# EDGAR Filing Document

**Accession Number:** 0000754510
**File Stem:** 0000754510-25-000146
**Filing Date:** 2025-9
**Character Count:** 2280032
**Document Hash:** 738acd55b2126adfa27b3ed2d957ce49
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000754510-25-000146.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0000754510-25-000146

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 215

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250922

**EFFECTIVENESS DATE**: 20250922

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04118
- **FILM NUMBER:** 251329162

**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           |

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

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000019695 | Fidelity Dividend Growth Fund | FDGFX           |
| C000064270 | Class K                       | FDGKX           |

### 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, Massachusetts 02210</u>

(Address of principal executive offices) (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

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

---

| | |
|:---|:---|
| Date of fiscal year end: | July 31 |
| Date of reporting period: | July 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Small Cap Value Fund<br> **Fidelity® Small Cap Value Fund : FCPVX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Small Cap Value Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Small Cap Value Fund  | $90  | 0.91% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 2000 Value Index for the fiscal year, especially within financials. Picks in industrials - primarily among capital goods stocks - and in real estate, most notably in the real estate management & development industry, also boosted the fund's relative performance.

• The fund's non-benchmark stake in Lumentum Holdings gained roughly 79% and was the top individual relative contributor. The stock was not held at period end but was one of the fund's largest holdings the past 12 months. An overweight in Rev Group (+68%), one of the fund's biggest holdings, helped as well. A non-benchmark stake in Ciena gained 72% and was another plus, though the stock was sold prior to July 31.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in health care, followed by investment choices in materials and consumer discretionary.

• The largest individual relative detractor was an overweight in AMN Healthcare (-73%). Outsized exposure to Insight Enterprises (-47%), the fund's biggest holding at period end, further weighed on performance, as did a larger-than-benchmark position in Evolent Health (-58%).

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

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Small Cap Value Fund<br>| $10000 | $10423<br>| $11986<br>| $13289<br>| $12680<br>| $11046<br>| $18959<br>| $18726<br>| $20119<br>| $23404<br>| $22851<br>|
| Russell 2000® Value Index<br>| $10000 | $10559<br>| $12588<br>| $14397<br>| $13286<br>| $11172<br>| $18289<br>| $17417<br>| $18104<br>| $20943<br>| $20049<br>|
| Russell 3000® Index<br>| $10000 | $10444<br>| $12130<br>| $14118<br>| $15113<br>| $16765<br>| $23258<br>| $21548<br>| $24273<br>| $29389<br>| $33998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111466_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Small Cap Value Fund | -2.36% | 15.65% | 8.62% |
| Russell 2000® Value Index | -4.27%<br>| 12.41%<br>| 7.20% |
| Russell 3000® Index | 15.68%<br>| 15.19%<br>| 13.02% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4398762117<br>|
| Number of Holdings | 97<br>|
| Total Advisory Fee | $42471933<br>|
| Portfolio Turnover | 96%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 30.1 |
| Industrials | 18.6 |
| Consumer Discretionary | 12.1 |
| Real Estate | 10.5 |
| Information Technology | 8.6 |
| Health Care | 6.0 |
| Energy | 5.2 |
| Materials | 3.7 |
| Utilities | 3.5 |
| Consumer Staples | 0.6 |

---

Common Stocks 98.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1389_20250731_AA.jpg) <br>|

---

Common Stocks - 98.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.1 <br>

---

| | |
|:---|:---|
| United States | 94.5 |
| Canada | 3.5 |
| Bermuda | 1.8 |
| Netherlands | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1389_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.5&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;Bermuda - 1.8&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;Netherlands - 0.2&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)**  |  |
| Insight Enterprises Inc | 2.4<br>|
| Old National Bancorp/IN | 2.4<br>|
| Brookfield Infrastructure Corp (United States) | 2.3<br>|
| KB Home | 2.3<br>|
| Eastern Bankshares Inc | 2.2<br>|
| REV Group Inc | 2.2<br>|
| Cadence Bank | 2.1<br>|
| UMB Financial Corp | 2.0<br>|
| Blue Bird Corp | 2.0<br>|
| Primerica Inc | 1.9<br>|
|  | 21.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1389_20250731_2.jpg)<br>| ![](img111466_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913470.101 1389-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Small Cap Value Fund<br> **Fidelity Advisor® Small Cap Value Fund Class Z : FIKNX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Small Cap Value Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $83  | 0.84% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 2000 Value Index for the fiscal year, especially within financials. Picks in industrials - primarily among capital goods stocks - and in real estate, most notably in the real estate management & development industry, also boosted the fund's relative performance.

• The fund's non-benchmark stake in Lumentum Holdings gained roughly 79% and was the top individual relative contributor. The stock was not held at period end but was one of the fund's largest holdings the past 12 months. An overweight in Rev Group (+68%), one of the fund's biggest holdings, helped as well. A non-benchmark stake in Ciena gained 72% and was another plus, though the stock was sold prior to July 31.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in health care, followed by investment choices in materials and consumer discretionary.

• The largest individual relative detractor was an overweight in AMN Healthcare (-73%). Outsized exposure to Insight Enterprises (-47%), the fund's biggest holding at period end, further weighed on performance, as did a larger-than-benchmark position in Evolent Health (-58%).

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

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

**CUMULATIVE PERFORMANCE**

October 2, 2018 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $9625<br>| $8399<br>| $14426<br>| $14266<br>| $15351<br>| $17878<br>| $17475<br>|
| Russell 2000® Value Index<br>| $10000 | $9404<br>| $7908<br>| $12946<br>| $12329<br>| $12815<br>| $14824<br>| $14192<br>|
| Russell 3000® Index<br>| $10000 | $10325<br>| $11453<br>| $15888<br>| $14720<br>| $16582<br>| $20077<br>| $23226<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111467_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | -2.25% | 15.78% | 8.51% |
| Russell 2000® Value Index | -4.27%<br>| 12.41%<br>| 5.26% |
| Russell 3000® Index | 15.68%<br>| 15.19%<br>| 13.13% |

---

**A** From October 2, 2018

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4398762117<br>|
| Number of Holdings | 97<br>|
| Total Advisory Fee | $42471933<br>|
| Portfolio Turnover | 96%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 30.1 |
| Industrials | 18.6 |
| Consumer Discretionary | 12.1 |
| Real Estate | 10.5 |
| Information Technology | 8.6 |
| Health Care | 6.0 |
| Energy | 5.2 |
| Materials | 3.7 |
| Utilities | 3.5 |
| Consumer Staples | 0.6 |

---

Common Stocks 98.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1389_20250731_AA.jpg) <br>|

---

Common Stocks - 98.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.1 <br>

---

| | |
|:---|:---|
| United States | 94.5 |
| Canada | 3.5 |
| Bermuda | 1.8 |
| Netherlands | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1389_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.5&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;Bermuda - 1.8&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;Netherlands - 0.2&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)**  |  |
| Insight Enterprises Inc | 2.4<br>|
| Old National Bancorp/IN | 2.4<br>|
| Brookfield Infrastructure Corp (United States) | 2.3<br>|
| KB Home | 2.3<br>|
| Eastern Bankshares Inc | 2.2<br>|
| REV Group Inc | 2.2<br>|
| Cadence Bank | 2.1<br>|
| UMB Financial Corp | 2.0<br>|
| Blue Bird Corp | 2.0<br>|
| Primerica Inc | 1.9<br>|
|  | 21.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1389_20250731_2.jpg)<br>| ![](img111467_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913471.101 3303-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Small Cap Value Fund<br> **Fidelity Advisor® Small Cap Value Fund Class M : FCVTX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Small Cap Value Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $143  | 1.45% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 2000 Value Index for the fiscal year, especially within financials. Picks in industrials - primarily among capital goods stocks - and in real estate, most notably in the real estate management & development industry, also boosted the fund's relative performance.

• The fund's non-benchmark stake in Lumentum Holdings gained roughly 79% and was the top individual relative contributor. The stock was not held at period end but was one of the fund's largest holdings the past 12 months. An overweight in Rev Group (+68%), one of the fund's biggest holdings, helped as well. A non-benchmark stake in Ciena gained 72% and was another plus, though the stock was sold prior to July 31.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in health care, followed by investment choices in materials and consumer discretionary.

• The largest individual relative detractor was an overweight in AMN Healthcare (-73%). Outsized exposure to Insight Enterprises (-47%), the fund's biggest holding at period end, further weighed on performance, as did a larger-than-benchmark position in Evolent Health (-58%).

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

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $10013<br>| $11450<br>| $12639<br>| $11997<br>| $10402<br>| $17749<br>| $17440<br>| $18653<br>| $21590<br>| $20960<br>|
| Russell 2000® Value Index<br>| $10000 | $10559<br>| $12588<br>| $14397<br>| $13286<br>| $11172<br>| $18289<br>| $17417<br>| $18104<br>| $20943<br>| $20049<br>|
| Russell 3000® Index<br>| $10000 | $10444<br>| $12130<br>| $14118<br>| $15113<br>| $16765<br>| $23258<br>| $21548<br>| $24273<br>| $29389<br>| $33998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111468_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | -6.32% | 14.23%<br>| 7.68% |
| Class M (without 3.50% sales charge) | -2.92% | 15.04% | 8.07% |
| Russell 2000® Value Index | -4.27%<br>| 12.41%<br>| 7.20% |
| Russell 3000® Index | 15.68%<br>| 15.19%<br>| 13.02% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4398762117<br>|
| Number of Holdings | 97<br>|
| Total Advisory Fee | $42471933<br>|
| Portfolio Turnover | 96%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 30.1 |
| Industrials | 18.6 |
| Consumer Discretionary | 12.1 |
| Real Estate | 10.5 |
| Information Technology | 8.6 |
| Health Care | 6.0 |
| Energy | 5.2 |
| Materials | 3.7 |
| Utilities | 3.5 |
| Consumer Staples | 0.6 |

---

Common Stocks 98.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1389_20250731_AA.jpg) <br>|

---

Common Stocks - 98.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.1 <br>

---

| | |
|:---|:---|
| United States | 94.5 |
| Canada | 3.5 |
| Bermuda | 1.8 |
| Netherlands | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1389_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.5&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;Bermuda - 1.8&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;Netherlands - 0.2&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)**  |  |
| Insight Enterprises Inc | 2.4<br>|
| Old National Bancorp/IN | 2.4<br>|
| Brookfield Infrastructure Corp (United States) | 2.3<br>|
| KB Home | 2.3<br>|
| Eastern Bankshares Inc | 2.2<br>|
| REV Group Inc | 2.2<br>|
| Cadence Bank | 2.1<br>|
| UMB Financial Corp | 2.0<br>|
| Blue Bird Corp | 2.0<br>|
| Primerica Inc | 1.9<br>|
|  | 21.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1389_20250731_2.jpg)<br>| ![](img111468_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913468.101 1386-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Small Cap Value Fund<br> **Fidelity Advisor® Small Cap Value Fund Class I : FCVIX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Small Cap Value Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $94  | 0.95% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 2000 Value Index for the fiscal year, especially within financials. Picks in industrials - primarily among capital goods stocks - and in real estate, most notably in the real estate management & development industry, also boosted the fund's relative performance.

• The fund's non-benchmark stake in Lumentum Holdings gained roughly 79% and was the top individual relative contributor. The stock was not held at period end but was one of the fund's largest holdings the past 12 months. An overweight in Rev Group (+68%), one of the fund's biggest holdings, helped as well. A non-benchmark stake in Ciena gained 72% and was another plus, though the stock was sold prior to July 31.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in health care, followed by investment choices in materials and consumer discretionary.

• The largest individual relative detractor was an overweight in AMN Healthcare (-73%). Outsized exposure to Insight Enterprises (-47%), the fund's biggest holding at period end, further weighed on performance, as did a larger-than-benchmark position in Evolent Health (-58%).

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

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $10431<br>| $11991<br>| $13302<br>| $12686<br>| $11059<br>| $18972<br>| $18741<br>| $20135<br>| $23422<br>| $22859<br>|
| Russell 2000® Value Index<br>| $10000 | $10559<br>| $12588<br>| $14397<br>| $13286<br>| $11172<br>| $18289<br>| $17417<br>| $18104<br>| $20943<br>| $20049<br>|
| Russell 3000® Index<br>| $10000 | $10444<br>| $12130<br>| $14118<br>| $15113<br>| $16765<br>| $23258<br>| $21548<br>| $24273<br>| $29389<br>| $33998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111469_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | -2.40% | 15.63% | 8.62% |
| Russell 2000® Value Index | -4.27%<br>| 12.41%<br>| 7.20% |
| Russell 3000® Index | 15.68%<br>| 15.19%<br>| 13.02% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4398762117<br>|
| Number of Holdings | 97<br>|
| Total Advisory Fee | $42471933<br>|
| Portfolio Turnover | 96%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 30.1 |
| Industrials | 18.6 |
| Consumer Discretionary | 12.1 |
| Real Estate | 10.5 |
| Information Technology | 8.6 |
| Health Care | 6.0 |
| Energy | 5.2 |
| Materials | 3.7 |
| Utilities | 3.5 |
| Consumer Staples | 0.6 |

---

Common Stocks 98.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1389_20250731_AA.jpg) <br>|

---

Common Stocks - 98.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.1 <br>

---

| | |
|:---|:---|
| United States | 94.5 |
| Canada | 3.5 |
| Bermuda | 1.8 |
| Netherlands | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1389_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.5&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;Bermuda - 1.8&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;Netherlands - 0.2&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)**  |  |
| Insight Enterprises Inc | 2.4<br>|
| Old National Bancorp/IN | 2.4<br>|
| Brookfield Infrastructure Corp (United States) | 2.3<br>|
| KB Home | 2.3<br>|
| Eastern Bankshares Inc | 2.2<br>|
| REV Group Inc | 2.2<br>|
| Cadence Bank | 2.1<br>|
| UMB Financial Corp | 2.0<br>|
| Blue Bird Corp | 2.0<br>|
| Primerica Inc | 1.9<br>|
|  | 21.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1389_20250731_2.jpg)<br>| ![](img111469_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913469.101 1387-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Small Cap Value Fund<br> **Fidelity Advisor® Small Cap Value Fund Class C : FCVCX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Small Cap Value Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $192  | 1.95% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 2000 Value Index for the fiscal year, especially within financials. Picks in industrials - primarily among capital goods stocks - and in real estate, most notably in the real estate management & development industry, also boosted the fund's relative performance.

• The fund's non-benchmark stake in Lumentum Holdings gained roughly 79% and was the top individual relative contributor. The stock was not held at period end but was one of the fund's largest holdings the past 12 months. An overweight in Rev Group (+68%), one of the fund's biggest holdings, helped as well. A non-benchmark stake in Ciena gained 72% and was another plus, though the stock was sold prior to July 31.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in health care, followed by investment choices in materials and consumer discretionary.

• The largest individual relative detractor was an overweight in AMN Healthcare (-73%). Outsized exposure to Insight Enterprises (-47%), the fund's biggest holding at period end, further weighed on performance, as did a larger-than-benchmark position in Evolent Health (-58%).

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

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $10320<br>| $11743<br>| $12898<br>| $12171<br>| $10499<br>| $17832<br>| $17428<br>| $18539<br>| $21510<br>| $20945<br>|
| Russell 2000® Value Index<br>| $10000 | $10559<br>| $12588<br>| $14397<br>| $13286<br>| $11172<br>| $18289<br>| $17417<br>| $18104<br>| $20943<br>| $20049<br>|
| Russell 3000® Index<br>| $10000 | $10444<br>| $12130<br>| $14118<br>| $15113<br>| $16765<br>| $23258<br>| $21548<br>| $24273<br>| $29389<br>| $33998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111470_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | -4.29% | 14.46%<br>| 7.67% |
| Class C | -3.39% | 14.46% | 7.67% |
| Russell 2000® Value Index | -4.27%<br>| 12.41%<br>| 7.20% |
| Russell 3000® Index | 15.68%<br>| 15.19%<br>| 13.02% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4398762117<br>|
| Number of Holdings | 97<br>|
| Total Advisory Fee | $42471933<br>|
| Portfolio Turnover | 96%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 30.1 |
| Industrials | 18.6 |
| Consumer Discretionary | 12.1 |
| Real Estate | 10.5 |
| Information Technology | 8.6 |
| Health Care | 6.0 |
| Energy | 5.2 |
| Materials | 3.7 |
| Utilities | 3.5 |
| Consumer Staples | 0.6 |

---

Common Stocks 98.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1389_20250731_AA.jpg) <br>|

---

Common Stocks - 98.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.1 <br>

---

| | |
|:---|:---|
| United States | 94.5 |
| Canada | 3.5 |
| Bermuda | 1.8 |
| Netherlands | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1389_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.5&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;Bermuda - 1.8&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;Netherlands - 0.2&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)**  |  |
| Insight Enterprises Inc | 2.4<br>|
| Old National Bancorp/IN | 2.4<br>|
| Brookfield Infrastructure Corp (United States) | 2.3<br>|
| KB Home | 2.3<br>|
| Eastern Bankshares Inc | 2.2<br>|
| REV Group Inc | 2.2<br>|
| Cadence Bank | 2.1<br>|
| UMB Financial Corp | 2.0<br>|
| Blue Bird Corp | 2.0<br>|
| Primerica Inc | 1.9<br>|
|  | 21.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1389_20250731_2.jpg)<br>| ![](img111470_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913467.101 1385-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Small Cap Value Fund<br> **Fidelity Advisor® Small Cap Value Fund Class A : FCVAX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Small Cap Value Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $119  | 1.20% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 2000 Value Index for the fiscal year, especially within financials. Picks in industrials - primarily among capital goods stocks - and in real estate, most notably in the real estate management & development industry, also boosted the fund's relative performance.

• The fund's non-benchmark stake in Lumentum Holdings gained roughly 79% and was the top individual relative contributor. The stock was not held at period end but was one of the fund's largest holdings the past 12 months. An overweight in Rev Group (+68%), one of the fund's biggest holdings, helped as well. A non-benchmark stake in Ciena gained 72% and was another plus, though the stock was sold prior to July 31.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in health care, followed by investment choices in materials and consumer discretionary.

• The largest individual relative detractor was an overweight in AMN Healthcare (-73%). Outsized exposure to Insight Enterprises (-47%), the fund's biggest holding at period end, further weighed on performance, as did a larger-than-benchmark position in Evolent Health (-58%).

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

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $9808<br>| $11241<br>| $12438<br>| $11835<br>| $10286<br>| $17596<br>| $17332<br>| $18576<br>| $21552<br>| $20987<br>|
| Russell 2000® Value Index<br>| $10000 | $10559<br>| $12588<br>| $14397<br>| $13286<br>| $11172<br>| $18289<br>| $17417<br>| $18104<br>| $20943<br>| $20049<br>|
| Russell 3000® Index<br>| $10000 | $10444<br>| $12130<br>| $14118<br>| $15113<br>| $16765<br>| $23258<br>| $21548<br>| $24273<br>| $29389<br>| $33998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111471_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | -8.22% | 13.97%<br>| 7.69% |
| Class A (without 5.75% sales charge) | -2.62% | 15.33% | 8.33% |
| Russell 2000® Value Index | -4.27%<br>| 12.41%<br>| 7.20% |
| Russell 3000® Index | 15.68%<br>| 15.19%<br>| 13.02% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4398762117<br>|
| Number of Holdings | 97<br>|
| Total Advisory Fee | $42471933<br>|
| Portfolio Turnover | 96%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 30.1 |
| Industrials | 18.6 |
| Consumer Discretionary | 12.1 |
| Real Estate | 10.5 |
| Information Technology | 8.6 |
| Health Care | 6.0 |
| Energy | 5.2 |
| Materials | 3.7 |
| Utilities | 3.5 |
| Consumer Staples | 0.6 |

---

Common Stocks 98.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1389_20250731_AA.jpg) <br>|

---

Common Stocks - 98.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.1 <br>

---

| | |
|:---|:---|
| United States | 94.5 |
| Canada | 3.5 |
| Bermuda | 1.8 |
| Netherlands | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1389_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.5&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;Bermuda - 1.8&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;Netherlands - 0.2&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)**  |  |
| Insight Enterprises Inc | 2.4<br>|
| Old National Bancorp/IN | 2.4<br>|
| Brookfield Infrastructure Corp (United States) | 2.3<br>|
| KB Home | 2.3<br>|
| Eastern Bankshares Inc | 2.2<br>|
| REV Group Inc | 2.2<br>|
| Cadence Bank | 2.1<br>|
| UMB Financial Corp | 2.0<br>|
| Blue Bird Corp | 2.0<br>|
| Primerica Inc | 1.9<br>|
|  | 21.8 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1389_20250731_2.jpg)<br>| ![](img111471_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913466.101 1383-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Small Cap Growth K6 Fund<br> **Fidelity® Small Cap Growth K6 Fund : FOCSX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Small Cap Growth K6 Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Small Cap Growth K6 Fund  | $61  | 0.60% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 2000 Growth Index for the fiscal year, led by consumer discretionary. Stock picking in communication services and consumer staples also boosted the fund's relative performance.

• The fund's non-benchmark stake in Duolingo gained about 140% and was the top individual relative contributor. The stock was not held at period end. A second notable relative contributor was an overweight in Brinker International (+133%). The company was one of our biggest holdings. Another notable relative contributor was an overweight in GEO (+83%). This period we decreased our stake in GEO.

• In contrast, the biggest detractor from performance versus the benchmark was stock selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry. Security selection in financials also hampered the fund's result. Also hurting our result was an underweight in information technology.

• The largest individual relative detractor was an underweight in Hims & Hers Health (+212%). This period we decreased our stake in Hims & Hers Health. The second-largest relative detractor was an underweight in IonQ (+389%). This was an investment we established this period. Not owning Joby Aviation, a benchmark component that gained about 179%, was another notable relative detractor.

• Notable changes in positioning include lower allocations to the energy and materials sectors.

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

**CUMULATIVE PERFORMANCE**

May 25, 2017 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Small Cap Growth K6 Fund<br>| $10000 | $10420<br>| $13413<br>| $14237<br>| $15624<br>| $22617<br>| $18024<br>| $19887<br>| $24259<br>|
| Russell 2000® Growth Index<br>| $10000 | $10355<br>| $12727<br>| $12572<br>| $13326<br>| $18790<br>| $14435<br>| $16106<br>| $18168<br>|
| Russell 3000® Index<br>| $10000 | $10263<br>| $11945<br>| $12787<br>| $14185<br>| $19678<br>| $18231<br>| $20538<br>| $24866<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111472_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Small Cap Growth K6 Fund | 3.24% | 9.90% | 11.86% |
| Russell 2000® Growth Index | 3.15%<br>| 7.06%<br>| 7.97% |
| Russell 3000® Index | 15.68%<br>| 15.19%<br>| 13.77% |

---

**A** From May 25, 2017

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3598204878<br>|
| Number of Holdings | 310<br>|
| Total Advisory Fee | $20531843<br>|
| Portfolio Turnover | 81%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 24.4 |
| Health Care | 22.5 |
| Information Technology | 19.5 |
| Consumer Discretionary | 12.4 |
| Financials | 8.6 |
| Communication Services | 2.8 |
| Materials | 2.2 |
| Consumer Staples | 2.1 |
| Energy | 2.1 |
| Real Estate | 1.5 |
| Utilities | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.7 |
| Domestic Equity Funds | 1.6 |
| Preferred Stocks | 0.6 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2957_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.6&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 | 91.5 |
| Canada | 1.8 |
| Thailand | 1.4 |
| Japan | 1.0 |
| United Kingdom | 1.0 |
| Italy | 0.8 |
| Netherlands | 0.6 |
| Israel | 0.5 |
| Australia | 0.5 |
| Others | 0.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2957_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.8&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;Thailand - 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;Japan - 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;United Kingdom - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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;Netherlands - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 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;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;Others - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| iShares Russell 2000 Growth ETF | 1.6<br>|
| Fabrinet | 1.4<br>|
| OSI Systems Inc | 1.4<br>|
| Credo Technology Group Holding Ltd | 1.2<br>|
| Ensign Group Inc/The | 1.1<br>|
| Sterling Infrastructure Inc | 1.1<br>|
| AZZ Inc | 1.1<br>|
| Cheesecake Factory Inc/The | 1.0<br>|
| BrightSpring Health Services Inc | 0.9<br>|
| Brinker International Inc | 0.9<br>|
|  | 11.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund closed to new investors on October 16, 2024.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2957_20250731_2.jpg)<br>| ![](img111472_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913550.101 2957-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Small Cap Growth Fund<br> **Fidelity® Small Cap Growth Fund : FCPGX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Small Cap Growth Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Small Cap Growth Fund  | $89  | 0.88% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, was the biggest detractor from the fund's performance versus the Russell 2000 Growth Index for the fiscal year. Also hurting our result were stock picks in financials and industrials, primarily within the capital goods industry.

• The largest individual relative detractor was an underweight in Hims & Hers Health (+212%). This period we decreased our position in Hims & Hers Health. A second notable relative detractor was an underweight in IonQ (+389%). This was an investment we established this period. Another notable relative detractor this period was avoiding Joby Aviation, a benchmark component that gained approximately 179%.

• In contrast, the biggest contributor to performance versus the benchmark was security selection in consumer discretionary. Stock picking in communication services and consumer staples also boosted the fund's relative performance.

• The fund's non-benchmark stake in Duolingo gained roughly 139% and was the top individual relative contributor. The stock was not held at period end. The second-largest relative contributor was an overweight in Brinker International (+132%). This period we decreased our investment in Brinker International, but the company was among our biggest holdings at period end. Another notable relative contributor was an overweight in GEO (+81%). This period we decreased our investment in Geo.

• Notable changes in positioning include lower allocations to the energy and materials sectors.

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Small Cap Growth Fund<br>| $10000 | $9737<br>| $11804<br>| $15204<br>| $16142<br>| $17550<br>| $25378<br>| $20197<br>| $22200<br>| $26913<br>| $27712<br>|
| Russell 2000® Growth Index<br>| $10000 | $9470<br>| $11152<br>| $13707<br>| $13540<br>| $14352<br>| $20237<br>| $15546<br>| $17346<br>| $19566<br>| $20183<br>|
| Russell 3000® Index<br>| $10000 | $10444<br>| $12130<br>| $14118<br>| $15113<br>| $16765<br>| $23258<br>| $21548<br>| $24273<br>| $29389<br>| $33998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111473_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Small Cap Growth Fund | 2.97% | 9.57% | 10.73% |
| Russell 2000® Growth Index | 3.15%<br>| 7.06%<br>| 7.27% |
| Russell 3000® Index | 15.68%<br>| 15.19%<br>| 13.02% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7226574084<br>|
| Number of Holdings | 306<br>|
| Total Advisory Fee | $63330692<br>|
| Portfolio Turnover | 77%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 24.5 |
| Health Care | 23.5 |
| Information Technology | 19.8 |
| Consumer Discretionary | 12.5 |
| Financials | 8.8 |
| Communication Services | 2.7 |
| Materials | 2.2 |
| Consumer Staples | 2.1 |
| Energy | 2.0 |
| Real Estate | 1.4 |
| Utilities | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.5 |
| Preferred Stocks | 1.2 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1388_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.2&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) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 91.1 |
| Canada | 1.8 |
| Thailand | 1.5 |
| Japan | 1.1 |
| United Kingdom | 1.0 |
| Italy | 0.8 |
| Netherlands | 0.7 |
| Israel | 0.5 |
| Australia | 0.5 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1388_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.8&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;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;Japan - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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;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;Israel - 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;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;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)**  |  |
| Fabrinet | 1.5<br>|
| OSI Systems Inc | 1.3<br>|
| Credo Technology Group Holding Ltd | 1.2<br>|
| Sterling Infrastructure Inc | 1.0<br>|
| Ensign Group Inc/The | 1.0<br>|
| AZZ Inc | 1.0<br>|
| Cheesecake Factory Inc/The | 1.0<br>|
| Stifel Financial Corp | 0.9<br>|
| Brinker International Inc | 0.9<br>|
| Gogo Inc | 0.8<br>|
|  | 10.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment feeExpense reductions The fund closed to new investors on October 16, 2024.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1388_20250731_2.jpg)<br>| ![](img111473_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913464.101 1388-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Small Cap Growth Fund<br> **Fidelity Advisor® Small Cap Growth Fund Class Z : FIDGX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Small Cap Growth Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $82  | 0.80% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, was the biggest detractor from the fund's performance versus the Russell 2000 Growth Index for the fiscal year. Also hurting our result were stock picks in financials and industrials, primarily within the capital goods industry.

