (c)(g) | 33919 | 31756 |
| WP Glimcher Mall Trust Series 2015-WPG Class PR1, 3.516% 6/5/2035 (c)(g) | 1168000 | 583989 |
| WP Glimcher Mall Trust Series 2015-WPG Class PR2, 3.516% 6/5/2035 (c)(e)(g) | 459000 | 100975 |
| TOTAL UNITED STATES |  | 58092436 |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES**<br> (Cost $67,515,057) |  | <br> **58092436** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 0.0%** | &nbsp;&nbsp;**Common Stocks - 0.0%** | &nbsp;&nbsp;**Common Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Real Estate - 0.0% |  |  |
| Retail REITs - 0.0% |  |  |
| Retail Value Inc (e)(f)<br>(Cost $709,415)<br>| 24066 | **0** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 5.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 5.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 5.4%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 5.4%  |  |  |
| Financials - 4.3% |  |  |
| Mortgage Real Estate Investment Trusts (REITs) - 4.3% |  |  |
| AGNC Investment Corp CME Term SOFR 3 month Index + 4.332%, 0% (b)(c) | 65750 | 1642106 |
| AGNC Investment Corp CME Term SOFR 3 month Index + 4.9586%, 0% (b)(c) | 61500 | 1545495 |
| AGNC Investment Corp CME Term SOFR 3 month Index + 4.993%, 0% (b)(c) | 46750 | 1191658 |
| Annaly Capital Management Inc CME Term SOFR 3 month Index + 5.2506%, 0% (b)(c) | 27900 | 716193 |
| Chimera Investment Corp Series B, CME Term SOFR 3 month Index + 6.0526%, 11.3508% (b)(c) | 35058 | 827018 |
| Chimera Investment Corp Series C, CME Term SOFR 3 month Index + 4.743%, 7.75% (b)(c) | 45866 | 1007218 |
| Dynex Capital Inc Series C, CME Term SOFR 3 month Index + 5.7226%, 9.9787% (b)(c) | 89500 | 2314470 |
| Rithm Capital Corp CME Term SOFR 3 month Index + 5.2306%, 0% (b)(c) | 20446 | 502154 |
| Rithm Capital Corp CME Term SOFR 3 month Index + 5.9016%, 7.125% (b)(c) | 60467 | 1520140 |
| Rithm Capital Corp CME Term SOFR 3 month Index + 6.0636%, 7.5% (b)(c) | 43666 | 1100383 |
| TOTAL FINANCIALS |  | 12366835 |
| Real Estate - 1.1% |  |  |
| Industrial REITs - 1.1% |  |  |
| LXP Industrial Trust 6.5%  | 68019 | 3191451 |
| TOTAL UNITED STATES |  | 15558286 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $12,547,253) |  | <br> **15558286** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 46.4%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 46.4%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 46.4%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED KINGDOM - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| EG Global Finance PLC 12% 11/30/2028 (g) | 750000 | 811777 |
| UNITED STATES - 46.1%  |  |  |
| Communication Services - 0.8% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| Cipher Compute LLC 7.125% 11/15/2030 (g) | 185000 | 190626 |
| Flash Compute LLC 7.25% 12/31/2030 (g) | 480000 | 481629 |
| Uniti Services LLC 7.5% 10/15/2033 (g) | 250000 | 258113 |
| WULF Compute LLC 7.75% 10/15/2030 (g) | 565000 | 589306 |
|  |  | 1519674 |
| Media - 0.3% |  |  |
| Lamar Media Corp 4% 2/15/2030  | 875000 | 845930 |
| TOTAL COMMUNICATION SERVICES |  | 2365604 |
| Consumer Discretionary - 2.2% |  |  |
| Hotels, Restaurants & Leisure - 1.4% |  |  |
| Choice Hotels International Inc 5.85% 8/1/2034  | 250000 | 256133 |
| Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (g) | 200000 | 185149 |
| Hilton Domestic Operating Co Inc 4% 5/1/2031 (g) | 500000 | 477274 |
| Hilton Domestic Operating Co Inc 5.5% 3/31/2034 (g) | 470000 | 472267 |
| Hilton Domestic Operating Co Inc 5.75% 9/15/2033 (g) | 990000 | 1008563 |
| Hilton Domestic Operating Co Inc 5.875% 3/15/2033 (g) | 200000 | 205224 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 4.875% 7/1/2031 (g) | 740000 | 690207 |
| Las Vegas Sands Corp 6% 6/14/2030  | 500000 | 521615 |
| Times Square Hotel Trust 8.528% 8/1/2026 (g) | 203321 | 203778 |
|  |  | 4020210 |
| Household Durables - 0.8% |  |  |
| Century Communities Inc 6.625% 9/15/2033 (g) | 490000 | 496258 |
| LGI Homes Inc 7% 11/15/2032 (g) | 595000 | 580314 |
| M/I Homes Inc 3.95% 2/15/2030  | 1430000 | 1376251 |
|  |  | 2452823 |
| TOTAL CONSUMER DISCRETIONARY |  | 6473033 |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| Rexford Industrial Realty LP 2.125% 12/1/2030  | 1000000 | 894946 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Sabra Health Care LP 3.2% 12/1/2031  | 415000 | 379934 |
| Industrials - 0.3% |  |  |
| Commercial Services & Supplies - 0.3% |  |  |
| Williams Scotsman Inc 4.625% 8/15/2028 (g) | 750000 | 747201 |
| Williams Scotsman Inc 6.625% 4/15/2030 (g) | 190000 | 196861 |
| TOTAL INDUSTRIALS |  | 944062 |
| Real Estate - 42.4% |  |  |
| Diversified REITs - 6.8% |  |  |
| Equinix Europe 2 Financing Corp LLC 5.5% 6/15/2034  | 1000000 | 1032856 |
| Global Net Lease Inc / Global Net Lease Operating Partnership LP 3.75% 12/15/2027 (g) | 925000 | 900072 |
| GLP Capital LP / GLP Financing II Inc 4% 1/15/2031  | 1000000 | 956385 |
| GLP Capital LP / GLP Financing II Inc 5.25% 2/15/2033  | 500000 | 500930 |
| GLP Capital LP / GLP Financing II Inc 5.3% 1/15/2029  | 1000000 | 1019098 |
| GLP Capital LP / GLP Financing II Inc 5.625% 9/15/2034  | 500000 | 506147 |
| GLP Capital LP / GLP Financing II Inc 5.75% 11/1/2037  | 1340000 | 1329255 |
| GLP Capital LP / GLP Financing II Inc 6.25% 9/15/2054  | 500000 | 495832 |
| GLP Capital LP / GLP Financing II Inc 6.75% 12/1/2033  | 500000 | 541703 |
| Safehold GL Holdings LLC 2.8% 6/15/2031  | 500000 | 459274 |
| Safehold GL Holdings LLC 2.85% 1/15/2032  | 1250000 | 1128558 |
| Safehold GL Holdings LLC 6.1% 4/1/2034  | 1400000 | 1488253 |
| Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (g) | 1040000 | 990522 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (g) | 820000 | 797520 |
| Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (g) | 3095000 | 3095719 |
| VICI Properties LP 5.125% 5/15/2032  | 500000 | 503074 |
| VICI Properties LP 5.625% 5/15/2052  | 667000 | 624222 |
| VICI Properties LP 5.75% 4/1/2034  | 32000 | 33017 |
| VICI Properties LP 6.125% 4/1/2054  | 1254000 | 1255660 |
| WP Carey Inc 2.25% 4/1/2033  | 1000000 | 845185 |
| WP Carey Inc 2.45% 2/1/2032  | 1000000 | 883918 |
| WP Carey Inc 4.25% 10/1/2026  | 459000 | 459383 |
|  |  | 19846583 |
| Health Care REITs - 3.9% |  |  |
| MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029  | 1506000 | 1291205 |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027  | 3237000 | 3164605 |
| MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (g) | 340000 | 364261 |
| Omega Healthcare Investors Inc 4.5% 4/1/2027  | 483000 | 484412 |
| Omega Healthcare Investors Inc 4.75% 1/15/2028  | 1616000 | 1629559 |
| Ventas Realty LP 2.5% 9/1/2031  | 500000 | 449416 |
| Ventas Realty LP 4.4% 1/15/2029  | 2000000 | 2010793 |
| Ventas Realty LP 4.75% 11/15/2030  | 1000000 | 1013284 |
| Welltower OP LLC 5.125% 7/1/2035  | 1000000 | 1015395 |
|  |  | 11422930 |
| Hotel & Resort REITs - 0.3% |  |  |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (g) | 295000 | 305795 |
| RLJ Lodging Trust LP 4% 9/15/2029 (g) | 715000 | 678506 |
|  |  | 984301 |
| Industrial REITs - 2.9% |  |  |
| Lineage OP LP 5.25% 7/15/2030 (g) | 500000 | 504257 |
| LXP Industrial Trust 2.375% 10/1/2031  | 500000 | 438301 |
| LXP Industrial Trust 2.7% 9/15/2030  | 78000 | 71483 |
| LXP Industrial Trust 6.75% 11/15/2028  | 62000 | 65569 |
| Prologis LP 4.875% 6/15/2028  | 1000000 | 1022628 |
| Prologis LP 5% 3/15/2034  | 1500000 | 1523656 |
| Prologis LP 5.125% 1/15/2034  | 2000000 | 2044849 |
| Prologis LP 5.25% 3/15/2054  | 1500000 | 1425799 |
| Prologis LP 5.25% 6/15/2053  | 1500000 | 1426969 |
|  |  | 8523511 |
| Real Estate Management & Development - 5.0% |  |  |
| Americold Realty Operating Partnership LP 5.409% 9/12/2034  | 750000 | 735364 |
| Americold Realty Operating Partnership LP 5.6% 5/15/2032  | 1000000 | 1013299 |
| CBRE Services Inc 5.95% 8/15/2034  | 1750000 | 1862462 |
| CoStar Group Inc 2.8% 7/15/2030 (g) | 1035000 | 952817 |
| Essex Portfolio LP 4.875% 2/15/2036  | 1000000 | 974258 |
| Essex Portfolio LP 5.5% 4/1/2034  | 1006000 | 1036437 |
| Extra Space Storage LP 2.35% 3/15/2032  | 2000000 | 1748360 |
| Extra Space Storage LP 5.4% 2/1/2034  | 2000000 | 2047029 |
| Extra Space Storage LP 5.5% 7/1/2030  | 1000000 | 1040565 |
| Extra Space Storage LP 5.9% 1/15/2031  | 1000000 | 1058166 |
| Kennedy-Wilson Inc 4.75% 2/1/2030  | 1755000 | 1686731 |
| Taylor Morrison Communities Inc 5.75% 11/15/2032 (g) | 235000 | 241208 |
|  |  | 14396696 |
| Residential REITs - 4.8% |  |  |
| American Homes 4 Rent LP 2.375% 7/15/2031  | 2000000 | 1785115 |
| American Homes 4 Rent LP 3.625% 4/15/2032  | 1000000 | 939232 |
| American Homes 4 Rent LP 4.25% 2/15/2028  | 2000000 | 2000383 |
| American Homes 4 Rent LP 5.5% 2/1/2034  | 1500000 | 1535640 |
| American Homes 4 Rent LP 5.5% 7/15/2034  | 3000 | 3068 |
| Invitation Homes Operating Partnership LP 2% 8/15/2031  | 1000000 | 870894 |
| Invitation Homes Operating Partnership LP 4.15% 4/15/2032  | 1000000 | 965524 |
| Invitation Homes Operating Partnership LP 5.5% 8/15/2033  | 3000000 | 3077217 |
| Sun Communities Operating LP 2.7% 7/15/2031  | 2500000 | 2270749 |
| UDR Inc 3% 8/15/2031  | 500000 | 463570 |
|  |  | 13911392 |
| Retail REITs - 7.2% |  |  |
| Agree LP 2.6% 6/15/2033  | 1000000 | 862879 |
| Agree LP 2.9% 10/1/2030  | 500000 | 467424 |
| Agree LP 4.8% 10/1/2032  | 77000 | 77589 |
| Agree LP 5.625% 6/15/2034  | 25000 | 26149 |
| Brixmor Operating Partnership LP 4.125% 5/15/2029  | 138000 | 137523 |
| Brixmor Operating Partnership LP 5.5% 2/15/2034  | 500000 | 513438 |
| Kimco Realty OP LLC 4.6% 2/1/2033  | 1000000 | 996115 |
| Kimco Realty OP LLC 6.4% 3/1/2034  | 1576000 | 1733945 |
| Kite Realty Group LP 5.2% 8/15/2032  | 1000000 | 1021532 |
| Kite Realty Group LP 5.5% 3/1/2034  | 1000000 | 1027887 |
| NNN REIT Inc 5.6% 10/15/2033  | 311000 | 324187 |
| Phillips Edison Grocery Center Operating Partnership I LP 2.625% 11/15/2031  | 3000000 | 2686320 |
| Phillips Edison Grocery Center Operating Partnership I LP 4.95% 1/15/2035  | 2000 | 1965 |
| Phillips Edison Grocery Center Operating Partnership I LP 5.25% 8/15/2032  | 500000 | 511822 |
| Phillips Edison Grocery Center Operating Partnership I LP 5.75% 7/15/2034  | 1000000 | 1045401 |
| Realty Income Corp 3.1% 12/15/2029  | 1000000 | 965321 |
| Realty Income Corp 3.4% 1/15/2030  | 500000 | 485536 |
| Realty Income Corp 4% 7/15/2029  | 1000000 | 997558 |
| Realty Income Corp 5.625% 10/13/2032  | 1000000 | 1059644 |
| Simon Property Group LP 4.75% 9/26/2034  | 1500000 | 1487529 |
| Simon Property Group LP 5.85% 3/8/2053  | 1000000 | 1018381 |
| Simon Property Group LP 6.25% 1/15/2034  | 2000000 | 2184586 |
| Simon Property Group LP 6.65% 1/15/2054  | 1000000 | 1119841 |
|  |  | 20752572 |
| Specialized REITs - 11.5% |  |  |
| American Tower Corp 3.1% 6/15/2050  | 1500000 | 984858 |
| American Tower Corp 3.8% 8/15/2029  | 1000000 | 986075 |
| American Tower Corp 4.05% 3/15/2032  | 1500000 | 1461336 |
| American Tower Corp 5.45% 2/15/2034  | 2000000 | 2071842 |
| American Tower Corp 5.55% 7/15/2033  | 1000000 | 1044654 |
| American Tower Corp 5.65% 3/15/2033  | 2000000 | 2103631 |
| American Tower Corp 5.9% 11/15/2033  | 1500000 | 1602069 |
| Crown Castle Inc 2.1% 4/1/2031  | 2000000 | 1766683 |
| Crown Castle Inc 2.25% 1/15/2031  | 1500000 | 1341598 |
| Crown Castle Inc 2.5% 7/15/2031  | 1500000 | 1343574 |
| Crown Castle Inc 2.9% 4/1/2041  | 975000 | 711162 |
| Crown Castle Inc 5.1% 5/1/2033  | 2500000 | 2526211 |
| Crown Castle Inc 5.8% 3/1/2034  | 500000 | 523941 |
| CubeSmart LP 2.5% 2/15/2032  | 1500000 | 1331012 |
| CubeSmart LP 4.375% 2/15/2029  | 1000000 | 1004334 |
| Equinix Inc 2.5% 5/15/2031  | 2000000 | 1812486 |
| Equinix Inc 2.95% 9/15/2051  | 2000000 | 1251587 |
| Equinix Inc 3% 7/15/2050  | 2500000 | 1590588 |
| Iron Mountain Inc 4.5% 2/15/2031 (g) | 500000 | 477808 |
| Iron Mountain Inc 6.25% 1/15/2033 (g) | 500000 | 505246 |
| Millrose Properties Inc 6.25% 9/15/2032 (g) | 490000 | 495527 |
| Millrose Properties Inc 6.375% 8/1/2030 (g) | 235000 | 239861 |
| Public Storage Operating Co 5.1% 8/1/2033  | 1000000 | 1032629 |
| Public Storage Operating Co 5.35% 8/1/2053  | 2500000 | 2415711 |
| SBA Communications Corp 3.125% 2/1/2029  | 2500000 | 2387779 |
|  |  | 33012202 |
| TOTAL REAL ESTATE |  | 122850187 |
| TOTAL UNITED STATES |  | 133907766 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $130,377,456) |  | <br> **134719543** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 13.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 13.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 13.0%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Enbridge Inc 5 year U.S. Treasury Index Series 1+ 3.14%, 5.9491% (b)(c) | 20325 | 500198 |
| UNITED STATES - 12.8%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Global Partners LP/MA 9.5% Series B  | 12200 | 315894 |
| Financials - 3.9% |  |  |
| Capital Markets - 0.3% |  |  |
| DigitalBridge Group Inc 7.125% Series J  | 18731 | 363007 |
| DigitalBridge Group Inc Series H, 7.125%  | 9647 | 185319 |
| DigitalBridge Group Inc Series I, 7.15%  | 10318 | 201201 |
|  |  | 749527 |
| Mortgage Real Estate Investment Trusts (REITs) - 3.6% |  |  |
| AGNC Investment Corp CME Term SOFR 3 month Index + 5.111%, 10.3713% (b)(c) | 41899 | 1072195 |
| Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.4336%, 0% (b)(c) | 70990 | 1781139 |
| Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.993%, 10.1521% (b)(c) | 73400 | 1898932 |
| Arbor Realty Trust Inc Series D 6.375%  | 12400 | 219613 |
| Arbor Realty Trust Inc Series F, 6.25% (c) | 14100 | 315417 |
| Ellington Financial Inc Series A 3 month U.S. LIBOR + 5.196%, 0% (b)(c) | 58522 | 1468317 |
| MFA Financial Inc 7.5%  | 16249 | 327417 |
| MFA Financial Inc CME Term SOFR 3 month Index + 5.6066%, 0% (b)(c) | 26100 | 605520 |
| Pennymac Mortgage Investment Trust 8.125% (c) | 14975 | 362994 |
| Pennymac Mortgage Investment Trust Series B 3 month U.S. Treasury Index + 8%, 0% (b)(c) | 20205 | 487143 |
| Rithm Capital Corp 7% Series D (c) | 17100 | 420830 |
| Two Harbors Investment Corp 7.625% Series B (c) | 38276 | 940442 |
| Two Harbors Investment Corp 8.125% Series A (c) | 21429 | 530796 |
|  |  | 10430755 |
| TOTAL FINANCIALS |  | 11180282 |
| Real Estate - 8.9% |  |  |
| Diversified REITs - 2.4% |  |  |
| Armada Hoffler Properties Inc Series A 6.75%  | 33250 | 716538 |
| CTO Realty Growth Inc 6.375%  | 20000 | 406001 |
| Gladstone Commercial Corp Series E 6.625%  | 41125 | 938065 |
| Gladstone Commercial Corp Series G, 6%  | 64500 | 1308699 |
| Global Net Lease Inc 6.875% Series B  | 47200 | 1080880 |
| Global Net Lease Inc 7.25% Series A  | 45925 | 1075104 |
| Global Net Lease Inc 7.375% Series E  | 19100 | 445985 |
| Global Net Lease Inc 7.5%  | 34998 | 864101 |
|  |  | 6835373 |
| Health Care REITs - 0.7% |  |  |
| Global Medical REIT Inc 7.5% Series A  | 27461 | 674442 |
| National Healthcare Properties Inc Series A, 7.375%  | 33000 | 643500 |
| National Healthcare Properties Inc Series B, 7.125%  | 40300 | 756834 |
|  |  | 2074776 |
| Hotel & Resort REITs - 2.4% |  |  |
| Ashford Hospitality Trust Inc Series H 7.5%  | 1575 | 18206 |
| Braemar Hotels & Resorts Inc 8.25% Series D  | 3923 | 64651 |
| Pebblebrook Hotel Trust 6.3% Series F  | 37902 | 776991 |
| Pebblebrook Hotel Trust 6.375%  | 20200 | 404000 |
| Pebblebrook Hotel Trust 6.375% Series E  | 45192 | 904744 |
| Pebblebrook Hotel Trust Series H, 5.7%  | 50200 | 898580 |
| Sotherly Hotels Inc 7.875% Series C  | 19300 | 359559 |
| Sotherly Hotels Inc 8% Series B  | 12750 | 231668 |
| Summit Hotel Properties Inc Series E, 6.25%  | 60784 | 1157935 |
| Summit Hotel Properties Inc Series F, 5.875%  | 61000 | 1105930 |
| Sunstone Hotel Investors Inc Series H, 6.125%  | 20000 | 417000 |
| Sunstone Hotel Investors Inc Series I, 5.7%  | 38700 | 747104 |
|  |  | 7086368 |
| Industrial REITs - 0.8% |  |  |
| Prologis Inc Series Q, 8.54%  | 16850 | 892376 |
| Rexford Industrial Realty Inc 5.625% Series C  | 11775 | 249983 |
| Rexford Industrial Realty Inc 5.875% Series B  | 50000 | 1128000 |
|  |  | 2270359 |
| Office REITs - 0.3% |  |  |
| Hudson Pacific Properties Inc 4.75% Series C  | 22900 | 358614 |
| Vornado Realty Trust 5.25% Series M  | 11286 | 198521 |
| Vornado Realty Trust Series L, 5.4%  | 18000 | 329040 |
| Vornado Realty Trust Series N 5.25%  | 4466 | 79093 |
|  |  | 965268 |
| Real Estate Management & Development - 0.1% |  |  |
| Brookfield Property Partners LP 5.75%  | 7000 | 96810 |
| Brookfield Property Partners LP 6.5%  | 5875 | 92649 |
| Seritage Growth Properties Series A, 7%  | 1050 | 25315 |
|  |  | 214774 |
| Residential REITs - 1.0% |  |  |
| American Homes 4 Rent 5.875% Series G  | 37050 | 847890 |
| American Homes 4 Rent Series H, 6.25%  | 21284 | 510558 |
| UMH Properties Inc 6.375% Series D  | 63875 | 1434313 |
|  |  | 2792761 |
| Retail REITs - 1.1% |  |  |
| Agree Realty Corp 4.25%  | 38700 | 666414 |
| Cedar Realty Trust Inc 7.25%  | 7070 | 130335 |
| Regency Centers Corp 5.875%  | 28775 | 644560 |
| Regency Centers Corp 6.25% Series A  | 51175 | 1200055 |
| Saul Centers Inc 6% Series E  | 13475 | 301166 |
| Saul Centers Inc 6.125% Series D  | 15958 | 333072 |
|  |  | 3275602 |
| Specialized REITs - 0.1% |  |  |
| National Storage Affiliates Trust Series A, 6%  | 12325 | 258702 |
| TOTAL REAL ESTATE |  | 25773983 |
| TOTAL UNITED STATES |  | 37270159 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $36,721,492) |  | <br> **37770357** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 11.2%** | &nbsp;&nbsp;**Money Market Funds - 11.2%** | &nbsp;&nbsp;**Money Market Funds - 11.2%** | &nbsp;&nbsp;**Money Market Funds - 11.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i)<br>(Cost $32,626,209)<br>| 3.70 | 32619685 | **32626209** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.9%**<br> (Cost $289,067,159)<br>| <br>**287012671** |
| **NET OTHER ASSETS (LIABILITIES) - 1.1%**  | **3275172** |
| **NET ASSETS - 100.0%** | **290287843** |

---

**Legend**

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

(b) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

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

(d) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

(e) Level 3 security.

(f) Non-income producing.

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $78,180,538 or 26.9% of net assets.

(h) Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of assets. Principal shown is the outstanding par amount of the pool as of the end of the period.

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

**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 | 34900900 | 25116822 | 27392348 | 625498 | 835 | - | 32626209 | 32619685 | 0.1% |
| Total | 34900900 | 25116822 | 27392348 | 625498 | 835 | - | 32626209 |  |  |

---

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 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 January 31, 2026, 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>** |  |  |  |  |
|  **Asset-Backed Securities** | 4302155 | - | 4302155 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 500000 | - | 500000 | - |
| Financials | 3426640 | - | - | 3426640 |
| Real Estate | 17045 | - | 17045 | - |
|  **Commercial Mortgage Securities** | 58092436 | - | 54335780 | 3756656 |
|  **Common Stocks** |  |  |  |  |
| Real Estate | - | - | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 12366835 | 12366835 | - | - |
| Real Estate | 3191451 | - | 3191451 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 2365604 | - | 2365604 | - |
| Consumer Discretionary | 6473033 | - | 6473033 | - |
| Energy | 811777 | - | 811777 | - |
| Financials | 894946 | - | 894946 | - |
| Health Care | 379934 | - | 379934 | - |
| Industrials | 944062 | - | 944062 | - |
| Real Estate | 122850187 | - | 122850187 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Energy | 816092 | 816092 | - | - |
| Financials | 11180282 | 11180282 | - | - |
| Real Estate | 25773983 | 25773983 | - | - |
|  **Money Market Funds** | 32626209 | 32626209 | - | - |
| **Total Investments in Securities:** | 287012671 | 82763401 | 197065974 | 7183296 |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2026 ($)** |
| **Common Stocks** | - | - | - | - | - | - | - | - | - | - |
| **Bank Loan Obligations** | 3948442 | - | 55346 | - | (577148) | - | - | - | 3426640 | 55346 |
| **Non-Convertible Corporate Bonds** | 1 | 39864 | (1) | - | (39864) | - | - | - | - | - |
| **Asset-Backed Securities** | 8 | - | (8) | - | - | - | - | - | - | - |
| **Commercial Mortgage Securities** | 1892369 | (856764) | 831819 | 1000000 | (1033144) | (107230) | 3410154 | (1380548) | 3756656 | (21269) |
| <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 January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $256,440,950) | $254386462 |  |
| Fidelity Central Funds (cost $32,626,209) | 32626209 |  |
| Total Investment in Securities (cost $289,067,159) |  | $287012671 |
| Cash |  | 1503410 |
| Receivable for fund shares sold |  | 554215 |
| Dividends receivable |  | 163050 |
| Interest receivable |  | 2104081 |
| Distributions receivable from Fidelity Central Funds |  | 97379 |
| Other receivables |  | 194 |
| **Total assets** |  | 291435000 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1070282 |  |
| Payable for fund shares redeemed | 76342 |  |
| Other payables and accrued expenses | 533 |  |
| **Total liabilities** |  | 1147157 |
| **Net Assets**  |  | $290287843 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $315931889 |
| Total accumulated earnings (loss) |  | (25644046) |
| **Net Assets** |  | $290287843 |
| **Net Asset Value**, offering price and redemption price per share ($290,287,843 ÷ 28,558,911 shares) |  | $10.16 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $1711866 |
| Interest  |  | 5618666 |
| Income from Fidelity Central Funds  |  | 625498 |
| **Total income** |  | 7956030 |
| **Expenses** |  |  |
| Custodian fees and expenses | $1186 |  |
| Independent trustees' fees and expenses | 577 |  |
| Total expenses before reductions | 1763 |  |
| Expense reductions | (1027) |  |
| Total expenses after reductions |  | 736 |
| **Net Investment income (loss)** |  | 7955294 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (351795) |  |
| Fidelity Central Funds | 835 |  |
| Total net realized gain (loss) |  | (350960) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 3707009 |
| **Net gain (loss)** |  | 3356049 |
| **Net increase (decrease) in net assets resulting from operations** |  | $11311343 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $7955294 | $15766512 |
| &nbsp;&nbsp;Net realized gain (loss) | (350960)<br>| (1017135)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 3707009 | 7356594<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 11311343<br>| 22105971<br>|
| Distributions to shareholders | (9740433)<br>| (15632604)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 20737017 | 30841385 |
| Reinvestment of distributions | 9740433<br>| 15632604<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (18576958) | (40547889) |
| **Net increase (decrease) in net assets resulting from share transactions** | 11900492<br>| 5926100<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 13471402<br>| 12399467<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 276816441 | 264416974<br>|
| &nbsp;&nbsp;End of period | $290287843 | $276816441 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 2032170 | 3086224 |
| Issued in reinvestment of distributions | 963419<br>| 1574080<br>|
| &nbsp;&nbsp;Redeemed | (1821134) | (4055946) |
| &nbsp;&nbsp;Net increase (decrease) | 1174455 | 604358 |

---

**Financial Highlights** 

**Fidelity® Series Real Estate Income Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.11 | $9.87 | $9.70 | $10.74 | $11.77 | $9.94 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .29  | .58  | .60  | .60  | .55  | .45  |
| Net realized and unrealized gain (loss)  | .11  | .25  | .24  | (.64)  | (.97)  | 1.90  |
| Total from investment operations  | .40  | .83  | .84  | (.04)  | (.42)  | 2.35  |
| Distributions from net investment income  | (.35)  | (.59)  | (.67)  | (.68)  | (.52)  | (.45)  |
| Distributions from net realized gain  | -  | -  | -  | (.32)  | (.09)  | (.07)  |
| Total distributions  | (.35)  | (.59)  | (.67)  | (1.00)  | (.61)  | (.52)  |
| Net asset value, end of period  | $10.16 | $10.11 | $9.87 | $9.70 | $10.74 | $11.77 |
| **Total Return** C,D | 4.01% <br>| 8.61%  | 9.15%  | (.13)%  | (3.78)%  | 24.48%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions G | -% H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% H<br>| -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any G | -% H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 5.60% H | 5.86%  | 6.27%  | 6.13%  | 4.83%  | 4.21%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $290288 | $276816 | $264417 | $337967 | $681642 | $1047202 |
| Portfolio turnover rate I | 13% H<br>| 9%  | 37%  | 5%  | 19%  | 23%  |

---

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

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

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

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

G*Amount represents less than .005%.*

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.* 

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

For the period ended January 31, 2026

**1. Organization.**

Fidelity Series Real Estate Income Fund (the Fund) is a fund of Fidelity Securities Fund (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 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.

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 bank loan obligations 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. Asset backed securities and commercial mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, 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. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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** |
| Bank Loan Obligations | $3426640  | Discounted cash flow  | Yield  | 12.0% | Decrease |
| Commercial Mortgage Securities | $3756656  | Indicative market price  | Evaluated bid  | $0.25 - $100.04 / $71.24 | Increase |
| Common Stocks | $-  | Recovery value  | Recovery value  | $0.00  | Increase |

---

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2026, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

**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. 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 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.

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 capital loss carryforwards, partnerships and losses deferred due to wash sales.

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $13191289 |
| **Gross unrealized depreciation** | <u>(15245770)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$(2054481)</u> |
| **Tax cost** | <u>$289067152</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(1892128) |
| Long-term | <u>(20996020)</u> |
| **Total capital loss carryforward** | <u>$(22888148)</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.

**Loans and Other Direct Debt Instruments.** Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Series Real Estate Income Fund** | 24625857 | 16790214 |

---

**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 does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Real Estate Income Fund** | 32 |

---

**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. During the period, there were no interfund trades.

**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. 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 $1,027.

**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.

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.

**9. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img125799_4.jpg)<br>

1.924313.114 SRE-SANN-0426

**Fidelity® Series Blue Chip Growth Fund**

**Semi-Annual Report**

**January 31, 2026**

![](img125802_1.jpg)

![](img125802_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7Consolidated_XS1-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Blue Chip Growth Fund](#Sub_Sec_Fund_2611_XS1-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements2611_XS1-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_XS1-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_XS1-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_XS1-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_XS1-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.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Series Blue Chip Growth Fund**

**Consolidated Schedule of Investments January 31, 2026 (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 Australia Holdings Pty Ltd Class A (b)(c)(d) | 4700 | 7267516 |
| BELGIUM - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| UCB SA  | 32300 | 9778450 |
| BRAZIL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (b) | 204100 | 3622775 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Vale SA ADR  | 189100 | 3038837 |
| TOTAL BRAZIL |  | 6661612 |
| BURKINA FASO - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| IAMGOLD Corp (United States) (b) | 437600 | 7955568 |
| CANADA - 1.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Specialty Retail - 0.4% |  |  |
| Aritzia Inc Subordinate Voting Shares (b) | 563300 | 44401270 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Suncor Energy Inc  | 117000 | 6184034 |
| Information Technology - 1.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.7% |  |  |
| Celestica Inc (United States) (b) | 330700 | 92923393 |
| IT Services - 0.3% |  |  |
| Shopify Inc Class A (b) | 342000 | 44875805 |
| Software - 0.0% |  |  |
| Taalas Inc warrants (b)(c)(d) | 95390 | 98252 |
| TOTAL INFORMATION TECHNOLOGY |  | 137897450 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Agnico Eagle Mines Ltd/CA (United States)  | 27100 | 5162550 |
| TOTAL CANADA |  | 193645304 |
| CHILE - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Antofagasta PLC  | 62900 | 3139805 |
| CHINA - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Interactive Media & Services - 0.2% |  |  |
| Tencent Holdings Ltd  | 227600 | 17493748 |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| WeRide Inc ADR (b) | 322300 | 2581623 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Luckin Coffee Inc ADR (b) | 113700 | 3794169 |
| TOTAL CONSUMER DISCRETIONARY |  | 6375792 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Eastroc Beverage Group Co Ltd H Shares  | 18400 | 584119 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Ant International Co Ltd Class C (c)(d) | 784278 | 1254845 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Pony AI Inc ADR (b) | 330300 | 4584564 |
| TOTAL CHINA |  | 30293068 |
| DENMARK - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Ascendis Pharma A/S ADR (b) | 129996 | 29392096 |
| FINLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Amer Sports Inc (b) | 801100 | 29344293 |
| GERMANY - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Trade Republic Bank GmbH (c)(d)(g) | 114 | 3151081 |
| INDIA - 0.6%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| Bharti Airtel Ltd  | 315200 | 6767447 |
| Vodafone Idea Ltd (b) | 43186424 | 5260893 |
| TOTAL COMMUNICATION SERVICES |  | 12028340 |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.0% |  |  |
| Meesho (f) | 2608458 | 4954119 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Eternal Ltd (b) | 2948600 | 8798143 |
| Specialty Retail - 0.1% |  |  |
| Lenskart Solutions Ltd (f) | 1798006 | 8968068 |
| TOTAL CONSUMER DISCRETIONARY |  | 22720330 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Patanjali Foods Ltd  | 546600 | 2982950 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Reliance Industries Ltd  | 556498 | 8468791 |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| Authum Investment & Infrastucture Ltd  | 4347350 | 23952290 |
| Financial Services - 0.0% |  |  |
| Jio Financial Services Ltd  | 726649 | 2016841 |
| TOTAL FINANCIALS |  | 25969131 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Max Healthcare Institute Ltd  | 232500 | 2426069 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Hindustan Aeronautics Ltd (h) | 49900 | 2513884 |
| Passenger Airlines - 0.0% |  |  |
| InterGlobe Aviation Ltd (h)(i) | 59700 | 2992683 |
| Transportation Infrastructure - 0.0% |  |  |
| JSW Infrastructure Ltd  | 303700 | 856178 |
| TOTAL INDUSTRIALS |  | 6362745 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Welspun Corp Ltd  | 839100 | 6673432 |
| TOTAL INDIA |  | 87631788 |
| ISRAEL - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd warrants 7/24/2032 (b)(c) | 84101 | 116899 |
| ITALY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Lottomatica Group Spa  | 402400 | 9883126 |
| JAPAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Kioxia Holdings Corp (b) | 50100 | 6914810 |
| KOREA (SOUTH) - 0.1%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| APR Corp/Korea  | 7790 | 1449821 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| SK Hynix Inc  | 17640 | 11052891 |
| TOTAL KOREA (SOUTH) |  | 12502712 |
| LUXEMBOURG - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| CVC Capital Partners PLC (h)(i) | 232373 | 4112369 |
| NETHERLANDS - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| ASML Holding NV depository receipt  | 11000 | 15653000 |
| NXP Semiconductors NV  | 92235 | 20858023 |
| TOTAL NETHERLANDS |  | 36511023 |
| SINGAPORE - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Sea Ltd Class A ADR (b) | 45100 | 5253699 |
| SWITZERLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| On Holding AG Class A (b) | 486400 | 22009600 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Galderma Group AG  | 53020 | 9882874 |
| TOTAL SWITZERLAND |  | 31892474 |
| TAIWAN - 1.0%  |  |  |
| Information Technology - 1.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Delta Electronics Inc  | 94000 | 3633138 |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 471600 | 155892096 |
| TOTAL TAIWAN |  | 159525234 |
| UNITED KINGDOM - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Tobacco - 0.1% |  |  |
| British American Tobacco PLC ADR  | 182100 | 11049828 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Revolut Group Holdings Ltd (b)(c)(d) | 2322 | 3257952 |
| TOTAL UNITED KINGDOM |  | 14307780 |
| UNITED STATES - 92.7%  |  |  |
| Communication Services - 16.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| AST SpaceMobile Inc Class A (b) | 42000 | 4670820 |
| Entertainment - 2.3% |  |  |
| Netflix Inc (b) | 3525340 | 294330637 |
| ROBLOX Corp Class A (b) | 538900 | 35438064 |
| Roku Inc Class A (b) | 36400 | 3465280 |
| Take-Two Interactive Software Inc (b) | 90400 | 19915120 |
|  |  | 353149101 |
| Interactive Media & Services - 13.7% |  |  |
| Alphabet Inc Class A  | 3771260 | 1274685880 |
| Epic Games Inc (b)(c)(d) | 1076 | 699497 |
| Meta Platforms Inc Class A  | 1009510 | 723313915 |
| Reddit Inc Class A (b) | 4700 | 847269 |
| Reddit Inc Class B (b) | 134285 | 24207557 |
| Snap Inc Class A (b) | 8393500 | 58166955 |
|  |  | 2081921073 |
| Media - 0.0% |  |  |
| EchoStar Corp Class A (b) | 26000 | 2943720 |
| TOTAL COMMUNICATION SERVICES |  | 2442684714 |
| Consumer Discretionary - 15.3% |  |  |
| Automobiles - 1.6% |  |  |
| General Motors Co  | 18900 | 1587600 |
| Neutron Holdings Inc (b)(c)(d) | 691699 | 66265 |
| Rad Power Bikes Inc (b)(c)(d) | 110210 | 1 |
| Rad Power Bikes Inc warrants 10/6/2033 (b)(c)(d) | 74246 | 1 |
| Tesla Inc (b) | 566405 | 243786376 |
|  |  | 245440243 |
| Broadline Retail - 7.6% |  |  |
| Amazon.com Inc (b) | 4907500 | 1174364750 |
| Diversified Consumer Services - 0.0% |  |  |
| Phoenix Education Partners Inc  | 8755 | 267114 |
| Hotels, Restaurants & Leisure - 2.0% |  |  |
| Brinker International Inc (b) | 281000 | 44319320 |
| Cava Group Inc (b)(e) | 79200 | 4801104 |
| Cheesecake Factory Inc/The  | 70600 | 4091976 |
| Chipotle Mexican Grill Inc (b) | 852900 | 33152223 |
| DoorDash Inc Class A (b) | 192500 | 39389350 |
| DraftKings Inc Class A (b) | 1110800 | 30558108 |
| Dutch Bros Inc Class A (b) | 71100 | 3867129 |
| Expedia Group Inc Class A  | 15200 | 4025568 |
| Hilton Worldwide Holdings Inc  | 64200 | 19164342 |
| Marriott International Inc/MD Class A1  | 59600 | 18791880 |
| Starbucks Corp  | 878600 | 80787270 |
| Texas Roadhouse Inc  | 42000 | 7554120 |
| Wingstop Inc (e) | 70200 | 18633186 |
|  |  | 309135576 |
| Household Durables - 0.8% |  |  |
| SharkNinja Inc (b)(e) | 966990 | 114298218 |
| Somnigroup International Inc  | 91200 | 8011920 |
|  |  | 122310138 |
| Leisure Products - 0.1% |  |  |
| Peloton Interactive Inc Class A (b) | 1858000 | 10386220 |
| Specialty Retail - 2.6% |  |  |
| Abercrombie & Fitch Co Class A (b) | 3225 | 314857 |
| American Eagle Outfitters Inc  | 95400 | 2223774 |
| AutoZone Inc (b) | 1200 | 4445148 |
| Bath & Body Works Inc  | 361100 | 7871980 |
| Carvana Co Class A (b) | 179600 | 72039356 |
| Fanatics Inc Class A (b)(c)(d) | 159285 | 12742800 |
| Five Below Inc (b) | 59284 | 11361186 |
| Floor & Decor Holdings Inc Class A (b) | 44700 | 2948412 |
| Gap Inc/The  | 277000 | 7750460 |
| Home Depot Inc/The  | 45500 | 17043845 |
| Lowe's Cos Inc  | 276806 | 73923811 |
| RealReal Inc/The (b) | 469600 | 6889032 |
| RH (b)(e) | 196604 | 39090773 |
| Ross Stores Inc  | 15700 | 2961805 |
| TJX Cos Inc/The  | 371000 | 55579510 |
| Urban Outfitters Inc (b) | 111112 | 7872285 |
| Victoria's Secret & Co (b) | 347400 | 18936774 |
| Warby Parker Inc Class A (b) | 795736 | 20299225 |
| Wayfair Inc Class A (b) | 356920 | 36937651 |
|  |  | 401232684 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Capri Holdings Ltd (b) | 881400 | 19893198 |
| Deckers Outdoor Corp (b) | 45296 | 5405625 |
| Lululemon Athletica Inc (b) | 184574 | 32208163 |
| NIKE Inc Class B  | 321313 | 19860357 |
| Tapestry Inc  | 72300 | 9175593 |
| Tory Burch LLC Class A (b)(c)(d)(g) | 106817 | 4365611 |
| VF Corp (e) | 134000 | 2625060 |
|  |  | 93533607 |
| TOTAL CONSUMER DISCRETIONARY |  | 2356670332 |
| Consumer Staples - 0.5% |  |  |
| Beverages - 0.1% |  |  |
| Celsius Holdings Inc (b) | 286000 | 15009280 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Chobani Inc Class A (c)(d)(g) | 617 | 2749568 |
| Costco Wholesale Corp  | 13800 | 12975450 |
| Sprouts Farmers Market Inc (b) | 77200 | 5474252 |
| Target Corp  | 120000 | 12656400 |
|  |  | 33855670 |
| Personal Care Products - 0.1% |  |  |
| Estee Lauder Cos Inc/The Class A  | 47100 | 5429688 |
| Herbalife Ltd (b) | 408700 | 7045988 |
|  |  | 12475676 |
| Tobacco - 0.1% |  |  |
| JUUL Labs Inc Class A (b)(c)(d) | 8303657 | 15776948 |
| JUUL Labs Inc Class B (b)(c)(d) | 2450 | 4655 |
|  |  | 15781603 |
| TOTAL CONSUMER STAPLES |  | 77122229 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| WaterBridge Infrastructure LLC Class A  | 73500 | 1612590 |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Chevron Corp  | 34000 | 6014600 |
| Exxon Mobil Corp  | 88900 | 12570460 |
|  |  | 18585060 |
| TOTAL ENERGY |  | 20197650 |
| Financials - 2.7% |  |  |
| Capital Markets - 1.1% |  |  |
| Ares Management Corp Class A  | 77600 | 11614392 |
| Blue Owl Capital Inc Class A  | 746600 | 10183624 |
| Goldman Sachs Group Inc/The  | 61400 | 57434174 |
| KKR & Co Inc Class A  | 121300 | 13859738 |
| Morgan Stanley  | 150800 | 27566240 |
| Robinhood Markets Inc Class A (b) | 465400 | 46297992 |
|  |  | 166956160 |
| Consumer Finance - 0.1% |  |  |
| Figure Technology Solutions Inc Class A (e) | 194600 | 11068848 |
| Financial Services - 1.5% |  |  |
| Affirm Holdings Inc Class A (b) | 414100 | 24970230 |
| Apollo Global Management Inc  | 163700 | 22024198 |
| Mastercard Inc Class A  | 257200 | 138576788 |
| Rocket Cos Inc Class A  | 309103 | 5542216 |
| Toast Inc Class A (b) | 219906 | 6841276 |
| Visa Inc Class A  | 118700 | 38201221 |
|  |  | 236155929 |
| TOTAL FINANCIALS |  | 414180937 |
| Health Care - 5.8% |  |  |
| Biotechnology - 1.6% |  |  |
| AbbVie Inc  | 289700 | 64605997 |
| Alnylam Pharmaceuticals Inc (b) | 85981 | 29066737 |
| Apogee Therapeutics Inc (b) | 91700 | 6007267 |
| Arcellx Inc (b) | 15400 | 1051974 |
| Caris Life Sciences Inc (b) | 23600 | 546576 |
| Cibus Inc Class A (b)(e) | 32171 | 62733 |
| Gilead Sciences Inc  | 814100 | 115561495 |
| Janux Therapeutics Inc (b) | 40100 | 549771 |
| Legend Biotech Corp ADR (b) | 85600 | 1498000 |
| Moderna Inc (b) | 88100 | 3882567 |
| Praxis Precision Medicines Inc (b) | 11000 | 3454000 |
| Regeneron Pharmaceuticals Inc  | 15700 | 11640765 |
| Revolution Medicines Inc (b) | 12500 | 1211875 |
| Scholar Rock Holding Corp (b) | 71500 | 3170310 |
| Travere Therapeutics Inc (b) | 155600 | 4837604 |
|  |  | 247147671 |
| Health Care Equipment & Supplies - 0.8% |  |  |
| Blink Health LLC Class A1 (b)(c)(d) | 8180 | 303069 |
| Boston Scientific Corp (b) | 1053400 | 98524502 |
| Insulet Corp (b) | 57300 | 14657913 |
| Intuitive Surgical Inc (b) | 7600 | 3832072 |
| Kestra Medical Technologies Ltd  | 74500 | 1837915 |
| Medline Inc Class A  | 243800 | 10775960 |
|  |  | 129931431 |
| Health Care Providers & Services - 0.5% |  |  |
| Cardinal Health Inc  | 149300 | 32081584 |
| Cencora Inc  | 45300 | 16272666 |
| Guardant Health Inc (b) | 65000 | 7412600 |
| McKesson Corp  | 32000 | 26598720 |
|  |  | 82365570 |
| Health Care Technology - 0.0% |  |  |
| Claritev Corp warrants (b)(c) | 24206 | 0 |
| HeartFlow Inc (f) | 79401 | 2371708 |
|  |  | 2371708 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Danaher Corp  | 26000 | 5691140 |
| Pharmaceuticals - 2.9% |  |  |
| Crinetics Pharmaceuticals Inc (b) | 64800 | 3236112 |
| Elanco Animal Health Inc (b) | 114200 | 2749936 |
| Eli Lilly & Co  | 381579 | 395754660 |
| Johnson & Johnson  | 81000 | 18407250 |
| Roche Holding AG non-voting shares  | 11250 | 5115824 |
|  |  | 425263782 |
| TOTAL HEALTH CARE |  | 892771302 |
| Industrials - 6.9% |  |  |
| Aerospace & Defense - 4.1% |  |  |
| Anduril Industries Inc Class B (c)(d) | 4398 | 219636 |
| Anduril Industries Inc Class C (c)(d) | 2 | 100 |
| Axon Enterprise Inc (b) | 36900 | 17844102 |
| Beta Technologies Inc (f) | 108622 | 2335373 |
| Beta Technologies Inc Class A (b) | 72200 | 1552300 |
| Boeing Co (b) | 407680 | 95282970 |
| Carpenter Technology Corp  | 56272 | 17884930 |
| GE Aerospace  | 192500 | 59057075 |
| Howmet Aerospace Inc  | 208600 | 43405488 |
| Red Cat Holdings Inc (b)(e) | 157600 | 2127600 |
| Rocket Lab Corp  | 99600 | 7974972 |
| Space Exploration Technologies Corp (b)(c)(d) | 906730 | 381733330 |
| Space Exploration Technologies Corp Class C (b)(c)(d) | 6860 | 2888060 |
|  |  | 632305936 |
| Air Freight & Logistics - 0.0% |  |  |
| CH Robinson Worldwide Inc  | 8200 | 1598590 |
| FedEx Corp  | 6300 | 2030175 |
|  |  | 3628765 |
| Construction & Engineering - 0.1% |  |  |
| Comfort Systems USA Inc  | 16500 | 18844650 |
| Construction Partners Inc Class A (b) | 19400 | 2131672 |
| IES Holdings Inc (b) | 12600 | 4791654 |
| Legence Corp Class A  | 23000 | 1078930 |
|  |  | 26846906 |
| Electrical Equipment - 0.6% |  |  |
| Bloom Energy Corp Class A (b) | 19500 | 2951715 |
| GE Vernova Inc  | 99600 | 72346452 |
| Nextpower Inc Class A (b) | 119700 | 14015673 |
|  |  | 89313840 |
| Ground Transportation - 0.5% |  |  |
| Lyft Inc Class A (b) | 742089 | 12519041 |
| Old Dominion Freight Line Inc  | 54500 | 9439400 |
| Uber Technologies Inc (b) | 577200 | 46204860 |
| XPO Inc (b) | 39500 | 5850345 |
|  |  | 74013646 |
| Machinery - 0.3% |  |  |
| Caterpillar Inc  | 9100 | 5981976 |
| Cummins Inc  | 31500 | 18232830 |
| PACCAR Inc  | 83900 | 10312149 |
| RBC Bearings Inc (b) | 10000 | 4996700 |
|  |  | 39523655 |
| Passenger Airlines - 0.6% |  |  |
| Alaska Air Group Inc (b)(e) | 100100 | 5088083 |
| Delta Air Lines Inc  | 644300 | 42452927 |
| United Airlines Holdings Inc (b) | 375300 | 38400696 |
|  |  | 85941706 |
| Trading Companies & Distributors - 0.7% |  |  |
| Ferguson Enterprises Inc  | 34000 | 8583640 |
| FTAI Aviation Ltd  | 382400 | 104135168 |
|  |  | 112718808 |
| TOTAL INDUSTRIALS |  | 1064293262 |
| Information Technology - 44.5% |  |  |
| Communications Equipment - 0.5% |  |  |
| Arista Networks Inc (b) | 44000 | 6236560 |
| Lumentum Holdings Inc (b) | 184100 | 72137744 |
|  |  | 78374304 |
| Electronic Equipment, Instruments & Components - 0.8% |  |  |
| Amphenol Corp Class A  | 362200 | 52185776 |
| Coherent Corp (b) | 193700 | 41099266 |
| Corning Inc  | 132100 | 13639325 |
| Jabil Inc  | 50400 | 11954376 |
|  |  | 118878743 |
| IT Services - 0.9% |  |  |
| Akamai Technologies Inc (b) | 33500 | 3254525 |
| Cloudflare Inc Class A (b) | 166200 | 29475570 |
| MongoDB Inc Class A (b) | 15900 | 5904147 |
| Snowflake Inc (b) | 262752 | 50632310 |
| Twilio Inc Class A (b) | 319200 | 38450832 |
| X.Ai Holdings Corp Class A (c)(d) | 48900 | 3689994 |
|  |  | 131407378 |
| Semiconductors & Semiconductor Equipment - 22.9% |  |  |
| Advanced Micro Devices Inc (b) | 231900 | 54897687 |
| Astera Labs Inc (b) | 449400 | 67688628 |
| Broadcom Inc  | 1564900 | 518451370 |
| GlobalFoundries Inc (b) | 152742 | 6445712 |
| Impinj Inc (b) | 1239 | 171106 |
| KLA Corp  | 4700 | 6711318 |
| Lam Research Corp  | 80800 | 18863568 |
| Marvell Technology Inc  | 3046961 | 240466162 |
| Micron Technology Inc  | 259700 | 107744336 |
| Monolithic Power Systems Inc  | 105300 | 118372995 |
| NVIDIA Corp  | 12397360 | 2369507418 |
| Onto Innovation Inc (b) | 9000 | 1818450 |
|  |  | 3511138750 |
| Software - 9.1% |  |  |
| Applied Intuition Inc Class A (b)(c)(d) | 5601 | 634481 |
| AppLovin Corp Class A (b) | 400200 | 189338622 |
| Atom Tickets LLC (b)(c)(d)(g) | 344068 | 3 |
| Celestial AI Inc (c)(d) | 7180 | 192568 |
| Circle Internet Group Inc Class A (e) | 32300 | 2064939 |
| Crowdstrike Holdings Inc Class A (b) | 30800 | 13595274 |
| Figma Inc Class A  | 77644 | 2012532 |
| Microsoft Corp  | 2329300 | 1002274498 |
| OpenAI Group Pbc Class A (c)(d) | 9700 | 4631556 |
| Oracle Corp  | 391700 | 64465986 |
| Palantir Technologies Inc Class A (b) | 359700 | 52728423 |
| Rubrik Inc Class A (b) | 102500 | 5734875 |
| Salesforce Inc  | 64100 | 13607789 |
| Samsara Inc Class A (b) | 185800 | 5211690 |
| Servicenow Inc (b) | 240715 | 28166062 |
| Stripe LLC Class B (b)(c)(d) | 19900 | 824258 |
| Tanium Inc Class B (b)(c)(d) | 151000 | 1170250 |
| Unity Software Inc (b) | 95100 | 2767410 |
| Zoom Communications Inc Class A (b) | 81100 | 7469310 |
|  |  | 1396890526 |
| Technology Hardware, Storage & Peripherals - 10.3% |  |  |
| Apple Inc (e) | 5526236 | 1433947718 |
| Sandisk Corp/DE  | 91000 | 52438750 |
| Seagate Technology Holdings PLC  | 24500 | 9988405 |
| Western Digital Corp  | 345400 | 86429442 |
|  |  | 1582804315 |
| TOTAL INFORMATION TECHNOLOGY |  | 6819494016 |
| Materials - 0.2% |  |  |
| Construction Materials - 0.2% |  |  |
| Martin Marietta Materials Inc  | 17900 | 11669905 |
| Vulcan Materials Co  | 42200 | 12682788 |
|  |  | 24352693 |
| Metals & Mining - 0.0% |  |  |
| Alcoa Corp  | 46500 | 2641665 |
| Century Aluminum Co (b) | 61900 | 2805927 |
|  |  | 5447592 |
| TOTAL MATERIALS |  | 29800285 |
| Real Estate - 0.5% |  |  |
| Health Care REITs - 0.5% |  |  |
| Welltower Inc  | 379284 | 71441934 |
| Real Estate Management & Development - 0.0% |  |  |
| Compass Inc Class A (b) | 651400 | 8155528 |
| TOTAL REAL ESTATE |  | 79597462 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Constellation Energy Corp  | 19200 | 5389056 |
| Entergy Corp  | 105900 | 10154751 |
| NRG Energy Inc  | 59200 | 9035696 |
|  |  | 24579503 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Vistra Corp  | 51700 | 8186695 |
| TOTAL UTILITIES |  | 32766198 |
| TOTAL UNITED STATES |  | 14229578387 |
| ZAMBIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| First Quantum Minerals Ltd (b) | 201800 | 5704316 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,767,117,061) |  | <br> **14924563410** |

---

---

| | | |
|:---|:---|:---|
| &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 (c)(d) | 433800 | 1948630 |
| Neutron Holdings Inc 4% 6/12/2027 (c)(d) | 115200 | 517478 |
| TOTAL CONSUMER DISCRETIONARY |  | 2466108 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 10% 5/12/2199 (c)(d) | 22391 | 7483 |
| TOTAL UNITED STATES |  | 2473591 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $571,391) |  | <br> **2473591** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 1.8%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.8%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.8%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc Series B (c)(d) | 26500 | 1839630 |
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Bytedance Ltd Series E1 (b)(c)(d) | 37119 | 9531417 |
| ESTONIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Bolt Technology OU Series E (b)(c)(d) | 18160 | 3940326 |
| FINLAND - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Health Care Technology - 0.1% |  |  |
| Oura Health Oy Series D (b)(c)(d) | 156533 | 8385473 |
| Oura Health Oy Series E (c)(d) | 193277 | 10353849 |
| TOTAL FINLAND |  | 18739322 |
| ISRAEL - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Element Labs Inc Series A (c)(d) | 150300 | 1187370 |
| Element Labs Inc Series B (c)(d) | 119900 | 1052722 |
| TOTAL INDUSTRIALS |  | 2240092 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd Series D (b)(c)(d) | 140500 | 210750 |
| Xsight Labs Ltd Series F (c)(d) | 280336 | 1177411 |
| TOTAL INFORMATION TECHNOLOGY |  | 1388161 |
| TOTAL ISRAEL |  | 3628253 |
| UNITED KINGDOM - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| NScale Global Holdings Ltd Series B (c)(d) | 1000 | 426990 |
| UNITED STATES - 1.6%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Neutron Holdings Inc Series 1C (b)(c)(d) | 12405800 | 1188475 |
| Rad Power Bikes Inc Series A (b)(c)(d) | 14368 | 0 |
| Rad Power Bikes Inc Series C (b)(c)(d) | 56537 | 0 |
| Waymo LLC Series A2 (b)(c)(d) | 15200 | 2323928 |
| Waymo LLC Series C2 (b)(c)(d) | 25928 | 3860420 |
| TOTAL CONSUMER DISCRETIONARY |  | 7372823 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| GoBrands Inc Series G (b)(c)(d) | 19600 | 952168 |
| Food Products - 0.0% |  |  |
| AgBiome LLC Series C (b)(c)(d) | 266499 | 3 |
| Tobacco - 0.0% |  |  |
| JUUL Labs Inc Series C (b)(c)(d) | 660029 | 1254055 |
| JUUL Labs Inc Series D (b)(c)(d) | 5110 | 9709 |
|  |  | 1263764 |
| TOTAL CONSUMER STAPLES |  | 2215935 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Akeana Series C (b)(c)(d) | 65000 | 772850 |
| Tenstorrent Holdings Inc Series D1 (b)(c)(d) | 18067 | 1348521 |
| TOTAL FINANCIALS |  | 2121371 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Castle Creek Biosciences Inc Series B (b)(c)(d) | 1069 | 231813 |
| Castle Creek Biosciences Inc Series D2 (b)(c)(d) | 642 | 128611 |
| Neurona Therapeutics Inc Series F (c)(d) | 328100 | 771035 |
|  |  | 1131459 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Blink Health LLC Series C (b)(c)(d) | 27197 | 1007649 |
| Blink Health LLC Series D (b)(c)(d) | 5797 | 214779 |
|  |  | 1222428 |
| TOTAL HEALTH CARE |  | 2353887 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Anduril Industries Inc Series F (b)(c)(d) | 87397 | 4364606 |
| Anduril Industries Inc Series G (c)(d) | 41100 | 2052534 |
|  |  | 6417140 |
| Air Freight & Logistics - 0.1% |  |  |
| Zipline International Inc Series G (b)(c)(d) | 46703 | 2627511 |
| Zipline International Inc Series H (c)(d) | 45100 | 2537326 |
|  |  | 5164837 |
| Electrical Equipment - 0.0% |  |  |
| Empower Semiconductor Inc Series D (c)(d) | 224700 | 1714461 |
| TOTAL INDUSTRIALS |  | 13296438 |
| Information Technology - 1.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Cerebras Systems Inc Series G (c)(d) | 191700 | 17065135 |
| Enevate Corp Series E (b)(c)(d) | 1441706 | 115336 |
| Frore Systems Inc Series C (b)(c)(d) | 63198 | 1638092 |
|  |  | 18818563 |
| IT Services - 0.4% |  |  |
| X.Ai Holdings Corp Series B (c)(d) | 635731 | 47972261 |
| X.Ai Holdings Corp Series C (c)(d) | 116978 | 8827160 |
|  |  | 56799421 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Alif Semiconductor Series D (c)(d) | 37600 | 1141536 |
| Danger Devices Inc Series B (c)(d) | 719800 | 655018 |
| Retym Inc Series C (b)(c)(d) | 168905 | 1761679 |
| Retym Inc Series D (b)(c)(d) | 30943 | 340373 |
|  |  | 3898606 |
| Software - 0.8% |  |  |
| Anthropic PBC Series D (b)(c)(d) | 67650 | 18517835 |
| Anthropic PBC Series E (c)(d) | 6400 | 1658495 |
| Anthropic PBC Series F (c)(d) | 50300 | 13034742 |
| Anthropic PBC Series G (c)(d) | 45600 | 11816620 |
| Applied Intuition Inc Series A2 (b)(c)(d) | 7292 | 826038 |
| Applied Intuition Inc Series B2 (b)(c)(d) | 3516 | 398292 |
| Celestial AI Inc Series A (c)(d) | 45773 | 1227632 |
| Celestial AI Inc Series B (c)(d) | 34443 | 923761 |
| Celestial AI Inc Series C1 (c)(d) | 137971 | 3700382 |
| Crusoe Energy Systems LLC Series D (b)(c)(d) | 52338 | 5652504 |
| Crusoe Energy Systems LLC Series E (c)(d) | 30554 | 3299832 |
| Databricks Inc Series G (b)(c)(d) | 51900 | 9861000 |
| Databricks Inc Series I (b)(c)(d) | 1191 | 226290 |
| Databricks Inc Series J (b)(c)(d) | 32584 | 6190960 |
| Databricks Inc Series K (c)(d) | 10100 | 1919000 |
| Databricks Inc Series L (c)(d) | 40900 | 7771000 |
| Dataminr Inc Series D, 8% (b)(c)(d) | 115901 | 877371 |
| Density Ai Inc (c)(d) | 436000 | 649640 |
| Lyte Ai Inc Series B (b)(c)(d) | 117675 | 1236764 |
| MOLOCO Inc Series A (b)(c)(d) | 19537 | 1329884 |
| Nuro Inc/DE Series E (c)(d) | 75109 | 859998 |
| OpenAI Group Pbc Series A-2 (c)(d) | 26645 | 12722455 |
| OpenAI Group Pbc Series A-3 (c)(d) | 7886 | 3765407 |
| Physical Intelligence Inc Series B (c)(d) | 3700 | 1003477 |
| Runway AI Inc Series D (b)(c)(d) | 91910 | 1344644 |
| Runway AI Inc Series P (c)(d) | 5937 | 86858 |
| Skyryse Inc Series C (c)(d) | 48000 | 1296960 |
| Stripe LLC Series H (b)(c)(d) | 8700 | 360354 |
| Stripe LLC Series I (b)(c)(d) | 135124 | 5596836 |
|  |  | 118155031 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Lightmatter Inc Series C1 (b)(c)(d) | 77697 | 4166113 |
| Lightmatter Inc Series C2 (b)(c)(d) | 12204 | 672684 |
| Lightmatter Inc Series D (b)(c)(d) | 62356 | 4412935 |
|  |  | 9251732 |
| TOTAL INFORMATION TECHNOLOGY |  | 206923353 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Diamond Foundry Inc Series C (b)(c)(d) | 125000 | 3882500 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Redwood Materials Series E (c)(d) | 2854 | 136250 |
| TOTAL UNITED STATES |  | 238302557 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $153,652,006) |  | <br> **276408495** |

---

---

| | | |
|:---|:---|:---|
| &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)<br>(Cost $3,185,523)<br>| 9636 | **2175327** |

---

---

| | | |
|:---|:---|:---|
| &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%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc 0% (c)(d)(j) | 472410 | 469717 |
| UNITED STATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rad Power Bikes Inc 8% 12/31/2199 (c)(d) | 74246 | 13869 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 6% (c)(d)(j) | 84434 | 10646 |
| TOTAL UNITED STATES |  | 24515 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $631,090) |  | <br> **494232** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (k) | 3.70 | 6767017 | 6768370 |
| Fidelity Securities Lending Cash Central Fund (k)(l) | 3.70 | 27891581 | 27894370 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $34,662,740) |  |  | **34662740** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.2%**<br> (Cost $5,959,819,811)<br>| <br>**15240777795** |
| **NET OTHER ASSETS (LIABILITIES) - 0.8%**  | **123547644** |
| **NET ASSETS - 100.0%** | **15364325439** |

---

**Legend**

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

(b) Non-income producing.

(c) Level 3 security.

(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 $723,373,293 or 4.7% of net assets.

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

(f) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $18,629,268 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

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

(h) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $9,618,936 or 0.1% of net assets.

(i) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $7,105,052 or 0.0% of net assets.