• The largest individual relative detractor was an underweight in Hims & Hers Health (+212%). This period we decreased our position in Hims & Hers Health. A second notable relative detractor was an underweight in IonQ (+389%). This was an investment we established this period. Another notable relative detractor this period was avoiding Joby Aviation, a benchmark component that gained approximately 179%.

• In contrast, the biggest contributor to performance versus the benchmark was security selection in consumer discretionary. Stock picking in communication services and consumer staples also boosted the fund's relative performance.

• The fund's non-benchmark stake in Duolingo gained roughly 139% and was the top individual relative contributor. The stock was not held at period end. The second-largest relative contributor was an overweight in Brinker International (+132%). This period we decreased our investment in Brinker International, but the company was among our biggest holdings at period end. Another notable relative contributor was an overweight in GEO (+81%). This period we decreased our investment in Geo.

• Notable changes in positioning include lower allocations to the energy and materials sectors.

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

**CUMULATIVE PERFORMANCE**

February 1, 2017 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $11178<br>| $14422<br>| $15329<br>| $16688<br>| $24156<br>| $19246<br>| $21183<br>| $25711<br>|
| Russell 2000® Growth Index<br>| $10000 | $10915<br>| $13415<br>| $13252<br>| $14047<br>| $19807<br>| $15216<br>| $16978<br>| $19150<br>|
| Russell 3000® Index<br>| $10000 | $10891<br>| $12676<br>| $13570<br>| $15053<br>| $20883<br>| $19347<br>| $21795<br>| $26388<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111474_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 3.05% | 9.69% | 12.15% |
| Russell 2000® Growth Index | 3.15%<br>| 7.06%<br>| 8.34% |
| Russell 3000® Index | 15.68%<br>| 15.19%<br>| 14.03% |

---

**A** From February 1, 2017

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7226574084<br>|
| Number of Holdings | 306<br>|
| Total Advisory Fee | $63330692<br>|
| Portfolio Turnover | 77%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 24.5 |
| Health Care | 23.5 |
| Information Technology | 19.8 |
| Consumer Discretionary | 12.5 |
| Financials | 8.8 |
| Communication Services | 2.7 |
| Materials | 2.2 |
| Consumer Staples | 2.1 |
| Energy | 2.0 |
| Real Estate | 1.4 |
| Utilities | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.5 |
| Preferred Stocks | 1.2 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1388_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.2&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) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 91.1 |
| Canada | 1.8 |
| Thailand | 1.5 |
| Japan | 1.1 |
| United Kingdom | 1.0 |
| Italy | 0.8 |
| Netherlands | 0.7 |
| Israel | 0.5 |
| Australia | 0.5 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1388_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.8&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;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;Japan - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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;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;Israel - 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;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;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)**  |  |
| Fabrinet | 1.5<br>|
| OSI Systems Inc | 1.3<br>|
| Credo Technology Group Holding Ltd | 1.2<br>|
| Sterling Infrastructure Inc | 1.0<br>|
| Ensign Group Inc/The | 1.0<br>|
| AZZ Inc | 1.0<br>|
| Cheesecake Factory Inc/The | 1.0<br>|
| Stifel Financial Corp | 0.9<br>|
| Brinker International Inc | 0.9<br>|
| Gogo Inc | 0.8<br>|
|  | 10.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment feeExpense reductions The fund closed to new investors on October 16, 2024.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1388_20250731_2.jpg)<br>| ![](img111474_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913465.101 2891-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Small Cap Growth Fund<br> **Fidelity Advisor® Small Cap Growth Fund Class M : FCTGX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Small Cap Growth Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $144  | 1.42% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, was the biggest detractor from the fund's performance versus the Russell 2000 Growth Index for the fiscal year. Also hurting our result were stock picks in financials and industrials, primarily within the capital goods industry.

• The largest individual relative detractor was an underweight in Hims & Hers Health (+212%). This period we decreased our position in Hims & Hers Health. A second notable relative detractor was an underweight in IonQ (+389%). This was an investment we established this period. Another notable relative detractor this period was avoiding Joby Aviation, a benchmark component that gained approximately 179%.

• In contrast, the biggest contributor to performance versus the benchmark was security selection in consumer discretionary. Stock picking in communication services and consumer staples also boosted the fund's relative performance.

• The fund's non-benchmark stake in Duolingo gained roughly 139% and was the top individual relative contributor. The stock was not held at period end. The second-largest relative contributor was an overweight in Brinker International (+132%). This period we decreased our investment in Brinker International, but the company was among our biggest holdings at period end. Another notable relative contributor was an overweight in GEO (+81%). This period we decreased our investment in Geo.

• Notable changes in positioning include lower allocations to the energy and materials sectors.

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9650 | $9347<br>| $11270<br>| $14442<br>| $15251<br>| $16492<br>| $23719<br>| $18774<br>| $20529<br>| $24751<br>| $25355<br>|
| Russell 2000® Growth Index<br>| $10000 | $9470<br>| $11152<br>| $13707<br>| $13540<br>| $14352<br>| $20237<br>| $15546<br>| $17346<br>| $19566<br>| $20183<br>|
| Russell 3000® Index<br>| $10000 | $10444<br>| $12130<br>| $14118<br>| $15113<br>| $16765<br>| $23258<br>| $21548<br>| $24273<br>| $29389<br>| $33998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111475_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 3.50% sales charge)  | -1.15% | 8.21%<br>| 9.75% |
| Class M (without 3.50% sales charge) | 2.44% | 8.98% | 10.14% |
| Russell 2000® Growth Index | 3.15%<br>| 7.06%<br>| 7.27% |
| Russell 3000® Index | 15.68%<br>| 15.19%<br>| 13.02% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7226574084<br>|
| Number of Holdings | 306<br>|
| Total Advisory Fee | $63330692<br>|
| Portfolio Turnover | 77%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 24.5 |
| Health Care | 23.5 |
| Information Technology | 19.8 |
| Consumer Discretionary | 12.5 |
| Financials | 8.8 |
| Communication Services | 2.7 |
| Materials | 2.2 |
| Consumer Staples | 2.1 |
| Energy | 2.0 |
| Real Estate | 1.4 |
| Utilities | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.5 |
| Preferred Stocks | 1.2 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1388_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.2&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) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 91.1 |
| Canada | 1.8 |
| Thailand | 1.5 |
| Japan | 1.1 |
| United Kingdom | 1.0 |
| Italy | 0.8 |
| Netherlands | 0.7 |
| Israel | 0.5 |
| Australia | 0.5 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1388_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.8&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;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;Japan - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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;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;Israel - 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;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;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)**  |  |
| Fabrinet | 1.5<br>|
| OSI Systems Inc | 1.3<br>|
| Credo Technology Group Holding Ltd | 1.2<br>|
| Sterling Infrastructure Inc | 1.0<br>|
| Ensign Group Inc/The | 1.0<br>|
| AZZ Inc | 1.0<br>|
| Cheesecake Factory Inc/The | 1.0<br>|
| Stifel Financial Corp | 0.9<br>|
| Brinker International Inc | 0.9<br>|
| Gogo Inc | 0.8<br>|
|  | 10.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment feeExpense reductions The fund closed to new investors on October 16, 2024.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1388_20250731_2.jpg)<br>| ![](img111475_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913462.101 1381-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Small Cap Growth Fund<br> **Fidelity Advisor® Small Cap Growth Fund Class I : FCIGX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Small Cap Growth Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $93  | 0.92% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, was the biggest detractor from the fund's performance versus the Russell 2000 Growth Index for the fiscal year. Also hurting our result were stock picks in financials and industrials, primarily within the capital goods industry.

• The largest individual relative detractor was an underweight in Hims & Hers Health (+212%). This period we decreased our position in Hims & Hers Health. A second notable relative detractor was an underweight in IonQ (+389%). This was an investment we established this period. Another notable relative detractor this period was avoiding Joby Aviation, a benchmark component that gained approximately 179%.

• In contrast, the biggest contributor to performance versus the benchmark was security selection in consumer discretionary. Stock picking in communication services and consumer staples also boosted the fund's relative performance.

• The fund's non-benchmark stake in Duolingo gained roughly 139% and was the top individual relative contributor. The stock was not held at period end. The second-largest relative contributor was an overweight in Brinker International (+132%). This period we decreased our investment in Brinker International, but the company was among our biggest holdings at period end. Another notable relative contributor was an overweight in GEO (+81%). This period we decreased our investment in Geo.

• Notable changes in positioning include lower allocations to the energy and materials sectors.

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $9738<br>| $11810<br>| $15209<br>| $16148<br>| $17553<br>| $25376<br>| $20194<br>| $22189<br>| $26892<br>| $27678<br>|
| Russell 2000® Growth Index<br>| $10000 | $9470<br>| $11152<br>| $13707<br>| $13540<br>| $14352<br>| $20237<br>| $15546<br>| $17346<br>| $19566<br>| $20183<br>|
| Russell 3000® Index<br>| $10000 | $10444<br>| $12130<br>| $14118<br>| $15113<br>| $16765<br>| $23258<br>| $21548<br>| $24273<br>| $29389<br>| $33998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111476_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 2.92% | 9.54% | 10.72% |
| Russell 2000® Growth Index | 3.15%<br>| 7.06%<br>| 7.27% |
| Russell 3000® Index | 15.68%<br>| 15.19%<br>| 13.02% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7226574084<br>|
| Number of Holdings | 306<br>|
| Total Advisory Fee | $63330692<br>|
| Portfolio Turnover | 77%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 24.5 |
| Health Care | 23.5 |
| Information Technology | 19.8 |
| Consumer Discretionary | 12.5 |
| Financials | 8.8 |
| Communication Services | 2.7 |
| Materials | 2.2 |
| Consumer Staples | 2.1 |
| Energy | 2.0 |
| Real Estate | 1.4 |
| Utilities | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.5 |
| Preferred Stocks | 1.2 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1388_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.2&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) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 91.1 |
| Canada | 1.8 |
| Thailand | 1.5 |
| Japan | 1.1 |
| United Kingdom | 1.0 |
| Italy | 0.8 |
| Netherlands | 0.7 |
| Israel | 0.5 |
| Australia | 0.5 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1388_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.8&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;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;Japan - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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;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;Israel - 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;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;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)**  |  |
| Fabrinet | 1.5<br>|
| OSI Systems Inc | 1.3<br>|
| Credo Technology Group Holding Ltd | 1.2<br>|
| Sterling Infrastructure Inc | 1.0<br>|
| Ensign Group Inc/The | 1.0<br>|
| AZZ Inc | 1.0<br>|
| Cheesecake Factory Inc/The | 1.0<br>|
| Stifel Financial Corp | 0.9<br>|
| Brinker International Inc | 0.9<br>|
| Gogo Inc | 0.8<br>|
|  | 10.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment feeExpense reductions The fund closed to new investors on October 16, 2024.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1388_20250731_2.jpg)<br>| ![](img111476_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913463.101 1382-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Small Cap Growth Fund<br> **Fidelity Advisor® Small Cap Growth Fund Class C : FCCGX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Small Cap Growth Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $194  | 1.92% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, was the biggest detractor from the fund's performance versus the Russell 2000 Growth Index for the fiscal year. Also hurting our result were stock picks in financials and industrials, primarily within the capital goods industry.

• The largest individual relative detractor was an underweight in Hims & Hers Health (+212%). This period we decreased our position in Hims & Hers Health. A second notable relative detractor was an underweight in IonQ (+389%). This was an investment we established this period. Another notable relative detractor this period was avoiding Joby Aviation, a benchmark component that gained approximately 179%.

• In contrast, the biggest contributor to performance versus the benchmark was security selection in consumer discretionary. Stock picking in communication services and consumer staples also boosted the fund's relative performance.

• The fund's non-benchmark stake in Duolingo gained roughly 139% and was the top individual relative contributor. The stock was not held at period end. The second-largest relative contributor was an overweight in Brinker International (+132%). This period we decreased our investment in Brinker International, but the company was among our biggest holdings at period end. Another notable relative contributor was an overweight in GEO (+81%). This period we decreased our investment in Geo.

• Notable changes in positioning include lower allocations to the energy and materials sectors.

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $9636<br>| $11558<br>| $14737<br>| $15483<br>| $16664<br>| $23840<br>| $18776<br>| $20426<br>| $24690<br>| $25354<br>|
| Russell 2000® Growth Index<br>| $10000 | $9470<br>| $11152<br>| $13707<br>| $13540<br>| $14352<br>| $20237<br>| $15546<br>| $17346<br>| $19566<br>| $20183<br>|
| Russell 3000® Index<br>| $10000 | $10444<br>| $12130<br>| $14118<br>| $15113<br>| $16765<br>| $23258<br>| $21548<br>| $24273<br>| $29389<br>| $33998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111477_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 0.91% | 8.43%<br>| 9.75% |
| Class C | 1.91% | 8.43% | 9.75% |
| Russell 2000® Growth Index | 3.15%<br>| 7.06%<br>| 7.27% |
| Russell 3000® Index | 15.68%<br>| 15.19%<br>| 13.02% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7226574084<br>|
| Number of Holdings | 306<br>|
| Total Advisory Fee | $63330692<br>|
| Portfolio Turnover | 77%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 24.5 |
| Health Care | 23.5 |
| Information Technology | 19.8 |
| Consumer Discretionary | 12.5 |
| Financials | 8.8 |
| Communication Services | 2.7 |
| Materials | 2.2 |
| Consumer Staples | 2.1 |
| Energy | 2.0 |
| Real Estate | 1.4 |
| Utilities | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.5 |
| Preferred Stocks | 1.2 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1388_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.2&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) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 91.1 |
| Canada | 1.8 |
| Thailand | 1.5 |
| Japan | 1.1 |
| United Kingdom | 1.0 |
| Italy | 0.8 |
| Netherlands | 0.7 |
| Israel | 0.5 |
| Australia | 0.5 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1388_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.8&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;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;Japan - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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;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;Israel - 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;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;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)**  |  |
| Fabrinet | 1.5<br>|
| OSI Systems Inc | 1.3<br>|
| Credo Technology Group Holding Ltd | 1.2<br>|
| Sterling Infrastructure Inc | 1.0<br>|
| Ensign Group Inc/The | 1.0<br>|
| AZZ Inc | 1.0<br>|
| Cheesecake Factory Inc/The | 1.0<br>|
| Stifel Financial Corp | 0.9<br>|
| Brinker International Inc | 0.9<br>|
| Gogo Inc | 0.8<br>|
|  | 10.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment feeExpense reductions The fund closed to new investors on October 16, 2024.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1388_20250731_2.jpg)<br>| ![](img111477_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913461.101 1379-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Small Cap Growth Fund<br> **Fidelity Advisor® Small Cap Growth Fund Class A : FCAGX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Small Cap Growth Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $119  | 1.17% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, was the biggest detractor from the fund's performance versus the Russell 2000 Growth Index for the fiscal year. Also hurting our result were stock picks in financials and industrials, primarily within the capital goods industry.

• The largest individual relative detractor was an underweight in Hims & Hers Health (+212%). This period we decreased our position in Hims & Hers Health. A second notable relative detractor was an underweight in IonQ (+389%). This was an investment we established this period. Another notable relative detractor this period was avoiding Joby Aviation, a benchmark component that gained approximately 179%.

• In contrast, the biggest contributor to performance versus the benchmark was security selection in consumer discretionary. Stock picking in communication services and consumer staples also boosted the fund's relative performance.

• The fund's non-benchmark stake in Duolingo gained roughly 139% and was the top individual relative contributor. The stock was not held at period end. The second-largest relative contributor was an overweight in Brinker International (+132%). This period we decreased our investment in Brinker International, but the company was among our biggest holdings at period end. Another notable relative contributor was an overweight in GEO (+81%). This period we decreased our investment in Geo.

• Notable changes in positioning include lower allocations to the energy and materials sectors.

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9425 | $9157<br>| $11070<br>| $14221<br>| $15057<br>| $16321<br>| $23537<br>| $18683<br>| $20477<br>| $24752<br>| $25418<br>|
| Russell 2000® Growth Index<br>| $10000 | $9470<br>| $11152<br>| $13707<br>| $13540<br>| $14352<br>| $20237<br>| $15546<br>| $17346<br>| $19566<br>| $20183<br>|
| Russell 3000® Index<br>| $10000 | $10444<br>| $12130<br>| $14118<br>| $15113<br>| $16765<br>| $23258<br>| $21548<br>| $24273<br>| $29389<br>| $33998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111478_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 5.75% sales charge)  | -3.22% | 7.98%<br>| 9.78% |
| Class A (without 5.75% sales charge) | 2.69% | 9.26% | 10.43% |
| Russell 2000® Growth Index | 3.15%<br>| 7.06%<br>| 7.27% |
| Russell 3000® Index | 15.68%<br>| 15.19%<br>| 13.02% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7226574084<br>|
| Number of Holdings | 306<br>|
| Total Advisory Fee | $63330692<br>|
| Portfolio Turnover | 77%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 24.5 |
| Health Care | 23.5 |
| Information Technology | 19.8 |
| Consumer Discretionary | 12.5 |
| Financials | 8.8 |
| Communication Services | 2.7 |
| Materials | 2.2 |
| Consumer Staples | 2.1 |
| Energy | 2.0 |
| Real Estate | 1.4 |
| Utilities | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.5 |
| Preferred Stocks | 1.2 |
| Bonds | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.3 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1388_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.2&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) - 0.3 |

---

---

| | |
|:---|:---|
| United States | 91.1 |
| Canada | 1.8 |
| Thailand | 1.5 |
| Japan | 1.1 |
| United Kingdom | 1.0 |
| Italy | 0.8 |
| Netherlands | 0.7 |
| Israel | 0.5 |
| Australia | 0.5 |
| Others | 1.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1388_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 91.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 1.8&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;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;Japan - 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 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;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;Israel - 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;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;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)**  |  |
| Fabrinet | 1.5<br>|
| OSI Systems Inc | 1.3<br>|
| Credo Technology Group Holding Ltd | 1.2<br>|
| Sterling Infrastructure Inc | 1.0<br>|
| Ensign Group Inc/The | 1.0<br>|
| AZZ Inc | 1.0<br>|
| Cheesecake Factory Inc/The | 1.0<br>|
| Stifel Financial Corp | 0.9<br>|
| Brinker International Inc | 0.9<br>|
| Gogo Inc | 0.8<br>|
|  | 10.6 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management feeOperating expensesPerformance adjustment feeExpense reductions The fund closed to new investors on October 16, 2024.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1388_20250731_2.jpg)<br>| ![](img111478_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913460.101 1377-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Series Small Cap Opportunities Fund<br> **Fidelity® Series Small Cap Opportunities Fund : FSOPX** <br>|

---

This annual shareholder report contains information about Fidelity® Series Small Cap Opportunities Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

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

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 2000® Index for the fiscal year, led by financials, where our stock picks in financial services helped most. Stock selection in real estate also boosted the fund's relative performance. Also lifting the fund's relative result were stock picking and an overweight in industrials, primarily within the capital goods industry.

• The top individual relative contributor was an overweight in IES Holdings (+131%). The company was the fund's biggest holding. The second-largest relative contributor was our non-benchmark stake in Celestica (+278%). This period we decreased our investment in Celestica. Another notable relative contributor was an overweight in Mr. Cooper Group (+74%).

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in information technology, primarily within the software & services industry. Also hurting our result were picks in materials and health care, primarily within the pharmaceuticals, biotechnology & life sciences industry.

• The largest individual relative detractor was an overweight in Liberty Energy (-47%). This period we decreased our stake in Liberty Energy. A second notable relative detractor was an overweight in Insight Enterprises (-47%). The stock was one of our biggest holdings this period. Not owning Credo Technology Group, a benchmark component that gained 302%, was another notable relative detractor.

• Notable changes in positioning include decreased exposure to the energy and materials sectors.

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Series Small Cap Opportunities Fund<br>| $10000 | $9906<br>| $11116<br>| $13321<br>| $13585<br>| $13117<br>| $19148<br>| $17689<br>| $19902<br>| $24250<br>| $24345<br>|
| Russell 2000® Index<br>| $10000 | $10000<br>| $11845<br>| $14064<br>| $13443<br>| $12826<br>| $19491<br>| $16706<br>| $18027<br>| $20596<br>| $20482<br>|
| Russell 3000® Index<br>| $10000 | $10444<br>| $12130<br>| $14118<br>| $15113<br>| $16765<br>| $23258<br>| $21548<br>| $24273<br>| $29389<br>| $33998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111479_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Series Small Cap Opportunities Fund | 0.39% | 13.17% | 9.31% |
| Russell 2000® Index | -0.55%<br>| 9.81%<br>| 7.43% |
| Russell 3000® Index | 15.68%<br>| 15.19%<br>| 13.02% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4365549486<br>|
| Number of Holdings | 225<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 43%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 20.6 |
| Financials | 18.7 |
| Health Care | 14.9 |
| Information Technology | 14.0 |
| Consumer Discretionary | 10.7 |
| Materials | 4.8 |
| Energy | 4.4 |
| Real Estate | 4.3 |
| Consumer Staples | 3.0 |
| Utilities | 2.4 |
| Communication Services | 0.4 |

---

Common Stocks 98.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.8

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1799_20250731_AA.jpg) <br>|

---

Common Stocks - 98.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.8 <br>

---

| | |
|:---|:---|
| United States | 87.2 |
| Canada | 4.5 |
| United Kingdom | 2.2 |
| Thailand | 1.6 |
| Puerto Rico | 1.2 |
| Netherlands | 1.0 |
| Japan | 0.9 |
| Israel | 0.7 |
| Chile | 0.4 |
| Others | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1799_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 87.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;United Kingdom - 2.2&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 - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 1.0&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;Israel - 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;Chile - 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 - 0.3&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)**  |  |
| IES Holdings Inc | 2.1<br>|
| Fabrinet | 1.6<br>|
| Sanmina Corp | 1.4<br>|
| FirstCash Holdings Inc | 1.3<br>|
| Advanced Energy Industries Inc | 1.2<br>|
| First BanCorp/Puerto Rico | 1.2<br>|
| Academy Sports & Outdoors Inc | 1.2<br>|
| Primerica Inc | 1.1<br>|
| Southwest Gas Holdings Inc | 1.0<br>|
| SkyWest Inc | 1.0<br>|
|  | 13.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1799_20250731_2.jpg)<br>| ![](img111479_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913472.101 1799-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Series Real Estate Income Fund<br> **Fidelity® Series Real Estate Income Fund : FSREX** <br>|

---

This annual shareholder report contains information about Fidelity® Series Real Estate Income Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

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

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

• Real estate securities experienced often-fluctuating market conditions throughout the 12 months ending July 31, 2025. The category significantly lagged the broader equity market, as investors often favored higher-growth opportunities. Fixed-income real estate segments, such as real estate bonds, commercial mortgage-backed securities and preferred stocks, fared better.

• Against this backdrop, security selection contributed to the fund's performance versus the Fidelity Real Estate Income Composite IndexSM, a 60/25/15 blend of the ICE BofA® US Real Estate Index, the MSCI REIT Preferred Index and the Bloomberg U.S. CMBS ex-AAA Index.

• Selection among commercial-mortgage-backed securities, preferred stocks and real estate bonds all helped relative performance, while an overweight in CMBS modestly helped.

• The largest individual relative contributor was a CMBS position referred to as JPMCC 2011-C3 E CSTR 2/46.

• In contrast, the fund's allocation to cash of 6%, on average, detracted from the fund's relative performance.

• The largest individual relative detractor was a CMBS position referred to as JPMCC 2013-LC11 D CSTR 4/46.

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Series Real Estate Income Fund<br>| $10000 | $10893<br>| $11509<br>| $11924<br>| $13105<br>| $12361<br>| $15388<br>| $14807<br>| $14788<br>| $16141<br>| $17530<br>|
| Fidelity Series Real Estate Income Composite Index℠<br>| $10000 | $11012<br>| $11287<br>| $11400<br>| $12502<br>| $12739<br>| $14317<br>| $13025<br>| $12526<br>| $13558<br>| $14370<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $10495<br>| $11675<br>| $11966<br>| $12796<br>| $13179<br>| $14596<br>| $13467<br>| $14027<br>| $15576<br>| $16908<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10607<br>| $10669<br>| $10609<br>| $11476<br>| $12561<br>| $12607<br>| $11402<br>| $11129<br>| $11765<br>| $12236<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111480_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Series Real Estate Income Fund | 8.61% | 7.24% | 5.77% |
| Fidelity Series Real Estate Income Composite Index℠ | 5.99%<br>| 2.44%<br>| 3.69% |
| ICE® BofA® US High Yield Constrained Index | 8.55%<br>| 5.11%<br>| 5.39% |
| Bloomberg U.S. Universal Bond Index | 4.00%<br>| -0.52%<br>| 2.04% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $276816441<br>|
| Number of Holdings | 289<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 9%<br>|

---

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

---

| | |
|:---|:---|
| AAA | 0.8 |
| AA | 0.5 |
| A | 9.0 |
| BBB | 28.4 |
| BB | 8.3 |
| B | 5.4 |
| CCC,CC,C | 4.5 |
| Not Rated | 9.7 |
| Equities | 21.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 12.0 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2277_20250731_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 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;AA - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;A - 9.0&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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 28.4&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;BB - 8.3&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;B - 5.4&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;CCC,CC,C - 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;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 - 21.4&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) - 12.0 |
| 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 | 43.7 |
| Preferred Stocks | 21.4 |
| CMOs and Other Mortgage Related Securities | 20.0 |
| Asset-Backed Securities | 1.5 |
| Bank Loan Obligations | 1.4 |
| Common Stocks | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 12.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2277_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 43.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 21.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 20.0 |
| 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) - 12.0 |

---

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

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2277_20250731_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 | 3.8<br>|
| Crown Castle Inc | 2.7<br>|
| Prologis LP | 2.7<br>|
| American Homes 4 Rent LP | 2.2<br>|
| Simon Property Group LP | 2.2<br>|
| Extra Space Storage LP | 2.1<br>|
| BX Trust 2019-OC11 | 1.9<br>|
| Invitation Homes Operating Partnership LP | 1.8<br>|
| Equinix Inc | 1.6<br>|
| MPT Operating Partnership LP / MPT Finance Corp | 1.6<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.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2277_20250731_2.jpg)<br>| ![](img111480_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913514.101 2277-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Series Blue Chip Growth Fund<br> **Fidelity® Series Blue Chip Growth Fund : FSBDX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Series Blue Chip Growth Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

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

---

A Amount represents less than $.50

B Amount represents less than 0.005%

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 1000 Growth Index for the fiscal year, led by information technology, primarily within the software & services industry. Stock picking in industrials also boosted relative performance. Also lifting the fund's relative result were security selection and an underweight in consumer staples.

• The top individual relative contributor was an overweight in Nvidia (+52%). The company was the fund's largest holding. The second-largest relative contributor was an overweight in AppLovin (+410%). This period we increased our stake in AppLovin. An overweight in Carvana (+194%) also contributed.

• In contrast, the biggest detractor from performance versus the benchmark was stock selection in consumer discretionary. Also hurting our result was stock selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, and communication services.

• The largest individual relative detractor was an underweight in Palantir Technologies (+489%). This period we increased our stake in Palantir Technologies. A second notable relative detractor was our non-benchmark stake in Snap (-30%). Another notable relative detractor was an underweight in Broadcom (+85%). This period we increased our stake in Broadcom. The stock was one of our biggest holdings.

• Notable changes in positioning include a lower allocation to health care.

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Series Blue Chip Growth Fund<br>| $10000 | $9737<br>| $12122<br>| $15339<br>| $17157<br>| $23848<br>| $35051<br>| $27161<br>| $34451<br>| $45147<br>| $56227<br>|
| Russell 1000® Growth Index<br>| $10000 | $10435<br>| $12318<br>| $15132<br>| $16770<br>| $21774<br>| $29760<br>| $26210<br>| $30747<br>| $39029<br>| $48297<br>|
| Russell 1000® Index<br>| $10000 | $10484<br>| $12156<br>| $14124<br>| $15254<br>| $17089<br>| $23577<br>| $21958<br>| $24801<br>| $30133<br>| $35117<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111483_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Series Blue Chip Growth Fund | 24.54% | 18.71% | 18.85% |
| Russell 1000® Growth Index | 23.75%<br>| 17.27%<br>| 17.06% |
| Russell 1000® Index | 16.54%<br>| 15.49%<br>| 13.38% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $13784565027<br>|
| Number of Holdings | 343<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 50%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 49.1 |
| Consumer Discretionary | 17.9 |
| Communication Services | 16.0 |
| Industrials | 5.3 |
| Health Care | 5.0 |
| Financials | 3.8 |
| Consumer Staples | 1.3 |
| Materials | 0.7 |
| Real Estate | 0.5 |
| Utilities | 0.2 |
| Energy | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.9 |
| Preferred Stocks | 2.0 |
| Bonds | 0.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.1 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2611_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.9&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;  |
| Bonds - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Securities - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.1 |

---

---

| | |
|:---|:---|
| United States | 94.4 |
| Canada | 1.1 |
| India | 0.8 |
| Taiwan | 0.8 |
| Netherlands | 0.8 |
| China | 0.4 |
| United Kingdom | 0.3 |
| Japan | 0.3 |
| Finland | 0.3 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2611_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 94.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;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;China - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;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;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;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;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 | 16.7<br>|
| Microsoft Corp | 10.1<br>|
| Amazon.com Inc | 8.6<br>|
| Apple Inc | 7.8<br>|
| Meta Platforms Inc Class A | 5.4<br>|
| Alphabet Inc Class A | 4.8<br>|
| Broadcom Inc | 3.0<br>|
| Netflix Inc | 2.9<br>|
| Eli Lilly & Co | 2.0<br>|
| Marvell Technology Inc | 1.8<br>|
|  | 63.1 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 .