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

(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>|
| AgBiome LLC Series C | 6/29/2018 | 1687925 |
| Akeana Series C | 1/23/2024 | 829452 |
| Alif Semiconductor Series D | 4/11/2025 | 1015843 |
| Anduril Industries Inc Class B | 6/16/2025 | 179803 |
| Anduril Industries Inc Class C | 6/16/2025 | 80 |
| Anduril Industries Inc Series F | 8/7/2024 | 1899714 |
| Anduril Industries Inc Series G | 4/17/2025 | 1680283 |
| Ant International Co Ltd Class C | 5/16/2018 | 2989179 |
| Anthropic PBC Series D | 5/31/2024 | 2029804 |
| Anthropic PBC Series E | 2/14/2025 | 358954 |
| Anthropic PBC Series F | 8/18/2025 | 7090670 |
| Anthropic PBC Series G | 1/27/2026 | 11816621 |
| Applied Intuition Inc Class A | 7/2/2024 | 334351 |
| Applied Intuition Inc Series A2 | 7/2/2024 | 435295 |
| Applied Intuition Inc Series B2 | 7/2/2024 | 209887 |
| Atom Tickets LLC | 8/15/2017 | 1999998 |
| Blink Health LLC Class A1 | 12/30/2020 - 6/17/2024 | 233946 |
| Blink Health LLC Series C | 11/7/2019 - 1/21/2021 | 1038273 |
| Blink Health LLC Series D | 6/17/2024 - 6/25/2024 | 243474 |
| Bolt Technology OU Series E | 1/3/2022 | 4717904 |
| Bytedance Ltd Series E1 | 11/18/2020 | 4067284 |
| Canva Australia Holdings Pty Ltd Class A | 8/19/2025 - 11/12/2025 | 7736858 |
| Castle Creek Biosciences Inc Series A4 | 9/29/2016 | 3185523 |
| Castle Creek Biosciences Inc Series B | 10/9/2018 | 440268 |
| Castle Creek Biosciences Inc Series D2 | 6/28/2021 | 110199 |
| Celestial AI Inc | 2/25/2025 | 106377 |
| Celestial AI Inc Series A | 2/25/2025 | 678159 |
| Celestial AI Inc Series B | 2/25/2025 | 510297 |
| Celestial AI Inc Series C1 | 2/25/2025 | 2404862 |
| Cerebras Systems Inc Series G | 9/19/2025 | 6945751 |
| Chobani Inc Class A | 10/14/2025 | 2749570 |
| Crusoe Energy Systems LLC Series D | 12/10/2024 | 1526796 |
| Crusoe Energy Systems LLC Series E | 10/8/2025 | 2566788 |
| Danger Devices Inc Series B | 3/5/2025 | 648180 |
| Databricks Inc Series G | 2/1/2021 | 3068465 |
| Databricks Inc Series I | 9/14/2023 | 87539 |
| Databricks Inc Series J | 12/17/2024 | 3014020 |
| Databricks Inc Series K | 9/8/2025 | 1515000 |
| Databricks Inc Series L | 12/18/2025 | 7771000 |
| Dataminr Inc Series D, 8% | 3/6/2015 | 1477738 |
| Density Ai Inc | 12/5/2025 | 649633 |
| Diamond Foundry Inc Series C | 3/15/2021 | 3000000 |
| Element Labs Inc Series A | 2/11/2025 | 554396 |
| Element Labs Inc Series B | 6/27/2025 | 1052590 |
| Empower Semiconductor Inc Series D | 6/27/2025 | 1803397 |
| Enevate Corp 10% 5/12/2199 | 11/12/2024 | 22391 |
| Enevate Corp 6% | 11/2/2023 - 10/31/2025 | 84434 |
| Enevate Corp Series E | 1/29/2021 | 1598398 |
| Epic Games Inc | 7/30/2020 | 618700 |
| Fanatics Inc Class A | 8/13/2020 | 2754038 |
| Frore Systems Inc Series C | 5/10/2024 | 1015617 |
| GoBrands Inc Series G | 3/2/2021 | 4894459 |
| JUUL Labs Inc Class A | 2/23/2024 - 11/4/2025 | 11277292 |
| JUUL Labs Inc Class B | 11/21/2017 | 0 |
| JUUL Labs Inc Series C | 5/22/2015 - 7/6/2018 | 0 |
| JUUL Labs Inc Series D | 6/25/2018 - 7/6/2018 | 0 |
| Lightmatter Inc Series C1 | 5/19/2023 | 1278644 |
| Lightmatter Inc Series C2 | 12/18/2023 | 317326 |
| Lightmatter Inc Series D | 10/11/2024 | 5002853 |
| Lyte Ai Inc Series B | 8/13/2024 | 1492837 |
| MOLOCO Inc Series A | 6/26/2023 | 1172220 |
| Neurona Therapeutics Inc Series F | 3/28/2025 | 675886 |
| Neutron Holdings Inc | 2/4/2021 | 6918 |
| Neutron Holdings Inc 4% 5/22/2027 | 6/4/2020 | 433800 |
| Neutron Holdings Inc 4% 6/12/2027 | 6/12/2020 | 115200 |
| Neutron Holdings Inc Series 1C | 7/3/2018 | 2268276 |
| NScale Global Holdings Ltd Series B | 9/25/2025 | 379879 |
| Nuro Inc/DE Series E | 4/1/2025 | 960906 |
| OpenAI Group Pbc Class A | 9/3/2025 | 4171000 |
| OpenAI Group Pbc Series A-2 | 9/30/2024 | 5005574 |
| OpenAI Group Pbc Series A-3 | 4/11/2025 | 2419947 |
| Oura Health Oy Series D | 12/18/2024 | 4021333 |
| Oura Health Oy Series E | 9/24/2025 | 10353849 |
| Physical Intelligence Inc Series B | 10/24/2025 | 1004769 |
| Rad Power Bikes Inc | 1/21/2021 | 531635 |
| Rad Power Bikes Inc 8% 12/31/2199 | 10/6/2023 | 74246 |
| Rad Power Bikes Inc Series A | 1/21/2021 | 69309 |
| Rad Power Bikes Inc Series C | 1/21/2021 | 272725 |
| Rad Power Bikes Inc warrants 10/6/2033 | 10/6/2023 | 0 |
| Redwood Materials Series E | 10/20/2025 | 136238 |
| Retym Inc Series C | 5/17/2023 - 6/20/2023 | 1314385 |
| Retym Inc Series D | 1/29/2025 | 327593 |
| Revolut Group Holdings Ltd | 12/27/2024 | 2019587 |
| Runway AI Inc Series D | 9/6/2024 | 996468 |
| Runway AI Inc Series P | 11/4/2025 | 86847 |
| Skyryse Inc Series C | 9/16/2025 - 11/21/2025 | 1297162 |
| Space Exploration Technologies Corp | 1/20/2015 - 9/7/2023 | 15151134 |
| Space Exploration Technologies Corp Class C | 9/11/2017 | 92610 |
| Stripe LLC Class B | 5/18/2021 | 798555 |
| Stripe LLC Series H | 3/15/2021 | 349087 |
| Stripe LLC Series I | 3/20/2023 - 5/12/2023 | 2720606 |
| Taalas Inc 0% | 12/23/2025 | 472410 |
| Taalas Inc Series B | 2/19/2025 | 1455205 |
| Taalas Inc warrants | 12/23/2025 | 95390 |
| Tanium Inc Class B | 4/21/2017 | 749609 |
| Tenstorrent Holdings Inc Series D1 | 7/16/2024 - 1/15/2025 | 1424157 |
| Tory Burch LLC Class A | 5/14/2015 | 7600030 |
| Trade Republic Bank GmbH | 12/16/2025 | 3122901 |
| Waymo LLC Series A2 | 5/8/2020 | 1305182 |
| Waymo LLC Series C2 | 10/18/2024 | 2027604 |
| X.Ai Holdings Corp Class A | 7/18/2025 | 1787784 |
| X.Ai Holdings Corp Series B | 5/13/2024 | 7609700 |
| X.Ai Holdings Corp Series C | 11/22/2024 | 2532574 |
| Xsight Labs Ltd Series D | 2/16/2021 | 1123438 |
| Xsight Labs Ltd Series F | 1/11/2024 - 12/30/2024 | 1297956 |
| Zipline International Inc Series G | 6/7/2024 | 1959018 |
| Zipline International Inc Series H | 12/3/2025 | 2537518 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Beta Technologies Inc | 5/4/2026 |
| HeartFlow Inc | 2/4/2026 |
| Lenskart Solutions Ltd | 5/7/2026 |
| Meesho | 6/10/2026 |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 56535950 | 562741755 | 612516534 | 758812 | 7199 | - | 6768370 | 6767017 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 52550567 | 323286591 | 347943052 | 155627 | 264 | - | 27894370 | 27891581 | 0.1% |
| Total | 109086517 | 886028346 | 960459586 | 914439 | 7463 | - | 34662740 |  |  |

---

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 January 31, 2026, 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 | 2472206802 | 2454013557 | 17493748 | 699497 |
| Consumer Discretionary | 2496658442 | 2479483764 | - | 17174678 |
| Consumer Staples | 93188947 | 74657776 | - | 18531171 |
| Energy | 34850475 | 34850475 | - | - |
| Financials | 455549090 | 447885212 | - | 7663878 |
| Health Care | 944250791 | 928949024 | 14998698 | 303069 |
| Industrials | 1070656007 | 685814881 | - | 384841126 |
| Information Technology | 7183364403 | 7164738626 | - | 18625777 |
| Materials | 61474793 | 61474793 | - | - |
| Real Estate | 79597462 | 79597462 | - | - |
| Utilities | 32766198 | 32766198 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Consumer Discretionary | 2466108 | - | - | 2466108 |
| Information Technology | 7483 | - | - | 7483 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 9531417 | - | - | 9531417 |
| Consumer Discretionary | 7372823 | - | - | 7372823 |
| Consumer Staples | 2215935 | - | - | 2215935 |
| Financials | 2121371 | - | - | 2121371 |
| Health Care | 21093209 | - | - | 21093209 |
| Industrials | 15536530 | - | - | 15536530 |
| Information Technology | 214518460 | - | - | 214518460 |
| Materials | 3882500 | - | - | 3882500 |
| Utilities | 136250 | - | - | 136250 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 2175327 | - | - | 2175327 |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 13869 | - | - | 13869 |
| Information Technology | 480363 | - | - | 480363 |
|  **Money Market Funds** | 34662740 | 34662740 | - | - |
| **Total Investments in Securities:** | 15240777795 | 14478894508 | 32492446 | 729390841 |
|  **Net Unrealized Appreciation (Depreciation) on Unfunded Commitments** | (9120) | - | - | (9120) |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2026 ($)** |
| **Common Stocks** | 99590260 | 6119 | 323851394 | 38190353 | (13798930) | - | - | - | 447839196 | 330433298 |
| **Convertible Preferred Stocks** | 280144840 | - | (48878821) | 61577247 | (16434771) | - | - | - | 276408495 | 84522774 |
| **Non-Convertible Preferred Stocks** | 1963624 | - | 211703 | - | - | - | - | - | 2175327 | 211703 |
| **Convertible Corporate Bonds** | 1751992 | - | 721599 | - | - | - | - | - | 2473591 | 721599 |
| **Preferred Securities** | 1437276 | - | (212867) | 476723 | (1206900) | - | - | - | 494232 | (69125) |
| <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 January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $26,314,136) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,925,157,071) | $15206115055 |  |
| Fidelity Central Funds (cost $34,662,740) | 34662740 |  |
| Total Investment in Securities (cost $5,959,819,811) |  | $15240777795 |
| Foreign currency held at value (cost $71,414) |  | 72679 |
| Receivable for investments sold |  | 16328529 |
| Receivable for fund shares sold |  | 453988600 |
| Dividends receivable |  | 1801620 |
| Interest receivable |  | 127046 |
| Distributions receivable from Fidelity Central Funds |  | 50003 |
| Other receivables |  | 263655 |
| **Total assets** |  | 15713409927 |
| **Liabilities** |  |  |
| Payable to custodian bank | $23848 |  |
| Payable for investments purchased  | 314207750 |  |
| Unrealized depreciation on unfunded commitments | 9120 |  |
| Payable for fund shares redeemed | 4685995 |  |
| Other payables and accrued expenses | 2275108 |  |
| Collateral on securities loaned | 27882667 |  |
| **Total liabilities** |  | 349084488 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $15364325439 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5986565525 |
| Total accumulated earnings (loss) |  | 9377759914 |
| **Net Assets** |  | $15364325439 |
| **Net Asset Value**, offering price and redemption price per share ($15,364,325,439 ÷ 669,248,925 shares) |  | $22.96 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $24594723 |
| Interest  |  | 12016 |
| Income from Fidelity Central Funds (including $155,627 from security lending)  |  | 914439 |
| **Total income** |  | 25521178 |
| **Expenses** |  |  |
| Custodian fees and expenses | $121649 |  |
| Independent trustees' fees and expenses | 28541 |  |
| Legal | 8 |  |
| Interest | 123754 |  |
| Total expenses before reductions | 273952 |  |
| Expense reductions | (2984) |  |
| Total expenses after reductions |  | 270968 |
| **Net Investment income (loss)** |  | 25250210 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $111,932)  | 292746799 |  |
| Fidelity Central Funds | 7463 |  |
| Foreign currency transactions | (201200) |  |
| Total net realized gain (loss) |  | 292553062 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,709,515)  | 1055075531 |  |
| Unfunded commitments | (9120) |  |
| Assets and liabilities in foreign currencies | (17592) |  |
| Total change in net unrealized appreciation (depreciation) |  | 1055048819 |
| **Net gain (loss)** |  | 1347601881 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1372852091 |

---

---

| | | |
|:---|:---|:---|
| **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> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $25250210 | $55893907 |
| &nbsp;&nbsp;Net realized gain (loss) | 292553062<br>| 470944131<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1055048819 | 2338077913<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1372852091<br>| 2864915951<br>|
| Distributions to shareholders | (545744803)<br>| (1029456671)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1509282287 | 3514663891 |
| Reinvestment of distributions | 545744803<br>| 1029456671<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1302373966) | (3656240133) |
| **Net increase (decrease) in net assets resulting from share transactions** | 752653124<br>| 887880429<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1579760412<br>| 2723339709<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 13784565027 | 11061225318<br>|
| &nbsp;&nbsp;End of period | $15364325439 | $13784565027 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 63753149 | 188408026 |
| Issued in reinvestment of distributions | 24371299<br>| 57604226<br>|
| &nbsp;&nbsp;Redeemed | (54835157) | (188105026) |
| &nbsp;&nbsp;Net increase (decrease) | 33289291 | 57907226 |

---

**Consolidated Financial Highlights** 

**Fidelity® Series Blue Chip Growth Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $21.68 | $19.14 | $14.69 | $11.98 | $19.34 | $19.25 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .04  | .09  | .08  | .07  | .07  | .06  |
| Net realized and unrealized gain (loss)  | 2.10  | 4.22  | 4.45  | 3.03  | (3.37)  | 6.76  |
| Total from investment operations  | 2.14  | 4.31  | 4.53  | 3.10  | (3.30)  | 6.82  |
| Distributions from net investment income  | (.09)  | (.14)  | (.08)  | (.06)  | (.05)  | (.10)  |
| Distributions from net realized gain  | (.77)  | (1.63)  | -  | (.33)  | (4.00)  | (6.63)  |
| Total distributions  | (.86)  | (1.77)  | (.08)  | (.39)  | (4.06) C | (6.73)  |
| Net asset value, end of period  | $22.96 | $21.68 | $19.14 | $14.69 | $11.98 | $19.34 |
| **Total Return** D,E | 9.99% <br>| 24.54%  | 31.05%  | 26.84%  | (22.51)%  | 46.98%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | -% H,I | -% H | .01%  | -% H | -% H | -% H |
| Expenses net of fee waivers, if any  | -% H,I<br>| -% H | .01%  | -% H | -% H | -% H |
| Expenses net of all reductions, if any  | -% H,I | -% H | .01%  | -% H | -% H | -% H |
| Net investment income (loss)  | .35% I | .46%  | .47%  | .64%  | .45%  | .31%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $15364325 | $13784565 | $11061225 | $8860419 | $7124936 | $6279875 |
| Portfolio turnover rate J | 38% I<br>| 50%  | 29%  | 38%  | 48%  | 53%  |

---

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 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*Amount represents less than .005%.*

I*Annualized.*

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

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

For the period ended January 31, 2026

**1. Organization.**

Fidelity Series Blue Chip Growth Fund (the Fund) is a non-diversified fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

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

---

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

---

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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 | $447839196 | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 3.5 - 82.7 /17.4 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 7.5 - 51.1 / 50.4 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI)  | 27.4 - 38.2 / 32.7 | Increase |
|  |  | Market approach  | Transaction price  | $4.63 - $54.91 / $27.59 | Increase |
|  |  |  | Discount rate  | 17.6% | Decrease |
|  |  |  | Probability rate  | 10.0% - 70.0% / 33.3% | Increase |
|  |  | Recovery value  | Recovery value | $0.00 | Increase |
|  |  | Black scholes  | Discount rate | 3.5% - 3.7% / 3.6% | Increase |
|  |  |  | Volatility | 70.0% - 80.0% / 74.6% | Increase |
|  |  |  | Term | 1.0 - 3.0 / 2.1 | Increase |
|  |  | Book value  | Book value multiple | 1.4 | Increase |
| Convertible Corporate Bonds | $2473591 | Market comparable  | Enterprise value/Revenue multiple (EV/R) | 3.8 | Increase |
|  |  | Market approach | Transaction price | $100.00 | Increase |
|  |  |  | Discount rate | 21.7% | Decrease |
|  |  |  | Probability rate | 0.0% - 75.0% / 33.3% | Increase |
|  |  | Black scholes | Discount rate | 4.2% | Increase |
|  |  |  | Volatility | 100.0% | Increase |
|  |  |  | Term | 0.4 | Increase |
| Convertible Preferred Stocks | $276408495 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.4 - 82.7 / 36.0 | Increase |
|  |  |  | Enterprise value/Gross profit multiple (EV/GP) | 11.9 | Increase |
|  |  | Market approach | Transaction price | $0.90 - $271.56 / $45.10 | Increase |
|  |  |  | Discount rate | 10.0% - 95.0% / 15.6% | Decrease |
|  |  |  | Premium rate | 10.0% - 65.0% / 36.9% | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Discount rate | 3.6% - 3.8% / 3.7% | Increase |
|  |  |  | Volatility | 40.0% - 100.0% / 67.5% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 3.3 | Increase |
| Preferred Securities | $494232 | Market approach | Transaction price | $100.00 | Increase |
|  |  |  | Discount rate | 17.6% - 35.4% / 18.0% | Decrease |
|  |  |  | Probability rate | 0.0% - 75.0% / 33.1% | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Discount rate | 3.5% - 4.2% / 3.5% | Increase |
|  |  |  | Volatility | 80.0% - 100.0% / 80.4% | Increase |
|  |  |  | Term | 0.4 - 1.0 / 1.0 | Increase |
| Non-Convertible Preferred Stocks | $2175327 | Market approach | Transaction price | $215.03  | Increase |
|  |  |  | Premium rate | 10.0% | Increase |
|  |  | Black scholes | Discount rate | 3.7% | Increase |
|  |  |  | Volatility | 85.0% | Increase |
|  |  |  | Term | 3.0 | Increase |

---

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2026, 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. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Consolidated Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**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.

**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 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** | $9415052882 |
| **Gross unrealized depreciation** | <u>(183020400)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$9232032482</u> |
| **Tax cost** | <u>$6008745313</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 Blue Chip Growth Fund** | Revolut Group Holdings, Ltd. | 1833124 | (9120) |
| **Fidelity Series Blue Chip Growth Fund** | Spinny Series G Convertible Preferred | 1473948 | - |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Total Assets** |
| **Fidelity Series Blue Chip Growth Fund** | 10266263 | .07 |

---

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

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

**Consolidated Special Purpose Vehicle.** The Funds included in the table below hold private equity of Indian issuers through a wholly owned special purpose vehicle (SPV). As of period end, the investment in the SPV was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **SPV Name** | **Net Assets of SPV** | **% of Fund's Total Assets** |
| **Fidelity Series Blue Chip Growth Fund** | Fid FDI 2611, LLC | 12402724 | .08 |

---

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

**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 Series Blue Chip Growth Fund** | 2832200516 | 2735768593 |

---

**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 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 Blue Chip Growth Fund** | 45265 |

---

**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 Series Blue Chip Growth Fund**  | Borrower | 22522191 | 4.06% | 119273 |

---

**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 Blue Chip Growth Fund** | 176000970 | 113407471 | 9224518 |

---

**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 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 Blue Chip Growth Fund** | 16817 | 26 | - |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Blue Chip Growth Fund** | 29148 |

---

**8. Bank Borrowings.**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)** |
| **Fidelity Series Blue Chip Growth Fund** | 7794000 | 4.14% | 4481 |

---

**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 $2,984.

**10. Other.**

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

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

**11. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img125802_4.jpg)<br>

1.967988.112 XS1-SANN-0426

**Fidelity® Real Estate Income Fund**

**Semi-Annual Report**

**January 31, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img125812_1.jpg)

![](img125812_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_REI-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Real Estate Income Fund](#Sub_Sec_Fund_1833_REI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1833_REI-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_REI-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_REI-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_REI-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_REI-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.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Real Estate Income Fund**

**Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Asset-Backed Securities - 1.6%** | &nbsp;&nbsp;**Asset-Backed Securities - 1.6%** | &nbsp;&nbsp;**Asset-Backed Securities - 1.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Capital Trust RE CDO Ltd Series 2005-1A Class D, CME Term SOFR 1 month Index + 1.6145%, 5.2898% 3/20/2050 (c)(f)(g)(h) | 2250000 | 0 |
| Crest Clarendon Street Ltd Series 2002, 3 month U.S. LIBOR + 0.47%, 6.0632% 12/28/2035 (c)(f)(g)(h) | 500000 | 0 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 0 |
| UNITED STATES - 1.6%  |  |  |
| CNSL Series 2025-4A Class C, 8.098% 12/20/2055 (h) | 7500000 | 7749007 |
| Consolidated Communications LLC / Fidium Fiber Fin Holdco LLC Series 2025-1A Class C, 9.408% 5/20/2055 (h) | 7000000 | 7388070 |
| Home Partners of America Trust Series 2019-2 Class F, 3.866% 10/19/2039 (h) | 2747554 | 2671854 |
| Home Partners of America Trust Series 2021-1 Class F, 3.325% 9/17/2041 (h) | 6306809 | 5706099 |
| Home Partners of America Trust Series 2021-2 Class G, 4.505% 12/17/2026 (h) | 27644031 | 27256426 |
| Home Partners of America Trust Series 2021-3 Class F, 4.242% 1/17/2041 (h) | 9718541 | 9024603 |
| Lmdv Issuer CO LLC Series 2025-1A Class C, 7.88% 12/15/2055 (h) | 5500000 | 5593059 |
| New Residential Mortgage Loan Trust Series 2022-SFR2 Class E1, 4% 9/4/2039 (h) | 2900000 | 2835660 |
| Retained Vantage Data Ctrs Issuer LLC / Vantage Data Ctrs CDA Qc4 Ltd Partnership Series 2024-1A Class B, 5.775% 9/15/2049 (h) | 10151000 | 9965350 |
| Switch Abs Issuer LLC Series 2024-2A Class C, 10.033% 6/25/2054 (h) | 8000000 | 8281699 |
| Tricon Residential Trust Series 2021-SFR1 Class G, 4.133% 7/17/2038 (h) | 3000000 | 2973104 |
| Tricon Residential Trust Series 2023-SFR1 Class E, 7.977% 7/17/2040 (h) | 2000000 | 2025591 |
| TOTAL UNITED STATES |  | 91470522 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $94,407,668) |  | <br> **91470522** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Bank Loan Obligations - 1.5%** | &nbsp;&nbsp;**Bank Loan Obligations - 1.5%** | &nbsp;&nbsp;**Bank Loan Obligations - 1.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 1.5%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Uniti Services LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6719% 10/6/2032 (e)(f)(g) | 9740000 | 9740000 |
| Wireless Telecommunication Services - 0.4% |  |  |
| SBA Senior Finance II LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.43% 1/25/2031 (e)(f)(g) | 25480259 | 25549311 |
| TOTAL COMMUNICATION SERVICES |  | 35289311 |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Caesars Entertainment Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9219% 2/6/2031 (e)(f)(g) | 4357388 | 4322528 |
| Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6719% 1/17/2031 (e)(f)(g) | 3940225 | 3904527 |
| Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6719% 8/2/2028 (e)(f)(g) | 669933 | 668016 |
| Hilton Worldwide Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4226% 11/8/2030 (e)(f)(g) | 13500000 | 13554541 |
| TOTAL CONSUMER DISCRETIONARY |  | 22449612 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| CQP Holdco LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 5.4219% 12/31/2032 (e)(f)(g) | 9875437 | 9828825 |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.5699% 10/30/2028 (e)(f)(g) | 9850500 | 3829382 |
| TOTAL ENERGY |  | 13658207 |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| MHP Commercial Mortgage Trust U.S. SOFR Index + 5%, 8.7501% 1/9/2027 (c)(e)(f)(g) | 11444659 | 11158543 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Cushman & Wakefield US Borrower LLC Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1719% 1/31/2030 (e)(f)(g) | 2215791 | 2221331 |
| Cushman & Wakefield US Borrower LLC Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4219% 1/31/2030 (e)(f)(g) | 1940775 | 1951701 |
| TOTAL REAL ESTATE |  | 4173032 |
| TOTAL UNITED STATES |  | 86728705 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $92,421,034) |  | <br> **86728705** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Collateralized Mortgage Obligations - 0.0%** | &nbsp;&nbsp;**Collateralized Mortgage Obligations - 0.0%** | &nbsp;&nbsp;**Collateralized Mortgage Obligations - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Fannie Mae Guaranteed REMIC Series 2002-W1 Class 3B3, 3.8724% 2/25/2042 (c)(g)(h) | 17968 | 8054 |
| Fannie Mae Guaranteed REMIC Series 2003-W10 Class 2B3, 3.9275% 6/25/2043 (c)(g)(h) | 27935 | 22083 |
| TOTAL UNITED STATES |  | 30137 |
| <br> **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> (Cost $21,757) |  | <br> **30137** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 19.0%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 19.0%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 19.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 19.0%  |  |  |
| Ares Tr 2 Series 2025-IND3 Class E, CME Term SOFR 1 month Index + 3.55%, 7.2302% 4/15/2042 (f)(g)(h) | 7000000 | 7017500 |
| Bank of America Merrill Lynch Commercial Mortgage Trust Series 2016-UB10 Class C, 4.8745% 7/15/2049 (g) | 3030000 | 2940129 |
| BANK Series 2017-BNK8 Class E, 2.8% 11/15/2050 (h) | 11374393 | 5016137 |
| BANK Series 2020-BN30 Class MCDG, 2.9182% 12/15/2053 (c)(g)(h) | 2000000 | 1202481 |
| BANK Series 2021-BN38 Class C, 3.2181% 12/15/2064 (g) | 3505000 | 2937802 |
| BANK Series 2022-BNK41 Class C, 3.7892% 4/15/2065 (g) | 4433000 | 3951940 |
| BANK Series 2022-BNK42 Class C, 4.7227% 6/15/2055 (g) | 6500000 | 5908475 |
| BANK Series 2022-BNK42 Class D, 2.5% 6/15/2055 (h) | 2000000 | 1463406 |
| BANK Series 2022-BNK44 Class AS, 5.7434% 11/15/2055 (g) | 5000000 | 5173455 |
| BANK Series 2023-5YR3 Class AS, 7.3151% 9/15/2056 (g) | 1500000 | 1601226 |
| BANK Series 2023-5YR3 Class B, 7.3151% 9/15/2056 (g) | 2000000 | 2101617 |
| BANK Series 2023-BNK46 Class A4, 5.745% 8/15/2056  | 1409000 | 1486721 |
| BANK Series 2023-BNK46 Class AS, 6.385% 8/15/2056  | 5000000 | 5323542 |
| BANK Series 2025-BNK51 Class B, 5.895% 12/25/2067 (g) | 4000000 | 4090295 |
| BBCMS Mortgage Trust Series 2020-C6 Class C, 3.045% 2/15/2053  | 1129000 | 934443 |
| BBCMS Mortgage Trust Series 2020-C7 Class C, 3.5863% 4/15/2053 (g) | 2067000 | 1774299 |
| BBCMS Mortgage Trust Series 2022-C16 Class C, 4.6% 6/15/2055 (g) | 5250000 | 4442338 |
| BBCMS Mortgage Trust Series 2022-C17 Class C, 5.45% 9/15/2055  | 2000000 | 1913248 |
| BBCMS Mortgage Trust Series 2022-C17 Class D, 2.5% 9/15/2055 (h) | 2000000 | 1494467 |
| BBCMS Mortgage Trust Series 2023-5C23 Class AS, 7.4547% 12/15/2056 (g) | 2500000 | 2665224 |
| BBCMS Mortgage Trust Series 2023-C21 Class AS, 6.2961% 9/15/2056 (g) | 7000000 | 7508228 |
| BBCMS Mortgage Trust Series 2023-C21 Class B, 6.296% 9/15/2056 (g) | 7000000 | 7327233 |
| BBCMS Mortgage Trust Series 2023-C22 Class AS, 7.1307% 11/15/2056 (g) | 10000000 | 10966903 |
| BBCMS Mortgage Trust Series 2023-C22 Class B, 7.1347% 11/15/2056 (g) | 10000000 | 10882686 |
| BBCMS Mortgage Trust Series 2025-C32 Class A5, 5.72% 2/15/2062  | 5000000 | 5328616 |
| Benchmark Mortgage Trust Series 2019-B14 Class 225D, 3.4041% 12/15/2062 (c)(g)(h) | 3427000 | 17135 |
| Benchmark Mortgage Trust Series 2019-B14 Class 225E, 3.4041% 12/15/2062 (c)(g)(h) | 5141000 | 12853 |
| Benchmark Mortgage Trust Series 2021-B28 Class A5, 2.2237% 8/15/2054  | 500000 | 442853 |
| Benchmark Mortgage Trust Series 2022-B35 Class C, 4.4425% 5/15/2055 (g) | 7000000 | 5688062 |
| Benchmark Mortgage Trust Series 2022-B36 Class C, 5.1186% 7/15/2055 (g) | 2000000 | 1839406 |
| Benchmark Mortgage Trust Series 2022-B36 Class D, 2.5% 7/15/2055 (h) | 3828000 | 2737322 |
| Benchmark Mortgage Trust Series 2023-B39 Class B, 6.192% 7/15/2056 (h) | 5000000 | 5095516 |
| BFLD Commercial Mortgage Trust Series 2024-UNIV Class D, CME Term SOFR 1 month Index + 2.6909%, 6.3711% 11/15/2041 (f)(g)(h) | 7035000 | 7076770 |
| BFLD Trust Series 2025-EWEST Class E, CME Term SOFR 1 month Index + 3%, 6.6802% 6/15/2042 (f)(g)(h) | 5000000 | 5009547 |
| BMO Mortgage Trust Series 2023-5C1 Class AS, 7.1174% 8/15/2056 (g) | 3500000 | 3692507 |
| BMO Mortgage Trust Series 2023-5C2 Class AS, 7.2439% 11/15/2056 (g) | 10000000 | 10585260 |
| BMO Mortgage Trust Series 2023-C5 Class B, 6.473% 6/15/2056 (g) | 4750000 | 4986788 |
| BMO Mortgage Trust Series 2023-C7 Class AS, 6.6738% 12/15/2056 (g) | 5000000 | 5468536 |
| BPR Commercial Mortgage Trust Series 2024-PARK Class C, 6.1833% 11/5/2039 (g)(h) | 5597000 | 5774683 |
| BPR Trust Series 2024-PMDW Class D, 5.85% 11/5/2041 (g)(h) | 4690000 | 4686343 |
| Bres Coml Mtg Trust Series 2025-ATCAP Class E, CME Term SOFR 1 month Index + 3.6408%, 7.321% 11/15/2042 (f)(g)(h) | 10000000 | 10024470 |
| BX Commercial Mortgage Trust 2020-VIVA Series 2020-VIVA Class E, 3.5488% 3/11/2044 (g)(h) | 20898990 | 18874793 |
| BX Commercial Mortgage Trust 2024-KING Series 2024-KING Class E, CME Term SOFR 1 month Index + 3.688%, 7.3681% 5/15/2034 (f)(g)(h) | 1974013 | 1981415 |
| BX Commercial Mortgage Trust 2024-VLT5 Series 2024-VLT5 Class B, 5.8015% 11/13/2046 (g)(h) | 6547000 | 6714849 |
| BX Commercial Mortgage Trust 2024-VLT5 Series 2024-VLT5 Class E, 8.1339% 11/13/2046 (g)(h) | 10000000 | 10751942 |
| BX Commercial Mortgage Trust 2024-XL5 Series 2024-XL5 Class E, CME Term SOFR 1 month Index + 3.6884%, 7.3685% 3/15/2041 (f)(g)(h) | 3570000 | 3566181 |
| BX Commercial Mortgage Trust 2025-SPOT Series 2025-SPOT Class E, CME Term SOFR 1 month Index + 3.6902%, 7.3704% 4/15/2040 (f)(g)(h) | 16999539 | 17084501 |
| BX Commercial Mortgage Trust Series 2019-IMC Class G, CME Term SOFR 1 month Index + 3.6463%, 7.3263% 4/15/2034 (f)(g)(h) | 5181000 | 5039419 |
| BX Commercial Mortgage Trust Series 2021-CIP Class F, CME Term SOFR 1 month Index + 3.3335%, 7.0135% 12/15/2038 (f)(g)(h) | 6852435 | 6852435 |
| BX Commercial Mortgage Trust Series 2021-PAC Class G, CME Term SOFR 1 month Index + 3.0606%, 6.7406% 10/15/2036 (f)(g)(h) | 17232000 | 17210460 |
| BX Trust 2019-OC11 Series 2019-OC11 Class E, 3.944% 12/9/2041 (g)(h) | 32521000 | 30146629 |
| BX Trust 2024 VLT4 Series 2024-VLT4 Class E, CME Term SOFR 1 month Index + 2.8894%, 6.5696% 6/15/2041 (f)(g)(h) | 14200000 | 14199957 |
| BX Trust 2024 VLT4 Series 2024-VLT4 Class F, CME Term SOFR 1 month Index + 3.9379%, 7.6181% 6/15/2041 (f)(g)(h) | 8250000 | 8259353 |
| BX Trust 2024-CNY Series 2024-CNYN Class E, CME Term SOFR 1 month Index + 3.6886%, 7.3688% 4/15/2041 (f)(g)(h) | 12981797 | 13022237 |
| BX Trust 2024-FNX Series 2024-FNX Class D, CME Term SOFR 1 month Index + 2.9402%, 6.6204% 11/15/2041 (f)(g)(h) | 4748600 | 4767891 |
| BX Trust 2024-FNX Series 2024-FNX Class E, CME Term SOFR 1 month Index + 3.9387%, 7.6189% 11/15/2041 (f)(g)(h) | 15971308 | 15951934 |
| BX Trust 2025 Series 2025-DIME Class E, 6.6802% 2/15/2035 (g)(h) | 15000000 | 14981250 |
| BX Trust 2025-ROIC Series 2025-ROIC Class E, CME Term SOFR 1 month Index + 2.9413%, 6.6215% 3/15/2030 (f)(g)(h) | 23133602 | 23046851 |
| BX Trust Series 2021-ACNT Class G, CME Term SOFR 1 month Index + 3.4095%, 7.0895% 11/15/2038 (f)(g)(h) | 11725168 | 11673870 |
| BX Trust Series 2022-LBA6 Class E, CME Term SOFR 1 month Index + 2.7%, 6.3802% 1/15/2039 (f)(g)(h) | 15000000 | 15000000 |
| BX Trust Series 2022-LBA6 Class F, CME Term SOFR 1 month Index + 3.35%, 7.0302% 1/15/2039 (f)(g)(h) | 6200000 | 6192250 |
| BX Trust Series 2022-LBA6 Class G, CME Term SOFR 1 month Index + 4.2%, 7.8802% 1/15/2039 (f)(g)(h) | 11340000 | 11344335 |
| BX Trust Series 2022-VAMF Class F, CME Term SOFR 1 month Index + 3.299%, 6.9792% 1/15/2039 (f)(g)(h) | 4367000 | 4351118 |
| BX Trust Series 2024-XL4 Class E, CME Term SOFR 1 month Index + 4.1881%, 7.8683% 2/15/2039 (f)(g)(h) | 4640176 | 4642043 |
| BX Trust Series 2025-LUNR Class E, CME Term SOFR 1 month Index + 3.95%, 7.6302% 6/15/2040 (f)(g)(h) | 3417727 | 3426272 |
| BX Trust Series 2025-OMG Class E, CME Term SOFR 1 month Index + 2.95%, 6.631% 10/15/2042 (f)(g)(h) | 9000000 | 9003600 |
| BX Trust Series 2025-OMG Class F, CME Term SOFR 1 month Index + 3.6%, 7.281% 10/15/2042 (c)(f)(g)(h) | 2000000 | 2000800 |
| BX Trust Series 2025-TAIL Class E, CME Term SOFR 1 month Index + 3.3%, 6.9802% 6/15/2035 (f)(g)(h) | 4500000 | 4501167 |
| BX Trust Series 2025-VLT6 Class F, CME Term SOFR 1 month Index + 3.9397%, 7.6198% 3/15/2042 (f)(g)(h) | 15000000 | 14891760 |
| BXP Trust Series 2021-601L Class E, 2.7755% 1/15/2044 (g)(h) | 5754000 | 4614302 |
| CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/2050 (c)(h) | 3072761 | 170111 |
| Citigroup Commercial Mortgage Trust Series 2022-GC48 Class E, 2.5% 6/15/2055 (h) | 2000000 | 1277855 |
| Citigroup Commercial Mortgage Trust Series 2023-PRM3 Class B, 6.3597% 7/10/2028 (g)(h) | 5000000 | 5163861 |
| Citigroup Commercial Mortgage Trust Series 2023-SMRT Class B, 5.8524% 10/12/2040 (g)(h) | 5000000 | 5119303 |
| Citigroup Commercial Mortgage Trust Series 2023-SMRT Class C, 5.8524% 10/12/2040 (g)(h) | 9750000 | 9886113 |
| COMM Mortgage Trust Series 2012-CR1 Class D, 5.1034% 5/15/2045 (g)(h) | 1138456 | 1051758 |
| COMM Mortgage Trust Series 2014-UBS2 Class D, 4.624% 3/10/2047 (c)(g)(h) | 502707 | 221945 |
| COMM Mortgage Trust Series 2015-DC1 Class C, 4.1805% 2/10/2048 (g) | 2590000 | 2285442 |
| COMM Mortgage Trust Series 2017-CD4 Class C, 4.3497% 5/10/2050 (g) | 3000000 | 2813276 |
| COMM Mortgage Trust Series 2017-CD4 Class D, 3.3% 5/10/2050 (c)(h) | 2769000 | 2433175 |
| COMM Mortgage Trust Series 2017-COR2 Class D, 3% 9/10/2050 (h) | 2769000 | 2517701 |
| COMM Mortgage Trust Series 2018-HCLV Class F, CME Term SOFR 1 month Index + 3.346%, 7.026% 9/15/2033 (f)(g)(h) | 4265000 | 240409 |
| COMM Mortgage Trust Series 2018-HCLV Class G, CME Term SOFR 1 month Index + 5.3523%, 9.0323% 9/15/2033 (f)(g)(h) | 4265000 | 91134 |
| Cone Trust Series 2024-DFW1 Class E, CME Term SOFR 1 month Index + 3.8885%, 7.5687% 8/15/2041 (f)(g)(h) | 10200000 | 10192589 |
| Credit Suisse Commercial Mortgage Trust Series 2021-SOP2 Class F, CME Term SOFR 1 month Index + 4.4314%, 8.1115% 6/15/2034 (f)(h) | 7120000 | 3906792 |
| DTP Commercial Mortgage Trust Series 2023-STE2 Class C, 6.6891% 1/15/2041 (g)(h) | 8800000 | 8998477 |
| ELP Series 2025-ELP Class E, 6.665% 11/13/2042 (g)(h) | 8965000 | 9135119 |
| EQT Trust Series 2024-EXTR Class B, 5.6546% 7/5/2041 (g)(h) | 5000000 | 5094358 |
| Extended Stay America Trust Series 2025-ESH Class E, CME Term SOFR 1 month Index + 3.35%, 7.0302% 10/15/2042 (f)(g)(h) | 8000000 | 8095000 |
| Extended Stay America Trust Series 2025-ESH Class F, CME Term SOFR 1 month Index + 4.1%, 7.7802% 10/15/2042 (f)(g)(h) | 6000000 | 6075000 |
| Extended Stay America Trust Series 2026-ESH2 Class F, 7.42% 2/15/2043 (h) | 5645000 | 5701450 |
| Fontainebleau Miami Beach Beach Mtg Tr Series 2024-FBLU Class G, CME Term SOFR 1 month Index + 5.65%, 9.3302% 12/15/2039 (f)(g)(h) | 3126000 | 3167415 |
| GS Mortgage Securities Trust Series 2011-GC5 Class C, 5.1413% 8/10/2044 (g)(h) | 8899000 | 8191985 |
| GS Mortgage Securities Trust Series 2011-GC5 Class D, 5.1413% 8/10/2044 (g)(h) | 2733635 | 2116548 |
| GS Mortgage Securities Trust Series 2011-GC5 Class E, 5.1413% 8/10/2044 (g)(h) | 8138000 | 2777184 |
| GS Mortgage Securities Trust Series 2011-GC5 Class F, 4.5% 8/10/2044 (c)(h) | 7897000 | 23690 |
| GS Mortgage Securities Trust Series 2012-GCJ9 Class E, 4.6643% 11/10/2045 (c)(g)(h) | 1908000 | 1831680 |
| GS Mortgage Securities Trust Series 2018-RIVR Class G, CME Term SOFR 1 month Index + 2.647%, 6.577% 7/15/2035 (f)(g)(h) | 3808000 | 2817 |
| GS Mortgage Securities Trust Series 2023-SHIP Class D, 6.0706% 9/10/2038 (g)(h) | 9000000 | 9007818 |
| GS Mortgage Securities Trust Series 2023-SHIP Class E, 7.4336% 9/10/2038 (g)(h) | 13500000 | 13548963 |
| GS Mortgage Securities Trust Series 2024-RVR Class A, 5.3716% 8/10/2041 (g)(h) | 4300000 | 4358926 |
| GS Mortgage Securities Trust Series 2025-800D Class B, CME Term SOFR 1 month Index + 3.45%, 7.1254% 11/25/2041 (f)(g)(h) | 4000000 | 4004266 |
| Hilton USA Trust Series 2016-HHV Class F, 4.1935% 11/5/2038 (g)(h) | 20270000 | 19907893 |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C23 Class UH5, 4.7094% 9/15/2047 (h) | 8640000 | 8506847 |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C26 Class D, 3.6083% 1/15/2048 (g)(h) | 2398000 | 2145491 |
| JPMDB Commercial Mortgage Securities Trust Series 2018-C8 Class D, 3.2552% 6/15/2051 (g)(h) | 1698000 | 1364680 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class E, 4.6895% 6/15/2045 (g)(h) | 3237967 | 3192129 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class F, 4% 6/15/2045 (h) | 8192000 | 7007276 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class G, 4% 6/15/2045 (h) | 4044000 | 2725385 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class D, 4.3311% 4/15/2046 (g) | 1649234 | 16492 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class E, 3.8046% 6/10/2027 (g)(h) | 8161000 | 20321 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-AON Class F, 4.6132% 7/5/2031 (g)(h) | 5039000 | 563968 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN Class FFX, 4.6254% 1/16/2037 (c)(h) | 2000000 | 480000 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI Class E, 5.7972% 10/5/2039 (g)(h) | 6544000 | 6480511 |
| KNDR Trust Series 2021-KIND Class D, CME Term SOFR 1 month Index + 2.4145%, 6.1% 8/15/2038 (f)(g)(h) | 5951129 | 5914283 |
| KNDR Trust Series 2021-KIND Class F, CME Term SOFR 1 month Index + 4.0645%, 7.75% 8/15/2038 (f)(g)(h) | 7096721 | 7064500 |
| KRE COML Mortgage Trust Series 2025-AIP4 Class E, CME Term SOFR 1 month Index + 3%, 6.6802% 3/15/2042 (f)(g)(h) | 4671875 | 4671636 |
| MCR Mortgage Trust Series 2024-TWA Class F, 10.382% 6/12/2039 (h) | 5500000 | 5616083 |
| MHC Commercial Mortgage Trust Series 2021-MHC Class G, CME Term SOFR 1 month Index + 3.3154%, 6.9954% 4/15/2038 (f)(g)(h) | 19680800 | 19680800 |
| MHP Commercial Mortgage Trust Series 2021-STOR Class F, CME Term SOFR 1 month Index + 2.3145%, 5.9955% 7/15/2038 (f)(g)(h) | 3182000 | 3178023 |
| MHP Commercial Mortgage Trust Series 2021-STOR Class J, CME Term SOFR 1 month Index + 4.0645%, 7.7455% 7/15/2038 (f)(g)(h) | 3476000 | 3461807 |
| MHP Commercial Mortgage Trust Series 2022-MHIL Class F, CME Term SOFR 1 month Index + 3.2592%, 6.9394% 1/15/2039 (f)(g)(h) | 3444000 | 3445076 |
| MHP Commercial Mortgage Trust Series 2022-MHIL Class G, CME Term SOFR 1 month Index + 3.9575%, 7.6377% 1/15/2027 (f)(g)(h) | 11539200 | 11555359 |
| MHP Series 2025-MHIL2 Class E, CME Term SOFR 1 month Index + 3.5%, 7.1802% 9/15/2040 (f)(g)(h) | 5250000 | 5247886 |
| MIRA Trust Series 2023-MILE Class B, 7.2026% 6/10/2038 (h) | 4200000 | 4278099 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6 Class F, 4.3446% 11/15/2045 (c)(g)(h) | 2500000 | 350150 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12 Class D, 4.7459% 10/15/2046 (g)(h) | 5670988 | 5274076 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class C, 3.7057% 5/15/2046 (g) | 3302000 | 3092188 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class D, 3.7937% 5/15/2046 (g)(h) | 2231000 | 2063345 |
| Morgan Stanley Cap I Tr 2020-L4 Series 2020-L4 Class C, 3.536% 2/15/2053  | 2765000 | 2496429 |
| Morgan Stanley Capital I Trust Series 2011-C2 Class D, 5.2113% 6/15/2044 (g)(h) | 1509305 | 1494664 |
| Morgan Stanley Capital I Trust Series 2011-C2 Class F, 5.2113% 6/15/2044 (g)(h) | 2937000 | 2210093 |
| Morgan Stanley Capital I Trust Series 2011-C2 Class XB, 0.4924% 6/15/2044 (g)(h)(j) | 26059245 | 97620 |
| Morgan Stanley Capital I Trust Series 2011-C3 Class E, 4.94% 7/15/2049 (g)(h) | 816514 | 807713 |
| Morgan Stanley Capital I Trust Series 2011-C3 Class F, 4.94% 7/15/2049 (g)(h) | 5624050 | 5458354 |
| Morgan Stanley Capital I Trust Series 2011-C3 Class G, 4.94% 7/15/2049 (g)(h) | 5049500 | 4853132 |
| Morgan Stanley Capital I Trust Series 2015-MS1 Class D, 4.028% 5/15/2048 (c)(g)(h) | 5193000 | 4369234 |
| Morgan Stanley Capital I Trust Series 2016-BNK2 Class D, 3% 11/15/2049 (h) | 2966000 | 2237044 |
| Morgan Stanley Capital I Trust Series 2017-H1 Class C, 4.281% 6/15/2050  | 2470594 | 2346226 |
| Morgan Stanley Capital I Trust Series 2024-BPR2 Class A, 7.291% 5/5/2029 (h) | 8660960 | 9094909 |
| Morgan Stanley Capital I Trust Series 2024-NSTB Class B, 3.9% 9/24/2057 (g)(h) | 13568000 | 13093801 |
| MSJP Series 2015-HAUL Class E, 4.851% 9/5/2047 (g)(h) | 1500000 | 1291607 |
| MSWF Commercial Mortgage Trust Series 2023-1 Class A5, 5.752% 5/15/2056  | 13861000 | 14680684 |
| MSWF Commercial Mortgage Trust Series 2023-1 Class B, 6.6828% 5/15/2056 (g) | 3750000 | 3988479 |
| MSWF Commercial Mortgage Trust Series 2023-2 Class AS, 6.491% 12/15/2056  | 10000000 | 10880383 |
| MSWF Commercial Mortgage Trust Series 2023-2 Class B, 6.8763% 12/15/2056 (g) | 10000000 | 10831641 |
| NCMF Trust Series 2025-MFS Class F, 8.437% 6/10/2033 (g)(h) | 5000000 | 5083780 |
| NXPT Commercial Mortgage Trust Series 2024-STOR Class E, 6.7033% 11/5/2041 (g)(h) | 18754000 | 18982497 |
| NYC Commercial Mortgage Trust Series 2025-77C Class B, 4.984% 1/10/2036 (g)(h) | 2285000 | 2297031 |
| NYC Commercial Mortgage Trust Series 2025-77C Class E, 6.2628% 1/10/2036 (g)(h) | 4590000 | 4634434 |
| PKHL Commercial Mortgage Trust Series 2021-MF Class E, CME Term SOFR 1 month Index + 2.7145%, 6.3955% 7/15/2038 (c)(f)(g)(h) | 500000 | 172057 |
| PKHL Commercial Mortgage Trust Series 2021-MF Class G, CME Term SOFR 1 month Index + 4.4645%, 8.1455% 7/15/2038 (f)(g)(h) | 5944000 | 1108364 |
| Prima Capital CRE Securitization Ltd Series 2020-8A Class C, 3% 12/26/2070 (h) | 13870000 | 11901847 |
| PRM Trust Series 2025-PRM6 Class E, 6.5831% 7/5/2033 (g)(h) | 12000000 | 12060966 |
| PRM5 Trust Series 2025-PRM5 Class E, 6.8678% 3/10/2033 (g)(h) | 10000000 | 10056288 |
| Prm7 Trust Series 2025-PRM7 Class B, 4.6524% 11/10/2042 (g)(h) | 4000000 | 3961075 |
| Providence Place Group LP Series 2000-C1 Class A2, 7.75% 7/20/2028 (h) | 1523978 | 1557020 |
| Ride Series 2025-SHRE Class E, 8.069% 2/14/2047 (g)(h) | 5000000 | 5112680 |
| ROCK Trust Series 2024-CNTR Class E, 8.8191% 11/13/2041 (h) | 13372000 | 14217810 |
| SCG Trust Series 2025-SNIP Class E, 7.0802% 9/15/2042 (g)(h) | 3000000 | 3015000 |
| SELF Commercial Mortgage Trust Series 2024-STRG Class D, CME Term SOFR 1 month Index + 2.9403%, 6.6205% 11/15/2034 (f)(g)(h) | 3917900 | 3925246 |
| SELF Commercial Mortgage Trust Series 2024-STRG Class E, CME Term SOFR 1 month Index + 4.1885%, 7.8687% 11/15/2034 (f)(g)(h) | 4582200 | 4593656 |
| SG Commercial Mortgage Securities Trust Series 2020-COVE Class F, 3.7276% 3/15/2037 (g)(h) | 5000000 | 4529107 |
| SHR Trust Series 2024-LXRY Class D, CME Term SOFR 1 month Index + 3.6%, 7.2802% 10/15/2041 (f)(g)(h) | 9376000 | 9469664 |
| SMRT Trust Series 2022-MINI Class F, CME Term SOFR 1 month Index + 3.35%, 7.031% 1/15/2039 (f)(g)(h) | 14615000 | 14432313 |
| SREIT Trust Series 2021-MFP Class G, CME Term SOFR 1 month Index + 3.0883%, 6.7685% 11/15/2038 (f)(g)(h) | 3249672 | 3247802 |
| SREIT Trust Series 2021-MFP2 Class J, CME Term SOFR 1 month Index + 4.03%, 7.71% 11/15/2036 (f)(g)(h) | 10872000 | 10850451 |
| STWD Trust Series 2021-LIH Class E, CME Term SOFR 1 month Index + 3.0175%, 6.698% 11/15/2036 (f)(g)(h) | 4985000 | 4978769 |
| STWD Trust Series 2021-LIH Class F, CME Term SOFR 1 month Index + 3.6655%, 7.346% 11/15/2036 (f)(g)(h) | 15282000 | 15253346 |
| STWD Trust Series 2021-LIH Class G, CME Term SOFR 1 month Index + 4.3145%, 7.995% 11/15/2036 (f)(g)(h) | 9177000 | 9128884 |
| SUMIT Mortgage Trust Series 2022-BVUE Class D, 2.8925% 2/12/2041 (g)(h) | 6000000 | 4872298 |
| SUMIT Mortgage Trust Series 2022-BVUE Class F, 2.8925% 2/12/2041 (g)(h) | 3211000 | 2371850 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class F, CME Term SOFR 1 month Index + 4.2389%, 7.9191% 2/15/2042 (f)(g)(h) | 19400000 | 19189046 |
| Texas Coml Mortgage Trust Series 2025-TWR Class D, CME Term SOFR 1 month Index + 3.0906%, 6.7708% 4/15/2042 (f)(g)(h) | 1500000 | 1507500 |
| UBS Commercial Mortgage Trust Series 2012-C1 Class E, 5% 5/10/2045 (g)(h) | 4699074 | 4469760 |
| UBS Commercial Mortgage Trust Series 2012-C1 Class F, 5% 5/10/2045 (c)(g)(h) | 2221350 | 820696 |
| VASA Trust Series 2021-VASA Class F, CME Term SOFR 1 month Index + 4.0145%, 7.6955% 7/15/2039 (f)(g)(h) | 6685000 | 5728476 |
| VASA Trust Series 2021-VASA Class G, CME Term SOFR 1 month Index + 5.1145%, 8.7955% 7/15/2039 (c)(f)(g)(h) | 800000 | 573532 |
| VDCM Commercial Mortgage Trust Series 2025-AZ Class C, 6.0329% 7/13/2044 (g)(h) | 7000000 | 7119859 |
| VDCM Commercial Mortgage Trust Series 2025-AZ Class D, 6.4337% 7/13/2044 (g)(h) | 5000000 | 5103931 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C52 Class C, 3.561% 8/15/2052  | 883000 | 755694 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI Class D, 6.9321% 7/15/2035 (g)(h) | 5250000 | 5321257 |
| Wells Fargo Commercial Mortgage Trust Series 2025-C65 Class B, 5.967% 10/15/2058  | 7000000 | 7238152 |
| WF-RBS Commercial Mortgage Trust Series 2011-C3 Class D, 6.0497% 3/15/2044 (c)(g)(h) | 503530 | 181281 |
| WF-RBS Commercial Mortgage Trust Series 2011-C4I Class G, 5% 6/15/2044 (c)(g) | 3955000 | 1262322 |
| WF-RBS Commercial Mortgage Trust Series 2013-C11 Class E, 4.0678% 3/15/2045 (g)(h) | 4727000 | 3356170 |
| WF-RBS Commercial Mortgage Trust Series 2013-C13 Class D, 3.9682% 5/15/2045 (g)(h) | 2981070 | 2790997 |
| WHARF Series 2025-DC Class E, 7.9816% 7/15/2040 (g)(h) | 10000000 | 10190741 |
| WP Glimcher Mall Trust Series 2015-WPG Class PR1, 3.516% 6/5/2035 (g)(h) | 6725000 | 3362433 |
| WP Glimcher Mall Trust Series 2015-WPG Class PR2, 3.516% 6/5/2035 (c)(g)(h) | 2541000 | 558994 |
| TOTAL UNITED STATES |  | 1111067629 |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES**<br> (Cost $1,166,062,711) |  | <br> **1111067629** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 24.5%** | &nbsp;&nbsp;**Common Stocks - 24.5%** | &nbsp;&nbsp;**Common Stocks - 24.5%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 24.5%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Household Durables - 0.2% |  |  |
| LGI Homes Inc (b)(d) | 179300 | 8984723 |
| Financials - 0.6% |  |  |
| Mortgage Real Estate Investment Trusts (REITs) - 0.6% |  |  |
| Dynex Capital Inc  | 1145600 | 15900928 |
| MFA Financial Inc  | 1134685 | 10938363 |
| Rithm Capital Corp  | 385699 | 4219547 |
| Rithm Property Trust Inc  | 212544 | 3500600 |
| TOTAL FINANCIALS |  | 34559438 |
| Industrials - 0.0% |  |  |
| Construction & Engineering - 0.0% |  |  |
| WillScot Holdings Corp  | 58900 | 1179767 |
| Real Estate - 23.7% |  |  |
| Health Care REITs - 2.8% |  |  |
| CareTrust REIT Inc  | 284800 | 10634431 |
| Sabra Health Care REIT Inc  | 846475 | 15854477 |
| Ventas Inc  | 622386 | 48340721 |
| Welltower Inc  | 460100 | 86664436 |
|  |  | 161494065 |
| Industrial REITs - 3.2% |  |  |
| Americold Realty Trust Inc  | 888800 | 11030008 |
| EastGroup Properties Inc  | 49900 | 9063836 |
| First Industrial Realty Trust Inc  | 438400 | 25440352 |
| LXP Industrial Trust  | 579754 | 28726811 |
| Prologis Inc  | 758430 | 99020621 |
| Rexford Industrial Realty Inc  | 252600 | 10237878 |
| Terreno Realty Corp  | 62628 | 3854127 |
|  |  | 187373633 |
| Office REITs - 0.3% |  |  |
| Easterly Government Properties Inc (d) | 341480 | 7987217 |
| Postal Realty Trust Inc Class A  | 878500 | 16015055 |
|  |  | 24002272 |
| Residential REITs - 6.4% |  |  |
| American Homes 4 Rent Class A  | 480500 | 15049260 |
| AvalonBay Communities Inc  | 187800 | 33366426 |
| Elme Communities  | 668747 | 1471243 |
| Equity LifeStyle Properties Inc  | 1195596 | 75525800 |
| Equity Residential  | 525200 | 32730464 |
| Essex Property Trust Inc  | 94600 | 23826902 |
| Invitation Homes Inc  | 2587100 | 69153183 |
| Mid-America Apartment Communities Inc  | 23106 | 3103136 |
| Sun Communities Inc  | 323900 | 41274577 |
| UDR Inc  | 1591300 | 59116795 |
| UMH Properties Inc  | 1260923 | 19708226 |
|  |  | 374326012 |
| Retail REITs - 2.9% |  |  |
| Acadia Realty Trust  | 280626 | 5615326 |
| Brixmor Property Group Inc  | 230300 | 6169737 |
| Curbline Properties Corp  | 592918 | 14378262 |
| Federal Realty Investment Trust  | 159500 | 16135020 |
| InvenTrust Properties Corp  | 433800 | 12749382 |
| Kimco Realty Corp  | 1441300 | 30382604 |
| Kite Realty Group Trust  | 1149800 | 27008802 |
| Macerich Co/The  | 341900 | 6472167 |
| NNN REIT Inc  | 408800 | 17034696 |
| Realty Income Corp  | 356182 | 21784091 |
| Retail Value Inc (b)(c) | 274131 | 3 |
| Simon Property Group Inc  | 46200 | 8838522 |
| SITE Centers Corp  | 296459 | 1814329 |
|  |  | 168382941 |
| Specialized REITs - 8.1% |  |  |
| American Tower Corp  | 628000 | 112587840 |
| Crown Castle Inc  | 263910 | 22910027 |
| CubeSmart  | 231100 | 8673183 |
| Digital Realty Trust Inc  | 216400 | 35911580 |
| Equinix Inc  | 140500 | 115340665 |
| Extra Space Storage Inc  | 165549 | 22840796 |
| Gaming and Leisure Properties Inc  | 664646 | 29742909 |
| Lamar Advertising Co Class A  | 143000 | 18348330 |
| Public Storage  | 144300 | 39854217 |
| SBA Communications Corp Class A  | 50900 | 9371199 |
| VICI Properties Inc  | 1864900 | 52366392 |
| Weyerhaeuser Co  | 147500 | 3802549 |
|  |  | 471749687 |
| TOTAL REAL ESTATE |  | 1387328610 |
| TOTAL UNITED STATES |  | 1432052538 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,202,273,769) |  | <br> **1432052538** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 3.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 3.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 3.3%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 3.3%  |  |  |
| Financials - 3.0% |  |  |
| Mortgage Real Estate Investment Trusts (REITs) - 3.0% |  |  |
| AGNC Investment Corp CME Term SOFR 3 month Index + 4.332%, 0% (f)(g) | 673972 | 16832451 |
| AGNC Investment Corp CME Term SOFR 3 month Index + 4.9586%, 0% (f)(g) | 930100 | 23373413 |
| AGNC Investment Corp CME Term SOFR 3 month Index + 4.993%, 0% (f)(g) | 1152034 | 29365347 |
| Annaly Capital Management Inc CME Term SOFR 3 month Index + 5.2506%, 0% (f)(g) | 192992 | 4954105 |
| Chimera Investment Corp Series B, CME Term SOFR 3 month Index + 6.0526%, 11.3508% (f)(g) | 626604 | 14781588 |
| Chimera Investment Corp Series C, CME Term SOFR 3 month Index + 4.743%, 7.75% (f)(g) | 773686 | 16990145 |
| Dynex Capital Inc Series C, CME Term SOFR 3 month Index + 5.7226%, 9.9787% (f)(g) | 298683 | 7723942 |
| Rithm Capital Corp CME Term SOFR 3 month Index + 5.2306%, 0% (f)(g) | 1024554 | 25163046 |
| Rithm Capital Corp CME Term SOFR 3 month Index + 5.9016%, 7.125% (f)(g) | 1023942 | 25741902 |
| Rithm Capital Corp CME Term SOFR 3 month Index + 6.0636%, 7.5% (f)(g) | 342711 | 8636317 |
| TOTAL FINANCIALS |  | 173562256 |
| Real Estate - 0.3% |  |  |
| Hotel & Resort REITs - 0.0% |  |  |
| RLJ Lodging Trust Series A,1.95%  | 31585 | 804785 |
| Industrial REITs - 0.3% |  |  |
| LXP Industrial Trust 6.5%  | 440102 | 20649586 |
| TOTAL REAL ESTATE |  | 21454371 |
| TOTAL UNITED STATES |  | 195016627 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $177,416,933) |  | <br> **195016627** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 34.7%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 34.7%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 34.7%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED KINGDOM - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| EG Global Finance PLC 12% 11/30/2028 (h) | 10000000 | 10823689 |
| UNITED STATES - 34.5%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| Cipher Compute LLC 7.125% 11/15/2030 (h) | 3645000 | 3755848 |
| Flash Compute LLC 7.25% 12/31/2030 (h) | 9420000 | 9451962 |
| Uniti Services LLC 7.5% 10/15/2033 (h) | 5000000 | 5162266 |
| WULF Compute LLC 7.75% 10/15/2030 (h) | 11085000 | 11561877 |
|  |  | 29931953 |
| Media - 0.1% |  |  |
| Lamar Media Corp 3.75% 2/15/2028  | 2000000 | 1963446 |
| Lamar Media Corp 4% 2/15/2030  | 5875000 | 5679814 |
|  |  | 7643260 |
| TOTAL COMMUNICATION SERVICES |  | 37575213 |
| Consumer Discretionary - 3.1% |  |  |
| Hotels, Restaurants & Leisure - 2.0% |  |  |
| Choice Hotels International Inc 5.85% 8/1/2034  | 7000000 | 7171737 |
| Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (h) | 17765000 | 16445897 |
| Hilton Domestic Operating Co Inc 4% 5/1/2031 (h) | 12000000 | 11454566 |
| Hilton Domestic Operating Co Inc 5.5% 3/31/2034 (h) | 9360000 | 9405153 |
| Hilton Domestic Operating Co Inc 5.75% 9/15/2033 (h) | 12510000 | 12744563 |
| Hilton Domestic Operating Co Inc 5.875% 3/15/2033 (h) | 3800000 | 3899256 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 4.875% 7/1/2031 (h) | 18265000 | 17035981 |
| Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp 4.875% 4/1/2027  | 3000000 | 3001071 |
| Hyatt Hotels Corp 5.5% 6/30/2034  | 5000000 | 5157135 |
| Las Vegas Sands Corp 6% 6/14/2030  | 10000000 | 10432299 |
| Marriott Ownership Resorts Inc 4.5% 6/15/2029 (h) | 15960000 | 15225793 |
| Times Square Hotel Trust 8.528% 8/1/2026 (h) | 624178 | 625582 |
|  |  | 112599033 |
| Household Durables - 1.1% |  |  |
| Century Communities Inc 3.875% 8/15/2029 (h) | 13005000 | 12376583 |
| Century Communities Inc 6.625% 9/15/2033 (h) | 9710000 | 9834006 |
| LGI Homes Inc 4% 7/15/2029 (h) | 13310000 | 12215060 |
| LGI Homes Inc 7% 11/15/2032 (h) | 3905000 | 3808615 |
| M/I Homes Inc 3.95% 2/15/2030  | 17070000 | 16428393 |
| Tri Pointe Homes Inc 5.25% 6/1/2027  | 11458000 | 11490873 |
|  |  | 66153530 |
| TOTAL CONSUMER DISCRETIONARY |  | 178752563 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Rexford Industrial Realty LP 2.15% 9/1/2031  | 5000000 | 4385394 |
| Health Care - 0.2% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| Sabra Health Care LP 3.2% 12/1/2031  | 14000000 | 12817084 |
| Sabra Health Care LP 3.9% 10/15/2029  | 989000 | 969032 |
| TOTAL HEALTH CARE |  | 13786116 |
| Industrials - 0.2% |  |  |
| Commercial Services & Supplies - 0.2% |  |  |
| Williams Scotsman Inc 6.625% 4/15/2030 (h) | 3495000 | 3621208 |
| Williams Scotsman Inc 6.625% 6/15/2029 (h) | 5000000 | 5169300 |
| TOTAL INDUSTRIALS |  | 8790508 |
| Real Estate - 30.4% |  |  |
| Diversified REITs - 6.0% |  |  |
| Equinix Europe 2 Financing Corp LLC 5.5% 6/15/2034  | 5000000 | 5164281 |
| Global Net Lease Inc / Global Net Lease Operating Partnership LP 3.75% 12/15/2027 (h) | 5075000 | 4938232 |
| Global Net Lease Inc 4.5% 9/30/2028 (h) | 13405000 | 13126319 |
| GLP Capital LP / GLP Financing II Inc 4% 1/15/2030  | 3000000 | 2919050 |
| GLP Capital LP / GLP Financing II Inc 4% 1/15/2031  | 2000000 | 1912769 |
| GLP Capital LP / GLP Financing II Inc 5.25% 2/15/2033  | 10000000 | 10018600 |
| GLP Capital LP / GLP Financing II Inc 5.3% 1/15/2029  | 19193000 | 19559548 |
| GLP Capital LP / GLP Financing II Inc 5.625% 9/15/2034  | 17000000 | 17208981 |
| GLP Capital LP / GLP Financing II Inc 5.75% 11/1/2037  | 6660000 | 6606596 |
| GLP Capital LP / GLP Financing II Inc 6.25% 9/15/2054  | 22000000 | 21816619 |
| GLP Capital LP / GLP Financing II Inc 6.75% 12/1/2033  | 19500000 | 21126398 |
| Safehold GL Holdings LLC 2.8% 6/15/2031  | 7000000 | 6429836 |
| Safehold GL Holdings LLC 2.85% 1/15/2032  | 18250000 | 16476941 |
| Safehold GL Holdings LLC 6.1% 4/1/2034  | 22410000 | 23822684 |
| Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (h) | 18035000 | 17176983 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (h) | 12645000 | 12298344 |
| Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (h) | 26000000 | 26006043 |
| VICI Properties LP 5.125% 5/15/2032  | 29000000 | 29178264 |
| VICI Properties LP 5.625% 4/1/2035  | 20000000 | 20380738 |
| VICI Properties LP 5.625% 5/15/2052  | 24333000 | 22772417 |
| VICI Properties LP 5.75% 4/1/2034  | 575000 | 593289 |
| VICI Properties LP 6.125% 4/1/2054  | 23532000 | 23563143 |
| WP Carey Inc 2.25% 4/1/2033  | 5000000 | 4225927 |
| WP Carey Inc 2.45% 2/1/2032  | 2000000 | 1767835 |
| WP Carey Inc 3.85% 7/15/2029  | 3000000 | 2968875 |
| WP Carey Inc 5.375% 6/30/2034  | 7000000 | 7202328 |
| XHR LP 4.875% 6/1/2029 (h) | 10000000 | 9857919 |
|  |  | 349118959 |
| Health Care REITs - 2.3% |  |  |
| CTR Partnership LP / CareTrust Capital Corp 3.875% 6/30/2028 (h) | 21865000 | 21458320 |
| MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031  | 16000000 | 11827917 |
| MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029  | 19835000 | 17006016 |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027  | 10670000 | 10431365 |
| MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (h) | 6285000 | 6733479 |
| Omega Healthcare Investors Inc 3.25% 4/15/2033  | 18000000 | 15979531 |
| Omega Healthcare Investors Inc 3.375% 2/1/2031  | 5000000 | 4677941 |
| Ventas Realty LP 2.5% 9/1/2031  | 1500000 | 1348247 |
| Ventas Realty LP 4.375% 2/1/2045  | 3000000 | 2532165 |
| Ventas Realty LP 4.4% 1/15/2029  | 10000000 | 10053966 |
| Ventas Realty LP 5% 1/15/2035  | 5000000 | 4993204 |
| Ventas Realty LP 5.625% 7/1/2034  | 5000000 | 5214324 |
| Ventas Realty LP 5.7% 9/30/2043  | 3000000 | 3025188 |
| Welltower OP LLC 4.125% 3/15/2029  | 3000000 | 3008727 |
| Welltower OP LLC 5.125% 7/1/2035  | 14000000 | 14215532 |
|  |  | 132505922 |
| Hotel & Resort REITs - 0.6% |  |  |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 4.875% 5/15/2029 (h) | 7000000 | 6847804 |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 7% 2/1/2030 (h) | 3115000 | 3209288 |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 4/1/2032 (h) | 8000000 | 8273208 |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (h) | 5575000 | 5779000 |
| RLJ Lodging Trust LP 3.75% 7/1/2026 (h) | 4000000 | 3976503 |
| RLJ Lodging Trust LP 4% 9/15/2029 (h) | 4835000 | 4588221 |
|  |  | 32674024 |
| Industrial REITs - 1.3% |  |  |
| Lineage OP LP 5.25% 7/15/2030 (h) | 10500000 | 10589407 |
| LXP Industrial Trust 2.375% 10/1/2031  | 7500000 | 6574515 |
| LXP Industrial Trust 2.7% 9/15/2030  | 4422000 | 4052548 |
| LXP Industrial Trust 6.75% 11/15/2028  | 247000 | 261218 |
| Prologis LP 5% 1/31/2035  | 5000000 | 5048164 |
| Prologis LP 5% 3/15/2034  | 15574000 | 15819615 |
| Prologis LP 5.125% 1/15/2034  | 5000000 | 5112122 |
| Prologis LP 5.25% 3/15/2054  | 8000000 | 7604259 |
| Prologis LP 5.25% 5/15/2035  | 7000000 | 7191092 |
| Prologis LP 5.25% 6/15/2053  | 15500000 | 14745343 |
|  |  | 76998283 |
| Office REITs - 0.2% |  |  |
| Boston Properties LP 3.25% 1/30/2031  | 8000000 | 7508547 |
| Boston Properties LP 6.75% 12/1/2027  | 37000 | 38659 |
| Hudson Pacific Properties LP 4.65% 4/1/2029  | 6000000 | 5499463 |
|  |  | 13046669 |
| Real Estate Management & Development - 3.4% |  |  |
| Americold Realty Operating Partnership LP 5.409% 9/12/2034  | 24400000 | 23923840 |
| Americold Realty Operating Partnership LP 5.6% 5/15/2032  | 10000000 | 10132993 |
| CBRE Services Inc 5.5% 6/15/2035  | 5000000 | 5153042 |
| CBRE Services Inc 5.95% 8/15/2034  | 16750000 | 17826425 |
| CoStar Group Inc 2.8% 7/15/2030 (h) | 2000000 | 1841191 |
| Cushman & Wakefield US Borrower LLC 6.75% 5/15/2028 (h) | 11165000 | 11234915 |
| Essex Portfolio LP 2.55% 6/15/2031  | 2000000 | 1813738 |
| Essex Portfolio LP 2.65% 3/15/2032  | 3000000 | 2674796 |
| Essex Portfolio LP 5.5% 4/1/2034  | 22077000 | 22744959 |
| Extra Space Storage LP 2.35% 3/15/2032  | 12000000 | 10490163 |
| Extra Space Storage LP 2.55% 6/1/2031  | 2000000 | 1812138 |
| Extra Space Storage LP 5.35% 1/15/2035  | 8000000 | 8162181 |
| Extra Space Storage LP 5.4% 2/1/2034  | 15000000 | 15352712 |
| Extra Space Storage LP 5.4% 6/15/2035  | 10000000 | 10209276 |
| Extra Space Storage LP 5.5% 7/1/2030  | 5000000 | 5202825 |
| Extra Space Storage LP 5.9% 1/15/2031  | 9000000 | 9523494 |
| Forestar Group Inc 5% 3/1/2028 (h) | 5000000 | 4996364 |
| Kennedy-Wilson Inc 4.75% 2/1/2030  | 8130000 | 7813743 |
| Kennedy-Wilson Inc 4.75% 3/1/2029  | 12075000 | 11816036 |
| Kennedy-Wilson Inc 5% 3/1/2031  | 6960000 | 6685150 |
| Tanger Properties LP 2.75% 9/1/2031  | 5000000 | 4542542 |
| Taylor Morrison Communities Inc 5.75% 11/15/2032 (h) | 4715000 | 4839570 |
|  |  | 198792093 |
| Residential REITs - 3.7% |  |  |
| American Homes 4 Rent LP 2.375% 7/15/2031  | 9000000 | 8033018 |
| American Homes 4 Rent LP 3.375% 7/15/2051  | 2425000 | 1621426 |
| American Homes 4 Rent LP 3.625% 4/15/2032  | 27000000 | 25359264 |
| American Homes 4 Rent LP 4.3% 4/15/2052  | 8500000 | 6694352 |
| American Homes 4 Rent LP 4.9% 2/15/2029  | 13000000 | 13220922 |
| American Homes 4 Rent LP 4.95% 6/15/2030  | 43000 | 43556 |
| American Homes 4 Rent LP 5.25% 3/15/2035  | 10000000 | 10025522 |
| American Homes 4 Rent LP 5.5% 2/1/2034  | 25000000 | 25593995 |
| American Homes 4 Rent LP 5.5% 7/15/2034  | 47000 | 48063 |
| ERP Operating LP 4.65% 9/15/2034  | 5000000 | 4937729 |
| Invitation Homes Operating Partnership LP 4.15% 4/15/2032  | 35000000 | 33793341 |
| Invitation Homes Operating Partnership LP 4.875% 2/1/2035  | 5000000 | 4875949 |
| Invitation Homes Operating Partnership LP 5.5% 8/15/2033  | 33000000 | 33849390 |
| Sun Communities Operating LP 2.7% 7/15/2031  | 18000000 | 16349395 |
| Sun Communities Operating LP 4.2% 4/15/2032  | 18439000 | 17896763 |
| UDR Inc 3% 8/15/2031  | 1500000 | 1390709 |
| UDR Inc 5.125% 9/1/2034  | 15000000 | 15099436 |
|  |  | 218832830 |
| Retail REITs - 4.4% |  |  |
| Agree LP 2.6% 6/15/2033  | 6100000 | 5263562 |
| Agree LP 2.9% 10/1/2030  | 1500000 | 1402272 |
| Agree LP 4.8% 10/1/2032  | 1288000 | 1297854 |
| Agree LP 5.625% 6/15/2034  | 7372000 | 7710815 |
| Brixmor Operating Partnership LP 2.5% 8/16/2031  | 9000000 | 8075235 |
| Brixmor Operating Partnership LP 4.05% 7/1/2030  | 4000000 | 3937485 |
| Brixmor Operating Partnership LP 4.125% 5/15/2029  | 1872000 | 1865527 |
| Brixmor Operating Partnership LP 4.85% 2/15/2033  | 45000 | 44900 |
| Brixmor Operating Partnership LP 5.5% 2/15/2034  | 10000000 | 10268761 |
| Kimco Realty OP LLC 4.6% 2/1/2033  | 9000000 | 8965039 |
| Kimco Realty OP LLC 6.4% 3/1/2034  | 3424000 | 3767148 |
| Kite Realty Group LP 5.2% 8/15/2032  | 18000000 | 18387577 |
| Kite Realty Group LP 5.5% 3/1/2034  | 14007000 | 14397619 |
| NNN REIT Inc 3.5% 4/15/2051  | 12000000 | 8473591 |
| NNN REIT Inc 5.5% 6/15/2034  | 4000000 | 4128421 |
| NNN REIT Inc 5.6% 10/15/2033  | 4689000 | 4887839 |
| Phillips Edison Grocery Center Operating Partnership I LP 2.625% 11/15/2031  | 16500000 | 14774752 |
| Phillips Edison Grocery Center Operating Partnership I LP 4.95% 1/15/2035  | 16021000 | 15743496 |
| Phillips Edison Grocery Center Operating Partnership I LP 5.25% 8/15/2032  | 10000000 | 10236447 |
| Phillips Edison Grocery Center Operating Partnership I LP 5.75% 7/15/2034  | 21507000 | 22483445 |
| Realty Income Corp 3.4% 1/15/2030  | 7000000 | 6797508 |
| Realty Income Corp 4% 7/15/2029  | 3000000 | 2992674 |
| Realty Income Corp 5.125% 2/15/2034  | 3500000 | 3576543 |
| Realty Income Corp 5.125% 4/15/2035  | 10000000 | 10161438 |
| Regency Centers LP 5.25% 1/15/2034  | 5000000 | 5129859 |
| Simon Property Group LP 4.75% 9/26/2034  | 18000000 | 17850354 |
| Simon Property Group LP 5.125% 10/1/2035  | 5000000 | 5060523 |
| Simon Property Group LP 5.85% 3/8/2053  | 19000000 | 19349237 |
| Simon Property Group LP 6.25% 1/15/2034  | 5000000 | 5461463 |
| Simon Property Group LP 6.65% 1/15/2054  | 15000000 | 16797618 |
|  |  | 259289002 |
| Specialized REITs - 8.5% |  |  |
| American Tower Corp 2.7% 4/15/2031  | 2000000 | 1839120 |
| American Tower Corp 3.8% 8/15/2029  | 23000000 | 22679733 |
| American Tower Corp 4.05% 3/15/2032  | 22000000 | 21432934 |
| American Tower Corp 5.4% 1/31/2035  | 15000000 | 15415050 |
| American Tower Corp 5.45% 2/15/2034  | 29000000 | 30041710 |
| American Tower Corp 5.55% 7/15/2033  | 18250000 | 19064937 |
| American Tower Corp 5.65% 3/15/2033  | 20000000 | 21036300 |
| American Tower Corp 5.9% 11/15/2033  | 8000000 | 8544366 |
| Crown Castle Inc 2.1% 4/1/2031  | 9000000 | 7950075 |
| Crown Castle Inc 2.25% 1/15/2031  | 14000000 | 12521584 |
| Crown Castle Inc 2.5% 7/15/2031  | 5000000 | 4478578 |
| Crown Castle Inc 2.9% 4/1/2041  | 17930000 | 13078086 |
| Crown Castle Inc 3.8% 2/15/2028  | 2000000 | 1987114 |
| Crown Castle Inc 4.75% 5/15/2047  | 5000000 | 4306944 |
| Crown Castle Inc 5% 1/11/2028  | 3000000 | 3046778 |
| Crown Castle Inc 5.1% 5/1/2033  | 30000000 | 30314529 |
| Crown Castle Inc 5.2% 2/15/2049  | 15000000 | 13524599 |
| Crown Castle Inc 5.2% 9/1/2034  | 30000000 | 30265220 |
| Crown Castle Inc 5.6% 6/1/2029  | 5000000 | 5190790 |
| Crown Castle Inc 5.8% 3/1/2034  | 36000000 | 37723724 |
| CubeSmart LP 2.5% 2/15/2032  | 10000000 | 8873410 |
| CubeSmart LP 4.375% 2/15/2029  | 12000000 | 12052009 |
| CubeSmart LP 5.125% 11/1/2035  | 10000000 | 9993083 |
| EPR Properties 3.6% 11/15/2031  | 2000000 | 1854855 |
| EPR Properties 4.95% 4/15/2028  | 8000000 | 8075014 |
| Equinix Inc 3% 7/15/2050  | 11000000 | 6998585 |
| Equinix Inc 3.2% 11/18/2029  | 10000000 | 9627178 |
| Equinix Inc 3.9% 4/15/2032  | 28000000 | 26943807 |
| Iron Mountain Inc 4.5% 2/15/2031 (h) | 4500000 | 4300280 |
| Iron Mountain Inc 4.875% 9/15/2027 (h) | 3000000 | 2998251 |
| Iron Mountain Inc 5.25% 7/15/2030 (h) | 5000000 | 4950989 |
| Iron Mountain Inc 6.25% 1/15/2033 (h) | 21385000 | 21609350 |
| Millrose Properties Inc 6.25% 9/15/2032 (h) | 9710000 | 9819519 |
| Millrose Properties Inc 6.375% 8/1/2030 (h) | 4715000 | 4812530 |
| Public Storage Operating Co 5.1% 8/1/2033  | 5000000 | 5163149 |
| Public Storage Operating Co 5.35% 8/1/2053  | 8500000 | 8213416 |
| SBA Communications Corp 3.125% 2/1/2029  | 25000000 | 23877794 |
| SBA Communications Corp 3.875% 2/15/2027  | 20000000 | 19851744 |
|  |  | 494457134 |
| TOTAL REAL ESTATE |  | 1775714916 |
| TOTAL UNITED STATES |  | 2019004710 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $1,981,311,935) |  | <br> **2029828399** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 8.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 8.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 8.0%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Enbridge Inc 5 year U.S. Treasury Index Series 1+ 3.14%, 5.9491% (f)(g) | 498275 | 12262548 |
| Enbridge Inc Series L, 5 year U.S. Treasury Index + 3.15%, 4.959% (f)(g) | 111400 | 2701450 |
| TOTAL CANADA |  | 14963998 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Crest Dartmouth Street 0% (b)(c)(g)(h) | 1220000 | 12 |
| UNITED STATES - 7.8%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Global Partners LP/MA 9.5% Series B  | 67800 | 1755545 |
| Financials - 3.1% |  |  |
| Capital Markets - 0.2% |  |  |
| DigitalBridge Group Inc 7.125% Series J  | 292503 | 5668708 |
| DigitalBridge Group Inc Series H, 7.125%  | 148417 | 2851091 |
| DigitalBridge Group Inc Series I, 7.15%  | 142666 | 2781987 |
|  |  | 11301786 |
| Mortgage Real Estate Investment Trusts (REITs) - 2.9% |  |  |
| AGNC Investment Corp 7.75% Series G (g) | 320000 | 8044800 |
| AGNC Investment Corp CME Term SOFR 3 month Index + 5.111%, 10.3713% (f)(g) | 653202 | 16715439 |
| AGNC Investment Corp Series H, 8.75%  | 300000 | 7785000 |
| Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.4336%, 0% (f)(g) | 1069599 | 26836239 |
| Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.993%, 10.1521% (f)(g) | 1374443 | 35558215 |
| Arbor Realty Trust Inc Series D 6.375%  | 126100 | 2233319 |
| Arbor Realty Trust Inc Series F, 6.25% (g) | 447536 | 10011381 |
| Ellington Financial Inc Series A 3 month U.S. LIBOR + 5.196%, 0% (f)(g) | 212370 | 5328363 |
| MFA Financial Inc 7.5%  | 211532 | 4262370 |
| MFA Financial Inc CME Term SOFR 3 month Index + 5.6066%, 0% (f)(g) | 788551 | 18294383 |
| Pennymac Mortgage Investment Trust 6.75%  | 217700 | 4240796 |
| Pennymac Mortgage Investment Trust 8.125% (g) | 194805 | 4722073 |
| Pennymac Mortgage Investment Trust Series B 3 month U.S. Treasury Index + 8%, 0% (f)(g) | 309033 | 7450786 |
| Rithm Capital Corp 7% Series D (g) | 151200 | 3721032 |
| Two Harbors Investment Corp 7.625% Series B (g) | 331816 | 8152719 |
| Two Harbors Investment Corp 8.125% Series A (g) | 187099 | 4634442 |
|  |  | 167991357 |
| TOTAL FINANCIALS |  | 179293143 |
| Real Estate - 4.7% |  |  |
| Diversified REITs - 1.1% |  |  |
| Armada Hoffler Properties Inc Series A 6.75%  | 255050 | 5496328 |
| CTO Realty Growth Inc 6.375%  | 120000 | 2436011 |
| Gladstone Commercial Corp Series E 6.625%  | 157675 | 3596582 |
| Gladstone Commercial Corp Series G, 6%  | 391000 | 7933351 |
| Global Net Lease Inc 6.875% Series B  | 294000 | 6732600 |
| Global Net Lease Inc 7.25% Series A  | 509695 | 11931960 |
| Global Net Lease Inc 7.375% Series E  | 379839 | 8869241 |
| Global Net Lease Inc 7.5%  | 721484 | 17813440 |
|  |  | 64809513 |
| Health Care REITs - 0.2% |  |  |
| Global Medical REIT Inc 7.5% Series A  | 150848 | 3704827 |
| National Healthcare Properties Inc Series A, 7.375%  | 364800 | 7113600 |
| National Healthcare Properties Inc Series B, 7.125%  | 190000 | 3568200 |
|  |  | 14386627 |
| Hotel & Resort REITs - 1.2% |  |  |
| Ashford Hospitality Trust Inc Series H 7.5%  | 18189 | 210265 |
| Braemar Hotels & Resorts Inc 8.25% Series D  | 138364 | 2280239 |
| Pebblebrook Hotel Trust 6.3% Series F  | 281697 | 5774788 |
| Pebblebrook Hotel Trust 6.375%  | 666800 | 13336000 |
| Pebblebrook Hotel Trust 6.375% Series E  | 372994 | 7467340 |
| Pebblebrook Hotel Trust Series H, 5.7%  | 717200 | 12837880 |
| Sotherly Hotels Inc 7.875% Series C  | 107000 | 1993410 |
| Sotherly Hotels Inc 8% Series B  | 67250 | 1221933 |
| Summit Hotel Properties Inc Series E, 6.25%  | 457602 | 8717318 |
| Summit Hotel Properties Inc Series F, 5.875%  | 377000 | 6835010 |
| Sunstone Hotel Investors Inc Series H, 6.125%  | 180000 | 3753000 |
| Sunstone Hotel Investors Inc Series I, 5.7%  | 240000 | 4633200 |
|  |  | 69060383 |
| Industrial REITs - 0.3% |  |  |
| Prologis Inc Series Q, 8.54%  | 93396 | 4946252 |
| Rexford Industrial Realty Inc 5.625% Series C  | 317525 | 6741056 |
| Rexford Industrial Realty Inc 5.875% Series B  | 148400 | 3347904 |
|  |  | 15035212 |
| Office REITs - 0.4% |  |  |
| Hudson Pacific Properties Inc 4.75% Series C  | 686200 | 10745892 |
| Vornado Realty Trust 5.25% Series M  | 275004 | 4837320 |
| Vornado Realty Trust Series L, 5.4%  | 388600 | 7103609 |
| Vornado Realty Trust Series N 5.25%  | 196664 | 3482919 |
|  |  | 26169740 |
| Real Estate Management & Development - 0.1% |  |  |
| Brookfield Property Partners LP 5.75%  | 43000 | 594690 |
| Brookfield Property Partners LP 6.5%  | 34125 | 538151 |
| Seritage Growth Properties Series A, 7%  | 91986 | 2217782 |
|  |  | 3350623 |
| Residential REITs - 0.7% |  |  |
| American Homes 4 Rent 5.875% Series G  | 439881 | 10066677 |
| American Homes 4 Rent Series H, 6.25%  | 411648 | 9874571 |
| UMH Properties Inc 6.375% Series D  | 844525 | 18963809 |
|  |  | 38905057 |
| Retail REITs - 0.3% |  |  |
| Agree Realty Corp 4.25%  | 259800 | 4473756 |
| Cedar Realty Trust Inc 7.25%  | 31436 | 579523 |
| Kimco Realty Corp 5.125%  | 49000 | 988820 |
| Kimco Realty Corp Series M 5.25%  | 58100 | 1192793 |
| Regency Centers Corp 5.875%  | 69225 | 1550640 |
| Regency Centers Corp 6.25% Series A  | 281325 | 6597071 |
| Saul Centers Inc 6% Series E  | 76841 | 1717397 |
| Saul Centers Inc 6.125% Series D  | 57775 | 1205868 |
|  |  | 18305868 |
| Specialized REITs - 0.4% |  |  |
| Digital Realty Trust Inc 5.25%  | 80800 | 1683064 |
| Digital Realty Trust Inc Series K 5.85%  | 42600 | 1008342 |
| Digital Realty Trust Inc Series L, 5.2%  | 82700 | 1716025 |
| EPR Properties 5.75%  | 50000 | 1031500 |
| National Storage Affiliates Trust Series A, 6%  | 546375 | 11468411 |
| Public Storage 4%  | 47800 | 774360 |
| Public Storage 4%  | 45700 | 740797 |
| Public Storage Operating Co 5.05% Series G  | 43800 | 939072 |
| Public Storage Operating Co 5.15% Series F  | 25800 | 548508 |
| Public Storage Series L, 4.625%  | 35900 | 684972 |
| Public Storage Series MM, 4.125%  | 28000 | 471517 |
| Public Storage Series S, 4.1%  | 100000 | 1660000 |
|  |  | 22726568 |
| TOTAL REAL ESTATE |  | 272749591 |
| TOTAL UNITED STATES |  | 453798279 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $464,957,382) |  | <br> **468762289** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.1%** | &nbsp;&nbsp;**Preferred Securities - 0.1%** | &nbsp;&nbsp;**Preferred Securities - 0.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Energy Transfer LP Series G, 7.125% (g)(i)<br>(Cost $6,000,000)<br>| 6000000 | **6287044** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 6.7%** | &nbsp;&nbsp;**Money Market Funds - 6.7%** | &nbsp;&nbsp;**Money Market Funds - 6.7%** | &nbsp;&nbsp;**Money Market Funds - 6.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (k) | 3.70 | 386729588 | 386806934 |
| Fidelity Securities Lending Cash Central Fund (k)(l) | 3.70 | 3494051 | 3494400 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $390,268,802) |  |  | **390301334** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.4%**<br> (Cost $5,575,141,991)<br>| <br>**5811545224** |
| **NET OTHER ASSETS (LIABILITIES) - 0.6%**  | **35061768** |
| **NET ASSETS - 100.0%** | **5846606992** |