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expenses

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2611_20250731_2.jpg)<br>| ![](img111483_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913528.101 2611-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Real Estate Income Fund<br> **Fidelity® Real Estate Income Fund : FRIFX** <br>|

---

This annual shareholder report contains information about Fidelity® Real Estate Income Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Real Estate Income Fund  | $68  | 0.66% |

---

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

• Real estate securities experienced often-fluctuating market conditions throughout the 12 months ending July 31, 2025. The category significantly lagged the broader equity market, as investors often favored higher-growth opportunities. Fixed-income real estate segments, such as real estate bonds, commercial mortgage-backed securities and preferred stocks, fared better.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Fidelity Real Estate Income Composite IndexSM, a 40/25/20/15 blend of the ICE BofA® US Real Estate Index, the MSCI REIT Preferred Index, the FTSE® NAREIT® All REITs Index and the Bloomberg U.S. CMBS ex-AAA Index. Selection among collateralized mortgage obligations, preferred stock, bonds and common stock all helped relative performance. Asset allocation modestly contributed this period, especially an overweight among CMBS.

• The largest individual relative contributor among real estate common stocks was a lack of exposure to benchmark component Lineage (+49%).

• In contrast, noteworthy detractors included an underweight in preferred and common stock, as well as a cash position of 6%, on average.

• The largest individual relative detractor among real estate common stocks was an overweight in Equity Lifestyle Properties (-19%).

• Notable changes in positioning include increased exposure to cash and investment-grade real estate bonds and reductions in common stocks, high-yield real estate bonds, preferred stocks and CMBS.

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Real Estate Income Fund<br>| $10000 | $11129<br>| $11753<br>| $12035<br>| $13295<br>| $12420<br>| $15757<br>| $15039<br>| $14675<br>| $16112<br>| $17112<br>|
| Fidelity Real Estate Income Composite Index℠<br>| $10000 | $11150<br>| $11399<br>| $11569<br>| $12726<br>| $12775<br>| $14735<br>| $13550<br>| $12910<br>| $14051<br>| $14739<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $10495<br>| $11675<br>| $11966<br>| $12796<br>| $13179<br>| $14596<br>| $13467<br>| $14027<br>| $15576<br>| $16908<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10607<br>| $10669<br>| $10609<br>| $11476<br>| $12561<br>| $12607<br>| $11402<br>| $11129<br>| $11765<br>| $12236<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111496_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Real Estate Income Fund | 6.21% | 6.62% | 5.52% |
| Fidelity Real Estate Income Composite Index℠ | 4.89%<br>| 2.90%<br>| 3.96% |
| ICE® BofA® US High Yield Constrained Index | 8.55%<br>| 5.11%<br>| 5.39% |
| Bloomberg U.S. Universal Bond Index | 4.00%<br>| -0.52%<br>| 2.04% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $5279618025<br>|
| Number of Holdings | 537<br>|
| Total Advisory Fee | $31232455<br>|
| Portfolio Turnover | 24%<br>|

---

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

---

| | |
|:---|:---|
| AAA | 0.7 |
| AA | 1.4 |
| A | 3.5 |
| BBB | 20.3 |
| BB | 11.0 |
| B | 4.1 |
| CCC,CC,C | 2.1 |
| Not Rated | 11.8 |
| Equities | 34.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 10.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1833_20250731_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 - 1.4&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;A - 3.5&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 - 20.3&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;BB - 11.0&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;B - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 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;Not Rated - 11.8&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 - 34.2&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;Short-Term Investments and Net Other Assets (Liabilities) - 10.9 |
| 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 | 30.2 |
| CMOs and Other Mortgage Related Securities | 21.6 |
| Common Stocks | 20.7 |
| Preferred Stocks | 13.5 |
| Bank Loan Obligations | 1.5 |
| Asset-Backed Securities | 1.5 |
| Preferred Securities | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 10.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1833_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 30.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 21.6 |
| Common Stocks - 20.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 13.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;  |
| Asset-Backed Securities - 1.5&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) - 10.9 |

---

---

| | |
|:---|:---|
| United States | 99.5 |
| Canada | 0.3 |
| United Kingdom | 0.2 |
| Grand Cayman (UK Overseas Ter) | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1833_20250731_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;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;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)**  |  |
| American Tower Corp | 2.7<br>|
| Crown Castle Inc | 2.1<br>|
| Prologis Inc | 1.6<br>|
| American Homes 4 Rent LP | 1.5<br>|
| Welltower Inc | 1.4<br>|
| Equity LifeStyle Properties Inc | 1.4<br>|
| GLP Capital LP / GLP Financing II Inc | 1.3<br>|
| Equinix Inc | 1.3<br>|
| Invitation Homes Operating Partnership LP | 1.3<br>|
| American Tower Corp | 1.2<br>|
|  | 15.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1833_20250731_2.jpg)<br>| ![](img111496_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913478.101 833-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Real Estate Income Fund<br> **Fidelity Advisor® Real Estate Income Fund Class Z : FIKMX** <br>|

---

This annual shareholder report contains information about Fidelity® Real Estate Income Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z  | $59  | 0.57% |

---

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

• Real estate securities experienced often-fluctuating market conditions throughout the 12 months ending July 31, 2025. The category significantly lagged the broader equity market, as investors often favored higher-growth opportunities. Fixed-income real estate segments, such as real estate bonds, commercial mortgage-backed securities and preferred stocks, fared better.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Fidelity Real Estate Income Composite IndexSM, a 40/25/20/15 blend of the ICE BofA® US Real Estate Index, the MSCI REIT Preferred Index, the FTSE® NAREIT® All REITs Index and the Bloomberg U.S. CMBS ex-AAA Index. Selection among collateralized mortgage obligations, preferred stock, bonds and common stock all helped relative performance. Asset allocation modestly contributed this period, especially an overweight among CMBS.

• The largest individual relative contributor among real estate common stocks was a lack of exposure to benchmark component Lineage (+49%).

• In contrast, noteworthy detractors included an underweight in preferred and common stock, as well as a cash position of 6%, on average.

• The largest individual relative detractor among real estate common stocks was an overweight in Equity Lifestyle Properties (-19%).

• Notable changes in positioning include increased exposure to cash and investment-grade real estate bonds and reductions in common stocks, high-yield real estate bonds, preferred stocks and CMBS.

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

**CUMULATIVE PERFORMANCE**

October 2, 2018 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class Z<br>| $10000 | $11000<br>| $10285<br>| $13077<br>| $12496<br>| $12200<br>| $13420<br>| $14260<br>|
| Fidelity Real Estate Income Composite Index℠<br>| $10000 | $11092<br>| $11135<br>| $12844<br>| $11811<br>| $11253<br>| $12248<br>| $12847<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $10531<br>| $10846<br>| $12012<br>| $11083<br>| $11544<br>| $12818<br>| $13915<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10807<br>| $11829<br>| $11872<br>| $10737<br>| $10480<br>| $11079<br>| $11522<br>|
|  | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111497_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Class Z | 6.26% | 6.75% | 5.33% |
| Fidelity Real Estate Income Composite Index℠ | 4.89%<br>| 2.90%<br>| 3.73% |
| ICE® BofA® US High Yield Constrained Index | 8.55%<br>| 5.11%<br>| 4.95% |
| Bloomberg U.S. Universal Bond Index | 4.00%<br>| -0.52%<br>| 2.10% |

---

**A** From October 2, 2018

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $5279618025<br>|
| Number of Holdings | 537<br>|
| Total Advisory Fee | $31232455<br>|
| Portfolio Turnover | 24%<br>|

---

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

---

| | |
|:---|:---|
| AAA | 0.7 |
| AA | 1.4 |
| A | 3.5 |
| BBB | 20.3 |
| BB | 11.0 |
| B | 4.1 |
| CCC,CC,C | 2.1 |
| Not Rated | 11.8 |
| Equities | 34.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 10.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1833_20250731_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 - 1.4&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;A - 3.5&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 - 20.3&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;BB - 11.0&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;B - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 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;Not Rated - 11.8&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 - 34.2&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;Short-Term Investments and Net Other Assets (Liabilities) - 10.9 |
| 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 | 30.2 |
| CMOs and Other Mortgage Related Securities | 21.6 |
| Common Stocks | 20.7 |
| Preferred Stocks | 13.5 |
| Bank Loan Obligations | 1.5 |
| Asset-Backed Securities | 1.5 |
| Preferred Securities | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 10.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1833_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 30.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 21.6 |
| Common Stocks - 20.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 13.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;  |
| Asset-Backed Securities - 1.5&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) - 10.9 |

---

---

| | |
|:---|:---|
| United States | 99.5 |
| Canada | 0.3 |
| United Kingdom | 0.2 |
| Grand Cayman (UK Overseas Ter) | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1833_20250731_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;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;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)**  |  |
| American Tower Corp | 2.7<br>|
| Crown Castle Inc | 2.1<br>|
| Prologis Inc | 1.6<br>|
| American Homes 4 Rent LP | 1.5<br>|
| Welltower Inc | 1.4<br>|
| Equity LifeStyle Properties Inc | 1.4<br>|
| GLP Capital LP / GLP Financing II Inc | 1.3<br>|
| Equinix Inc | 1.3<br>|
| Invitation Homes Operating Partnership LP | 1.3<br>|
| American Tower Corp | 1.2<br>|
|  | 15.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1833_20250731_2.jpg)<br>| ![](img111497_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913477.101 3302-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Real Estate Income Fund<br> **Fidelity Advisor® Real Estate Income Fund Class M : FRIQX** <br>|

---

This annual shareholder report contains information about Fidelity® Real Estate Income Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M  | $98  | 0.95% |

---

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

• Real estate securities experienced often-fluctuating market conditions throughout the 12 months ending July 31, 2025. The category significantly lagged the broader equity market, as investors often favored higher-growth opportunities. Fixed-income real estate segments, such as real estate bonds, commercial mortgage-backed securities and preferred stocks, fared better.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Fidelity Real Estate Income Composite IndexSM, a 40/25/20/15 blend of the ICE BofA® US Real Estate Index, the MSCI REIT Preferred Index, the FTSE® NAREIT® All REITs Index and the Bloomberg U.S. CMBS ex-AAA Index. Selection among collateralized mortgage obligations, preferred stock, bonds and common stock all helped relative performance. Asset allocation modestly contributed this period, especially an overweight among CMBS.

• The largest individual relative contributor among real estate common stocks was a lack of exposure to benchmark component Lineage (+49%).

• In contrast, noteworthy detractors included an underweight in preferred and common stock, as well as a cash position of 6%, on average.

• The largest individual relative detractor among real estate common stocks was an overweight in Equity Lifestyle Properties (-19%).

• Notable changes in positioning include increased exposure to cash and investment-grade real estate bonds and reductions in common stocks, high-yield real estate bonds, preferred stocks and CMBS.

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class M<br>| $9600 | $10662<br>| $11223<br>| $11458<br>| $12618<br>| $11749<br>| $14877<br>| $14156<br>| $13767<br>| $15084<br>| $15963<br>|
| Fidelity Real Estate Income Composite Index℠<br>| $10000 | $11150<br>| $11399<br>| $11569<br>| $12726<br>| $12775<br>| $14735<br>| $13550<br>| $12910<br>| $14051<br>| $14739<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $10495<br>| $11675<br>| $11966<br>| $12796<br>| $13179<br>| $14596<br>| $13467<br>| $14027<br>| $15576<br>| $16908<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10607<br>| $10669<br>| $10609<br>| $11476<br>| $12561<br>| $12607<br>| $11402<br>| $11129<br>| $11765<br>| $12236<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111498_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class M (incl. 4.00% sales charge)  | 1.60% | 5.46%<br>| 4.79% |
| Class M (without 4.00% sales charge) | 5.83% | 6.32% | 5.22% |
| Fidelity Real Estate Income Composite Index℠ | 4.89%<br>| 2.90%<br>| 3.96% |
| ICE® BofA® US High Yield Constrained Index | 8.55%<br>| 5.11%<br>| 5.39% |
| Bloomberg U.S. Universal Bond Index | 4.00%<br>| -0.52%<br>| 2.04% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $5279618025<br>|
| Number of Holdings | 537<br>|
| Total Advisory Fee | $31232455<br>|
| Portfolio Turnover | 24%<br>|

---

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

---

| | |
|:---|:---|
| AAA | 0.7 |
| AA | 1.4 |
| A | 3.5 |
| BBB | 20.3 |
| BB | 11.0 |
| B | 4.1 |
| CCC,CC,C | 2.1 |
| Not Rated | 11.8 |
| Equities | 34.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 10.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1833_20250731_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 - 1.4&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;A - 3.5&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 - 20.3&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;BB - 11.0&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;B - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 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;Not Rated - 11.8&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 - 34.2&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;Short-Term Investments and Net Other Assets (Liabilities) - 10.9 |
| 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 | 30.2 |
| CMOs and Other Mortgage Related Securities | 21.6 |
| Common Stocks | 20.7 |
| Preferred Stocks | 13.5 |
| Bank Loan Obligations | 1.5 |
| Asset-Backed Securities | 1.5 |
| Preferred Securities | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 10.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1833_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 30.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 21.6 |
| Common Stocks - 20.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 13.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;  |
| Asset-Backed Securities - 1.5&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) - 10.9 |

---

---

| | |
|:---|:---|
| United States | 99.5 |
| Canada | 0.3 |
| United Kingdom | 0.2 |
| Grand Cayman (UK Overseas Ter) | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1833_20250731_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;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;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)**  |  |
| American Tower Corp | 2.7<br>|
| Crown Castle Inc | 2.1<br>|
| Prologis Inc | 1.6<br>|
| American Homes 4 Rent LP | 1.5<br>|
| Welltower Inc | 1.4<br>|
| Equity LifeStyle Properties Inc | 1.4<br>|
| GLP Capital LP / GLP Financing II Inc | 1.3<br>|
| Equinix Inc | 1.3<br>|
| Invitation Homes Operating Partnership LP | 1.3<br>|
| American Tower Corp | 1.2<br>|
|  | 15.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1833_20250731_2.jpg)<br>| ![](img111498_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913475.101 2225-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Real Estate Income Fund<br> **Fidelity Advisor® Real Estate Income Fund Class I : FRIRX** <br>|

---

This annual shareholder report contains information about Fidelity® Real Estate Income Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I  | $72  | 0.70% |

---

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

• Real estate securities experienced often-fluctuating market conditions throughout the 12 months ending July 31, 2025. The category significantly lagged the broader equity market, as investors often favored higher-growth opportunities. Fixed-income real estate segments, such as real estate bonds, commercial mortgage-backed securities and preferred stocks, fared better.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Fidelity Real Estate Income Composite IndexSM, a 40/25/20/15 blend of the ICE BofA® US Real Estate Index, the MSCI REIT Preferred Index, the FTSE® NAREIT® All REITs Index and the Bloomberg U.S. CMBS ex-AAA Index. Selection among collateralized mortgage obligations, preferred stock, bonds and common stock all helped relative performance. Asset allocation modestly contributed this period, especially an overweight among CMBS.

• The largest individual relative contributor among real estate common stocks was a lack of exposure to benchmark component Lineage (+49%).

• In contrast, noteworthy detractors included an underweight in preferred and common stock, as well as a cash position of 6%, on average.

• The largest individual relative detractor among real estate common stocks was an overweight in Equity Lifestyle Properties (-19%).

• Notable changes in positioning include increased exposure to cash and investment-grade real estate bonds and reductions in common stocks, high-yield real estate bonds, preferred stocks and CMBS.

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class I<br>| $10000 | $11130<br>| $11760<br>| $12043<br>| $13300<br>| $12419<br>| $15776<br>| $15055<br>| $14676<br>| $16123<br>| $17117<br>|
| Fidelity Real Estate Income Composite Index℠<br>| $10000 | $11150<br>| $11399<br>| $11569<br>| $12726<br>| $12775<br>| $14735<br>| $13550<br>| $12910<br>| $14051<br>| $14739<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $10495<br>| $11675<br>| $11966<br>| $12796<br>| $13179<br>| $14596<br>| $13467<br>| $14027<br>| $15576<br>| $16908<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10607<br>| $10669<br>| $10609<br>| $11476<br>| $12561<br>| $12607<br>| $11402<br>| $11129<br>| $11765<br>| $12236<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111499_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class I | 6.16% | 6.63% | 5.52% |
| Fidelity Real Estate Income Composite Index℠ | 4.89%<br>| 2.90%<br>| 3.96% |
| ICE® BofA® US High Yield Constrained Index | 8.55%<br>| 5.11%<br>| 5.39% |
| Bloomberg U.S. Universal Bond Index | 4.00%<br>| -0.52%<br>| 2.04% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $5279618025<br>|
| Number of Holdings | 537<br>|
| Total Advisory Fee | $31232455<br>|
| Portfolio Turnover | 24%<br>|

---

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

---

| | |
|:---|:---|
| AAA | 0.7 |
| AA | 1.4 |
| A | 3.5 |
| BBB | 20.3 |
| BB | 11.0 |
| B | 4.1 |
| CCC,CC,C | 2.1 |
| Not Rated | 11.8 |
| Equities | 34.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 10.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1833_20250731_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 - 1.4&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;A - 3.5&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 - 20.3&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;BB - 11.0&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;B - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 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;Not Rated - 11.8&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 - 34.2&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;Short-Term Investments and Net Other Assets (Liabilities) - 10.9 |
| 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 | 30.2 |
| CMOs and Other Mortgage Related Securities | 21.6 |
| Common Stocks | 20.7 |
| Preferred Stocks | 13.5 |
| Bank Loan Obligations | 1.5 |
| Asset-Backed Securities | 1.5 |
| Preferred Securities | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 10.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1833_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 30.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 21.6 |
| Common Stocks - 20.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 13.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;  |
| Asset-Backed Securities - 1.5&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) - 10.9 |

---

---

| | |
|:---|:---|
| United States | 99.5 |
| Canada | 0.3 |
| United Kingdom | 0.2 |
| Grand Cayman (UK Overseas Ter) | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1833_20250731_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;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;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)**  |  |
| American Tower Corp | 2.7<br>|
| Crown Castle Inc | 2.1<br>|
| Prologis Inc | 1.6<br>|
| American Homes 4 Rent LP | 1.5<br>|
| Welltower Inc | 1.4<br>|
| Equity LifeStyle Properties Inc | 1.4<br>|
| GLP Capital LP / GLP Financing II Inc | 1.3<br>|
| Equinix Inc | 1.3<br>|
| Invitation Homes Operating Partnership LP | 1.3<br>|
| American Tower Corp | 1.2<br>|
|  | 15.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1833_20250731_2.jpg)<br>| ![](img111499_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913476.101 2227-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Real Estate Income Fund<br> **Fidelity Advisor® Real Estate Income Fund Class C : FRIOX** <br>|

---

This annual shareholder report contains information about Fidelity® Real Estate Income Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C  | $174  | 1.70% |

---

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

• Real estate securities experienced often-fluctuating market conditions throughout the 12 months ending July 31, 2025. The category significantly lagged the broader equity market, as investors often favored higher-growth opportunities. Fixed-income real estate segments, such as real estate bonds, commercial mortgage-backed securities and preferred stocks, fared better.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Fidelity Real Estate Income Composite IndexSM, a 40/25/20/15 blend of the ICE BofA® US Real Estate Index, the MSCI REIT Preferred Index, the FTSE® NAREIT® All REITs Index and the Bloomberg U.S. CMBS ex-AAA Index. Selection among collateralized mortgage obligations, preferred stock, bonds and common stock all helped relative performance. Asset allocation modestly contributed this period, especially an overweight among CMBS.

• The largest individual relative contributor among real estate common stocks was a lack of exposure to benchmark component Lineage (+49%).

• In contrast, noteworthy detractors included an underweight in preferred and common stock, as well as a cash position of 6%, on average.

• The largest individual relative detractor among real estate common stocks was an overweight in Equity Lifestyle Properties (-19%).

• Notable changes in positioning include increased exposure to cash and investment-grade real estate bonds and reductions in common stocks, high-yield real estate bonds, preferred stocks and CMBS.

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class C<br>| $10000 | $11029<br>| $11530<br>| $11682<br>| $12773<br>| $11815<br>| $14845<br>| $14022<br>| $13538<br>| $14835<br>| $15701<br>|
| Fidelity Real Estate Income Composite Index℠<br>| $10000 | $11150<br>| $11399<br>| $11569<br>| $12726<br>| $12775<br>| $14735<br>| $13550<br>| $12910<br>| $14051<br>| $14739<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $10495<br>| $11675<br>| $11966<br>| $12796<br>| $13179<br>| $14596<br>| $13467<br>| $14027<br>| $15576<br>| $16908<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10607<br>| $10669<br>| $10609<br>| $11476<br>| $12561<br>| $12607<br>| $11402<br>| $11129<br>| $11765<br>| $12236<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111500_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class C (incl. contingent deferred sales charge) | 4.08% | 5.53%<br>| 4.61% |
| Class C | 5.08% | 5.53% | 4.61% |
| Fidelity Real Estate Income Composite Index℠ | 4.89%<br>| 2.90%<br>| 3.96% |
| ICE® BofA® US High Yield Constrained Index | 8.55%<br>| 5.11%<br>| 5.39% |
| Bloomberg U.S. Universal Bond Index | 4.00%<br>| -0.52%<br>| 2.04% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $5279618025<br>|
| Number of Holdings | 537<br>|
| Total Advisory Fee | $31232455<br>|
| Portfolio Turnover | 24%<br>|

---

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

---

| | |
|:---|:---|
| AAA | 0.7 |
| AA | 1.4 |
| A | 3.5 |
| BBB | 20.3 |
| BB | 11.0 |
| B | 4.1 |
| CCC,CC,C | 2.1 |
| Not Rated | 11.8 |
| Equities | 34.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 10.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1833_20250731_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 - 1.4&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;A - 3.5&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 - 20.3&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;BB - 11.0&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;B - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 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;Not Rated - 11.8&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 - 34.2&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;Short-Term Investments and Net Other Assets (Liabilities) - 10.9 |
| 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 | 30.2 |
| CMOs and Other Mortgage Related Securities | 21.6 |
| Common Stocks | 20.7 |
| Preferred Stocks | 13.5 |
| Bank Loan Obligations | 1.5 |
| Asset-Backed Securities | 1.5 |
| Preferred Securities | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 10.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1833_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 30.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 21.6 |
| Common Stocks - 20.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 13.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;  |
| Asset-Backed Securities - 1.5&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) - 10.9 |

---

---

| | |
|:---|:---|
| United States | 99.5 |
| Canada | 0.3 |
| United Kingdom | 0.2 |
| Grand Cayman (UK Overseas Ter) | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1833_20250731_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;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;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)**  |  |
| American Tower Corp | 2.7<br>|
| Crown Castle Inc | 2.1<br>|
| Prologis Inc | 1.6<br>|
| American Homes 4 Rent LP | 1.5<br>|
| Welltower Inc | 1.4<br>|
| Equity LifeStyle Properties Inc | 1.4<br>|
| GLP Capital LP / GLP Financing II Inc | 1.3<br>|
| Equinix Inc | 1.3<br>|
| Invitation Homes Operating Partnership LP | 1.3<br>|
| American Tower Corp | 1.2<br>|
|  | 15.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1833_20250731_2.jpg)<br>| ![](img111500_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913474.101 2224-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Real Estate Income Fund<br> **Fidelity Advisor® Real Estate Income Fund Class A : FRINX** <br>|

---

This annual shareholder report contains information about Fidelity® Real Estate Income Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A  | $98  | 0.95% |

---

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

• Real estate securities experienced often-fluctuating market conditions throughout the 12 months ending July 31, 2025. The category significantly lagged the broader equity market, as investors often favored higher-growth opportunities. Fixed-income real estate segments, such as real estate bonds, commercial mortgage-backed securities and preferred stocks, fared better.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Fidelity Real Estate Income Composite IndexSM, a 40/25/20/15 blend of the ICE BofA® US Real Estate Index, the MSCI REIT Preferred Index, the FTSE® NAREIT® All REITs Index and the Bloomberg U.S. CMBS ex-AAA Index. Selection among collateralized mortgage obligations, preferred stock, bonds and common stock all helped relative performance. Asset allocation modestly contributed this period, especially an overweight among CMBS.

• The largest individual relative contributor among real estate common stocks was a lack of exposure to benchmark component Lineage (+49%).

• In contrast, noteworthy detractors included an underweight in preferred and common stock, as well as a cash position of 6%, on average.

• The largest individual relative detractor among real estate common stocks was an overweight in Equity Lifestyle Properties (-19%).

• Notable changes in positioning include increased exposure to cash and investment-grade real estate bonds and reductions in common stocks, high-yield real estate bonds, preferred stocks and CMBS.

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class A<br>| $9600 | $10657<br>| $11229<br>| $11468<br>| $12632<br>| $11764<br>| $14898<br>| $14178<br>| $13792<br>| $15114<br>| $15996<br>|
| Fidelity Real Estate Income Composite Index℠<br>| $10000 | $11150<br>| $11399<br>| $11569<br>| $12726<br>| $12775<br>| $14735<br>| $13550<br>| $12910<br>| $14051<br>| $14739<br>|
| ICE® BofA® US High Yield Constrained Index<br>| $10000 | $10495<br>| $11675<br>| $11966<br>| $12796<br>| $13179<br>| $14596<br>| $13467<br>| $14027<br>| $15576<br>| $16908<br>|
| Bloomberg U.S. Universal Bond Index<br>| $10000 | $10607<br>| $10669<br>| $10609<br>| $11476<br>| $12561<br>| $12607<br>| $11402<br>| $11129<br>| $11765<br>| $12236<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111501_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class A (incl. 4.00% sales charge)  | 1.60% | 5.47%<br>| 4.81% |
| Class A (without 4.00% sales charge) | 5.84% | 6.34% | 5.24% |
| Fidelity Real Estate Income Composite Index℠ | 4.89%<br>| 2.90%<br>| 3.96% |
| ICE® BofA® US High Yield Constrained Index | 8.55%<br>| 5.11%<br>| 5.39% |
| Bloomberg U.S. Universal Bond Index | 4.00%<br>| -0.52%<br>| 2.04% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $5279618025<br>|
| Number of Holdings | 537<br>|
| Total Advisory Fee | $31232455<br>|
| Portfolio Turnover | 24%<br>|

---

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

---

| | |
|:---|:---|
| AAA | 0.7 |
| AA | 1.4 |
| A | 3.5 |
| BBB | 20.3 |
| BB | 11.0 |
| B | 4.1 |
| CCC,CC,C | 2.1 |
| Not Rated | 11.8 |
| Equities | 34.2 |
| Short-Term Investments and Net Other Assets (Liabilities) | 10.9 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1833_20250731_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 - 1.4&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;A - 3.5&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 - 20.3&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;BB - 11.0&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;B - 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;&nbsp;&nbsp;  |
| &nbsp;&nbsp;CCC,CC,C - 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;Not Rated - 11.8&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 - 34.2&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;Short-Term Investments and Net Other Assets (Liabilities) - 10.9 |
| 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 | 30.2 |
| CMOs and Other Mortgage Related Securities | 21.6 |
| Common Stocks | 20.7 |
| Preferred Stocks | 13.5 |
| Bank Loan Obligations | 1.5 |
| Asset-Backed Securities | 1.5 |
| Preferred Securities | 0.1 |
| Short-Term Investments and Net Other Assets (Liabilities) | 10.9 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1833_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Corporate Bonds - 30.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| CMOs and Other Mortgage Related Securities - 21.6 |
| Common Stocks - 20.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 13.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;  |
| Asset-Backed Securities - 1.5&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) - 10.9 |

---

---

| | |
|:---|:---|
| United States | 99.5 |
| Canada | 0.3 |
| United Kingdom | 0.2 |
| Grand Cayman (UK Overseas Ter) | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1833_20250731_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;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;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)**  |  |
| American Tower Corp | 2.7<br>|
| Crown Castle Inc | 2.1<br>|
| Prologis Inc | 1.6<br>|
| American Homes 4 Rent LP | 1.5<br>|
| Welltower Inc | 1.4<br>|
| Equity LifeStyle Properties Inc | 1.4<br>|
| GLP Capital LP / GLP Financing II Inc | 1.3<br>|
| Equinix Inc | 1.3<br>|
| Invitation Homes Operating Partnership LP | 1.3<br>|
| American Tower Corp | 1.2<br>|
|  | 15.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1833_20250731_2.jpg)<br>| ![](img111501_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913473.101 2221-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® OTC Portfolio<br> **Fidelity® OTC Portfolio : FOCPX** <br>|

---

This annual shareholder report contains information about Fidelity® OTC Portfolio for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® OTC Portfolio  | $81  | 0.73% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the NASDAQ Composite Index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Investment choices and an overweight in communication services, primarily among media & entertainment stocks, also boosted relative performance. Also lifting the fund's relative result was security selection in health care, most notably in health care equipment & services.

• The fund's non-benchmark stake in Circle Internet Group gained roughly 121% and was the top individual relative contributor. This was a stake we established the past 12 months. Out-of-index exposure to Reddit (+164%) helped as well, followed by an overweight in Netflix (+84%), one of our biggest holdings.

• In contrast, the largest detractor from performance versus the benchmark was an overweight in health care. Stock selection and an underweight in information technology, primarily within the technology hardware & equipment industry, also hampered the fund's result. Picks in consumer discretionary hurt as well.

• The largest individual relative detractor was an underweight in Broadcom (+85%), a position we added to this period, making it one of our largest holdings. A stake in Regeneron Pharmaceuticals (-47%) also hurt, though the stock was no longer held at period end. An outsized position in Apple (-6%) was another detractor. The company was the fund's biggest holding this period, on average.

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

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® OTC Portfolio<br>| $10000 | $10368<br>| $13268<br>| $16498<br>| $17558<br>| $23842<br>| $33832<br>| $26965<br>| $32798<br>| $41756<br>| $50604<br>|
| Nasdaq Composite Index®<br>| $10000 | $10192<br>| $12680<br>| $15486<br>| $16685<br>| $22155<br>| $30471<br>| $25914<br>| $30272<br>| $37423<br>| $45228<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111503_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® OTC Portfolio | 21.19% | 16.24% | 17.60% |
| Nasdaq Composite Index® | 20.86%<br>| 15.34%<br>| 16.29% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $32809438777<br>|
| Number of Holdings | 161<br>|
| Total Advisory Fee | $216631906<br>|
| Portfolio Turnover | 53%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 50.0 |
| Communication Services | 19.0 |
| Consumer Discretionary | 9.1 |
| Health Care | 8.5 |
| Industrials | 4.8 |
| Financials | 1.7 |
| Consumer Staples | 1.5 |
| Energy | 0.6 |
| Utilities | 0.6 |
| Real Estate | 0.2 |
| Materials | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 94.7 |
| Domestic Equity Funds | 3.4 |
| Preferred Stocks | 1.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.5 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img93_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.5 |

---

---

| | |
|:---|:---|
| United States | 93.3 |
| Taiwan | 2.8 |
| Netherlands | 1.4 |
| Korea (South) | 0.8 |
| China | 0.6 |
| Brazil | 0.4 |
| United Kingdom | 0.3 |
| Canada | 0.3 |
| Denmark | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img93_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.8&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;Netherlands - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 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;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 - 0.3&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;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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 15.1<br>|
| Microsoft Corp | 10.1<br>|
| Apple Inc | 9.8<br>|
| Amazon.com Inc | 6.5<br>|
| Alphabet Inc Class A | 5.2<br>|
| Meta Platforms Inc Class A | 4.8<br>|
| Invesco QQQ Trust ETF | 3.4<br>|
| Broadcom Inc | 3.0<br>|
| Alphabet Inc Class C | 2.9<br>|
| Netflix Inc | 2.7<br>|
|  | 63.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img93_20250731_2.jpg)<br>| ![](img111503_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913384.101 93-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® OTC Portfolio<br> **Fidelity® OTC Portfolio Class K : FOCKX** <br>|

---

This annual shareholder report contains information about Fidelity® OTC Portfolio for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K  | $72  | 0.65% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the NASDAQ Composite Index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Investment choices and an overweight in communication services, primarily among media & entertainment stocks, also boosted relative performance. Also lifting the fund's relative result was security selection in health care, most notably in health care equipment & services.

• The fund's non-benchmark stake in Circle Internet Group gained roughly 121% and was the top individual relative contributor. This was a stake we established the past 12 months. Out-of-index exposure to Reddit (+164%) helped as well, followed by an overweight in Netflix (+84%), one of our biggest holdings.

• In contrast, the largest detractor from performance versus the benchmark was an overweight in health care. Stock selection and an underweight in information technology, primarily within the technology hardware & equipment industry, also hampered the fund's result. Picks in consumer discretionary hurt as well.

• The largest individual relative detractor was an underweight in Broadcom (+85%), a position we added to this period, making it one of our largest holdings. A stake in Regeneron Pharmaceuticals (-47%) also hurt, though the stock was no longer held at period end. An outsized position in Apple (-6%) was another detractor. The company was the fund's biggest holding this period, on average.

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

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class K<br>| $10000 | $10380<br>| $13298<br>| $16554<br>| $17631<br>| $23967<br>| $34045<br>| $27165<br>| $33062<br>| $42107<br>| $51071<br>|
| Nasdaq Composite Index®<br>| $10000 | $10192<br>| $12680<br>| $15486<br>| $16685<br>| $22155<br>| $30471<br>| $25914<br>| $30272<br>| $37423<br>| $45228<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111504_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class K | 21.29% | 16.34% | 17.71% |
| Nasdaq Composite Index® | 20.86%<br>| 15.34%<br>| 16.29% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $32809438777<br>|
| Number of Holdings | 161<br>|
| Total Advisory Fee | $216631906<br>|
| Portfolio Turnover | 53%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 50.0 |
| Communication Services | 19.0 |
| Consumer Discretionary | 9.1 |
| Health Care | 8.5 |
| Industrials | 4.8 |
| Financials | 1.7 |
| Consumer Staples | 1.5 |
| Energy | 0.6 |
| Utilities | 0.6 |
| Real Estate | 0.2 |
| Materials | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 94.7 |
| Domestic Equity Funds | 3.4 |
| Preferred Stocks | 1.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.5 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img93_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.5 |

---

---

| | |
|:---|:---|
| United States | 93.3 |
| Taiwan | 2.8 |
| Netherlands | 1.4 |
| Korea (South) | 0.8 |
| China | 0.6 |
| Brazil | 0.4 |
| United Kingdom | 0.3 |
| Canada | 0.3 |
| Denmark | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img93_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.8&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;Netherlands - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 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;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 - 0.3&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;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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 15.1<br>|
| Microsoft Corp | 10.1<br>|
| Apple Inc | 9.8<br>|
| Amazon.com Inc | 6.5<br>|
| Alphabet Inc Class A | 5.2<br>|
| Meta Platforms Inc Class A | 4.8<br>|
| Invesco QQQ Trust ETF | 3.4<br>|
| Broadcom Inc | 3.0<br>|
| Alphabet Inc Class C | 2.9<br>|
| Netflix Inc | 2.7<br>|
|  | 63.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img93_20250731_2.jpg)<br>| ![](img111504_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913383.101 2098-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® OTC K6 Portfolio<br> **Fidelity® OTC K6 Portfolio : FOKFX** <br>|

---

This annual shareholder report contains information about Fidelity® OTC K6 Portfolio for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® OTC K6 Portfolio  | $55  | 0.50% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, market selection was the primary detractor from the fund's performance versus the NASDAQ Composite Index for the fiscal year, especially an overweight in the health care sector. Stock picking and outsized exposure to information technology, primarily within the technology hardware & equipment industry, also hampered the fund's result. Investment choices in consumer discretionary hurt as well.

• The largest individual relative detractor was our stake in Regeneron Pharmaceuticals (-47%), though the stock was no longer held at period end. An underweight in Broadcom (+85%), a position we added to this period, also pressured performance, yet it was one of the fund's largest holdings. An overweight in Apple (-6%), the fund's largest position this period, on average, hurt as well.

• In contrast, the biggest contributor to performance versus the benchmark was stock selection in health care, primarily among health care equipment & services firms. Picks and an overweight in communication services, especially in the media & entertainment industry, also bolstered the fund's relative performance.

• A non-benchmark stake in Circle Internet Group gained approximately 121% and was the top individual relative contributor. This was a position we established this period. An overweight in Netflix (+85%), one of the fund's biggest holdings the past 12 months, helped as well. Another notable relative contributor was an overweight in Alnylam Pharmaceuticals (+65%).

• Notable changes in positioning include decreased exposure to the consumer discretionary sector and a higher allocation to information technology stocks.

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

**CUMULATIVE PERFORMANCE**

June 13, 2019 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® OTC K6 Portfolio<br>| $10000 | $10500<br>| $14337<br>| $20517<br>| $16358<br>| $19962<br>| $25381<br>|
| Nasdaq Composite Index®<br>| $10000 | $10439<br>| $13861<br>| $19063<br>| $16213<br>| $18939<br>| $23413<br>|
| S&P 500® Index<br>| $10000 | $10325<br>| $11560<br>| $15773<br>| $15041<br>| $16998<br>| $20763<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111505_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® OTC K6 Portfolio | 19.88% | 16.24% | 19.88% |
| Nasdaq Composite Index® | 20.86%<br>| 15.34%<br>| 18.47% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 15.45% |

---

**A** From June 13, 2019

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2848569864<br>|
| Number of Holdings | 153<br>|
| Total Advisory Fee | $13167214<br>|
| Portfolio Turnover | 64%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 50.2 |
| Communication Services | 17.5 |
| Consumer Discretionary | 9.8 |
| Health Care | 8.8 |
| Industrials | 2.4 |
| Financials | 1.8 |
| Consumer Staples | 1.6 |
| Energy | 0.6 |
| Utilities | 0.6 |
| Real Estate | 0.2 |
| Materials | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 93.1 |
| Domestic Equity Funds | 4.8 |
| Preferred Stocks | 0.5 |
| Short-Term Investments and Net Other Assets (Liabilities) | 1.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3407_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 93.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 0.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.6 |

---

---

| | |
|:---|:---|
| United States | 93.2 |
| Taiwan | 2.9 |
| Netherlands | 1.5 |
| Korea (South) | 0.7 |
| China | 0.6 |
| Brazil | 0.4 |
| United Kingdom | 0.3 |
| Canada | 0.3 |
| Denmark | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3407_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.9&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 - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 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;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 - 0.3&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;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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 15.4<br>|
| Apple Inc | 10.4<br>|
| Microsoft Corp | 9.2<br>|
| Amazon.com Inc | 7.1<br>|
| Invesco QQQ Trust ETF | 4.8<br>|
| Meta Platforms Inc Class A | 4.8<br>|
| Alphabet Inc Class A | 4.4<br>|
| Alphabet Inc Class C | 3.1<br>|
| Netflix Inc | 2.8<br>|
| Broadcom Inc | 2.8<br>|
|  | 64.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3407_20250731_2.jpg)<br>| ![](img111505_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913554.101 3407-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Leveraged Company Stock Fund<br> **Fidelity® Leveraged Company Stock Fund : FLVCX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

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

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell MidCap Index for the fiscal year, led by utilities. Security selection in industrials also boosted relative performance. Also lifting the fund's relative result were stock picks and an overweight in communication services, primarily within the media & entertainment industry.

• The top individual relative contributor was an overweight in Vistra (+169%). The company was among the fund's biggest holdings. A non-benchmark stake in Meta Platforms gained 64% and was the second-largest relative contributor. The company was the fund's biggest holding. A non-benchmark stake in Nvidia gained 52% and notably helped. The stock was among our biggest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in financials, primarily within the financial services industry. Stock picks in information technology, especially within the software & services industry, also hampered the fund's result. Also detracting were stock selection and an overweight in consumer discretionary, primarily within the consumer durables & apparel industry.

• Not owning Palantir Technologies, a benchmark component that gained 386%, was the biggest individual relative detractor. The second-largest relative detractor was an overweight in ON Semiconductor (-28%). Another notable relative detractor was our stake in Crocs (-37%). The stock was not held at period end.

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

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Leveraged Company Stock Fund<br>| $10000 | $9277<br>| $10896<br>| $12084<br>| $12318<br>| $12718<br>| $19946<br>| $17781<br>| $19917<br>| $24267<br>| $30461<br>|
| Fidelity U.S. Leveraged Stock Linked Index℠<br>| $10000 | $9202<br>| $10855<br>| $11654<br>| $10945<br>| $10744<br>| $15339<br>| $14506<br>| $15756<br>| $18532<br>| $21826<br>|
| Russell Midcap® Index<br>| $10000 | $10437<br>| $11798<br>| $13386<br>| $14283<br>| $14575<br>| $20781<br>| $18739<br>| $20379<br>| $23168<br>| $25962<br>|
| Russell 3000® Index<br>| $10000 | $10444<br>| $12130<br>| $14118<br>| $15113<br>| $16765<br>| $23258<br>| $21548<br>| $24273<br>| $29389<br>| $33998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111559_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Leveraged Company Stock Fund | 25.52% | 19.09% | 11.78% |
| Fidelity U.S. Leveraged Stock Linked Index℠ | 17.78%<br>| 15.23%<br>| 8.12% |
| Russell Midcap® Index | 12.06%<br>| 12.24%<br>| 10.01% |
| Russell 3000® Index | 15.68%<br>| 15.19%<br>| 13.02% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3902017456<br>|
| Number of Holdings | 86<br>|
| Total Advisory Fee | $22391274<br>|
| Portfolio Turnover | 12%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 26.6 |
| Industrials | 19.3 |
| Financials | 14.9 |
| Consumer Discretionary | 12.3 |
| Communication Services | 10.3 |
| Utilities | 8.9 |
| Materials | 3.3 |
| Health Care | 1.8 |
| Consumer Staples | 1.6 |
| Energy | 0.9 |

---

Common Stocks 99.9 <br> Bonds 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img289_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| 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 | 95.2 |
| Taiwan | 1.4 |
| Netherlands | 1.0 |
| Canada | 0.8 |
| United Kingdom | 0.7 |
| China | 0.7 |
| Hong Kong | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img289_20250731_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;Taiwan - 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;Netherlands - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 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;Hong Kong - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 5.9<br>|
| Meta Platforms Inc Class A | 5.8<br>|
| Vistra Corp | 5.7<br>|
| Apollo Global Management Inc | 3.7<br>|
| Comfort Systems USA Inc | 3.4<br>|
| Arthur J Gallagher & Co | 3.1<br>|
| Microsoft Corp | 3.1<br>|
| Broadcom Inc | 3.0<br>|
| Constellation Energy Corp | 2.8<br>|
| TopBuild Corp | 2.8<br>|
|  | 39.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Leveraged Company Stock Fund merged into Fidelity® Leveraged Company Stock Fund on October 25, 2024.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img289_20250731_2.jpg)<br>| ![](img111559_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913429.101 122-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Leveraged Company Stock Fund<br> **Fidelity® Leveraged Company Stock Fund Class K : FLCKX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K  | $69  | 0.61% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell MidCap Index for the fiscal year, led by utilities. Security selection in industrials also boosted relative performance. Also lifting the fund's relative result were stock picks and an overweight in communication services, primarily within the media & entertainment industry.

• The top individual relative contributor was an overweight in Vistra (+169%). The company was among the fund's biggest holdings. A non-benchmark stake in Meta Platforms gained 64% and was the second-largest relative contributor. The company was the fund's biggest holding. A non-benchmark stake in Nvidia gained 52% and notably helped. The stock was among our biggest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in financials, primarily within the financial services industry. Stock picks in information technology, especially within the software & services industry, also hampered the fund's result. Also detracting were stock selection and an overweight in consumer discretionary, primarily within the consumer durables & apparel industry.

• Not owning Palantir Technologies, a benchmark component that gained 386%, was the biggest individual relative detractor. The second-largest relative detractor was an overweight in ON Semiconductor (-28%). Another notable relative detractor was our stake in Crocs (-37%). The stock was not held at period end.

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

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class K<br>| $10000 | $9286<br>| $10920<br>| $12123<br>| $12370<br>| $12787<br>| $20077<br>| $17914<br>| $20084<br>| $24492<br>| $30771<br>|
| Fidelity U.S. Leveraged Stock Linked Index℠<br>| $10000 | $9202<br>| $10855<br>| $11654<br>| $10945<br>| $10744<br>| $15339<br>| $14506<br>| $15756<br>| $18532<br>| $21826<br>|
| Russell Midcap® Index<br>| $10000 | $10437<br>| $11798<br>| $13386<br>| $14283<br>| $14575<br>| $20781<br>| $18739<br>| $20379<br>| $23168<br>| $25962<br>|
| Russell 3000® Index<br>| $10000 | $10444<br>| $12130<br>| $14118<br>| $15113<br>| $16765<br>| $23258<br>| $21548<br>| $24273<br>| $29389<br>| $33998<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111560_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class K | 25.64% | 19.20% | 11.90% |
| Fidelity U.S. Leveraged Stock Linked Index℠ | 17.78%<br>| 15.23%<br>| 8.12% |
| Russell Midcap® Index | 12.06%<br>| 12.24%<br>| 10.01% |
| Russell 3000® Index | 15.68%<br>| 15.19%<br>| 13.02% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3902017456<br>|
| Number of Holdings | 86<br>|
| Total Advisory Fee | $22391274<br>|
| Portfolio Turnover | 12%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 26.6 |
| Industrials | 19.3 |
| Financials | 14.9 |
| Consumer Discretionary | 12.3 |
| Communication Services | 10.3 |
| Utilities | 8.9 |
| Materials | 3.3 |
| Health Care | 1.8 |
| Consumer Staples | 1.6 |
| Energy | 0.9 |

---

Common Stocks 99.9 <br> Bonds 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img289_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| 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 | 95.2 |
| Taiwan | 1.4 |
| Netherlands | 1.0 |
| Canada | 0.8 |
| United Kingdom | 0.7 |
| China | 0.7 |
| Hong Kong | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img289_20250731_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;Taiwan - 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;Netherlands - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 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;Hong Kong - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 5.9<br>|
| Meta Platforms Inc Class A | 5.8<br>|
| Vistra Corp | 5.7<br>|
| Apollo Global Management Inc | 3.7<br>|
| Comfort Systems USA Inc | 3.4<br>|
| Arthur J Gallagher & Co | 3.1<br>|
| Microsoft Corp | 3.1<br>|
| Broadcom Inc | 3.0<br>|
| Constellation Energy Corp | 2.8<br>|
| TopBuild Corp | 2.8<br>|
|  | 39.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Leveraged Company Stock Fund merged into Fidelity® Leveraged Company Stock Fund on October 25, 2024.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img289_20250731_2.jpg)<br>| ![](img111560_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913430.101 2094-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Growth & Income Portfolio<br> **Fidelity® Growth & Income Portfolio : FGRIX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Growth & Income Portfolio for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Growth & Income Portfolio  | $58  | 0.53% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500 index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Stock picks and an overweight in financials also boosted relative performance. Also helping our relative result were picks in energy.

• The top individual relative contributor was an overweight in GE Vernova (+255%). The company was among our largest holdings. A second notable relative contributor was an overweight in GE Aerospace (+60%). The stock was one of the fund's largest holdings. Another notable relative contributor was an overweight in Wells Fargo (+39%). The company was among the fund's largest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was an overweight in energy. An underweight in information technology, primarily within the semiconductors & semiconductor equipment industry, also hampered the fund's result. Also detracting from our result were picks and an underweight in communication services, primarily within the media & entertainment industry.

• The biggest individual relative detractor was an underweight in Nvidia (+52%). The stock was one of the fund's biggest holdings. A second notable relative detractor was an overweight in Exxon Mobil (-3%). The company was among the fund's biggest holdings. An overweight in UnitedHealth Group (-56%) also detracted.

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

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Growth & Income Portfolio<br>| $10000 | $10088<br>| $11851<br>| $13470<br>| $13775<br>| $13950<br>| $19671<br>| $19722<br>| $22635<br>| $27255<br>| $32258<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111569_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Growth & Income Portfolio | 18.36% | 18.25% | 12.43% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $12598565070<br>|
| Number of Holdings | 171<br>|
| Total Advisory Fee | $58489796<br>|
| Portfolio Turnover | 15%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 22.2 |
| Financials | 19.3 |
| Industrials | 18.6 |
| Health Care | 9.7 |
| Energy | 9.4 |
| Consumer Staples | 5.5 |
| Communication Services | 4.9 |
| Utilities | 2.4 |
| Consumer Discretionary | 2.0 |
| Materials | 1.6 |
| Real Estate | 1.3 |

---

Common Stocks 95.6 <br> Preferred Stocks 1.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img127_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.1 |

---

---

| | |
|:---|:---|
| United States | 90.7 |
| Canada | 2.0 |
| United Kingdom | 1.2 |
| Germany | 1.2 |
| Belgium | 1.0 |
| Zambia | 0.9 |
| France | 0.8 |
| Netherlands | 0.8 |
| Taiwan | 0.8 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img127_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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 - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 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;Belgium - 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;Zambia - 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;France - 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;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;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Microsoft Corp | 8.5<br>|
| Wells Fargo & Co | 6.6<br>|
| Exxon Mobil Corp | 5.3<br>|
| GE Aerospace | 4.7<br>|
| NVIDIA Corp | 4.2<br>|
| GE Vernova Inc | 3.8<br>|
| Bank of America Corp | 3.1<br>|
| Apple Inc | 2.5<br>|
| Boeing Co | 2.4<br>|
| Shell PLC ADR | 2.2<br>|
|  | 43.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: <br> Management feeOperating expensesExpense reductions <br>| &nbsp;&nbsp;&nbsp;&nbsp;Fidelity Advisor® Growth & Income Fund merged into Fidelity® Growth & Income Portfolio on March 28, 2025.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;Effective October 25, 2024, the fund's investment objective became a fundamental policy. <br>|  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img127_20250731_2.jpg)<br>| ![](img111569_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913386.101 27-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Growth & Income Portfolio<br> **Fidelity® Growth & Income Portfolio Class K : FGIKX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Growth & Income Portfolio for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K  | $50  | 0.46% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500 index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Stock picks and an overweight in financials also boosted relative performance. Also helping our relative result were picks in energy.

• The top individual relative contributor was an overweight in GE Vernova (+255%). The company was among our largest holdings. A second notable relative contributor was an overweight in GE Aerospace (+60%). The stock was one of the fund's largest holdings. Another notable relative contributor was an overweight in Wells Fargo (+39%). The company was among the fund's largest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was an overweight in energy. An underweight in information technology, primarily within the semiconductors & semiconductor equipment industry, also hampered the fund's result. Also detracting from our result were picks and an underweight in communication services, primarily within the media & entertainment industry.

• The biggest individual relative detractor was an underweight in Nvidia (+52%). The stock was one of the fund's biggest holdings. A second notable relative detractor was an overweight in Exxon Mobil (-3%). The company was among the fund's biggest holdings. An overweight in UnitedHealth Group (-56%) also detracted.

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

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class K<br>| $10000 | $10104<br>| $11882<br>| $13520<br>| $13838<br>| $14030<br>| $19803<br>| $19869<br>| $22828<br>| $27513<br>| $32591<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111570_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class K | 18.46% | 18.36% | 12.54% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $12598565070<br>|
| Number of Holdings | 171<br>|
| Total Advisory Fee | $58489796<br>|
| Portfolio Turnover | 15%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 22.2 |
| Financials | 19.3 |
| Industrials | 18.6 |
| Health Care | 9.7 |
| Energy | 9.4 |
| Consumer Staples | 5.5 |
| Communication Services | 4.9 |
| Utilities | 2.4 |
| Consumer Discretionary | 2.0 |
| Materials | 1.6 |
| Real Estate | 1.3 |

---

Common Stocks 95.6 <br> Preferred Stocks 1.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img127_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.1 |

---

---

| | |
|:---|:---|
| United States | 90.7 |
| Canada | 2.0 |
| United Kingdom | 1.2 |
| Germany | 1.2 |
| Belgium | 1.0 |
| Zambia | 0.9 |
| France | 0.8 |
| Netherlands | 0.8 |
| Taiwan | 0.8 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img127_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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 - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 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;Belgium - 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;Zambia - 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;France - 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;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;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Microsoft Corp | 8.5<br>|
| Wells Fargo & Co | 6.6<br>|
| Exxon Mobil Corp | 5.3<br>|
| GE Aerospace | 4.7<br>|
| NVIDIA Corp | 4.2<br>|
| GE Vernova Inc | 3.8<br>|
| Bank of America Corp | 3.1<br>|
| Apple Inc | 2.5<br>|
| Boeing Co | 2.4<br>|
| Shell PLC ADR | 2.2<br>|
|  | 43.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Growth & Income Fund merged into Fidelity® Growth & Income Portfolio on March 28, 2025. Effective October 25, 2024, the fund's investment objective became a fundamental policy.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img127_20250731_2.jpg)<br>| ![](img111570_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913385.101 2089-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Dividend Growth Fund<br> **Fidelity® Dividend Growth Fund : FDGFX** <br>|

---

This annual shareholder report contains information about Fidelity® Dividend Growth Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Dividend Growth Fund  | $72  | 0.67% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500® index for the fiscal year, especially within industrials, where our stock picks in capital goods helped most. Stock picking in information technology and consumer staples, in the latter case primarily within the food, beverage & tobacco industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in GE Vernova (+267%). This period we decreased our position in GE Vernova. The company was one of our biggest holdings. A second notable relative contributor was an underweight in Apple (-6%). This period we increased our investment in Apple. A non-benchmark stake in Vertiv Holdings gained roughly 85% and notably helped.

• In contrast, the biggest detractor from performance versus the benchmark was an underweight in information technology. Picks in consumer discretionary also hampered the fund's result. Also hurting our result were stock selection and an overweight in energy.

• The biggest individual relative detractor was our non-benchmark stake in Tidewater (-60%). The stock was not held at period end. A non-benchmark stake in Vistry Group returned -56% and was the second-largest relative detractor. Not owning Palantir Technologies, a benchmark component that gained roughly 326%, was another notable relative detractor.

• Notable changes in positioning include decreased exposure to the utilities and health care sectors.

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Dividend Growth Fund<br>| $10000 | $10026<br>| $11335<br>| $12876<br>| $13569<br>| $12722<br>| $18119<br>| $17605<br>| $19257<br>| $24584<br>| $28916<br>|
| Morningstar® US Dividend Growth Index℠<br>| $10000 | $10942<br>| $12645<br>| $14708<br>| $16217<br>| $16870<br>| $22769<br>| $22768<br>| $24598<br>| $28571<br>| $31349<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111572_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Dividend Growth Fund | 17.62% | 17.85% | 11.20% |
| Morningstar® US Dividend Growth Index℠ | 9.72%<br>| 13.19%<br>| 12.10% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $8035399535<br>|
| Number of Holdings | 130<br>|
| Total Advisory Fee | $49879165<br>|
| Portfolio Turnover | 81%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 25.4 |
| Industrials | 18.7 |
| Financials | 17.3 |
| Communication Services | 10.9 |
| Energy | 8.1 |
| Health Care | 5.2 |
| Consumer Staples | 4.5 |
| Consumer Discretionary | 3.8 |
| Utilities | 3.1 |
| Real Estate | 2.3 |
| Materials | 1.2 |

---

Common Stocks 100.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img330_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 100.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.5)% |

---

---

| | |
|:---|:---|
| United States | 89.3 |
| Canada | 3.8 |
| Taiwan | 2.2 |
| United Kingdom | 1.7 |
| Norway | 0.5 |
| Brazil | 0.5 |
| Korea (South) | 0.4 |
| Netherlands | 0.4 |
| Zambia | 0.4 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img330_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.8&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;Taiwan - 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 - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Norway - 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;Korea (South) - 0.4&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;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 - 0.8&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 | 8.7<br>|
| Microsoft Corp | 6.5<br>|
| Meta Platforms Inc Class A | 5.0<br>|
| Alphabet Inc Class A | 4.5<br>|
| Boeing Co | 3.6<br>|
| Broadcom Inc | 2.7<br>|
| Brookfield Corp Class A (United States) | 2.5<br>|
| GE Vernova Inc | 2.4<br>|
| Wells Fargo & Co | 2.0<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.0<br>|
|  | 39.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img330_20250731_2.jpg)<br>| ![](img111572_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913440.101 330-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Dividend Growth Fund<br> **Fidelity® Dividend Growth Fund Class K : FDGKX** <br>|

---

This annual shareholder report contains information about Fidelity® Dividend Growth Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K  | $64  | 0.59% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500® index for the fiscal year, especially within industrials, where our stock picks in capital goods helped most. Stock picking in information technology and consumer staples, in the latter case primarily within the food, beverage & tobacco industry, also boosted the fund's relative performance.