---

**Legend**

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

(b) Non-income producing.

(c) Level 3 security.

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

(e) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

(f) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

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

(h) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,418,798,294 or 24.3% of net assets.

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

(j) Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of assets. Principal shown is the outstanding par amount of the pool as of the end of the period.

(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.

**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 | 552314390 | 516362857 | 681881285 | 7651975 | 10972 | - | 386806934 | 386729588 | 0.7% |
| Fidelity Securities Lending Cash Central Fund | - | 55511414 | 52017087 | 6184 | 73 | - | 3494400 | 3494051 | 0.0% |
| Total | 552314390 | 571874271 | 733898372 | 7658159 | 11045 | - | 390301334 |  |  |

---

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 January 31, 2026, 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>** |  |  |  |  |
|  **Asset-Backed Securities** | 91470522 | - | 91470522 | - |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 35289311 | - | 35289311 | - |
| Consumer Discretionary | 22449612 | - | 22449612 | - |
| Energy | 13658207 | - | 13658207 | - |
| Financials | 11158543 | - | - | 11158543 |
| Real Estate | 4173032 | - | 4173032 | - |
|  **Collateralized Mortgage Obligations** | 30137 | - | - | 30137 |
|  **Commercial Mortgage Securities** | 1111067629 | - | 1094385493 | 16682136 |
|  **Common Stocks** |  |  |  |  |
| Consumer Discretionary | 8984723 | 8984723 | - | - |
| Financials | 34559438 | 34559438 | - | - |
| Industrials | 1179767 | 1179767 | - | - |
| Real Estate | 1387328610 | 1387328607 | - | 3 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 173562256 | 173562256 | - | - |
| Real Estate | 21454371 | - | 21454371 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 37575213 | - | 37575213 | - |
| Consumer Discretionary | 178752563 | - | 178752563 | - |
| Energy | 10823689 | - | 10823689 | - |
| Financials | 4385394 | - | 4385394 | - |
| Health Care | 13786116 | - | 13786116 | - |
| Industrials | 8790508 | - | 8790508 | - |
| Real Estate | 1775714916 | - | 1775714916 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Energy | 16719543 | 16719543 | - | - |
| Financials | 179293155 | 179293143 | - | 12 |
| Real Estate | 272749591 | 272749591 | - | - |
|  **Preferred Securities** |  |  |  |  |
| Energy | 6287044 | - | 6287044 | - |
|  **Money Market Funds** | 390301334 | 390301334 | - | - |
| **Total Investments in Securities:** | 5811545224 | 2464678402 | 3318995991 | 27870831 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $3,431,628) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,184,873,189) | $5421243890 |  |
| Fidelity Central Funds (cost $390,268,802) | 390301334 |  |
| Total Investment in Securities (cost $5,575,141,991) |  | $5811545224 |
| Cash |  | 973655 |
| Receivable for investments sold |  | 14071 |
| Receivable for fund shares sold |  | 8461347 |
| Dividends receivable |  | 4590563 |
| Interest receivable |  | 35233213 |
| Distributions receivable from Fidelity Central Funds |  | 1003344 |
| Prepaid expenses |  | 3561 |
| Other receivables |  | 24892 |
| **Total assets** |  | 5861849870 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $6938507 |  |
| Payable for fund shares redeemed | 1663746 |  |
| Accrued management fee | 2925817 |  |
| Distribution and service plan fees payable | 83569 |  |
| Other payables and accrued expenses | 136911 |  |
| Collateral on securities loaned | 3494328 |  |
| **Total liabilities** |  | 15242878 |
| **Net Assets**  |  | $5846606992 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5725220784 |
| Total accumulated earnings (loss) |  | 121386208 |
| **Net Assets** |  | $5846606992 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($270,225,690 ÷ 22,151,704 shares)(a) |  | $12.20 |
| Maximum offering price per share (100/96.00 of $12.20) |  | $12.71 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($32,735,962 ÷ 2,682,484 shares)(a) |  | $12.20 |
| Maximum offering price per share (100/96.00 of $12.20) |  | $12.71 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($23,900,475 ÷ 1,995,640 shares)(a) |  | $11.98 |
| **Real Estate Income :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,270,182,371 ÷ 103,256,791 shares) |  | $12.30 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,343,884,773 ÷ 109,811,081 shares) |  | $12.24 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,905,677,721 ÷ 237,671,147 shares) |  | $12.23 |
| *(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 January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $47926207 |
| Interest  |  | 96575717 |
| Income from Fidelity Central Funds (including $6,184 from security lending)  |  | 7658159 |
| **Total income** |  | 152160083 |
| **Expenses** |  |  |
| Management fee | $17055162 |  |
| Distribution and service plan fees | 512428 |  |
| Custodian fees and expenses | 12830 |  |
| Independent trustees' fees and expenses | 11120 |  |
| Registration fees | 180934 |  |
| Audit fees | 52711 |  |
| Legal | 3407 |  |
| Miscellaneous | 9530 |  |
| Total expenses before reductions | 17838122 |  |
| Expense reductions | (5127) |  |
| Total expenses after reductions |  | 17832995 |
| **Net Investment income (loss)** |  | 134327088 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 4972316 |  |
| Fidelity Central Funds | 11045 |  |
| Total net realized gain (loss) |  | 4983361 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 75597483 |
| **Net gain (loss)** |  | 80580844 |
| **Net increase (decrease) in net assets resulting from operations** |  | $214907932 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $134327088 | $241529346 |
| &nbsp;&nbsp;Net realized gain (loss) | 4983361<br>| 56195496<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 75597483 | (1000281)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 214907932<br>| 296724561<br>|
| Distributions to shareholders | (142956313)<br>| (234138122)<br>|
| Share transactions - net increase (decrease) | 495037348<br>| 430264698<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 566988967<br>| 492851137<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 5279618025 | 4786766888<br>|
| &nbsp;&nbsp;End of period | $5846606992 | $5279618025 |

---

**Financial Highlights** 

**Fidelity Advisor® Real Estate Income Fund Class A**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.04 | $11.89 | $11.36 | $12.49 | $13.43 | $11.02 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .28  | .55  | .52  | .53  | .39  | .33  |
| Net realized and unrealized gain (loss)  | .17  | .13  | .53  | (.88)  | (1.03)  | 2.53  |
| Total from investment operations  | .45  | .68  | 1.05  | (.35)  | (.64)  | 2.86  |
| Distributions from net investment income  | (.29)  | (.53)  | (.52)  | (.56)  | (.28)  | (.42) C |
| Distributions from net realized gain  | -  | -  | -  | (.22)  | (.02)  | (.03) C |
| Total distributions  | (.29)  | (.53)  | (.52)  | (.78)  | (.30)  | (.45)  |
| Net asset value, end of period  | $12.20 | $12.04 | $11.89 | $11.36 | $12.49 | $13.43 |
| **Total Return** D,E,F | 3.79% <br>| 5.84%  | 9.58%  | (2.72)%  | (4.83)%  | 26.64%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .94% I | .95%  | .97%  | .99%  | .98%  | .99%  |
| Expenses net of fee waivers, if any  | .94% I<br>| .95%  | .96%  | .98%  | .98%  | .99%  |
| Expenses net of all reductions, if any  | .94% I | .95%  | .96%  | .98%  | .98%  | .99%  |
| Net investment income (loss)  | 4.53% I | 4.55%  | 4.61%  | 4.61%  | 2.97%  | 2.75%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $270226 | $281521 | $291737 | $304754 | $364443 | $384382 |
| Portfolio turnover rate J | 10% I<br>| 24%  | 24%  | 17%  | 42%  | 26%  |

---

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

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*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.*

**Fidelity Advisor® Real Estate Income Fund Class M**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.04 | $11.89 | $11.36 | $12.49 | $13.43 | $11.02 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .28  | .55  | .52  | .52  | .39  | .33  |
| Net realized and unrealized gain (loss)  | .17  | .13  | .53  | (.87)  | (1.03)  | 2.53  |
| Total from investment operations  | .45  | .68  | 1.05  | (.35)  | (.64)  | 2.86  |
| Distributions from net investment income  | (.29)  | (.53)  | (.52)  | (.56)  | (.28)  | (.42) C |
| Distributions from net realized gain  | -  | -  | -  | (.22)  | (.02)  | (.03) C |
| Total distributions  | (.29)  | (.53)  | (.52)  | (.78)  | (.30)  | (.45)  |
| Net asset value, end of period  | $12.20 | $12.04 | $11.89 | $11.36 | $12.49 | $13.43 |
| **Total Return** D,E,F | 3.79% <br>| 5.83%  | 9.56%  | (2.75)%  | (4.85)%  | 26.62%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .94% I | .95%  | .98%  | 1.01%  | .99%  | 1.01%  |
| Expenses net of fee waivers, if any  | .94% I<br>| .95%  | .97%  | 1.00%  | .99%  | 1.01%  |
| Expenses net of all reductions, if any  | .94% I | .95%  | .97%  | 1.00%  | .99%  | 1.01%  |
| Net investment income (loss)  | 4.53% I | 4.55%  | 4.61%  | 4.59%  | 2.97%  | 2.73%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $32736 | $34256 | $38026 | $42829 | $52919 | $57338 |
| Portfolio turnover rate J | 10% I<br>| 24%  | 24%  | 17%  | 42%  | 26%  |

---

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

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*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.*

**Fidelity Advisor® Real Estate Income Fund Class C**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.82 | $11.67 | $11.16 | $12.27 | $13.21 | $10.88 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .23  | .45  | .43  | .43  | .29  | .24  |
| Net realized and unrealized gain (loss)  | .17  | .13  | .51  | (.86)  | (1.01)  | 2.48  |
| Total from investment operations  | .40  | .58  | .94  | (.43)  | (.72)  | 2.72  |
| Distributions from net investment income  | (.24)  | (.43)  | (.43)  | (.46)  | (.20)  | (.36) C |
| Distributions from net realized gain  | -  | -  | -  | (.22)  | (.02)  | (.03) C |
| Total distributions  | (.24)  | (.43)  | (.43)  | (.68)  | (.22)  | (.39)  |
| Net asset value, end of period  | $11.98 | $11.82 | $11.67 | $11.16 | $12.27 | $13.21 |
| **Total Return** D,E,F | 3.44% <br>| 5.08%  | 8.72%  | (3.46)%  | (5.54)%  | 25.64%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | 1.69% I | 1.70%  | 1.70%  | 1.74%  | 1.72%  | 1.74%  |
| Expenses net of fee waivers, if any  | 1.69% I<br>| 1.70%  | 1.70%  | 1.73%  | 1.72%  | 1.74%  |
| Expenses net of all reductions, if any  | 1.69% I | 1.70%  | 1.70%  | 1.73%  | 1.72%  | 1.74%  |
| Net investment income (loss)  | 3.78% I | 3.80%  | 3.88%  | 3.86%  | 2.23%  | 2.00%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $23900 | $27200 | $40267 | $56795 | $89135 | $120072 |
| Portfolio turnover rate J | 10% I<br>| 24%  | 24%  | 17%  | 42%  | 26%  |

---

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

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*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.*

**Fidelity® Real Estate Income Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.14 | $11.98 | $11.45 | $12.58 | $13.52 | $11.09 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .30  | .59  | .56  | .56  | .43  | .37  |
| Net realized and unrealized gain (loss)  | .17  | .14  | .52  | (.88)  | (1.03)  | 2.53  |
| Total from investment operations  | .47  | .73  | 1.08  | (.32)  | (.60)  | 2.90  |
| Distributions from net investment income  | (.31)  | (.57)  | (.55)  | (.60)  | (.32)  | (.44) C |
| Distributions from net realized gain  | -  | -  | -  | (.22)  | (.02)  | (.03) C |
| Total distributions  | (.31)  | (.57)  | (.55)  | (.81) D | (.34)  | (.47)  |
| Net asset value, end of period  | $12.30 | $12.14 | $11.98 | $11.45 | $12.58 | $13.52 |
| **Total Return** E,F | 3.92% <br>| 6.21%  | 9.79%  | (2.42)%  | (4.56)%  | 26.88%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .65% I | .66%  | .69%  | .73%  | .71%  | .72%  |
| Expenses net of fee waivers, if any  | .65% I<br>| .66%  | .68%  | .72%  | .71%  | .72%  |
| Expenses net of all reductions, if any  | .65% I | .66%  | .68%  | .72%  | .71%  | .72%  |
| Net investment income (loss)  | 4.82% I | 4.84%  | 4.90%  | 4.87%  | 3.24%  | 3.02%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1270182 | $1235613 | $1101737 | $1288147 | $1898345 | $2777243 |
| Portfolio turnover rate J | 10% I<br>| 24%  | 24%  | 17%  | 42%  | 26%  |

---

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

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 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*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.*

**Fidelity Advisor® Real Estate Income Fund Class I**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.08 | $11.92 | $11.39 | $12.53 | $13.47 | $11.04 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .29  | .58  | .55  | .56  | .43  | .37  |
| Net realized and unrealized gain (loss)  | .18  | .14  | .53  | (.89)  | (1.03)  | 2.53  |
| Total from investment operations  | .47  | .72  | 1.08  | (.33)  | (.60)  | 2.90  |
| Distributions from net investment income  | (.31)  | (.56)  | (.55)  | (.60)  | (.32)  | (.44) C |
| Distributions from net realized gain  | -  | -  | -  | (.22)  | (.02)  | (.03) C |
| Total distributions  | (.31)  | (.56)  | (.55)  | (.81) D | (.34)  | (.47)  |
| Net asset value, end of period  | $12.24 | $12.08 | $11.92 | $11.39 | $12.53 | $13.47 |
| **Total Return** E,F | 3.92% <br>| 6.16%  | 9.86%  | (2.52)%  | (4.57)%  | 27.03%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |  |
| Expenses before reductions  | .69% I | .70%  | .72%  | .73%  | .71%  | .71%  |
| Expenses net of fee waivers, if any  | .69% I<br>| .70%  | .71%  | .72%  | .71%  | .71%  |
| Expenses net of all reductions, if any  | .69% I | .70%  | .71%  | .72%  | .71%  | .71%  |
| Net investment income (loss)  | 4.78% I | 4.80%  | 4.87%  | 4.87%  | 3.24%  | 3.03%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1343885 | $1273835 | $1396173 | $1379614 | $1946852 | $2810475 |
| Portfolio turnover rate J | 10% I<br>| 24%  | 24%  | 17%  | 42%  | 26%  |

---

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

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 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*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.*

**Fidelity Advisor® Real Estate Income Fund Class Z**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.07 | $11.92 | $11.39 | $12.53 | $13.47 | $11.04 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .30  | .60  | .57  | .57  | .44  | .38  |
| Net realized and unrealized gain (loss)  | .18  | .13  | .53  | (.88)  | (1.02)  | 2.53  |
| Total from investment operations  | .48  | .73  | 1.10  | (.31)  | (.58)  | 2.91  |
| Distributions from net investment income  | (.32)  | (.58)  | (.57)  | (.61)  | (.34)  | (.45) C |
| Distributions from net realized gain  | -  | -  | -  | (.22)  | (.02)  | (.03) C |
| Total distributions  | (.32)  | (.58)  | (.57)  | (.83)  | (.36)  | (.48)  |
| Net asset value, end of period  | $12.23 | $12.07 | $11.92 | $11.39 | $12.53 | $13.47 |
| **Total Return** D,E | 4.00% <br>| 6.26%  | 9.99%  | (2.36)%  | (4.44)%  | 27.15%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .57% H | .57%  | .60%  | .60%  | .59%  | .60%  |
| Expenses net of fee waivers, if any  | .57% H<br>| .57%  | .59%  | .60%  | .59%  | .60%  |
| Expenses net of all reductions, if any  | .57% H | .57%  | .59%  | .60%  | .59%  | .60%  |
| Net investment income (loss)  | 4.90% H | 4.93%  | 4.98%  | 4.99%  | 3.36%  | 3.14%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2905678 | $2427192 | $1918827 | $1516585 | $1607463 | $919766 |
| Portfolio turnover rate I | 10% H<br>| 24%  | 24%  | 17%  | 42%  | 26%  |

---

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

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.*

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

For the period ended January 31, 2026

**1. Organization.**

Fidelity Real Estate Income Fund (the Fund) is a fund of Fidelity Securities Fund (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, Real Estate Income, 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.

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, bank loan obligations 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. Asset backed securities, collateralized mortgage obligations and commercial mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, 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. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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 January 31, 2026, is included at the end of the Fund's Schedule of Investments.

**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. For certain lower credit quality securitized assets that have contractual cash flows (for example, asset backed securities, collateralized mortgage obligations and commercial mortgage-backed securities), changes in estimated cash flows are periodically evaluated and the estimated yield is adjusted on a prospective basis, resulting in increases or decreases to Interest Income in the accompanying Statement of Operations. 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 Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the 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 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.

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

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), short-term capital gain dividends, certain corporate actions, 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** | $458464053 |
| **Gross unrealized depreciation** | <u>(215032985)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$243431068</u> |
| **Tax cost** | <u>$5568114156</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(24024759) |
| Long-term | <u>(118451187)</u> |
| **Total capital loss carryforward** | <u>$(142475946)</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.

**Loans and Other Direct Debt Instruments.** Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Real Estate Income Fund** | 914801520 | 268389130 |

---

**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 management fee rate that may vary by class. 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. When determining a class's management 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 management 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** | .70 |
| **Class M** | .72 |
| **Class C** | .70 |
| **Real Estate Income** | .69 |
| **Class I** | .69 |
| **Class Z** | .56 |

---

One-twelfth of the management 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 management 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** | .68 |
| **Class M** | .68 |
| **Class C** | .68 |
| **Real Estate Income** | .64 |
| **Class I** | .68 |
| **Class Z** | .56 |

---

**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% | 342652 | 2243 |
| **Class M** | - % | .25% | 42339 | - |
| **Class C** | .75% | .25% | <u>127437</u> | <u>9947</u> |
|  |  |  | <u>512428</u> | <u>12190</u> |

---

**Sales Load.** FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and 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** | 4327 |
| **Class M** | 579 |
| **Class C** A | <u>58</u> |
|  | <u>4964</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**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 Real Estate Income Fund** | 7098 |

---

**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 Real Estate Income Fund** | 32305259 | 1114102 | (19829) |

---

**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 Real Estate Income Fund** | 4480 |

---

**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 Real Estate Income Fund** | 631 | - | - |

---

**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 $5,127.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **January 31, 2026** | **Year ended**<br> **July 31, 2025** |
| **Fidelity Real Estate Income Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $6513424 | $12627177 |
| Class M | 808956 | 1565260 |
| Class C | 509403 | 1205877 |
| Real Estate Income | 31607122 | 52763454 |
| Class I | 33340158 | 64198332 |
| Class Z | <u>70177250</u> | <u>101778022</u> |
| Total  | <u>$142956313</u> | <u>$234138122</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> **January 31, 2026**  | **Year ended**<br> **July 31, 2025** | **Six months ended** <br> **January 31, 2026**  | **Year ended**<br> **July 31, 2025** |
| **Fidelity Real Estate Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 1187183 | 3279694 | $14458302 | $39520990 |
| Reinvestment of distributions  | 367752 | 744875 | 4454184 | 8900899 |
| Shares redeemed | <u>(2793413)</u> | <u>(5177351)</u> | <u>(33974737)</u> | <u>(62411878)</u> |
| Net increase (decrease) | <u>(1238478)</u> | <u>(1152782)</u> | <u>$(15062251)</u> | <u>$(13989989)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 51982 | 255344 | $633350 | $3073526 |
| Reinvestment of distributions  | 63421 | 123848 | 768820 | 1480883 |
| Shares redeemed | <u>(277771)</u> | <u>(731932)</u> | <u>(3381204)</u> | <u>(8837930)</u> |
| Net increase (decrease) | <u>(162368)</u> | <u>(352740)</u> | <u>$(1979034)</u> | <u>$(4283521)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 173467 | 260329 | $2072851 | $3098935 |
| Reinvestment of distributions  | 41940 | 100679 | 499171 | 1182293 |
| Shares redeemed | <u>(521238)</u> | <u>(1509024)</u> | <u>(6240940)</u> | <u>(17868274)</u> |
| Net increase (decrease) | <u>(305831)</u> | <u>(1148016)</u> | <u>$(3668918)</u> | <u>$(13587046)</u> |
| **Real Estate Income** |  |  |  |  |
| Shares sold | 7413482 | 25452798 | $90992502 | $311223640 |
| Reinvestment of distributions  | 2275342 | 3749688 | 27786162 | 45198739 |
| Shares redeemed | <u>(8240917)</u> | <u>(19322874)</u> | <u>(101180204)</u> | <u>(234690763)</u> |
| Net increase (decrease) | <u>1447907</u> | <u>9879612</u> | <u>$17598460</u> | <u>$121731616</u> |
| **Class I** |  |  |  |  |
| Shares sold | 12554792 | 28306315 | $153421244 | $342073725 |
| Reinvestment of distributions  | 2564078 | 5033240 | 31157212 | 60298948 |
| Shares redeemed | <u>(10797718)</u> | <u>(44948565)</u> | <u>(131918825)</u> | <u>(544951905)</u> |
| Net increase (decrease) | <u>4321152</u> | <u>(11609010)</u> | <u>$52659631</u> | <u>$(142579232)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 42186024 | 52755416 | $515239733 | $635804810 |
| Reinvestment of distributions  | 5189344 | 7401751 | 62972648 | 88669214 |
| Shares redeemed | <u>(10878650)</u> | <u>(19975570)</u> | <u>(132722921)</u> | <u>(241501154)</u> |
| Net increase (decrease) | <u>36496718</u> | <u>40181597</u> | <u>$445489460</u> | <u>$482972870</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.

---

| | |
|:---|:---|
|  | **Strategic Advisers Fidelity Core Income Fund** |
| **Fidelity Real Estate Income Fund** | 31% |

---

**12. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img125812_4.jpg)<br>

1.789716.122 REI-SANN-0426

**Fidelity® OTC Portfolio**

**Semi-Annual Report**

**January 31, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img125813_1.jpg)

![](img125813_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7Consolidated_OTC-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® OTC Portfolio](#Sub_Sec_Fund_93_OTC-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements93_OTC-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_OTC-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_OTC-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_OTC-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_OTC-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.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® OTC Portfolio**

**Consolidated Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.9%** | &nbsp;&nbsp;**Common Stocks - 95.9%** | &nbsp;&nbsp;**Common Stocks - 95.9%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Australia Holdings Pty Ltd Class A (a)(b)(c) | 14500 | 22421060 |
| BELGIUM - 0.5%  |  |  |
| Health Care - 0.5% |  |  |
| Pharmaceuticals - 0.5% |  |  |
| UCB SA  | 657900 | 199171587 |
| BRAZIL - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| MercadoLibre Inc (c) | 35369 | 75965185 |
| CANADA - 0.4%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Cenovus Energy Inc  | 163636 | 3229096 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Celestica Inc (United States) (c) | 53400 | 15004866 |
| IT Services - 0.3% |  |  |
| Shopify Inc Class A (United States) (c) | 467731 | 61380339 |
| TOTAL INFORMATION TECHNOLOGY |  | 76385205 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Franco-Nevada Corp (United States)  | 205930 | 48261755 |
| TOTAL CANADA |  | 127876056 |
| CHINA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Alibaba Group Holding Ltd ADR  | 6260 | 1061446 |
| JD.com Inc A Shares  | 8491 | 121087 |
| TOTAL CONSUMER DISCRETIONARY |  | 1182533 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Ant International Co Ltd Class C (a)(b) | 10036067 | 16057707 |
| TOTAL CHINA |  | 17240240 |
| DENMARK - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Ascendis Pharma A/S ADR (c) | 269050 | 60832205 |
| FRANCE - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| GenSight Biologics SA (c)(d) | 210096 | 19648 |
| JAPAN - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Disco Corp  | 98300 | 41900434 |
| KOREA (SOUTH) - 1.7%  |  |  |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Hanwha Aerospace Co Ltd  | 142980 | 128124461 |
| Information Technology - 1.4% |  |  |
| Semiconductors & Semiconductor Equipment - 1.4% |  |  |
| SK Hynix Inc  | 789280 | 494547932 |
| TOTAL KOREA (SOUTH) |  | 622672393 |
| NETHERLANDS - 1.7%  |  |  |
| Health Care - 1.3% |  |  |
| Biotechnology - 1.3% |  |  |
| Argenx SE ADR (c) | 532626 | 447672153 |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| ASM International NV  | 52900 | 44508020 |
| ASML Holding NV depository receipt  | 5966 | 8489618 |
| BE Semiconductor Industries NV  | 344815 | 67235503 |
| NXP Semiconductors NV  | 153900 | 34802946 |
| TOTAL INFORMATION TECHNOLOGY |  | 155036087 |
| TOTAL NETHERLANDS |  | 602708240 |
| TAIWAN - 4.5%  |  |  |
| Information Technology - 4.5% |  |  |
| Electronic Equipment, Instruments & Components - 1.4% |  |  |
| Chroma ATE Inc  | 4378000 | 135923966 |
| Delta Electronics Inc  | 10189000 | 393808966 |
|  |  | 529732932 |
| Semiconductors & Semiconductor Equipment - 3.1% |  |  |
| Jentech Precision Industrial Co Ltd  | 656000 | 59022335 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 3194212 | 1055878719 |
|  |  | 1114901054 |
| TOTAL TAIWAN |  | 1644633986 |
| THAILAND - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Fabrinet (c) | 59800 | 29268512 |
| UNITED KINGDOM - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Astrazeneca PLC ADR  | 1499033 | 139065291 |
| UNITED STATES - 86.1%  |  |  |
| Communication Services - 21.8% |  |  |
| Entertainment - 1.8% |  |  |
| Electronic Arts Inc  | 2300 | 469016 |
| Netflix Inc (c) | 6093440 | 508741306 |
| ROBLOX Corp Class A (c) | 2150500 | 141416880 |
| Take-Two Interactive Software Inc (c) | 11383 | 2507675 |
|  |  | 653134877 |
| Interactive Media & Services - 20.0% |  |  |
| Alphabet Inc Class A  | 10842083 | 3664624054 |
| Alphabet Inc Class C  | 4452092 | 1507166705 |
| Epic Games Inc (a)(b)(c) | 77600 | 50446983 |
| Meta Platforms Inc Class A  | 2293788 | 1643499102 |
| Reddit Inc Class A (c) | 2254939 | 406497854 |
|  |  | 7272234698 |
| Media - 0.0% |  |  |
| Charter Communications Inc Class A (c)(d) | 53559 | 11039581 |
| TOTAL COMMUNICATION SERVICES |  | 7936409156 |
| Consumer Discretionary - 8.5% |  |  |
| Automobiles - 1.5% |  |  |
| Rivian Automotive Inc Class A (c) | 12872 | 189862 |
| Tesla Inc (c) | 1291400 | 555831474 |
|  |  | 556021336 |
| Broadline Retail - 6.3% |  |  |
| Amazon.com Inc (c) | 9661586 | 2312017530 |
| Contextlogic Holdings Inc  | 4847 | 38146 |
| Contextlogic Holdings Inc rights 2/20/2026 (c) | 4847 | 0 |
|  |  | 2312055676 |
| Diversified Consumer Services - 0.1% |  |  |
| Duolingo Inc Class A (c) | 184400 | 24720664 |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| Airbnb Inc Class A (c) | 18817 | 2434355 |
| Domino's Pizza Inc  | 430501 | 176647475 |
| Marriott International Inc/MD Class A1  | 42085 | 13269401 |
|  |  | 192351231 |
| Specialty Retail - 0.0% |  |  |
| ThredUp Inc Class A (c) | 85713 | 435421 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Figs Inc Class A (c) | 44634 | 482494 |
| Kontoor Brands Inc  | 5761 | 344104 |
| Lululemon Athletica Inc (c) | 102595 | 17902828 |
|  |  | 18729426 |
| TOTAL CONSUMER DISCRETIONARY |  | 3104313754 |
| Consumer Staples - 0.7% |  |  |
| Beverages - 0.4% |  |  |
| Monster Beverage Corp (c) | 1824613 | 147355746 |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Chobani Inc Class A (a)(b)(e) | 3711 | 16537515 |
| Costco Wholesale Corp  | 90889 | 85458382 |
|  |  | 101995897 |
| Food Products - 0.0% |  |  |
| Mondelez International Inc  | 154274 | 9020401 |
| Personal Care Products - 0.0% |  |  |
| Honest Co Inc/The (c)(d) | 156331 | 386137 |
| TOTAL CONSUMER STAPLES |  | 258758181 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Diamondback Energy Inc  | 50808 | 8329972 |
| EOG Resources Inc  | 13570 | 1521603 |
| TOTAL ENERGY |  | 9851575 |
| Financials - 0.1% |  |  |
| Banks - 0.0% |  |  |
| Wintrust Financial Corp  | 43412 | 6402836 |
| Capital Markets - 0.1% |  |  |
| Coinbase Global Inc Class A (c) | 118400 | 23057217 |
| Moody's Corp  | 2708 | 1396136 |
| S&P Global Inc  | 674 | 355730 |
|  |  | 24809083 |
| TOTAL FINANCIALS |  | 31211919 |
| Health Care - 6.1% |  |  |
| Biotechnology - 3.3% |  |  |
| Alnylam Pharmaceuticals Inc (c) | 1336524 | 451825303 |
| Cogent Biosciences Inc (c) | 1241923 | 44597455 |
| Cytokinetics Inc (c) | 1874757 | 118465895 |
| Gilead Sciences Inc  | 1682262 | 238797091 |
| GRAIL Inc (c) | 6411 | 627124 |
| Insmed Inc (c) | 384000 | 60238080 |
| Ionis Pharmaceuticals Inc (c) | 31362 | 2592697 |
| Legend Biotech Corp ADR (c) | 4683810 | 81966675 |
| Moderna Inc (c) | 4057600 | 178818432 |
| Scholar Rock Holding Corp (c) | 113846 | 5047932 |
| Soleno Therapeutics Inc (c) | 947900 | 36551024 |
| Trevena Inc (c) | 706 | 8 |
|  |  | 1219527716 |
| Health Care Equipment & Supplies - 1.7% |  |  |
| Boston Scientific Corp (c) | 2725305 | 254897777 |
| Insulet Corp (c) | 1157782 | 296172213 |
| Intuitive Surgical Inc (c) | 14458 | 7290013 |
| Neuronetics Inc (c)(d) | 38201 | 79840 |
| Outset Medical Inc (c) | 2640 | 13226 |
| Pulmonx Corp (c) | 25840 | 42378 |
| TransMedics Group Inc (c) | 363712 | 48728315 |
|  |  | 607223762 |
| Health Care Technology - 0.3% |  |  |
| Veeva Systems Inc Class A (c) | 583960 | 119081123 |
| Life Sciences Tools & Services - 0.4% |  |  |
| 10X Genomics Inc Class A (c) | 799023 | 16140265 |
| Danaher Corp  | 425219 | 93076187 |
| Illumina Inc (c) | 38469 | 5570696 |
| Seer Inc Class A (c) | 582504 | 1060156 |
| Thermo Fisher Scientific Inc  | 21724 | 12569724 |
|  |  | 128417028 |
| Pharmaceuticals - 0.4% |  |  |
| Crinetics Pharmaceuticals Inc (c) | 2707223 | 135198717 |
| Elanco Animal Health Inc (c) | 87837 | 2115115 |
| TherapeuticsMD Inc (c) | 6770 | 14623 |
|  |  | 137328455 |
| TOTAL HEALTH CARE |  | 2211578084 |
| Industrials - 6.1% |  |  |
| Aerospace & Defense - 4.1% |  |  |
| Anduril Industries Inc Class B (a)(b) | 36483 | 1821961 |
| Anduril Industries Inc Class C (a)(b) | 17 | 849 |
| Space Exploration Technologies Corp (a)(b)(c) | 3339423 | 1405897083 |
| Space Exploration Technologies Corp Class C (a)(b)(c) | 152047 | 64011787 |
|  |  | 1471731680 |
| Commercial Services & Supplies - 0.0% |  |  |
| Veralto Corp  | 15772 | 1561113 |
| Construction & Engineering - 0.0% |  |  |
| Bowman Consulting Group Ltd (c) | 77261 | 2691001 |
| Electrical Equipment - 2.0% |  |  |
| Fluence Energy Inc Class A (c)(d) | 1281300 | 39425601 |
| GE Vernova Inc  | 408300 | 296576871 |
| Nextpower Inc Class A (c) | 3369000 | 394476210 |
|  |  | 730478682 |
| Ground Transportation - 0.0% |  |  |
| CSX Corp  | 283348 | 10699220 |
| Passenger Airlines - 0.0% |  |  |
| Wheels Up Experience Inc Class A (c)(d) | 79631 | 50168 |
| Wheels Up Experience Inc Class A rights (a)(c) | 11102 | 0 |
| Wheels Up Experience Inc Stage 1 rights (a)(c) | 11102 | 0 |
| Wheels Up Experience Inc Stage 3 rights (a)(c) | 11103 | 0 |
|  |  | 50168 |
| TOTAL INDUSTRIALS |  | 2217211864 |
| Information Technology - 41.3% |  |  |
| Communications Equipment - 1.2% |  |  |
| Arista Networks Inc (c) | 1328583 | 188313354 |
| Cisco Systems Inc  | 505338 | 39578072 |
| Lumentum Holdings Inc (c) | 499500 | 195724080 |
| Motorola Solutions Inc  | 35185 | 14163370 |
|  |  | 437778876 |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| Coherent Corp (c) | 1184700 | 251369646 |
| Corning Inc  | 604000 | 62363000 |
|  |  | 313732646 |
| IT Services - 0.3% |  |  |
| Twilio Inc Class A (c) | 909 | 109498 |
| X.Ai Holdings Corp Class A (a)(b) | 1968783 | 148564365 |
|  |  | 148673863 |
| Semiconductors & Semiconductor Equipment - 20.6% |  |  |
| Advanced Micro Devices Inc (c) | 45468 | 10763640 |
| Applied Materials Inc  | 64953 | 20935651 |
| Astera Labs Inc (c) | 52179 | 7859201 |
| Broadcom Inc  | 3041154 | 1007534320 |
| First Solar Inc (c) | 922900 | 208132408 |
| KLA Corp  | 45300 | 64685682 |
| Lam Research Corp  | 834000 | 194705640 |
| MACOM Technology Solutions Holdings Inc (c) | 359983 | 78857876 |
| Marvell Technology Inc  | 5033160 | 397216987 |
| Micron Technology Inc  | 1478810 | 613528693 |
| NVIDIA Corp  | 25166077 | 4809992297 |
| SiTime Corp (c) | 175024 | 63552965 |
| Skyworks Solutions Inc  | 92258 | 5144306 |
|  |  | 7482909666 |
| Software - 8.2% |  |  |
| Adobe Inc (c) | 11618 | 3406979 |
| Appfolio Inc Class A (c) | 50126 | 9517925 |
| Atom Tickets LLC (a)(b)(c)(e) | 516103 | 5 |
| Autodesk Inc (c) | 178609 | 45164858 |
| Cadence Design Systems Inc (c) | 509881 | 151108333 |
| Datadog Inc Class A (c) | 899700 | 116349204 |
| Dynatrace Inc (c) | 9045 | 344524 |
| Figma Inc Class A  | 313600 | 8128512 |
| Microsoft Corp  | 5641386 | 2427431982 |
| Palantir Technologies Inc Class A (c) | 160500 | 23527695 |
| Synopsys Inc (c) | 403134 | 187503670 |
|  |  | 2972483687 |
| Technology Hardware, Storage & Peripherals - 10.1% |  |  |
| Apple Inc  | 12815827 | 3325450790 |
| Sandisk Corp/DE  | 103139 | 59433849 |
| Seagate Technology Holdings PLC  | 557300 | 227205637 |
| Western Digital Corp  | 282146 | 70601394 |
|  |  | 3682691670 |
| TOTAL INFORMATION TECHNOLOGY |  | 15038270408 |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Alcoa Corp  | 1412100 | 80221401 |
| Real Estate - 0.2% |  |  |
| Specialized REITs - 0.2% |  |  |
| Equinix Inc  | 90107 | 73971540 |
| Utilities - 1.1% |  |  |
| Electric Utilities - 0.7% |  |  |
| Constellation Energy Corp  | 326471 | 91633880 |
| NRG Energy Inc  | 1025000 | 156445750 |
|  |  | 248079630 |
| Independent Power and Renewable Electricity Producers - 0.4% |  |  |
| Vistra Corp  | 894000 | 141564900 |
| TOTAL UTILITIES |  | 389644530 |
| TOTAL UNITED STATES |  | 31351442412 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $12,310,467,916) |  | <br> **34935217249** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.8%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.8%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.8%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Bytedance Ltd Series E1 (a)(b)(c) | 130752 | 33574498 |
| UNITED STATES - 0.7%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Automobiles - 0.4% |  |  |
| Waymo LLC Series A2 (a)(b)(c) | 103940 | 15891387 |
| Waymo LLC Series B2 (a)(b)(c) | 178470 | 27527213 |
| Waymo LLC Series C2 (a)(b)(c) | 513288 | 76423450 |
|  |  | 119842050 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Discord Inc Series I (a)(b)(c) | 3300 | 810084 |
| TOTAL CONSUMER DISCRETIONARY |  | 120652134 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Tenstorrent Holdings Inc Series C1 (a)(b)(c) | 79348 | 5610697 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Anduril Industries Inc Series F (a)(b)(c) | 1478951 | 73858813 |
| Anduril Industries Inc Series G (a)(b) | 342700 | 17114438 |
| TOTAL INDUSTRIALS |  | 90973251 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Anthropic PBC Series F (a)(b) | 158200 | 40995948 |
| TOTAL UNITED STATES |  | 258232030 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $154,755,157) |  | <br> **291806528** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 3.3%** | &nbsp;&nbsp;**Domestic Equity Funds - 3.3%** | &nbsp;&nbsp;**Domestic Equity Funds - 3.3%** |
|  | Shares | Value ($)<br>|
| Invesco QQQ Trust ETF <br>(Cost $1,184,116,256)<br>| 1904600 | **1184413602** |

---

---

| | | |
|:---|:---|:---|
| &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 (a)(b)(c)<br>(Cost $10,010,850)<br>| 30303 | **6840902** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 3.70 | 701 | 701 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.70 | 23585092 | 23587451 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $23,588,152) |  |  | **23588152** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.1%**<br> (Cost $13,682,938,331)<br>| <br>**36441866433** |
| **NET OTHER ASSETS (LIABILITIES) - (0.1)%**  | **(30790672)** |
| **NET ASSETS - 100.0%** | **36411075761** |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Level 3 security.