• The top individual relative contributor was an overweight in GE Vernova (+267%). This period we decreased our position in GE Vernova. The company was one of our biggest holdings. A second notable relative contributor was an underweight in Apple (-6%). This period we increased our investment in Apple. A non-benchmark stake in Vertiv Holdings gained roughly 85% and notably helped.

• In contrast, the biggest detractor from performance versus the benchmark was an underweight in information technology. Picks in consumer discretionary also hampered the fund's result. Also hurting our result were stock selection and an overweight in energy.

• The biggest individual relative detractor was our non-benchmark stake in Tidewater (-60%). The stock was not held at period end. A non-benchmark stake in Vistry Group returned -56% and was the second-largest relative detractor. Not owning Palantir Technologies, a benchmark component that gained roughly 326%, was another notable relative detractor.

• Notable changes in positioning include decreased exposure to the utilities and health care sectors.

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class K<br>| $10000 | $10039<br>| $11360<br>| $12916<br>| $13626<br>| $12793<br>| $18234<br>| $17733<br>| $19420<br>| $24817<br>| $29206<br>|
| Morningstar® US Dividend Growth Index℠<br>| $10000 | $10942<br>| $12645<br>| $14708<br>| $16217<br>| $16870<br>| $22769<br>| $22768<br>| $24598<br>| $28571<br>| $31349<br>|
| S&P 500® Index<br>| $10000 | $10561<br>| $12256<br>| $14246<br>| $15384<br>| $17223<br>| $23500<br>| $22410<br>| $25327<br>| $30936<br>| $35989<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111573_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class K | 17.68% | 17.95% | 11.31% |
| Morningstar® US Dividend Growth Index℠ | 9.72%<br>| 13.19%<br>| 12.10% |
| S&P 500® Index | 16.33%<br>| 15.88%<br>| 13.66% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $8035399535<br>|
| Number of Holdings | 130<br>|
| Total Advisory Fee | $49879165<br>|
| Portfolio Turnover | 81%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 25.4 |
| Industrials | 18.7 |
| Financials | 17.3 |
| Communication Services | 10.9 |
| Energy | 8.1 |
| Health Care | 5.2 |
| Consumer Staples | 4.5 |
| Consumer Discretionary | 3.8 |
| Utilities | 3.1 |
| Real Estate | 2.3 |
| Materials | 1.2 |

---

Common Stocks 100.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img330_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 100.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - (0.5)% |

---

---

| | |
|:---|:---|
| United States | 89.3 |
| Canada | 3.8 |
| Taiwan | 2.2 |
| United Kingdom | 1.7 |
| Norway | 0.5 |
| Brazil | 0.5 |
| Korea (South) | 0.4 |
| Netherlands | 0.4 |
| Zambia | 0.4 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img330_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 89.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 3.8&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;Taiwan - 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 - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Norway - 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;Korea (South) - 0.4&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;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 - 0.8&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 | 8.7<br>|
| Microsoft Corp | 6.5<br>|
| Meta Platforms Inc Class A | 5.0<br>|
| Alphabet Inc Class A | 4.5<br>|
| Boeing Co | 3.6<br>|
| Broadcom Inc | 2.7<br>|
| Brookfield Corp Class A (United States) | 2.5<br>|
| GE Vernova Inc | 2.4<br>|
| Wells Fargo & Co | 2.0<br>|
| Taiwan Semiconductor Manufacturing Co Ltd ADR | 2.0<br>|
|  | 39.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img330_20250731_2.jpg)<br>| ![](img111573_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913439.101 2083-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Blue Chip Value Fund<br> **Fidelity® Blue Chip Value Fund : FBCVX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Blue Chip Value Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Blue Chip Value Fund  | $55  | 0.56% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 1000 Value Index for the fiscal year, especially within the health care sector, where our picks in health care equipment & services hurt most. Investment choices in utilities and communication services pressured performance as well.

• The largest individual relative detractor was our stake in Centene (-55%) a stock we sold prior to period end. The company was among the fund's largest holdings the past 12 months. A stake in UnitedHealth Group (-47%), which we also sold before July 31, hurt as well. Here again, the firm was one of our biggest holdings this period. Another notable relative detractor was an overweight in Cigna (-21%), the fund's largest holding this period.

• In contrast, the biggest contributor to performance versus the benchmark was an overweight in communication services. Stock picking and an underweight in materials also boosted relative performance. Investment choices in industrials, primarily within the capital goods industry, also helped.

• The top individual relative contributor was an overweight in Deere (+44%), one of the fund's largest holdings at period end. Outsized exposure to Wells Fargo (+39%), another of our biggest positions on July 31, also helped. An overweight in Ferguson Enterprises (+14%), a position we established the past 12 months and one of our biggest holdings at period end, further bolstered performance.

• Notable changes in positioning include higher allocations to the materials and industrials sectors.

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Blue Chip Value Fund<br>| $10000 | $9769<br>| $11496<br>| $12277<br>| $12399<br>| $10907<br>| $14982<br>| $15624<br>| $16969<br>| $18889<br>| $18270<br>|
| Russell 1000® Value Index<br>| $10000 | $10538<br>| $11989<br>| $13133<br>| $13815<br>| $12985<br>| $18091<br>| $17832<br>| $19309<br>| $22167<br>| $24116<br>|
| Russell 1000® Index<br>| $10000 | $10484<br>| $12156<br>| $14124<br>| $15254<br>| $17089<br>| $23577<br>| $21958<br>| $24801<br>| $30133<br>| $35117<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111577_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Blue Chip Value Fund | -3.28% | 10.87% | 6.21% |
| Russell 1000® Value Index | 8.79%<br>| 13.18%<br>| 9.20% |
| Russell 1000® Index | 16.54%<br>| 15.49%<br>| 13.38% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $559010716<br>|
| Number of Holdings | 42<br>|
| Total Advisory Fee | $3500303<br>|
| Portfolio Turnover | 53%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 24.0 |
| Industrials | 14.5 |
| Energy | 11.1 |
| Communication Services | 9.4 |
| Consumer Discretionary | 8.4 |
| Health Care | 8.2 |
| Consumer Staples | 7.4 |
| Information Technology | 5.7 |
| Materials | 4.7 |
| Utilities | 2.4 |

---

Common Stocks 95.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 4.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img1271_20250731_AA.jpg) <br>|

---

Common Stocks - 95.8&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) - 4.2 <br>

United States 92.0 <br> United Kingdom 5.4 <br> Canada 2.6

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img1271_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 92.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Shell PLC ADR | 6.0<br>|
| Alphabet Inc Class A | 5.2<br>|
| Exxon Mobil Corp | 5.1<br>|
| Bank of America Corp | 4.2<br>|
| Ferguson Enterprises Inc | 3.9<br>|
| Wells Fargo & Co | 3.9<br>|
| Gen Digital Inc | 3.9<br>|
| Keurig Dr Pepper Inc | 3.9<br>|
| Deere & Co | 3.9<br>|
| PNC Financial Services Group Inc/The | 3.7<br>|
|  | 43.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img1271_20250731_2.jpg)<br>| ![](img111577_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913453.101 1271-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Blue Chip Growth K6 Fund<br> **Fidelity® Blue Chip Growth K6 Fund : FBCGX** <br>|

---

This annual shareholder report contains information about Fidelity® Blue Chip Growth K6 Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

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

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 1000 Growth Index for the fiscal year, led by information technology. Stock picking in industrials also boosted the fund's relative performance. Also helping our relative result were stock selection and an underweight in consumer staples.

• The top individual relative contributor was an underweight in Apple (-6%). The stock was one of the fund's biggest holdings. A second notable relative contributor was an overweight in Nvidia (+52%). The stock was the fund's top holding. Another notable relative contributor was an overweight in AppLovin (+412%). This period we increased our stake in AppLovin.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in consumer discretionary. Stock selection and an overweight in health care also hampered the fund's result. Also hurting our result was an underweight in information technology, primarily within the software & services industry.

• The largest individual relative detractor was an underweight in Palantir Technologies (+489%). A second notable relative detractor was our non-benchmark stake in Snap (-29%). An overweight in lululemon athletica (-22%) also detracted.

• Notable changes in positioning include decreased exposure to the health care sector.

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

**CUMULATIVE PERFORMANCE**

May 25, 2017 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Blue Chip Growth K6 Fund<br>| $10000 | $10320<br>| $12807<br>| $13764<br>| $19483<br>| $28499<br>| $22052<br>| $27686<br>| $35865<br>|
| Russell 1000® Growth Index<br>| $10000 | $10255<br>| $12597<br>| $13961<br>| $18126<br>| $24774<br>| $21819<br>| $25596<br>| $32490<br>|
| Russell 1000® Index<br>| $10000 | $10258<br>| $11918<br>| $12872<br>| $14421<br>| $19896<br>| $18529<br>| $20928<br>| $25429<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111579_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Blue Chip Growth K6 Fund | 25.38% | 18.21% | 20.15% |
| Russell 1000® Growth Index | 23.75%<br>| 17.27%<br>| 18.52% |
| Russell 1000® Index | 16.54%<br>| 15.49%<br>| 14.19% |

---

**A** From May 25, 2017

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $17198586659<br>|
| Number of Holdings | 379<br>|
| Total Advisory Fee | $72727759<br>|
| Portfolio Turnover | 34%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 45.2 |
| Communication Services | 17.6 |
| Consumer Discretionary | 16.3 |
| Industrials | 6.1 |
| Health Care | 5.4 |
| Financials | 4.5 |
| Consumer Staples | 2.3 |
| Materials | 1.0 |
| Real Estate | 0.5 |
| Energy | 0.3 |
| Utilities | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 97.8 |
| Preferred Stocks | 1.6 |
| Bonds | 0.0 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.6 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2945_20250731_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 - 1.6&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) - 0.6 |

---

---

| | |
|:---|:---|
| United States | 93.8 |
| Canada | 1.3 |
| India | 1.0 |
| Taiwan | 1.0 |
| Netherlands | 0.9 |
| United Kingdom | 0.4 |
| China | 0.3 |
| Japan | 0.3 |
| Finland | 0.3 |
| Others | 0.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2945_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.8&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;India - 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;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 - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.4&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;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;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;Others - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 16.8<br>|
| Meta Platforms Inc Class A | 6.3<br>|
| Microsoft Corp | 6.0<br>|
| Amazon.com Inc | 5.9<br>|
| Alphabet Inc Class A | 5.0<br>|
| Broadcom Inc | 4.6<br>|
| Apple Inc | 4.4<br>|
| Netflix Inc | 3.3<br>|
| Eli Lilly & Co | 2.2<br>|
| Marvell Technology Inc | 2.0<br>|
|  | 56.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img2945_20250731_2.jpg)<br>| ![](img111579_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913548.101 2945-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Blue Chip Growth Fund<br> **Fidelity® Blue Chip Growth Fund : FBGRX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Blue Chip Growth Fund  | $68  | 0.61% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 1000 Growth Index for the fiscal year, led by information technology, primarily within the software & services industry. Stock selection in industrials also boosted the fund's relative performance. Also contributing to our result were stock picks and an underweight in consumer staples.

• The top individual relative contributor was an overweight in Nvidia (+52%). The stock was the fund's largest holding. The second-largest relative contributor was an overweight in AppLovin (+412%). This period we increased our investment in AppLovin. Another notable relative contributor was an overweight in Netflix (+84%). The stock was one of our largest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was security selection in consumer discretionary. Security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, also hampered the fund's result. Also detracting from our result was an underweight in information technology, primarily within the software & services industry.

• The biggest individual relative detractor was an underweight in Palantir Technologies (+489%). This period we increased our stake in Palantir Technologies. A non-benchmark stake in Snap returned roughly -29% and was a second notable relative detractor. An underweight in Broadcom (+85%) also hurt. This period we increased our stake in Broadcom. The stock was among the fund's largest holdings.

• Notable changes in positioning include decreased exposure to the health care sector.

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Blue Chip Growth Fund<br>| $10000 | $9741<br>| $12125<br>| $15182<br>| $16562<br>| $23096<br>| $33652<br>| $25963<br>| $32306<br>| $42235<br>| $52281<br>|
| Russell 1000® Growth Index<br>| $10000 | $10435<br>| $12318<br>| $15132<br>| $16770<br>| $21774<br>| $29760<br>| $26210<br>| $30747<br>| $39029<br>| $48297<br>|
| Russell 1000® Index<br>| $10000 | $10484<br>| $12156<br>| $14124<br>| $15254<br>| $17089<br>| $23577<br>| $21958<br>| $24801<br>| $30133<br>| $35117<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111580_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Blue Chip Growth Fund | 23.78% | 17.75% | 17.99% |
| Russell 1000® Growth Index | 23.75%<br>| 17.27%<br>| 17.06% |
| Russell 1000® Index | 16.54%<br>| 15.49%<br>| 13.38% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $79777622105<br>|
| Number of Holdings | 395<br>|
| Total Advisory Fee | $419162456<br>|
| Portfolio Turnover | 34%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 47.2 |
| Consumer Discretionary | 18.4 |
| Communication Services | 16.3 |
| Industrials | 5.5 |
| Health Care | 5.1 |
| Financials | 4.1 |
| Consumer Staples | 1.4 |
| Materials | 0.9 |
| Real Estate | 0.5 |
| Energy | 0.4 |
| Utilities | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.0 |
| Preferred Stocks | 1.9 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img312_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.0&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 - 0.1&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) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 93.9 |
| Canada | 1.2 |
| India | 1.2 |
| Taiwan | 0.8 |
| Netherlands | 0.8 |
| China | 0.4 |
| United Kingdom | 0.3 |
| Japan | 0.3 |
| Finland | 0.3 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img312_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.9&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;India - 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;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;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;China - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;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;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;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;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 | 16.5<br>|
| Amazon.com Inc | 8.6<br>|
| Microsoft Corp | 8.4<br>|
| Apple Inc | 7.7<br>|
| Meta Platforms Inc Class A | 5.5<br>|
| Alphabet Inc Class A | 4.8<br>|
| Netflix Inc | 3.0<br>|
| Broadcom Inc | 2.7<br>|
| Eli Lilly & Co | 2.0<br>|
| Marvell Technology Inc | 1.8<br>|
|  | 61.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img312_20250731_2.jpg)<br>| ![](img111580_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913433.101 312-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Blue Chip Growth Fund<br> **Fidelity® Blue Chip Growth Fund Class K : FBGKX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period August 1, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class K  | $60  | 0.54% |

---

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 1000 Growth Index for the fiscal year, led by information technology, primarily within the software & services industry. Stock selection in industrials also boosted the fund's relative performance. Also contributing to our result were stock picks and an underweight in consumer staples.

• The top individual relative contributor was an overweight in Nvidia (+52%). The stock was the fund's largest holding. The second-largest relative contributor was an overweight in AppLovin (+412%). This period we increased our investment in AppLovin. Another notable relative contributor was an overweight in Netflix (+84%). The stock was one of our largest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was security selection in consumer discretionary. Security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, also hampered the fund's result. Also detracting from our result was an underweight in information technology, primarily within the software & services industry.

• The biggest individual relative detractor was an underweight in Palantir Technologies (+489%). This period we increased our stake in Palantir Technologies. A non-benchmark stake in Snap returned roughly -29% and was a second notable relative detractor. An underweight in Broadcom (+85%) also hurt. This period we increased our stake in Broadcom. The stock was among the fund's largest holdings.

• Notable changes in positioning include decreased exposure to the health care sector.

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

**CUMULATIVE PERFORMANCE**

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Class K<br>| $10000 | $9753<br>| $12154<br>| $15233<br>| $16634<br>| $23216<br>| $33855<br>| $26142<br>| $32560<br>| $42605<br>| $52774<br>|
| Russell 1000® Growth Index<br>| $10000 | $10435<br>| $12318<br>| $15132<br>| $16770<br>| $21774<br>| $29760<br>| $26210<br>| $30747<br>| $39029<br>| $48297<br>|
| Russell 1000® Index<br>| $10000 | $10484<br>| $12156<br>| $14124<br>| $15254<br>| $17089<br>| $23577<br>| $21958<br>| $24801<br>| $30133<br>| $35117<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img111581_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Class K | 23.87% | 17.85% | 18.10% |
| Russell 1000® Growth Index | 23.75%<br>| 17.27%<br>| 17.06% |
| Russell 1000® Index | 16.54%<br>| 15.49%<br>| 13.38% |

---

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $79777622105<br>|
| Number of Holdings | 395<br>|
| Total Advisory Fee | $419162456<br>|
| Portfolio Turnover | 34%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 47.2 |
| Consumer Discretionary | 18.4 |
| Communication Services | 16.3 |
| Industrials | 5.5 |
| Health Care | 5.1 |
| Financials | 4.1 |
| Consumer Staples | 1.4 |
| Materials | 0.9 |
| Real Estate | 0.5 |
| Energy | 0.4 |
| Utilities | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.0 |
| Preferred Stocks | 1.9 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img312_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.0&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 - 0.1&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) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 93.9 |
| Canada | 1.2 |
| India | 1.2 |
| Taiwan | 0.8 |
| Netherlands | 0.8 |
| China | 0.4 |
| United Kingdom | 0.3 |
| Japan | 0.3 |
| Finland | 0.3 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img312_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.9&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;India - 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;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;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;China - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;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;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;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;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 | 16.5<br>|
| Amazon.com Inc | 8.6<br>|
| Microsoft Corp | 8.4<br>|
| Apple Inc | 7.7<br>|
| Meta Platforms Inc Class A | 5.5<br>|
| Alphabet Inc Class A | 4.8<br>|
| Netflix Inc | 3.0<br>|
| Broadcom Inc | 2.7<br>|
| Eli Lilly & Co | 2.0<br>|
| Marvell Technology Inc | 1.8<br>|
|  | 61.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since August 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img312_20250731_2.jpg)<br>| ![](img111581_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9913432.101 2078-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Leveraged Company Stock Fund<br> **Fidelity Advisor® Leveraged Company Stock Fund Class A : FLEJX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period October 18, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A A | $82  | 0.98% |

---

AExpenses for the full reporting period would be higher.

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell MidCap Index for the fiscal year, led by utilities. Security selection in industrials also boosted relative performance. Also lifting the fund's relative result were stock picks and an overweight in communication services, primarily within the media & entertainment industry.

• The top individual relative contributor was an overweight in Vistra (+169%). The company was among the fund's biggest holdings. A non-benchmark stake in Meta Platforms gained 64% and was the second-largest relative contributor. The company was the fund's biggest holding. A non-benchmark stake in Nvidia gained 52% and notably helped. The stock was among our biggest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in financials, primarily within the financial services industry. Stock picks in information technology, especially within the software & services industry, also hampered the fund's result. Also detracting were stock selection and an overweight in consumer discretionary, primarily within the consumer durables & apparel industry.

• Not owning Palantir Technologies, a benchmark component that gained 386%, was the biggest individual relative detractor. The second-largest relative detractor was an overweight in ON Semiconductor (-28%). Another notable relative detractor was our stake in Crocs (-37%). The stock was not held at period end.

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

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

**CUMULATIVE PERFORMANCE**

October 18, 2024 through July 31, 2025.

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

---

| | | |
|:---|:---|:---|
| Class A<br>| $9425 | $10778<br>|
| Fidelity U.S. Leveraged Stock Linked Index℠<br>| $10000 | $11011<br>|
| Russell Midcap® Index<br>| $10000 | $10515<br>|
| Russell 3000® Index<br>| $10000 | $10876<br>|
|  | 2024 | 2025 |

---

![](img111634_1.jpg)

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3902017456<br>|
| Number of Holdings | 86<br>|
| Total Advisory Fee | $22391274<br>|
| Portfolio Turnover | 12%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 26.6 |
| Industrials | 19.3 |
| Financials | 14.9 |
| Consumer Discretionary | 12.3 |
| Communication Services | 10.3 |
| Utilities | 8.9 |
| Materials | 3.3 |
| Health Care | 1.8 |
| Consumer Staples | 1.6 |
| Energy | 0.9 |

---

Common Stocks 99.9 <br> Bonds 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img289_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| 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 | 95.2 |
| Taiwan | 1.4 |
| Netherlands | 1.0 |
| Canada | 0.8 |
| United Kingdom | 0.7 |
| China | 0.7 |
| Hong Kong | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img289_20250731_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;Taiwan - 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;Netherlands - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 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;Hong Kong - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 5.9<br>|
| Meta Platforms Inc Class A | 5.8<br>|
| Vistra Corp | 5.7<br>|
| Apollo Global Management Inc | 3.7<br>|
| Comfort Systems USA Inc | 3.4<br>|
| Arthur J Gallagher & Co | 3.1<br>|
| Microsoft Corp | 3.1<br>|
| Broadcom Inc | 3.0<br>|
| Constellation Energy Corp | 2.8<br>|
| TopBuild Corp | 2.8<br>|
|  | 39.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 18, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Leveraged Company Stock Fund merged into Fidelity® Leveraged Company Stock Fund on October 25, 2024.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img289_20250731_2.jpg)<br>| ![](img111634_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918397.100 7776-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Leveraged Company Stock Fund<br> **Fidelity Advisor® Leveraged Company Stock Fund Class M : FLELX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period October 18, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M A | $103  | 1.23% |

---

AExpenses for the full reporting period would be higher.

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell MidCap Index for the fiscal year, led by utilities. Security selection in industrials also boosted relative performance. Also lifting the fund's relative result were stock picks and an overweight in communication services, primarily within the media & entertainment industry.

• The top individual relative contributor was an overweight in Vistra (+169%). The company was among the fund's biggest holdings. A non-benchmark stake in Meta Platforms gained 64% and was the second-largest relative contributor. The company was the fund's biggest holding. A non-benchmark stake in Nvidia gained 52% and notably helped. The stock was among our biggest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in financials, primarily within the financial services industry. Stock picks in information technology, especially within the software & services industry, also hampered the fund's result. Also detracting were stock selection and an overweight in consumer discretionary, primarily within the consumer durables & apparel industry.

• Not owning Palantir Technologies, a benchmark component that gained 386%, was the biggest individual relative detractor. The second-largest relative detractor was an overweight in ON Semiconductor (-28%). Another notable relative detractor was our stake in Crocs (-37%). The stock was not held at period end.

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

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

**CUMULATIVE PERFORMANCE**

October 18, 2024 through July 31, 2025.

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

---

| | | |
|:---|:---|:---|
| Class M<br>| $9650 | $11010<br>|
| Fidelity U.S. Leveraged Stock Linked Index℠<br>| $10000 | $11011<br>|
| Russell Midcap® Index<br>| $10000 | $10515<br>|
| Russell 3000® Index<br>| $10000 | $10876<br>|
|  | 2024 | 2025 |

---

![](img111635_1.jpg)

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3902017456<br>|
| Number of Holdings | 86<br>|
| Total Advisory Fee | $22391274<br>|
| Portfolio Turnover | 12%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 26.6 |
| Industrials | 19.3 |
| Financials | 14.9 |
| Consumer Discretionary | 12.3 |
| Communication Services | 10.3 |
| Utilities | 8.9 |
| Materials | 3.3 |
| Health Care | 1.8 |
| Consumer Staples | 1.6 |
| Energy | 0.9 |

---

Common Stocks 99.9 <br> Bonds 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img289_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| 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 | 95.2 |
| Taiwan | 1.4 |
| Netherlands | 1.0 |
| Canada | 0.8 |
| United Kingdom | 0.7 |
| China | 0.7 |
| Hong Kong | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img289_20250731_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;Taiwan - 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;Netherlands - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 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;Hong Kong - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 5.9<br>|
| Meta Platforms Inc Class A | 5.8<br>|
| Vistra Corp | 5.7<br>|
| Apollo Global Management Inc | 3.7<br>|
| Comfort Systems USA Inc | 3.4<br>|
| Arthur J Gallagher & Co | 3.1<br>|
| Microsoft Corp | 3.1<br>|
| Broadcom Inc | 3.0<br>|
| Constellation Energy Corp | 2.8<br>|
| TopBuild Corp | 2.8<br>|
|  | 39.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 18, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Leveraged Company Stock Fund merged into Fidelity® Leveraged Company Stock Fund on October 25, 2024.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img289_20250731_2.jpg)<br>| ![](img111635_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918401.100 7805-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Leveraged Company Stock Fund<br> **Fidelity Advisor® Leveraged Company Stock Fund Class C : FLEMX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period October 18, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C A | $145  | 1.73% |

---

AExpenses for the full reporting period would be higher.

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell MidCap Index for the fiscal year, led by utilities. Security selection in industrials also boosted relative performance. Also lifting the fund's relative result were stock picks and an overweight in communication services, primarily within the media & entertainment industry.

• The top individual relative contributor was an overweight in Vistra (+169%). The company was among the fund's biggest holdings. A non-benchmark stake in Meta Platforms gained 64% and was the second-largest relative contributor. The company was the fund's biggest holding. A non-benchmark stake in Nvidia gained 52% and notably helped. The stock was among our biggest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in financials, primarily within the financial services industry. Stock picks in information technology, especially within the software & services industry, also hampered the fund's result. Also detracting were stock selection and an overweight in consumer discretionary, primarily within the consumer durables & apparel industry.

• Not owning Palantir Technologies, a benchmark component that gained 386%, was the biggest individual relative detractor. The second-largest relative detractor was an overweight in ON Semiconductor (-28%). Another notable relative detractor was our stake in Crocs (-37%). The stock was not held at period end.

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

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

**CUMULATIVE PERFORMANCE**

October 18, 2024 through July 31, 2025.

Initial investment of $10,000. Share class performance includes contingent deferred sales charges in the past one year.

---

| | | |
|:---|:---|:---|
| Class C<br>| $10000 | $11267<br>|
| Fidelity U.S. Leveraged Stock Linked Index℠<br>| $10000 | $11011<br>|
| Russell Midcap® Index<br>| $10000 | $10515<br>|
| Russell 3000® Index<br>| $10000 | $10876<br>|
|  | 2024 | 2025 |

---

![](img111636_1.jpg)

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3902017456<br>|
| Number of Holdings | 86<br>|
| Total Advisory Fee | $22391274<br>|
| Portfolio Turnover | 12%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 26.6 |
| Industrials | 19.3 |
| Financials | 14.9 |
| Consumer Discretionary | 12.3 |
| Communication Services | 10.3 |
| Utilities | 8.9 |
| Materials | 3.3 |
| Health Care | 1.8 |
| Consumer Staples | 1.6 |
| Energy | 0.9 |

---

Common Stocks 99.9 <br> Bonds 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img289_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| 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 | 95.2 |
| Taiwan | 1.4 |
| Netherlands | 1.0 |
| Canada | 0.8 |
| United Kingdom | 0.7 |
| China | 0.7 |
| Hong Kong | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img289_20250731_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;Taiwan - 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;Netherlands - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 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;Hong Kong - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 5.9<br>|
| Meta Platforms Inc Class A | 5.8<br>|
| Vistra Corp | 5.7<br>|
| Apollo Global Management Inc | 3.7<br>|
| Comfort Systems USA Inc | 3.4<br>|
| Arthur J Gallagher & Co | 3.1<br>|
| Microsoft Corp | 3.1<br>|
| Broadcom Inc | 3.0<br>|
| Constellation Energy Corp | 2.8<br>|
| TopBuild Corp | 2.8<br>|
|  | 39.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 18, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Leveraged Company Stock Fund merged into Fidelity® Leveraged Company Stock Fund on October 25, 2024.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img289_20250731_2.jpg)<br>| ![](img111636_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918399.100 7806-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Leveraged Company Stock Fund<br> **Fidelity Advisor® Leveraged Company Stock Fund Class I : FLENX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period October 18, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I A | $61  | 0.73% |

---

AExpenses for the full reporting period would be higher.

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell MidCap Index for the fiscal year, led by utilities. Security selection in industrials also boosted relative performance. Also lifting the fund's relative result were stock picks and an overweight in communication services, primarily within the media & entertainment industry.

• The top individual relative contributor was an overweight in Vistra (+169%). The company was among the fund's biggest holdings. A non-benchmark stake in Meta Platforms gained 64% and was the second-largest relative contributor. The company was the fund's biggest holding. A non-benchmark stake in Nvidia gained 52% and notably helped. The stock was among our biggest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in financials, primarily within the financial services industry. Stock picks in information technology, especially within the software & services industry, also hampered the fund's result. Also detracting were stock selection and an overweight in consumer discretionary, primarily within the consumer durables & apparel industry.

• Not owning Palantir Technologies, a benchmark component that gained 386%, was the biggest individual relative detractor. The second-largest relative detractor was an overweight in ON Semiconductor (-28%). Another notable relative detractor was our stake in Crocs (-37%). The stock was not held at period end.

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

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

**CUMULATIVE PERFORMANCE**

October 18, 2024 through July 31, 2025.

Initial investment of $10,000.

---

| | | |
|:---|:---|:---|
| Class I<br>| $10000 | $11456<br>|
| Fidelity U.S. Leveraged Stock Linked Index℠<br>| $10000 | $11011<br>|
| Russell Midcap® Index<br>| $10000 | $10515<br>|
| Russell 3000® Index<br>| $10000 | $10876<br>|
|  | 2024 | 2025 |

---

![](img111637_1.jpg)

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3902017456<br>|
| Number of Holdings | 86<br>|
| Total Advisory Fee | $22391274<br>|
| Portfolio Turnover | 12%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 26.6 |
| Industrials | 19.3 |
| Financials | 14.9 |
| Consumer Discretionary | 12.3 |
| Communication Services | 10.3 |
| Utilities | 8.9 |
| Materials | 3.3 |
| Health Care | 1.8 |
| Consumer Staples | 1.6 |
| Energy | 0.9 |

---

Common Stocks 99.9 <br> Bonds 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img289_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| 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 | 95.2 |
| Taiwan | 1.4 |
| Netherlands | 1.0 |
| Canada | 0.8 |
| United Kingdom | 0.7 |
| China | 0.7 |
| Hong Kong | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img289_20250731_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;Taiwan - 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;Netherlands - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 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;Hong Kong - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 5.9<br>|
| Meta Platforms Inc Class A | 5.8<br>|
| Vistra Corp | 5.7<br>|
| Apollo Global Management Inc | 3.7<br>|
| Comfort Systems USA Inc | 3.4<br>|
| Arthur J Gallagher & Co | 3.1<br>|
| Microsoft Corp | 3.1<br>|
| Broadcom Inc | 3.0<br>|
| Constellation Energy Corp | 2.8<br>|
| TopBuild Corp | 2.8<br>|
|  | 39.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 18, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Leveraged Company Stock Fund merged into Fidelity® Leveraged Company Stock Fund on October 25, 2024.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img289_20250731_2.jpg)<br>| ![](img111637_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918403.100 7807-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Leveraged Company Stock Fund<br> **Fidelity Advisor® Leveraged Company Stock Fund Class Z : FLEOX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period October 18, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z A | $51  | 0.61% |

---

AExpenses for the full reporting period would be higher.

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell MidCap Index for the fiscal year, led by utilities. Security selection in industrials also boosted relative performance. Also lifting the fund's relative result were stock picks and an overweight in communication services, primarily within the media & entertainment industry.

• The top individual relative contributor was an overweight in Vistra (+169%). The company was among the fund's biggest holdings. A non-benchmark stake in Meta Platforms gained 64% and was the second-largest relative contributor. The company was the fund's biggest holding. A non-benchmark stake in Nvidia gained 52% and notably helped. The stock was among our biggest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was stock picking in financials, primarily within the financial services industry. Stock picks in information technology, especially within the software & services industry, also hampered the fund's result. Also detracting were stock selection and an overweight in consumer discretionary, primarily within the consumer durables & apparel industry.

• Not owning Palantir Technologies, a benchmark component that gained 386%, was the biggest individual relative detractor. The second-largest relative detractor was an overweight in ON Semiconductor (-28%). Another notable relative detractor was our stake in Crocs (-37%). The stock was not held at period end.

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

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

**CUMULATIVE PERFORMANCE**

October 18, 2024 through July 31, 2025.

Initial investment of $10,000.

---

| | | |
|:---|:---|:---|
| Class Z<br>| $10000 | $11467<br>|
| Fidelity U.S. Leveraged Stock Linked Index℠<br>| $10000 | $11011<br>|
| Russell Midcap® Index<br>| $10000 | $10515<br>|
| Russell 3000® Index<br>| $10000 | $10876<br>|
|  | 2024 | 2025 |

---

![](img111638_1.jpg)

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3902017456<br>|
| Number of Holdings | 86<br>|
| Total Advisory Fee | $22391274<br>|
| Portfolio Turnover | 12%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 26.6 |
| Industrials | 19.3 |
| Financials | 14.9 |
| Consumer Discretionary | 12.3 |
| Communication Services | 10.3 |
| Utilities | 8.9 |
| Materials | 3.3 |
| Health Care | 1.8 |
| Consumer Staples | 1.6 |
| Energy | 0.9 |

---

Common Stocks 99.9 <br> Bonds 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img289_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| 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 | 95.2 |
| Taiwan | 1.4 |
| Netherlands | 1.0 |
| Canada | 0.8 |
| United Kingdom | 0.7 |
| China | 0.7 |
| Hong Kong | 0.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img289_20250731_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;Taiwan - 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;Netherlands - 1.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 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;Hong Kong - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 5.9<br>|
| Meta Platforms Inc Class A | 5.8<br>|
| Vistra Corp | 5.7<br>|
| Apollo Global Management Inc | 3.7<br>|
| Comfort Systems USA Inc | 3.4<br>|
| Arthur J Gallagher & Co | 3.1<br>|
| Microsoft Corp | 3.1<br>|
| Broadcom Inc | 3.0<br>|
| Constellation Energy Corp | 2.8<br>|
| TopBuild Corp | 2.8<br>|
|  | 39.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since October 18, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Leveraged Company Stock Fund merged into Fidelity® Leveraged Company Stock Fund on October 25, 2024.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img289_20250731_2.jpg)<br>| ![](img111638_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918405.100 7808-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Blue Chip Growth Fund<br> **Fidelity Advisor® Blue Chip Growth Fund Class A : FBCCX** <br>|

---

This annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period October 8, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A A | $86  | 0.97% |

---

AExpenses for the full reporting period would be higher.

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 1000 Growth Index for the fiscal year, led by information technology, primarily within the software & services industry. Stock selection in industrials also boosted the fund's relative performance. Also contributing to our result were stock picks and an underweight in consumer staples.

• The top individual relative contributor was an overweight in Nvidia (+52%). The stock was the fund's largest holding. The second-largest relative contributor was an overweight in AppLovin (+412%). This period we increased our investment in AppLovin. Another notable relative contributor was an overweight in Netflix (+84%). The stock was one of our largest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was security selection in consumer discretionary. Security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, also hampered the fund's result. Also detracting from our result was an underweight in information technology, primarily within the software & services industry.

• The biggest individual relative detractor was an underweight in Palantir Technologies (+489%). This period we increased our stake in Palantir Technologies. A non-benchmark stake in Snap returned roughly -29% and was a second notable relative detractor. An underweight in Broadcom (+85%) also hurt. This period we increased our stake in Broadcom. The stock was among the fund's largest holdings.

• Notable changes in positioning include decreased exposure to the health care sector.

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

**CUMULATIVE PERFORMANCE**

October 8, 2024 through July 31, 2025.

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

---

| | | |
|:---|:---|:---|
| Class A<br>| $9425 | $11100<br>|
| Russell 1000® Growth Index<br>| $10000 | $11753<br>|
| Russell 1000® Index<br>| $10000 | $11166<br>|
|  | 2024 | 2025 |

---

![](img111639_1.jpg)

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $79777622105<br>|
| Number of Holdings | 395<br>|
| Total Advisory Fee | $419162456<br>|
| Portfolio Turnover | 34%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 47.2 |
| Consumer Discretionary | 18.4 |
| Communication Services | 16.3 |
| Industrials | 5.5 |
| Health Care | 5.1 |
| Financials | 4.1 |
| Consumer Staples | 1.4 |
| Materials | 0.9 |
| Real Estate | 0.5 |
| Energy | 0.4 |
| Utilities | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.0 |
| Preferred Stocks | 1.9 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img312_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.0&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 - 0.1&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) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 93.9 |
| Canada | 1.2 |
| India | 1.2 |
| Taiwan | 0.8 |
| Netherlands | 0.8 |
| China | 0.4 |
| United Kingdom | 0.3 |
| Japan | 0.3 |
| Finland | 0.3 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img312_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.9&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;India - 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;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;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;China - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;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;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;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;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 | 16.5<br>|
| Amazon.com Inc | 8.6<br>|
| Microsoft Corp | 8.4<br>|
| Apple Inc | 7.7<br>|
| Meta Platforms Inc Class A | 5.5<br>|
| Alphabet Inc Class A | 4.8<br>|
| Netflix Inc | 3.0<br>|
| Broadcom Inc | 2.7<br>|
| Eli Lilly & Co | 2.0<br>|
| Marvell Technology Inc | 1.8<br>|
|  | 61.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img312_20250731_2.jpg)<br>| ![](img111639_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918458.100 7819-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Blue Chip Growth Fund<br> **Fidelity Advisor® Blue Chip Growth Fund Class M : FBCEX** <br>|

---

This annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period October 8, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M A | $107  | 1.21% |

---

AExpenses for the full reporting period would be higher.

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 1000 Growth Index for the fiscal year, led by information technology, primarily within the software & services industry. Stock selection in industrials also boosted the fund's relative performance. Also contributing to our result were stock picks and an underweight in consumer staples.

• The top individual relative contributor was an overweight in Nvidia (+52%). The stock was the fund's largest holding. The second-largest relative contributor was an overweight in AppLovin (+412%). This period we increased our investment in AppLovin. Another notable relative contributor was an overweight in Netflix (+84%). The stock was one of our largest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was security selection in consumer discretionary. Security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, also hampered the fund's result. Also detracting from our result was an underweight in information technology, primarily within the software & services industry.

• The biggest individual relative detractor was an underweight in Palantir Technologies (+489%). This period we increased our stake in Palantir Technologies. A non-benchmark stake in Snap returned roughly -29% and was a second notable relative detractor. An underweight in Broadcom (+85%) also hurt. This period we increased our stake in Broadcom. The stock was among the fund's largest holdings.

• Notable changes in positioning include decreased exposure to the health care sector.

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

**CUMULATIVE PERFORMANCE**

October 8, 2024 through July 31, 2025.

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

---

| | | |
|:---|:---|:---|
| Class M<br>| $9650 | $11342<br>|
| Russell 1000® Growth Index<br>| $10000 | $11753<br>|
| Russell 1000® Index<br>| $10000 | $11166<br>|
|  | 2024 | 2025 |

---

![](img111640_1.jpg)

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $79777622105<br>|
| Number of Holdings | 395<br>|
| Total Advisory Fee | $419162456<br>|
| Portfolio Turnover | 34%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 47.2 |
| Consumer Discretionary | 18.4 |
| Communication Services | 16.3 |
| Industrials | 5.5 |
| Health Care | 5.1 |
| Financials | 4.1 |
| Consumer Staples | 1.4 |
| Materials | 0.9 |
| Real Estate | 0.5 |
| Energy | 0.4 |
| Utilities | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.0 |
| Preferred Stocks | 1.9 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img312_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.0&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 - 0.1&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) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 93.9 |
| Canada | 1.2 |
| India | 1.2 |
| Taiwan | 0.8 |
| Netherlands | 0.8 |
| China | 0.4 |
| United Kingdom | 0.3 |
| Japan | 0.3 |
| Finland | 0.3 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img312_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.9&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;India - 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;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;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;China - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;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;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;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;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 | 16.5<br>|
| Amazon.com Inc | 8.6<br>|
| Microsoft Corp | 8.4<br>|
| Apple Inc | 7.7<br>|
| Meta Platforms Inc Class A | 5.5<br>|
| Alphabet Inc Class A | 4.8<br>|
| Netflix Inc | 3.0<br>|
| Broadcom Inc | 2.7<br>|
| Eli Lilly & Co | 2.0<br>|
| Marvell Technology Inc | 1.8<br>|
|  | 61.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img312_20250731_2.jpg)<br>| ![](img111640_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918462.100 7820-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Blue Chip Growth Fund<br> **Fidelity Advisor® Blue Chip Growth Fund Class C : FBCHX** <br>|

---

This annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period October 8, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C A | $152  | 1.72% |

---

AExpenses for the full reporting period would be higher.

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 1000 Growth Index for the fiscal year, led by information technology, primarily within the software & services industry. Stock selection in industrials also boosted the fund's relative performance. Also contributing to our result were stock picks and an underweight in consumer staples.

• The top individual relative contributor was an overweight in Nvidia (+52%). The stock was the fund's largest holding. The second-largest relative contributor was an overweight in AppLovin (+412%). This period we increased our investment in AppLovin. Another notable relative contributor was an overweight in Netflix (+84%). The stock was one of our largest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was security selection in consumer discretionary. Security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, also hampered the fund's result. Also detracting from our result was an underweight in information technology, primarily within the software & services industry.

• The biggest individual relative detractor was an underweight in Palantir Technologies (+489%). This period we increased our stake in Palantir Technologies. A non-benchmark stake in Snap returned roughly -29% and was a second notable relative detractor. An underweight in Broadcom (+85%) also hurt. This period we increased our stake in Broadcom. The stock was among the fund's largest holdings.

• Notable changes in positioning include decreased exposure to the health care sector.

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

**CUMULATIVE PERFORMANCE**

October 8, 2024 through July 31, 2025.

Initial investment of $10,000. Share class performance includes contingent deferred sales charges in the past one year.

---

| | | |
|:---|:---|:---|
| Class C<br>| $10000 | $11605<br>|
| Russell 1000® Growth Index<br>| $10000 | $11753<br>|
| Russell 1000® Index<br>| $10000 | $11166<br>|
|  | 2024 | 2025 |

---

![](img111641_1.jpg)

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $79777622105<br>|
| Number of Holdings | 395<br>|
| Total Advisory Fee | $419162456<br>|
| Portfolio Turnover | 34%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 47.2 |
| Consumer Discretionary | 18.4 |
| Communication Services | 16.3 |
| Industrials | 5.5 |
| Health Care | 5.1 |
| Financials | 4.1 |
| Consumer Staples | 1.4 |
| Materials | 0.9 |
| Real Estate | 0.5 |
| Energy | 0.4 |
| Utilities | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.0 |
| Preferred Stocks | 1.9 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img312_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.0&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 - 0.1&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) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 93.9 |
| Canada | 1.2 |
| India | 1.2 |
| Taiwan | 0.8 |
| Netherlands | 0.8 |
| China | 0.4 |
| United Kingdom | 0.3 |
| Japan | 0.3 |
| Finland | 0.3 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img312_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.9&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;India - 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;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;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;China - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;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;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;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;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 | 16.5<br>|
| Amazon.com Inc | 8.6<br>|
| Microsoft Corp | 8.4<br>|
| Apple Inc | 7.7<br>|
| Meta Platforms Inc Class A | 5.5<br>|
| Alphabet Inc Class A | 4.8<br>|
| Netflix Inc | 3.0<br>|
| Broadcom Inc | 2.7<br>|
| Eli Lilly & Co | 2.0<br>|
| Marvell Technology Inc | 1.8<br>|
|  | 61.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img312_20250731_2.jpg)<br>| ![](img111641_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918460.100 7821-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Blue Chip Growth Fund<br> **Fidelity Advisor® Blue Chip Growth Fund Class I : FBCJX** <br>|

---

This annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period October 8, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I A | $64  | 0.72% |

---

AExpenses for the full reporting period would be higher.

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 1000 Growth Index for the fiscal year, led by information technology, primarily within the software & services industry. Stock selection in industrials also boosted the fund's relative performance. Also contributing to our result were stock picks and an underweight in consumer staples.

• The top individual relative contributor was an overweight in Nvidia (+52%). The stock was the fund's largest holding. The second-largest relative contributor was an overweight in AppLovin (+412%). This period we increased our investment in AppLovin. Another notable relative contributor was an overweight in Netflix (+84%). The stock was one of our largest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was security selection in consumer discretionary. Security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, also hampered the fund's result. Also detracting from our result was an underweight in information technology, primarily within the software & services industry.

• The biggest individual relative detractor was an underweight in Palantir Technologies (+489%). This period we increased our stake in Palantir Technologies. A non-benchmark stake in Snap returned roughly -29% and was a second notable relative detractor. An underweight in Broadcom (+85%) also hurt. This period we increased our stake in Broadcom. The stock was among the fund's largest holdings.

• Notable changes in positioning include decreased exposure to the health care sector.

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

**CUMULATIVE PERFORMANCE**

October 8, 2024 through July 31, 2025.

Initial investment of $10,000.

---

| | | |
|:---|:---|:---|
| Class I<br>| $10000 | $11801<br>|
| Russell 1000® Growth Index<br>| $10000 | $11753<br>|
| Russell 1000® Index<br>| $10000 | $11166<br>|
|  | 2024 | 2025 |

---

![](img111642_1.jpg)

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $79777622105<br>|
| Number of Holdings | 395<br>|
| Total Advisory Fee | $419162456<br>|
| Portfolio Turnover | 34%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 47.2 |
| Consumer Discretionary | 18.4 |
| Communication Services | 16.3 |
| Industrials | 5.5 |
| Health Care | 5.1 |
| Financials | 4.1 |
| Consumer Staples | 1.4 |
| Materials | 0.9 |
| Real Estate | 0.5 |
| Energy | 0.4 |
| Utilities | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.0 |
| Preferred Stocks | 1.9 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img312_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.0&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 - 0.1&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) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 93.9 |
| Canada | 1.2 |
| India | 1.2 |
| Taiwan | 0.8 |
| Netherlands | 0.8 |
| China | 0.4 |
| United Kingdom | 0.3 |
| Japan | 0.3 |
| Finland | 0.3 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img312_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.9&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;India - 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;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;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;China - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;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;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;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;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 | 16.5<br>|
| Amazon.com Inc | 8.6<br>|
| Microsoft Corp | 8.4<br>|
| Apple Inc | 7.7<br>|
| Meta Platforms Inc Class A | 5.5<br>|
| Alphabet Inc Class A | 4.8<br>|
| Netflix Inc | 3.0<br>|
| Broadcom Inc | 2.7<br>|
| Eli Lilly & Co | 2.0<br>|
| Marvell Technology Inc | 1.8<br>|
|  | 61.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img312_20250731_2.jpg)<br>| ![](img111642_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918464.100 7822-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Blue Chip Growth Fund<br> **Fidelity Advisor® Blue Chip Growth Fund Class Z : FBCKX** <br>|

---

This annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period October 8, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z A | $54  | 0.61% |

---

AExpenses for the full reporting period would be higher.

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the Russell 1000 Growth Index for the fiscal year, led by information technology, primarily within the software & services industry. Stock selection in industrials also boosted the fund's relative performance. Also contributing to our result were stock picks and an underweight in consumer staples.

• The top individual relative contributor was an overweight in Nvidia (+52%). The stock was the fund's largest holding. The second-largest relative contributor was an overweight in AppLovin (+412%). This period we increased our investment in AppLovin. Another notable relative contributor was an overweight in Netflix (+84%). The stock was one of our largest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was security selection in consumer discretionary. Security selection in health care, primarily within the pharmaceuticals, biotechnology & life sciences industry, also hampered the fund's result. Also detracting from our result was an underweight in information technology, primarily within the software & services industry.

• The biggest individual relative detractor was an underweight in Palantir Technologies (+489%). This period we increased our stake in Palantir Technologies. A non-benchmark stake in Snap returned roughly -29% and was a second notable relative detractor. An underweight in Broadcom (+85%) also hurt. This period we increased our stake in Broadcom. The stock was among the fund's largest holdings.

• Notable changes in positioning include decreased exposure to the health care sector.

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

**CUMULATIVE PERFORMANCE**

October 8, 2024 through July 31, 2025.

Initial investment of $10,000.

---

| | | |
|:---|:---|:---|
| Class Z<br>| $10000 | $11812<br>|
| Russell 1000® Growth Index<br>| $10000 | $11753<br>|
| Russell 1000® Index<br>| $10000 | $11166<br>|
|  | 2024 | 2025 |

---

![](img111643_1.jpg)

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $79777622105<br>|
| Number of Holdings | 395<br>|
| Total Advisory Fee | $419162456<br>|
| Portfolio Turnover | 34%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 47.2 |
| Consumer Discretionary | 18.4 |
| Communication Services | 16.3 |
| Industrials | 5.5 |
| Health Care | 5.1 |
| Financials | 4.1 |
| Consumer Staples | 1.4 |
| Materials | 0.9 |
| Real Estate | 0.5 |
| Energy | 0.4 |
| Utilities | 0.2 |

---

---

| | |
|:---|:---|
| Common Stocks | 98.0 |
| Preferred Stocks | 1.9 |
| Bonds | 0.1 |
| Preferred Securities | 0.0 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img312_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.0&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 - 0.1&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) - 0.0 |

---

---

| | |
|:---|:---|
| United States | 93.9 |
| Canada | 1.2 |
| India | 1.2 |
| Taiwan | 0.8 |
| Netherlands | 0.8 |
| China | 0.4 |
| United Kingdom | 0.3 |
| Japan | 0.3 |
| Finland | 0.3 |
| Others | 0.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img312_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.9&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;India - 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;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;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;China - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;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;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;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;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 | 16.5<br>|
| Amazon.com Inc | 8.6<br>|
| Microsoft Corp | 8.4<br>|
| Apple Inc | 7.7<br>|
| Meta Platforms Inc Class A | 5.5<br>|
| Alphabet Inc Class A | 4.8<br>|
| Netflix Inc | 3.0<br>|
| Broadcom Inc | 2.7<br>|
| Eli Lilly & Co | 2.0<br>|
| Marvell Technology Inc | 1.8<br>|
|  | 61.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img312_20250731_2.jpg)<br>| ![](img111643_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918466.100 7823-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® OTC Portfolio<br> **Fidelity Advisor® OTC Fund Class A : FOTDX** <br>|

---

This annual shareholder report contains information about Fidelity® OTC Portfolio for the period October 8, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A A | $93  | 1.05% |

---

AExpenses for the full reporting period would be higher.

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the NASDAQ Composite Index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Investment choices and an overweight in communication services, primarily among media & entertainment stocks, also boosted relative performance. Also lifting the fund's relative result was security selection in health care, most notably in health care equipment & services.

• The fund's non-benchmark stake in Circle Internet Group gained roughly 121% and was the top individual relative contributor. This was a stake we established the past 12 months. Out-of-index exposure to Reddit (+164%) helped as well, followed by an overweight in Netflix (+84%), one of our biggest holdings.

• In contrast, the largest detractor from performance versus the benchmark was an overweight in health care. Stock selection and an underweight in information technology, primarily within the technology hardware & equipment industry, also hampered the fund's result. Picks in consumer discretionary hurt as well.

• The largest individual relative detractor was an underweight in Broadcom (+85%), a position we added to this period, making it one of our largest holdings. A stake in Regeneron Pharmaceuticals (-47%) also hurt, though the stock was no longer held at period end. An outsized position in Apple (-6%) was another detractor. The company was the fund's biggest holding this period, on average.

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

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

**CUMULATIVE PERFORMANCE**

October 8, 2024 through July 31, 2025.

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

---

| | | |
|:---|:---|:---|
| Class A<br>| $9425 | $11000<br>|
| Nasdaq Composite Index®<br>| $10000 | $11678<br>|
| S&P 500® Index<br>| $10000 | $11139<br>|
|  | 2024 | 2025 |

---

![](img111649_1.jpg)

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $32809438777<br>|
| Number of Holdings | 161<br>|
| Total Advisory Fee | $216631906<br>|
| Portfolio Turnover | 53%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 50.0 |
| Communication Services | 19.0 |
| Consumer Discretionary | 9.1 |
| Health Care | 8.5 |
| Industrials | 4.8 |
| Financials | 1.7 |
| Consumer Staples | 1.5 |
| Energy | 0.6 |
| Utilities | 0.6 |
| Real Estate | 0.2 |
| Materials | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 94.7 |
| Domestic Equity Funds | 3.4 |
| Preferred Stocks | 1.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.5 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img93_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.5 |

---

---

| | |
|:---|:---|
| United States | 93.3 |
| Taiwan | 2.8 |
| Netherlands | 1.4 |
| Korea (South) | 0.8 |
| China | 0.6 |
| Brazil | 0.4 |
| United Kingdom | 0.3 |
| Canada | 0.3 |
| Denmark | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img93_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.8&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;Netherlands - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 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;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 - 0.3&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;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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 15.1<br>|
| Microsoft Corp | 10.1<br>|
| Apple Inc | 9.8<br>|
| Amazon.com Inc | 6.5<br>|
| Alphabet Inc Class A | 5.2<br>|
| Meta Platforms Inc Class A | 4.8<br>|
| Invesco QQQ Trust ETF | 3.4<br>|
| Broadcom Inc | 3.0<br>|
| Alphabet Inc Class C | 2.9<br>|
| Netflix Inc | 2.7<br>|
|  | 63.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img93_20250731_2.jpg)<br>| ![](img111649_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918488.100 7814-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® OTC Portfolio<br> **Fidelity Advisor® OTC Fund Class M : FOTEX** <br>|

---

This annual shareholder report contains information about Fidelity® OTC Portfolio for the period October 8, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M A | $114  | 1.30% |

---

AExpenses for the full reporting period would be higher.

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the NASDAQ Composite Index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Investment choices and an overweight in communication services, primarily among media & entertainment stocks, also boosted relative performance. Also lifting the fund's relative result was security selection in health care, most notably in health care equipment & services.

• The fund's non-benchmark stake in Circle Internet Group gained roughly 121% and was the top individual relative contributor. This was a stake we established the past 12 months. Out-of-index exposure to Reddit (+164%) helped as well, followed by an overweight in Netflix (+84%), one of our biggest holdings.

• In contrast, the largest detractor from performance versus the benchmark was an overweight in health care. Stock selection and an underweight in information technology, primarily within the technology hardware & equipment industry, also hampered the fund's result. Picks in consumer discretionary hurt as well.

• The largest individual relative detractor was an underweight in Broadcom (+85%), a position we added to this period, making it one of our largest holdings. A stake in Regeneron Pharmaceuticals (-47%) also hurt, though the stock was no longer held at period end. An outsized position in Apple (-6%) was another detractor. The company was the fund's biggest holding this period, on average.

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

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

**CUMULATIVE PERFORMANCE**

October 8, 2024 through July 31, 2025.

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

---

| | | |
|:---|:---|:---|
| Class M<br>| $9650 | $11240<br>|
| Nasdaq Composite Index®<br>| $10000 | $11678<br>|
| S&P 500® Index<br>| $10000 | $11139<br>|
|  | 2024 | 2025 |

---

![](img111650_1.jpg)

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $32809438777<br>|
| Number of Holdings | 161<br>|
| Total Advisory Fee | $216631906<br>|
| Portfolio Turnover | 53%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 50.0 |
| Communication Services | 19.0 |
| Consumer Discretionary | 9.1 |
| Health Care | 8.5 |
| Industrials | 4.8 |
| Financials | 1.7 |
| Consumer Staples | 1.5 |
| Energy | 0.6 |
| Utilities | 0.6 |
| Real Estate | 0.2 |
| Materials | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 94.7 |
| Domestic Equity Funds | 3.4 |
| Preferred Stocks | 1.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.5 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img93_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.5 |

---

---

| | |
|:---|:---|
| United States | 93.3 |
| Taiwan | 2.8 |
| Netherlands | 1.4 |
| Korea (South) | 0.8 |
| China | 0.6 |
| Brazil | 0.4 |
| United Kingdom | 0.3 |
| Canada | 0.3 |
| Denmark | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img93_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.8&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;Netherlands - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 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;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 - 0.3&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;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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 15.1<br>|
| Microsoft Corp | 10.1<br>|
| Apple Inc | 9.8<br>|
| Amazon.com Inc | 6.5<br>|
| Alphabet Inc Class A | 5.2<br>|
| Meta Platforms Inc Class A | 4.8<br>|
| Invesco QQQ Trust ETF | 3.4<br>|
| Broadcom Inc | 3.0<br>|
| Alphabet Inc Class C | 2.9<br>|
| Netflix Inc | 2.7<br>|
|  | 63.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img93_20250731_2.jpg)<br>| ![](img111650_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918492.100 7815-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® OTC Portfolio<br> **Fidelity Advisor® OTC Fund Class C : FOTGX** <br>|

---

This annual shareholder report contains information about Fidelity® OTC Portfolio for the period October 8, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C A | $157  | 1.79% |

---

AExpenses for the full reporting period would be higher.