(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,007,869,230 or 5.5% of net assets.

(c) Non-income producing.

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

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

(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 Class B | 6/16/2025 | 1491527 |
| Anduril Industries Inc Class C | 6/16/2025 | 694 |
| Anduril Industries Inc Series F | 8/7/2024 | 32147366 |
| Anduril Industries Inc Series G | 4/17/2025 | 14010536 |
| Ant International Co Ltd Class C | 5/16/2018 | 38251213 |
| Anthropic PBC Series F | 8/18/2025 | 22301074 |
| Atom Tickets LLC | 8/15/2017 | 3000004 |
| Bytedance Ltd Series E1 | 11/18/2020 | 14327043 |
| Canva Australia Holdings Pty Ltd Class A | 8/19/2025 - 11/12/2025 | 23869030 |
| Castle Creek Biosciences Inc Series A4 | 9/29/2016 | 10010850 |
| Chobani Inc Class A | 10/14/2025 | 16537528 |
| Discord Inc Series I | 9/15/2021 | 1817061 |
| Epic Games Inc | 7/13/2020 - 3/29/2021 | 61546000 |
| Space Exploration Technologies Corp | 1/20/2015 - 7/14/2025 | 40365860 |
| Space Exploration Technologies Corp Class C | 9/11/2017 - 7/14/2025 | 15617106 |
| Tenstorrent Holdings Inc Series C1 | 4/23/2021 | 4717626 |
| Waymo LLC Series A2 | 5/8/2020 | 8925037 |
| Waymo LLC Series B2 | 6/11/2021 | 16369625 |
| Waymo LLC Series C2 | 10/18/2024 | 40139789 |
| X.Ai Holdings Corp Class A | 10/27/2021 | 54254583 |

---

**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 | 51599918 | 2064084126 | 2115686854 | 937541 | 3511 | - | 701 | 701 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 60115566 | 1419194841 | 1455815343 | 116963 | 92387 | - | 23587451 | 23585092 | 0.1% |
| Total | 111715484 | 3483278967 | 3571502197 | 1054504 | 95898 | - | 23588152 |  |  |

---

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 January 31, 2026, 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 | 7936409156 | 7885962173 | - | 50446983 |
| Consumer Discretionary | 3181461472 | 3181340385 | 121087 | - |
| Consumer Staples | 258758181 | 242220666 | - | 16537515 |
| Energy | 13080671 | 13080671 | - | - |
| Financials | 47269626 | 31211919 | - | 16057707 |
| Health Care | 3058338968 | 3058338968 | - | - |
| Industrials | 2345336325 | 873604645 | - | 1471731680 |
| Information Technology | 17502463624 | 17289577760 | 41900434 | 170985430 |
| Materials | 128483156 | 128483156 | - | - |
| Real Estate | 73971540 | 73971540 | - | - |
| Utilities | 389644530 | 389644530 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 33574498 | - | - | 33574498 |
| Consumer Discretionary | 120652134 | - | - | 120652134 |
| Financials | 5610697 | - | - | 5610697 |
| Industrials | 90973251 | - | - | 90973251 |
| Information Technology | 40995948 | - | - | 40995948 |
|  **Domestic Equity Funds** | 1184413602 | 1184413602 | - | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 6840902 | - | - | 6840902 |
|  **Money Market Funds** | 23588152 | 23588152 | - | - |
| **Total Investments in Securities:** | 36441866433 | 34375438167 | 42021521 | 2024406745 |
|  **Net Unrealized Appreciation (Depreciation) on Unfunded Commitments** | (119963) | - | - | (119963) |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2026 ($)** |
| **Common Stocks** | 609763603 | 118571 | 1050708998 | 68971141 | (3802356) | - | - | (642) | 1725759315 | 1050284113 |
| **Convertible Preferred Stocks** | 458278126 | 409000 | (162429157) | 22301074 | (26752515) | - | - | - | 291806528 | 93178133 |
| **Non-Convertible Preferred Stocks** | 6175144 | - | 665758 | - | - | - | - | - | 6840902 | 665758 |
| <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 January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $22,498,631) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $13,659,350,179) | $36418278281 |  |
| Fidelity Central Funds (cost $23,588,152) | 23588152 |  |
| Total Investment in Securities (cost $13,682,938,331) |  | $36441866433 |
| Foreign currency held at value (cost $621,893) |  | 633681 |
| Receivable for investments sold |  | 924075169 |
| Receivable for fund shares sold |  | 10677487 |
| Dividends receivable |  | 1175865 |
| Distributions receivable from Fidelity Central Funds |  | 92099 |
| Prepaid expenses |  | 21526 |
| Other receivables |  | 561449 |
| **Total assets** |  | 37379103709 |
| **Liabilities** |  |  |
| Payable to custodian bank | $3025170 |  |
| Payable for investments purchased  | 837522848 |  |
| Unrealized depreciation on unfunded commitments | 119963 |  |
| Payable for fund shares redeemed | 18248966 |  |
| Accrued management fee | 23400530 |  |
| Distribution and service plan fees payable | 2774 |  |
| Notes payable to affiliates | 61561000 |  |
| Other payables and accrued expenses | 675425 |  |
| Collateral on securities loaned | 23471272 |  |
| **Total liabilities** |  | 968027948 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $36411075761 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $12512722975 |
| Total accumulated earnings (loss) |  | 23898352786 |
| **Net Assets** |  | $36411075761 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($8,162,658 ÷ 330,654 shares)(a) |  | $24.69 |
| Maximum offering price per share (100/94.25 of $24.69) |  | $26.20 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($1,608,617 ÷ 65,312 shares)(a) |  | $24.63 |
| Maximum offering price per share (100/96.50 of $24.63) |  | $25.52 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($715,391 ÷ 29,194 shares)(a) |  | $24.50 |
| **OTC :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($26,723,067,656 ÷ 1,076,115,465 shares) |  | $24.83 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($9,495,153,813 ÷ 371,376,378 shares) |  | $25.57 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($26,119,802 ÷ 1,053,738 shares) |  | $24.79 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($156,247,824 ÷ 6,299,719 shares) |  | $24.80 |
| *(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.* |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $57909568 |
| Income from Fidelity Central Funds (including $116,963 from security lending)  |  | 1054504 |
| **Total income** |  | 58964072 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $107480663 |  |
| Performance adjustment | 24476313 |  |
| Distribution and service plan fees | 13550 |  |
| Custodian fees and expenses | 161759 |  |
| Independent trustees' fees and expenses | 68059 |  |
| Registration fees | 148685 |  |
| Audit fees | 61731 |  |
| Legal | 22027 |  |
| Interest | 122373 |  |
| Miscellaneous | 52939 |  |
| Total expenses before reductions | 132608099 |  |
| Expense reductions | (2523) |  |
| Total expenses after reductions |  | 132605576 |
| **Net Investment income (loss)** |  | (73641504) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 2714462666 |  |
| Fidelity Central Funds | 95898 |  |
| Foreign currency transactions | (406319) |  |
| Total net realized gain (loss) |  | 2714152245 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 2358584204 |  |
| Unfunded commitments | (119963) |  |
| Assets and liabilities in foreign currencies | (76041) |  |
| Total change in net unrealized appreciation (depreciation) |  | 2358388200 |
| **Net gain (loss)** |  | 5072540445 |
| **Net increase (decrease) in net assets resulting from operations** |  | $4998898941 |

---

---

| | | |
|:---|:---|:---|
| **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> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(73641504) | $(45135288) |
| &nbsp;&nbsp;Net realized gain (loss) | 2714152245<br>| 2582895246<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 2358388200 | 3408082101<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 4998898941<br>| 5945842059<br>|
| Distributions to shareholders | (2647417896)<br>| (4058936416)<br>|
| Share transactions - net increase (decrease) | 1250155939<br>| 346640815<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 3601636984<br>| 2233546458<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 32809438777 | 30575892319<br>|
| &nbsp;&nbsp;End of period | $36411075761 | $32809438777 |

---

**Consolidated Financial Highlights** 

**Fidelity Advisor® OTC Fund Class A**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $23.15 | $20.48 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | (.09)  | (.09)  |
| Net realized and unrealized gain (loss)  | 3.52  | 3.47  |
| Total from investment operations  | 3.43  | 3.38  |
| Distributions from net realized gain  | (1.89)  | (.71)  |
| Total distributions  | (1.89)  | (.71)  |
| Net asset value, end of period  | $24.69 | $23.15 |
| **Total Return** D,E,F | 15.38% <br>| 16.71%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | 1.07% I | 1.05% I,J |
| Expenses net of fee waivers, if any  | 1.07% I<br>| 1.05% I,J |
| Expenses net of all reductions, if any  | 1.07% I | 1.05% I,J |
| Net investment income (loss)  | (.73)% I | (.52)% I |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $8163 | $4929 |
| Portfolio turnover rate K | 55% I<br>| 53% L |

---

A*For the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.*

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 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*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® OTC Fund Class M**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $23.13 | $20.48 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | (.12)  | (.13)  |
| Net realized and unrealized gain (loss)  | 3.51  | 3.47  |
| Total from investment operations  | 3.39  | 3.34  |
| Distributions from net realized gain  | (1.89)  | (.69)  |
| Total distributions  | (1.89)  | (.69)  |
| Net asset value, end of period  | $24.63 | $23.13 |
| **Total Return** D,E,F | 15.22% <br>| 16.47%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | 1.32% I | 1.30% I,J |
| Expenses net of fee waivers, if any  | 1.32% I<br>| 1.30% I,J |
| Expenses net of all reductions, if any  | 1.32% I | 1.30% I,J |
| Net investment income (loss)  | (.98)% I | (.76)% I |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $1609 | $1310 |
| Portfolio turnover rate K | 55% I<br>| 53% L |

---

A*For the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.*

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 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*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® OTC Fund Class C**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $23.08 | $20.48 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | (.18)  | (.21)  |
| Net realized and unrealized gain (loss)  | 3.49  | 3.46  |
| Total from investment operations  | 3.31  | 3.25  |
| Distributions from net realized gain  | (1.89)  | (.65)  |
| Total distributions  | (1.89)  | (.65)  |
| Net asset value, end of period  | $24.50 | $23.08 |
| **Total Return** D,E,F | 14.89% <br>| 16.02%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | 1.82% I | 1.79% I,J |
| Expenses net of fee waivers, if any  | 1.82% I<br>| 1.79% I,J |
| Expenses net of all reductions, if any  | 1.82% I | 1.79% I,J |
| Net investment income (loss)  | (1.48)% I | (1.27)% I |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $715 | $222 |
| Portfolio turnover rate K | 55% I<br>| 53% L |

---

A*For the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.*

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 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*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® OTC Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $23.25 | $22.00 | $17.29 | $14.74 | $20.67 | $15.61 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.05)  | (.03)  | (.02)  | - C | (.07)  | (.06)  |
| Net realized and unrealized gain (loss)  | 3.52  | 4.20  | 4.74  | 3.07  | (3.60)  | 6.21  |
| Total from investment operations  | 3.47  | 4.17  | 4.72  | 3.07  | (3.67)  | 6.15  |
| Distributions from net investment income  | -  | -  | (.01)  | -  | -  | (.01)  |
| Distributions from net realized gain  | (1.89)  | (2.92)  | -  | (.52)  | (2.26)  | (1.08)  |
| Total distributions  | (1.89)  | (2.92)  | (.01)  | (.52)  | (2.26)  | (1.09)  |
| Net asset value, end of period  | $24.83 | $23.25 | $22.00 | $17.29 | $14.74 | $20.67 |
| **Total Return** D,E | 15.50% <br>| 21.19%  | 27.31%  | 21.63%  | (20.30)%  | 41.90%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .78% H | .73%  | .76%  | .79%  | .81%  | .80%  |
| Expenses net of fee waivers, if any  | .78% H<br>| .73%  | .75%  | .79%  | .81%  | .80%  |
| Expenses net of all reductions, if any  | .78% H | .73%  | .75%  | .78%  | .81%  | .80%  |
| Net investment income (loss)  | (.44)% H | (.17)%  | (.12)%  | .03%  | (.37)%  | (.33)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $26723068 | $24202477 | $22787879 | $18890289 | $16626164 | $22272786 |
| Portfolio turnover rate I | 55% H<br>| 53% J | 37%  | 15% J | 32% J | 28% J |

---

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*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® OTC Portfolio Class K**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $23.87 | $22.51 | $17.69 | $15.06 | $21.06 | $15.88 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.05)  | (.02)  | (.01)  | .02  | (.05)  | (.05)  |
| Net realized and unrealized gain (loss)  | 3.64  | 4.32  | 4.85  | 3.13  | (3.68)  | 6.33  |
| Total from investment operations  | 3.59  | 4.30  | 4.84  | 3.15  | (3.73)  | 6.28  |
| Distributions from net investment income  | -  | - C | (.02)  | -  | -  | (.01)  |
| Distributions from net realized gain  | (1.89)  | (2.94)  | -  | (.52)  | (2.27)  | (1.09)  |
| Total distributions  | (1.89)  | (2.94)  | (.02)  | (.52)  | (2.27)  | (1.10)  |
| Net asset value, end of period  | $25.57 | $23.87 | $22.51 | $17.69 | $15.06 | $21.06 |
| **Total Return** D,E | 15.60% <br>| 21.29%  | 27.36%  | 21.71%  | (20.21)%  | 42.05%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .71% H | .65%  | .67%  | .70%  | .73%  | .72%  |
| Expenses net of fee waivers, if any  | .71% H<br>| .65%  | .67%  | .69%  | .73%  | .71%  |
| Expenses net of all reductions, if any  | .71% H | .65%  | .67%  | .69%  | .73%  | .71%  |
| Net investment income (loss)  | (.37)% H | (.09)%  | (.04)%  | .12%  | (.29)%  | (.25)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $9495154 | $8469188 | $7788013 | $6536453 | $5707169 | $8071580 |
| Portfolio turnover rate I | 55% H<br>| 53% J | 37%  | 15% J | 32% J | 28% J |

---

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*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 Advisor® OTC Fund Class I**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $23.21 | $20.48 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | (.06)  | (.05)  |
| Net realized and unrealized gain (loss)  | 3.53  | 3.48  |
| Total from investment operations  | 3.47  | 3.43  |
| Distributions from net realized gain  | (1.89)  | (.70)  |
| Total distributions  | (1.89)  | (.70)  |
| Net asset value, end of period  | $24.79 | $23.21 |
| **Total Return** D,E | 15.52% <br>| 16.94%  |
| **Ratios to Average Net Assets** C,F,G |  |  |
| Expenses before reductions  | .82% H | .79% H,I |
| Expenses net of fee waivers, if any  | .82% H<br>| .79% H,I |
| Expenses net of all reductions, if any  | .82% H | .79% H,I |
| Net investment income (loss)  | (.48)% H | (.27)% H |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $26120 | $163 |
| Portfolio turnover rate J | 55% H<br>| 53% K |

---

A*For the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.*

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 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*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® OTC Fund Class Z**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $23.21 | $20.48 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | (.04)  | (.03)  |
| Net realized and unrealized gain (loss)  | 3.52  | 3.48  |
| Total from investment operations  | 3.48  | 3.45  |
| Distributions from net investment income  | -  | - D |
| Distributions from net realized gain  | (1.89)  | (.72)  |
| Total distributions  | (1.89)  | (.72)  |
| Net asset value, end of period  | $24.80 | $23.21 |
| **Total Return** E,F | 15.57% <br>| 17.05%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | .71% I | .69% I,J |
| Expenses net of fee waivers, if any  | .71% I<br>| .69% I,J |
| Expenses net of all reductions, if any  | .71% I | .69% I,J |
| Net investment income (loss)  | (.37)% I | (.16)% I |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $156248 | $130867 |
| Portfolio turnover rate K | 55% I<br>| 53% L |

---

A*For the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.*

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

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

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

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

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

For the period ended January 31, 2026

**1. Organization.**

Fidelity OTC Portfolio (the Fund) is a non-diversified fund of Fidelity Securities Fund (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, OTC, 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 Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

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

---

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

---

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds 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 | $1725759315 | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 4.5 - 82.7 / 57.5 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 22.7 - 51.1 / 50.7 | Increase |
|  |  | Recovery value  | Recovery value  | $0.00  | Increase |
|  |  | Black scholes  | Discount rate  | 3.6% | Increase |
|  |  |  | Volatility  | 70.0% | Increase |
|  |  |  | Term  | 0.6 | Increase |
|  |  | Book value  | Book value multiple | 1.4 | Increase |
| Convertible Preferred Stocks | $291806528 | Market comparable  | Enterprise value/Revenue multiple (EV/R) | 1.8 - 19.0 / 11.5 | Increase |
|  |  | Black scholes  | Discount rate | 3.7% | Increase |
|  |  |  | Volatility | 80.0% | Increase |
|  |  |  | Term | 3.0 | Increase |
| Non-Convertible Preferred Stocks | $6840902 | Market approach  | Transaction price | $215.03  | Increase |
|  |  |  | Premium rate | 10.0% | Increase |
|  |  | Black scholes | Discount rate | 3.7% | Increase |
|  |  |  | Volatility | 85.0% | Increase |
|  |  |  | Term | 3.0 | Increase |

---

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2026, 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. 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.

**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.

**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 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), redemptions in-kind, 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** | $23345979153 |
| **Gross unrealized depreciation** | <u>(607378813)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$22738600340</u> |
| **Tax cost** | <u>$13703266093</u> |

---

The Fund elected to defer to its next fiscal year $236,281,343 of capital losses recognized during the period November 1, 2024 to July 31, 2025. The Fund elected to defer

to its next fiscal year $39,346,019 of ordinary losses recognized during the period January 1, 2025 to July 31, 2025.

**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 OTC Portfolio** | Revolut Group Holdings, Ltd. | 24112631 | (119963) |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Total Assets** |
| **Fidelity OTC Portfolio** | 16537520 | .04 |

---

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.

**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 OTC Portfolio** | 9614780871 | 10896015173 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity OTC Portfolio** | 10899587 | 175382984 | 231557006 |

---

**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** | .72 |
| **Class M** | .72 |
| **Class C** | .72 |
| **OTC** | .68 |
| **Class K** | .59 |
| **Class I** | .72 |
| **Class Z** | .59 |

---

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** | .68 |
| **Class M** | .68 |
| **Class C** | .68 |
| **OTC** | .64 |
| **Class K** | .56 |
| **Class I** | .68 |
| **Class Z** | .57 |

---

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 OTC Portfolio** | Nasdaq Composite Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of OTC. 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 .14%.

**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% | 8305 | 1608 |
| **Class M** | .25% | .25% | 3560 | 94 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1685</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1288</u> |
|  |  |  | <u>13550</u> | <u>2990</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** | 9580 |
| **Class M** | 335 |
| **Class C**A | <u>-</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>9915</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**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 OTC Portfolio** | $541291 |

---

**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 OTC Portfolio** | 82710 |

---

**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. Any open loans, including accrued interest, at period end are presented as Notes payable to affiliates in the Consolidated Statement of Assets and Liabilities. 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 OTC Portfolio** | Borrower | 33587848 | 4.19% | 122373 |

---

**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 OTC Portfolio** | 524062215 | 661383196 | 177383353 |

---

**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 OTC Portfolio** | 27004 |

---

**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 OTC Portfolio** | 12531 | 6 | - |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity OTC Portfolio** | 47038 |

---

**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 $2,523.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **January 31, 2026** | **Year ended**<br> **July 31, 2025A** |
| **Fidelity OTC Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $487693 | $53917 |
| Class M | 107391 | 29301 |
| Class C | 24637 | 3249 |
| OTC | 1962401047 | 3030112146 |
| Class K | 671813678 | 1026242504 |
| Class I | 1342034 | 3931 |
| Class Z | <u>11241416</u> | <u>2491368</u> |
| Total  | <u>$2647417896</u> | <u>$4058936416</u> |

---

*A Distributions 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 July 31, 2025.*

**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> **January 31, 2026**  | **Year ended**<br> **July 31, 2025A** | **Six months ended** <br> **January 31, 2026**  | **Year ended**<br> **July 31, 2025A** |
| **Fidelity OTC Portfolio** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 157134 | 239295 | $3831373 | $4937950 |
| Reinvestment of distributions  | 20708 | 2451 | 487693 | 53917 |
| Shares redeemed | <u>(60086)</u> | <u>(28848)</u> | <u>(1460612)</u> | <u>(602665)</u> |
| Net increase (decrease) | <u>117756</u> | <u>212898</u> | <u>$2858454</u> | <u>$4389202</u> |
| **Class M** |  |  |  |  |
| Shares sold | 13556 | 55314 | $325291 | $1159103 |
| Reinvestment of distributions  | 4574 | 1331 | 107391 | 29301 |
| Shares redeemed | <u>(9459)</u> | <u>(4)</u> | <u>(227553)</u> | <u>(80)</u> |
| Net increase (decrease) | <u>8671</u> | <u>56641</u> | <u>$205129</u> | <u>$1188324</u> |
| **Class C** |  |  |  |  |
| Shares sold | 18874 | 9475 | $457810 | $196626 |
| Reinvestment of distributions  | 1051 | 148 | 24637 | 3249 |
| Shares redeemed | <u>(347)</u> | <u>(7)</u> | <u>(8082)</u> | <u>(154)</u> |
| Net increase (decrease) | <u>19578</u> | <u>9616</u> | <u>$474365</u> | <u>$199721</u> |
| **OTC** |  |  |  |  |
| Shares sold | 34169696 | 65795420 | $830495276 | $1375822986 |
| Reinvestment of distributions  | 76297302 | 136949264 | 1803322040 | 2796253380 |
| Shares redeemed | <u>(75471817)</u> | <u>(197657589)</u> | <u>(1827501359)</u> | <u>(4123252375)</u> |
| Net increase (decrease) | <u>34995181</u> | <u>5087095</u> | <u>$806315957</u> | <u>$48823991</u> |
| **Class K** |  |  |  |  |
| Shares sold | 5787597 | 13348297 | $144495803 | $286527479 |
| Reinvestment of distributions  | 27630193 | 48992123 | 671813678 | 1026242504 |
| Shares redeemed | <u>(16782426)</u> | <u>(53531926)</u> | <u>(416641810)</u> | <u>(1143766857)</u> |
| Net increase (decrease) | <u>16635364</u> | <u>8808494</u> | <u>$399667671</u> | <u>$169003126</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1054422 | 8658 | $25152375 | $178689 |
| Reinvestment of distributions  | 56726 | 179 | 1341899 | 3931 |
| Shares redeemed | <u>(64439)</u> | <u>(1808)</u> | <u>(1567503)</u> | <u>(36084)</u> |
| Net increase (decrease) | <u>1046709</u> | <u>7029</u> | <u>$24926771</u> | <u>$146536</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 821610 | 7705245 | $19798933 | $167167286 |
| Reinvestment of distributions  | 393856 | 102649 | 9293839 | 2259313 |
| Shares redeemed | <u>(553577)</u> | <u>(2170064)</u> | <u>(13385180)</u> | <u>(46536684)</u> |
| Net increase (decrease) | <u>661889</u> | <u>5637830</u> | <u>$15707592</u> | <u>$122889915</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 July 31, 2025.*

**11. Other.**

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

**12. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img125813_4.jpg)<br>

1.700332.128 OTC-SANN-0426

**Fidelity® OTC K6 Portfolio**

**Semi-Annual Report**

**January 31, 2026**

![](img125814_1.jpg)

![](img125814_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7Consolidated_OTC-K6-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® OTC K6 Portfolio](#Sub_Sec_Fund_3407_OTC-K6-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements3407_OTC-K6-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_OTC-K6-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_OTC-K6-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_OTC-K6-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_OTC-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.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® OTC K6 Portfolio**

**Consolidated Schedule of Investments January 31, 2026 (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 Australia Holdings Pty Ltd Class A (a)(b)(c) | 1300 | 2010164 |
| BELGIUM - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| UCB SA  | 54200 | 16408421 |
| BRAZIL - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| MercadoLibre Inc (c) | 2772 | 5953674 |
| CANADA - 0.3%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Cenovus Energy Inc  | 11994 | 236683 |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Celestica Inc (United States) (c) | 4300 | 1208257 |
| IT Services - 0.2% |  |  |
| Shopify Inc Class A (United States) (c) | 35289 | 4630975 |
| TOTAL INFORMATION TECHNOLOGY |  | 5839232 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Franco-Nevada Corp (United States)  | 16697 | 3913109 |
| TOTAL CANADA |  | 9989024 |
| CHINA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Alibaba Group Holding Ltd ADR  | 498 | 84441 |
| JD.com Inc A Shares  | 702 | 10010 |
| TOTAL CHINA |  | 94451 |
| DENMARK - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Ascendis Pharma A/S ADR (c) | 21117 | 4774554 |
| FRANCE - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| GenSight Biologics SA (c) | 15383 | 1438 |
| JAPAN - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Disco Corp  | 7900 | 3367380 |
| KOREA (SOUTH) - 1.7%  |  |  |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Hanwha Aerospace Co Ltd  | 11660 | 10448533 |
| Information Technology - 1.4% |  |  |
| Semiconductors & Semiconductor Equipment - 1.4% |  |  |
| SK Hynix Inc  | 62520 | 39173850 |
| TOTAL KOREA (SOUTH) |  | 49622383 |
| NETHERLANDS - 1.7%  |  |  |
| Health Care - 1.3% |  |  |
| Biotechnology - 1.3% |  |  |
| Argenx SE ADR (c) | 44499 | 37401410 |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| ASM International NV  | 4300 | 3617854 |
| ASML Holding NV depository receipt  | 196 | 278908 |
| BE Semiconductor Industries NV  | 28200 | 5498720 |
| NXP Semiconductors NV  | 12200 | 2758908 |
| TOTAL INFORMATION TECHNOLOGY |  | 12154390 |
| TOTAL NETHERLANDS |  | 49555800 |
| TAIWAN - 4.8%  |  |  |
| Information Technology - 4.8% |  |  |
| Electronic Equipment, Instruments & Components - 1.5% |  |  |
| Chroma ATE Inc  | 355000 | 11021701 |
| Delta Electronics Inc  | 852000 | 32930144 |
|  |  | 43951845 |
| Semiconductors & Semiconductor Equipment - 3.3% |  |  |
| Jentech Precision Industrial Co Ltd  | 55000 | 4948519 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 268676 | 88813539 |
|  |  | 93762058 |
| TOTAL TAIWAN |  | 137713903 |
| THAILAND - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Fabrinet (c) | 4800 | 2349312 |
| UNITED KINGDOM - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Astrazeneca PLC ADR  | 117819 | 10930069 |
| UNITED STATES - 87.0%  |  |  |
| Communication Services - 23.7% |  |  |
| Entertainment - 1.9% |  |  |
| Electronic Arts Inc  | 169 | 34462 |
| Netflix Inc (c) | 516710 | 43140118 |
| ROBLOX Corp Class A (c) | 174852 | 11498268 |
| Take-Two Interactive Software Inc (c) | 1490 | 328247 |
|  |  | 55001095 |
| Interactive Media & Services - 21.8% |  |  |
| Alphabet Inc Class A  | 953018 | 322120085 |
| Alphabet Inc Class C  | 391716 | 132607617 |
| Epic Games Inc (a)(b)(c) | 5200 | 3380468 |
| Meta Platforms Inc Class A  | 188535 | 135085328 |
| Reddit Inc Class A (c) | 188261 | 33937810 |
|  |  | 627131308 |
| Media - 0.0% |  |  |
| Charter Communications Inc Class A (c)(d) | 4143 | 853955 |
| TOTAL COMMUNICATION SERVICES |  | 682986358 |
| Consumer Discretionary - 7.1% |  |  |
| Automobiles - 1.6% |  |  |
| Rivian Automotive Inc Class A (c) | 1178 | 17376 |
| Tesla Inc (c) | 109100 | 46957731 |
|  |  | 46975107 |
| Broadline Retail - 4.8% |  |  |
| Amazon.com Inc (c) | 576758 | 138018190 |
| Contextlogic Holdings Inc  | 529 | 4163 |
| Contextlogic Holdings Inc rights 2/20/2026 (c) | 529 | 0 |
|  |  | 138022353 |
| Diversified Consumer Services - 0.1% |  |  |
| Duolingo Inc Class A (c) | 14700 | 1970682 |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| Airbnb Inc Class A (c) | 1461 | 189010 |
| Domino's Pizza Inc  | 34313 | 14079653 |
| Marriott International Inc/MD Class A1  | 3023 | 953152 |
|  |  | 15221815 |
| Specialty Retail - 0.0% |  |  |
| ThredUp Inc Class A (c) | 7142 | 36280 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Figs Inc Class A (c) | 3743 | 40462 |
| Kontoor Brands Inc  | 454 | 27117 |
| Lululemon Athletica Inc (c) | 8369 | 1460391 |
|  |  | 1527970 |
| TOTAL CONSUMER DISCRETIONARY |  | 203754207 |
| Consumer Staples - 0.7% |  |  |
| Beverages - 0.4% |  |  |
| Monster Beverage Corp (c) | 144415 | 11662955 |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Chobani Inc Class A (a)(b)(e) | 302 | 1345818 |
| Costco Wholesale Corp  | 6888 | 6476442 |
|  |  | 7822260 |
| Food Products - 0.0% |  |  |
| Mondelez International Inc  | 13621 | 796420 |
| Personal Care Products - 0.0% |  |  |
| Honest Co Inc/The (c)(d) | 1922 | 4747 |
| TOTAL CONSUMER STAPLES |  | 20286382 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Diamondback Energy Inc  | 4584 | 751547 |
| EOG Resources Inc  | 962 | 107869 |
| TOTAL ENERGY |  | 859416 |
| Financials - 0.1% |  |  |
| Banks - 0.0% |  |  |
| Wintrust Financial Corp  | 2977 | 439078 |
| Capital Markets - 0.1% |  |  |
| Coinbase Global Inc Class A (c) | 9696 | 1888199 |
| Moody's Corp  | 437 | 225300 |
| S&P Global Inc  | 136 | 71779 |
|  |  | 2185278 |
| TOTAL FINANCIALS |  | 2624356 |
| Health Care - 6.3% |  |  |
| Biotechnology - 3.5% |  |  |
| Alnylam Pharmaceuticals Inc (c) | 113712 | 38441480 |
| Cogent Biosciences Inc (c) | 99121 | 3559435 |
| Cytokinetics Inc (c) | 149417 | 9441660 |
| Gilead Sciences Inc  | 134736 | 19125775 |
| GRAIL Inc (c) | 503 | 49203 |
| Insmed Inc (c) | 31300 | 4910031 |
| Ionis Pharmaceuticals Inc (c) | 2327 | 192373 |
| Legend Biotech Corp ADR (c) | 384724 | 6732670 |
| Moderna Inc (c) | 321300 | 14159691 |
| Scholar Rock Holding Corp (c) | 10536 | 467166 |
| Soleno Therapeutics Inc (c) | 79400 | 3061664 |
| Trevena Inc (c) | 52 | 1 |
|  |  | 100141149 |
| Health Care Equipment & Supplies - 1.7% |  |  |
| Boston Scientific Corp (c) | 220640 | 20636459 |
| Insulet Corp (c) | 96988 | 24810500 |
| Intuitive Surgical Inc (c) | 1087 | 548087 |
| Neuronetics Inc (c) | 2803 | 5858 |
| Outset Medical Inc (c) | 201 | 1007 |
| Pulmonx Corp (c) | 2704 | 4435 |
| TransMedics Group Inc (c) | 28642 | 3837312 |
|  |  | 49843658 |
| Health Care Technology - 0.3% |  |  |
| Veeva Systems Inc Class A (c) | 45881 | 9356053 |
| Life Sciences Tools & Services - 0.4% |  |  |
| 10X Genomics Inc Class A (c) | 64471 | 1302314 |
| Danaher Corp  | 35164 | 7697048 |
| Illumina Inc (c) | 3021 | 437471 |
| Seer Inc Class A (c) | 37019 | 67375 |
| Thermo Fisher Scientific Inc  | 1717 | 993473 |
|  |  | 10497681 |
| Pharmaceuticals - 0.4% |  |  |
| Crinetics Pharmaceuticals Inc (c) | 226529 | 11312858 |
| Elanco Animal Health Inc (c) | 6421 | 154618 |
| TherapeuticsMD Inc (c) | 499 | 1078 |
|  |  | 11468554 |
| TOTAL HEALTH CARE |  | 181307095 |
| Industrials - 2.4% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Anduril Industries Inc Class B (a)(b) | 3198 | 159708 |
| Anduril Industries Inc Class C (a)(b) | 2 | 100 |
| Space Exploration Technologies Corp (a)(b)(c) | 4973 | 2093633 |
| Space Exploration Technologies Corp Class C (a)(b)(c) | 11427 | 4810767 |
|  |  | 7064208 |
| Commercial Services & Supplies - 0.0% |  |  |
| Veralto Corp  | 1270 | 125705 |
| Construction & Engineering - 0.0% |  |  |
| Bowman Consulting Group Ltd (c) | 7606 | 264917 |
| Electrical Equipment - 2.2% |  |  |
| Fluence Energy Inc Class A (c)(d) | 104500 | 3215465 |
| GE Vernova Inc  | 34061 | 24740889 |
| Nextpower Inc Class A (c) | 274900 | 32188041 |
|  |  | 60144395 |
| Ground Transportation - 0.0% |  |  |
| CSX Corp  | 24070 | 908883 |
| Passenger Airlines - 0.0% |  |  |
| Wheels Up Experience Inc Class A (c)(d) | 6718 | 4232 |
| TOTAL INDUSTRIALS |  | 68512340 |
| Information Technology - 45.2% |  |  |
| Communications Equipment - 1.2% |  |  |
| Arista Networks Inc (c) | 110298 | 15633639 |
| Cisco Systems Inc  | 40479 | 3170315 |
| Lumentum Holdings Inc (c) | 40600 | 15908704 |
| Motorola Solutions Inc  | 2838 | 1142408 |
|  |  | 35855066 |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| Coherent Corp (c) | 98600 | 20920948 |
| Corning Inc  | 48600 | 5017950 |
|  |  | 25938898 |
| IT Services - 0.4% |  |  |
| Twilio Inc Class A (c) | 122 | 14696 |
| X.Ai Holdings Corp Class A (a)(b) | 160551 | 12115179 |
|  |  | 12129875 |
| Semiconductors & Semiconductor Equipment - 22.3% |  |  |
| Advanced Micro Devices Inc (c) | 4184 | 990478 |
| Applied Materials Inc  | 5812 | 1873324 |
| Astera Labs Inc (c) | 4101 | 617692 |
| Broadcom Inc  | 245508 | 81336800 |
| First Solar Inc (c) | 75000 | 16914000 |
| KLA Corp  | 3600 | 5140584 |
| Lam Research Corp  | 66900 | 15618474 |
| MACOM Technology Solutions Holdings Inc (c) | 28880 | 6326453 |
| Marvell Technology Inc  | 408818 | 32263917 |
| Micron Technology Inc  | 112095 | 46505974 |
| NVIDIA Corp  | 2244082 | 428911393 |
| SiTime Corp (c) | 14188 | 5151805 |
| Skyworks Solutions Inc  | 7793 | 434537 |
|  |  | 642085431 |
| Software - 9.5% |  |  |
| Adobe Inc (c) | 1003 | 294130 |
| Appfolio Inc Class A (c) | 2631 | 499574 |
| Autodesk Inc (c) | 14930 | 3775349 |
| Cadence Design Systems Inc (c) | 40813 | 12095341 |
| Datadog Inc Class A (c) | 73407 | 9492993 |
| Dynatrace Inc (c) | 2738 | 104290 |
| Figma Inc Class A  | 25696 | 666040 |
| Microsoft Corp  | 530820 | 228406538 |
| Palantir Technologies Inc Class A (c) | 13627 | 1997582 |
| Synopsys Inc (c) | 32901 | 15302749 |
|  |  | 272634586 |
| Technology Hardware, Storage & Peripherals - 10.9% |  |  |
| Apple Inc  | 1103901 | 286440231 |
| Sandisk Corp/DE  | 8510 | 4903888 |
| Seagate Technology Holdings PLC  | 44100 | 17979129 |
| Western Digital Corp  | 21929 | 5487294 |
|  |  | 314810542 |
| TOTAL INFORMATION TECHNOLOGY |  | 1303454398 |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Alcoa Corp  | 111900 | 6357039 |
| Real Estate - 0.2% |  |  |
| Specialized REITs - 0.2% |  |  |
| Equinix Inc  | 6877 | 5645536 |
| Utilities - 1.1% |  |  |
| Electric Utilities - 0.7% |  |  |
| Constellation Energy Corp  | 26532 | 7447001 |
| NRG Energy Inc  | 83977 | 12817410 |
|  |  | 20264411 |
| Independent Power and Renewable Electricity Producers - 0.4% |  |  |
| Vistra Corp  | 73440 | 11629224 |
| TOTAL UTILITIES |  | 31893635 |
| TOTAL UNITED STATES |  | 2507680762 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,447,884,801) |  | <br> **2800451335** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 1.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.0%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Bytedance Ltd Series E1 (a)(b)(c) | 6135 | 1575345 |
| UNITED STATES - 0.9%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Automobiles - 0.3% |  |  |
| Waymo LLC Series A2 (a)(b)(c) | 2467 | 377180 |
| Waymo LLC Series B2 (a)(b)(c) | 15200 | 2344448 |
| Waymo LLC Series C2 (a)(b)(c) | 43612 | 6493391 |
|  |  | 9215019 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Discord Inc Series I (a)(b)(c) | 300 | 73644 |
| TOTAL CONSUMER DISCRETIONARY |  | 9288663 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Tenstorrent Holdings Inc Series C1 (a)(b)(c) | 6595 | 466332 |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Anduril Industries Inc Series F (a)(b)(c) | 120963 | 6040892 |
| Anduril Industries Inc Series G (a)(b) | 30200 | 1508188 |
| TOTAL INDUSTRIALS |  | 7549080 |
| Information Technology - 0.3% |  |  |
| Software - 0.3% |  |  |
| Anthropic PBC Series G (a)(b) | 34700 | 8992033 |
| TOTAL UNITED STATES |  | 26296108 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $19,102,111) |  | <br> **27871453** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 2.1%** | &nbsp;&nbsp;**Domestic Equity Funds - 2.1%** | &nbsp;&nbsp;**Domestic Equity Funds - 2.1%** |
|  | Shares | Value ($)<br>|
| Invesco QQQ Trust ETF <br>(Cost $59,310,316)<br>| 95100 | **59139837** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.0%** | &nbsp;&nbsp;**Money Market Funds - 0.0%** | &nbsp;&nbsp;**Money Market Funds - 0.0%** | &nbsp;&nbsp;**Money Market Funds - 0.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 3.70 | 28 | 28 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 3.70 | 2562030 | 2562286 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $2,562,314) |  |  | **2562314** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.2%**<br> (Cost $1,528,859,542)<br>| <br>**2890024939** |
| **NET OTHER ASSETS (LIABILITIES) - (0.2)%**  | **(6641279)** |
| **NET ASSETS - 100.0%** | **2883383660** |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Level 3 security.

(b) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $52,441,472 or 1.8% of net assets.

(c) Non-income producing.

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

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

(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 Class B | 6/16/2025 | 130743 |
| Anduril Industries Inc Class C | 6/16/2025 | 82 |
| Anduril Industries Inc Series F | 8/7/2024 | 2629324 |
| Anduril Industries Inc Series G | 4/17/2025 | 1234661 |
| Anthropic PBC Series G | 1/27/2026 | 8992033 |
| Bytedance Ltd Series E1 | 11/18/2020 | 672237 |
| Canva Australia Holdings Pty Ltd Class A | 8/19/2025 - 11/12/2025 | 2139982 |
| Chobani Inc Class A | 10/14/2025 | 1345819 |
| Discord Inc Series I | 9/15/2021 | 165187 |
| Epic Games Inc | 7/13/2020 - 3/29/2021 | 4292000 |
| Space Exploration Technologies Corp | 7/1/2024 - 12/12/2025 | 1574481 |
| Space Exploration Technologies Corp Class C | 7/1/2024 - 12/12/2025 | 3153819 |
| Tenstorrent Holdings Inc Series C1 | 4/23/2021 | 392145 |
| Waymo LLC Series A2 | 5/8/2020 | 211834 |
| Waymo LLC Series B2 | 6/11/2021 | 1394174 |
| Waymo LLC Series C2 | 10/18/2024 | 3410516 |
| X.Ai Holdings Corp Class A | 10/27/2021 | 5743370 |

---

**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 | 3810269 | 231851649 | 235662223 | 150436 | 333 | - | 28 | 28 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 3001594 | 73525455 | 73964880 | 9638 | 117 | - | 2562286 | 2562030 | 0.0% |
| Total | 6811863 | 305377104 | 309627103 | 160074 | 450 | - | 2562314 |  |  |

---

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 January 31, 2026, 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 | 682986358 | 679605890 | - | 3380468 |
| Consumer Discretionary | 209802332 | 209792322 | 10010 | - |
| Consumer Staples | 20286382 | 18940564 | - | 1345818 |
| Energy | 1096099 | 1096099 | - | - |
| Financials | 2624356 | 2624356 | - | - |
| Health Care | 250822987 | 250822987 | - | - |
| Industrials | 78960873 | 71896665 | - | 7064208 |
| Information Technology | 1506062629 | 1488569906 | 3367380 | 14125343 |
| Materials | 10270148 | 10270148 | - | - |
| Real Estate | 5645536 | 5645536 | - | - |
| Utilities | 31893635 | 31893635 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 1575345 | - | - | 1575345 |
| Consumer Discretionary | 9288663 | - | - | 9288663 |
| Financials | 466332 | - | - | 466332 |
| Industrials | 7549080 | - | - | 7549080 |
| Information Technology | 8992033 | - | - | 8992033 |
|  **Domestic Equity Funds** | 59139837 | 59139837 | - | - |
|  **Money Market Funds** | 2562314 | 2562314 | - | - |
| **Total Investments in Securities:** | 2890024939 | 2832860259 | 3377390 | 53787290 |
|  **Net Unrealized Appreciation (Depreciation) on Unfunded Commitments** | (9822) | - | - | (9822) |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2026 ($)** |
| **Common Stocks** | 10942566 | 10075 | 7518221 | 7768101 | (323076) | - | - | (50) | 25915837 | 7482120 |
| **Convertible Preferred Stocks** | 14058816 | 31347 | 5791870 | 8992033 | (1002613) | - | - | - | 27871453 | 5679917 |
| <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 January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $2,525,744) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,526,297,228) | $2887462625 |  |
| Fidelity Central Funds (cost $2,562,314) | 2562314 |  |
| Total Investment in Securities (cost $1,528,859,542) |  | $2890024939 |
| Foreign currency held at value (cost $750) |  | 742 |
| Receivable for investments sold |  | 71345508 |
| Receivable for fund shares sold |  | 2056008 |
| Dividends receivable |  | 62754 |
| Distributions receivable from Fidelity Central Funds |  | 20438 |
| Other receivables |  | 10362 |
| **Total assets** |  | 2963520751 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $63219515 |  |
| Unrealized depreciation on unfunded commitments | 9822 |  |
| Payable for fund shares redeemed | 4426355 |  |
| Accrued management fee | 1194058 |  |
| Notes payable to affiliates | 8723000 |  |
| Other payables and accrued expenses | 1891 |  |
| Collateral on securities loaned | 2562450 |  |
| **Total liabilities** |  | 80137091 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $2883383660 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1382475976 |
| Total accumulated earnings (loss) |  | 1500907684 |
| **Net Assets** |  | $2883383660 |
| **Net Asset Value**, offering price and redemption price per share ($2,883,383,660 ÷ 94,644,397 shares) |  | $30.47 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $4774975 |
| Income from Fidelity Central Funds (including $9,638 from security lending)  |  | 160074 |
| **Total income** |  | 4935049 |
| **Expenses** |  |  |
| Management fee | $7021458 |  |
| Independent trustees' fees and expenses | 5654 |  |
| Interest | 4650 |  |
| Total expenses before reductions | 7031762 |  |
| Expense reductions | (571) |  |
| Total expenses after reductions |  | 7031191 |
| **Net Investment income (loss)** |  | (2096142) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $123,132)  | 140637270 |  |
| Redemptions in-kind | 104952858 |  |
| Fidelity Central Funds | 450 |  |
| Foreign currency transactions | (25650) |  |
| Total net realized gain (loss) |  | 245564928 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 109928171 |  |
| Unfunded commitments | (9822) |  |
| Assets and liabilities in foreign currencies | (63) |  |
| Total change in net unrealized appreciation (depreciation) |  | 109918286 |
| **Net gain (loss)** |  | 355483214 |
| **Net increase (decrease) in net assets resulting from operations** |  | $353387072 |

---

---

| | | |
|:---|:---|:---|
| **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> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(2096142) | $2170120 |
| &nbsp;&nbsp;Net realized gain (loss) | 245564928<br>| 145346332<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 109918286 | 321343092<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 353387072<br>| 468859544<br>|
| Distributions to shareholders | (117086254)<br>| (87141804)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 172412233 | 627479462 |
| Reinvestment of distributions | 117086254<br>| 87141804<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (490985509) | (776169770) |
| **Net increase (decrease) in net assets resulting from share transactions** | (201487022)<br>| (61548504)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 34813796<br>| 320169236<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2848569864 | 2528400628<br>|
| &nbsp;&nbsp;End of period | $2883383660 | $2848569864 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 5770328 | 25080298 |
| Issued in reinvestment of distributions | 4016949<br>| 3485222<br>|
| &nbsp;&nbsp;Redeemed | (16727064) | (31572299) |
| &nbsp;&nbsp;Net increase (decrease) | (6939787) | (3006779) |

---

**Consolidated Financial Highlights** 

**Fidelity® OTC K6 Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $28.04 | $24.17 | $19.06 | $15.63 | $20.36 | $14.29 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.02)  | .02  | .03  | .05  | (.01)  | (.01)  |
| Net realized and unrealized gain (loss)  | 3.70  | 4.68  | 5.13  | 3.39  | (3.93)  | 6.15  |
| Total from investment operations  | 3.68  | 4.70  | 5.16  | 3.44  | (3.94)  | 6.14  |
| Distributions from net investment income  | (.01)  | (.05)  | (.05)  | (.01)  | -  | (.01)  |
| Distributions from net realized gain  | (1.24)  | (.78)  | -  | -  | (.79)  | (.06)  |
| Total distributions  | (1.25)  | (.83)  | (.05)  | (.01)  | (.79)  | (.07)  |
| Net asset value, end of period  | $30.47 | $28.04 | $24.17 | $19.06 | $15.63 | $20.36 |
| **Total Return** C,D | 13.39% <br>| 19.88%  | 27.14%  | 22.03%  | (20.27)%  | 43.11%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .50% G | .50%  | .50%  | .50%  | .50%  | .50%  |
| Expenses net of fee waivers, if any  | .50% G<br>| .50%  | .50%  | .50%  | .50%  | .50%  |
| Expenses net of all reductions, if any  | .50% G | .50%  | .50%  | .50%  | .50%  | .50%  |
| Net investment income (loss)  | (.15)% G | .08%  | .15%  | .34%  | (.05)%  | (.05)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2883384 | $2848570 | $2528401 | $2111172 | $1924349 | $2630559 |
| Portfolio turnover rate H | 61% G,I<br>| 64% I | 41%  | 20% I | 39% I | 36% I |

---

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

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

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

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

G*Annualized.*

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

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

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

For the period ended January 31, 2026

**1. Organization.**

Fidelity OTC K6 Portfolio (the Fund) is a non-diversified fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Consolidated Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

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

---

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

---

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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 | $25915837 | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 4.5 - 82.7 / 59.2 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 22.7 - 51.1 / 46.4 | Increase |
| Convertible Preferred Stocks | $27871453 | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 1.8 - 19.0 / 13.6 | Increase |
|  |  | Black scholes  | Discount rate  | 3.7% | Increase |
|  |  |  | Volatility  | 80.0% | Increase |
|  |  |  | Term  | 3.0 | Increase |

---

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2026, 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. 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. 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 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.

**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.

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), redemptions in-kind, 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** | $1410507302 |
| **Gross unrealized depreciation** | <u>(55281412)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$1355225890</u> |
| **Tax cost** | <u>$1534799049</u> |

---

The Fund elected to defer to its next fiscal year $26,329,988 of capital losses recognized during the period November 1, 2024 to July 31, 2025.

**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 OTC K6 Portfolio** | Revolut Group Holdings, Ltd. | 1974134 | (9822) |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Total Assets** |
| **Fidelity OTC K6 Portfolio** | 1345818 | .05 |

---

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.

**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 OTC K6 Portfolio** | 851715990 | 956412702 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Consolidated Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity OTC K6 Portfolio** | 5773286 | - | 104952858 | 104952858 | 164423177 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity OTC K6 Portfolio** | 6333752 | 86321167 | 150055533 |

---

**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 OTC K6 Portfolio** | 7402199 | 178768481 |

---

**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 .50% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity OTC K6 Portfolio** | 7017 |

---

**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. Any open loans, including accrued interest, at period end are presented as Notes payable to affiliates in the Consolidated Statement of Assets and Liabilities. 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 OTC K6 Portfolio** | Borrower | 8555667 | 3.92% | 4650 |

---

**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 OTC K6 Portfolio** | 44635598 | 99849834 | 8065418 |

---

**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 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 OTC K6 Portfolio** | 1034 | - | - |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity OTC K6 Portfolio** | 4729 |

---

**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 $571.

**9. Other.**

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

**10. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img125814_4.jpg)<br>

1.9893896.106 OTC-K6-SANN-0426

**Fidelity® Leveraged Company Stock Fund**

**Semi-Annual Report**

**January 31, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img125819_1.jpg)

![](img125819_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_LSF-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Leveraged Company Stock Fund](#Sub_Sec_Fund_289_LSF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements289_LSF-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_LSF-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_LSF-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_LSF-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_LSF-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.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Leveraged Company Stock Fund**

**Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 100.0%** | &nbsp;&nbsp;**Common Stocks - 100.0%** | &nbsp;&nbsp;**Common Stocks - 100.0%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.6%  |  |  |
| Information Technology - 0.6% |  |  |
| IT Services - 0.6% |  |  |
| Shopify Inc Class A (b) | 177700 | 23317048 |
| HONG KONG - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Studio City International Holdings Ltd ADR (b) | 1090629 | 3315512 |
| Studio City International Holdings Ltd ADR (b)(f) | 993219 | 3019386 |
| TOTAL HONG KONG |  | 6334898 |
| NETHERLANDS - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| NXP Semiconductors NV  | 68800 | 15558432 |
| SWITZERLAND - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| On Holding AG Class A (b) | 219136 | 9915904 |
| TAIWAN - 3.9%  |  |  |
| Information Technology - 3.9% |  |  |
| Semiconductors & Semiconductor Equipment - 3.9% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 450100 | 148785056 |
| UNITED STATES - 94.7%  |  |  |
| Communication Services - 12.4% |  |  |
| Entertainment - 1.1% |  |  |
| Netflix Inc (b) | 515000 | 42997350 |
| Interactive Media & Services - 10.4% |  |  |
| Alphabet Inc Class A  | 557000 | 188266000 |
| Meta Platforms Inc Class A  | 294700 | 211152550 |
|  |  | 399418550 |
| Media - 0.9% |  |  |
| EchoStar Corp (b)(c) | 320970 | 36340223 |
| TOTAL COMMUNICATION SERVICES |  | 478756123 |
| Consumer Discretionary - 8.5% |  |  |
| Broadline Retail - 0.8% |  |  |
| Amazon.com Inc (b) | 123000 | 29433900 |
| Hotels, Restaurants & Leisure - 2.3% |  |  |
| Boyd Gaming Corp  | 642266 | 54297168 |
| Flutter Entertainment PLC (United Kingdom) (b) | 92000 | 15062523 |
| New Cotai LLC / New Cotai Capital Corp (b)(c)(d) | 411029 | 73985 |
| Red Rock Resorts Inc Class A  | 330200 | 20845526 |
|  |  | 90279202 |
| Household Durables - 4.2% |  |  |
| DR Horton Inc  | 64200 | 9555528 |
| PulteGroup Inc  | 105900 | 13247031 |
| TopBuild Corp (b) | 294300 | 137747115 |
|  |  | 160549674 |
| Specialty Retail - 1.2% |  |  |
| Dick's Sporting Goods Inc  | 236200 | 47712400 |
| TOTAL CONSUMER DISCRETIONARY |  | 327975176 |
| Consumer Staples - 1.5% |  |  |
| Beverages - 0.4% |  |  |
| Celsius Holdings Inc (b) | 286500 | 15035520 |
| Consumer Staples Distribution & Retail - 1.1% |  |  |
| Performance Food Group Co (b) | 48800 | 4657960 |
| US Foods Holding Corp (b) | 458200 | 38314684 |
|  |  | 42972644 |
| TOTAL CONSUMER STAPLES |  | 58008164 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Energy Transfer LP  | 590200 | 10889190 |
| Financials - 15.6% |  |  |
| Capital Markets - 3.1% |  |  |
| Ares Management Corp Class A  | 410700 | 61469469 |
| KKR & Co Inc Class A  | 275000 | 31421500 |
| Moody's Corp  | 53600 | 27634016 |
|  |  | 120524985 |
| Consumer Finance - 1.7% |  |  |
| OneMain Holdings Inc  | 1005000 | 65867700 |
| Financial Services - 6.9% |  |  |
| Apollo Global Management Inc  | 1168000 | 157142720 |
| Block Inc Class A (b) | 667700 | 40349111 |
| Mastercard Inc Class A  | 54100 | 29148539 |
| Visa Inc Class A  | 118800 | 38233404 |
|  |  | 264873774 |
| Insurance - 3.9% |  |  |
| Arthur J Gallagher & Co  | 599900 | 149597063 |
| TOTAL FINANCIALS |  | 600863522 |
| Health Care - 2.9% |  |  |
| Health Care Equipment & Supplies - 2.2% |  |  |
| Boston Scientific Corp (b) | 872900 | 81642337 |
| Medline Inc Class A  | 63500 | 2806700 |
|  |  | 84449037 |
| Health Care Providers & Services - 0.7% |  |  |
| Tenet Healthcare Corp (b) | 143109 | 27087672 |
| TOTAL HEALTH CARE |  | 111536709 |
| Industrials - 22.6% |  |  |
| Aerospace & Defense - 2.3% |  |  |
| ATI Inc (b) | 466200 | 56083860 |
| TransDigm Group Inc  | 22200 | 31691388 |
|  |  | 87775248 |
| Building Products - 2.6% |  |  |
| Builders FirstSource Inc (b) | 166503 | 19047943 |
| Carlisle Cos Inc  | 38400 | 13090176 |
| Trane Technologies PLC  | 164800 | 69311584 |
|  |  | 101449703 |
| Construction & Engineering - 8.6% |  |  |
| Comfort Systems USA Inc  | 137200 | 156696121 |
| Construction Partners Inc Class A (b) | 188700 | 20734356 |
| EMCOR Group Inc  | 125500 | 90451615 |
| IES Holdings Inc (b) | 126000 | 47916540 |
| WillScot Holdings Corp  | 792900 | 15881787 |
|  |  | 331680419 |
| Electrical Equipment - 5.3% |  |  |
| Eaton Corp PLC  | 89700 | 31522374 |
| nVent Electric PLC  | 225300 | 25292178 |
| Vertiv Holdings Co Class A  | 785800 | 146300244 |
|  |  | 203114796 |
| Ground Transportation - 1.0% |  |  |
| Uber Technologies Inc (b) | 489300 | 39168465 |
| Machinery - 2.8% |  |  |
| Parker-Hannifin Corp  | 114600 | 107247264 |
| Marine Transportation - 0.0% |  |  |
| Genco Shipping & Trading Ltd  | 1493 | 31204 |
| TOTAL INDUSTRIALS |  | 870467099 |
| Information Technology - 21.8% |  |  |
| Communications Equipment - 1.3% |  |  |
| Arista Networks Inc (b) | 345700 | 48999518 |
| Electronic Equipment, Instruments & Components - 1.2% |  |  |
| Coherent Corp (b) | 215100 | 45639918 |
| Semiconductors & Semiconductor Equipment - 13.5% |  |  |
| Broadcom Inc  | 62600 | 20739380 |
| KLA Corp  | 15300 | 21847482 |
| Marvell Technology Inc  | 284500 | 22452740 |
| Micron Technology Inc  | 313500 | 130064880 |
| MKS Inc  | 271700 | 63960897 |
| NVIDIA Corp  | 1280900 | 244818417 |
| ON Semiconductor Corp (b) | 287996 | 17248080 |
|  |  | 521131876 |
| Software - 5.3% |  |  |
| AppLovin Corp Class A (b) | 55400 | 26210294 |
| Microsoft Corp  | 236200 | 101634498 |
| Monday.com Ltd (b) | 121900 | 13988025 |
| Oracle Corp  | 220800 | 36339264 |
| Riot Platforms Inc (b)(e) | 1102200 | 17051034 |
| Terawulf Inc (b)(e) | 793400 | 10607758 |
|  |  | 205830873 |
| Technology Hardware, Storage & Peripherals - 0.5% |  |  |
| Dell Technologies Inc Class C  | 154700 | 17703868 |
| TOTAL INFORMATION TECHNOLOGY |  | 839306053 |
| Materials - 2.4% |  |  |
| Chemicals - 0.3% |  |  |
| Chemours Co/The  | 817428 | 12253246 |
| Construction Materials - 2.1% |  |  |
| Eagle Materials Inc  | 104000 | 21196240 |
| James Hardie Industries PLC (b) | 1260600 | 28981194 |
| Martin Marietta Materials Inc  | 45900 | 29924505 |
|  |  | 80101939 |
| TOTAL MATERIALS |  | 92355185 |
| Utilities - 6.7% |  |  |
| Electric Utilities - 2.3% |  |  |
| Constellation Energy Corp  | 317600 | 89143968 |
| Independent Power and Renewable Electricity Producers - 4.4% |  |  |
| Vistra Corp  | 1061900 | 168151865 |
| TOTAL UTILITIES |  | 257295833 |
| TOTAL UNITED STATES |  | 3647453054 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,090,740,239) |  | <br> **3851364392** |

---

---

| | | |
|:---|:---|:---|
| &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% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| New Cotai LLC 5% 2/24/2027 (d)<br>(Cost $565,850)<br>| 571305 | **550909** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** | &nbsp;&nbsp;**Money Market Funds - 0.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Securities Lending Cash Central Fund (g)(h)<br>(Cost $32,463,829)<br>| 3.70 | 32460583 | **32463829** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.8%**<br> (Cost $2,123,769,918)<br>| <br>**3884379130** |
| **NET OTHER ASSETS (LIABILITIES) - (0.8)%**  | **(32387729)** |
| **NET ASSETS - 100.0%** | **3851991401** |

---

**Legend**

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

(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 $36,414,208 or 0.9% of net assets.

(d) Level 3 security.

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

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,019,386 or 0.1% of net assets.