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the NASDAQ Composite Index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Investment choices and an overweight in communication services, primarily among media & entertainment stocks, also boosted relative performance. Also lifting the fund's relative result was security selection in health care, most notably in health care equipment & services.

• The fund's non-benchmark stake in Circle Internet Group gained roughly 121% and was the top individual relative contributor. This was a stake we established the past 12 months. Out-of-index exposure to Reddit (+164%) helped as well, followed by an overweight in Netflix (+84%), one of our biggest holdings.

• In contrast, the largest detractor from performance versus the benchmark was an overweight in health care. Stock selection and an underweight in information technology, primarily within the technology hardware & equipment industry, also hampered the fund's result. Picks in consumer discretionary hurt as well.

• The largest individual relative detractor was an underweight in Broadcom (+85%), a position we added to this period, making it one of our largest holdings. A stake in Regeneron Pharmaceuticals (-47%) also hurt, though the stock was no longer held at period end. An outsized position in Apple (-6%) was another detractor. The company was the fund's biggest holding this period, on average.

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

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

**CUMULATIVE PERFORMANCE**

October 8, 2024 through July 31, 2025.

Initial investment of $10,000. Share class performance includes contingent deferred sales charges in the past one year.

---

| | | |
|:---|:---|:---|
| Class C<br>| $10000 | $11502<br>|
| Nasdaq Composite Index®<br>| $10000 | $11678<br>|
| S&P 500® Index<br>| $10000 | $11139<br>|
|  | 2024 | 2025 |

---

![](img111651_1.jpg)

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $32809438777<br>|
| Number of Holdings | 161<br>|
| Total Advisory Fee | $216631906<br>|
| Portfolio Turnover | 53%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 50.0 |
| Communication Services | 19.0 |
| Consumer Discretionary | 9.1 |
| Health Care | 8.5 |
| Industrials | 4.8 |
| Financials | 1.7 |
| Consumer Staples | 1.5 |
| Energy | 0.6 |
| Utilities | 0.6 |
| Real Estate | 0.2 |
| Materials | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 94.7 |
| Domestic Equity Funds | 3.4 |
| Preferred Stocks | 1.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.5 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img93_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.5 |

---

---

| | |
|:---|:---|
| United States | 93.3 |
| Taiwan | 2.8 |
| Netherlands | 1.4 |
| Korea (South) | 0.8 |
| China | 0.6 |
| Brazil | 0.4 |
| United Kingdom | 0.3 |
| Canada | 0.3 |
| Denmark | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img93_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.8&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;Netherlands - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 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;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 - 0.3&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;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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 15.1<br>|
| Microsoft Corp | 10.1<br>|
| Apple Inc | 9.8<br>|
| Amazon.com Inc | 6.5<br>|
| Alphabet Inc Class A | 5.2<br>|
| Meta Platforms Inc Class A | 4.8<br>|
| Invesco QQQ Trust ETF | 3.4<br>|
| Broadcom Inc | 3.0<br>|
| Alphabet Inc Class C | 2.9<br>|
| Netflix Inc | 2.7<br>|
|  | 63.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img93_20250731_2.jpg)<br>| ![](img111651_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918490.100 7816-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® OTC Portfolio<br> **Fidelity Advisor® OTC Fund Class I : FOTHX** <br>|

---

This annual shareholder report contains information about Fidelity® OTC Portfolio for the period October 8, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I A | $70  | 0.79% |

---

AExpenses for the full reporting period would be higher.

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the NASDAQ Composite Index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Investment choices and an overweight in communication services, primarily among media & entertainment stocks, also boosted relative performance. Also lifting the fund's relative result was security selection in health care, most notably in health care equipment & services.

• The fund's non-benchmark stake in Circle Internet Group gained roughly 121% and was the top individual relative contributor. This was a stake we established the past 12 months. Out-of-index exposure to Reddit (+164%) helped as well, followed by an overweight in Netflix (+84%), one of our biggest holdings.

• In contrast, the largest detractor from performance versus the benchmark was an overweight in health care. Stock selection and an underweight in information technology, primarily within the technology hardware & equipment industry, also hampered the fund's result. Picks in consumer discretionary hurt as well.

• The largest individual relative detractor was an underweight in Broadcom (+85%), a position we added to this period, making it one of our largest holdings. A stake in Regeneron Pharmaceuticals (-47%) also hurt, though the stock was no longer held at period end. An outsized position in Apple (-6%) was another detractor. The company was the fund's biggest holding this period, on average.

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

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

**CUMULATIVE PERFORMANCE**

October 8, 2024 through July 31, 2025.

Initial investment of $10,000.

---

| | | |
|:---|:---|:---|
| Class I<br>| $10000 | $11694<br>|
| Nasdaq Composite Index®<br>| $10000 | $11678<br>|
| S&P 500® Index<br>| $10000 | $11139<br>|
|  | 2024 | 2025 |

---

![](img111652_1.jpg)

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $32809438777<br>|
| Number of Holdings | 161<br>|
| Total Advisory Fee | $216631906<br>|
| Portfolio Turnover | 53%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 50.0 |
| Communication Services | 19.0 |
| Consumer Discretionary | 9.1 |
| Health Care | 8.5 |
| Industrials | 4.8 |
| Financials | 1.7 |
| Consumer Staples | 1.5 |
| Energy | 0.6 |
| Utilities | 0.6 |
| Real Estate | 0.2 |
| Materials | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 94.7 |
| Domestic Equity Funds | 3.4 |
| Preferred Stocks | 1.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.5 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img93_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.5 |

---

---

| | |
|:---|:---|
| United States | 93.3 |
| Taiwan | 2.8 |
| Netherlands | 1.4 |
| Korea (South) | 0.8 |
| China | 0.6 |
| Brazil | 0.4 |
| United Kingdom | 0.3 |
| Canada | 0.3 |
| Denmark | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img93_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.8&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;Netherlands - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 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;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 - 0.3&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;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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 15.1<br>|
| Microsoft Corp | 10.1<br>|
| Apple Inc | 9.8<br>|
| Amazon.com Inc | 6.5<br>|
| Alphabet Inc Class A | 5.2<br>|
| Meta Platforms Inc Class A | 4.8<br>|
| Invesco QQQ Trust ETF | 3.4<br>|
| Broadcom Inc | 3.0<br>|
| Alphabet Inc Class C | 2.9<br>|
| Netflix Inc | 2.7<br>|
|  | 63.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img93_20250731_2.jpg)<br>| ![](img111652_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918494.100 7817-TSRA-0925 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® OTC Portfolio<br> **Fidelity Advisor® OTC Fund Class Z : FOTJX** <br>|

---

This annual shareholder report contains information about Fidelity® OTC Portfolio for the period October 8, 2024 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z A | $61  | 0.69% |

---

AExpenses for the full reporting period would be higher.

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the NASDAQ Composite Index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Investment choices and an overweight in communication services, primarily among media & entertainment stocks, also boosted relative performance. Also lifting the fund's relative result was security selection in health care, most notably in health care equipment & services.

• The fund's non-benchmark stake in Circle Internet Group gained roughly 121% and was the top individual relative contributor. This was a stake we established the past 12 months. Out-of-index exposure to Reddit (+164%) helped as well, followed by an overweight in Netflix (+84%), one of our biggest holdings.

• In contrast, the largest detractor from performance versus the benchmark was an overweight in health care. Stock selection and an underweight in information technology, primarily within the technology hardware & equipment industry, also hampered the fund's result. Picks in consumer discretionary hurt as well.

• The largest individual relative detractor was an underweight in Broadcom (+85%), a position we added to this period, making it one of our largest holdings. A stake in Regeneron Pharmaceuticals (-47%) also hurt, though the stock was no longer held at period end. An outsized position in Apple (-6%) was another detractor. The company was the fund's biggest holding this period, on average.

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

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

**CUMULATIVE PERFORMANCE**

October 8, 2024 through July 31, 2025.

Initial investment of $10,000.

---

| | | |
|:---|:---|:---|
| Class Z<br>| $10000 | $11705<br>|
| Nasdaq Composite Index®<br>| $10000 | $11678<br>|
| S&P 500® Index<br>| $10000 | $11139<br>|
|  | 2024 | 2025 |

---

![](img111653_1.jpg)

---

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

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $32809438777<br>|
| Number of Holdings | 161<br>|
| Total Advisory Fee | $216631906<br>|
| Portfolio Turnover | 53%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 50.0 |
| Communication Services | 19.0 |
| Consumer Discretionary | 9.1 |
| Health Care | 8.5 |
| Industrials | 4.8 |
| Financials | 1.7 |
| Consumer Staples | 1.5 |
| Energy | 0.6 |
| Utilities | 0.6 |
| Real Estate | 0.2 |
| Materials | 0.1 |

---

---

| | |
|:---|:---|
| Common Stocks | 94.7 |
| Domestic Equity Funds | 3.4 |
| Preferred Stocks | 1.4 |
| Short-Term Investments and Net Other Assets (Liabilities) | 0.5 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img93_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Domestic Equity Funds - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Preferred Stocks - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.5 |

---

---

| | |
|:---|:---|
| United States | 93.3 |
| Taiwan | 2.8 |
| Netherlands | 1.4 |
| Korea (South) | 0.8 |
| China | 0.6 |
| Brazil | 0.4 |
| United Kingdom | 0.3 |
| Canada | 0.3 |
| Denmark | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img93_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 93.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 2.8&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;Netherlands - 1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;China - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 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;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 - 0.3&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;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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 15.1<br>|
| Microsoft Corp | 10.1<br>|
| Apple Inc | 9.8<br>|
| Amazon.com Inc | 6.5<br>|
| Alphabet Inc Class A | 5.2<br>|
| Meta Platforms Inc Class A | 4.8<br>|
| Invesco QQQ Trust ETF | 3.4<br>|
| Broadcom Inc | 3.0<br>|
| Alphabet Inc Class C | 2.9<br>|
| Netflix Inc | 2.7<br>|
|  | 63.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img93_20250731_2.jpg)<br>| ![](img111653_3.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9918496.100 7818-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Growth & Income Portfolio<br> **Fidelity Advisor® Growth & Income Fund Class A : FGIDX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Growth & Income Portfolio for the period March 20, 2025 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class A A | $32  | 0.82% |

---

AExpenses for the full reporting period would be higher.

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500 index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Stock picks and an overweight in financials also boosted relative performance. Also helping our relative result were picks in energy.

• The top individual relative contributor was an overweight in GE Vernova (+255%). The company was among our largest holdings. A second notable relative contributor was an overweight in GE Aerospace (+60%). The stock was one of the fund's largest holdings. Another notable relative contributor was an overweight in Wells Fargo (+39%). The company was among the fund's largest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was an overweight in energy. An underweight in information technology, primarily within the semiconductors & semiconductor equipment industry, also hampered the fund's result. Also detracting from our result were picks and an underweight in communication services, primarily within the media & entertainment industry.

• The biggest individual relative detractor was an underweight in Nvidia (+52%). The stock was one of the fund's biggest holdings. A second notable relative detractor was an overweight in Exxon Mobil (-3%). The company was among the fund's biggest holdings. An overweight in UnitedHealth Group (-56%) also detracted.

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

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $12598565070<br>|
| Number of Holdings | 171<br>|
| Total Advisory Fee | $58489796<br>|
| Portfolio Turnover | 15%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 22.2 |
| Financials | 19.3 |
| Industrials | 18.6 |
| Health Care | 9.7 |
| Energy | 9.4 |
| Consumer Staples | 5.5 |
| Communication Services | 4.9 |
| Utilities | 2.4 |
| Consumer Discretionary | 2.0 |
| Materials | 1.6 |
| Real Estate | 1.3 |

---

Common Stocks 95.6 <br> Preferred Stocks 1.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img127_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.1 |

---

---

| | |
|:---|:---|
| United States | 90.7 |
| Canada | 2.0 |
| United Kingdom | 1.2 |
| Germany | 1.2 |
| Belgium | 1.0 |
| Zambia | 0.9 |
| France | 0.8 |
| Netherlands | 0.8 |
| Taiwan | 0.8 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img127_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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 - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 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;Belgium - 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;Zambia - 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;France - 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;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;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Microsoft Corp | 8.5<br>|
| Wells Fargo & Co | 6.6<br>|
| Exxon Mobil Corp | 5.3<br>|
| GE Aerospace | 4.7<br>|
| NVIDIA Corp | 4.2<br>|
| GE Vernova Inc | 3.8<br>|
| Bank of America Corp | 3.1<br>|
| Apple Inc | 2.5<br>|
| Boeing Co | 2.4<br>|
| Shell PLC ADR | 2.2<br>|
|  | 43.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since March 20, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Growth & Income Fund merged into Fidelity® Growth & Income Portfolio on March 28, 2025.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img127_20250731_1.jpg)<br>| ![](img111655_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> 1.9919311.100 8997-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Growth & Income Portfolio<br> **Fidelity Advisor® Growth & Income Fund Class M : FGIEX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Growth & Income Portfolio for the period March 20, 2025 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class M A | $42  | 1.07% |

---

AExpenses for the full reporting period would be higher.

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500 index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Stock picks and an overweight in financials also boosted relative performance. Also helping our relative result were picks in energy.

• The top individual relative contributor was an overweight in GE Vernova (+255%). The company was among our largest holdings. A second notable relative contributor was an overweight in GE Aerospace (+60%). The stock was one of the fund's largest holdings. Another notable relative contributor was an overweight in Wells Fargo (+39%). The company was among the fund's largest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was an overweight in energy. An underweight in information technology, primarily within the semiconductors & semiconductor equipment industry, also hampered the fund's result. Also detracting from our result were picks and an underweight in communication services, primarily within the media & entertainment industry.

• The biggest individual relative detractor was an underweight in Nvidia (+52%). The stock was one of the fund's biggest holdings. A second notable relative detractor was an overweight in Exxon Mobil (-3%). The company was among the fund's biggest holdings. An overweight in UnitedHealth Group (-56%) also detracted.

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

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $12598565070<br>|
| Number of Holdings | 171<br>|
| Total Advisory Fee | $58489796<br>|
| Portfolio Turnover | 15%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 22.2 |
| Financials | 19.3 |
| Industrials | 18.6 |
| Health Care | 9.7 |
| Energy | 9.4 |
| Consumer Staples | 5.5 |
| Communication Services | 4.9 |
| Utilities | 2.4 |
| Consumer Discretionary | 2.0 |
| Materials | 1.6 |
| Real Estate | 1.3 |

---

Common Stocks 95.6 <br> Preferred Stocks 1.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img127_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.1 |

---

---

| | |
|:---|:---|
| United States | 90.7 |
| Canada | 2.0 |
| United Kingdom | 1.2 |
| Germany | 1.2 |
| Belgium | 1.0 |
| Zambia | 0.9 |
| France | 0.8 |
| Netherlands | 0.8 |
| Taiwan | 0.8 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img127_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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 - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 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;Belgium - 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;Zambia - 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;France - 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;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;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Microsoft Corp | 8.5<br>|
| Wells Fargo & Co | 6.6<br>|
| Exxon Mobil Corp | 5.3<br>|
| GE Aerospace | 4.7<br>|
| NVIDIA Corp | 4.2<br>|
| GE Vernova Inc | 3.8<br>|
| Bank of America Corp | 3.1<br>|
| Apple Inc | 2.5<br>|
| Boeing Co | 2.4<br>|
| Shell PLC ADR | 2.2<br>|
|  | 43.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since March 20, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Growth & Income Fund merged into Fidelity® Growth & Income Portfolio on March 28, 2025.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img127_20250731_1.jpg)<br>| ![](img111656_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> 1.9919313.100 8998-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Growth & Income Portfolio<br> **Fidelity Advisor® Growth & Income Fund Class C : FGIJX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Growth & Income Portfolio for the period March 20, 2025 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class C A | $61  | 1.57% |

---

AExpenses for the full reporting period would be higher.

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500 index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Stock picks and an overweight in financials also boosted relative performance. Also helping our relative result were picks in energy.

• The top individual relative contributor was an overweight in GE Vernova (+255%). The company was among our largest holdings. A second notable relative contributor was an overweight in GE Aerospace (+60%). The stock was one of the fund's largest holdings. Another notable relative contributor was an overweight in Wells Fargo (+39%). The company was among the fund's largest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was an overweight in energy. An underweight in information technology, primarily within the semiconductors & semiconductor equipment industry, also hampered the fund's result. Also detracting from our result were picks and an underweight in communication services, primarily within the media & entertainment industry.

• The biggest individual relative detractor was an underweight in Nvidia (+52%). The stock was one of the fund's biggest holdings. A second notable relative detractor was an overweight in Exxon Mobil (-3%). The company was among the fund's biggest holdings. An overweight in UnitedHealth Group (-56%) also detracted.

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

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $12598565070<br>|
| Number of Holdings | 171<br>|
| Total Advisory Fee | $58489796<br>|
| Portfolio Turnover | 15%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 22.2 |
| Financials | 19.3 |
| Industrials | 18.6 |
| Health Care | 9.7 |
| Energy | 9.4 |
| Consumer Staples | 5.5 |
| Communication Services | 4.9 |
| Utilities | 2.4 |
| Consumer Discretionary | 2.0 |
| Materials | 1.6 |
| Real Estate | 1.3 |

---

Common Stocks 95.6 <br> Preferred Stocks 1.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img127_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.1 |

---

---

| | |
|:---|:---|
| United States | 90.7 |
| Canada | 2.0 |
| United Kingdom | 1.2 |
| Germany | 1.2 |
| Belgium | 1.0 |
| Zambia | 0.9 |
| France | 0.8 |
| Netherlands | 0.8 |
| Taiwan | 0.8 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img127_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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 - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 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;Belgium - 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;Zambia - 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;France - 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;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;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Microsoft Corp | 8.5<br>|
| Wells Fargo & Co | 6.6<br>|
| Exxon Mobil Corp | 5.3<br>|
| GE Aerospace | 4.7<br>|
| NVIDIA Corp | 4.2<br>|
| GE Vernova Inc | 3.8<br>|
| Bank of America Corp | 3.1<br>|
| Apple Inc | 2.5<br>|
| Boeing Co | 2.4<br>|
| Shell PLC ADR | 2.2<br>|
|  | 43.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since March 20, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Growth & Income Fund merged into Fidelity® Growth & Income Portfolio on March 28, 2025.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img127_20250731_1.jpg)<br>| ![](img111657_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> 1.9919315.100 8999-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Growth & Income Portfolio<br> **Fidelity Advisor® Growth & Income Fund Class I : FGJDX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Growth & Income Portfolio for the period March 20, 2025 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class I A | $22  | 0.57% |

---

AExpenses for the full reporting period would be higher.

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500 index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Stock picks and an overweight in financials also boosted relative performance. Also helping our relative result were picks in energy.

• The top individual relative contributor was an overweight in GE Vernova (+255%). The company was among our largest holdings. A second notable relative contributor was an overweight in GE Aerospace (+60%). The stock was one of the fund's largest holdings. Another notable relative contributor was an overweight in Wells Fargo (+39%). The company was among the fund's largest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was an overweight in energy. An underweight in information technology, primarily within the semiconductors & semiconductor equipment industry, also hampered the fund's result. Also detracting from our result were picks and an underweight in communication services, primarily within the media & entertainment industry.

• The biggest individual relative detractor was an underweight in Nvidia (+52%). The stock was one of the fund's biggest holdings. A second notable relative detractor was an overweight in Exxon Mobil (-3%). The company was among the fund's biggest holdings. An overweight in UnitedHealth Group (-56%) also detracted.

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

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $12598565070<br>|
| Number of Holdings | 171<br>|
| Total Advisory Fee | $58489796<br>|
| Portfolio Turnover | 15%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 22.2 |
| Financials | 19.3 |
| Industrials | 18.6 |
| Health Care | 9.7 |
| Energy | 9.4 |
| Consumer Staples | 5.5 |
| Communication Services | 4.9 |
| Utilities | 2.4 |
| Consumer Discretionary | 2.0 |
| Materials | 1.6 |
| Real Estate | 1.3 |

---

Common Stocks 95.6 <br> Preferred Stocks 1.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img127_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.1 |

---

---

| | |
|:---|:---|
| United States | 90.7 |
| Canada | 2.0 |
| United Kingdom | 1.2 |
| Germany | 1.2 |
| Belgium | 1.0 |
| Zambia | 0.9 |
| France | 0.8 |
| Netherlands | 0.8 |
| Taiwan | 0.8 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img127_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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 - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 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;Belgium - 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;Zambia - 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;France - 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;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;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Microsoft Corp | 8.5<br>|
| Wells Fargo & Co | 6.6<br>|
| Exxon Mobil Corp | 5.3<br>|
| GE Aerospace | 4.7<br>|
| NVIDIA Corp | 4.2<br>|
| GE Vernova Inc | 3.8<br>|
| Bank of America Corp | 3.1<br>|
| Apple Inc | 2.5<br>|
| Boeing Co | 2.4<br>|
| Shell PLC ADR | 2.2<br>|
|  | 43.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since March 20, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Growth & Income Fund merged into Fidelity® Growth & Income Portfolio on March 28, 2025.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img127_20250731_1.jpg)<br>| ![](img111658_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> 1.9919317.100 9000-TSRA-0925 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® Growth & Income Portfolio<br> **Fidelity Advisor® Growth & Income Fund Class Z : FGJEX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® Growth & Income Portfolio for the period March 20, 2025 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Class Z A | $18  | 0.45% |

---

AExpenses for the full reporting period would be higher.

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

• U.S. stocks achieved a strong gain for the 12 months ending July 31, 2025, erasing a brief but sharp decline that began in late February and steepened in early April upon the announcement of a sweeping tariff plan. The category then reversed course and made a strong advance through period end, rallying on a 90-day pause for most planned tariffs.

• Against this backdrop, security selection was the primary contributor to the fund's performance versus the S&P 500 index for the fiscal year, especially within industrials, where our picks in capital goods helped most. Stock picks and an overweight in financials also boosted relative performance. Also helping our relative result were picks in energy.

• The top individual relative contributor was an overweight in GE Vernova (+255%). The company was among our largest holdings. A second notable relative contributor was an overweight in GE Aerospace (+60%). The stock was one of the fund's largest holdings. Another notable relative contributor was an overweight in Wells Fargo (+39%). The company was among the fund's largest holdings.

• In contrast, the biggest detractor from performance versus the benchmark was an overweight in energy. An underweight in information technology, primarily within the semiconductors & semiconductor equipment industry, also hampered the fund's result. Also detracting from our result were picks and an underweight in communication services, primarily within the media & entertainment industry.

• The biggest individual relative detractor was an underweight in Nvidia (+52%). The stock was one of the fund's biggest holdings. A second notable relative detractor was an overweight in Exxon Mobil (-3%). The company was among the fund's biggest holdings. An overweight in UnitedHealth Group (-56%) also detracted.

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

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $12598565070<br>|
| Number of Holdings | 171<br>|
| Total Advisory Fee | $58489796<br>|
| Portfolio Turnover | 15%<br>|

---

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

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 22.2 |
| Financials | 19.3 |
| Industrials | 18.6 |
| Health Care | 9.7 |
| Energy | 9.4 |
| Consumer Staples | 5.5 |
| Communication Services | 4.9 |
| Utilities | 2.4 |
| Consumer Discretionary | 2.0 |
| Materials | 1.6 |
| Real Estate | 1.3 |

---

Common Stocks 95.6 <br> Preferred Stocks 1.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img127_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 95.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.1 |

---

---

| | |
|:---|:---|
| United States | 90.7 |
| Canada | 2.0 |
| United Kingdom | 1.2 |
| Germany | 1.2 |
| Belgium | 1.0 |
| Zambia | 0.9 |
| France | 0.8 |
| Netherlands | 0.8 |
| Taiwan | 0.8 |
| Others | 0.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img127_20250731_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 90.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 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 - 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 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;Belgium - 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;Zambia - 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;France - 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;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;Taiwan - 0.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Microsoft Corp | 8.5<br>|
| Wells Fargo & Co | 6.6<br>|
| Exxon Mobil Corp | 5.3<br>|
| GE Aerospace | 4.7<br>|
| NVIDIA Corp | 4.2<br>|
| GE Vernova Inc | 3.8<br>|
| Bank of America Corp | 3.1<br>|
| Apple Inc | 2.5<br>|
| Boeing Co | 2.4<br>|
| Shell PLC ADR | 2.2<br>|
|  | 43.3 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since March 20, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Growth & Income Fund merged into Fidelity® Growth & Income Portfolio on March 28, 2025.

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img127_20250731_1.jpg)<br>| ![](img111659_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> 1.9919319.100 9001-TSRA-0925 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, July 31, 2025, Fidelity Securities Fund (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

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

Item 4.