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

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

---

| | | |
|:---|:---|:---|
| 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>|
| EchoStar Corp | 9/30/2024 | 8999998 |
| New Cotai LLC / New Cotai Capital Corp | 9/11/2020 | 2036135 |

---

**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 | 7593759 | 215608293 | 223202838 | 164658 | 786 | - | - | - | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 18501425 | 455182586 | 441219461 | 26247 | (721) | - | 32463829 | 32460583 | 0.1% |
| Total | 26095184 | 670790879 | 664422299 | 190905 | 65 | - | 32463829 |  |  |

---

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 January 31, 2026, 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 | 478756123 | 478756123 | - | - |
| Consumer Discretionary | 344225978 | 344151993 | - | 73985 |
| Consumer Staples | 58008164 | 58008164 | - | - |
| Energy | 10889190 | 10889190 | - | - |
| Financials | 600863522 | 600863522 | - | - |
| Health Care | 111536709 | 111536709 | - | - |
| Industrials | 870467099 | 870467099 | - | - |
| Information Technology | 1026966589 | 1026966589 | - | - |
| Materials | 92355185 | 92355185 | - | - |
| Utilities | 257295833 | 257295833 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Consumer Discretionary | 550909 | - | - | 550909 |
|  **Money Market Funds** | 32463829 | 32463829 | - | - |
| **Total Investments in Securities:** | 3884379130 | 3883754236 | - | 624894 |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $29,471,391) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,091,306,089) | $3851915301 |  |
| Fidelity Central Funds (cost $32,463,829) | 32463829 |  |
| Total Investment in Securities (cost $2,123,769,918) |  | $3884379130 |
| Receivable for investments sold |  | 32200923 |
| Receivable for fund shares sold |  | 477586 |
| Dividends receivable |  | 133148 |
| Interest receivable |  | 2936 |
| Distributions receivable from Fidelity Central Funds |  | 5656 |
| Prepaid expenses |  | 2559 |
| Receivable from investment adviser for expense reductions |  | 8103 |
| Other receivables |  | 463324 |
| **Total assets** |  | 3917673365 |
| **Liabilities** |  |  |
| Payable to custodian bank | $1444031 |  |
| Payable for investments purchased  | 27356005 |  |
| Payable for fund shares redeemed | 1917842 |  |
| Accrued management fee | 2171256 |  |
| Distribution and service plan fees payable | 237189 |  |
| Other payables and accrued expenses | 91091 |  |
| Collateral on securities loaned | 32464550 |  |
| **Total liabilities** |  | 65681964 |
| **Net Assets**  |  | $3851991401 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1931187371 |
| Total accumulated earnings (loss) |  | 1920804030 |
| **Net Assets** |  | $3851991401 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($606,935,145 ÷ 13,437,002 shares)(a) |  | $45.17 |
| Maximum offering price per share (100/94.25 of $45.17) |  | $47.93 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($228,488,103 ÷ 5,074,037 shares)(a) |  | $45.03 |
| Maximum offering price per share (100/96.50 of $45.03) |  | $46.66 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($15,410,434 ÷ 344,112 shares)(a) |  | $44.78 |
| **Leveraged Company Stock :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,473,147,537 ÷ 54,481,119 shares) |  | $45.39 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($176,492,270 ÷ 3,858,807 shares) |  | $45.74 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($301,367,340 ÷ 6,653,516 shares) |  | $45.29 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($50,150,572 ÷ 1,105,804 shares) |  | $45.35 |
| *(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 January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $10704995 |
| Interest  |  | 16578 |
| Income from Fidelity Central Funds (including $26,247 from security lending)  |  | 190905 |
| **Total income** |  | 10912478 |
| **Expenses** |  |  |
| Management fee | $13136777 |  |
| Distribution and service plan fees | 1412424 |  |
| Custodian fees and expenses | 42596 |  |
| Independent trustees' fees and expenses | 7848 |  |
| Registration fees | 120728 |  |
| Audit fees | 41627 |  |
| Legal | 3765 |  |
| Interest | 14385 |  |
| Miscellaneous | 6322 |  |
| **Total expenses** |  | 14786472 |
| **Net Investment income (loss)** |  | (3873994) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 268215544 |  |
| Fidelity Central Funds | 65 |  |
| Foreign currency transactions | 6903 |  |
| Total net realized gain (loss) |  | 268222512 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (3460441) |  |
| Assets and liabilities in foreign currencies | 1269 |  |
| Total change in net unrealized appreciation (depreciation) |  | (3459172) |
| **Net gain (loss)** |  | 264763340 |
| **Net increase (decrease) in net assets resulting from operations** |  | $260889346 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(3873994) | $2218781 |
| &nbsp;&nbsp;Net realized gain (loss) | 268222512<br>| 198470160<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (3459172) | 508825347<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 260889346<br>| 709514288<br>|
| Distributions to shareholders | (178610742)<br>| (363152282)<br>|
| Share transactions - net increase (decrease) | (132304659)<br>| 887737837<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (50026055)<br>| 1234099843<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3902017456 | 2667917613<br>|
| &nbsp;&nbsp;End of period | $3851991401 | $3902017456 |

---

**Financial Highlights** 

**Fidelity Advisor® Leveraged Company Stock Fund Class A**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $44.29 | $39.90 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | (.09)  | (.06)  |
| Net realized and unrealized gain (loss)  | 3.05  | 5.61  |
| Total from investment operations  | 2.96  | 5.55  |
| Distributions from net investment income  | -  | (.08) D |
| Distributions from net realized gain  | (2.08)  | (1.08) D |
| Total distributions  | (2.08)  | (1.16)  |
| Net asset value, end of period  | $45.17 | $44.29 |
| **Total Return** E,F,G | 6.84% <br>| 14.35%  |
| **Ratios to Average Net Assets** C,H,I |  |  |
| Expenses before reductions  | .96% J | .98% J,K |
| Expenses net of fee waivers, if any  | .96% J<br>| .98% J,K |
| Expenses net of all reductions, if any  | .96% J | .98% J,K |
| Net investment income (loss)  | (.41)% J | (.21)% J,K |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $606935 | $602267 |
| Portfolio turnover rate L | 30% J<br>| 12% M |

---

A*For the period October 18, 2024 (commencement of sale of shares) through July 31, 2025.*

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

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

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

I*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*Audit fees are not 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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Leveraged Company Stock Fund Class M**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $44.21 | $39.90 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | (.15)  | (.14)  |
| Net realized and unrealized gain (loss)  | 3.05  | 5.59  |
| Total from investment operations  | 2.90  | 5.45  |
| Distributions from net investment income  | -  | (.06) D |
| Distributions from net realized gain  | (2.08)  | (1.08) D |
| Total distributions  | (2.08)  | (1.14)  |
| Net asset value, end of period  | $45.03 | $44.21 |
| **Total Return** E,F,G | 6.71% <br>| 14.09%  |
| **Ratios to Average Net Assets** C,H,I |  |  |
| Expenses before reductions  | 1.21% J | 1.23% J,K |
| Expenses net of fee waivers, if any  | 1.21% J<br>| 1.23% J,K |
| Expenses net of all reductions, if any  | 1.21% J | 1.23% J,K |
| Net investment income (loss)  | (.66)% J | (.46)% J,K |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $228488 | $227539 |
| Portfolio turnover rate L | 30% J<br>| 12% M |

---

A*For the period October 18, 2024 (commencement of sale of shares) through July 31, 2025.*

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

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

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

I*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*Audit fees are not 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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Leveraged Company Stock Fund Class C**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $44.09 | $39.90 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | (.26)  | (.29)  |
| Net realized and unrealized gain (loss)  | 3.03  | 5.58  |
| Total from investment operations  | 2.77  | 5.29  |
| Distributions from net investment income  | -  | (.02) D |
| Distributions from net realized gain  | (2.08)  | (1.08) D |
| Total distributions  | (2.08)  | (1.10)  |
| Net asset value, end of period  | $44.78 | $44.09 |
| **Total Return** E,F,G | 6.43% <br>| 13.67%  |
| **Ratios to Average Net Assets** C,H,I |  |  |
| Expenses before reductions  | 1.71% J | 1.73% J,K |
| Expenses net of fee waivers, if any  | 1.71% J<br>| 1.73% J,K |
| Expenses net of all reductions, if any  | 1.71% J | 1.73% J,K |
| Net investment income (loss)  | (1.16)% J | (.96)% J,K |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $15410 | $16966 |
| Portfolio turnover rate L | 30% J<br>| 12% M |

---

A*For the period October 18, 2024 (commencement of sale of shares) through July 31, 2025.*

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

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

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

I*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*Audit fees are not 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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity® Leveraged Company Stock Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $44.43 | $40.88 | $37.87 | $39.65 | $48.37 | $30.88 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.03)  | .06  | .13  | .30  | .17  | .03 C |
| Net realized and unrealized gain (loss)  | 3.07  | 9.05  | 7.13  | 3.69 D | (4.89)  | 17.50  |
| Total from investment operations  | 3.04  | 9.11  | 7.26  | 3.99  | (4.72)  | 17.53  |
| Distributions from net investment income  | -  | (.30) E | (.22)  | (.25)  | (.12)  | (.04)  |
| Distributions from net realized gain  | (2.08)  | (5.26) E | (4.04)  | (5.52)  | (3.89)  | -  |
| Total distributions  | (2.08)  | (5.56)  | (4.25) F | (5.77)  | (4.00) F | (.04)  |
| Net asset value, end of period  | $45.39 | $44.43 | $40.88 | $37.87 | $39.65 | $48.37 |
| **Total Return** G,H | 7.00% <br>| 25.52%  | 21.84%  | 12.01% D | (10.85)%  | 56.84%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | .67% K | .69%  | .73%  | .75%  | .74%  | .75%  |
| Expenses net of fee waivers, if any  | .67% K<br>| .69%  | .72%  | .74%  | .74%  | .75%  |
| Expenses net of all reductions, if any  | .67% K | .69%  | .72%  | .74%  | .74%  | .75%  |
| Net investment income (loss)  | (.12)% K | .15%  | .35%  | .87%  | .38%  | .06% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2473148 | $2530148 | $2512446 | $1933517 | $1936630 | $2533725 |
| Portfolio turnover rate L | 30% K<br>| 12% M | 50%  | 58%  | 26%  | 15%  |

---

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 $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.05)%.*

D*Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been 11.96%.*

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

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

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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity® Leveraged Company Stock Fund Class K**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $44.74 | $41.13 | $38.08 | $39.84 | $48.58 | $31.01 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.01)  | .09  | .17  | .33  | .21  | .06 C |
| Net realized and unrealized gain (loss)  | 3.09  | 9.11  | 7.16  | 3.72 D | (4.91)  | 17.59  |
| Total from investment operations  | 3.08  | 9.20  | 7.33  | 4.05  | (4.70)  | 17.65  |
| Distributions from net investment income  | -  | (.33) E | (.25)  | (.28)  | (.16)  | (.08)  |
| Distributions from net realized gain  | (2.08)  | (5.26) E | (4.04)  | (5.52)  | (3.89)  | -  |
| Total distributions  | (2.08)  | (5.59)  | (4.28) F | (5.81) F | (4.04) F | (.08)  |
| Net asset value, end of period  | $45.74 | $44.74 | $41.13 | $38.08 | $39.84 | $48.58 |
| **Total Return** G,H | 7.04% <br>| 25.64%  | 21.95%  | 12.11% D | (10.77)%  | 57.00%  |
| **Ratios to Average Net Assets** B,I,J |  |  |  |  |  |  |
| Expenses before reductions  | .60% K | .61%  | .63%  | .65%  | .65%  | .66%  |
| Expenses net of fee waivers, if any  | .60% K<br>| .61%  | .62%  | .65%  | .65%  | .66%  |
| Expenses net of all reductions, if any  | .60% K | .61%  | .62%  | .65%  | .65%  | .66%  |
| Net investment income (loss)  | (.04)% K | .23%  | .45%  | .96%  | .47%  | .15% C |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $176492 | $175073 | $155472 | $138454 | $273742 | $362018 |
| Portfolio turnover rate L | 30% K<br>| 12% M | 50%  | 58%  | 26%  | 15%  |

---

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 $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .05%.*

D*Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been 12.06%.*

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

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

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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Leveraged Company Stock Fund Class I**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $44.35 | $39.90 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | (.04)  | .01  |
| Net realized and unrealized gain (loss)  | 3.06  | 5.62  |
| Total from investment operations  | 3.02  | 5.63  |
| Distributions from net investment income  | -  | (.10) D |
| Distributions from net realized gain  | (2.08)  | (1.08) D |
| Total distributions  | (2.08)  | (1.18)  |
| Net asset value, end of period  | $45.29 | $44.35 |
| **Total Return** E,F | 6.97% <br>| 14.56%  |
| **Ratios to Average Net Assets** B,G,H |  |  |
| Expenses before reductions  | .71% I | .73% I,J |
| Expenses net of fee waivers, if any  | .71% I<br>| .73% I,J |
| Expenses net of all reductions, if any  | .71% I | .73% I,J |
| Net investment income (loss)  | (.16)% I | .04% I,J |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $301367 | $301210 |
| Portfolio turnover rate K | 30% I<br>| 12% L |

---

A*For the period October 18, 2024 (commencement of sale of shares) through July 31, 2025.*

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

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

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

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

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

I*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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Leveraged Company Stock Fund Class Z**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $44.38 | $39.90 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | (.01)  | .05  |
| Net realized and unrealized gain (loss)  | 3.06  | 5.62  |
| Total from investment operations  | 3.05  | 5.67  |
| Distributions from net investment income  | -  | (.11) D |
| Distributions from net realized gain  | (2.08)  | (1.08) D |
| Total distributions  | (2.08)  | (1.19)  |
| Net asset value, end of period  | $45.35 | $44.38 |
| **Total Return** E,F | 7.03% <br>| 14.67%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | .60% I | .61% I,J |
| Expenses net of fee waivers, if any  | .60% I<br>| .61% I,J |
| Expenses net of all reductions, if any  | .60% I | .61% I,J |
| Net investment income (loss)  | (.04)% I | .15% I,J |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $50151 | $48815 |
| Portfolio turnover rate K | 30% I<br>| 12% L |

---

A*For the period October 18, 2024 (commencement of sale of shares) through July 31, 2025.*

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

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

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

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

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

I*Annualized.*

J*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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

For the period ended January 31, 2026

**1. Organization.**

Fidelity Leveraged Company Stock Fund (the Fund) is a fund of Fidelity Securities Fund (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, Leveraged Company Stock, 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.

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

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*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.

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 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.

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 January 31, 2026 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.

**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.

**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. These differences resulted in distribution reclassifications for the period ended July 31, 2025.

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships 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:

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| | |
|:---|:---|
| **Gross unrealized appreciation** | $1851072026 |
| **Gross unrealized depreciation** | <u>(90539817)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$1760532209</u> |
| **Tax cost** | <u>$2123846921</u> |

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The Fund elected to defer its next fiscal year $3,877,838 of ordinary losses recognized during the period January 1, 2025 to July 31, 2025.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

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

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

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Leveraged Company Stock Fund** | 584678701 | 890808143 |

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**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 management fee rate that may vary by class. 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. When determining a class's management 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 management 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.

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| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .75 |
| **Class M** | .74 |
| **Class C** | .77 |
| **Leveraged Company Stock** | .70 |
| **Class K** | .61 |
| **Class I** | .74 |
| **Class Z** | .61 |

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One-twelfth of the management 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 management 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:

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| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .70 |
| **Class M** | .70 |
| **Class C** | .70 |
| **Leveraged Company Stock** | .66 |
| **Class K** | .59 |
| **Class I** | .70 |
| **Class Z** | .59 |

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**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 758043 | 369 |
| **Class M** | .25% | .25% | 573100 | - |
| **Class C** | .75% | .25% | <u>81281</u> | <u>4033</u> |
|  |  |  | <u>1412424</u> | <u>4402</u> |

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**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:

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| | |
|:---|:---|
|  | **Retained by FDC ($)** |
| **Class A** | 7565 |
| **Class M** | 660 |
| **Class C**A | <u>110</u> |
|  | <u>8335</u> |

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*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**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:

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Leveraged Company Stock Fund** | 11222 |

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**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 Leveraged Company Stock Fund**  | Borrower | 8115125 | 3.99% | 14385 |

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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 Leveraged Company Stock Fund** | 46405040 | 113922607 | 16293967 |

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**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.

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Leveraged Company Stock Fund** | 3129 |

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**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:

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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 Leveraged Company Stock Fund** | 2891 | - | - |

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**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

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| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **January 31, 2026** | **Year ended**<br> **July 31, 2025A** |
| **Fidelity Leveraged Company Stock Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $27739085 | $16723230 |
| Class M | 10506010 | 6369794 |
| Class C | 745029 | 514151 |
| Leveraged Company Stock | 115120166 | 308869134 |
| Class K | 8402669 | 21027914 |
| Class I | 13823993 | 8339469 |
| Class Z | <u>2273790</u> | <u>1308590</u> |
| Total  | <u>$178610742</u> | <u>$363152282</u> |

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*A Distributions for Class A, Class M, Class C, Class I and Class Z are for the period October 18, 2024 (commencement of sale of shares) through July 31, 2025.*

**9. 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **January 31, 2026**  | **Year ended**<br> **July 31, 2025A** | **Six months ended** <br> **January 31, 2026**  | **Year ended**<br> **July 31, 2025A** |
| **Fidelity Leveraged Company Stock Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 264102 | 504798 | $11850708 | $19392780 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 14597554 | - | 571640793<br>|
| Reinvestment of distributions  | 597174 | 411663 | 26358579 | 15886060 |
| Shares redeemed | <u>(1023861)</u> | <u>(1914428)</u> | <u>(45937524)</u> | <u>(73829090)</u> |
| Net increase (decrease) | <u>(162585)</u> | <u>13599587</u> | <u>$(7728237)</u> | <u>$533090543</u> |
| **Class M** |  |  |  |  |
| Shares sold | 126191 | 314906 | $5648546 | $12109161 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 5710958 | - | 223583900<br>|
| Reinvestment of distributions  | 235263 | 162794 | 10359044 | 6280609 |
| Shares redeemed | <u>(434124)</u> | <u>(1041951)</u> | <u>(19415752)</u> | <u>(39752043)</u> |
| Net increase (decrease) | <u>(72670)</u> | <u>5146707</u> | <u>$(3408162)</u> | <u>$202221627</u> |
| **Class C** |  |  |  |  |
| Shares sold | 12244 | 18438 | $541465 | $709295 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 485364 | - | 19002045<br>|
| Reinvestment of distributions  | 16930 | 13202 | 742638 | 509447 |
| Shares redeemed | <u>(69888)</u> | <u>(132178)</u> | <u>(3125191)</u> | <u>(5060661)</u> |
| Net increase (decrease) | <u>(40714)</u> | <u>384826</u> | <u>$(1841088)</u> | <u>$15160126</u> |
| **Leveraged Company Stock** |  |  |  |  |
| Shares sold | 2110897 | 2819212 | $94592061 | $112289544 |
| Reinvestment of distributions  | 2446220 | 7916289 | 108476225 | 290942748 |
| Shares redeemed | <u>(7018632)</u> | <u>(15253703)</u> | <u>(313151291)</u> | <u>(581215258)</u> |
| Net increase (decrease) | <u>(2461515)</u> | <u>(4518202)</u> | <u>$(110083005)</u> | <u>$(177982966)</u> |
| **Class K** |  |  |  |  |
| Shares sold | 472437 | 872885 | $21295120 | $34859975 |
| Reinvestment of distributions  | 188230 | 568340 | 8402669 | 21027914 |
| Shares redeemed | <u>(715185)</u> | <u>(1308040)</u> | <u>(32783555)</u> | <u>(50271182)</u> |
| Net increase (decrease) | <u>(54518)</u> | <u>133185</u> | <u>$(3085766)</u> | <u>$5616707</u> |
| **Class I** |  |  |  |  |
| Shares sold | 405595 | 723022 | $18229081 | $27831489 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 7245789 | - | 283745005<br>|
| Reinvestment of distributions  | 290527 | 200470 | 12852543 | 7736154 |
| Shares redeemed | <u>(834445)</u> | <u>(1377442)</u> | <u>(37486556)</u> | <u>(52865199)</u> |
| Net increase (decrease) | <u>(138323)</u> | <u>6791839</u> | <u>$(6404932)</u> | <u>$266447449</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 123231 | 254132 | $5576933 | $9997927 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 1069229 | - | 41870977<br>|
| Reinvestment of distributions  | 42196 | 27215 | 1868528 | 1049943 |
| Shares redeemed | <u>(159617)</u> | <u>(250582)</u> | <u>(7198930)</u> | <u>(9734496)</u> |
| Net increase (decrease) | <u>5810</u> | <u>1099994</u> | <u>$246531</u> | <u>$43184351</u> |

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*A Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period October 18, 2024 (commencement of sale of shares) through July 31, 2025.*

**10. Other.**

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

**11. Risk and Uncertainties.**

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

**12. Prior Fiscal Year Reorganization Information.**

On October 25, 2024, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Leveraged Company Stock Fund ("Acquired Fund") pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees ("The Board"). The securities held by the Acquired Fund were the primary assets acquired by the Fund. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on October 18, 2024. The acquisition was accomplished by an exchange of each class of the Fund for corresponding shares then outstanding of the Acquired Fund at its respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquired Fund** | **Investments $** | **Unrealized appreciation (depreciation) $** | **Net Assets $** | **Shares Exchanged** | **Shares Exchanged Ratio** |
| **Fidelity Advisor Leveraged Company Stock Fund**<br>| 1136980523 | 431302924 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  | 571640793 | 12392531 | 1.1779315628 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class M** |  |  | 223583900 | 5274937 <br>| 1.0826590038 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  | 19002045 | 559345<br>| .8677369093 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  | 283745005 | 5788684<br>| 1.2517160368 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class Z** |  |  | 41870976 | 848244 | 1.2605209397 |

---

Pro forma results of operations of the combined entity for the entire period ended July 31, 2025, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

---

| | |
|:---|:---|
| **Net investment income (loss)** | $2010854 |
| **Total net realized gain (loss)** | 222197883 |
| **Total change in net unrealized appreciation (depreciation)** | <u>570811613</u> |
| **Net increase (decrease) in net assets resulting from operations** | <u>$795020350</u> |

---

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the Fund's Statement of Operations since October 25, 2024.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img125819_4.jpg)<br>

1.753758.126 LSF-SANN-0426

**Fidelity® Growth & Income Portfolio**

**Semi-Annual Report**

**January 31, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img125821_1.jpg)

![](img125821_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_GAI-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Growth & Income Portfolio](#Sub_Sec_Fund_127_GAI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements127_GAI-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_GAI-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_GAI-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_GAI-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_GAI-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.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Growth & Income Portfolio**

**Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 94.5%** | &nbsp;&nbsp;**Common Stocks - 94.5%** | &nbsp;&nbsp;**Common Stocks - 94.5%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 1.3%  |  |  |
| Health Care - 1.3% |  |  |
| Pharmaceuticals - 1.3% |  |  |
| UCB SA  | 631800 | 191270115 |
| CANADA - 2.2%  |  |  |
| Energy - 1.9% |  |  |
| Oil, Gas & Consumable Fuels - 1.9% |  |  |
| Imperial Oil Ltd (b) | 2614745 | 264172489 |
| South Bow Corp  | 369700 | 10501962 |
| TOTAL ENERGY |  | 274674451 |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| Brookfield Corp Class A (United States)  | 962454 | 43839780 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Altius Minerals Corp  | 78200 | 2475246 |
| TOTAL CANADA |  | 320989477 |
| FRANCE - 0.6%  |  |  |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.3% |  |  |
| Pernod Ricard SA  | 407700 | 36283701 |
| Remy Cointreau SA (b) | 79991 | 3800279 |
| TOTAL CONSUMER STAPLES |  | 40083980 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Amundi SA (f)(g) | 205900 | 18292564 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Airbus SE  | 114500 | 26214778 |
| TOTAL FRANCE |  | 84591322 |
| GERMANY - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Software - 0.7% |  |  |
| SAP SE ADR  | 481645 | 96829911 |
| ITALY - 0.2%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Davide Campari-Milano NV (b) | 3667700 | 26015489 |
| NETHERLANDS - 0.8%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.2% |  |  |
| Universal Music Group NV  | 1441600 | 35344505 |
| Information Technology - 0.6% |  |  |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| ASML Holding NV depository receipt  | 16300 | 23194900 |
| BE Semiconductor Industries NV  | 269900 | 52627821 |
| TOTAL INFORMATION TECHNOLOGY |  | 75822721 |
| TOTAL NETHERLANDS |  | 111167226 |
| SPAIN - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Cellnex Telecom SA (f)(g) | 1076100 | 33283955 |
| SWEDEN - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Machinery - 0.1% |  |  |
| Atlas Copco AB A Shares  | 1194300 | 24629091 |
| TAIWAN - 1.0%  |  |  |
| Information Technology - 1.0% |  |  |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 420400 | 138967424 |
| UNITED KINGDOM - 1.3%  |  |  |
| Consumer Staples - 1.0% |  |  |
| Beverages - 0.2% |  |  |
| Diageo PLC ADR  | 341511 | 31692221 |
| Tobacco - 0.8% |  |  |
| British American Tobacco PLC ADR  | 1819900 | 110431532 |
| TOTAL CONSUMER STAPLES |  | 142123753 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| 3i Group PLC  | 429700 | 19740041 |
| Industrials - 0.2% |  |  |
| Professional Services - 0.2% |  |  |
| RELX PLC  | 934739 | 33138385 |
| TOTAL UNITED KINGDOM |  | 195002179 |
| UNITED STATES - 85.7%  |  |  |
| Communication Services - 5.2% |  |  |
| Diversified Telecommunication Services - 1.0% |  |  |
| Comcast Corp Class A  | 4295670 | 127796183 |
| Verizon Communications Inc  | 418583 | 18635315 |
|  |  | 146431498 |
| Entertainment - 0.4% |  |  |
| Walt Disney Co/The  | 448990 | 50646072 |
| Interactive Media & Services - 3.8% |  |  |
| Alphabet Inc Class A  | 662900 | 224060200 |
| Alphabet Inc Class C  | 585640 | 198256709 |
| Meta Platforms Inc Class A  | 178900 | 128181850 |
|  |  | 550498759 |
| Media - 0.0% |  |  |
| Versant Media Group Inc Class A  | 171826 | 5598091 |
| TOTAL COMMUNICATION SERVICES |  | 753174420 |
| Consumer Discretionary - 2.7% |  |  |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Churchill Downs Inc  | 59900 | 5891764 |
| Domino's Pizza Inc  | 91500 | 37545195 |
| Marriott International Inc/MD Class A1  | 72923 | 22992622 |
| Starbucks Corp  | 388460 | 35718897 |
|  |  | 102148478 |
| Household Durables - 0.8% |  |  |
| DR Horton Inc  | 79000 | 11758360 |
| Somnigroup International Inc  | 829455 | 72867622 |
| Whirlpool Corp (b) | 337894 | 27028141 |
|  |  | 111654123 |
| Specialty Retail - 1.1% |  |  |
| Home Depot Inc/The  | 103300 | 38695147 |
| Lowe's Cos Inc  | 447071 | 119394781 |
|  |  | 158089928 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| NIKE Inc Class B  | 391000 | 24167710 |
| TOTAL CONSUMER DISCRETIONARY |  | 396060239 |
| Consumer Staples - 4.9% |  |  |
| Beverages - 2.0% |  |  |
| Brown-Forman Corp Class B (b) | 1056500 | 28916405 |
| Coca-Cola Co/The  | 1825794 | 136587649 |
| Keurig Dr Pepper Inc  | 4056600 | 111313104 |
| PepsiCo Inc  | 23900 | 3671757 |
|  |  | 280488915 |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| Sysco Corp  | 349536 | 29308594 |
| Target Corp  | 559500 | 59010465 |
|  |  | 88319059 |
| Food Products - 0.1% |  |  |
| Lamb Weston Holdings Inc  | 191800 | 8809374 |
| Mondelez International Inc  | 162700 | 9513069 |
|  |  | 18322443 |
| Household Products - 0.3% |  |  |
| Colgate-Palmolive Co  | 69100 | 6239039 |
| Procter & Gamble Co/The  | 222100 | 33708117 |
| Reynolds Consumer Products Inc  | 97500 | 2259075 |
|  |  | 42206231 |
| Personal Care Products - 1.2% |  |  |
| Estee Lauder Cos Inc/The Class A  | 443600 | 51138208 |
| Kenvue Inc  | 7338415 | 127688421 |
|  |  | 178826629 |
| Tobacco - 0.7% |  |  |
| Philip Morris International Inc  | 538100 | 96556664 |
| TOTAL CONSUMER STAPLES |  | 704719941 |
| Energy - 8.5% |  |  |
| Oil, Gas & Consumable Fuels - 8.5% |  |  |
| Chevron Corp  | 408400 | 72245960 |
| ConocoPhillips  | 473800 | 49384174 |
| Exxon Mobil Corp (d) | 5477063 | 774456708 |
| Murphy Oil Corp  | 624800 | 18800232 |
| Shell PLC ADR  | 4114900 | 316970747 |
| TOTAL ENERGY |  | 1231857821 |
| Financials - 16.8% |  |  |
| Banks - 11.5% |  |  |
| Bank of America Corp  | 8134778 | 432770190 |
| M&T Bank Corp  | 431594 | 95628283 |
| PNC Financial Services Group Inc/The  | 845617 | 188826276 |
| Truist Financial Corp  | 684900 | 35217558 |
| US Bancorp  | 302367 | 16965812 |
| Wells Fargo & Co  | 9712841 | 878914982 |
|  |  | 1648323101 |
| Capital Markets - 1.8% |  |  |
| Blue Owl Capital Inc Class A  | 3180800 | 43386112 |
| Charles Schwab Corp/The  | 246000 | 25564320 |
| Intercontinental Exchange Inc  | 166900 | 29003882 |
| KKR & Co Inc Class A  | 703265 | 80355059 |
| Moody's Corp  | 26600 | 13713896 |
| MSCI Inc  | 2100 | 1279362 |
| Northern Trust Corp  | 301577 | 45064651 |
| Raymond James Financial Inc  | 135020 | 22394417 |
|  |  | 260761699 |
| Financial Services - 2.1% |  |  |
| Apollo Global Management Inc  | 233900 | 31468906 |
| Mastercard Inc Class A  | 74067 | 39906559 |
| UWM Holdings Corp Class A  | 4216900 | 20704979 |
| Visa Inc Class A  | 665015 | 214021777 |
|  |  | 306102221 |
| Insurance - 1.4% |  |  |
| Arthur J Gallagher & Co  | 223200 | 55659384 |
| Brown & Brown Inc  | 958300 | 69093430 |
| Chubb Ltd  | 99156 | 30694731 |
| Marsh & McLennan Cos Inc  | 173336 | 32620102 |
| Travelers Companies Inc/The  | 56427 | 16054046 |
|  |  | 204121693 |
| TOTAL FINANCIALS |  | 2419308714 |
| Health Care - 9.1% |  |  |
| Biotechnology - 0.0% |  |  |
| Gilead Sciences Inc  | 89900 | 12761305 |
| Health Care Equipment & Supplies - 1.9% |  |  |
| Abbott Laboratories  | 333400 | 36440620 |
| Alcon AG (United States) (b) | 636800 | 51568064 |
| Baxter International Inc  | 3229100 | 64808037 |
| Becton Dickinson & Co  | 151604 | 30848382 |
| Boston Scientific Corp (c) | 988542 | 92458333 |
|  |  | 276123436 |
| Health Care Providers & Services - 2.5% |  |  |
| Cardinal Health Inc  | 112711 | 24219340 |
| Cigna Group/The  | 349254 | 95734014 |
| Humana Inc  | 179900 | 35116480 |
| McKesson Corp  | 63467 | 52754405 |
| UnitedHealth Group Inc  | 543187 | 155856646 |
|  |  | 363680885 |
| Life Sciences Tools & Services - 1.1% |  |  |
| Bruker Corp (d) | 697394 | 30887580 |
| Danaher Corp  | 311803 | 68250559 |
| Thermo Fisher Scientific Inc  | 90800 | 52537788 |
|  |  | 151675927 |
| Pharmaceuticals - 3.6% |  |  |
| Eli Lilly & Co (d) | 72548 | 75243158 |
| GSK PLC ADR  | 3345875 | 172647151 |
| Haleon PLC ADR (b) | 9523020 | 99706019 |
| Johnson & Johnson  | 344241 | 78228767 |
| Merck & Co Inc  | 581200 | 64088924 |
| Royalty Pharma PLC Class A  | 608500 | 25362280 |
| Zoetis Inc Class A  | 15400 | 1922228 |
|  |  | 517198527 |
| TOTAL HEALTH CARE |  | 1321440080 |
| Industrials - 16.5% |  |  |
| Aerospace & Defense - 7.9% |  |  |
| Boeing Co (c) | 1554530 | 363324752 |
| GE Aerospace (d) | 1948747 | 597856093 |
| General Dynamics Corp  | 165561 | 58126811 |
| Howmet Aerospace Inc  | 77450 | 16115796 |
| Huntington Ingalls Industries Inc (d) | 155984 | 65592832 |
| RTX Corp  | 37200 | 7474596 |
| Textron Inc  | 312400 | 27509944 |
|  |  | 1136000824 |
| Air Freight & Logistics - 1.3% |  |  |
| United Parcel Service Inc Class B  | 1779178 | 188984287 |
| Building Products - 0.5% |  |  |
| A O Smith Corp  | 740100 | 54389949 |
| AAON Inc (b) | 125092 | 11390878 |
|  |  | 65780827 |
| Commercial Services & Supplies - 0.0% |  |  |
| Veralto Corp  | 89934 | 8901667 |
| Electrical Equipment - 3.7% |  |  |
| AMETEK Inc  | 40000 | 8959200 |
| Emerson Electric Co  | 57900 | 8508984 |
| GE Vernova Inc (d) | 710144 | 515827297 |
|  |  | 533295481 |
| Ground Transportation - 0.0% |  |  |
| Knight-Swift Transportation Holdings Inc  | 144409 | 7956936 |
| Machinery - 2.0% |  |  |
| Allison Transmission Holdings Inc  | 284800 | 30957760 |
| Cummins Inc  | 52876 | 30605686 |
| Deere & Co  | 29400 | 15523200 |
| Donaldson Co Inc  | 827412 | 84346380 |
| Nordson Corp  | 160127 | 43959665 |
| Otis Worldwide Corp  | 222938 | 19043364 |
| Stanley Black & Decker Inc  | 100228 | 7883934 |
| Westinghouse Air Brake Technologies Corp  | 222100 | 51114094 |
|  |  | 283434083 |
| Professional Services - 0.3% |  |  |
| Equifax Inc  | 135100 | 27209140 |
| TransUnion  | 207000 | 16357140 |
|  |  | 43566280 |
| Trading Companies & Distributors - 0.8% |  |  |
| Watsco Inc (b) | 222214 | 85874600 |
| Wesco International Inc  | 99400 | 28769342 |
|  |  | 114643942 |
| TOTAL INDUSTRIALS |  | 2382564327 |
| Information Technology - 18.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| CDW Corp/DE  | 37464 | 4735074 |
| IT Services - 0.2% |  |  |
| Amdocs Ltd  | 303400 | 24860596 |
| Semiconductors & Semiconductor Equipment - 8.5% |  |  |
| Analog Devices Inc (d) | 58808 | 18282231 |
| Applied Materials Inc  | 138795 | 44736404 |
| Broadcom Inc  | 837600 | 277496880 |
| Lam Research Corp  | 341000 | 79609860 |
| Marvell Technology Inc  | 1104968 | 87204075 |
| Micron Technology Inc (d) | 262300 | 108823024 |
| NVIDIA Corp  | 3054400 | 583787472 |
| Teradyne Inc  | 59200 | 14270160 |
|  |  | 1214210106 |
| Software - 6.2% |  |  |
| Intuit Inc  | 65900 | 32878828 |
| Microsoft Corp  | 1990765 | 856606272 |
|  |  | 889485100 |
| Technology Hardware, Storage & Peripherals - 3.5% |  |  |
| Apple Inc  | 1581094 | 410262271 |
| GPGI Inc (e) | 2511929 | 59206167 |
| GPGI Inc Class A (c) | 85800 | 2022306 |
| Seagate Technology Holdings PLC  | 85900 | 35020571 |
|  |  | 506511315 |
| TOTAL INFORMATION TECHNOLOGY |  | 2639802191 |
| Materials - 0.7% |  |  |
| Chemicals - 0.7% |  |  |
| Air Products and Chemicals Inc  | 57700 | 15723250 |
| Dow Inc  | 220100 | 6063755 |
| LyondellBasell Industries NV Class A1  | 401800 | 19688200 |
| Mosaic Co/The  | 1610800 | 44297000 |
| PPG Industries Inc  | 60322 | 6975033 |
| Scotts Miracle-Gro Co/The  | 152600 | 9799972 |
| Sherwin-Williams Co/The  | 16000 | 5674240 |
| TOTAL MATERIALS |  | 108221450 |
| Real Estate - 0.8% |  |  |
| Health Care REITs - 0.0% |  |  |
| Ventas Inc  | 109800 | 8528166 |
| Industrial REITs - 0.0% |  |  |
| Terreno Realty Corp  | 100300 | 6172462 |
| Residential REITs - 0.3% |  |  |
| Camden Property Trust  | 121400 | 13238670 |
| Sun Communities Inc  | 181700 | 23154031 |
|  |  | 36392701 |
| Specialized REITs - 0.5% |  |  |
| American Tower Corp  | 365878 | 65594608 |
| Public Storage  | 2600 | 718094 |
|  |  | 66312702 |
| TOTAL REAL ESTATE |  | 117406031 |
| Utilities - 2.1% |  |  |
| Electric Utilities - 1.9% |  |  |
| Constellation Energy Corp  | 16513 | 4634869 |
| Duke Energy Corp  | 213721 | 25935043 |
| Edison International  | 300500 | 18715140 |
| Entergy Corp  | 316526 | 30351678 |
| Eversource Energy  | 366600 | 25343058 |
| Exelon Corp  | 174240 | 7802467 |
| FirstEnergy Corp  | 140000 | 6627600 |
| NextEra Energy Inc  | 60000 | 5274000 |
| PG&E Corp  | 301400 | 4647588 |
| Southern Co/The  | 1635566 | 146072400 |
|  |  | 275403843 |
| Multi-Utilities - 0.2% |  |  |
| Sempra  | 265092 | 23065655 |
| TOTAL UTILITIES |  | 298469498 |
| TOTAL UNITED STATES |  | 12373024712 |
| ZAMBIA - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| First Quantum Minerals Ltd (c) | 2170400 | 61351078 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $7,168,665,806) |  | <br> **13657121979** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 2.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.0%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 2.0%  |  |  |
| Health Care - 0.3% |  |  |
| Life Sciences Tools & Services - 0.3% |  |  |
| Bruker Corp 6.375% Series A  | 133100 | 46012670 |
| Industrials - 1.7% |  |  |
| Aerospace & Defense - 1.7% |  |  |
| Boeing Co Series A, 6%  | 3211000 | 239665267 |
| TOTAL UNITED STATES |  | 285677937 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $211,686,731) |  | <br> **285677937** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** |
|  | Yield (%) (h) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 2/26/2026 (d)<br>(Cost $27,883,290)<br>| 3.67 | 27954000 | **27886569** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.8%** | &nbsp;&nbsp;**Money Market Funds - 4.8%** | &nbsp;&nbsp;**Money Market Funds - 4.8%** | &nbsp;&nbsp;**Money Market Funds - 4.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 3.70 | 485953644 | 486050835 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 3.70 | 210333559 | 210354592 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $696,423,055) |  |  | **696405427** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.5%**<br> (Cost $8,104,658,882)<br>| <br>**14667091912** |
| **NET OTHER ASSETS (LIABILITIES) - (1.5)%**  | **(221833262)** |
| **NET ASSETS - 100.0%** | **14445258650** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** | **Written Options** |
|  | Counterparty | Number<br> of Contracts | Notional<br> Amount ($) | Exercise<br> Price ($) | Expiration<br> Date | Value ($) |
| Call Options |  |  |  |  |  |  |
| Analog Devices Inc | Chicago Board Options Exchange | 419 | 13025872 | 330.00 | 3/2026 | (347770) |
| Bruker Corp | Chicago Board Options Exchange | 673 | 2980717 | 60.00 | 3/2026 | (28603) |
| Bruker Corp | Chicago Board Options Exchange | 673 | 2980717 | 57.50 | 3/2026 | (30285) |
| Bruker Corp | Chicago Board Options Exchange | 673 | 2980717 | 55.00 | 3/2026 | (38698) |
| Eli Lilly & Co | Chicago Board Options Exchange | 84 | 8712060 | 1130.00 | 2/2026 | (111720) |
| Exxon Mobil Corp | Chicago Board Options Exchange | 2686 | 37980040 | 150.00 | 3/2026 | (538543) |
| GE Aerospace | Chicago Board Options Exchange | 740 | 22702460 | 370.00 | 3/2026 | (33300) |
| GE Vernova Inc | Chicago Board Options Exchange | 336 | 24406032 | 800.00 | 4/2026 | (1218000) |
| GE Vernova Inc | Chicago Board Options Exchange | 333 | 24188121 | 750.00 | 2/2026 | (724275) |
| GE Vernova Inc | Chicago Board Options Exchange | 333 | 24188121 | 700.00 | 2/2026 | (1568430) |
| GE Vernova Inc | Chicago Board Options Exchange | 333 | 24188121 | 740.00 | 2/2026 | (844155) |
| GE Vernova Inc | Chicago Board Options Exchange | 336 | 24406032 | 780.00 | 3/2026 | (955920) |
| Huntington Ingalls Industries Inc | Chicago Board Options Exchange | 84 | 3532284 | 450.00 | 2/2026 | (76440) |
| Huntington Ingalls Industries Inc | Chicago Board Options Exchange | 252 | 10596852 | 410.00 | 3/2026 | (753480) |
| Huntington Ingalls Industries Inc | Chicago Board Options Exchange | 84 | 3532284 | 450.00 | 3/2026 | (115080) |
| Micron Technology Inc | Chicago Board Options Exchange | 251 | 10413488 | 360.00 | 3/2026 | (1967213) |
| Micron Technology Inc | Chicago Board Options Exchange | 251 | 10413488 | 370.00 | 3/2026 | (1800298) |
| Micron Technology Inc | Chicago Board Options Exchange | 252 | 10454976 | 390.00 | 3/2026 | (1512000) |
|  |  |  |  |  |  | (12664210) |
| Put Options |  |  |  |  |  |  |
| GE Vernova Inc | Chicago Board Options Exchange | 560 | 40676720 | 480.00 | 2/2026 | (14000) |
|  |  |  |  |  |  | (14000) |
| **TOTAL WRITTEN OPTIONS** |  |  |  |  |  | **(12678210)** |

---

**Legend**

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

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

(c) Non-income producing.

(d) Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $271,386,916.

(e) 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 $59,206,167 or 0.4% of net assets.

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $51,576,519 or 0.4% of net assets.

(g) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $51,576,519 or 0.4% of net assets.

(h) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| GPGI Inc | 11/3/2025 | 46470687 |

---

**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 | 365507807 | 1047660579 | 927091778 | 8539004 | (8145) | (17628) | 486050835 | 485953644 | 0.8% |
| Fidelity Securities Lending Cash Central Fund | 226453130 | 629607094 | 645715260 | 371910 | 9628 | - | 210354592 | 210333559 | 0.7% |
| Total | 591960937 | 1677267673 | 1572807038 | 8910914 | 1483 | (17628) | 696405427 |  |  |

---

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 January 31, 2026, 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 | 821802880 | 753174420 | 68628460 | - |
| Consumer Discretionary | 396060239 | 396060239 | - | - |
| Consumer Staples | 912943163 | 912943163 | - | - |
| Energy | 1506532272 | 1506532272 | - | - |
| Financials | 2501181099 | 2481441058 | 19740041 | - |
| Health Care | 1512710195 | 1512710195 | - | - |
| Industrials | 2466546581 | 2382564327 | 83982254 | - |
| Information Technology | 2951422247 | 2951422247 | - | - |
| Materials | 172047774 | 172047774 | - | - |
| Real Estate | 117406031 | 117406031 | - | - |
| Utilities | 298469498 | 298469498 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 46012670 | - | 46012670 | - |
| Industrials | 239665267 | - | 239665267 | - |
|  **U.S. Treasury Obligations** | 27886569 | - | 27886569 | - |
|  **Money Market Funds** | 696405427 | 696405427 | - | - |
| **Total Investments in Securities:** | 14667091912 | 14181176651 | 485915261 | - |
| **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Written Options | (12678210) | (12678210) | - | - |
| Total Liabilities | (12678210) | (12678210) | - | - |
| **Total Derivative Instruments:** | (12678210) | (12678210) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Written Options (a)  | - | (12678210) |
| **Total Equity Risk**  | - | (12678210) |
| **Total Value of Derivatives** | - | (12678210) |

---

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

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $200,760,339) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $7,408,235,827) | $13970686485 |  |
| Fidelity Central Funds (cost $696,423,055) | 696405427 |  |
| Total Investment in Securities (cost $8,104,658,882) |  | $14667091912 |
| Foreign currency held at value (cost $238) |  | 235 |
| Receivable for investments sold |  | 29021030 |
| Receivable for fund shares sold |  | 4623924 |
| Dividends receivable |  | 10320632 |
| Distributions receivable from Fidelity Central Funds |  | 1500451 |
| Prepaid expenses |  | 8455 |
| Receivable from investment adviser for expense reductions |  | 13904 |
| Other receivables |  | 61012 |
| **Total assets** |  | 14712641555 |
| **Liabilities** |  |  |
| Payable to custodian bank | $497652 |  |
| Payable for investments purchased  | 30166953 |  |
| Payable for fund shares redeemed | 7027129 |  |
| Accrued management fee | 6053088 |  |
| Distribution and service plan fees payable | 316005 |  |
| Written options, at value (premium received $9,077,725) | 12678210 |  |
| Other payables and accrued expenses | 298903 |  |
| Collateral on securities loaned | 210344965 |  |
| **Total liabilities** |  | 267382905 |
| **Net Assets**  |  | $14445258650 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $7764935542 |
| Total accumulated earnings (loss) |  | 6680323108 |
| **Net Assets** |  | $14445258650 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($733,021,504 ÷ 10,442,439 shares)(a) |  | $70.20 |
| Maximum offering price per share (100/94.25 of $70.20) |  | $74.48 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($246,334,238 ÷ 3,510,215 shares)(a) |  | $70.18 |
| Maximum offering price per share (100/96.50 of $70.18) |  | $72.73 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($74,394,337 ÷ 1,061,228 shares)(a) |  | $70.10 |
| **Growth and Income :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($11,260,516,810 ÷ 160,320,318 shares) |  | $70.24 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,643,184,881 ÷ 23,424,142 shares) |  | $70.15 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($278,488,760 ÷ 3,965,298 shares) |  | $70.23 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($209,318,120 ÷ 2,980,786 shares) |  | $70.22 |
| *(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 January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $112188804 |
| Interest  |  | 170331 |
| Income from Fidelity Central Funds (including $371,910 from security lending)  |  | 8910914 |
| **Total income** |  | 121270049 |
| **Expenses** |  |  |
| Management fee | $33774480 |  |
| Distribution and service plan fees | 1818546 |  |
| Custodian fees and expenses | 250583 |  |
| Independent trustees' fees and expenses | 26225 |  |
| Registration fees | 129033 |  |
| Audit fees | 75700 |  |
| Legal | 15484 |  |
| Miscellaneous | 20773 |  |
| Total expenses before reductions | 36110824 |  |
| Expense reductions | (52732) |  |
| Total expenses after reductions |  | 36058092 |
| **Net Investment income (loss)** |  | 85211957 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 391440024 |  |
| Fidelity Central Funds | 1483 |  |
| Foreign currency transactions | (27094) |  |
| Written options | 10178308 |  |
| Total net realized gain (loss) |  | 401592721 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 884780784 |  |
| Fidelity Central Funds  | (17628) |  |
| Assets and liabilities in foreign currencies | 69840 |  |
| Written options | (1064380) |  |
| Total change in net unrealized appreciation (depreciation) |  | 883768616 |
| **Net gain (loss)** |  | 1285361337 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1370573294 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $85211957 | $152681526 |
| &nbsp;&nbsp;Net realized gain (loss) | 401592721<br>| 1095465819<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 883768616 | 753846006<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1370573294<br>| 2001993351<br>|
| Distributions to shareholders | (1180984034)<br>| (728201156)<br>|
| Share transactions - net increase (decrease) | 1657104320<br>| 567743618<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1846693580<br>| 1841535813<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 12598565070 | 10757029257<br>|
| &nbsp;&nbsp;End of period | $14445258650 | $12598565070 |

---

**Financial Highlights** 

**Fidelity Advisor® Growth & Income Fund Class A**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $69.46 | $62.51 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .35  | .24  |
| Net realized and unrealized gain (loss)  | 6.56  | 7.08  |
| Total from investment operations  | 6.91  | 7.32  |
| Distributions from net investment income  | (.45)  | (.36)  |
| Distributions from net realized gain  | (5.72)  | - D |
| Total distributions  | (6.17)  | (.37) E |
| Net asset value, end of period  | $70.20 | $69.46 |
| **Total Return** F,G,H | 10.54% <br>| 11.78%  |
| **Ratios to Average Net Assets** C,I,J |  |  |
| Expenses before reductions  | .81% K | .82% K |
| Expenses net of fee waivers, if any  | .81% K<br>| .82% K |
| Expenses net of all reductions, if any  | .81% K | .82% K |
| Net investment income (loss)  | 1.01% K | 1.04% K |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $733022 | $668894 |
| Portfolio turnover rate L | 18% K<br>| 15% M |

---

A*For the period March 20, 2025 (commencement of sale of shares) through July 31, 2025.*

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

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

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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Growth & Income Fund Class M**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $69.44 | $62.51 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .26  | .18  |
| Net realized and unrealized gain (loss)  | 6.56  | 7.08  |
| Total from investment operations  | 6.82  | 7.26  |
| Distributions from net investment income  | (.36)  | (.33)  |
| Distributions from net realized gain  | (5.72)  | - D |
| Total distributions  | (6.08)  | (.33)  |
| Net asset value, end of period  | $70.18 | $69.44 |
| **Total Return** E,F,G | 10.40% <br>| 11.69%  |
| **Ratios to Average Net Assets** C,H,I |  |  |
| Expenses before reductions  | 1.06% J | 1.07% J |
| Expenses net of fee waivers, if any  | 1.06% J<br>| 1.07% J |
| Expenses net of all reductions, if any  | 1.06% J | 1.07% J |
| Net investment income (loss)  | .76% J | .79% J |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $246334 | $232932 |
| Portfolio turnover rate K | 18% J<br>| 15% L |

---

A*For the period March 20, 2025 (commencement of sale of shares) through July 31, 2025.*

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

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

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

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

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

I*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 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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Growth & Income Fund Class C**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $69.38 | $62.51 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .09  | .07  |
| Net realized and unrealized gain (loss)  | 6.54  | 7.06  |
| Total from investment operations  | 6.63  | 7.13  |
| Distributions from net investment income  | (.20)  | (.26)  |
| Distributions from net realized gain  | (5.72)  | - D |
| Total distributions  | (5.91) E | (.26)  |
| Net asset value, end of period  | $70.10 | $69.38 |
| **Total Return** F,G,H | 10.12% <br>| 11.48%  |
| **Ratios to Average Net Assets** B,I,J |  |  |
| Expenses before reductions  | 1.56% K | 1.57% K |
| Expenses net of fee waivers, if any  | 1.56% K<br>| 1.57% K |
| Expenses net of all reductions, if any  | 1.56% K | 1.57% K |
| Net investment income (loss)  | .26% K | .28% K |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $74394 | $67497 |
| Portfolio turnover rate L | 18% K<br>| 15% M |

---

A*For the period March 20, 2025 (commencement of sale of shares) through July 31, 2025.*

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

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

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

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

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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity® Growth & Income Portfolio** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $69.50 | $62.78 | $54.20 | $48.92 | $51.87 | $38.15 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .45  | .87  | .85  | .84  | .76  | .78  |
| Net realized and unrealized gain (loss)  | 6.56  | 10.05  | 9.84  | 6.13  | (.61)  | 14.49  |
| Total from investment operations  | 7.01  | 10.92  | 10.69  | 6.97  | .15  | 15.27  |
| Distributions from net investment income  | (.55)  | (.88)  | (.84)  | (.86)  | (1.06)  | (.79)  |
| Distributions from net realized gain  | (5.72)  | (3.32)  | (1.27)  | (.83)  | (2.05)  | (.75)  |
| Total distributions  | (6.27)  | (4.20)  | (2.11)  | (1.69)  | (3.10) C | (1.55) C |
| Net asset value, end of period  | $70.24 | $69.50 | $62.78 | $54.20 | $48.92 | $51.87 |
| **Total Return** D,E | 10.69% <br>| 18.36%  | 20.41%  | 14.77%  | .26%  | 41.01%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .52% H | .53%  | .56%  | .58%  | .57%  | .58%  |
| Expenses net of fee waivers, if any  | .52% H<br>| .53%  | .56%  | .58%  | .57%  | .58%  |
| Expenses net of all reductions, if any  | .52% H | .53%  | .56%  | .58%  | .57%  | .58%  |
| Net investment income (loss)  | 1.31% H | 1.36%  | 1.52%  | 1.71%  | 1.51%  | 1.71%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $11260517 | $10506100 | $9390438 | $8277107 | $7360433 | $7218934 |
| Portfolio turnover rate I | 18% H<br>| 15% J | 19%  | 13%  | 12%  | 16%  |

---

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

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

C*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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity® Growth & Income Portfolio Class K**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $69.46 | $62.71 | $54.14 | $48.86 | $51.82 | $38.11 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .47  | .91  | .90  | .89  | .81  | .81  |
| Net realized and unrealized gain (loss)  | 6.56  | 10.06  | 9.83  | 6.13  | (.62)  | 14.48  |
| Total from investment operations  | 7.03  | 10.97  | 10.73  | 7.02  | .19  | 15.29  |
| Distributions from net investment income  | (.62)  | (.89)  | (.89)  | (.91)  | (1.10)  | (.83)  |
| Distributions from net realized gain  | (5.72)  | (3.32)  | (1.27)  | (.83)  | (2.05)  | (.75)  |
| Total distributions  | (6.34)  | (4.22) C | (2.16)  | (1.74)  | (3.15)  | (1.58)  |
| Net asset value, end of period  | $70.15 | $69.46 | $62.71 | $54.14 | $48.86 | $51.82 |
| **Total Return** D,E | 10.73% <br>| 18.46%  | 20.52%  | 14.89%  | .33%  | 41.15%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .45% H | .46%  | .47%  | .49%  | .49%  | .49%  |
| Expenses net of fee waivers, if any  | .45% H<br>| .46%  | .47%  | .48%  | .48%  | .49%  |
| Expenses net of all reductions, if any  | .45% H | .45%  | .47%  | .48%  | .48%  | .49%  |
| Net investment income (loss)  | 1.38% H | 1.43%  | 1.61%  | 1.80%  | 1.60%  | 1.80%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1643185 | $687569 | $1366591 | $1079945 | $323298 | $850210 |
| Portfolio turnover rate I | 18% H<br>| 15% J | 19%  | 13%  | 12%  | 16%  |

---

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

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

C*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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Growth & Income Fund Class I**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $69.50 | $62.51 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .43  | .30  |
| Net realized and unrealized gain (loss)  | 6.56  | 7.09  |
| Total from investment operations  | 6.99  | 7.39  |
| Distributions from net investment income  | (.54)  | (.40)  |
| Distributions from net realized gain  | (5.72)  | - D |
| Total distributions  | (6.26)  | (.40)  |
| Net asset value, end of period  | $70.23 | $69.50 |
| **Total Return** E,F | 10.66% <br>| 11.90%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | .56% I | .57% I |
| Expenses net of fee waivers, if any  | .56% I<br>| .57% I |
| Expenses net of all reductions, if any  | .56% I | .57% I |
| Net investment income (loss)  | 1.26% I | 1.29% I |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $278489 | $248605 |
| Portfolio turnover rate J | 18% I<br>| 15% K |

---

A*For the period March 20, 2025 (commencement of sale of shares) through July 31, 2025.*

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

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

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

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

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

I*Annualized.*

J*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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Growth & Income Fund Class Z**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $69.49 | $62.51 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .47  | .32  |
| Net realized and unrealized gain (loss)  | 6.56  | 7.08  |
| Total from investment operations  | 7.03  | 7.40  |
| Distributions from net investment income  | (.58)  | (.42)  |
| Distributions from net realized gain  | (5.72)  | - D |
| Total distributions  | (6.30)  | (.42)  |
| Net asset value, end of period  | $70.22 | $69.49 |
| **Total Return** E,F | 10.73% <br>| 11.92%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | .45% I | .46% I |
| Expenses net of fee waivers, if any  | .45% I<br>| .45% I |
| Expenses net of all reductions, if any  | .44% I | .45% I |
| Net investment income (loss)  | 1.38% I | 1.39% I |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $209318 | $186970 |
| Portfolio turnover rate J | 18% I<br>| 15% K |

---

A*For the period March 20, 2025 (commencement of sale of shares) through July 31, 2025.*

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

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

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

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

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

I*Annualized.*

J*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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

For the period ended January 31, 2026

**1. Organization.**

Fidelity Growth & Income Portfolio (the Fund) is a fund of Fidelity Securities Fund (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 & Income Portfolio, 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.

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. Preferred securities and U.S. government and government agency obligations 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.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

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 January 31, 2026 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.

**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.

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

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

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

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

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** | $6835885679 |
| **Gross unrealized depreciation** | <u>(286851284)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$6549034395</u> |
| **Tax cost** | <u>$8114457032</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.

**4. Derivative Instruments.**

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

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

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

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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 Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

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

Upon entering into an options contract, a fund will pay or receive a premium. Premiums paid on purchased options are reflected as cost of investments and premiums received on written options are reflected as a liability on the Statement of Assets and Liabilities. Certain options may be purchased or written with premiums to be paid or received on a future date. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When an option is exercised, the cost or proceeds of the underlying instrument purchased or sold is adjusted by the amount of the premium. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction is greater or less than the premium received or paid. When an option expires, gains and losses are realized to the extent of premiums received and paid, respectively. The net realized and unrealized gains (losses) on purchased options are included in the Statement of Operations in net realized gain (loss) and change in net unrealized appreciation (depreciation) on investment securities. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

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

Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Growth & Income Portfolio** | 1612962908 | 1158315303 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

The Fund's management contract incorporates a management fee rate that may vary by class. 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. When determining a class's management 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 management 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** | .60 |
| **Class M** | .59 |
| **Class C** | .61 |
| **Growth and Income** | .54 |
| **Class K** | .45 |
| **Class I** | .61 |
| **Class Z** | .45 |

---

One-twelfth of the management 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 management 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** | .55 |
| **Class M** | .55 |
| **Class C** | .55 |
| **Growth and Income** | .51 |
| **Class K** | .44 |
| **Class I** | .55 |
| **Class Z** | .44 |

---

**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% | 870028 | 13209 |
| **Class M** | .25% | .25% | 594019 | 594 |
| **Class C** | .75% | .25% | <u>354499</u> | <u>57185</u> |
|  |  |  | <u>1818546</u> | <u>70988</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** | 93844 |
| **Class M** | 6527 |
| **Class C**A | <u>354</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>100725</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**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 & Income Portfolio** | $60625 |

---

**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 & Income Portfolio** | 26198 |

---

**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 & Income Portfolio** | 72839748 | 78031515 | 38435207 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Growth & Income Portfolio** | 10488 |

---

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Growth & Income Portfolio** | 40415 | 2074 | - |

---

**9. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $46,441.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $6,291.

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **January 31, 2026** | **Year ended**<br> **July 31, 2025A** |
| **Fidelity Growth & Income Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $60448172 | $3520397 |
| Class M | 20392373 | 1115703 |
| Class C | 5884973 | 256334 |
| Growth and Income | 954609663 | 631747017 |
| Class K | 98245073 | 89048772 |
| Class I | 23614417 | 1489563 |
| Class Z | <u>17789363</u> | <u>1023370</u> |
| Total  | <u>$1180984034</u> | <u>$728201156</u> |

---

*A Distributions for Class A, Class M, Class C, Class I and Class Z are for the period March 20, 2025 (commencement of sale of shares) through July 31, 2025.*

**11. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **January 31, 2026**  | **Year ended**<br> **July 31, 2025A** | **Six months ended** <br> **January 31, 2026**  | **Year ended**<br> **July 31, 2025A** |
| **Fidelity Growth & Income Portfolio** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 596064 | 437926 | $40935740 | $28088010 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 9556781 | - | 586499971 |
| Reinvestment of distributions  | 869360 | 55050 | 58266100 | 3386803 |
| Shares redeemed | <u>(652770)</u> | <u>(419972)</u> | <u>(44677335)</u> | <u>(26604761)</u> |
| Net increase (decrease) | <u>812654</u> | <u>9629785</u> | <u>$54524505</u> | <u>$591370023</u> |
| **Class M** |  |  |  |  |
| Shares sold | 111271 | 117610 | $7619353 | $7341688 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 3353383 | - | 205797269 |
| Reinvestment of distributions  | 298422 | 18035 | 19983645 | 1094526 |
| Shares redeemed | <u>(253900)</u> | <u>(134606)</u> | <u>(17364870)</u> | <u>(8504158)</u> |
| Net increase (decrease) | <u>155793</u> | <u>3354422</u> | <u>$10238128</u> | <u>$205729325</u> |
| **Class C** |  |  |  |  |
| Shares sold | 124165 | 78012 | $8486819 | $5030571 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 985180 | - | 60450580<br>|
| Reinvestment of distributions  | 83718 | 4090 | 5596359 | 240625 |
| Shares redeemed | <u>(119497)</u> | <u>(94440)</u> | <u>(8176800)</u> | <u>(5895471)</u> |
| Net increase (decrease) | <u>88386</u> | <u>972842</u> | <u>$5906378</u> | <u>$59826305</u> |
| **Growth and Income** |  |  |  |  |
| Shares sold | 5636168 | 11304041 | $387626939 | $719735117 |
| Reinvestment of distributions  | 13054194 | 9353428 | 875754009 | 580207770 |
| Shares redeemed | <u>(9546179)</u> | <u>(19061067)</u> | <u>(654819901)</u> | <u>(1205234270)</u> |
| Net increase (decrease) | <u>9144183</u> | <u>1596402</u> | <u>$608561047</u> | <u>$94708617</u> |
| **Class K** |  |  |  |  |
| Shares sold | 13148393 | 2660510 | $908630968 | $169715018 |
| Reinvestment of distributions  | 1460462 | 1438734 | 98245073 | 89048772 |
| Shares redeemed | <u>(1083595)</u> | <u>(15991869)</u> | <u>(74403811)</u> | <u>(1027556696)</u> |
| Net increase (decrease) | <u>13525260</u> | <u>(11892625)</u> | <u>$932472230</u> | <u>$(768792906)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 729433 | 276945 | $50040028 | $17659752 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 3856664 | - | 236722041 |
| Reinvestment of distributions  | 327762 | 22699 | 21994041 | 1404015 |
| Shares redeemed | <u>(669188)</u> | <u>(579017)</u> | <u>(45851118)</u> | <u>(35016560)</u> |
| Net increase (decrease) | <u>388007</u> | <u>3577291</u> | <u>$26182951</u> | <u>$220769248</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 660321 | 768143 | $44985474 | $46582529 |
| Issued in exchange for the shares of the Acquired Fund(s) | - | 2100705 | - | 128941199 |
| Reinvestment of distributions  | 221081 | 14880 | 14844143 | 938105 |
| Shares redeemed | <u>(591200)</u> | <u>(193144)</u> | <u>(40610536)</u> | <u>(12328827)</u> |
| Net increase (decrease) | <u>290202</u> | <u>2690584</u> | <u>$19219081</u> | <u>$164133006</u> |

---

*A Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period March 20, 2025 (commencement of sale of shares) through July 31, 2025.*

**12. Other.**

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

**13. Risk and Uncertainties.**

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

**14. Prior Fiscal Year Reorganization Information.**

On March 28, 2025, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Growth & Income Fund ("Acquired Fund") pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees ("The Board"). The securities held by the Acquired Fund were the primary assets acquired by the Fund. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on March 20, 2025. The acquisition was accomplished by an exchange of shares of each class of the Fund for corresponding shares then outstanding of the Acquired Fund at its respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquired Fund and Share Class** | **Investments $** | **Unrealized appreciation (depreciation) $** | **Net Assets $** | **Shares Exchanged** | **Shares Exchanged Ratio** |
| **Fidelity Advisor Growth & Income Fund** | 1217804274 | 455899046 |  |  |  |
| **Class A** |  |  | 586499971 | 14700013 | 0.6501205801 |
| **Class M** |  |  | 205797269 | 5142382 | 0.6521068926 |
| **Class C** |  |  | 60450580 | 1665753 | 0.5914325293 |
| **Class I** |  |  | 236722041 | 5754284 | 0.6702248289 |
| **Class Z** |  |  | 128941199 | 3127108 | 0.6717725644 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring Fund** | **Net Assets $** | **Total net assets after the acquisition $** |
| **Fidelity Growth & Income Portfolio** | 10296050234 | 11514461294 |

---

Pro forma results of operations of the combined entity for the entire period ended July 31, 2025, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

---

| | |
|:---|:---|
| **Net investment income (loss)** | $162067797 |
| **Total net realized gain (loss)** | 1137096885 |
| **Total change in net unrealized appreciation (depreciation)** | <u>744347394</u> |
| **Net increase (decrease) in net assets resulting from operations** | <u>$2043512076</u> |

---

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the Fund's Statement of Operations since March 28, 2025.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img125821_4.jpg)<br>

1.700483.129 GAI-SANN-0426

**Fidelity® Dividend Growth Fund**

**Semi-Annual Report**

**January 31, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img125824_1.jpg)

![](img125824_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_DGF-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Dividend Growth Fund](#Sub_Sec_Fund_330_DGF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements330_DGF-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_DGF-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_DGF-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_DGF-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_DGF-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.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Dividend Growth Fund**

**Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Glencore PLC  | 2615900 | 17833523 |
| BERMUDA - 0.2%  |  |  |
| Industrials - 0.2% |  |  |
| Marine Transportation - 0.2% |  |  |
| Himalaya Shipping Ltd  | 488053 | 5250225 |
| Himalaya Shipping Ltd (United States) (a) | 1540100 | 16725486 |
| TOTAL BERMUDA |  | 21975711 |
| BRAZIL - 0.5%  |  |  |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Wheaton Precious Metals Corp  | 425300 | 56030968 |
| CANADA - 3.0%  |  |  |
| Energy - 1.2% |  |  |
| Oil, Gas & Consumable Fuels - 1.2% |  |  |
| Imperial Oil Ltd (a) | 465300 | 47010113 |
| Teekay Tankers Ltd Class A  | 1303262 | 84086465 |
| TOTAL ENERGY |  | 131096578 |
| Financials - 1.8% |  |  |
| Capital Markets - 1.8% |  |  |
| Brookfield Corp Class A (United States)  | 4137800 | 188476790 |
| TOTAL CANADA |  | 319573368 |
| GERMANY - 0.4%  |  |  |
| Industrials - 0.4% |  |  |
| Electrical Equipment - 0.4% |  |  |
| Siemens Energy AG (b) | 273400 | 46844997 |
| KOREA (SOUTH) - 1.5%  |  |  |
| Information Technology - 1.5% |  |  |
| Semiconductors & Semiconductor Equipment - 1.2% |  |  |
| SK Hynix Inc  | 211070 | 132252473 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Samsung Electronics Co Ltd  | 272890 | 30190900 |
| TOTAL KOREA (SOUTH) |  | 162443373 |
| MEXICO - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Borr Drilling Ltd (a) | 2454349 | 11486352 |
| NETHERLANDS - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| BE Semiconductor Industries NV  | 158600 | 30925426 |
| NORWAY - 0.6%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Bruton Ltd  | 1628340 | 8876782 |
| Industrials - 0.5% |  |  |
| Marine Transportation - 0.5% |  |  |
| 2020 Bulkers Ltd (d) | 1487081 | 22096598 |
| Stolt-Nielsen Ltd  | 1084900 | 34077385 |
| TOTAL INDUSTRIALS |  | 56173983 |
| TOTAL NORWAY |  | 65050765 |
| TAIWAN - 2.1%  |  |  |
| Information Technology - 2.1% |  |  |
| Semiconductors & Semiconductor Equipment - 2.1% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 546000 | 30100715 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 592380 | 195817133 |
| TOTAL TAIWAN |  | 225917848 |
| UNITED KINGDOM - 1.7%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Household Durables - 0.2% |  |  |
| Vistry Group PLC (b) | 2260500 | 20575668 |
| Consumer Staples - 1.4% |  |  |
| Tobacco - 1.4% |  |  |
| British American Tobacco PLC  | 2413082 | 145782974 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Subsea 7 SA  | 469200 | 11965684 |
| TOTAL UNITED KINGDOM |  | 178324326 |
| UNITED STATES - 88.7%  |  |  |
| Communication Services - 12.5% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| Comcast Corp Class A  | 1978542 | 58861625 |
| Interactive Media & Services - 11.6% |  |  |
| Alphabet Inc Class A  | 2459300 | 831243400 |
| Match Group Inc  | 395900 | 12332285 |
| Meta Platforms Inc Class A  | 558300 | 400021950 |
|  |  | 1243597635 |
| Media - 0.0% |  |  |
| Versant Media Group Inc Class A  | 70309 | 2290667 |
| Wireless Telecommunication Services - 0.4% |  |  |
| T-Mobile US Inc  | 232900 | 45930209 |
| TOTAL COMMUNICATION SERVICES |  | 1350680136 |
| Consumer Discretionary - 3.4% |  |  |
| Distributors - 0.4% |  |  |
| Gold.com Inc  | 931700 | 48308645 |
| Diversified Consumer Services - 0.4% |  |  |
| Service Corp International/US  | 570400 | 45877272 |
| Hotels, Restaurants & Leisure - 1.1% |  |  |
| Carnival Corp (b) | 678600 | 20371572 |
| Hilton Worldwide Holdings Inc  | 81900 | 24447969 |
| Marriott International Inc/MD Class A1  | 103900 | 32759670 |
| Starbucks Corp  | 900 | 82755 |
| Vail Resorts Inc (a) | 333500 | 44378845 |
|  |  | 122040811 |
| Household Durables - 1.5% |  |  |
| DR Horton Inc  | 108300 | 16119372 |
| PulteGroup Inc  | 34800 | 4353132 |
| Somnigroup International Inc  | 1166300 | 102459455 |
| Whirlpool Corp (a) | 298600 | 23885014 |
|  |  | 146816973 |
| TOTAL CONSUMER DISCRETIONARY |  | 363043701 |
| Consumer Staples - 2.5% |  |  |
| Beverages - 1.0% |  |  |
| Constellation Brands Inc Class A  | 234000 | 36667800 |
| Keurig Dr Pepper Inc  | 2705800 | 74247152 |
|  |  | 110914952 |
| Household Products - 0.1% |  |  |
| Reynolds Consumer Products Inc  | 607200 | 14068824 |
| Tobacco - 1.4% |  |  |
| Philip Morris International Inc  | 784200 | 140716848 |
| TOTAL CONSUMER STAPLES |  | 265700624 |
| Energy - 7.2% |  |  |
| Energy Equipment & Services - 1.4% |  |  |
| Archrock Inc  | 2275351 | 67327636 |
| Kodiak Gas Services Inc  | 1875200 | 78777152 |
|  |  | 146104788 |
| Oil, Gas & Consumable Fuels - 5.8% |  |  |
| Black Stone Minerals LP  | 2132080 | 31490822 |
| Cheniere Energy Inc  | 95800 | 20263615 |
| ConocoPhillips  | 288500 | 30070355 |
| Core Natural Resources Inc  | 446742 | 42610252 |
| DHT Holdings Inc  | 1590200 | 22787566 |
| Energy Transfer LP  | 2745500 | 50654475 |
| Enterprise Products Partners LP  | 3093500 | 102673265 |
| Exxon Mobil Corp  | 1179319 | 166755707 |
| MPLX LP  | 1259500 | 70406050 |
| Shell PLC ADR  | 1210800 | 93267924 |
|  |  | 630980031 |
| TOTAL ENERGY |  | 777084819 |
| Financials - 14.1% |  |  |
| Banks - 2.4% |  |  |
| Bank of America Corp  | 2324900 | 123684680 |
| Wells Fargo & Co  | 1450483 | 131254207 |
|  |  | 254938887 |
| Capital Markets - 5.3% |  |  |
| Ares Capital Corp (a) | 929298 | 18483737 |
| Blue Owl Capital Corp  | 10692554 | 128310648 |
| Blue Owl Capital Inc Class A (a) | 11421900 | 155794716 |
| Cboe Global Markets Inc  | 301500 | 79915590 |
| Intercontinental Exchange Inc  | 467100 | 81172638 |
| Jefferies Financial Group Inc  | 292600 | 17901268 |
| KKR & Co Inc Class A  | 268800 | 30713088 |
| LPL Financial Holdings Inc  | 67500 | 24603750 |
| Raymond James Financial Inc  | 214200 | 35527212 |
|  |  | 572422647 |
| Consumer Finance - 0.0% |  |  |
| FirstCash Holdings Inc  | 65700 | 11201850 |
| Financial Services - 3.8% |  |  |
| Apollo Global Management Inc  | 1045900 | 140715386 |
| Mastercard Inc Class A  | 129900 | 69988821 |
| UWM Holdings Corp Class A (a) | 12462600 | 61191366 |
| Visa Inc Class A  | 415416 | 133693331 |
|  |  | 405588904 |
| Insurance - 2.6% |  |  |
| Arthur J Gallagher & Co  | 248100 | 61868697 |
| Chubb Ltd  | 204600 | 63335976 |
| Marsh & McLennan Cos Inc  | 343200 | 64586808 |
| Travelers Companies Inc/The  | 149100 | 42420441 |
| W R Berkley Corp (a) | 682600 | 46812708 |
|  |  | 279024630 |
| TOTAL FINANCIALS |  | 1523176918 |
| Health Care - 6.1% |  |  |
| Biotechnology - 0.4% |  |  |
| Gilead Sciences Inc  | 303200 | 43039240 |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Baxter International Inc  | 1990900 | 39957363 |
| Health Care Providers & Services - 1.4% |  |  |
| Cigna Group/The  | 189300 | 51889023 |
| Humana Inc  | 175200 | 34199040 |
| UnitedHealth Group Inc  | 242503 | 69581386 |
|  |  | 155669449 |
| Life Sciences Tools & Services - 1.6% |  |  |
| Bruker Corp (a) | 917500 | 40636075 |
| Danaher Corp  | 178800 | 39137532 |
| Thermo Fisher Scientific Inc  | 165700 | 95875677 |
|  |  | 175649284 |
| Pharmaceuticals - 2.3% |  |  |
| Eli Lilly & Co  | 78800 | 81727420 |
| Merck & Co Inc  | 398900 | 43986703 |
| Royalty Pharma PLC Class A  | 2758800 | 114986784 |
|  |  | 240700907 |
| TOTAL HEALTH CARE |  | 655016243 |
| Industrials - 15.9% |  |  |
| Aerospace & Defense - 3.9% |  |  |
| Boeing Co (b) | 1333540 | 311674969 |
| GE Aerospace  | 136037 | 41734791 |
| General Dynamics Corp  | 43600 | 15307524 |
| Huntington Ingalls Industries Inc  | 125600 | 52816056 |
|  |  | 421533340 |
| Air Freight & Logistics - 0.7% |  |  |
| United Parcel Service Inc Class B  | 738300 | 78422226 |
| Building Products - 0.5% |  |  |
| A O Smith Corp (a) | 738700 | 54287063 |
| Construction & Engineering - 1.1% |  |  |
| EMCOR Group Inc  | 162400 | 117046552 |
| Electrical Equipment - 3.0% |  |  |
| GE Vernova Inc  | 298233 | 216627504 |
| Regal Rexnord Corp  | 249400 | 40278100 |
| Vertiv Holdings Co Class A  | 341844 | 63644516 |
|  |  | 320550120 |
| Machinery - 4.7% |  |  |
| Allison Transmission Holdings Inc  | 1618945 | 175979322 |
| Cummins Inc  | 94900 | 54930018 |
| Otis Worldwide Corp  | 477500 | 40788050 |
| PACCAR Inc  | 478900 | 58861599 |
| Westinghouse Air Brake Technologies Corp  | 747800 | 172098692 |
|  |  | 502657681 |
| Passenger Airlines - 0.2% |  |  |
| Delta Air Lines Inc  | 285800 | 18831362 |
| Professional Services - 1.7% |  |  |
| Paycom Software Inc (a) | 595900 | 80297525 |
| SS&C Technologies Holdings Inc  | 1317842 | 107918081 |
|  |  | 188215606 |
| Trading Companies & Distributors - 0.1% |  |  |
| Applied Industrial Technologies Inc  | 58000 | 15103780 |
| TOTAL INDUSTRIALS |  | 1716647730 |
| Information Technology - 21.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Vontier Corp  | 6702 | 251325 |
| Semiconductors & Semiconductor Equipment - 10.7% |  |  |
| Broadcom Inc  | 626200 | 207460060 |
| Marvell Technology Inc  | 315150 | 24871638 |
| NVIDIA Corp  | 4772825 | 912230043 |
|  |  | 1144561741 |
| Software - 5.1% |  |  |
| Intuit Inc  | 29000 | 14468680 |
| Microsoft Corp  | 1202600 | 517466754 |
| Salesforce Inc  | 108200 | 22969778 |
|  |  | 554905212 |
| Technology Hardware, Storage & Peripherals - 5.6% |  |  |
| Apple Inc  | 541568 | 140526065 |
| GPGI Inc (c) | 1900804 | 44801950 |
| GPGI Inc Class A (b) | 135100 | 3184307 |
| Seagate Technology Holdings PLC  | 491400 | 200338866 |
| Western Digital Corp  | 878800 | 219902124 |
|  |  | 608753312 |
| TOTAL INFORMATION TECHNOLOGY |  | 2308471590 |
| Materials - 2.4% |  |  |
| Chemicals - 0.3% |  |  |
| Corteva Inc  | 143600 | 10454080 |
| LyondellBasell Industries NV Class A1  | 510900 | 25034100 |
|  |  | 35488180 |
| Containers & Packaging - 0.3% |  |  |
| Smurfit WestRock PLC  | 719300 | 29944459 |
| Metals & Mining - 1.8% |  |  |
| Coeur Mining Inc (b) | 807400 | 16503256 |
| Newmont Corp  | 760300 | 85419705 |
| Royal Gold Inc  | 362600 | 95476206 |
|  |  | 197399167 |
| TOTAL MATERIALS |  | 262831806 |
| Real Estate - 2.4% |  |  |
| Health Care REITs - 0.8% |  |  |
| Ventas Inc  | 1095100 | 85056417 |
| Real Estate Management & Development - 0.4% |  |  |
| St Joe Co/The  | 724000 | 47921560 |
| Retail REITs - 0.3% |  |  |
| Simon Property Group Inc  | 187700 | 35908887 |
| Specialized REITs - 0.9% |  |  |
| Millrose Properties Inc Class A (a) | 3043600 | 90699280 |
| TOTAL REAL ESTATE |  | 259586144 |
| Utilities - 0.8% |  |  |
| Electric Utilities - 0.8% |  |  |
| Edison International  | 210200 | 13091256 |
| Exelon Corp  | 375930 | 16834145 |
| NextEra Energy Inc  | 626600 | 55078140 |
| TOTAL UTILITIES |  | 85003541 |
| TOTAL UNITED STATES |  | 9567243252 |
| ZAMBIA - 0.5%  |  |  |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| First Quantum Minerals Ltd (b) | 2070300 | 58521534 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $6,888,036,797) |  | <br> **10762171443** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 3.70 | 954 | 954 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 3.70 | 259601980 | 259627940 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $259,628,894) |  |  | **259628894** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.2%**<br> (Cost $7,147,665,691)<br>| <br>**11021800337** |
| **NET OTHER ASSETS (LIABILITIES) - (2.2)%**  | **(235076596)** |
| **NET ASSETS - 100.0%** | **10786723741** |

---

**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 $44,801,950 or 0.4% of net assets.

(d) Affiliated company.

(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>|
| GPGI Inc | 11/3/2025 | 35164874 |

---

**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 | 4019611 | 656692755 | 663718039 | 418028 | (1044) | - | 954 | 954 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 101632686 | 1805637567 | 1647625220 | 309513 | (17093) | - | 259627940 | 259601980 | 0.8% |
| Total | 105652297 | 2462330322 | 2311343259 | 727541 | (18137) | - | 259628894 |  |  |

---

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.

Purchases and sales proceeds exclude the value of securities received and delivered through reorganization 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  |
| 2020 Bulkers Ltd | 15738068 | 2512760 | - | 1304914 | - | 3845770 | 22096598 | 1487081 |
| Total | 15738068 | 2512760 | - | 1304914 | - | 3845770 | 22096598 |  |

---

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 January 31, 2026, 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 | 1350680136 | 1350680136 | - | - |
| Consumer Discretionary | 383619369 | 383619369 | - | - |
| Consumer Staples | 411483598 | 265700624 | 145782974 | - |
| Energy | 940510215 | 940510215 | - | - |
| Financials | 1711653708 | 1711653708 | - | - |
| Health Care | 655016243 | 655016243 | - | - |
| Industrials | 1841642421 | 1841642421 | - | - |
| Information Technology | 2727758237 | 2697657522 | 30100715 | - |
| Materials | 395217831 | 377384308 | 17833523 | - |
| Real Estate | 259586144 | 259586144 | - | - |
| Utilities | 85003541 | 85003541 | - | - |
|  **Money Market Funds** | 259628894 | 259628894 | - | - |
| **Total Investments in Securities:** | 11021800337 | 10828083125 | 193717212 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $275,552,322) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $6,870,696,393) | $10740074845 |  |
| Fidelity Central Funds (cost $259,628,894) | 259628894 |  |
| Other affiliated issuers (cost $17,340,404) | 22096598 |  |
| Total Investment in Securities (cost $7,147,665,691) |  | $11021800337 |
| Cash |  | 1134 |
| Foreign currency held at value (cost $61,343) |  | 64324 |
| Receivable for investments sold |  | 89427631 |
| Receivable for fund shares sold |  | 3812962 |
| Dividends receivable |  | 8244836 |
| Distributions receivable from Fidelity Central Funds |  | 65862 |
| Prepaid expenses |  | 5332 |
| Other receivables |  | 35726 |
| **Total assets** |  | 11123458144 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $39273944 |  |
| Payable for fund shares redeemed | 5498200 |  |
| Accrued management fee | 6479552 |  |
| Distribution and service plan fees payable | 399251 |  |
| Notes payable to affiliates | 25158000 |  |
| Other payables and accrued expenses | 285294 |  |
| Collateral on securities loaned | 259640162 |  |
| **Total liabilities** |  | 336734403 |
| **Net Assets**  |  | $10786723741 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $6714308989 |
| Total accumulated earnings (loss) |  | 4072414752 |
| **Net Assets** |  | $10786723741 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($775,708,514 ÷ 17,386,632 shares)(a) |  | $44.62 |
| Maximum offering price per share (100/94.25 of $44.62) |  | $47.34 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($461,076,077 ÷ 10,339,603 shares)(a) |  | $44.59 |
| Maximum offering price per share (100/96.50 of $44.59) |  | $46.21 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($58,035,732 ÷ 1,302,052 shares)(a) |  | $44.57 |
| **Dividend Growth :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($8,458,984,481 ÷ 189,415,186 shares) |  | $44.66 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($527,701,708 ÷ 11,834,011 shares) |  | $44.59 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($407,583,189 ÷ 9,132,385 shares) |  | $44.63 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($97,634,040 ÷ 2,187,717 shares) |  | $44.63 |
| *(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 January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends (including $1,304,914 earned from affiliated issuers) |  | $73476228 |
| Interest  |  | 205 |
| Income from Fidelity Central Funds (including $309,513 from security lending)  |  | 727541 |
| **Total income** |  | 74203974 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $30234152 |  |
| Performance adjustment | 530884 |  |
| Distribution and service plan fees | 2184529 |  |
| Custodian fees and expenses | 50830 |  |
| Independent trustees' fees and expenses | 19980 |  |
| Registration fees | 135230 |  |
| Audit fees | 67288 |  |
| Legal | 7241 |  |
| Interest | 27977 |  |
| Miscellaneous | 13872 |  |
| Total expenses before reductions | 33271983 |  |
| Expense reductions | (79363) |  |
| Total expenses after reductions |  | 33192620 |
| **Net Investment income (loss)** |  | 41011354 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 462411979 |  |
| Fidelity Central Funds | (18137) |  |
| Foreign currency transactions | 33264 |  |
| Total net realized gain (loss) |  | 462427106 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $34,922)  | 934635798 |  |
| Affiliated issuers  | 3845770 |  |
| Assets and liabilities in foreign currencies | 75979 |  |
| Total change in net unrealized appreciation (depreciation) |  | 938557547 |
| **Net gain (loss)** |  | 1400984653 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1441996007 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $41011354 | $68249256 |
| &nbsp;&nbsp;Net realized gain (loss) | 462427106<br>| 946223960<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 938557547 | 236579777<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1441996007<br>| 1251052993<br>|
| Distributions to shareholders | (792151913)<br>| (736239547)<br>|
| Share transactions - net increase (decrease) | 2101480112<br>| (459304731)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2751324206<br>| 55508715<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 8035399535 | 7979890820<br>|
| &nbsp;&nbsp;End of period | $10786723741 | $8035399535 |

---

**Financial Highlights** 

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

---

| | |
|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $41.80 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .11  |
| Net realized and unrealized gain (loss)  | 6.54  |
| Total from investment operations  | 6.65  |
| Distributions from net investment income  | (.41)  |
| Distributions from net realized gain  | (3.42)  |
| Total distributions  | (3.83)  |
| Net asset value, end of period  | $44.62 |
| **Total Return** D,E,F | 16.97% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | .91% I |
| Expenses net of fee waivers, if any  | .91% I<br>|
| Expenses net of all reductions, if any  | .91% I |
| Net investment income (loss)  | .53% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $775709 |
| Portfolio turnover rate J | 43% I,K<br>|

---

A*For the period August 1, 2025 (commencement of sale of shares) through January 31, 2026.*

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*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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

---

| | |
|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $41.80 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .06  |
| Net realized and unrealized gain (loss)  | 6.52  |
| Total from investment operations  | 6.58  |
| Distributions from net investment income  | (.37)  |
| Distributions from net realized gain  | (3.42)  |
| Total distributions  | (3.79)  |
| Net asset value, end of period  | $44.59 |
| **Total Return** D,E,F | 16.78% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | 1.16% I |
| Expenses net of fee waivers, if any  | 1.16% I<br>|
| Expenses net of all reductions, if any  | 1.16% I |
| Net investment income (loss)  | .28% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $461076 |
| Portfolio turnover rate J | 43% I,K<br>|

---

A*For the period August 1, 2025 (commencement of sale of shares) through January 31, 2026.*

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*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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

---

| | |
|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $41.80 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (.05)  |
| Net realized and unrealized gain (loss)  | 6.52  |
| Total from investment operations  | 6.47  |
| Distributions from net investment income  | (.29)  |
| Distributions from net realized gain  | (3.42)  |
| Total distributions  | (3.70) D |
| Net asset value, end of period  | $44.57 |
| **Total Return** E,F,G | 16.51% <br>|
| **Ratios to Average Net Assets** C,H,I |  |
| Expenses before reductions  | 1.66% J |
| Expenses net of fee waivers, if any  | 1.66% J<br>|
| Expenses net of all reductions, if any  | 1.66% J |
| Net investment income (loss)  | (.22)% J |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $58036 |
| Portfolio turnover rate K | 43% J,L<br>|

---

A*For the period August 1, 2025 (commencement of sale of shares) through January 31, 2026.*

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

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

I*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 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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $42.48 | $39.71 | $32.22 | $32.82 | $36.80 | $26.38 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .18  | .35  | .37  | .47  | .44  | .42  |
| Net realized and unrealized gain (loss)  | 5.85  | 6.12  | 8.26  | 2.26  | (1.37)  | 10.59  |
| Total from investment operations  | 6.03  | 6.47  | 8.63  | 2.73  | (.93)  | 11.01  |
| Distributions from net investment income  | (.43)  | (.35)  | (.47)  | (.47)  | (.55)  | (.59)  |
| Distributions from net realized gain  | (3.42)  | (3.35)  | (.67)  | (2.85)  | (2.50)  | -  |
| Total distributions  | (3.85)  | (3.70)  | (1.14)  | (3.33) C | (3.05)  | (.59)  |
| Net asset value, end of period  | $44.66 | $42.48 | $39.71 | $32.22 | $32.82 | $36.80 |
| **Total Return** D,E | 15.25% <br>| 17.62%  | 27.66%  | 9.39%  | (2.83)%  | 42.42%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .62% H | .67%  | .71%  | .58%  | .48%  | .49%  |
| Expenses net of fee waivers, if any  | .61% H<br>| .67%  | .70%  | .58%  | .47%  | .49%  |
| Expenses net of all reductions, if any  | .61% H | .67%  | .70%  | .58%  | .47%  | .48%  |
| Net investment income (loss)  | .87% H | .89%  | 1.07%  | 1.57%  | 1.27%  | 1.31%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $8458984 | $7560395 | $6859493 | $5711207 | $5660951 | $6114159 |
| Portfolio turnover rate I | 43% H,J<br>| 81% K | 70%  | 66% K | 52%  | 93%  |

---

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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $42.42 | $39.65 | $32.17 | $32.77 | $36.76 | $26.36 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .20  | .38  | .41  | .50  | .47  | .44  |
| Net realized and unrealized gain (loss)  | 5.83  | 6.10  | 8.25  | 2.26  | (1.37)  | 10.57  |
| Total from investment operations  | 6.03  | 6.48  | 8.66  | 2.76  | (.90)  | 11.01  |
| Distributions from net investment income  | (.45)  | (.36)  | (.50)  | (.50)  | (.59)  | (.61)  |
| Distributions from net realized gain  | (3.42)  | (3.35)  | (.67)  | (2.85)  | (2.50)  | -  |
| Total distributions  | (3.86) C | (3.71)  | (1.18) C | (3.36) C | (3.09)  | (.61)  |
| Net asset value, end of period  | $44.59 | $42.42 | $39.65 | $32.17 | $32.77 | $36.76 |
| **Total Return** D,E | 15.29% <br>| 17.68%  | 27.79%  | 9.51%  | (2.75)%  | 42.53%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .55% H | .59%  | .62%  | .49%  | .38%  | .39%  |
| Expenses net of fee waivers, if any  | .55% H<br>| .59%  | .61%  | .48%  | .38%  | .39%  |
| Expenses net of all reductions, if any  | .55% H | .59%  | .61%  | .48%  | .38%  | .38%  |
| Net investment income (loss)  | .94% H | .97%  | 1.16%  | 1.67%  | 1.36%  | 1.41%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $527702 | $475005 | $1120398 | $509301 | $542465 | $807076 |
| Portfolio turnover rate I | 43% H,J<br>| 81% K | 70%  | 66% K | 52%  | 93%  |

---

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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

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

---

| | |
|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $41.80 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .17  |
| Net realized and unrealized gain (loss)  | 6.52  |
| Total from investment operations  | 6.69  |
| Distributions from net investment income  | (.45)  |
| Distributions from net realized gain  | (3.42)  |
| Total distributions  | (3.86) D |
| Net asset value, end of period  | $44.63 |
| **Total Return** E,F | 17.09% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | .66% I |
| Expenses net of fee waivers, if any  | .66% I<br>|
| Expenses net of all reductions, if any  | .66% I |
| Net investment income (loss)  | .80% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $407583 |
| Portfolio turnover rate J | 43% I,K<br>|

---

A*For the period August 1, 2025 (commencement of sale of shares) through January 31, 2026.*

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 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 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*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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

---

| | |
|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $41.80 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .19  |
| Net realized and unrealized gain (loss)  | 6.53  |
| Total from investment operations  | 6.72  |
| Distributions from net investment income  | (.47)  |
| Distributions from net realized gain  | (3.42)  |
| Total distributions  | (3.89)  |
| Net asset value, end of period  | $44.63 |
| **Total Return** D,E | 17.16% <br>|
| **Ratios to Average Net Assets** C,F,G |  |
| Expenses before reductions  | .55% H |
| Expenses net of fee waivers, if any  | .54% H<br>|
| Expenses net of all reductions, if any  | .54% H |
| Net investment income (loss)  | .90% H |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $97634 |
| Portfolio turnover rate I | 43% H,J<br>|

---

A*For the period August 1, 2025 (commencement of sale of shares) through January 31, 2026.*

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*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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

For the period ended January 31, 2026

**1. Organization.**

Fidelity Dividend Growth Fund (the Fund) is a fund of Fidelity Securities Fund (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 commenced sale of Class A, Class M, Class C, Class I and Class Z shares on August 1, 2025. The Fund offers Class A, Class M, Class C, Dividend Growth, 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 January 31, 2026 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.

**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.

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $4051219016 |
| **Gross unrealized depreciation** | <u>(214977137)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$3836241879</u> |
| **Tax cost** | <u>$7185558458</u> |

---

The Fund elected to defer to its next fiscal year approximately $18,109,387 of capital losses recognized during the period November 1, 2024 to July 31, 2025.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Dividend Growth Fund** | 2085774732 | 2449633796 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Dividend Growth Fund** | 10425311 | 199320043 | 402521265 |

---

**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** | .70 |
| **Class M** | .69 |
| **Class C** | .72 |
| **Dividend Growth** | .64 |
| **Class K** | .55 |
| **Class I** | .71 |
| **Class Z** | .55 |

---

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

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .65 |
| **Class M** | .65 |
| **Class C** | .65 |
| **Dividend Growth** | .60 |
| **Class K** | .53 |
| **Class I** | .65 |
| **Class Z** | .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 Dividend Growth 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 Dividend Growth. 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 .01%.

**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% | 869196 | 8348 |
| **Class M** | .25% | .25% | 1052966 | - |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp; <u>262367</u> | <u>31697</u> |
|  |  |  | <u>2184529</u> | <u>40045</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** | 72300 |
| **Class M** | 3115 |
| **Class C**A | <u>1046</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>76461</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**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 Dividend Growth Fund** | $35726 |

---

**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 Dividend Growth Fund** | 52101 |

---

**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. Any open loans, including accrued interest, at period end are presented as Notes payable to affiliates in the Statement of Assets and Liabilities. 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 Dividend Growth Fund**  | Borrower | 13768526 | 4.23% | 27977 |

---

**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 Dividend Growth Fund** | 180315169 | 99285532 | 15815637 |

---

**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 Dividend Growth Fund** | 7218 |

---

**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 Dividend Growth Fund** | 32703 | 69 | - |

---

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 Dividend Growth Fund** | 27151225 |

---

**8. Expense Reductions.** 

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses and a portion of class-level operating expenses as follows:

---

| | |
|:---|:---|
|  | **Class-Level Amount ($)** |
| **Class A** | 5706 |
| **Class M** | 3470 |
| **Class C** | 432 |
| **Dividend Growth** | 61988 |
| **Class K** | 3830 |
| **Class I** | 3294 |
| **Class Z** | <u>643</u> |
| **Total** | <u>79363</u> |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **January 31, 2026A** | **Year ended**<br> **July 31, 2025** |
| **Fidelity Dividend Growth Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $22689677 | $- |
| Class M | 13312695 | - |
| Class C | 1548765 | - |
| Dividend Growth | 695671928 | 647245301 |
| Class K | 43625320 | 88994246 |
| Class I | 12552448 | - |
| Class Z | <u>2751080</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>-</u> |
| Total  | <u>$792151913</u> | <u>$736239547</u> |

---

*A Distributions for Class A, Class M, Class C, Class I and Class Z are for the period August 1, 2025 (commencement of sale of shares) through January 31, 2026.*

**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> **January 31, 2026A**  | **Year ended**<br> **July 31, 2025** | **Six months ended** <br> **January 31, 2026A**  | **Year ended**<br> **July 31, 2025** |
| **Fidelity Dividend Growth Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 682234 | - | $28417635 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 17356465 | - | 698076608 | - |
| Reinvestment of distributions  | 507861 | - | 21701792 | - |
| Shares redeemed | <u>(1159928)</u> | <u>-</u> | <u>(49066831)</u> | <u>-</u> |
| Net increase (decrease) | <u>17386632</u> | <u>-</u> | <u>$699129204</u> | <u>$-</u> |
| **Class M** |  |  |  |  |
| Shares sold | 336937 | - | $14023141 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 10719221 | - | 431019278 | - |
| Reinvestment of distributions  | 307597 | - | 13136931 | - |
| Shares redeemed | <u>(1024152)</u> | <u>-</u> | <u>(43223428)</u> | <u>-</u> |
| Net increase (decrease) | <u>10339603</u> | <u>-</u> | <u>$414955922</u> | <u>$-</u> |
| **Class C** |  |  |  |  |
| Shares sold | 94496 | - | $3969418 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 1330305 | - | 53491655 | - |
| Reinvestment of distributions  | 36031 | - | 1539496 | - |
| Shares redeemed | <u>(158780)</u> | <u>-</u> | <u>(6676847)</u> | <u>-</u> |
| Net increase (decrease) | <u>1302052</u> | <u>-</u> | <u>$52323722</u> | <u>$-</u> |
| **Dividend Growth** |  |  |  |  |
| Shares sold | 6954081 | 22536616 | $289813936 | $872369212 |
| Reinvestment of distributions  | 16002523 | 16043805 | 654703521 | 611000572 |
| Shares redeemed | <u>(11525856)</u> | <u>(33321298)</u> | <u>(487785975)</u> | <u>(1284097584)</u> |
| Net increase (decrease) | <u>11430748</u> | <u>5259123</u> | <u>$456731482</u> | <u>$199272200</u> |
| **Class K** |  |  |  |  |
| Shares sold | 1067324 | 2674552 | $44949909 | $103589988 |
| Reinvestment of distributions  | 1068045 | 2352752 | 43625320 | 88994246 |
| Shares redeemed | <u>(1499389)</u> | <u>(22089276)</u> | <u>(63039157)</u> | <u>(851161165)</u> |
| Net increase (decrease) | <u>635980</u> | <u>(17061972)</u> | <u>$25536072</u> | <u>$(658576931)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 386354 | - | $16017844 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 10243583 | - | 411997266 | - |
| Reinvestment of distributions  | 289226 | - | 12354099 | - |
| Shares redeemed | <u>(1786778)</u> | <u>-</u> | <u>(76302183)</u> | <u>-</u> |
| Net increase (decrease) | <u>9132385</u> | <u>-</u> | <u>$364067026</u> | <u>$-</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 406165 | - | $17486785 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 2095387 | - | 84276351 | - |
| Reinvestment of distributions  | 58735 | - | 2509172 | - |
| Shares redeemed | <u>(372570)</u> | <u>-</u> | <u>(15535624)</u> | <u>-</u> |
| Net increase (decrease) | <u>2187717</u> | <u>-</u> | <u>$88736684</u> | <u>$-</u> |

---

*A Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period August 1, 2025 (commencement of sale of shares) through January 31, 2026.*

**11. Other.**

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

**12. Risk and Uncertainties.**

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

**13. Reorganization Information.**

On August 8, 2025, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Dividend Growth Fund (Acquired Fund) pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees (the Board). The securities held by the Acquired Fund were the primary assets acquired by the Fund. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on August 1, 2025. The acquisition was accomplished by an exchange of each class of the Fund for corresponding shares then outstanding of the Acquired Fund at their respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquired Fund and Share Class** | **Investments $** | **Unrealized appreciation (depreciation) $** | **Net Assets $** | **Shares Exchanged** | **Shares Exchanged Ratio** |
| **Fidelity Advisor Dividend Growth Fund** | 1677762721 | 536654831 |  |  |  |
| **Class A** |  |  | 698076608 | 30907100 | 0.5615688712<br>|
| **Class M** |  |  | 431019278 | 19181589 | 0.5588286496<br>|
| **Class C** |  |  | 53491655 | 2588422 | 0.5139442925<br>|
| **Class I** |  |  | 411997266 | 16640827 | 0.6155693685<br>|
| **Class Z** |  |  | 84276351 | 3316613 | 0.6317851815<br>|

---

---

| | | |
|:---|:---|:---|
| **Acquiring Fund** | **Net Assets $** | **Total net assets after the acquisition $** |
| **Fidelity Dividend Growth Fund** | 8048859623 | 9727720781 |

---

Pro forma results of operations of the combined entity for the entire period ended January 31, 2026, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

---

| | |
|:---|:---|
| **Net investment income (loss)** | $41617578  |
| **Total net realized gain (loss)** | 463595657 |
| **Total change in net unrealized appreciation (depreciation)** | <u>947021340</u> |
| **Net increase (decrease) in net assets resulting from operations** | <u>$1452234575</u> |

---

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that has been included in the Fund's accompanying Statement of Operations since August 8, 2025.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img125824_4.jpg)<br>

1.470802.129 DGF-SANN-0426

**Fidelity® Blue Chip Value Fund**

**Semi-Annual Report**

**January 31, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img125827_1.jpg)

![](img125827_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_BCV-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Blue Chip Value Fund](#Sub_Sec_Fund_1271_BCV-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1271_BCV-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_BCV-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_BCV-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_BCV-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_BCV-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.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Blue Chip Value Fund**

**Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.9%  |  |  |
| Energy - 0.9% |  |  |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| Cenovus Energy Inc (United States) (a) | 273200 | 5387504 |
| TAIWAN - 2.0%  |  |  |
| Information Technology - 2.0% |  |  |
| Semiconductors & Semiconductor Equipment - 2.0% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 37000 | 12230720 |
| UNITED KINGDOM - 1.1%  |  |  |
| Health Care - 1.1% |  |  |
| Pharmaceuticals - 1.1% |  |  |
| Astrazeneca PLC ADR  | 74610 | 6921570 |
| UNITED STATES - 95.8%  |  |  |
| Communication Services - 10.2% |  |  |
| Diversified Telecommunication Services - 0.9% |  |  |
| Comcast Corp Class A  | 189813 | 5646937 |
| Entertainment - 1.6% |  |  |
| Walt Disney Co/The  | 85511 | 9645641 |
| Interactive Media & Services - 7.7% |  |  |
| Alphabet Inc Class A  | 83486 | 28218268 |
| Alphabet Inc Class C  | 34400 | 11645432 |
| Meta Platforms Inc Class A  | 9000 | 6448500 |
|  |  | 46312200 |
| TOTAL COMMUNICATION SERVICES |  | 61604778 |
| Consumer Discretionary - 8.0% |  |  |
| Automobiles - 1.0% |  |  |
| General Motors Co  | 74700 | 6274800 |
| Broadline Retail - 3.4% |  |  |
| Amazon.com Inc (b) | 85300 | 20412290 |
| Household Durables - 1.8% |  |  |
| PulteGroup Inc  | 62600 | 7830634 |
| Whirlpool Corp (a) | 36700 | 2935633 |
|  |  | 10766267 |
| Specialty Retail - 1.8% |  |  |
| Lowe's Cos Inc  | 39664 | 10592668 |
| TOTAL CONSUMER DISCRETIONARY |  | 48046025 |
| Consumer Staples - 5.5% |  |  |
| Beverages - 2.3% |  |  |
| Keurig Dr Pepper Inc  | 368192 | 10103189 |
| Primo Brands Corp Class A  | 190700 | 3611858 |
|  |  | 13715047 |
| Consumer Staples Distribution & Retail - 2.0% |  |  |
| Kroger Co/The  | 84700 | 5323395 |
| US Foods Holding Corp (b) | 83500 | 6982270 |
|  |  | 12305665 |
| Food Products - 1.2% |  |  |
| Mondelez International Inc  | 120307 | 7034350 |
| TOTAL CONSUMER STAPLES |  | 33055062 |
| Energy - 5.4% |  |  |
| Oil, Gas & Consumable Fuels - 5.4% |  |  |
| Exxon Mobil Corp  | 146601 | 20729381 |
| Targa Resources Corp (a) | 30400 | 6109792 |
| Valero Energy Corp  | 32100 | 5823903 |
| TOTAL ENERGY |  | 32663076 |
| Financials - 18.9% |  |  |
| Banks - 8.4% |  |  |
| Citigroup Inc  | 99000 | 11455290 |
| US Bancorp  | 278646 | 15634827 |
| Wells Fargo & Co  | 260458 | 23568844 |
|  |  | 50658961 |
| Capital Markets - 4.5% |  |  |
| Ameriprise Financial Inc  | 14600 | 7696974 |
| Blue Owl Capital Inc Class A  | 299200 | 4081088 |
| Charles Schwab Corp/The  | 87700 | 9113784 |
| State Street Corp  | 47000 | 6150420 |
|  |  | 27042266 |
| Consumer Finance - 1.7% |  |  |
| Capital One Financial Corp  | 49300 | 10793249 |
| Insurance - 4.3% |  |  |
| Arthur J Gallagher & Co  | 23200 | 5785384 |
| Chubb Ltd  | 25704 | 7956931 |
| Globe Life Inc  | 35900 | 5033898 |
| Travelers Companies Inc/The  | 24281 | 6908187 |
|  |  | 25684400 |
| TOTAL FINANCIALS |  | 114178876 |
| Health Care - 12.2% |  |  |
| Health Care Equipment & Supplies - 0.8% |  |  |
| Becton Dickinson & Co  | 22800 | 4639344 |
| Health Care Providers & Services - 4.3% |  |  |
| Cencora Inc  | 17500 | 6286350 |
| Cigna Group/The  | 28903 | 7922601 |
| Molina Healthcare Inc (b) | 35800 | 6429322 |
| PACS Group Inc (b) | 160600 | 5421856 |
|  |  | 26060129 |
| Life Sciences Tools & Services - 2.2% |  |  |
| ICON PLC (b) | 34300 | 6182575 |
| Thermo Fisher Scientific Inc  | 12700 | 7348347 |
|  |  | 13530922 |
| Pharmaceuticals - 4.9% |  |  |
| GSK PLC ADR  | 141900 | 7322040 |
| Merck & Co Inc  | 111283 | 12271176 |
| Roche Holding AG non-voting shares  | 14890 | 6771078 |
| Royalty Pharma PLC Class A  | 80500 | 3355240 |
|  |  | 29719534 |
| TOTAL HEALTH CARE |  | 73949929 |
| Industrials - 13.7% |  |  |
| Aerospace & Defense - 0.8% |  |  |
| Textron Inc  | 53900 | 4746434 |
| Air Freight & Logistics - 1.2% |  |  |
| FedEx Corp  | 22600 | 7282850 |
| Building Products - 0.8% |  |  |
| Builders FirstSource Inc (b) | 43600 | 4987840 |
| Electrical Equipment - 2.0% |  |  |
| Acuity Inc  | 16300 | 5040612 |
| Regal Rexnord Corp  | 41779 | 6747309 |
|  |  | 11787921 |
| Ground Transportation - 0.6% |  |  |
| Saia Inc (b) | 13200 | 4420284 |
| Machinery - 3.6% |  |  |
| Deere & Co  | 16687 | 8810736 |
| Dover Corp  | 32454 | 6539156 |
| Westinghouse Air Brake Technologies Corp  | 27100 | 6236794 |
|  |  | 21586686 |
| Professional Services - 1.7% |  |  |
| SS&C Technologies Holdings Inc  | 68400 | 5601276 |
| TransUnion  | 57500 | 4543650 |
|  |  | 10144926 |
| Trading Companies & Distributors - 3.0% |  |  |
| Ferguson Enterprises Inc  | 28050 | 7081503 |
| United Rentals Inc  | 7800 | 6100068 |
| Wesco International Inc  | 16400 | 4746652 |
|  |  | 17928223 |
| TOTAL INDUSTRIALS |  | 82885164 |
| Information Technology - 10.4% |  |  |
| Communications Equipment - 2.0% |  |  |
| Cisco Systems Inc  | 152900 | 11975128 |
| Electronic Equipment, Instruments & Components - 1.8% |  |  |
| Arrow Electronics Inc (b) | 42200 | 5591078 |
| Sanmina Corp (b) | 36200 | 5128816 |
|  |  | 10719894 |
| IT Services - 0.6% |  |  |
| GoDaddy Inc Class A (b) | 38400 | 3859968 |
| Semiconductors & Semiconductor Equipment - 2.0% |  |  |
| Intel Corp (b) | 97600 | 4535472 |
| Micron Technology Inc  | 18100 | 7509328 |
|  |  | 12044800 |
| Software - 2.6% |  |  |
| Gen Digital Inc  | 169603 | 4068776 |
| Microsoft Corp  | 14500 | 6239205 |
| Salesforce Inc  | 23932 | 5080524 |
|  |  | 15388505 |
| Technology Hardware, Storage & Peripherals - 1.4% |  |  |
| Western Digital Corp  | 34400 | 8607912 |
| TOTAL INFORMATION TECHNOLOGY |  | 62596207 |
| Materials - 4.3% |  |  |
| Chemicals - 1.6% |  |  |
| Air Products and Chemicals Inc  | 24000 | 6540000 |
| Mosaic Co/The  | 112000 | 3080000 |
|  |  | 9620000 |
| Construction Materials - 1.1% |  |  |
| CRH PLC  | 53522 | 6551628 |
| Containers & Packaging - 0.8% |  |  |
| Smurfit WestRock PLC (a) | 117500 | 4891525 |
| Metals & Mining - 0.8% |  |  |
| Steel Dynamics Inc  | 27200 | 4884304 |
| TOTAL MATERIALS |  | 25947457 |
| Real Estate - 4.2% |  |  |
| Health Care REITs - 1.0% |  |  |
| Welltower Inc  | 32100 | 6046356 |
| Industrial REITs - 1.3% |  |  |
| Prologis Inc  | 57900 | 7559424 |
| Retail REITs - 0.6% |  |  |
| Simon Property Group Inc  | 20700 | 3960117 |
| Specialized REITs - 1.3% |  |  |
| Public Storage  | 27800 | 7678082 |
| TOTAL REAL ESTATE |  | 25243979 |
| Utilities - 3.0% |  |  |
| Electric Utilities - 2.0% |  |  |
| NextEra Energy Inc  | 92600 | 8139540 |
| NRG Energy Inc  | 26700 | 4075221 |
|  |  | 12214761 |
| Multi-Utilities - 1.0% |  |  |
| Sempra  | 68600 | 5968886 |
| TOTAL UTILITIES |  | 18183647 |
| TOTAL UNITED STATES |  | 578354200 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $513,831,125) |  | <br> **602893994** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 3.70 | 561932 | 562044 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 3.70 | 13792788 | 13794167 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $14,356,211) |  |  | **14356211** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.2%**<br> (Cost $528,187,336)<br>| <br>**617250205** |
| **NET OTHER ASSETS (LIABILITIES) - (2.2)%**  | **(13346067)** |
| **NET ASSETS - 100.0%** | **603904138** |

---

**Legend**

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

(b) Non-income producing.

(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 | 22475630 | 47772986 | 69935304 | 165112 | 1109 | - | 562044 | 561932 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 3310875 | 151013988 | 140531638 | 16104 | 942 | - | 13794167 | 13792788 | 0.0% |
| Total | 25786505 | 198786974 | 210466942 | 181216 | 2051 | - | 14356211 |  |  |

---

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.

Purchases and sales proceeds exclude the value of securities received and delivered through reorganization transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of January 31, 2026, 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 | 61604778 | 61604778 | - | - |
| Consumer Discretionary | 48046025 | 48046025 | - | - |
| Consumer Staples | 33055062 | 33055062 | - | - |
| Energy | 38050580 | 38050580 | - | - |
| Financials | 114178876 | 114178876 | - | - |
| Health Care | 80871499 | 74100421 | 6771078 | - |
| Industrials | 82885164 | 82885164 | - | - |
| Information Technology | 74826927 | 74826927 | - | - |
| Materials | 25947457 | 25947457 | - | - |
| Real Estate | 25243979 | 25243979 | - | - |
| Utilities | 18183647 | 18183647 | - | - |
|  **Money Market Funds** | 14356211 | 14356211 | - | - |
| **Total Investments in Securities:** | 617250205 | 610479127 | 6771078 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $13,455,390) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $513,831,125) | $602893994 |  |
| Fidelity Central Funds (cost $14,356,211) | 14356211 |  |
| Total Investment in Securities (cost $528,187,336) |  | $617250205 |
| Foreign currency held at value (cost $104,050) |  | 108050 |
| Receivable for investments sold |  | 124826 |
| Receivable for fund shares sold |  | 531480 |
| Dividends receivable |  | 244264 |
| Reclaims receivable |  | 315238 |
| Distributions receivable from Fidelity Central Funds |  | 3701 |
| Prepaid expenses |  | 389 |
| Receivable from investment adviser for expense reductions |  | 37758 |
| Other receivables |  | 13871 |
| **Total assets** |  | 618629782 |
| **Liabilities** |  |  |
| Payable to custodian bank | $61363 |  |
| Payable for fund shares redeemed | 628042 |  |
| Accrued management fee | 218502 |  |
| Distribution and service plan fees payable | 7764 |  |
| Other payables and accrued expenses | 16748 |  |
| Collateral on securities loaned | 13793225 |  |
| **Total liabilities** |  | 14725644 |
| **Net Assets**  |  | $603904138 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $420623182 |
| Total accumulated earnings (loss) |  | 183280956 |
| **Net Assets** |  | $603904138 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($18,882,530 ÷ 706,641 shares)(a) |  | $26.72 |
| Maximum offering price per share (100/94.25 of $26.72) |  | $28.35 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($5,363,030 ÷ 200,742 shares)(a) |  | $26.72 |
| Maximum offering price per share (100/96.50 of $26.72) |  | $27.69 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($1,959,429 ÷ 73,400 shares)(a) |  | $26.70 |
| **Fidelity Blue Chip Value Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($573,658,749 ÷ 21,435,037 shares) |  | $26.76 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($3,204,289 ÷ 119,868 shares) |  | $26.73 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($836,111 ÷ 31,288 shares) |  | $26.72 |
| *(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 January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $5938200 |
| Income from Fidelity Central Funds (including $16,104 from security lending)  |  | 181216 |
| **Total income** |  | 6119416 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $1942254 |  |
| Performance adjustment | (693895) |  |
| Distribution and service plan fees | 31930 |  |
| Custodian fees and expenses | 8445 |  |
| Independent trustees' fees and expenses | 1222 |  |
| Registration fees | 104935 |  |
| Audit fees | 46122 |  |
| Legal | 6377 |  |
| Interest | 3414 |  |
| Miscellaneous | 42339 |  |
| Total expenses before reductions | 1493143 |  |
| Expense reductions | (111548) |  |
| Total expenses after reductions |  | 1381595 |
| **Net Investment income (loss)** |  | 4737821 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 103214853 |  |
| Fidelity Central Funds | 2051 |  |
| Foreign currency transactions | (5700) |  |
| Total net realized gain (loss) |  | 103211204 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (25178164) |  |
| Assets and liabilities in foreign currencies | 17124 |  |
| Total change in net unrealized appreciation (depreciation) |  | (25161040) |
| **Net gain (loss)** |  | 78050164 |
| **Net increase (decrease) in net assets resulting from operations** |  | $82787985 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $4737821 | $12187023 |
| &nbsp;&nbsp;Net realized gain (loss) | 103211204<br>| 15244671<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (25161040) | (50130075)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 82787985<br>| (22698381)<br>|
| Distributions to shareholders | (17556791)<br>| (60188463)<br>|
| Share transactions - net increase (decrease) | (20337772)<br>| (101932392)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 44893422<br>| (184819236)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 559010716 | 743829952<br>|
| &nbsp;&nbsp;End of period | $603904138 | $559010716 |

---

**Financial Highlights** 

**Fidelity Advisor® Blue Chip Value Fund Class A**<br>

---

| | |
|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $25.10 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .13  |
| Net realized and unrealized gain (loss)  | 2.25  |
| Total from investment operations  | 2.38  |
| Distributions from net investment income  | (.38)  |
| Distributions from net realized gain  | (.38)  |
| Total distributions  | (.76)  |
| Net asset value, end of period  | $26.72 |
| **Total Return** D,E,F | 9.66% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | .78% I,J |
| Expenses net of fee waivers, if any  | .74% I,J<br>|
| Expenses net of all reductions, if any  | .74% I,J |
| Net investment income (loss)  | 1.34% I,J |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $18883 |
| Portfolio turnover rate K | 126% J,L<br>|

---

A*For the period September 11, 2025 (commencement of sale of shares) through January 31, 2026.*

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*Proxy expenses are not annualized.*

J*Annualized.*

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

L*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Blue Chip Value Fund Class M**<br>

---

| | |
|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $25.10 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .11  |
| Net realized and unrealized gain (loss)  | 2.26  |
| Total from investment operations  | 2.37  |
| Distributions from net investment income  | (.36)  |
| Distributions from net realized gain  | (.38)  |
| Total distributions  | (.75) D |
| Net asset value, end of period  | $26.72 |
| **Total Return** E,F,G | 9.59% <br>|
| **Ratios to Average Net Assets** C,H,I |  |
| Expenses before reductions  | 1.03% J,K |
| Expenses net of fee waivers, if any  | .99% J,K<br>|
| Expenses net of all reductions, if any  | .99% J,K |
| Net investment income (loss)  | 1.09% J,K |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $5363 |
| Portfolio turnover rate L | 126% K,M<br>|

---

A*For the period September 11, 2025 (commencement of sale of shares) through January 31, 2026.*

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

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

I*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*Proxy expenses are not annualized.*

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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Blue Chip Value Fund Class C**<br>

---

| | |
|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $25.10 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .06  |
| Net realized and unrealized gain (loss)  | 2.26  |
| Total from investment operations  | 2.32  |
| Distributions from net investment income  | (.33)  |
| Distributions from net realized gain  | (.38)  |
| Total distributions  | (.72) D |
| Net asset value, end of period  | $26.70 |
| **Total Return** E,F,G | 9.39% <br>|
| **Ratios to Average Net Assets** C,H,I |  |
| Expenses before reductions  | 1.53% J,K |
| Expenses net of fee waivers, if any  | 1.49% J,K<br>|
| Expenses net of all reductions, if any  | 1.49% J,K |
| Net investment income (loss)  | .59% J,K |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $1959 |
| Portfolio turnover rate L | 126% K,M<br>|

---

A*For the period September 11, 2025 (commencement of sale of shares) through January 31, 2026.*

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

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

I*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*Proxy expenses are not annualized.*

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*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity® Blue Chip Value Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $23.94 | $27.00 | $25.17 | $23.79 | $23.11 | $17.02 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .21  | .47  | .38  | .31  | .33  | .27  |
| Net realized and unrealized gain (loss)  | 3.37  | (1.30)  | 2.36  | 1.69  | .66  | 6.03  |
| Total from investment operations  | 3.58  | (.83)  | 2.74  | 2.00  | .99  | 6.30  |
| Distributions from net investment income  | (.38)  | (.42)  | (.38)  | (.26)  | (.31)  | (.21)  |
| Distributions from net realized gain  | (.38)  | (1.80)  | (.53)  | (.37)  | -  | -  |
| Total distributions  | (.76)  | (2.23) C | (.91)  | (.62) C | (.31)  | (.21)  |
| Net asset value, end of period  | $26.76 | $23.94 | $27.00 | $25.17 | $23.79 | $23.11 |
| **Total Return** D,E | 15.13% <br>| (3.28)%  | 11.31%  | 8.61%  | 4.28%  | 37.36%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .49% H,I | .56%  | .85%  | .80%  | .63%  | .58%  |
| Expenses net of fee waivers, if any  | .45% H,I<br>| .56%  | .85%  | .79%  | .63%  | .58%  |
| Expenses net of all reductions, if any  | .45% H,I | .56%  | .85%  | .79%  | .63%  | .58%  |
| Net investment income (loss)  | 1.63% H,I | 1.88%  | 1.52%  | 1.32%  | 1.38%  | 1.35%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $573659 | $559011 | $743830 | $752556 | $740985 | $525809 |
| Portfolio turnover rate J | 126% I,K<br>| 53%  | 39%  | 32%  | 41%  | 52%  |

---

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*Proxy expenses are not annualized.*

I*Annualized.*

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

K*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Blue Chip Value Fund Class I**<br>

---

| | |
|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $25.10 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .16  |
| Net realized and unrealized gain (loss)  | 2.25  |
| Total from investment operations  | 2.41  |
| Distributions from net investment income  | (.40)  |
| Distributions from net realized gain  | (.38)  |
| Total distributions  | (.78)  |
| Net asset value, end of period  | $26.73 |
| **Total Return** D,E | 9.78% <br>|
| **Ratios to Average Net Assets** C,F,G |  |
| Expenses before reductions  | .48% H,I |
| Expenses net of fee waivers, if any  | .44% H,I<br>|
| Expenses net of all reductions, if any  | .44% H,I |
| Net investment income (loss)  | 1.64% H,I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $3204 |
| Portfolio turnover rate J | 126% I,K<br>|

---

A*For the period September 11, 2025 (commencement of sale of shares) through January 31, 2026.*

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*Proxy expenses are not annualized.*

I*Annualized.*

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

K*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Blue Chip Value Fund Class Z**<br>

---

| | |
|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)** A |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $25.10 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .17  |
| Net realized and unrealized gain (loss)  | 2.25  |
| Total from investment operations  | 2.42  |
| Distributions from net investment income  | (.42)  |
| Distributions from net realized gain  | (.38)  |
| Total distributions  | (.80)  |
| Net asset value, end of period  | $26.72 |
| **Total Return** D,E | 9.82% <br>|
| **Ratios to Average Net Assets** C,F,G |  |
| Expenses before reductions  | .41% H,I |
| Expenses net of fee waivers, if any  | .37% H,I<br>|
| Expenses net of all reductions, if any  | .37% H,I |
| Net investment income (loss)  | 1.71% H,I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $836 |
| Portfolio turnover rate J | 126% I,K<br>|

---

A*For the period September 11, 2025 (commencement of sale of shares) through January 31, 2026.*

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*Proxy expenses are not annualized.*

I*Annualized.*

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

K*The portfolio turnover rate does not include the assets acquired in the reorganization.*

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

For the period ended January 31, 2026

**1. Organization.**

Fidelity Blue Chip Value Fund (the Fund) is a fund of Fidelity Securities Fund (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 commenced sale of Class A, Class M, Class C, Class I and Class Z shares on September 11, 2025. The Fund offers Class A, Class M, Class C, Fidelity Blue Chip Value Fund, 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 January 31, 2026 is included at the end of the Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims 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 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 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 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** | $99724119 |
| **Gross unrealized depreciation** | <u>(10685200)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$89038919</u> |
| **Tax cost** | <u>$528211286</u> |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Blue Chip Value Fund** | 361613303 | 399024076 |

---

**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** | .72 |
| **Class M** | .71 |
| **Class C** | .72 |
| **Fidelity Blue Chip Value Fund** | .68 |
| **Class I** | .66 |
| **Class Z** | .60 |

---

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** | .71 |
| **Class M** | .71 |
| **Class C** | .71 |
| **Fidelity Blue Chip Value Fund** | .66 |
| **Class I** | .66 |
| **Class Z** | .59 |

---

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 Blue Chip Value Fund** | Russell 1000 Value Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Fidelity Blue Chip Value 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 (.24)%. The performance adjustment rate may differ for classes that were not in existence for the entire reporting period.

**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% | 16104 | - |
| **Class M** | .25% | .25% | 9238 | - |
| **Class C** | .75% | .25% | <u>6588</u> | <u>665</u> |
|  |  |  | <u>31930</u> | <u>665</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** | 1857 |
| **Class M** | 110 |
| **Class C**A | <u>16</u> |
|  | <u>1983</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**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 Blue Chip Value Fund** | 8799 |

---

**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 Blue Chip Value Fund**  | Borrower | 15667500 | 3.92% | 3414 |

---

**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 Blue Chip Value Fund** | 40147701 | 55279851 | 26097280 |

---

**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 Blue Chip Value Fund** | 498 |

---

**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 Blue Chip Value Fund** | 1742 | - | - |

---

**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 $219.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses and a portion of class-level operating expenses as follows:

---

| | |
|:---|:---|
|  | **Fund-Level Amount ($)** |
| **Fidelity Blue Chip Value Fund** | 31967 |

---

---

| | |
|:---|:---|
|  | **Class-Level Amount ($)** |
| **Class A** | 2340 |
| **Class M** | 668 |
| **Class C** | 232 |
| **Fidelity Blue Chip Value Fund**  | 75641 |
| **Class I** | 405 |
| **Class Z** | <u>76</u> |
| **Total** | <u>79362</u> |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **January 31, 2026 A** | **Year ended**<br> **July 31, 2025** |
| **Fidelity Blue Chip Value Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $406134 | $- |
| Class M | 112974 | - |
| Class C | 40145 | - |
| Fidelity Blue Chip Value Fund | 16903537 | 60188463 |
| Class I | 73711 | - |
| Class Z | <u>20290</u> | <u>-</u> |
| Total  | <u>$17556791</u> | <u>$</u> <u>60188463</u> |

---

*A Distributions for Class A, Class M, Class C, Class I and Class Z are for the period September 11, 2025 (commencement of sale of shares) through January 31, 2026.*

**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> **January 31, 2026 A**  | **Year ended**<br> **July 31, 2025** | **Six months ended** <br> **January 31, 2026A**  | **Year ended**<br> **July 31, 2025** |
| **Fidelity Blue Chip Value Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 43674 | - | $1023153 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 690173 | - | 17164577 | - |
| Reinvestment of distributions  | 15592 | - | 400221 | - |
| Shares redeemed | <u>(42798)</u> | <u>-</u> | <u>(1093611)</u> | <u>-</u> |
| Net increase (decrease) | <u>706641</u> | <u>-</u> | <u>$17494340</u> | <u>$</u> <u>-</u> |
| **Class M** |  |  |  |  |
| Shares sold | 8876 | - | $195906 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 198319 | - | 4932193 | - |
| Reinvestment of distributions  | 4372 | - | 112197 | - |
| Shares redeemed | <u>(10825)</u> | <u>-</u> | <u>(272762)</u> | <u>-</u> |
| Net increase (decrease) | <u>200742</u> | <u>-</u> | <u>$4967534</u> | <u>$</u> <u>-</u> |
| **Class C** |  |  |  |  |
| Shares sold | 13555 | - | $338371 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 69617 | - | 1731370 | - |
| Reinvestment of distributions  | 1566 | - | 40145 | - |
| Shares redeemed | <u>(11338)</u> | <u>-</u> | <u>(286913)</u> | <u>-</u> |
| Net increase (decrease) | <u>73400</u> | <u>-</u> | <u>$1822973</u> | <u>$</u> <u>-</u> |
| **Fidelity Blue Chip Value Fund** |  |  |  |  |
| Shares sold | 823661 | 2403387 | $21036392 | $59469783 |
| Reinvestment of distributions  | 468330 | 1527961 | 11925847 | 38173107 |
| Shares redeemed | <u>(3203858)</u> | <u>(8135049)</u> | <u>(81321484)</u> | <u>(199575282)</u> |
| Net increase (decrease) | <u>(1911867)</u> | <u>(4203701)</u> | <u>$(48359245)</u> | <u>$(101932392)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 9932 | - | $228924 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 142076 | - | 3533426 | - |
| Reinvestment of distributions  | 2858 | - | 73346 | - |
| Shares redeemed | <u>(34998)</u> | <u>-</u> | <u>(881986)</u> | <u>-</u> |
| Net increase (decrease) | <u>119868</u> | <u>-</u> | <u>$2953710</u> | <u>$</u> <u>-</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 34187 | - | $859063 | $- |
| Reinvestment of distributions  | 751 | - | 19245 | - |
| Shares redeemed | <u>(3650)</u> | <u>-</u> | <u>(95392)</u> | <u>-</u> |
| Net increase (decrease) | <u>31288</u> | <u>-</u> | <u>$782916</u> | <u>$</u> <u>-</u> |

---

*A Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period September 11, 2025 (commencement of sale of shares) through January 31, 2026.*

**11. Other.**

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

**12. Risk and Uncertainties.**

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

**13. Reorganization Information.**

On September 19, 2025, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Value Leaders Fund (Acquired Fund) pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees (the Board). The securities held by the Acquired Fund were the primary assets acquired by the Fund. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on September 11, 2025. The acquisition was accomplished by an exchange of each class of the Fund for corresponding shares then outstanding of the Acquired Fund at its respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Acquired Fund** | **Investments $** | **Unrealized appreciation (depreciation) $** | **Net Assets $** | **Shares Exchanged** | **Shares Exchanged Ratio** |
| **Fidelity Advisor Value Leaders Fund** | 27309864 | 6110539 |  |  |  |
| **Class A** |  |  | 17164577 | 837351 | .8242340169 |
| **Class M** |  |  | 4932193 | 238947 | .8299678327 |
| **Class C** |  |  | 1731370 | 87361 | .7968918376 |
| **Class I** |  |  | 3533426 | 171012 | .8307921190 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring Fund** | **Net Assets $** | **Total net assets after the acquisition $** |
| **Fidelity Blue Chip Value Fund** | 570402478 | 597764044 |

---

Pro forma results of operations of the combined entity for the entire period ended January 31, 2026, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:

---

| | |
|:---|:---|
| **Net investment income (loss)** | $4794543  |
| **Total net realized gain (loss)** | 103398377 |
| **Total change in net unrealized appreciation (depreciation)** | <u>(24364265)</u> |
| **Net increase (decrease) in net assets resulting from operations** | <u>$83828655</u> |

---

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that has been included in the Fund's accompanying Statement of Operations since September 19, 2025.

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img125827_4.jpg)<br>

1.789715.123 BCV-SANN-0426

**Fidelity® Blue Chip Growth K6 Fund**

**Semi-Annual Report**

**January 31, 2026**

![](img125828_1.jpg)

![](img125828_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7Consolidated_BCFK6-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Blue Chip Growth K6 Fund](#Sub_Sec_Fund_2945_BCFK6-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements2945_BCFK6-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_BCFK6-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_BCFK6-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_BCFK6-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_BCFK6-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.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Blue Chip Growth K6 Fund**

**Consolidated Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.8%** | &nbsp;&nbsp;**Common Stocks - 97.8%** | &nbsp;&nbsp;**Common Stocks - 97.8%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Australia Holdings Pty Ltd Class A (b)(c)(d) | 5800 | 8968424 |
| BELGIUM - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| UCB SA  | 43400 | 13138846 |
| BRAZIL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (b) | 243739 | 4326367 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Vale SA ADR  | 230300 | 3700921 |
| TOTAL BRAZIL |  | 8027288 |
| BURKINA FASO - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| IAMGOLD Corp (United States) (b) | 533900 | 9706302 |
| CANADA - 1.5%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Specialty Retail - 0.3% |  |  |
| Aritzia Inc Subordinate Voting Shares (b) | 701849 | 55322185 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Suncor Energy Inc  | 141800 | 7494838 |
| Information Technology - 1.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.8% |  |  |
| Celestica Inc (United States) (b) | 455535 | 128000780 |
| IT Services - 0.4% |  |  |
| Shopify Inc Class A (b) | 467697 | 61369238 |
| Software - 0.0% |  |  |
| Taalas Inc warrants (b)(c)(d) | 115080 | 118532 |
| TOTAL INFORMATION TECHNOLOGY |  | 189488550 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Agnico Eagle Mines Ltd/CA (United States)  | 32800 | 6248400 |
| TOTAL CANADA |  | 258553973 |
| CHILE - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Antofagasta PLC  | 76600 | 3823673 |
| CHINA - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Interactive Media & Services - 0.2% |  |  |
| Tencent Holdings Ltd  | 311000 | 23904022 |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| WeRide Inc ADR (b)(h) | 383478 | 3071659 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Luckin Coffee Inc ADR (b) | 139300 | 4648441 |
| TOTAL CONSUMER DISCRETIONARY |  | 7720100 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Eastroc Beverage Group Co Ltd H Shares  | 22300 | 707927 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Ant International Co Ltd Class C (c)(d) | 201988 | 323181 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Pony AI Inc ADR (b) | 403275 | 5597457 |
| TOTAL CHINA |  | 38252687 |
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Ascendis Pharma A/S ADR (b) | 67905 | 15353321 |
| FINLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Amer Sports Inc (b) | 1072210 | 39275052 |
| GERMANY - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Trade Republic Bank GmbH (c)(d)(f) | 141 | 3897389 |
| INDIA - 0.7%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| Bharti Airtel Ltd  | 395500 | 8491514 |
| Vodafone Idea Ltd (b) | 68281468 | 8317927 |
| TOTAL COMMUNICATION SERVICES |  | 16809441 |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.1% |  |  |
| Meesho (e) | 7858830 | 14925898 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Eternal Ltd (b) | 4704300 | 14036867 |
| Specialty Retail - 0.1% |  |  |
| Lenskart Solutions Ltd (e) | 2451712 | 12228613 |
| TOTAL CONSUMER DISCRETIONARY |  | 41191378 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Patanjali Foods Ltd  | 646000 | 3525404 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Reliance Industries Ltd  | 1220982 | 18580914 |
| Financials - 0.2% |  |  |
| Capital Markets - 0.2% |  |  |
| Authum Investment & Infrastucture Ltd  | 5345125 | 29449660 |
| Financial Services - 0.0% |  |  |
| Jio Financial Services Ltd  | 747491 | 2074688 |
| Pine Labs Ltd (e) | 926488 | 2304853 |
|  |  | 4379541 |
| TOTAL FINANCIALS |  | 33829201 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Max Healthcare Institute Ltd  | 284100 | 2964499 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Hindustan Aeronautics Ltd (i) | 63700 | 3209106 |
| Passenger Airlines - 0.0% |  |  |
| InterGlobe Aviation Ltd (g)(i) | 73000 | 3659395 |
| Transportation Infrastructure - 0.0% |  |  |
| JSW Infrastructure Ltd  | 428200 | 1207164 |
| TOTAL INDUSTRIALS |  | 8075665 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Welspun Corp Ltd  | 1129300 | 8981417 |
| TOTAL INDIA |  | 133957919 |
| ISRAEL - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd warrants 7/24/2032 (b)(c) | 78355 | 108913 |
| ITALY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Lottomatica Group Spa  | 477000 | 11715336 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| APR Corp/Korea  | 9630 | 1792270 |
| LUXEMBOURG - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| CVC Capital Partners PLC (g)(i) | 307257 | 5437612 |
| NETHERLANDS - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| NXP Semiconductors NV  | 155513 | 35167710 |
| SINGAPORE - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Sea Ltd Class A ADR (b) | 54900 | 6395301 |
| SWITZERLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| On Holding AG Class A (b) | 661834 | 29947989 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Galderma Group AG  | 69401 | 12936275 |
| TOTAL SWITZERLAND |  | 42884264 |
| TAIWAN - 1.2%  |  |  |
| Information Technology - 1.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Delta Electronics Inc  | 115000 | 4444796 |
| Semiconductors & Semiconductor Equipment - 1.2% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 586713 | 193943850 |
| TOTAL TAIWAN |  | 198388646 |
| UNITED KINGDOM - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Tobacco - 0.1% |  |  |
| British American Tobacco PLC ADR  | 218692 | 13270231 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Revolut Group Holdings Ltd (b)(c)(d) | 3207 | 4499678 |
| TOTAL UNITED KINGDOM |  | 17769909 |
| UNITED STATES - 93.1%  |  |  |
| Communication Services - 17.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| AST SpaceMobile Inc Class A (b) | 51100 | 5682831 |
| Entertainment - 2.7% |  |  |
| Netflix Inc (b) | 4840080 | 404098280 |
| ROBLOX Corp Class A (b) | 747494 | 49155205 |
| Roku Inc Class A (b) | 44500 | 4236400 |
| Take-Two Interactive Software Inc (b) | 128794 | 28373318 |
|  |  | 485863203 |
| Interactive Media & Services - 14.4% |  |  |
| Alphabet Inc Class A  | 4347068 | 1469308984 |
| Epic Games Inc (b)(c)(d) | 607 | 394605 |
| Meta Platforms Inc Class A  | 1375580 | 985603070 |
| Reddit Inc Class A (b) | 96231 | 17347562 |
| Reddit Inc Class B (b) | 30951 | 5579537 |
| Snap Inc Class A (b) | 13407181 | 92911764 |
|  |  | 2571145522 |
| Media - 0.0% |  |  |
| EchoStar Corp Class A (b) | 31500 | 3566430 |
| TOTAL COMMUNICATION SERVICES |  | 3066257986 |
| Consumer Discretionary - 14.7% |  |  |
| Automobiles - 1.9% |  |  |
| General Motors Co  | 22900 | 1923600 |
| Neutron Holdings Inc (b)(c)(d) | 491550 | 47090 |
| Rad Power Bikes Inc (b)(c)(d) | 101681 | 1 |
| Rad Power Bikes Inc warrants 10/6/2033 (b)(c)(d) | 110642 | 1 |
| Tesla Inc (b) | 801314 | 344893559 |
|  |  | 346864251 |
| Broadline Retail - 5.7% |  |  |
| Amazon.com Inc (b) | 4266275 | 1020919608 |
| Diversified Consumer Services - 0.0% |  |  |
| Phoenix Education Partners Inc  | 10147 | 309584 |
| Hotels, Restaurants & Leisure - 2.3% |  |  |
| Brinker International Inc (b) | 359852 | 56755857 |
| Cava Group Inc (b)(h) | 96700 | 5861954 |
| Cheesecake Factory Inc/The  | 86400 | 5007744 |
| Chipotle Mexican Grill Inc (b) | 1246745 | 48460978 |
| DoorDash Inc Class A (b) | 231886 | 47448513 |
| DraftKings Inc Class A (b)(h) | 1503344 | 41356993 |
| Dutch Bros Inc Class A (b) | 92593 | 5036133 |
| Expedia Group Inc Class A  | 18400 | 4873056 |
| Hilton Worldwide Holdings Inc  | 78200 | 23343482 |
| Marriott International Inc/MD Class A1  | 72400 | 22827720 |
| Sonder Holdings Inc Stage 1 rights (b)(c) | 1448 | 0 |
| Sonder Holdings Inc Stage 2 rights (b)(c) | 1447 | 0 |
| Sonder Holdings Inc Stage 3 rights (b)(c) | 1447 | 0 |
| Sonder Holdings Inc Stage 4 rights (b)(c) | 1447 | 0 |
| Sonder Holdings Inc Stage 5 rights (b)(c) | 1447 | 0 |
| Sonder Holdings Inc Stage 5 rights (b)(c) | 1447 | 0 |
| Starbucks Corp  | 1294946 | 119070286 |
| Texas Roadhouse Inc  | 51300 | 9226818 |
| Wingstop Inc (h) | 86100 | 22853523 |
|  |  | 412123057 |
| Household Durables - 0.9% |  |  |
| SharkNinja Inc (b)(h) | 1215068 | 143621038 |
| Somnigroup International Inc  | 119195 | 10471280 |
|  |  | 154092318 |
| Leisure Products - 0.0% |  |  |
| Peloton Interactive Inc Class A (b) | 2659962 | 14869188 |
| Specialty Retail - 3.1% |  |  |
| Abercrombie & Fitch Co Class A (b) | 97808 | 9548995 |
| American Eagle Outfitters Inc  | 121390 | 2829601 |
| AutoZone Inc (b) | 1500 | 5556435 |
| Bath & Body Works Inc  | 447918 | 9764612 |
| Carvana Co Class A (b) | 256799 | 103004647 |
| Fanatics Inc Class A (b)(c)(d) | 225366 | 18029280 |
| Five Below Inc (b) | 103890 | 19909480 |
| Floor & Decor Holdings Inc Class A (b) | 54900 | 3621204 |
| Gap Inc/The  | 337600 | 9446048 |
| Home Depot Inc/The  | 67360 | 25232382 |
| Lowe's Cos Inc  | 397577 | 106176915 |
| RealReal Inc/The (b) | 578100 | 8480727 |
| RH (b)(h) | 262027 | 52098828 |
| Ross Stores Inc  | 19200 | 3622080 |
| TJX Cos Inc/The  | 558983 | 83741243 |
| Urban Outfitters Inc (b) | 134965 | 9562270 |
| Victoria's Secret & Co (b) | 426600 | 23253966 |
| Warby Parker Inc Class A (b) | 978202 | 24953933 |
| Wayfair Inc Class A (b) | 340165 | 35203676 |
|  |  | 554036322 |
| Textiles, Apparel & Luxury Goods - 0.8% |  |  |
| Capri Holdings Ltd (b) | 1332058 | 30064549 |
| Deckers Outdoor Corp (b) | 164384 | 19617587 |
| Lululemon Athletica Inc (b) | 264961 | 46235695 |
| NIKE Inc Class B  | 603374 | 37294547 |
| Tapestry Inc  | 87104 | 11054369 |
| VF Corp  | 165700 | 3246062 |
|  |  | 147512809 |
| TOTAL CONSUMER DISCRETIONARY |  | 2650727137 |
| Consumer Staples - 1.0% |  |  |
| Beverages - 0.1% |  |  |
| Celsius Holdings Inc (b) | 362757 | 19037487 |
| Consumer Staples Distribution & Retail - 0.7% |  |  |
| Chobani Inc Class A (c)(d)(f) | 764 | 3404651 |
| Costco Wholesale Corp  | 101759 | 95678900 |
| Sprouts Farmers Market Inc (b) | 94800 | 6722268 |
| Target Corp  | 147200 | 15525184 |
|  |  | 121331003 |
| Food Products - 0.0% |  |  |
| Real Good Food Co LLC /The Class B (b)(c) | 11626 | 0 |
| Real Good Food Co LLC /The Class B unit (b)(g) | 11626 | 1163 |
|  |  | 1163 |
| Personal Care Products - 0.1% |  |  |
| Estee Lauder Cos Inc/The Class A  | 57900 | 6674712 |
| Herbalife Ltd (b) | 499000 | 8602760 |
|  |  | 15277472 |
| Tobacco - 0.1% |  |  |
| JUUL Labs Inc Class A (b)(c)(d) | 10979673 | 20861379 |
| TOTAL CONSUMER STAPLES |  | 176508504 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| WaterBridge Infrastructure LLC Class A  | 91900 | 2016286 |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Chevron Corp  | 41100 | 7270590 |
| Exxon Mobil Corp  | 107900 | 15257060 |
|  |  | 22527650 |
| TOTAL ENERGY |  | 24543936 |
| Financials - 3.4% |  |  |
| Capital Markets - 1.3% |  |  |
| Ares Management Corp Class A  | 113594 | 17001614 |
| Blue Owl Capital Inc Class A  | 1180521 | 16102306 |
| Goldman Sachs Group Inc/The  | 84552 | 79090787 |
| KKR & Co Inc Class A  | 184743 | 21108735 |
| Morgan Stanley  | 203045 | 37116626 |
| Robinhood Markets Inc Class A (b) | 604401 | 60125811 |
|  |  | 230545879 |
| Consumer Finance - 0.1% |  |  |
| Figure Technology Solutions Inc Class A (h) | 237200 | 13491936 |
| Financial Services - 2.0% |  |  |
| Affirm Holdings Inc Class A (b) | 649790 | 39182337 |
| Apollo Global Management Inc  | 249939 | 33626793 |
| Mastercard Inc Class A  | 372544 | 200722983 |
| Rocket Cos Inc Class A  | 389438 | 6982623 |
| Toast Inc Class A (b) | 307249 | 9558516 |
| Visa Inc Class A  | 231373 | 74462773 |
|  |  | 364536025 |
| TOTAL FINANCIALS |  | 608573840 |
| Health Care - 6.6% |  |  |
| Biotechnology - 1.8% |  |  |
| AbbVie Inc  | 365798 | 81576612 |
| Alnylam Pharmaceuticals Inc (b) | 132122 | 44665163 |
| Apogee Therapeutics Inc (b) | 100755 | 6600460 |
| Arcellx Inc (b) | 20039 | 1368864 |
| Caris Life Sciences Inc (b) | 27836 | 644682 |
| Cibus Inc Class A (b) | 7991 | 15582 |
| Gilead Sciences Inc  | 1054444 | 149678327 |
| Janux Therapeutics Inc (b) | 51820 | 710452 |
| Legend Biotech Corp ADR (b) | 110625 | 1935938 |
| Moderna Inc (b) | 107400 | 4733118 |
| Praxis Precision Medicines Inc (b) | 13400 | 4207600 |
| Regeneron Pharmaceuticals Inc  | 19400 | 14384130 |
| Revolution Medicines Inc (b) | 15300 | 1483335 |
| Scholar Rock Holding Corp (b) | 93257 | 4135015 |
| Travere Therapeutics Inc (b) | 190000 | 5907100 |
|  |  | 322046378 |
| Health Care Equipment & Supplies - 1.0% |  |  |
| Blink Health LLC Class A1 (b)(c)(d) | 7044 | 260980 |
| Boston Scientific Corp (b) | 1536079 | 143669469 |
| Insulet Corp (b) | 81147 | 20758214 |
| Intuitive Surgical Inc (b) | 9400 | 4739668 |
| Kestra Medical Technologies Ltd  | 96654 | 2384454 |
| Medline Inc Class A  | 297600 | 13153920 |
|  |  | 184966705 |
| Health Care Providers & Services - 0.6% |  |  |
| Cardinal Health Inc  | 179652 | 38603622 |
| Cencora Inc  | 59404 | 21339105 |
| Guardant Health Inc (b) | 80000 | 9123200 |
| McKesson Corp  | 40266 | 33469502 |
|  |  | 102535429 |
| Health Care Technology - 0.0% |  |  |
| Claritev Corp warrants (b)(c) | 13856 | 0 |
| HeartFlow Inc (e) | 106157 | 3170910 |
|  |  | 3170910 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Danaher Corp  | 31800 | 6960702 |
| Veterinary Emergency Group (b)(c)(d)(f) | 62379 | 6136222 |
|  |  | 13096924 |
| Pharmaceuticals - 3.1% |  |  |
| Crinetics Pharmaceuticals Inc (b) | 79100 | 3950254 |
| Elanco Animal Health Inc (b) | 138800 | 3342304 |
| Eli Lilly & Co  | 509336 | 528257832 |
| Johnson & Johnson  | 98900 | 22475025 |
| Roche Holding AG non-voting shares  | 13790 | 6270864 |
|  |  | 564296279 |
| TOTAL HEALTH CARE |  | 1190112625 |
| Industrials - 8.1% |  |  |
| Aerospace & Defense - 4.7% |  |  |
| Anduril Industries Inc Class B (c)(d) | 6297 | 314472 |
| Anduril Industries Inc Class C (c)(d) | 3 | 150 |
| Axon Enterprise Inc (b) | 58970 | 28516713 |
| Beta Technologies Inc (e) | 114383 | 2459235 |
| Beta Technologies Inc Class A (b) | 89900 | 1932850 |
| Boeing Co (b) | 596727 | 139467034 |
| Carpenter Technology Corp  | 90752 | 28843708 |
| GE Aerospace  | 361271 | 110834330 |
| Howmet Aerospace Inc  | 266388 | 55430015 |
| Red Cat Holdings Inc (b) | 191900 | 2590650 |
| Relativity Space Inc (b)(c) | 3834 | 4064 |
| Rocket Lab Corp  | 121300 | 9712491 |
| Space Exploration Technologies Corp (b)(c)(d) | 940035 | 395754735 |
| Space Exploration Technologies Corp Class C (b)(c)(d) | 162357 | 68352297 |
|  |  | 844212744 |
| Air Freight & Logistics - 0.0% |  |  |
| CH Robinson Worldwide Inc  | 9900 | 1930005 |
| FedEx Corp  | 7700 | 2481325 |
|  |  | 4411330 |
| Construction & Engineering - 0.2% |  |  |
| Comfort Systems USA Inc  | 20148 | 23011031 |
| Construction Partners Inc Class A (b) | 23900 | 2626132 |
| IES Holdings Inc (b) | 15100 | 5742379 |
| Legence Corp Class A  | 28900 | 1355699 |
|  |  | 32735241 |
| Electrical Equipment - 0.8% |  |  |
| Bloom Energy Corp Class A (b) | 23600 | 3572332 |
| GE Vernova Inc  | 170746 | 124024772 |
| Nextpower Inc Class A (b) | 147200 | 17235648 |
|  |  | 144832752 |
| Ground Transportation - 0.6% |  |  |
| Lyft Inc Class A (b) | 1223523 | 20640833 |
| Old Dominion Freight Line Inc  | 66500 | 11517800 |
| Uber Technologies Inc (b) | 913600 | 73133680 |
| XPO Inc (b) | 48000 | 7109280 |
|  |  | 112401593 |
| Machinery - 0.3% |  |  |
| Caterpillar Inc  | 11200 | 7362432 |
| Cummins Inc  | 38800 | 22458216 |
| PACCAR Inc  | 102400 | 12585984 |
| RBC Bearings Inc (b) | 11705 | 5848637 |
|  |  | 48255269 |
| Passenger Airlines - 0.6% |  |  |
| Alaska Air Group Inc (b) | 141108 | 7172520 |
| Delta Air Lines Inc  | 791117 | 52126699 |
| United Airlines Holdings Inc (b) | 499322 | 51090627 |
|  |  | 110389846 |
| Trading Companies & Distributors - 0.9% |  |  |
| Ferguson Enterprises Inc  | 36967 | 9332688 |
| FTAI Aviation Ltd  | 566655 | 154311490 |
|  |  | 163644178 |
| TOTAL INDUSTRIALS |  | 1460882953 |
| Information Technology - 41.1% |  |  |
| Communications Equipment - 0.6% |  |  |
| Arista Networks Inc (b) | 53400 | 7568916 |
| Lumentum Holdings Inc (b)(h) | 241795 | 94744953 |
|  |  | 102313869 |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| Amphenol Corp Class A  | 483014 | 69592657 |
| Coherent Corp (b) | 280728 | 59564867 |
| Corning Inc  | 161760 | 16701720 |
| Jabil Inc  | 61500 | 14587185 |
|  |  | 160446429 |
| IT Services - 1.0% |  |  |
| Akamai Technologies Inc (b) | 40500 | 3934575 |
| Cloudflare Inc Class A (b) | 221857 | 39346339 |
| MongoDB Inc Class A (b) | 19025 | 7064553 |
| Snowflake Inc (b) | 329424 | 63480005 |
| Twilio Inc Class A (b) | 398875 | 48048483 |
| X.Ai Holdings Corp Class A (c)(d) | 127501 | 9621225 |
|  |  | 171495180 |
| Semiconductors & Semiconductor Equipment - 24.4% |  |  |
| Astera Labs Inc (b) | 571399 | 86064117 |
| Broadcom Inc  | 2655745 | 879848319 |
| GlobalFoundries Inc (b) | 340309 | 14361040 |
| Impinj Inc (b) | 133 | 18367 |
| Marvell Technology Inc  | 3836078 | 302743276 |
| Monolithic Power Systems Inc  | 149842 | 168444884 |
| NVIDIA Corp  | 15482149 | 2959103139 |
|  |  | 4410583142 |
| Software - 7.7% |  |  |
| Applied Intuition Inc Class A (b)(c)(d) | 7903 | 895252 |
| AppLovin Corp Class A (b) | 533952 | 252618031 |
| Celestial AI Inc (c)(d) | 10310 | 276513 |
| Circle Internet Group Inc Class A (h) | 39100 | 2499663 |
| Crowdstrike Holdings Inc Class A (b) | 43479 | 19191848 |
| Figma Inc Class A  | 101166 | 2622223 |
| Microsoft Corp  | 1898036 | 816705910 |
| OpenAI Group Pbc Class A (c)(d) | 11900 | 5682012 |
| Oracle Corp  | 701901 | 115518867 |
| Palantir Technologies Inc Class A (b) | 462410 | 67784682 |
| Rubrik Inc Class A (b) | 125100 | 6999345 |
| Salesforce Inc  | 78700 | 16707223 |
| Samsara Inc Class A (b) | 226700 | 6358935 |
| Servicenow Inc (b) | 461255 | 53971448 |
| Stripe LLC Class B (b)(c)(d) | 19200 | 795264 |
| Unity Software Inc (b) | 108960 | 3170736 |
| Zoom Communications Inc Class A (b) | 98800 | 9099480 |
|  |  | 1380897432 |
| Technology Hardware, Storage & Peripherals - 6.5% |  |  |
| Apple Inc  | 3835243 | 995168854 |
| Sandisk Corp/DE  | 109100 | 62868875 |
| Seagate Technology Holdings PLC  | 29700 | 12108393 |
| Western Digital Corp  | 429800 | 107548854 |
|  |  | 1177694976 |
| TOTAL INFORMATION TECHNOLOGY |  | 7403431028 |
| Materials - 0.2% |  |  |
| Construction Materials - 0.2% |  |  |
| Martin Marietta Materials Inc  | 26158 | 17053708 |
| Vulcan Materials Co  | 60735 | 18253297 |
|  |  | 35307005 |
| Metals & Mining - 0.0% |  |  |
| Alcoa Corp  | 56700 | 3221127 |
| Century Aluminum Co (b) | 75500 | 3422415 |
|  |  | 6643542 |
| TOTAL MATERIALS |  | 41950547 |
| Real Estate - 0.6% |  |  |
| Health Care REITs - 0.6% |  |  |
| Welltower Inc  | 526956 | 99257432 |
| Real Estate Management & Development - 0.0% |  |  |
| Compass Inc Class A (b) | 800614 | 10023687 |
| TOTAL REAL ESTATE |  | 109281119 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Constellation Energy Corp  | 23600 | 6624048 |
| Entergy Corp  | 129852 | 12451508 |
| NRG Energy Inc  | 71620 | 10931361 |
|  |  | 30006917 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Vistra Corp  | 62063 | 9827676 |
| TOTAL UTILITIES |  | 39834593 |
| TOTAL UNITED STATES |  | 16772104268 |
| ZAMBIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| First Quantum Minerals Ltd (b) | 245600 | 6942418 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $7,709,192,748) |  | <br> **17631661521** |

---

---

| | | |
|:---|:---|:---|
| &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 (c)(d) | 237400 | 1066401 |
| Neutron Holdings Inc 4% 6/12/2027 (c)(d) | 64200 | 288386 |
| Neutron Holdings Inc 8% 10/29/2026 (c)(d)(j) | 3017519 | 5394118 |
| TOTAL CONSUMER DISCRETIONARY |  | 6748905 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 10% 5/12/2199 (c)(d) | 20586 | 6880 |
| TOTAL UNITED STATES |  | 6755785 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $3,339,706) |  | <br> **6755785** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 1.9%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.9%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.9%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc Series B (c)(d) | 38100 | 2644902 |
| CHINA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Bytedance Ltd Series E1 (b)(c)(d) | 31950 | 8204121 |
| ESTONIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Bolt Technology OU Series E (b)(c)(d) | 20165 | 4375368 |
| FINLAND - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Health Care Technology - 0.1% |  |  |
| Oura Health Oy Series D (b)(c)(d) | 215427 | 11540424 |
| Oura Health Oy Series E (c)(d) | 238021 | 12750785 |
| TOTAL FINLAND |  | 24291209 |
| ISRAEL - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Element Labs Inc Series A (c)(d) | 216700 | 1711930 |
| Element Labs Inc Series B (c)(d) | 144300 | 1266954 |
| TOTAL INDUSTRIALS |  | 2978884 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd Series D (b)(c)(d) | 130900 | 196350 |
| Xsight Labs Ltd Series F (c)(d) | 261182 | 1096964 |
| TOTAL INFORMATION TECHNOLOGY |  | 1293314 |
| TOTAL ISRAEL |  | 4272198 |
| UNITED KINGDOM - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| NScale Global Holdings Ltd Series B (c)(d) | 1200 | 512388 |
| UNITED STATES - 1.8%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Neutron Holdings Inc Series 1C (b)(c)(d) | 3178083 | 304460 |
| Neutron Holdings Inc Series 1D (b)(c)(d) | 5904173 | 565620 |
| Rad Power Bikes Inc Series A (b)(c)(d) | 13256 | 0 |
| Rad Power Bikes Inc Series C (b)(c)(d) | 52162 | 0 |
| Rad Power Bikes Inc Series D (b)(c)(d) | 102800 | 1 |
| Waymo LLC Series A2 (b)(c)(d) | 7817 | 1195141 |
| Waymo LLC Series C2 (b)(c)(d) | 35524 | 5289168 |
|  |  | 7354390 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Discord Inc Series I (b)(c)(d) | 700 | 171836 |
| TOTAL CONSUMER DISCRETIONARY |  | 7526226 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| GoBrands Inc Series G (b)(c)(d) | 18300 | 889014 |
| GoBrands Inc Series H (b)(c)(d) | 11467 | 710381 |
|  |  | 1599395 |
| Food Products - 0.0% |  |  |
| AgBiome LLC Series C (b)(c)(d) | 68700 | 1 |
| Tobacco - 0.0% |  |  |
| JUUL Labs Inc Series E (b)(c)(d) | 12508 | 23765 |
| TOTAL CONSUMER STAPLES |  | 1623161 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Akeana Series C (b)(c)(d) | 85300 | 1014217 |
| Tenstorrent Holdings Inc Series C1 (b)(c)(d) | 16673 | 1178948 |
| Tenstorrent Holdings Inc Series D1 (b)(c)(d) | 26748 | 1996471 |
| Tenstorrent Holdings Inc Series D2 (b)(c)(d) | 7862 | 567557 |
| TOTAL FINANCIALS |  | 4757193 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Neurona Therapeutics Inc Series F (c)(d) | 438700 | 1030945 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Blink Health LLC Series C (b)(c)(d) | 16970 | 628739 |
| Blink Health LLC Series D (b)(c)(d) | 3936 | 145828 |
|  |  | 774567 |
| TOTAL HEALTH CARE |  | 1805512 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| ABL Space Systems Co Series A10 (b)(c)(d) | 183227 | 47639 |
| ABL Space Systems Co Series A8 (b)(c)(d) | 33728 | 8769 |
| ABL Space Systems Co Series A9 (b)(c)(d) | 19187 | 4989 |
| Anduril Industries Inc Series F (b)(c)(d) | 129683 | 6476369 |
| Anduril Industries Inc Series G (c)(d) | 59000 | 2946460 |
|  |  | 9484226 |
| Air Freight & Logistics - 0.0% |  |  |
| Zipline International Inc Series G (b)(c)(d) | 65890 | 3706971 |
| Zipline International Inc Series H (c)(d) | 55600 | 3128056 |
|  |  | 6835027 |
| Electrical Equipment - 0.0% |  |  |
| Empower Semiconductor Inc Series D (c)(d) | 270300 | 2062389 |
| TOTAL INDUSTRIALS |  | 18381642 |
| Information Technology - 1.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Cellink Corp Series D (b)(c)(d) | 92760 | 304253 |
| Cerebras Systems Inc Series G (c)(d) | 239800 | 21346996 |
| Enevate Corp Series E (b)(c)(d) | 1325513 | 106040 |
| Frore Systems Inc Series C (b)(c)(d) | 85893 | 2226347 |
| Menlo Microsystems Inc Series C (b)(c)(d) | 560500 | 308275 |
|  |  | 24291911 |
| IT Services - 0.5% |  |  |
| Gupshup Inc (b)(c)(d) | 78911 | 358256 |
| X.Ai Holdings Corp Series B (c)(d) | 872295 | 65823382 |
| X.Ai Holdings Corp Series C (c)(d) | 160442 | 12106953 |
| Yanka Industries Inc Series F (b)(c)(d) | 55991 | 147256 |
|  |  | 78435847 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Alif Semiconductor Series C (b)(c)(d) | 47598 | 1365587 |
| Alif Semiconductor Series D (c)(d) | 50000 | 1518000 |
| Danger Devices Inc Series B (c)(d) | 1028200 | 935661 |
| Retym Inc Series C (b)(c)(d) | 154149 | 1607774 |
| Retym Inc Series D (b)(c)(d) | 45360 | 498960 |
| SiMa Technologies Inc Series B (b)(c)(d) | 313000 | 2056410 |
| SiMa Technologies Inc Series B1 (b)(c)(d) | 20966 | 159342 |
|  |  | 8141734 |
| Software - 0.9% |  |  |
| Algolia Inc Series D (b)(c)(d) | 30436 | 479063 |
| Anthropic PBC Series D (b)(c)(d) | 92022 | 25189183 |
| Anthropic PBC Series E (c)(d) | 9200 | 2384088 |
| Anthropic PBC Series F (c)(d) | 62100 | 16092594 |
| Applied Intuition Inc Series A2 (b)(c)(d) | 10287 | 1165311 |
| Applied Intuition Inc Series B2 (b)(c)(d) | 4960 | 561869 |
| Celestial AI Inc Series A (c)(d) | 65737 | 1763066 |
| Celestial AI Inc Series B (c)(d) | 49465 | 1326651 |
| Celestial AI Inc Series C1 (c)(d) | 198147 | 5314303 |
| Crusoe Energy Systems LLC Series D (b)(c)(d) | 70763 | 7642404 |
| Crusoe Energy Systems LLC Series E (c)(d) | 37473 | 4047084 |
| Databricks Inc Series G (b)(c)(d) | 48000 | 9120001 |
| Databricks Inc Series H (b)(c)(d) | 31572 | 5998680 |
| Databricks Inc Series I (b)(c)(d) | 1359 | 258210 |
| Databricks Inc Series J (b)(c)(d) | 44987 | 8547530 |
| Databricks Inc Series K (c)(d) | 12400 | 2356000 |
| Databricks Inc Series L (c)(d) | 47200 | 8968000 |
| Density Ai Inc (c)(d) | 534900 | 797001 |
| Lyte Ai Inc Series B (b)(c)(d) | 165469 | 1739079 |
| MOLOCO Inc Series A (b)(c)(d) | 20180 | 1373653 |
| Nuro Inc/DE Series E (c)(d) | 107458 | 1230394 |
| OpenAI Group Pbc Series A-2 (c)(d) | 37152 | 17739337 |
| OpenAI Group Pbc Series A-3 (c)(d) | 9742 | 4651610 |
| Physical Intelligence Inc Series B (c)(d) | 4600 | 1247566 |
| Runway AI Inc Series D (b)(c)(d) | 129200 | 1890196 |
| Runway AI Inc Series P (c)(d) | 7345 | 107457 |
| Skyryse Inc Series B (b)(c)(d) | 67400 | 1762510 |
| Skyryse Inc Series C (c)(d) | 59100 | 1596882 |
| Skyryse Inc Series C-1 (c)(d) | 7862 | 206063 |
| Stripe LLC Series H (b)(c)(d) | 8086 | 334922 |
| Stripe LLC Series I (b)(c)(d) | 124536 | 5158281 |
|  |  | 141048988 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Lightmatter Inc Series C1 (b)(c)(d) | 70909 | 3802141 |
| Lightmatter Inc Series C2 (b)(c)(d) | 11138 | 613926 |
| Lightmatter Inc Series D (b)(c)(d) | 86242 | 6103346 |
|  |  | 10519413 |
| TOTAL INFORMATION TECHNOLOGY |  | 262437893 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Diamond Foundry Inc Series C (b)(c)(d) | 249802 | 7758850 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Redwood Materials Series C (b)(c)(d) | 37990 | 1813643 |
| Redwood Materials Series D (b)(c)(d) | 10886 | 519698 |
| Redwood Materials Series E (c)(d) | 3529 | 168474 |
| TOTAL UTILITIES |  | 2501815 |
| TOTAL UNITED STATES |  | 306792292 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $197,623,559) |  | <br> **351092478** |

---

---

| | | |
|:---|:---|:---|
| &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%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc 0% (c)(d)(k) | 569920 | 566671 |
| UNITED STATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rad Power Bikes Inc 8% 12/31/2199 (c)(d) | 110642 | 20667 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 6% (c)(d)(k) | 77629 | 9788 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc 10% 12/31/2027 (c)(d) | 356309 | 409898 |
| TOTAL INFORMATION TECHNOLOGY |  | 419686 |
| TOTAL UNITED STATES |  | 440353 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $1,114,500) |  | <br> **1007024** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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) | 3.70 | 51455680 | 51465970 |
| Fidelity Securities Lending Cash Central Fund (l)(m) | 3.70 | 67604863 | 67611624 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $119,077,594) |  |  | **119077594** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.4%**<br> (Cost $8,030,348,107)<br>| <br>**18109594402** |
| **NET OTHER ASSETS (LIABILITIES) - (0.4)%**  | **(67410921)** |
| **NET ASSETS - 100.0%** | **18042183481** |

---

**Legend**

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

(b) Non-income producing.

(c) Level 3 security.

(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 $900,186,580 or 5.0% of net assets.

(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 $35,089,509 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

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

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $9,098,170 or 0.1% of net assets.

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

(i) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $12,306,113 or 0.1% of net assets.

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

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

(l) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements 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>|
| ABL Space Systems Co Series A10 | 12/14/2023 | 313081 |
| ABL Space Systems Co Series A8 | 3/24/2021 | 1338638 |
| ABL Space Systems Co Series A9 | 10/22/2021 | 1166473 |
| AgBiome LLC Series C | 6/29/2018 | 435125 |
| Akeana Series C | 1/23/2024 | 1088496 |
| Algolia Inc Series D | 7/23/2021 | 890102 |
| Alif Semiconductor Series C | 3/8/2022 | 966170 |
| Alif Semiconductor Series D | 4/11/2025 | 1350855 |
| Anduril Industries Inc Class B | 6/16/2025 | 257439 |
| Anduril Industries Inc Class C | 6/16/2025 | 122 |
| Anduril Industries Inc Series F | 8/7/2024 | 2818868 |
| Anduril Industries Inc Series G | 4/17/2025 | 2412085 |
| Ant International Co Ltd Class C | 5/16/2018 | 769853 |
| Anthropic PBC Series D | 5/31/2024 | 2761074 |
| Anthropic PBC Series E | 2/14/2025 | 515996 |
| Anthropic PBC Series F | 8/18/2025 | 8754089 |
| Applied Intuition Inc Class A | 7/2/2024 | 471769 |
| Applied Intuition Inc Series A2 | 7/2/2024 | 614081 |
| Applied Intuition Inc Series B2 | 7/2/2024 | 296087 |
| Blink Health LLC Class A1 | 12/30/2020 - 6/17/2024 | 199200 |
| Blink Health LLC Series C | 11/7/2019 - 7/14/2021 | 647847 |
| Blink Health LLC Series D | 6/17/2024 - 6/25/2024 | 165311 |
| Bolt Technology OU Series E | 1/3/2022 | 5238796 |
| Bytedance Ltd Series E1 | 11/18/2020 | 3500895 |
| Canva Australia Holdings Pty Ltd Class A | 8/19/2025 - 11/12/2025 | 9547612 |
| Celestial AI Inc | 2/25/2025 | 152750 |
| Celestial AI Inc Series A | 2/25/2025 | 973940 |
| Celestial AI Inc Series B | 2/25/2025 | 732858 |
| Celestial AI Inc Series C1 | 2/25/2025 | 3453742 |
| Cellink Corp Series D | 1/20/2022 | 1931625 |
| Cerebras Systems Inc Series G | 9/19/2025 | 8688530 |
| Chobani Inc Class A | 10/14/2025 | 3404654 |
| Crusoe Energy Systems LLC Series D | 12/10/2024 | 2064286 |
| Crusoe Energy Systems LLC Series E | 10/8/2025 | 3148042 |
| Danger Devices Inc Series B | 3/5/2025 | 925894 |
| Databricks Inc Series G | 2/1/2021 | 2837886 |
| Databricks Inc Series H | 8/31/2021 | 2320041 |
| Databricks Inc Series I | 9/14/2023 | 99887 |
| Databricks Inc Series J | 12/17/2024 | 4161298 |
| Databricks Inc Series K | 9/8/2025 | 1860000 |
| Databricks Inc Series L | 12/18/2025 | 8968000 |
| Density Ai Inc | 12/5/2025 | 796993 |
| Diamond Foundry Inc Series C | 3/15/2021 | 5995248 |
| Discord Inc Series I | 9/15/2021 | 385437 |
| Element Labs Inc Series A | 2/11/2025 | 799319 |
| Element Labs Inc Series B | 6/27/2025 | 1266795 |
| Empower Semiconductor Inc Series D | 6/27/2025 | 2169374 |
| Enevate Corp 10% 5/12/2199 | 11/12/2024 | 20586 |
| Enevate Corp 6% | 11/2/2023 - 10/31/2025 | 77629 |
| Enevate Corp Series E | 1/29/2021 | 1469576 |
| Epic Games Inc | 7/30/2020 | 349025 |
| Fanatics Inc Class A | 8/13/2020 - 10/24/2022 | 10009624 |
| Frore Systems Inc Series C | 5/10/2024 | 1380335 |
| GoBrands Inc Series G | 3/2/2021 | 4569827 |
| GoBrands Inc Series H | 7/22/2021 | 4454821 |
| Gupshup Inc | 6/8/2021 | 1804316 |
| JUUL Labs Inc Class A | 12/20/2017 - 11/4/2025 | 15291136 |
| JUUL Labs Inc Series E | 12/20/2017 - 7/6/2018 | 342963 |
| Lightmatter Inc Series C1 | 5/19/2023 | 1166935 |
| Lightmatter Inc Series C2 | 12/18/2023 | 289608 |
| Lightmatter Inc Series D | 10/11/2024 | 6919239 |
| Lyte Ai Inc Series B | 8/13/2024 | 2099156 |
| Menlo Microsystems Inc Series C | 2/9/2022 | 742942 |
| MOLOCO Inc Series A | 6/26/2023 | 1210800 |
| Neurona Therapeutics Inc Series F | 3/28/2025 | 903722 |
| Neutron Holdings Inc | 2/4/2021 | 4916 |
| Neutron Holdings Inc 4% 5/22/2027 | 6/4/2020 | 237400 |
| Neutron Holdings Inc 4% 6/12/2027 | 6/12/2020 | 64200 |
| Neutron Holdings Inc 8% 10/29/2026 | 10/29/2021 - 10/29/2025 | 3017520 |
| Neutron Holdings Inc Series 1C | 7/3/2018 | 581081 |
| Neutron Holdings Inc Series 1D | 1/25/2019 | 1431762 |
| NScale Global Holdings Ltd Series B | 9/25/2025 | 455856 |
| Nuro Inc/DE Series E | 4/1/2025 | 1374763 |
| OpenAI Group Pbc Class A | 9/3/2025 | 5117000 |
| OpenAI Group Pbc Series A-2 | 9/30/2024 | 6979271 |
| OpenAI Group Pbc Series A-3 | 4/11/2025 | 2989577 |
| Oura Health Oy Series D | 12/18/2024 | 5534320 |
| Oura Health Oy Series E | 9/24/2025 | 12750785 |
| Physical Intelligence Inc Series B | 10/24/2025 | 1249173 |
| Rad Power Bikes Inc | 1/21/2021 | 490493 |
| Rad Power Bikes Inc 8% 12/31/2199 | 10/6/2023 | 110642 |
| Rad Power Bikes Inc Series A | 1/21/2021 | 63944 |
| Rad Power Bikes Inc Series C | 1/21/2021 | 251621 |
| Rad Power Bikes Inc Series D | 9/17/2021 | 985215 |
| Rad Power Bikes Inc warrants 10/6/2033 | 10/6/2023 | 0 |
| Redwood Materials Series C | 5/28/2021 | 1800858 |
| Redwood Materials Series D | 6/2/2023 | 519653 |
| Redwood Materials Series E | 10/20/2025 | 168459 |
| Retym Inc Series C | 5/17/2023 - 6/20/2023 | 1199557 |
| Retym Inc Series D | 1/29/2025 | 480226 |
| Revolut Group Holdings Ltd | 12/27/2024 | 2789311 |
| Runway AI Inc Series D | 9/6/2024 | 1400758 |
| Runway AI Inc Series P | 11/4/2025 | 107444 |
| SiMa Technologies Inc 10% 12/31/2027 | 4/8/2024 - 1/5/2026 | 356309 |
| SiMa Technologies Inc Series B | 5/10/2021 | 1604876 |
| SiMa Technologies Inc Series B1 | 4/25/2022 | 148668 |
| Skyryse Inc Series B | 10/21/2021 | 1663430 |
| Skyryse Inc Series C | 9/16/2025 - 11/21/2025 | 1597130 |
| Skyryse Inc Series C-1 | 8/13/2024 | 159357 |
| Space Exploration Technologies Corp | 8/4/2020 - 8/30/2024 | 75341379 |
| Space Exploration Technologies Corp Class C | 12/15/2022 - 7/1/2024 | 14499349 |
| Stripe LLC Class B | 5/18/2021 | 770465 |
| Stripe LLC Series H | 3/15/2021 | 324451 |
| Stripe LLC Series I | 3/20/2023 - 5/12/2023 | 2507425 |
| Taalas Inc 0% | 12/23/2025 | 569920 |
| Taalas Inc Series B | 2/19/2025 | 2092201 |
| Taalas Inc warrants | 12/23/2025 | 115080 |
| Tenstorrent Holdings Inc Series C1 | 4/23/2021 | 991307 |
| Tenstorrent Holdings Inc Series D1 | 7/16/2024 - 1/15/2025 | 2108450 |
| Tenstorrent Holdings Inc Series D2 | 7/17/2024 | 597355 |
| Trade Republic Bank GmbH | 12/16/2025 | 3862535 |
| Veterinary Emergency Group | 9/16/2021 - 3/17/2022 | 2585288 |
| Waymo LLC Series A2 | 5/8/2020 | 671224 |
| Waymo LLC Series C2 | 10/18/2024 | 2778023 |
| X.Ai Holdings Corp Class A | 10/25/2022 - 7/18/2025 | 4624384 |
| X.Ai Holdings Corp Series B | 5/13/2024 | 10441371 |
| X.Ai Holdings Corp Series C | 11/22/2024 | 3473569 |
| Xsight Labs Ltd Series D | 2/16/2021 | 1046676 |
| Xsight Labs Ltd Series F | 1/11/2024 - 12/30/2024 | 1209270 |
| Yanka Industries Inc Series F | 4/8/2021 | 1784814 |
| Zipline International Inc Series G | 6/7/2024 | 2763842 |
| Zipline International Inc Series H | 12/3/2025 | 3128293 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Beta Technologies Inc | 5/4/2026 |
| HeartFlow Inc | 2/4/2026 |
| Lenskart Solutions Ltd | 5/7/2026 |
| Meesho | 6/10/2026 |
| Pine Labs Ltd | 5/13/2026 |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 111325104 | 857605185 | 917471133 | 2812936 | 6814 | - | 51465970 | 51455680 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 132911064 | 698491571 | 763786738 | 203503 | (4273) | - | 67611624 | 67604863 | 0.2% |
| Total | 244236168 | 1556096756 | 1681257871 | 3016439 | 2541 | - | 119077594 |  |  |

---

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 January 31, 2026, 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 | 3106971449 | 3082672822 | 23904022 | 394605 |
| Consumer Discretionary | 2842294478 | 2824218106 | - | 18076372 |
| Consumer Staples | 195804336 | 171538306 | - | 24266030 |
| Energy | 50619688 | 50619688 | - | - |
| Financials | 660887268 | 652167020 | - | 8720248 |
| Health Care | 1234505566 | 1208901225 | 19207139 | 6397202 |
| Industrials | 1468958618 | 1004532900 | - | 464425718 |
| Information Technology | 7841150728 | 7814684593 | - | 26466135 |
| Materials | 81353678 | 81353678 | - | - |
| Real Estate | 109281119 | 109281119 | - | - |
| Utilities | 39834593 | 39834593 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Consumer Discretionary | 6748905 | - | - | 6748905 |
| Information Technology | 6880 | - | - | 6880 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 8204121 | - | - | 8204121 |
| Consumer Discretionary | 7526226 | - | - | 7526226 |
| Consumer Staples | 1623161 | - | - | 1623161 |
| Financials | 4757193 | - | - | 4757193 |
| Health Care | 26096721 | - | - | 26096721 |
| Industrials | 21360526 | - | - | 21360526 |
| Information Technology | 271263865 | - | - | 271263865 |
| Materials | 7758850 | - | - | 7758850 |
| Utilities | 2501815 | - | - | 2501815 |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 20667 | - | - | 20667 |
| Information Technology | 986357 | - | - | 986357 |
|  **Money Market Funds** | 119077594 | 119077594 | - | - |
| **Total Investments in Securities:** | 18109594402 | 17158881644 | 43111161 | 907601597 |
|  **Net Unrealized Appreciation (Depreciation) on Unfunded Commitments** | (11225) | - | - | (11225) |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2026 ($)** |
| **Common Stocks** | 209784193 | - | 296705811 | 63240840 | (20984534) | - | - | - | 548746310 | 305078973 |
| **Convertible Preferred Stocks** | 280575972 | - | 50764507 | 61800998 | (42048999) | - | - | - | 351092478 | 114210168 |
| **Convertible Corporate Bonds** | 4907902 | - | 1731825 | 116058 | - | - | - | - | 6755785 | 1731825 |
| **Preferred Securities** | 2475769 | - | (284980) | 589192 | (1772957) | - | - | - | 1007024 | (41901) |
| <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 January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $86,001,142) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $7,911,270,513) | $17990516808 |  |
| Fidelity Central Funds (cost $119,077,594) | 119077594 |  |
| Total Investment in Securities (cost $8,030,348,107) |  | $18109594402 |
| Cash |  | 12806 |
| Foreign currency held at value (cost $1,158,790) |  | 1161702 |
| Receivable for investments sold |  | 19567827 |
| Receivable for fund shares sold |  | 21395414 |
| Dividends receivable |  | 2322363 |
| Interest receivable |  | 135138 |
| Distributions receivable from Fidelity Central Funds |  | 79907 |
| Other receivables |  | 156684 |
| **Total assets** |  | 18154426243 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $14605915 |  |
| Unrealized depreciation on unfunded commitments | 11225 |  |
| Payable for fund shares redeemed | 19439125 |  |
| Accrued management fee | 6832332 |  |
| Other payables and accrued expenses | 3735540 |  |
| Collateral on securities loaned | 67618625 |  |
| **Total liabilities** |  | 112242762 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $18042183481 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $7616749992 |
| Total accumulated earnings (loss) |  | 10425433489 |
| **Net Assets** |  | $18042183481 |
| **Net Asset Value**, offering price and redemption price per share ($18,042,183,481 ÷ 408,466,232 shares) |  | $44.17 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $30977520 |
| Interest  |  | 126722 |
| Income from Fidelity Central Funds (including $203,503 from security lending)  |  | 3016439 |
| **Total income** |  | 34120681 |
| **Expenses** |  |  |
| Management fee | $40104820 |  |
| Independent trustees' fees and expenses | 35226 |  |
| Interest | 35336 |  |
| Total expenses before reductions | 40175382 |  |
| Expense reductions | (3759) |  |
| Total expenses after reductions |  | 40171623 |
| **Net Investment income (loss)** |  | (6050942) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $288,104)  | 259984299 |  |
| Redemptions in-kind | 186763704 |  |
| Fidelity Central Funds | 2541 |  |
| Foreign currency transactions | (133473) |  |
| Total net realized gain (loss) |  | 446617071 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,327,155)  | 1167805220 |  |
| Unfunded commitments | (11225) |  |
| Assets and liabilities in foreign currencies | 2911 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1167796906 |
| **Net gain (loss)** |  | 1614413977 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1608363035 |

---

---

| | | |
|:---|:---|:---|
| **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> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(6050942) | $22201973 |
| &nbsp;&nbsp;Net realized gain (loss) | 446617071<br>| 589415876<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1167796906 | 2991685301<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1608363035<br>| 3603303150<br>|
| Distributions to shareholders | (176438573)<br>| (107111324)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1844653936 | 3649025767 |
| Reinvestment of distributions | 175654174<br>| 106831062<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (2608635750) | (5506938052) |
| **Net increase (decrease) in net assets resulting from share transactions** | (588327640)<br>| (1751081223)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 843596822<br>| 1745110603<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 17198586659 | 15453476056<br>|
| &nbsp;&nbsp;End of period | $18042183481 | $17198586659 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 42876342 | 103008293 |
| Issued in reinvestment of distributions | 4133003<br>| 3133661<br>|
| &nbsp;&nbsp;Redeemed | (60676345) | (156451624) |
| &nbsp;&nbsp;Net increase (decrease) | (13667000) | (50309670) |

---

**Consolidated Financial Highlights** 

**Fidelity® Blue Chip Growth K6 Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $40.74 | $32.71 | $25.32 | $20.19 | $27.89 | $19.32 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.01)  | .05  | .12  | .05  | - C | (.03)  |
| Net realized and unrealized gain (loss)  | 3.87  | 8.21  | 7.34  | 5.10  | (5.83)  | 8.91  |
| Total from investment operations  | 3.86  | 8.26  | 7.46  | 5.15  | (5.83)  | 8.88  |
| Distributions from net investment income  | (.02)  | (.23)  | (.07)  | (.02)  | -  | (.02)  |
| Distributions from net realized gain  | (.41)  | -  | -  | -  | (1.87)  | (.29)  |
| Total distributions  | (.43)  | (.23)  | (.07)  | (.02)  | (1.87)  | (.31)  |
| Net asset value, end of period  | $44.17 | $40.74 | $32.71 | $25.32 | $20.19 | $27.89 |
| **Total Return** D,E | 9.51% <br>| 25.38%  | 29.54%  | 25.55%  | (22.62)%  | 46.28%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .45% H | .45%  | .45%  | .45%  | .45%  | .45%  |
| Expenses net of fee waivers, if any  | .45% H<br>| .45%  | .45%  | .45%  | .45%  | .45%  |
| Expenses net of all reductions, if any  | .45% H | .45%  | .45%  | .45%  | .45%  | .45%  |
| Net investment income (loss)  | (.07)% H | .14%  | .43%  | .23%  | .01%  | (.10)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $18042183 | $17198587 | $15453476 | $9888912 | $6821284 | $6455689 |
| Portfolio turnover rate I,J | 22% H<br>| 34%  | 17%  | 24%  | 37%  | 44%  |

---

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

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

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

For the period ended January 31, 2026

**1. Organization.**

Fidelity Blue Chip Growth K6 Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Consolidated Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

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

---

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

---

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $548746310 | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 0.9 - 82.7 / 20.5 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 22.7 - 51.1 / 50.9 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI)  | 27.4 - 38.2 / 32.4 | Increase |
|  |  | Market approach  | Transaction price  | $4.63 - $54.91 / $30.83 | Increase |
|  |  |  | Discount rate  | 17.6% | Decrease |
|  |  |  | Probability rate  | 10.0% - 70.0% / 33.3% | Increase |
|  |  | Recovery value  | Recovery value | $0.00 | Increase |
|  |  | Black scholes  | Discount rate | 3.5% - 3.8% / 3.6% | Increase |
|  |  |  | Volatility | 70.0% - 80.0% / 75.3% | Increase |
|  |  |  | Term | 1.0 - 5.0 / 2.0 | Increase |
|  |  | Book value  | Book value multiple | 1.4 | Increase |
| Convertible Corporate Bonds | $6755785 | Market comparable  | Enterprise value/Revenue multiple (EV/R) | 3.8 | Increase |
|  |  |  | Discount rate | 29.2% | Decrease |
|  |  |  | Probability rate | 10.0% - 75.0% / 33.3% | Increase |
|  |  | Market approach | Transaction price | $100.00 | Increase |
|  |  |  | Discount rate | 21.7% | Decrease |
|  |  |  | Probability rate | 0.0% - 75.0% / 33.3% | Increase |
|  |  | Black scholes | Discount rate | 3.7% - 4.2% / 3.7% | Increase |
|  |  |  | Volatility | 75.0% - 100.0% / 75.0% | Increase |
|  |  |  | Term | 0.4 | Increase |
| Convertible Preferred Stocks | $351092478 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.7 - 82.7 / 38.2 | Increase |
|  |  |  | Enterprise value/Gross profit multiple (EV/GP) | 11.9 | Increase |
|  |  | Market approach | Transaction price | $0.90 - $271.56 / $34.42 | Increase |
|  |  |  | Discount rate | 10.0% - 95.0% / 19.8% | Decrease |
|  |  |  | Premium rate | 10.0% - 65.0% / 38.9% | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Discount rate | 3.6% - 3.8% / 3.7% | Increase |
|  |  |  | Volatility | 40.0% - 100.0% / 68.3% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 3.3 | Increase |
| Preferred Securities | $1007024 | Market approach | Transaction price | $100.00 | Increase |
|  |  |  | Discount rate | 17.6% - 37.9% / 26.2% | Decrease |
|  |  |  | Probability rate | 0.0% - 75.0% / 34.5% | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Discount rate | 3.5% - 4.2% / 3.5% | Increase |
|  |  |  | Volatility | 55.0% - 100.0% / 69.8% | Increase |
|  |  |  | Term | 0.4 - 1.0 / 1.0 | 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 January 31, 2026, 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.

**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), 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** | $10320613827 |
| **Gross unrealized depreciation** | <u>(300944720)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$10019669107</u> |
| **Tax cost** | <u>$8089925295</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 Blue Chip Growth K6 Fund** | Spinny Series G Convertible Preferred | 1806826 | - |
| **Fidelity Blue Chip Growth K6 Fund** | Revolut Group Holdings, Ltd. | 2256153 | (11225) |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Total Assets** |
| **Fidelity Blue Chip Growth K6 Fund** | 13438262 | .07 |

---

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.

**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 Blue Chip Growth K6 Fund** | 1936847455 | 2371439114 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Consolidated Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Blue Chip Growth K6 Fund** | 6626820 | 186763704 | 186763704 | 273422585 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Blue Chip Growth K6 Fund** | 17234936 | 349420316 | 575938420 |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Blue Chip Growth K6 Fund** | 49487 |

---

**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 Blue Chip Growth K6 Fund**  | Borrower | 20486375 | 3.88% | 35336 |

---

**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 Blue Chip Growth K6 Fund** | 129400331 | 145525513 | 4907973 |

---

**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 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 Blue Chip Growth K6 Fund** | 22027 | 313 | - |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Blue Chip Growth K6 Fund** | 23044851 |

---

**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 $3,759.

**9. Other.**

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

**10. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img125828_4.jpg)<br>

1.9884006.108 BCFK6-SANN-0426

**Fidelity® Blue Chip Growth Fund**

**Semi-Annual Report**

**January 31, 2026**

Includes Fidelity and Fidelity Advisor share classes

![](img125829_1.jpg)

![](img125829_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7Consolidated_BCF-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Blue Chip Growth Fund](#Sub_Sec_Fund_312_BCF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements312_BCF-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_BCF-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_BCF-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_BCF-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_BCF-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.© 2026 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Blue Chip Growth Fund**

**Consolidated Schedule of Investments January 31, 2026 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.0%** | &nbsp;&nbsp;**Common Stocks - 97.0%** | &nbsp;&nbsp;**Common Stocks - 97.0%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Canva Australia Holdings Pty Ltd Class A (b)(c)(d) | 27100 | 41904188 |
| BELGIUM - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| UCB SA  | 188200 | 56975365 |
| BRAZIL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (b) | 1108923 | 19683383 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Vale SA ADR  | 1132600 | 18200882 |
| TOTAL BRAZIL |  | 37884265 |
| BURKINA FASO - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| IAMGOLD Corp (United States) (b) | 2583000 | 46958940 |
| CANADA - 1.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Specialty Retail - 0.3% |  |  |
| Aritzia Inc Subordinate Voting Shares (b) | 3362936 | 265078339 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Suncor Energy Inc  | 699800 | 36987923 |
| Information Technology - 1.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.7% |  |  |
| Celestica Inc (United States) (b) | 1946382 | 546913879 |
| IT Services - 0.3% |  |  |
| Shopify Inc Class A (b) | 2025317 | 265753599 |
| Software - 0.0% |  |  |
| Taalas Inc warrants (b)(c)(d) | 554030 | 570651 |
| TOTAL INFORMATION TECHNOLOGY |  | 813238129 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Agnico Eagle Mines Ltd/CA (United States)  | 161600 | 30784800 |
| TOTAL CANADA |  | 1146089191 |
| CHILE - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Antofagasta PLC  | 376800 | 18808878 |
| CHINA - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Interactive Media & Services - 0.2% |  |  |
| Tencent Holdings Ltd  | 1415300 | 108782518 |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| WeRide Inc ADR (b)(h) | 1763133 | 14122695 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Luckin Coffee Inc ADR (b) | 647000 | 21590390 |
| TOTAL CONSUMER DISCRETIONARY |  | 35713085 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Eastroc Beverage Group Co Ltd H Shares  | 110400 | 3504717 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Ant International Co Ltd Class C (c)(d) | 3214400 | 5143040 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Pony AI Inc ADR (b) | 1878873 | 26078757 |
| TOTAL CHINA |  | 179222117 |
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Ascendis Pharma A/S ADR (b) | 416896 | 94260186 |
| FINLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Amer Sports Inc (b) | 4715958 | 172745542 |
| GERMANY - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Trade Republic Bank GmbH (c)(d)(f) | 663 | 18326022 |
| INDIA - 0.8%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| Bharti Airtel Ltd  | 1759200 | 37770596 |
| Vodafone Idea Ltd (b) | 287941126 | 35076476 |
| TOTAL COMMUNICATION SERVICES |  | 72847072 |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.1% |  |  |
| Meesho (e) | 51599045 | 97999582 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Eternal Ltd (b) | 18746668 | 55937012 |
| Specialty Retail - 0.1% |  |  |
| Lenskart Solutions Ltd (e) | 10406170 | 51903744 |
| Lenskart Solutions Ltd (e) | 341954 | 1705593 |
|  |  | 53609337 |
| TOTAL CONSUMER DISCRETIONARY |  | 207545931 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Patanjali Foods Ltd  | 3072736 | 16768786 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Reliance Industries Ltd  | 11292286 | 171846096 |
| Financials - 0.2% |  |  |
| Capital Markets - 0.2% |  |  |
| Authum Investment & Infrastucture Ltd  | 25045170 | 137989616 |
| Financial Services - 0.0% |  |  |
| Jio Financial Services Ltd  | 6689593 | 18567206 |
| Pine Labs Ltd (e) | 8277220 | 20591497 |
|  |  | 39158703 |
| TOTAL FINANCIALS |  | 177148319 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Max Healthcare Institute Ltd  | 1343300 | 14016941 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Hindustan Aeronautics Ltd (j) | 289000 | 14559367 |
| Passenger Airlines - 0.0% |  |  |
| InterGlobe Aviation Ltd (g)(j) | 341100 | 17098896 |
| Transportation Infrastructure - 0.0% |  |  |
| JSW Infrastructure Ltd  | 1831400 | 5163008 |
| TOTAL INDUSTRIALS |  | 36821271 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Welspun Corp Ltd  | 5004153 | 39798445 |
| TOTAL INDIA |  | 736792861 |
| ISRAEL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Rapyd Financial Network 2016 Ltd (b)(c)(d) | 204327 | 8293633 |
| Rapyd Financial Network 2016 Ltd warrants 3/5/2038 (b)(c)(d) | 4241 | 44700 |
| TOTAL FINANCIALS |  | 8338333 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd warrants 7/24/2032 (b)(c) | 713512 | 991781 |
| TOTAL ISRAEL |  | 9330114 |
| ITALY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Lottomatica Group Spa  | 2262100 | 55558199 |
| JAPAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Kioxia Holdings Corp (b) | 299700 | 41364642 |
| KOREA (SOUTH) - 0.1%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| APR Corp/Korea  | 45350 | 8440234 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| SK Hynix Inc  | 104660 | 65577978 |
| TOTAL KOREA (SOUTH) |  | 74018212 |
| LUXEMBOURG - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| CVC Capital Partners PLC (g)(j) | 1342215 | 23753549 |
| NETHERLANDS - 0.3%  |  |  |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| ASML Holding NV depository receipt  | 65000 | 92495000 |
| NXP Semiconductors NV  | 648908 | 146744055 |
| TOTAL NETHERLANDS |  | 239239055 |
| SINGAPORE - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Sea Ltd Class A ADR (b) | 270100 | 31463949 |
| SWITZERLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| On Holding AG Class A (b) | 2915083 | 131907506 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Galderma Group AG  | 308821 | 57563920 |
| TOTAL SWITZERLAND |  | 189471426 |
| TAIWAN - 1.1%  |  |  |
| Information Technology - 1.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Delta Electronics Inc  | 553000 | 21373673 |
| Semiconductors & Semiconductor Equipment - 1.1% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 2774327 | 917081533 |
| TOTAL TAIWAN |  | 938455206 |
| UNITED KINGDOM - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Tobacco - 0.1% |  |  |
| British American Tobacco PLC ADR  | 1012429 | 61434192 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Revolut Group Holdings Ltd (b)(c)(d) | 13549 | 19010331 |
| TOTAL UNITED KINGDOM |  | 80444523 |
| UNITED STATES - 92.3%  |  |  |
| Communication Services - 16.2% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| AST SpaceMobile Inc Class A (b) | 251500 | 27969315 |
| Entertainment - 2.4% |  |  |
| Netflix Inc (b) | 20768390 | 1733952881 |
| ROBLOX Corp Class A (b) | 3145990 | 206880302 |
| Roku Inc Class A (b) | 218200 | 20772640 |
| Take-Two Interactive Software Inc (b) | 438465 | 96593840 |
|  |  | 2058199663 |
| Interactive Media & Services - 13.8% |  |  |
| Alphabet Inc Class A  | 22044915 | 7451181270 |
| Epic Games Inc (b)(c)(d) | 6131 | 3985702 |
| Meta Platforms Inc Class A  | 5926422 | 4246281363 |
| Reddit Inc Class A (b) | 365902 | 65961154 |
| Reddit Inc Class B (b) | 566705 | 102159910 |
| Snap Inc Class A (b) | 57258582 | 396801973 |
|  |  | 12266371372 |
| Media - 0.0% |  |  |
| EchoStar Corp Class A (b) | 155500 | 17605710 |
| TOTAL COMMUNICATION SERVICES |  | 14370146060 |
| Consumer Discretionary - 15.5% |  |  |
| Automobiles - 1.6% |  |  |
| General Motors Co  | 113000 | 9492000 |
| Neutron Holdings Inc (b)(c)(d) | 7152433 | 685203 |
| Rad Power Bikes Inc (b)(c)(d) | 928091 | 9 |
| Rad Power Bikes Inc warrants 10/6/2033 (b)(c)(d) | 980651 | 10 |
| Tesla Inc (b) | 3325958 | 1431525583 |
|  |  | 1441702805 |
| Broadline Retail - 7.7% |  |  |
| Amazon.com Inc (b) | 28798886 | 6891573420 |
| Diversified Consumer Services - 0.0% |  |  |
| Phoenix Education Partners Inc (h) | 53866 | 1643451 |
| Hotels, Restaurants & Leisure - 2.0% |  |  |
| Brinker International Inc (b) | 1666962 | 262913247 |
| Cava Group Inc (b)(h) | 469400 | 28455028 |
| Cheesecake Factory Inc/The  | 414600 | 24030216 |
| Chipotle Mexican Grill Inc (b) | 4751908 | 184706664 |
| DoorDash Inc Class A (b) | 1097753 | 224622219 |
| DraftKings Inc Class A (b) | 6837583 | 188101908 |
| Dutch Bros Inc Class A (b) | 421843 | 22944041 |
| Expedia Group Inc Class A  | 90900 | 24073956 |
| Hilton Worldwide Holdings Inc  | 382400 | 114150224 |
| Marriott International Inc/MD Class A1  | 355100 | 111963030 |
| Sonder Holdings Inc Stage 1 rights (b)(c) | 16222 | 0 |
| Sonder Holdings Inc Stage 2 rights (b)(c) | 16221 | 0 |
| Sonder Holdings Inc Stage 3 rights (b)(c) | 16222 | 0 |
| Sonder Holdings Inc Stage 4 rights (b)(c) | 16221 | 0 |
| Sonder Holdings Inc Stage 5 rights (b)(c) | 16221 | 0 |
| Sonder Holdings Inc Stage 5 rights (b)(c) | 16221 | 0 |
| Starbucks Corp  | 5082877 | 467370540 |
| Texas Roadhouse Inc  | 246800 | 44389448 |
| Wingstop Inc (h) | 414300 | 109967649 |
|  |  | 1807688170 |
| Household Durables - 0.8% |  |  |
| SharkNinja Inc (b) | 5525800 | 653149560 |
| Somnigroup International Inc  | 374949 | 32939270 |
|  |  | 686088830 |
| Leisure Products - 0.1% |  |  |
| Peloton Interactive Inc Class A (b)(h) | 11953169 | 66818214 |
| Specialty Retail - 2.7% |  |  |
| Abercrombie & Fitch Co Class A (b) | 160303 | 15650382 |
| American Eagle Outfitters Inc  | 529900 | 12351969 |
| AutoZone Inc (b) | 7200 | 26670888 |
| Bath & Body Works Inc  | 2065071 | 45018548 |
| Carvana Co Class A (b) | 1036481 | 415742894 |
| Fanatics Inc Class A (b)(c)(d) | 1938909 | 155112720 |
| Five Below Inc (b)(h) | 336354 | 64458881 |
| Floor & Decor Holdings Inc Class A (b) | 259200 | 17096832 |
| Gap Inc/The  | 1645700 | 46046686 |
| Home Depot Inc/The  | 304434 | 114037932 |
| Lowe's Cos Inc  | 1652697 | 441369261 |
| RealReal Inc/The (b) | 2755100 | 40417317 |
| RH (b)(i) | 1138122 | 226292797 |
| Ross Stores Inc  | 94000 | 17733100 |
| TJX Cos Inc/The  | 2096966 | 314146476 |
| Urban Outfitters Inc (b) | 646338 | 45793047 |
| Victoria's Secret & Co (b)(h) | 2033600 | 110851536 |
| Warby Parker Inc Class A (b) | 4643456 | 118454563 |
| Wayfair Inc Class A (b) | 1783957 | 184621710 |
|  |  | 2411867539 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Capri Holdings Ltd (b)(i) | 5973923 | 134831442 |
| Deckers Outdoor Corp (b) | 193166 | 23052430 |
| Lululemon Athletica Inc (b) | 1008961 | 176063695 |
| NIKE Inc Class B  | 2009822 | 124227098 |
| Tapestry Inc  | 413000 | 52413830 |
| Tory Burch LLC Class A (b)(c)(d)(f) | 293611 | 11999882 |
| VF Corp  | 761300 | 14913867 |
|  |  | 537502244 |
| TOTAL CONSUMER DISCRETIONARY |  | 13844884673 |
| Consumer Staples - 0.5% |  |  |
| Beverages - 0.1% |  |  |
| Celsius Holdings Inc (b) | 1684165 | 88384979 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Chobani Inc Class A (c)(d)(f) | 3602 | 16051773 |
| Costco Wholesale Corp  | 71723 | 67437551 |
| Sprouts Farmers Market Inc (b) | 456300 | 32356233 |
| Target Corp  | 699700 | 73797359 |
|  |  | 189642916 |
| Food Products - 0.0% |  |  |
| Real Good Food Co LLC /The Class B (b)(c) | 105172 | 0 |
| Real Good Food Co LLC /The Class B unit (b)(g) | 105172 | 10517 |
|  |  | 10517 |
| Personal Care Products - 0.1% |  |  |
| Estee Lauder Cos Inc/The Class A  | 278900 | 32151592 |
| Herbalife Ltd (b) | 2420400 | 41727696 |
|  |  | 73879288 |
| Tobacco - 0.1% |  |  |
| JUUL Labs Inc Class A (b)(c)(d) | 48026139 | 91249664 |
| JUUL Labs Inc Class B (b)(c)(d) | 6625 | 12588 |
|  |  | 91262252 |
| TOTAL CONSUMER STAPLES |  | 443179952 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| WaterBridge Infrastructure LLC Class A  | 429000 | 9412260 |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Chevron Corp  | 202500 | 35822250 |
| Exxon Mobil Corp  | 531800 | 75196520 |
|  |  | 111018770 |
| TOTAL ENERGY |  | 120431030 |
| Financials - 2.8% |  |  |
| Capital Markets - 1.1% |  |  |
| Ares Management Corp Class A  | 494355 | 73990113 |
| Blue Owl Capital Inc Class A  | 4375441 | 59681015 |
| Goldman Sachs Group Inc/The  | 366885 | 343187898 |
| KKR & Co Inc Class A  | 792341 | 90532883 |
| Morgan Stanley  | 916220 | 167485016 |
| Robinhood Markets Inc Class A (b) | 2689507 | 267552156 |
|  |  | 1002429081 |
| Consumer Finance - 0.1% |  |  |
| Figure Technology Solutions Inc Class A (h) | 1162700 | 66134376 |
| Financial Services - 1.6% |  |  |
| Affirm Holdings Inc Class A (b) | 2812598 | 169599659 |
| Apollo Global Management Inc  | 1087939 | 146371313 |
| Mastercard Inc Class A  | 1514763 | 816139157 |
| Rocket Cos Inc Class A  | 1757184 | 31506309 |
| Toast Inc Class A (b) | 1345883 | 41870420 |
| Visa Inc Class A  | 743749 | 239360741 |
|  |  | 1444847599 |
| TOTAL FINANCIALS |  | 2513411056 |
| Health Care - 5.9% |  |  |
| Biotechnology - 1.6% |  |  |
| AbbVie Inc  | 1703987 | 380006141 |
| Alnylam Pharmaceuticals Inc (b) | 578056 | 195417611 |
| Apogee Therapeutics Inc (b) | 506150 | 33157887 |
| Arcellx Inc (b) | 87461 | 5974461 |
| Caris Life Sciences Inc (b) | 132300 | 3064068 |
| Cibus Inc Class A (b) | 153600 | 299519 |
| Gilead Sciences Inc  | 4759577 | 675621955 |
| Janux Therapeutics Inc (b) | 232662 | 3189796 |
| Legend Biotech Corp ADR (b) | 488003 | 8540053 |
| Moderna Inc (b) | 527900 | 23264553 |
| Praxis Precision Medicines Inc (b) | 65600 | 20598400 |
| Regeneron Pharmaceuticals Inc  | 92300 | 68435835 |
| Revolution Medicines Inc (b) | 75100 | 7280945 |
| Scholar Rock Holding Corp (b) | 413385 | 18329491 |
| Travere Therapeutics Inc (b) | 921400 | 28646326 |
|  |  | 1471827041 |
| Health Care Equipment & Supplies - 0.9% |  |  |
| Blink Health LLC Class A1 (b)(c)(d) | 63681 | 2359381 |
| Boston Scientific Corp (b) | 6183021 | 578297954 |
| Insulet Corp (b) | 362107 | 92630592 |
| Intuitive Surgical Inc (b) | 45200 | 22790744 |
| Kestra Medical Technologies Ltd  | 436803 | 10775930 |
| Medline Inc Class A  | 1445500 | 63891100 |
|  |  | 770745701 |
| Health Care Providers & Services - 0.5% |  |  |
| Cardinal Health Inc  | 820800 | 176373504 |
| Cencora Inc  | 271464 | 97515298 |
| Guardant Health Inc (b) | 381500 | 43506260 |
| McKesson Corp  | 185443 | 154142076 |
|  |  | 471537138 |
| Health Care Technology - 0.0% |  |  |
| Claritev Corp warrants (b)(c) | 138859 | 0 |
| HeartFlow Inc (e) | 460506 | 13755314 |
|  |  | 13755314 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Danaher Corp  | 154600 | 33840394 |
| Veterinary Emergency Group (b)(c)(d)(f) | 524494 | 51594475 |
|  |  | 85434869 |
| Pharmaceuticals - 2.8% |  |  |
| Crinetics Pharmaceuticals Inc (b) | 387900 | 19371726 |
| Elanco Animal Health Inc (b) | 683600 | 16461088 |
| Eli Lilly & Co  | 2216696 | 2299046257 |
| Johnson & Johnson  | 481200 | 109352700 |
| Roche Holding AG non-voting shares  | 66610 | 30290226 |
|  |  | 2474521997 |
| TOTAL HEALTH CARE |  | 5287822060 |
| Industrials - 6.0% |  |  |
| Aerospace & Defense - 3.1% |  |  |
| Anduril Industries Inc Class B (c)(d) | 27087 | 1352725 |
| Anduril Industries Inc Class C (c)(d) | 13 | 649 |
| Axon Enterprise Inc (b) | 264272 | 127796654 |
| Beta Technologies Inc (e) | 828079 | 17803699 |
| Beta Technologies Inc Class A (b) | 424400 | 9124600 |
| Boeing Co (b) | 2417171 | 564941206 |
| Carpenter Technology Corp  | 371091 | 117943853 |
| GE Aerospace  | 1130887 | 346944823 |
| Howmet Aerospace Inc  | 1195667 | 248794389 |
| Red Cat Holdings Inc (b) | 943700 | 12739950 |
| Relativity Space Inc (b)(c) | 34453 | 36519 |
| Rocket Lab Corp  | 596700 | 47777769 |
| Space Exploration Technologies Corp (b)(c)(d) | 3006587 | 1265773127 |
| Space Exploration Technologies Corp Class C (b)(c)(d) | 104067 | 43812207 |
|  |  | 2804842170 |
| Air Freight & Logistics - 0.0% |  |  |
| CH Robinson Worldwide Inc  | 49200 | 9591540 |
| FedEx Corp  | 38000 | 12245500 |
|  |  | 21837040 |
| Construction & Engineering - 0.2% |  |  |
| Comfort Systems USA Inc  | 95400 | 108956340 |
| Construction Partners Inc Class A (b) | 112000 | 12306560 |
| IES Holdings Inc (b) | 73300 | 27875257 |
| Legence Corp Class A  | 127300 | 5971643 |
|  |  | 155109800 |
| Electrical Equipment - 0.6% |  |  |
| Bloom Energy Corp Class A (b) | 116800 | 17680016 |
| GE Vernova Inc  | 594909 | 432124050 |
| Nextpower Inc Class A (b) | 704600 | 82501614 |
|  |  | 532305680 |
| Ground Transportation - 0.5% |  |  |
| Lyft Inc Class A (b) | 4844252 | 81722531 |
| Old Dominion Freight Line Inc  | 322900 | 55926280 |
| Uber Technologies Inc (b) | 3047355 | 243940768 |
| XPO Inc (b) | 234600 | 34746606 |
|  |  | 416336185 |
| Machinery - 0.3% |  |  |
| Caterpillar Inc  | 52900 | 34774344 |
| Cummins Inc  | 182300 | 105518886 |
| PACCAR Inc  | 500600 | 61528746 |
| RBC Bearings Inc (b) | 56175 | 28068962 |
|  |  | 229890938 |
| Passenger Airlines - 0.6% |  |  |
| Alaska Air Group Inc (b)(h) | 573918 | 29172252 |
| Delta Air Lines Inc  | 3697204 | 243608772 |
| United Airlines Holdings Inc (b) | 2301597 | 235499405 |
|  |  | 508280429 |
| Trading Companies & Distributors - 0.7% |  |  |
| Ferguson Enterprises Inc  | 172325 | 43505170 |
| FTAI Aviation Ltd  | 2235735 | 608835355 |
|  |  | 652340525 |
| TOTAL INDUSTRIALS |  | 5320942767 |
| Information Technology - 44.4% |  |  |
| Communications Equipment - 0.5% |  |  |
| Arista Networks Inc (b) | 262100 | 37150054 |
| Lumentum Holdings Inc (b)(h) | 1100987 | 431410746 |
|  |  | 468560800 |
| Electronic Equipment, Instruments & Components - 0.8% |  |  |
| Amphenol Corp Class A  | 2118391 | 305217775 |
| Coherent Corp (b) | 1257616 | 266840963 |
| Corning Inc  | 765000 | 78986250 |
| Jabil Inc  | 301900 | 71607661 |
|  |  | 722652649 |
| IT Services - 0.9% |  |  |
| Akamai Technologies Inc (b) | 200000 | 19430000 |
| Cloudflare Inc Class A (b) | 1037855 | 184063584 |
| MongoDB Inc Class A (b) | 89200 | 33122636 |
| Snowflake Inc (b) | 1526496 | 294155779 |
| Twilio Inc Class A (b) | 1881769 | 226677894 |
| X.Ai Holdings Corp Class A (c)(d) | 820912 | 61946020 |
|  |  | 819395913 |
| Semiconductors & Semiconductor Equipment - 23.1% |  |  |
| Advanced Micro Devices Inc (b) | 1500500 | 355213365 |
| Astera Labs Inc (b) | 2568270 | 386832827 |
| Broadcom Inc  | 8762228 | 2902926137 |
| GlobalFoundries Inc (b) | 1296261 | 54702214 |
| Impinj Inc (b) | 7153 | 987829 |
| KLA Corp  | 28100 | 40125114 |
| Lam Research Corp  | 595900 | 139118814 |
| Marvell Technology Inc  | 17821340 | 1406460153 |
| Micron Technology Inc  | 1511100 | 626925168 |
| Monolithic Power Systems Inc  | 619256 | 696136632 |
| NVIDIA Corp  | 72767995 | 13908146885 |
| Onto Innovation Inc (b) | 53800 | 10870290 |
|  |  | 20528445428 |
| Software - 8.6% |  |  |
| Applied Intuition Inc Class A (b)(c)(d) | 33762 | 3824559 |
| AppLovin Corp Class A (b) | 2345260 | 1109565959 |
| Atom Tickets LLC (b)(c)(d)(f) | 1204239 | 12 |
| Celestial AI Inc (c)(d) | 44508 | 1193705 |
| Circle Internet Group Inc Class A (h) | 193200 | 12351276 |
| Crowdstrike Holdings Inc Class A (b) | 199626 | 88115915 |
| Figma Inc Class A  | 447530 | 11599978 |
| Microsoft Corp  | 12585910 | 5415591214 |
| OpenAI Group Pbc Class A (c)(d) | 56300 | 26882124 |
| Oracle Corp  | 2311193 | 380376144 |
| Palantir Technologies Inc Class A (b) | 2213406 | 324463186 |
| Rubrik Inc Class A (b) | 614800 | 34398060 |
| Salesforce Inc  | 375400 | 79693666 |
| Samsara Inc Class A (b) | 1107900 | 31076595 |
| Servicenow Inc (b) | 976745 | 114288932 |
| Stripe LLC Class B (b)(c)(d) | 173600 | 7190512 |
| Tanium Inc Class B (b)(c)(d) | 554900 | 4300475 |
| Unity Software Inc (b) | 515500 | 15001050 |
| Zoom Communications Inc Class A (b) | 479200 | 44134320 |
|  |  | 7704047682 |
| Technology Hardware, Storage & Peripherals - 10.5% |  |  |
| Apple Inc  | 32535223 | 8442239664 |
| Sandisk Corp/DE  | 517200 | 298036500 |
| Seagate Technology Holdings PLC  | 146900 | 59889661 |
| Western Digital Corp  | 2040600 | 510619338 |
|  |  | 9310785163 |
| TOTAL INFORMATION TECHNOLOGY |  | 39553887635 |
| Materials - 0.2% |  |  |
| Construction Materials - 0.2% |  |  |
| Martin Marietta Materials Inc  | 118151 | 77028544 |
| Vulcan Materials Co  | 274211 | 82411374 |
|  |  | 159439918 |
| Metals & Mining - 0.0% |  |  |
| Alcoa Corp  | 279000 | 15849990 |
| Century Aluminum Co (b) | 371500 | 16840095 |
|  |  | 32690085 |
| TOTAL MATERIALS |  | 192130003 |
| Real Estate - 0.5% |  |  |
| Health Care REITs - 0.5% |  |  |
| Welltower Inc  | 2252957 | 424366981 |
| Real Estate Management & Development - 0.0% |  |  |
| Compass Inc Class A (b) | 3767800 | 47172856 |
| TOTAL REAL ESTATE |  | 471539837 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Constellation Energy Corp  | 112164 | 31482191 |
| Entergy Corp  | 608900 | 58387421 |
| NRG Energy Inc  | 338790 | 51709518 |
|  |  | 141579130 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Vistra Corp  | 288856 | 45740348 |
| TOTAL UTILITIES |  | 187319478 |
| TOTAL UNITED STATES |  | 82305694551 |
| ZAMBIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| First Quantum Minerals Ltd (b) | 1209300 | 34183496 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $30,686,143,269) |  | <br> **86572944477** |

---

---

| | | |
|:---|:---|:---|
| &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 (c)(d) | 2432800 | 10928138 |
| Neutron Holdings Inc 4% 6/12/2027 (c)(d) | 647200 | 2907222 |
| Neutron Holdings Inc 8% 10/29/2026 (c)(d)(k) | 24887736 | 44489317 |
| TOTAL CONSUMER DISCRETIONARY |  | 58324677 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 10% 5/12/2199 (c)(d) | 187681 | 62723 |
| TOTAL UNITED STATES |  | 58387400 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $28,155,417) |  | <br> **58387400** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 3.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 3.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 3.0%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc Series B (c)(d) | 164500 | 11419590 |
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Bytedance Ltd Series E1 (b)(c)(d) | 293038 | 75246298 |
| ESTONIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Bolt Technology OU Series E (b)(c)(d) | 170267 | 36944247 |
| FINLAND - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Health Care Technology - 0.1% |  |  |
| Oura Health Oy Series D (b)(c)(d) | 913194 | 48919802 |
| Oura Health Oy Series E (c)(d) | 1105259 | 59208725 |
| TOTAL FINLAND |  | 108128527 |
| ISRAEL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Rapyd Financial Network 2016 Ltd Series F (c)(d) | 14138 | 552796 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Element Labs Inc Series A (c)(d) | 932003 | 7362824 |
| Element Labs Inc Series B (c)(d) | 674000 | 5917720 |
| TOTAL INDUSTRIALS |  | 13280544 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd Series D (b)(c)(d) | 1192000 | 1788000 |
| Xsight Labs Ltd Series F (c)(d) | 2378372 | 9989162 |
| TOTAL INFORMATION TECHNOLOGY |  | 11777162 |
| TOTAL ISRAEL |  | 25610502 |
| UNITED KINGDOM - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| NScale Global Holdings Ltd Series B (c)(d) | 5700 | 2433843 |
| UNITED STATES - 2.8%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Neutron Holdings Inc Series 1C (b)(c)(d) | 50654200 | 4852672 |
| Neutron Holdings Inc Series 1D (b)(c)(d) | 85315542 | 8173229 |
| Rad Power Bikes Inc Series A (b)(c)(d) | 120997 | 0 |
| Rad Power Bikes Inc Series C (b)(c)(d) | 476111 | 5 |
| Rad Power Bikes Inc Series D (b)(c)(d) | 867000 | 9 |
| Waymo LLC Series A2 (b)(c)(d) | 81316 | 12432403 |
| Waymo LLC Series C2 (b)(c)(d) | 149427 | 22248186 |
|  |  | 47706504 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Discord Inc Series I (b)(c)(d) | 6100 | 1497428 |
| TOTAL CONSUMER DISCRETIONARY |  | 49203932 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| GoBrands Inc Series G (b)(c)(d) | 166200 | 8073996 |
| GoBrands Inc Series H (b)(c)(d) | 104029 | 6444597 |
|  |  | 14518593 |
| Food Products - 0.0% |  |  |
| AgBiome LLC Series C (b)(c)(d) | 1091300 | 11 |
| Tobacco - 0.0% |  |  |
| JUUL Labs Inc Series C (b)(c)(d) | 2570575 | 4884093 |
| JUUL Labs Inc Series D (b)(c)(d) | 13822 | 26261 |
| JUUL Labs Inc Series E (b)(c)(d) | 14959 | 28422 |
|  |  | 4938776 |
| TOTAL CONSUMER STAPLES |  | 19457380 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Akeana Series C (b)(c)(d) | 363100 | 4317259 |
| Tenstorrent Holdings Inc Series C1 (b)(c)(d) | 150460 | 10639027 |
| Tenstorrent Holdings Inc Series D1 (b)(c)(d) | 112771 | 8417227 |
| Tenstorrent Holdings Inc Series D2 (b)(c)(d) | 47443 | 3424910 |
| TOTAL FINANCIALS |  | 26798423 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Castle Creek Biosciences Inc Series B (b)(c)(d) | 3301 | 715821 |
| Castle Creek Biosciences Inc Series D2 (b)(c)(d) | 5347 | 1071165 |
| Neurona Therapeutics Inc Series F (c)(d) | 1902800 | 4471580 |
|  |  | 6258566 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Blink Health LLC Series C (b)(c)(d) | 170685 | 6323879 |
| Blink Health LLC Series D (b)(c)(d) | 38410 | 1423091 |
|  |  | 7746970 |
| TOTAL HEALTH CARE |  | 14005536 |
| Industrials - 1.1% |  |  |
| Aerospace & Defense - 1.1% |  |  |
| ABL Space Systems Co Series A10 (b)(c)(d) | 789444 | 205256 |
| ABL Space Systems Co Series A8 (b)(c)(d) | 306520 | 79695 |
| ABL Space Systems Co Series A9 (b)(c)(d) | 158338 | 41168 |
| Anduril Industries Inc Series F (b)(c)(d) | 544932 | 27213904 |
| Anduril Industries Inc Series G (c)(d) | 254700 | 12719718 |
| Space Exploration Technologies Corp Series G (b)(c)(d) | 98074 | 412891540 |
| Space Exploration Technologies Corp Series H (b)(c)(d) | 25767 | 108479070 |
| Space Exploration Technologies Corp Series J (b)(c)(d) | 5376 | 22632960 |
| Space Exploration Technologies Corp Series N (b)(c)(d) | 79406 | 334299260 |
|  |  | 918562571 |
| Air Freight & Logistics - 0.0% |  |  |
| Zipline International Inc Series G (b)(c)(d) | 281500 | 15837190 |
| Zipline International Inc Series H (c)(d) | 265700 | 14948282 |
|  |  | 30785472 |
| Electrical Equipment - 0.0% |  |  |
| Empower Semiconductor Inc Series D (c)(d) | 1263700 | 9642031 |
| TOTAL INDUSTRIALS |  | 958990074 |
| Information Technology - 1.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Cellink Corp Series D (b)(c)(d) | 771513 | 2530563 |
| Cerebras Systems Inc Series G (c)(d) | 1109600 | 98776592 |
| Enevate Corp Series E (b)(c)(d) | 12084432 | 966755 |
| Frore Systems Inc Series C (b)(c)(d) | 366694 | 9504708 |
| Menlo Microsystems Inc Series C (b)(c)(d) | 4680700 | 2574385 |
|  |  | 114353003 |
| IT Services - 0.4% |  |  |
| Gupshup Inc (b)(c)(d) | 709497 | 3221116 |
| X.Ai Holdings Corp Series B (c)(d) | 3688585 | 278340625 |
| X.Ai Holdings Corp Series C (c)(d) | 674457 | 50894525 |
| Yanka Industries Inc Series F (b)(c)(d) | 508854 | 1338286 |
|  |  | 333794552 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Alif Semiconductor Series C (b)(c)(d) | 391847 | 11242090 |
| Alif Semiconductor Series D (c)(d) | 217800 | 6612408 |
| Danger Devices Inc Series B (c)(d) | 4462000 | 4060420 |
| Retym Inc Series C (b)(c)(d) | 810037 | 8448686 |
| Retym Inc Series D (b)(c)(d) | 194389 | 2138279 |
| SiMa Technologies Inc Series B (b)(c)(d) | 2821200 | 18535284 |
| SiMa Technologies Inc Series B1 (b)(c)(d) | 188978 | 1436233 |
|  |  | 52473400 |
| Software - 0.8% |  |  |
| Algolia Inc Series D (b)(c)(d) | 276495 | 4352031 |
| Anthropic PBC Series D (b)(c)(d) | 393051 | 107589850 |
| Anthropic PBC Series E (c)(d) | 39600 | 10261944 |
| Anthropic PBC Series F (c)(d) | 287400 | 74476836 |
| Applied Intuition Inc Series A2 (b)(c)(d) | 43948 | 4978429 |
| Applied Intuition Inc Series B2 (b)(c)(d) | 21192 | 2400630 |
| Celestial AI Inc Series A (c)(d) | 283807 | 7611704 |
| Celestial AI Inc Series B (c)(d) | 213558 | 5727625 |
| Celestial AI Inc Series C1 (c)(d) | 855468 | 22943652 |
| Crusoe Energy Systems LLC Series D (b)(c)(d) | 300371 | 32440068 |
| Crusoe Energy Systems LLC Series E (c)(d) | 176563 | 19068804 |
| Databricks Inc Series G (b)(c)(d) | 437958 | 83212020 |
| Databricks Inc Series H (b)(c)(d) | 273924 | 52045560 |
| Databricks Inc Series I (b)(c)(d) | 6675 | 1268250 |
| Databricks Inc Series J (b)(c)(d) | 190149 | 36128310 |
| Databricks Inc Series K (c)(d) | 58500 | 11115000 |
| Dataminr Inc Series D, 8% (b)(c)(d) | 277250 | 2098783 |
| Density Ai Inc (c)(d) | 2558700 | 3812463 |
| Lyte Ai Inc Series B (b)(c)(d) | 692307 | 7276147 |
| MOLOCO Inc Series A (b)(c)(d) | 103822 | 7067164 |
| Nuro Inc/DE Series E (c)(d) | 465136 | 5325807 |
| OpenAI Group Pbc Series A-2 (c)(d) | 156615 | 74780531 |
| OpenAI Group Pbc Series A-3 (c)(d) | 43828 | 20926993 |
| Physical Intelligence Inc Series B (c)(d) | 21600 | 5858136 |
| Runway AI Inc Series D (b)(c)(d) | 540130 | 7902102 |
| Runway AI Inc Series P (c)(d) | 34558 | 505583 |
| Skyryse Inc Series B (b)(c)(d) | 560000 | 14644000 |
| Skyryse Inc Series C (c)(d) | 274500 | 7416990 |
| Skyryse Inc Series C-1 (c)(d) | 65325 | 1712168 |
| Stripe LLC Series H (b)(c)(d) | 73100 | 3027802 |
| Stripe LLC Series I (b)(c)(d) | 1129819 | 46797103 |
|  |  | 684772485 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Lightmatter Inc Series C1 (b)(c)(d) | 372617 | 19979724 |
| Lightmatter Inc Series C2 (b)(c)(d) | 58528 | 3226063 |
| Lightmatter Inc Series D (b)(c)(d) | 363511 | 25725673 |
|  |  | 48931460 |
| TOTAL INFORMATION TECHNOLOGY |  | 1234324900 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Diamond Foundry Inc Series C (b)(c)(d) | 2271329 | 70547479 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Redwood Materials Series C (b)(c)(d) | 341408 | 16298818 |
| Redwood Materials Series D (b)(c)(d) | 97832 | 4670500 |
| Redwood Materials Series E (c)(d) | 16614 | 793152 |
| TOTAL UTILITIES |  | 21762470 |
| TOTAL UNITED STATES |  | 2395090194 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $1,158,063,681) |  | <br> **2654873201** |

---

---

| | | |
|:---|:---|:---|
| &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)<br>(Cost $9,830,736)<br>| 29758 | **6717869** |

---

---

| | | |
|:---|:---|:---|
| &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%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc 0% (c)(d)(l) | 2743770 | 2728130 |
| UNITED STATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rad Power Bikes Inc 8% 12/31/2199 (c)(d) | 980651 | 183055 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 6% (c)(d)(l) | 707738 | 89151 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc 10% 12/31/2027 (c)(d) | 3211571 | 4204019 |
| SiMa Technologies Inc 7.5% 12/31/2027 (c)(d) | 2189200 | 2602557 |
|  |  | 6806576 |
| TOTAL INFORMATION TECHNOLOGY |  | 6895727 |
| TOTAL UNITED STATES |  | 7078782 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $9,832,930) |  | <br> **9806912** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** | &nbsp;&nbsp;**Money Market Funds - 0.2%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Securities Lending Cash Central Fund (m)(n)<br>(Cost $217,439,288)<br>| 3.70 | 217417546 | **217439288** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.3%**<br> (Cost $32,109,465,321)<br>| <br>**89520169147** |
| **NET OTHER ASSETS (LIABILITIES) - (0.3)%**  | **(247194279)** |
| **NET ASSETS - 100.0%** | **89272974868** |

---

**Legend**

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

(b) Non-income producing.

(c) Level 3 security.

(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 $4,538,027,674 or 5.1% of net assets.

(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 $203,759,429 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

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

(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $40,862,962 or 0.0% of net assets.

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

(i) Affiliated company.

(j) Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $55,411,812 or 0.1% of net assets.

(k) 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.

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

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| ABL Space Systems Co Series A10 | 12/14/2023 | 1348924 |
| ABL Space Systems Co Series A8 | 3/24/2021 | 12165467 |
| ABL Space Systems Co Series A9 | 10/22/2021 | 9626140 |
| AgBiome LLC Series C | 6/29/2018 | 6911967 |
| Akeana Series C | 1/23/2024 | 4633446 |
| Algolia Inc Series D | 7/23/2021 | 8086110 |
| Alif Semiconductor Series C | 3/8/2022 | 7953922 |
| Alif Semiconductor Series D | 4/11/2025 | 5884324 |
| Anduril Industries Inc Class B | 6/16/2025 | 1107392 |
| Anduril Industries Inc Class C | 6/16/2025 | 531 |
| Anduril Industries Inc Series F | 8/7/2024 | 11844969 |
| Anduril Industries Inc Series G | 4/17/2025 | 10412849 |
| Ant International Co Ltd Class C | 5/16/2018 | 12251284 |
| Anthropic PBC Series D | 5/31/2024 | 11793299 |
| Anthropic PBC Series E | 2/14/2025 | 2221025 |
| Anthropic PBC Series F | 8/18/2025 | 40514088 |
| Applied Intuition Inc Class A | 7/2/2024 | 2015419 |
| Applied Intuition Inc Series A2 | 7/2/2024 | 2623472 |
| Applied Intuition Inc Series B2 | 7/2/2024 | 1265054 |
| Atom Tickets LLC | 8/15/2017 | 7000000 |
| Blink Health LLC Class A1 | 12/30/2020 - 6/17/2024 | 1806910 |
| Blink Health LLC Series C | 11/7/2019 - 7/14/2021 | 6516071 |
| Blink Health LLC Series D | 6/17/2024 - 6/25/2024 | 1613220 |
| Bolt Technology OU Series E | 1/3/2022 | 44234771 |
| Bytedance Ltd Series E1 | 11/18/2020 | 32109399 |
| Canva Australia Holdings Pty Ltd Class A | 8/19/2025 - 11/12/2025 | 44610394 |
| Castle Creek Biosciences Inc Series A4 | 9/29/2016 | 9830736 |
| Castle Creek Biosciences Inc Series B | 10/9/2018 | 1359517 |
| Castle Creek Biosciences Inc Series D2 | 6/28/2021 | 916699 |
| Celestial AI Inc | 2/25/2025 | 659417 |
| Celestial AI Inc Series A | 2/25/2025 | 4204799 |
| Celestial AI Inc Series B | 2/25/2025 | 3164011 |
| Celestial AI Inc Series C1 | 2/25/2025 | 14910979 |
| Cellink Corp Series D | 1/20/2022 | 16065910 |
| Cerebras Systems Inc Series G | 9/19/2025 | 40203471 |
| Chobani Inc Class A | 10/14/2025 | 16051785 |
| Crusoe Energy Systems LLC Series D | 12/10/2024 | 8762375 |
| Crusoe Energy Systems LLC Series E | 10/8/2025 | 14832750 |
| Danger Devices Inc Series B | 3/5/2025 | 4018031 |
| Databricks Inc Series G | 2/1/2021 | 25893230 |
| Databricks Inc Series H | 8/31/2021 | 20129068 |
| Databricks Inc Series I | 9/14/2023 | 490613 |
| Databricks Inc Series J | 12/17/2024 | 17588783 |
| Databricks Inc Series K | 9/8/2025 | 8775000 |
| Dataminr Inc Series D, 8% | 3/6/2015 | 3534938 |
| Density Ai Inc | 12/5/2025 | 3812425 |
| Diamond Foundry Inc Series C | 3/15/2021 | 54511896 |
| Discord Inc Series I | 9/15/2021 | 3358809 |
| Element Labs Inc Series A | 2/11/2025 | 3437784 |
| Element Labs Inc Series B | 6/27/2025 | 5916979 |
| Empower Semiconductor Inc Series D | 6/27/2025 | 10142203 |
| Enevate Corp 10% 5/12/2199 | 11/12/2024 | 187681 |
| Enevate Corp 6% | 11/2/2023 - 10/31/2025 | 707738 |
| Enevate Corp Series E | 1/29/2021 | 13397828 |
| Epic Games Inc | 7/30/2020 | 3525324 |
| Fanatics Inc Class A | 8/13/2020 - 10/24/2022 | 78989836 |
| Frore Systems Inc Series C | 5/10/2024 | 5892919 |
| GoBrands Inc Series G | 3/2/2021 | 41503015 |
| GoBrands Inc Series H | 7/22/2021 | 40414287 |
| Gupshup Inc | 6/8/2021 | 16222791 |
| JUUL Labs Inc Class A | 12/20/2017 - 11/4/2025 | 65791361 |
| JUUL Labs Inc Class B | 11/21/2017 | 0 |
| JUUL Labs Inc Series C | 5/22/2015 - 7/6/2018 | 0 |
| JUUL Labs Inc Series D | 6/25/2018 - 7/6/2018 | 0 |
| JUUL Labs Inc Series E | 12/20/2017 | 320664 |
| Lightmatter Inc Series C1 | 5/19/2023 | 6132083 |
| Lightmatter Inc Series C2 | 12/18/2023 | 1521833 |
| Lightmatter Inc Series D | 10/11/2024 | 29164670 |
| Lyte Ai Inc Series B | 8/13/2024 | 8782676 |
| Menlo Microsystems Inc Series C | 2/9/2022 | 6204268 |
| MOLOCO Inc Series A | 6/26/2023 | 6229320 |
| Neurona Therapeutics Inc Series F | 3/28/2025 | 3919768 |
| Neutron Holdings Inc | 2/4/2021 | 71531 |
| Neutron Holdings Inc 4% 5/22/2027 | 6/4/2020 | 2432800 |
| Neutron Holdings Inc 4% 6/12/2027 | 6/12/2020 | 647200 |
| Neutron Holdings Inc 8% 10/29/2026 | 10/29/2021 - 10/29/2025 | 24887736 |
| Neutron Holdings Inc Series 1C | 7/3/2018 | 9261614 |
| Neutron Holdings Inc Series 1D | 1/25/2019 | 20689019 |
| NScale Global Holdings Ltd Series B | 9/25/2025 | 2165316 |
| Nuro Inc/DE Series E | 4/1/2025 | 5950713 |
| OpenAI Group Pbc Class A | 9/3/2025 | 24209000 |
| OpenAI Group Pbc Series A-2 | 9/30/2024 | 29421124 |
| OpenAI Group Pbc Series A-3 | 4/11/2025 | 13449203 |
| Oura Health Oy Series D | 12/18/2024 | 23459953 |
| Oura Health Oy Series E | 9/24/2025 | 59208725 |
| Physical Intelligence Inc Series B | 10/24/2025 | 5865681 |
| Rad Power Bikes Inc | 1/21/2021 | 4476962 |
| Rad Power Bikes Inc 8% 12/31/2199 | 10/6/2023 | 980651 |
| Rad Power Bikes Inc Series A | 1/21/2021 | 583670 |
| Rad Power Bikes Inc Series C | 1/21/2021 | 2296683 |
| Rad Power Bikes Inc Series D | 9/17/2021 | 8309155 |
| Rad Power Bikes Inc warrants 10/6/2033 | 10/6/2023 | 0 |
| Rapyd Financial Network 2016 Ltd | 3/30/2021 | 14999992 |
| Rapyd Financial Network 2016 Ltd Series F | 3/6/2025 | 618930 |
| Rapyd Financial Network 2016 Ltd warrants 3/5/2038 | 3/6/2025 | 0 |
| Redwood Materials Series C | 5/28/2021 | 16183924 |
| Redwood Materials Series D | 6/2/2023 | 4670095 |
| Redwood Materials Series E | 10/20/2025 | 793083 |
| Retym Inc Series C | 5/17/2023 - 6/20/2023 | 6303546 |
| Retym Inc Series D | 1/29/2025 | 2057996 |
| Revolut Group Holdings Ltd | 12/27/2024 | 11784207 |
| Runway AI Inc Series D | 9/6/2024 | 5855969 |
| Runway AI Inc Series P | 11/4/2025 | 505521 |
| SiMa Technologies Inc 10% 12/31/2027 | 4/8/2024 - 1/5/2026 | 3211571 |
| SiMa Technologies Inc 7.5% 12/31/2027 | 7/18/2025 | 2189200 |
| SiMa Technologies Inc Series B | 5/10/2021 | 14465422 |
| SiMa Technologies Inc Series B1 | 4/25/2022 | 1340024 |
| Skyryse Inc Series B | 10/21/2021 | 13820783 |
| Skyryse Inc Series C | 9/16/2025 - 11/21/2025 | 7418143 |
| Skyryse Inc Series C-1 | 8/13/2024 | 1324031 |
| Space Exploration Technologies Corp | 10/16/2015 - 12/9/2024 | 60518403 |
| Space Exploration Technologies Corp Class C | 9/11/2017 - 12/9/2024 | 11127463 |
| Space Exploration Technologies Corp Series G | 1/20/2015 - 9/7/2023 | 8180646 |
| Space Exploration Technologies Corp Series H | 8/4/2017 | 3478545 |
| Space Exploration Technologies Corp Series J | 9/7/2023 | 4354560 |
| Space Exploration Technologies Corp Series N | 8/4/2020 | 21439621 |
| Stripe LLC Class B | 5/18/2021 | 6966287 |
| Stripe LLC Series H | 3/15/2021 | 2933137 |
| Stripe LLC Series I | 3/20/2023 - 5/12/2023 | 22747934 |
| Taalas Inc 0% | 12/23/2025 | 2743770 |
| Taalas Inc Series B | 2/19/2025 | 9033254 |
| Taalas Inc warrants | 12/23/2025 | 554030 |
| Tanium Inc Class B | 4/21/2017 | 2754690 |
| Tenstorrent Holdings Inc Series C1 | 4/23/2021 | 8945545 |
| Tenstorrent Holdings Inc Series D1 | 7/16/2024 - 1/15/2025 | 8889338 |
| Tenstorrent Holdings Inc Series D2 | 7/17/2024 | 3604719 |
| Tory Burch LLC Class A | 5/14/2015 | 20890423 |
| Trade Republic Bank GmbH | 12/16/2025 | 18162133 |
| Veterinary Emergency Group | 9/16/2021 - 3/17/2022 | 21635527 |
| Waymo LLC Series A2 | 5/8/2020 | 6982377 |
| Waymo LLC Series C2 | 10/18/2024 | 11685386 |
| X.Ai Holdings Corp Class A | 10/25/2022 - 7/18/2025 | 29717656 |
| X.Ai Holdings Corp Series B | 5/13/2024 | 44152363 |
| X.Ai Holdings Corp Series C | 11/22/2024 | 14601994 |
| Xsight Labs Ltd Series D | 2/16/2021 | 9531232 |
| Xsight Labs Ltd Series F | 1/11/2024 - 12/30/2024 | 11011865 |
| Yanka Industries Inc Series F | 4/8/2021 | 16220636 |
| Zipline International Inc Series G | 6/7/2024 | 11807883 |
| Zipline International Inc Series H | 12/3/2025 | 14949414 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Beta Technologies Inc | 5/4/2026 |
| HeartFlow Inc | 2/4/2026 |
| Lenskart Solutions Ltd | 2/3/2026 |
| Lenskart Solutions Ltd | 5/7/2026 |
| Meesho | 6/10/2026 |
| Pine Labs Ltd | 5/13/2026 |

---

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 15397957 | 2107759806 | 2123127389 | 1682061 | (30374) | - | - | - | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 289896195 | 2334284285 | 2406733439 | 993593 | (7753) | - | 217439288 | 217417546 | 0.7% |
| Total | 305294152 | 4442044091 | 4529860828 | 2675654 | (38127) | - | 217439288 |  |  |

---

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  |
| Capri Holdings Ltd | 101240501 | 8202141 | - | - | - | 25388800 | 134831442 | 5973923 |
| Restoration Hardware Inc | 234020646 | - | - | - | - | (7727849) | 226292797 | 1138122 |
| Total | 335261147 | 8202141 | - | - | - | 17660951 | 361124239 |  |

---

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 January 31, 2026, 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 | 14551775650 | 14439007430 | 108782518 | 3985702 |
| Consumer Discretionary | 14744897224 | 14577099400 | - | 167797824 |
| Consumer Staples | 533327881 | 426013856 | - | 107314025 |
| Energy | 329265049 | 329265049 | - | - |
| Financials | 2784814033 | 2733996307 | - | 50817726 |
| Health Care | 5510638472 | 5368830470 | 87854146 | 53953856 |
| Industrials | 5357764038 | 4046788811 | - | 1310975227 |
| Information Technology | 41720737371 | 41571933344 | - | 148804027 |
| Materials | 380865444 | 380865444 | - | - |
| Real Estate | 471539837 | 471539837 | - | - |
| Utilities | 187319478 | 187319478 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Consumer Discretionary | 58324677 | - | - | 58324677 |
| Information Technology | 62723 | - | - | 62723 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 75246298 | - | - | 75246298 |
| Consumer Discretionary | 49203932 | - | - | 49203932 |
| Consumer Staples | 19457380 | - | - | 19457380 |
| Financials | 27351219 | - | - | 27351219 |
| Health Care | 122134063 | - | - | 122134063 |
| Industrials | 972270618 | - | - | 972270618 |
| Information Technology | 1296899742 | - | - | 1296899742 |
| Materials | 70547479 | - | - | 70547479 |
| Utilities | 21762470 | - | - | 21762470 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 6717869 | - | - | 6717869 |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 183055 | - | - | 183055 |
| Information Technology | 9623857 | - | - | 9623857 |
|  **Money Market Funds** | 217439288 | 217439288 | - | - |
| **Total Investments in Securities:** | 89520169147 | 84750098714 | 196636664 | 4573433769 |
|  **Net Unrealized Appreciation (Depreciation) on Unfunded Commitments** | (51914) | - | - | (51914) |

---

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning Balance ($)** | **Net Realized Gain (Loss) on Investment Securities ($)** | **Net Unrealized Gain (Loss) on Investment Securities ($)** | **Cost of Purchases ($)** | **Proceeds of Sales ($)** | **Amortization/**<br> **Accretion ($)** | **Transfers into Level 3 ($)** | **Transfers out of Level 3 ($)** | **Ending Balance ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2026 ($)** |
| **Common Stocks** | 1069527697 | 5611661 | 709004477 | 170206687 | (110702136) | - | 1 | - | 1843648387 | 747381935 |
| **Convertible Preferred Stocks** | 1547614308 | - | 953814601 | 243237976 | (89793684) | - | - | - | 2654873201 | 979689630 |
| **Non-Convertible Preferred Stocks** | 6064085 | - | 653784 | - | - | - | - | - | 6717869 | 653784 |
| **Convertible Corporate Bonds** | 42365469 | - | 15064710 | 957221 | - | - | - | - | 58387400 | 15064710 |
| **Preferred Securities** | 16322009 | - | (1109261) | 2917895 | (8323731) | - | - | - | 9806912 | 147299 |
| <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 January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** | <br> **As of January 31, 2026 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $218,851,531) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $31,564,095,787) | $88941605620 |  |
| Fidelity Central Funds (cost $217,439,288) | 217439288 |  |
| Other affiliated issuers (cost $327,930,246) | 361124239 |  |
| Total Investment in Securities (cost $32,109,465,321) |  | $89520169147 |
| Foreign currency held at value (cost $6,681,921) |  | 6696589 |
| Receivable for investments sold |  | 130202658 |
| Receivable for fund shares sold |  | 79731161 |
| Dividends receivable |  | 11768901 |
| Interest receivable |  | 1247216 |
| Distributions receivable from Fidelity Central Funds |  | 429916 |
| Prepaid expenses |  | 52311 |
| Other receivables |  | 1889728 |
| **Total assets** |  | 89752187627 |
| **Liabilities** |  |  |
| Payable to custodian bank | $12663074 |  |
| Payable for investments purchased  | 108089946 |  |
| Unrealized depreciation on unfunded commitments | 51914 |  |
| Payable for fund shares redeemed | 55174330 |  |
| Accrued management fee | 52700175 |  |
| Distribution and service plan fees payable | 28633 |  |
| Deferred taxes | 31811212 |  |
| Other payables and accrued expenses | 1284196 |  |
| Collateral on securities loaned | 217409279 |  |
| **Total liabilities** |  | 479212759 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $89272974868 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $31982089562 |
| Total accumulated earnings (loss) |  | 57290885306 |
| **Net Assets** |  | $89272974868 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($72,863,714 ÷ 274,564 shares)(a) |  | $265.38 |
| Maximum offering price per share (100/94.25 of $265.38) |  | $281.57 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($9,047,902 ÷ 34,181 shares)(a) |  | $264.71 |
| Maximum offering price per share (100/96.50 of $264.71) |  | $274.31 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($12,901,754 ÷ 49,088 shares)(a) |  | $262.83 |
| **Blue Chip Growth :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($72,483,276,210 ÷ 271,675,304 shares) |  | $266.80 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($7,196,300,283 ÷ 26,797,340 shares) |  | $268.55 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($322,383,137 ÷ 1,210,733 shares) |  | $266.27 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($9,176,201,868 ÷ 34,425,013 shares) |  | $266.56 |
| *(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.* |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** | **Six months ended January 31, 2026 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $140922981 |
| Interest  |  | 1082005 |
| Income from Fidelity Central Funds (including $993,593 from security lending)  |  | 2675654 |
| **Total income** |  | 144680640 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $240872362 |  |
| Performance adjustment | 59655256 |  |
| Distribution and service plan fees | 135743 |  |
| Custodian fees and expenses | 380377 |  |
| Independent trustees' fees and expenses | 164584 |  |
| Registration fees | 452109 |  |
| Audit fees | 77743 |  |
| Legal | 59640 |  |
| Interest | 268177 |  |
| Miscellaneous | 129029 |  |
| **Total expenses** |  | 302195020 |
| **Net Investment income (loss)** |  | (157514380) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $3,781,412)  | 1283934109 |  |
| Fidelity Central Funds | (38127) |  |
| Foreign currency transactions | (868548) |  |
| Futures contracts | 11024355 |  |
| Total net realized gain (loss) |  | 1294051789 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $9,266,332)  | 6650724966 |  |
| Affiliated issuers  | 105406635 |  |
| Unfunded commitments | (51914) |  |
| Assets and liabilities in foreign currencies | (41632) |  |
| Total change in net unrealized appreciation (depreciation) |  | 6756038055 |
| **Net gain (loss)** |  | 8050089844 |
| **Net increase (decrease) in net assets resulting from operations** |  | $7892575464 |

---

---

| | | |
|:---|:---|:---|
| **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> **January 31, 2026**<br> **(Unaudited)** | **Year ended**<br> **July 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(157514380) | $(119566658) |
| &nbsp;&nbsp;Net realized gain (loss) | 1294051789<br>| 1878214125<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 6756038055 | 13616651098<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 7892575464<br>| 15375298565<br>|
| Distributions to shareholders | (1632271792)<br>| (4175320825)<br>|
| Share transactions - net increase (decrease) | 3235049091<br>| 3337051589<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 9495352763<br>| 14537029329<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 79777622105 | 65240592776<br>|
| &nbsp;&nbsp;End of period | $89272974868 | $79777622105 |

---

**Consolidated Financial Highlights** 

**Fidelity Advisor® Blue Chip Growth Fund Class A**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $246.63 | $211.52 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | (.87)  | (1.00)  |
| Net realized and unrealized gain (loss)  | 24.69  | 38.43  |
| Total from investment operations  | 23.82  | 37.43  |
| Distributions from net investment income  | -  | (.40) D |
| Distributions from net realized gain  | (5.07)  | (1.92) D |
| Total distributions  | (5.07)  | (2.32)  |
| Net asset value, end of period  | $265.38 | $246.63 |
| **Total Return** E,F,G | 9.77% <br>| 17.77%  |
| **Ratios to Average Net Assets** C,H,I |  |  |
| Expenses before reductions  | 1.02% J | .97% J,K |
| Expenses net of fee waivers, if any  | 1.02% J<br>| .97% J,K |
| Expenses net of all reductions, if any  | 1.02% J | .97% J,K |
| Net investment income (loss)  | (.68)% J | (.56)% J,K |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $72864 | $38767 |
| Portfolio turnover rate L | 26% J<br>| 34% M |

---

A*For the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.*

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

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

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*Audit fees are not 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® Blue Chip Growth Fund Class M**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $246.32 | $211.52 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | (1.20)  | (1.41)  |
| Net realized and unrealized gain (loss)  | 24.66  | 38.36  |
| Total from investment operations  | 23.46  | 36.95  |
| Distributions from net investment income  | -  | (.23) D |
| Distributions from net realized gain  | (5.07)  | (1.92) D |
| Total distributions  | (5.07)  | (2.15)  |
| Net asset value, end of period  | $264.71 | $246.32 |
| **Total Return** E,F,G | 9.63% <br>| 17.54%  |
| **Ratios to Average Net Assets** C,H,I |  |  |
| Expenses before reductions  | 1.27% J | 1.21% J,K |
| Expenses net of fee waivers, if any  | 1.27% J<br>| 1.21% J,K |
| Expenses net of all reductions, if any  | 1.27% J | 1.21% J,K |
| Net investment income (loss)  | (.93)% J | (.79)% J,K |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $9048 | $5261 |
| Portfolio turnover rate L | 26% J<br>| 34% M |

---

A*For the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.*

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

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

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*Audit fees are not 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® Blue Chip Growth Fund Class C**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $245.21 | $211.52 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | (1.83)  | (2.35)  |
| Net realized and unrealized gain (loss)  | 24.52  | 38.28  |
| Total from investment operations  | 22.69  | 35.93  |
| Distributions from net investment income  | -  | (.32) D |
| Distributions from net realized gain  | (5.07)  | (1.92) D |
| Total distributions  | (5.07)  | (2.24)  |
| Net asset value, end of period  | $262.83 | $245.21 |
| **Total Return** E,F | 9.36% <br>| 17.05%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | 1.77% I | 1.72% I,J |
| Expenses net of fee waivers, if any  | 1.77% I<br>| 1.72% I,J |
| Expenses net of all reductions, if any  | 1.77% I | 1.72% I,J |
| Net investment income (loss)  | (1.43)% I | (1.32)% I,J |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $12902 | $6030 |
| Portfolio turnover rate K | 26% I<br>| 34% L |

---

A*For the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.*

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

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

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 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*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® Blue Chip Growth Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $247.56 | $213.10 | $164.62 | $132.94 | $187.79 | $138.12 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.49)  | (.38)  | (.06)  | (.13)  | (.50)  | (.73)  |
| Net realized and unrealized gain (loss)  | 24.80  | 48.35  | 50.16  | 32.45  | (38.32)  | 60.84  |
| Total from investment operations  | 24.31  | 47.97  | 50.10  | 32.32  | (38.82)  | 60.11  |
| Distributions from net investment income  | -  | (.51) C | -  | -  | -  | -  |
| Distributions from net realized gain  | (5.07)  | (13.00) C | (1.62)  | (.64)  | (16.03)  | (10.44)  |
| Total distributions  | (5.07)  | (13.51)  | (1.62)  | (.64)  | (16.03)  | (10.44)  |
| Net asset value, end of period  | $266.80 | $247.56 | $213.10 | $164.62 | $132.94 | $187.79 |
| **Total Return** D,E | 9.93% <br>| 23.78%  | 30.74%  | 24.43%  | (22.85)%  | 45.70%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .72% H | .61%  | .50%  | .69%  | .76%  | .79%  |
| Expenses net of fee waivers, if any  | .72% H<br>| .61%  | .49%  | .68%  | .76%  | .79%  |
| Expenses net of all reductions, if any  | .72% H | .61%  | .49%  | .68%  | .76%  | .78%  |
| Net investment income (loss)  | (.38)% H | (.17)%  | (.03)%  | (.10)%  | (.31)%  | (.44)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $72483276 | $67405448 | $59681817 | $45272122 | $36726496 | $48318328 |
| Portfolio turnover rate I | 26% H<br>| 34% J | 22% J | 19% J | 34% J | 41% J |

---

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

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® Blue Chip Growth Fund Class K**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $249.07 | $214.37 | $165.45 | $133.48 | $188.45 | $138.50 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | (.41)  | (.23)  | .10  | (.01)  | (.37)  | (.60)  |
| Net realized and unrealized gain (loss)  | 24.96  | 48.64  | 50.44  | 32.62  | (38.45)  | 61.04  |
| Total from investment operations  | 24.55  | 48.41  | 50.54  | 32.61  | (38.82)  | 60.44  |
| Distributions from net investment income  | -  | (.71) C | -  | -  | -  | -  |
| Distributions from net realized gain  | (5.07)  | (13.00) C | (1.62)  | (.64)  | (16.15)  | (10.49)  |
| Total distributions  | (5.07)  | (13.71)  | (1.62)  | (.64)  | (16.15)  | (10.49)  |
| Net asset value, end of period  | $268.55 | $249.07 | $214.37 | $165.45 | $133.48 | $188.45 |
| **Total Return** D,E | 9.97% <br>| 23.87%  | 30.85%  | 24.55%  | (22.78)%  | 45.83%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions  | .65% H | .54%  | .42%  | .59%  | .68%  | .71%  |
| Expenses net of fee waivers, if any  | .65% H<br>| .54%  | .41%  | .59%  | .68%  | .71%  |
| Expenses net of all reductions, if any  | .65% H | .54%  | .41%  | .59%  | .68%  | .70%  |
| Net investment income (loss)  | (.31)% H | (.11)%  | .05%  | (.01)%  | (.23)%  | (.36)%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7196300 | $6714259 | $5558776 | $4472770 | $4380450 | $8634939 |
| Portfolio turnover rate I | 26% H<br>| 34% J | 22% J | 19% J | 34% J | 41% J |

---

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

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 Advisor® Blue Chip Growth Fund Class I**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $247.14 | $211.52 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | (.55)  | (.63)  |
| Net realized and unrealized gain (loss)  | 24.75  | 38.57  |
| Total from investment operations  | 24.20  | 37.94  |
| Distributions from net investment income  | -  | (.40) D |
| Distributions from net realized gain  | (5.07)  | (1.92) D |
| Total distributions  | (5.07)  | (2.32)  |
| Net asset value, end of period  | $266.27 | $247.14 |
| **Total Return** E,F | 9.90% <br>| 18.01%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | .77% I | .72% I,J |
| Expenses net of fee waivers, if any  | .77% I<br>| .72% I,J |
| Expenses net of all reductions, if any  | .77% I | .72% I,J |
| Net investment income (loss)  | (.43)% I | (.35)% I,J |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $322383 | $11057 |
| Portfolio turnover rate K | 26% I<br>| 34% L |

---

A*For the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.*

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

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*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® Blue Chip Growth Fund Class Z**<br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **January 31, 2026**<br> **(Unaudited)**  | **Years ended July 31, 2025** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $247.26 | $211.52 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | (.41)  | (.36)  |
| Net realized and unrealized gain (loss)  | 24.78  | 38.51  |
| Total from investment operations  | 24.37  | 38.15  |
| Distributions from net investment income  | -  | (.49) D |
| Distributions from net realized gain  | (5.07)  | (1.92) D |
| Total distributions  | (5.07)  | (2.41)  |
| Net asset value, end of period  | $266.56 | $247.26 |
| **Total Return** E,F | 9.97% <br>| 18.12%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | .65% I | .61% I,J |
| Expenses net of fee waivers, if any  | .65% I<br>| .61% I,J |
| Expenses net of all reductions, if any  | .65% I | .61% I,J |
| Net investment income (loss)  | (.32)% I | (.20)% I,J |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $9176202 | $5596801 |
| Portfolio turnover rate K | 26% I<br>| 34% L |

---

A*For the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.*

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

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*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.*

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

For the period ended January 31, 2026

**1. Organization.**

Fidelity Blue Chip Growth Fund (the Fund) is a non-diversified fund of Fidelity Securities Fund (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, Blue Chip Growth, 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 Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

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

---

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

---

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

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Fair Value** | **Valuation Technique(s)** | **Unobservable Input** | **Amount or Range/Weighted Average** | **Impact to Valuation from an Increase in InputA** |
| Common Stocks | $1843648387 | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 0.9 - 82.7 /18.9 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 7.5 - 51.1 / 50.3 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI)  | 27.4 - 38.2 / 32.7 | Increase |
|  |  | Market approach  | Transaction price  | $4.63 - $54.91 / $23.00 | Increase |
|  |  |  | Discount rate  | 17.6% | Decrease |
|  |  |  | Probability rate  | 10.0% - 70.0% / 33.3% | Increase |
|  |  | Recovery value  | Recovery value | $0.00 | Increase |
|  |  | Black scholes  | Discount rate | 3.5% - 3.8% / 3.6% | Increase |
|  |  |  | Volatility | 50.0% - 80.0% / 73.2% | Increase |
|  |  |  | Term | 1.0 - 5.0 / 2.3 | Increase |
|  |  | Book value  | Book value multiple | 1.4 | Increase |
| Convertible Corporate Bonds | $58387400 | Market comparable  | Enterprise value/Revenue multiple (EV/R) | 3.8 | Increase |
|  |  |  | Discount rate | 29.2% | Decrease |
|  |  |  | Probability rate | 10.0% - 75.0% / 33.3% | Increase |
|  |  | Market approach | Transaction price | $100.00 | Increase |
|  |  |  | Discount rate | 21.7% | Decrease |
|  |  |  | Probability rate | 0.0% - 75.0% / 33.3% | Increase |
|  |  | Black scholes | Discount rate | 3.7% - 4.2% / 3.7% | Increase |
|  |  |  | Volatility | 75.0% - 100.0% / 75.0% | Increase |
|  |  |  | Term | 0.4 | Increase |
| Convertible Preferred Stocks | $2654873201 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.7 - 82.7 / 33.8 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA) | 51.1 | Increase |
|  |  |  | Enterprise value/Gross profit multiple (EV/GP) | 11.9 | Increase |
|  |  | Market approach | Transaction price | $0.90 - $271.56 / $32.97 | Increase |
|  |  |  | Discount rate | 10.0% - 95.0% / 27.0% | Decrease |
|  |  |  | Premium rate | 10.0% - 65.0% / 37.7% | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Discount rate | 3.6% - 3.8% / 3.7% | Increase |
|  |  |  | Volatility | 40.0% - 100.0% / 68.3% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 3.2 | Increase |
| Preferred Securities | $9806912 | Market approach | Transaction price | $100.00 | Increase |
|  |  |  | Discount rate | 17.6% - 46.9% / 34.5% | Decrease |
|  |  |  | Probability rate | 0.0% - 75.0% / 35.8% | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Discount rate | 3.5% - 4.2% / 3.5% | Increase |
|  |  |  | Volatility | 55.0% - 100.0% / 62.5% | Increase |
|  |  |  | Term | 0.4 - 1.0 / 0.9 | Increase |
| Non-Convertible Preferred Stocks | $6717869 | Market approach | Transaction price | $215.03  | Increase |
|  |  |  | Premium rate | 10.0% | Increase |
|  |  | Black scholes | Discount rate | 3.7% | Increase |
|  |  |  | Volatility | 85.0% | Increase |
|  |  |  | Term | 3.0 | Increase |

---

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2026, 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. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Consolidated Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**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.

**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 Deferred taxes 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. These differences resulted in distribution reclassifications.

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), redemptions in-kind, partnerships, deferred Trustee compensation and losses deferred due to wash sales, options 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** | $58531660432 |
| **Gross unrealized depreciation** | <u>(1382457487)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$57149202945</u> |
| **Tax cost** | <u>$32370966202</u> |

---

The Fund intends to elect to defer to its next fiscal year $811,522,559 of capital losses recognized during the period November 1, 2024 to July 31, 2025, and $107,852,436 of ordinary losses recognized during the period January 1, 2025 to July 31, 2025.

**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 Blue Chip Growth Fund** | Revolut Group Holdings, Ltd. | 10434706 | (51914) |
|  | Spinny Series G Convertible Preferred | 8662596 | - |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Total Assets** |
| **Fidelity Blue Chip Growth Fund** | 97972164 | .11 |

---

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

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

Consolidated Special Purpose Vehicle. The Funds included in the table below hold private equity of Indian issuers through a wholly owned special purpose vehicle (SPV). As of period end, the investment in the SPV was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **SPV Name** | **Net Assets of SPV** | **% of Fund's Total Assets** |
| **Fidelity Blue Chip Growth Fund** | Fid FDI 312, LLC | 157756828 | .2 |

---

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

**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 Blue Chip Growth Fund** | 12758103942 | 11227511018 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Blue Chip Growth Fund** | 1467936 | 242747794 | 335775699 |

---

**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 Blue Chip Growth Fund** | 953777 | 215191169 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

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

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .67 |
| **Class M** | .67 |
| **Class C** | .67 |
| **Blue Chip Growth** | .63 |
| **Class K** | .54 |
| **Class I** | .67 |
| **Class Z** | .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 %** |
| **Class A** | .62 |
| **Class M** | .62 |
| **Class C** | .62 |
| **Blue Chip Growth** | .58 |
| **Class K** | .51 |
| **Class I** | .62 |
| **Class Z** | .51 |

---

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 Blue Chip Growth Fund** | Russell 1000 Growth Index |

---

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Blue Chip Growth. 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 .14%.

**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% | 69326 | 12563 |
| **Class M** | .25% | .25% | 18800 | 22 |
| **Class C** | .75% | .25% | <u>47617</u> | <u>37107</u> |
|  |  |  | <u>135743</u> | <u>49692</u><br>|

---

**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** | 75592 |
| **Class M** | 2589 |
| **Class C**A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1242</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp; <u>79423</u> |

---

*A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.*

**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 Blue Chip Growth Fund** | $1073172 |

---

**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 Blue Chip Growth Fund** | 240079 |

---

**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 Blue Chip Growth Fund**  | Borrower | 17517445 | 4.27% | 266098 |

---

**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 Blue Chip Growth Fund** | 820483110 | 620514890 | 68979081 |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Blue Chip Growth Fund** | 34508 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

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

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

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Blue Chip Growth Fund** | 65041 |

---

**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 Blue Chip Growth Fund** | 105431 | 5699 | - |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Blue Chip Growth Fund** | 13981951 |

---

**9. Bank Borrowings.**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)** |
| **Fidelity Blue Chip Growth Fund** | 16309000 | 4.59% | 2079 |

---

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **January 31, 2026** | **Year ended**<br> **July 31, 2025A** |
| **Fidelity Blue Chip Growth Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $908456 | $70438 |
| Class M | 121244 | 17850 |
| Class C | 158284 | 8569 |
| Blue Chip Growth | 1374358882 | 3816391104 |
| Class K | 135870776 | 355175421 |
| Class I | 5120616 | 7119 |
| Class Z | <u>115733534</u> | <u>3650324</u> |
| Total  | <u>$1632271792</u> | <u>$4175320825</u> |

---

*A Distributions 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 July 31, 2025.*

**11. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **January 31, 2026**  | **Year ended**<br> **July 31, 2025A** | **Six months ended** <br> **January 31, 2026**  | **Year ended**<br> **July 31, 2025A** |
| **Fidelity Blue Chip Growth Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 144221 | 170299 | $37420504 | $37757867 |
| Reinvestment of distributions  | 3592 | 306 | 905800 | 70438 |
| Shares redeemed | <u>(30437)</u> | <u>(13417)</u> | <u>(7898264)</u> | <u>(2916799)</u> |
| Net increase (decrease) | <u>117376</u> | <u>157188</u> | <u>$30428040</u> | <u>$34911506</u> |
| **Class M** |  |  |  |  |
| Shares sold | 14695 | 25217 | $3766011 | $5603881 |
| Reinvestment of distributions  | 473 | 78 | 119086 | 17850 |
| Shares redeemed | <u>(2345)</u> | <u>(3937)</u> | <u>(599554)</u> | <u>(860390)</u> |
| Net increase (decrease) | <u>12823</u> | <u>21358</u> | <u>$3285543</u> | <u>$4761341</u> |
| **Class C** |  |  |  |  |
| Shares sold | 26149 | 26703 | $6710629 | $5932854 |
| Reinvestment of distributions  | 630 | 37 | 157764 | 8569 |
| Shares redeemed | <u>(2283)</u> | <u>(2148)</u> | <u>(591238)</u> | <u>(455391)</u> |
| Net increase (decrease) | <u>24496</u> | <u>24592</u> | <u>$6277155</u> | <u>$5486032</u> |
| **Blue Chip Growth** |  |  |  |  |
| Shares sold | 18127401 | 49614739 | $4717407737 | $10838630621 |
| Reinvestment of distributions  | 4907073 | 16660152 | 1242618079 | 3462396207 |
| Shares redeemed | <u>(23634017)</u> | <u>(74061675)</u> | <u>(6146788918)</u> | <u>(16128727864)</u> |
| Net increase (decrease) | <u>(599543)</u> | <u>(7786784)</u> | <u>$(186763102)</u> | <u>$(1827701036)</u> |
| **Class K** |  |  |  |  |
| Shares sold | 2655240 | 7567043 | $695923880 | $1653307661 |
| Reinvestment of distributions  | 532826 | 1697164 | 135779969 | 355004226 |
| Shares redeemed | <u>(3348044)</u> | <u>(8237638)</u> | <u>(876871944)</u> | <u>(1745391174)</u> |
| Net increase (decrease) | <u>(159978)</u> | <u>1026569</u> | <u>$(45168095)</u> | <u>$262920713</u> |
| **Class I** |  |  |  |  |
| Shares sold | 1185508 | 53000 | $296942595 | $11976596 |
| Reinvestment of distributions  | 20242 | 31 | 5116869 | 7119 |
| Shares redeemed | <u>(39757)</u> | <u>(8291)</u> | <u>(10419727)</u> | <u>(1700738)</u> |
| Net increase (decrease) | <u>1165993</u> | <u>44740</u> | <u>$291639737</u> | <u>$10282977</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 12054684 | 22958409 | $3209423880 | $4918298465 |
| Reinvestment of distributions  | 442526 | 13409 | 111932517 | 3088154 |
| Shares redeemed | <u>(707397)</u> | <u>(336618)</u> | <u>(186006584)</u> | <u>(74996563)</u> |
| Net increase (decrease) | <u>11789813</u> | <u>22635200</u> | <u>$3135349813</u> | <u>$4846390056</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 July 31, 2025.*

**12. Other.**

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

**13. Risk and Uncertainties.**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

![](img125829_4.jpg)<br>

1.700126.129 BCF-SANN-0426

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 Securities Fund'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 Securities Fund'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 Securities Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; March 25, 2026 |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
|  | &nbsp;&nbsp; Stacie M. Smith |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; March 25, 2026 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; March 25, 2026 |

---

## Ex-99.Cert

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Securities Fund;

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:

March 25, 2026

---

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

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Securities Fund;

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:

March 25, 2026

---

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

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Securities Fund (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: March 25, 2026

---

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

---

Dated: March 25, 2026

---

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

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>