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

<u>Fees and Services</u>

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity Blue Chip Growth Fund, Fidelity Blue Chip Growth K6 Fund, Fidelity OTC K6 Portfolio, Fidelity OTC Portfolio, Fidelity Real Estate Income Fund, Fidelity Series Blue Chip Growth Fund, Fidelity Series Real Estate Income Fund and Fidelity Series Small Cap Opportunities Fund (the "Funds"):

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

**<u>July 31, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Blue Chip Growth Fund | &nbsp;&nbsp;$91500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7700  | &nbsp;&nbsp;$1200  |
| &nbsp;&nbsp;Fidelity Blue Chip Growth K6 Fund | &nbsp;&nbsp;$65200  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$4000  | &nbsp;&nbsp;$800  |
| &nbsp;&nbsp;Fidelity OTC K6 Portfolio | &nbsp;&nbsp;$65500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$6700  | &nbsp;&nbsp;$1100  |
| &nbsp;&nbsp;Fidelity OTC Portfolio | &nbsp;&nbsp;$75000  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$9200  | &nbsp;&nbsp;$1200  |
| &nbsp;&nbsp;Fidelity Real Estate Income Fund | &nbsp;&nbsp;$85500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$9000  | &nbsp;&nbsp;$1400  |
| &nbsp;&nbsp;Fidelity Series Blue Chip Growth Fund | &nbsp;&nbsp;$68000  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7700  | &nbsp;&nbsp;$1100  |
| &nbsp;&nbsp;Fidelity Series Real Estate Income Fund | &nbsp;&nbsp;$74700  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$9000  | &nbsp;&nbsp;$1300  |
| &nbsp;&nbsp;Fidelity Series Small Cap Opportunities Fund | &nbsp;&nbsp;$41100  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$7500  | &nbsp;&nbsp;$700  |

---

**<u>July 31, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Blue Chip Growth Fund | &nbsp;&nbsp;$83300  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$10400  | &nbsp;&nbsp;$1600  |
| &nbsp;&nbsp;Fidelity Blue Chip Growth K6 Fund | &nbsp;&nbsp;$55200  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$6900  | &nbsp;&nbsp;$1100  |
| &nbsp;&nbsp;Fidelity OTC K6 Portfolio | &nbsp;&nbsp;$68900  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$9900  | &nbsp;&nbsp;$1500  |
| &nbsp;&nbsp;Fidelity OTC Portfolio | &nbsp;&nbsp;$70000  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$9900  | &nbsp;&nbsp;$1600  |
| &nbsp;&nbsp;Fidelity Real Estate Income Fund | &nbsp;&nbsp;$81900  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$13100  | &nbsp;&nbsp;$1900  |
| &nbsp;&nbsp;Fidelity Series Blue Chip Growth Fund | &nbsp;&nbsp;$65400  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$8400  | &nbsp;&nbsp;$1600  |
| &nbsp;&nbsp;Fidelity Series Real Estate Income Fund | &nbsp;&nbsp;$71900  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$9700  | &nbsp;&nbsp;$1700  |
| &nbsp;&nbsp;Fidelity Series Small Cap Opportunities Fund | &nbsp;&nbsp;$39500  | &nbsp;&nbsp;$- | &nbsp;&nbsp;$8400  | &nbsp;&nbsp;$1000  |

---

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

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Blue Chip Value Fund, Fidelity Dividend Growth Fund, Fidelity Growth & Income Portfolio, Fidelity Leveraged Company Stock Fund, Fidelity Small Cap Growth Fund, Fidelity Small Cap Growth K6 Fund and Fidelity Small Cap Value Fund (the "Funds"):

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

**<u>July 31, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Blue Chip Value Fund | &nbsp;&nbsp;$54200  | &nbsp;&nbsp;$3900  | &nbsp;&nbsp;$9100  | &nbsp;&nbsp;$1300  |
| &nbsp;&nbsp;Fidelity Dividend Growth Fund | &nbsp;&nbsp;$60300  | &nbsp;&nbsp;$4500  | &nbsp;&nbsp;$9100  | &nbsp;&nbsp;$1500  |
| &nbsp;&nbsp;Fidelity Growth & Income Portfolio | &nbsp;&nbsp;$63000  | &nbsp;&nbsp;$5200  | &nbsp;&nbsp;$11300  | &nbsp;&nbsp;$1700  |
| &nbsp;&nbsp;Fidelity Leveraged Company Stock Fund | &nbsp;&nbsp;$55200  | &nbsp;&nbsp;$4300  | &nbsp;&nbsp;$11400  | &nbsp;&nbsp;$1400  |
| &nbsp;&nbsp;Fidelity Small Cap Growth Fund | &nbsp;&nbsp;$52700  | &nbsp;&nbsp;$3700  | &nbsp;&nbsp;$14300  | &nbsp;&nbsp;$1200  |
| &nbsp;&nbsp;Fidelity Small Cap Growth K6 Fund | &nbsp;&nbsp;$48700  | &nbsp;&nbsp;$3100  | &nbsp;&nbsp;$5700  | &nbsp;&nbsp;$1000  |
| &nbsp;&nbsp;Fidelity Small Cap Value Fund | &nbsp;&nbsp;$48400  | &nbsp;&nbsp;$4000  | &nbsp;&nbsp;$9100  | &nbsp;&nbsp;$1300  |

---

**<u>July 31, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Audit Fees** | &nbsp;&nbsp;**Audit-Related Fees** | &nbsp;&nbsp;**Tax Fees** | &nbsp;&nbsp;**All Other Fees** |
| &nbsp;&nbsp;Fidelity Blue Chip Value Fund | &nbsp;&nbsp;$44200  | &nbsp;&nbsp;$4100  | &nbsp;&nbsp;$8800  | &nbsp;&nbsp;$1400  |
| &nbsp;&nbsp;Fidelity Dividend Growth Fund | &nbsp;&nbsp;$53200  | &nbsp;&nbsp;$4800  | &nbsp;&nbsp;$11400  | &nbsp;&nbsp;$1600  |
| &nbsp;&nbsp;Fidelity Growth & Income Portfolio | &nbsp;&nbsp;$60400  | &nbsp;&nbsp;$5500  | &nbsp;&nbsp;$11000  | &nbsp;&nbsp;$1900  |
| &nbsp;&nbsp;Fidelity Leveraged Company Stock Fund | &nbsp;&nbsp;$44200  | &nbsp;&nbsp;$4300  | &nbsp;&nbsp;$11100  | &nbsp;&nbsp;$1500  |
| &nbsp;&nbsp;Fidelity Small Cap Growth Fund | &nbsp;&nbsp;$42400  | &nbsp;&nbsp;$4000  | &nbsp;&nbsp;$16600  | &nbsp;&nbsp;$1400  |
| &nbsp;&nbsp;Fidelity Small Cap Growth K6 Fund | &nbsp;&nbsp;$39500  | &nbsp;&nbsp;$3700  | &nbsp;&nbsp;$10600  | &nbsp;&nbsp;$1200  |
| &nbsp;&nbsp;Fidelity Small Cap Value Fund | &nbsp;&nbsp;$45900  | &nbsp;&nbsp;$4200  | &nbsp;&nbsp;$8800  | &nbsp;&nbsp;$1400  |

---

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

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

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>July 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>July 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$125000 | &nbsp;&nbsp;$200000 |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$- | &nbsp;&nbsp;$- |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$2970400 | &nbsp;&nbsp;$1929500 |

---

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

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**<u>July 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>July 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;$9680100  | &nbsp;&nbsp;$9437800  |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;$1000  | &nbsp;&nbsp;$61000  |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;$-  | &nbsp;&nbsp;$35000  |

---

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

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

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

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

Assurance services must be performed by an independent public accountant.

\* \* \*

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Billed By</u>** | &nbsp;&nbsp;**<u>July 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp;**<u>July 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp;Deloitte Entities | &nbsp;&nbsp;$3501800  | &nbsp;&nbsp;$5037200  |
| &nbsp;&nbsp;PwC | &nbsp;&nbsp;$14745700  | &nbsp;&nbsp;$15127700  |

---

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

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

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

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

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

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

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

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

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

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

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

Item 5.

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

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable.

Item 7.

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

**Fidelity® Small Cap Value Fund**

**Annual Report**

**July 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img111415_1.jpg)

![](img111415_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SCV-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Small Cap Value Fund](#Sub_Sec_Fund_1389_SCV-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1389_SCV-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SCV-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SCV-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SCV-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SCV-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SCV-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SCV-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Small Cap Value Fund**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.9%** | &nbsp;&nbsp;**Common Stocks - 98.9%** | &nbsp;&nbsp;**Common Stocks - 98.9%** |
|  | Shares | Value ($)<br>|
| BERMUDA - 1.8%  |  |  |
| Financials - 1.8% |  |  |
| Banks - 1.8% |  |  |
| Bank of Nt Butterfield & Son Ltd/The (United States)  | 1760000 | 80097600 |
| CANADA - 3.5%  |  |  |
| Energy - 0.7% |  |  |
| Energy Equipment & Services - 0.7% |  |  |
| CES Energy Solutions Corp (a) | 6250000 | 32702439 |
| Financials - 0.5% |  |  |
| Financial Services - 0.5% |  |  |
| ECN Capital Corp (a) | 10243751 | 22474742 |
| Utilities - 2.3% |  |  |
| Gas Utilities - 2.3% |  |  |
| Brookfield Infrastructure Corp (United States) (a) | 2585750 | 100947681 |
| TOTAL CANADA |  | 156124862 |
| NETHERLANDS - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Merus NV (b) | 138301 | 9161058 |
| UNITED STATES - 93.4%  |  |  |
| Consumer Discretionary - 12.1% |  |  |
| Diversified Consumer Services - 0.7% |  |  |
| KinderCare Learning Cos Inc (a)(b) | 3389146 | 32569693 |
| Hotels, Restaurants & Leisure - 1.1% |  |  |
| Wyndham Hotels & Resorts Inc  | 560000 | 48160000 |
| Household Durables - 3.6% |  |  |
| Installed Building Products Inc (a) | 87604 | 17721413 |
| KB Home  | 1818130 | 100469864 |
| Taylor Morrison Home Corp (b) | 705900 | 41845752 |
|  |  | 160037029 |
| Specialty Retail - 4.5% |  |  |
| American Eagle Outfitters Inc (a) | 6000258 | 64802786 |
| Murphy USA Inc  | 170848 | 61928983 |
| Signet Jewelers Ltd (a) | 865000 | 68421500 |
|  |  | 195153269 |
| Textiles, Apparel & Luxury Goods - 2.2% |  |  |
| Capri Holdings Ltd (b) | 519601 | 9451542 |
| PVH Corp  | 897382 | 65885787 |
| Under Armour Inc Class A (a)(b) | 3197650 | 21232396 |
|  |  | 96569725 |
| TOTAL CONSUMER DISCRETIONARY |  | 532489716 |
| Consumer Staples - 0.6% |  |  |
| Food Products - 0.6% |  |  |
| J & J Snack Foods Corp  | 227139 | 25641721 |
| Energy - 4.5% |  |  |
| Energy Equipment & Services - 2.3% |  |  |
| Atlas Energy Solutions Inc (a) | 2295000 | 29835000 |
| Cactus Inc Class A  | 730148 | 30892562 |
| Kodiak Gas Services Inc (a) | 1258121 | 40675052 |
|  |  | 101402614 |
| Oil, Gas & Consumable Fuels - 2.2% |  |  |
| Chord Energy Corp  | 310000 | 34202300 |
| Core Natural Resources Inc  | 820000 | 60524200 |
|  |  | 94726500 |
| TOTAL ENERGY |  | 196129114 |
| Financials - 27.8% |  |  |
| Banks - 15.5% |  |  |
| Axos Financial Inc (b) | 324671 | 28035341 |
| BOK Financial Corp  | 588837 | 59784621 |
| Cadence Bank  | 2660326 | 92712361 |
| Eastern Bankshares Inc  | 6177339 | 95439888 |
| First Bancorp/Southern Pines NC  | 63380 | 3174704 |
| Old National Bancorp/IN  | 4768286 | 100658517 |
| SouthState Corp  | 668746 | 62975811 |
| Synovus Financial Corp  | 330992 | 15636062 |
| TriCo Bancshares  | 673716 | 27703202 |
| UMB Financial Corp  | 815477 | 89694315 |
| Webster Financial Corp  | 539700 | 31113705 |
| Wintrust Financial Corp  | 549803 | 70363788 |
|  |  | 677292315 |
| Capital Markets - 2.2% |  |  |
| AllianceBernstein Holding LP (a) | 1133857 | 46250027 |
| Lazard Inc  | 989895 | 51454742 |
|  |  | 97704769 |
| Consumer Finance - 1.5% |  |  |
| FirstCash Holdings Inc  | 504780 | 67282126 |
| Financial Services - 2.0% |  |  |
| Federal Agricultural Mortgage Corp Class C  | 145000 | 24979150 |
| HA Sustainable Infrastructure Capital Inc (a) | 2440205 | 63372124 |
|  |  | 88351274 |
| Insurance - 6.6% |  |  |
| Axis Capital Holdings Ltd  | 695000 | 65218800 |
| Baldwin Insurance Group Inc/The Class A (a)(b) | 1911599 | 70423307 |
| Old Republic International Corp  | 1912281 | 69167204 |
| Primerica Inc  | 317615 | 84368072 |
|  |  | 289177383 |
| TOTAL FINANCIALS |  | 1219807867 |
| Health Care - 5.8% |  |  |
| Biotechnology - 1.5% |  |  |
| CG oncology Inc (b) | 205905 | 5495604 |
| Cogent Biosciences Inc (b) | 375000 | 4282500 |
| Cytokinetics Inc (b) | 500853 | 18852107 |
| Disc Medicine Inc (b) | 124424 | 7435578 |
| Soleno Therapeutics Inc (b) | 74300 | 6424721 |
| Spyre Therapeutics Inc (a)(b) | 340564 | 5779371 |
| Vaxcyte Inc (b) | 581133 | 19729466 |
|  |  | 67999347 |
| Health Care Providers & Services - 2.9% |  |  |
| AMN Healthcare Services Inc (b) | 1830849 | 33577771 |
| BrightSpring Health Services Inc (a)(b) | 2560380 | 52871847 |
| Pediatrix Medical Group Inc (a)(b) | 1971387 | 24149491 |
| Pennant Group Inc/The (b) | 822212 | 18228440 |
|  |  | 128827549 |
| Health Care Technology - 0.6% |  |  |
| Evolent Health Inc Class A (b) | 2544086 | 25568064 |
| Pharmaceuticals - 0.8% |  |  |
| Enliven Therapeutics Inc (a)(b) | 273477 | 5144102 |
| Ligand Pharmaceuticals Inc (b) | 215000 | 28289700 |
|  |  | 33433802 |
| TOTAL HEALTH CARE |  | 255828762 |
| Industrials - 18.6% |  |  |
| Building Products - 0.6% |  |  |
| Masterbrand Inc (b) | 2312239 | 25503996 |
| Construction & Engineering - 1.2% |  |  |
| IES Holdings Inc (b) | 152913 | 53988993 |
| Ground Transportation - 2.4% |  |  |
| ArcBest Corp  | 350080 | 25601350 |
| Knight-Swift Transportation Holdings Inc  | 1254600 | 53320500 |
| Saia Inc (b) | 90000 | 27201600 |
|  |  | 106123450 |
| Machinery - 6.7% |  |  |
| Atmus Filtration Technologies Inc  | 930000 | 36186300 |
| Blue Bird Corp (a)(b)(c) | 1977811 | 88586155 |
| Enpro Inc  | 185086 | 39314117 |
| JBT Marel Corp  | 266618 | 36739960 |
| REV Group Inc (a) | 1877420 | 93026162 |
|  |  | 293852694 |
| Professional Services - 5.7% |  |  |
| Genpact Ltd  | 1432957 | 63121756 |
| KBR Inc  | 1304038 | 60950736 |
| Parsons Corp (a)(b) | 870000 | 64554000 |
| Science Applications International Corp  | 557256 | 62122899 |
|  |  | 250749391 |
| Trading Companies & Distributors - 2.0% |  |  |
| DXP Enterprises Inc/TX (b) | 405250 | 45898615 |
| Herc Holdings Inc (a) | 367500 | 42927675 |
|  |  | 88826290 |
| TOTAL INDUSTRIALS |  | 819044814 |
| Information Technology - 8.6% |  |  |
| Electronic Equipment, Instruments & Components - 5.2% |  |  |
| Bel Fuse Inc Class B  | 223799 | 29102822 |
| Insight Enterprises Inc (b) | 886510 | 105122356 |
| Sanmina Corp (b) | 603578 | 70039191 |
| Vontier Corp  | 565000 | 23430550 |
|  |  | 227694919 |
| IT Services - 1.3% |  |  |
| Kyndryl Holdings Inc (b) | 1545240 | 58363715 |
| Semiconductors & Semiconductor Equipment - 2.1% |  |  |
| Onto Innovation Inc (b) | 440000 | 41690000 |
| Penguin Solutions Inc (a)(b) | 2150000 | 50675500 |
|  |  | 92365500 |
| TOTAL INFORMATION TECHNOLOGY |  | 378424134 |
| Materials - 3.7% |  |  |
| Construction Materials - 2.6% |  |  |
| Eagle Materials Inc  | 246000 | 55175340 |
| Knife River Corp (a)(b) | 725000 | 59798000 |
|  |  | 114973340 |
| Containers & Packaging - 1.1% |  |  |
| Graphic Packaging Holding CO (a) | 2110000 | 47179600 |
| TOTAL MATERIALS |  | 162152940 |
| Real Estate - 10.5% |  |  |
| Health Care REITs - 1.8% |  |  |
| American Healthcare REIT Inc  | 59634 | 2304258 |
| CareTrust REIT Inc  | 2391581 | 76052276 |
|  |  | 78356534 |
| Office REITs - 1.1% |  |  |
| Douglas Emmett Inc  | 3205028 | 48588224 |
| Real Estate Management & Development - 2.5% |  |  |
| Compass Inc Class A (b) | 9480000 | 75271200 |
| Cushman & Wakefield PLC (b) | 2976225 | 36280183 |
|  |  | 111551383 |
| Retail REITs - 3.5% |  |  |
| Acadia Realty Trust  | 2769400 | 51843168 |
| Curbline Properties Corp  | 1318892 | 29147513 |
| Macerich Co/The  | 2901800 | 48489078 |
| SITE Centers Corp  | 2441270 | 26292478 |
|  |  | 155772237 |
| Specialized REITs - 1.6% |  |  |
| National Storage Affiliates Trust  | 819000 | 24127740 |
| Outfront Media Inc  | 2526168 | 44283725 |
|  |  | 68411465 |
| TOTAL REAL ESTATE |  | 462679843 |
| Utilities - 1.2% |  |  |
| Water Utilities - 1.2% |  |  |
| California Water Service Group (a) | 1144961 | 52061377 |
| TOTAL UNITED STATES |  | 4104260288 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $4,006,600,866) |  | <br> **4349643808** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.9%** | &nbsp;&nbsp;**Money Market Funds - 5.9%** | &nbsp;&nbsp;**Money Market Funds - 5.9%** | &nbsp;&nbsp;**Money Market Funds - 5.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (d) | 4.33 | 53250311 | 53260961 |
| Fidelity Securities Lending Cash Central Fund (d)(e) | 4.33 | 207717212 | 207737983 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $260,998,944) |  |  | **260998944** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 104.8%**<br> (Cost $4,267,599,810)<br>| <br>**4610642752** |
| **NET OTHER ASSETS (LIABILITIES) - (4.8)%**  | **(211880635)** |
| **NET ASSETS - 100.0%** | **4398762117** |

---

**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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 74491302 | 1924568202 | 1945798543 | 2433048 | - | - | 53260961 | 53250311 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 321942029 | 1911664919 | 2025868965 | 1791711 | - | - | 207737983 | 207717212 | 0.8% |
| Total | 396433331 | 3836233121 | 3971667508 | 4224759 | - | - | 260998944 |  |  |

---

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  |
| AMN Healthcare Serices Inc | 97147693 | 65567842 | 47817083 | - | (55883559) | (25437122) | - | - |
| Blue Bird Corp | 32705300 | 61373788 | 1507099 | - | (718733) | (3267101) | 88586155 | 1977811 |
| Owens & Minor Inc | 81344368 | 6140060 | 50062157 | - | (107404502) | 69982231 | - | - |
| REV Group Inc | 85366148 | 11459208 | 47764242 | 525504 | 8754796 | 35210251 | - | - |
| Total | 296563509 | 144540898 | 147150581 | 525504 | (155251998) | 76488259 | 88586155 |  |

---

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 July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Consumer Discretionary | 532489716 | 532489716 | - | - |
| Consumer Staples | 25641721 | 25641721 | - | - |
| Energy | 228831553 | 228831553 | - | - |
| Financials | 1322380209 | 1322380209 | - | - |
| Health Care | 264989820 | 264989820 | - | - |
| Industrials | 819044814 | 819044814 | - | - |
| Information Technology | 378424134 | 378424134 | - | - |
| Materials | 162152940 | 162152940 | - | - |
| Real Estate | 462679843 | 462679843 | - | - |
| Utilities | 153009058 | 153009058 | - | - |
|  **Money Market Funds** | 260998944 | 260998944 | - | - |
| **Total Investments in Securities:** | 4610642752 | 4610642752 | - | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $231,314,857) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,913,519,452) | $4261057653 |  |
| Fidelity Central Funds (cost $260,998,944) | 260998944 |  |
| Other affiliated issuers (cost $93,081,414) | 88586155 |  |
| Total Investment in Securities (cost $4,267,599,810) |  | $4610642752 |
| Foreign currency held at value (cost $382,125) |  | 402902 |
| Receivable for investments sold |  | 27855944 |
| Receivable for fund shares sold |  | 1937338 |
| Dividends receivable |  | 956514 |
| Distributions receivable from Fidelity Central Funds |  | 149215 |
| Prepaid expenses |  | 660 |
| **Total assets** |  | 4641945325 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $26669418 |  |
| Payable for fund shares redeemed | 5159932 |  |
| Accrued management fee | 3440420 |  |
| Distribution and service plan fees payable | 120065 |  |
| Other payables and accrued expenses | 60971 |  |
| Collateral on securities loaned | 207732402 |  |
| **Total liabilities** |  | 243183208 |
| **Net Assets**  |  | $4398762117 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3786770276 |
| Total accumulated earnings (loss) |  | 611991841 |
| **Net Assets** |  | $4398762117 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($232,664,404 ÷ 11,932,284 shares)(a) |  | $19.50 |
| Maximum offering price per share (100/94.25 of $19.50) |  | $20.69 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($97,536,241 ÷ 5,259,847 shares)(a) |  | $18.54 |
| Maximum offering price per share (100/96.50 of $18.54) |  | $19.21 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($33,268,697 ÷ 2,090,505 shares)(a) |  | $15.91 |
| **Small Cap Value :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,402,747,934 ÷ 118,626,502 shares) |  | $20.25 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($908,375,064 ÷ 44,850,486 shares) |  | $20.25 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($724,169,777 ÷ 35,713,745 shares) |  | $20.28 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $79967683 |
| Income from Fidelity Central Funds (including $1,791,711 from security lending)  |  | 4224759 |
| **Total income** |  | 84192442 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $35940716 |  |
| Performance adjustment | 6531217 |  |
| Distribution and service plan fees | 1489924 |  |
| Custodian fees and expenses | 49894 |  |
| Independent trustees' fees and expenses | 19269 |  |
| Registration fees | 166648 |  |
| Audit fees | 66827 |  |
| Legal | 5237 |  |
| Interest | 13364 |  |
| Miscellaneous | 121870 |  |
| **Total expenses** |  | 44404966 |
| **Net Investment income (loss)** |  | 39787476 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 498601962 |  |
| Affiliated issuers | (155251998) |  |
| Foreign currency transactions | 30327 |  |
| Total net realized gain (loss) |  | 343380291 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (595567996) |  |
| Affiliated issuers  | 76488259 |  |
| Assets and liabilities in foreign currencies | 55243 |  |
| Total change in net unrealized appreciation (depreciation) |  | (519024494) |
| **Net gain (loss)** |  | (175644203) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(135856727) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $39787476 | $34583779 |
| &nbsp;&nbsp;Net realized gain (loss) | 343380291<br>| 250757337<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (519024494) | 425535071<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (135856727)<br>| 710876187<br>|
| Distributions to shareholders | (290185441)<br>| (251816868)<br>|
| Share transactions - net increase (decrease) | (303727803)<br>| (238811656)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (729769971)<br>| 220247663<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 5128532088 | 4908284425<br>|
| &nbsp;&nbsp;End of period | $4398762117 | $5128532088 |

---

**Financial Highlights** 

**Fidelity Advisor® Small Cap Value Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $21.25 | $19.35 | $19.13 | $21.03 | $12.33 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .11  | .09  | .09  | .18 C | .09 D |
| Net realized and unrealized gain (loss)  | (.67)  | 2.80  | 1.18  | (.41)  | 8.66  |
| Total from investment operations  | (.56)  | 2.89  | 1.27  | (.23)  | 8.75  |
| Distributions from net investment income  | (.07)  | (.09)  | -  | (.39)  | (.05)  |
| Distributions from net realized gain  | (1.13)  | (.90)  | (1.05)  | (1.28)  | -  |
| Total distributions  | (1.19) E | (.99)  | (1.05)  | (1.67)  | (.05)  |
| Net asset value, end of period  | $19.50 | $21.25 | $19.35 | $19.13 | $21.03 |
| **Total Return** F,G | (2.62)% <br>| 16.03%  | 7.17%  | (1.50)%  | 71.07%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |
| Expenses before reductions  | 1.20%  | 1.30%  | 1.30%  | 1.26%  | 1.24%  |
| Expenses net of fee waivers, if any  | 1.20% <br>| 1.29%  | 1.29%  | 1.25%  | 1.24%  |
| Expenses net of all reductions, if any  | 1.20%  | 1.29%  | 1.29%  | 1.25%  | 1.23%  |
| Net investment income (loss)  | .59%  | .50%  | .51%  | .90% C | .50% D |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $232664 | $275800 | $270455 | $267854 | $232920 |
| Portfolio turnover rate J | 96% <br>| 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 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*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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.29 | $18.55 | $18.42 | $20.31 | $11.93 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .06  | .04  | .04  | .13 C | .05 D |
| Net realized and unrealized gain (loss)  | (.65)  | 2.68  | 1.14  | (.40)  | 8.37  |
| Total from investment operations  | (.59)  | 2.72  | 1.18  | (.27)  | 8.42  |
| Distributions from net investment income  | (.05)  | (.08)  | -  | (.35)  | (.04)  |
| Distributions from net realized gain  | (1.12)  | (.90)  | (1.05)  | (1.28)  | -  |
| Total distributions  | (1.16) E | (.98)  | (1.05)  | (1.62) E | (.04)  |
| Net asset value, end of period  | $18.54 | $20.29 | $18.55 | $18.42 | $20.31 |
| **Total Return** F,G | (2.92)% <br>| 15.75%  | 6.95%  | (1.74)%  | 70.63%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |
| Expenses before reductions  | 1.45%  | 1.55%  | 1.54%  | 1.50%  | 1.48%  |
| Expenses net of fee waivers, if any  | 1.45% <br>| 1.55%  | 1.54%  | 1.49%  | 1.48%  |
| Expenses net of all reductions, if any  | 1.45%  | 1.55%  | 1.54%  | 1.49%  | 1.47%  |
| Net investment income (loss)  | .34%  | .24%  | .26%  | .66% C | .26% D |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $97536 | $106502 | $94205 | $81790 | $80182 |
| Portfolio turnover rate J | 96% <br>| 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 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*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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.60 | $16.28 | $16.38 | $18.25 | $10.76 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.03)  | (.04)  | (.04)  | .03 C | (.04) D |
| Net realized and unrealized gain (loss)  | (.56)  | 2.31  | .99  | (.36)  | 7.55  |
| Total from investment operations  | (.59)  | 2.27  | .95  | (.33)  | 7.51  |
| Distributions from net investment income  | (.03)  | (.05)  | -  | (.31)  | (.02)  |
| Distributions from net realized gain  | (1.08)  | (.90)  | (1.05)  | (1.24)  | -  |
| Total distributions  | (1.10) E | (.95)  | (1.05)  | (1.54) E | (.02)  |
| Net asset value, end of period  | $15.91 | $17.60 | $16.28 | $16.38 | $18.25 |
| **Total Return** F,G | (3.39)% <br>| 15.15%  | 6.38%  | (2.27)%  | 69.84%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |
| Expenses before reductions  | 1.95%  | 2.06%  | 2.06%  | 2.02%  | 2.01%  |
| Expenses net of fee waivers, if any  | 1.95% <br>| 2.05%  | 2.05%  | 2.01%  | 2.01%  |
| Expenses net of all reductions, if any  | 1.95%  | 2.05%  | 2.05%  | 2.01%  | 2.00%  |
| Net investment income (loss)  | (.17)%  | (.27)%  | (.26)%  | .14% C | (.26)% D |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $33269 | $39363 | $38077 | $38832 | $32469 |
| Portfolio turnover rate J | 96% <br>| 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 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*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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.02 | $20.00 | $19.69 | $21.59 | $12.64 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .18  | .15  | .14  | .24 C | .14 D |
| Net realized and unrealized gain (loss)  | (.70)  | 2.90  | 1.22  | (.42)  | 8.89  |
| Total from investment operations  | (.52)  | 3.05  | 1.36  | (.18)  | 9.03  |
| Distributions from net investment income  | (.12)  | (.13)  | -  | (.44)  | (.08)  |
| Distributions from net realized gain  | (1.13)  | (.90)  | (1.05)  | (1.28)  | -  |
| Total distributions  | (1.25)  | (1.03)  | (1.05)  | (1.72)  | (.08)  |
| Net asset value, end of period  | $20.25 | $22.02 | $20.00 | $19.69 | $21.59 |
| **Total Return** E | (2.36)% <br>| 16.33%  | 7.44%  | (1.23)%  | 71.64%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .91%  | 1.03%  | 1.04%  | .99%  | .97%  |
| Expenses net of fee waivers, if any  | .91% <br>| 1.02%  | 1.03%  | .98%  | .97%  |
| Expenses net of all reductions, if any  | .91%  | 1.02%  | 1.03%  | .98%  | .96%  |
| Net investment income (loss)  | .88%  | .76%  | .77%  | 1.17% C | .77% D |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2402748 | $2806717 | $2696316 | $2691063 | $2715703 |
| Portfolio turnover rate H | 96% <br>| 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 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 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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.02 | $20.00 | $19.69 | $21.59 | $12.65 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .17  | .15  | .14  | .24 C | .15 D |
| Net realized and unrealized gain (loss)  | (.70)  | 2.90  | 1.22  | (.42)  | 8.87  |
| Total from investment operations  | (.53)  | 3.05  | 1.36  | (.18)  | 9.02  |
| Distributions from net investment income  | (.11)  | (.13)  | -  | (.44)  | (.08)  |
| Distributions from net realized gain  | (1.13)  | (.90)  | (1.05)  | (1.28)  | -  |
| Total distributions  | (1.24)  | (1.03)  | (1.05)  | (1.72)  | (.08)  |
| Net asset value, end of period  | $20.25 | $22.02 | $20.00 | $19.69 | $21.59 |
| **Total Return** E | (2.40)% <br>| 16.32%  | 7.44%  | (1.22)%  | 71.55%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .95%  | 1.03%  | 1.03%  | .99%  | .97%  |
| Expenses net of fee waivers, if any  | .95% <br>| 1.03%  | 1.03%  | .99%  | .97%  |
| Expenses net of all reductions, if any  | .95%  | 1.03%  | 1.03%  | .99%  | .96%  |
| Net investment income (loss)  | .84%  | .76%  | .77%  | 1.17% C | .77% D |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $908375 | $1085761 | $1169580 | $1319154 | $845012 |
| Portfolio turnover rate H | 96% <br>| 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 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 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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.05 | $20.03 | $19.69 | $21.59 | $12.65 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .19  | .17  | .16  | .27 C | .17 D |
| Net realized and unrealized gain (loss)  | (.69)  | 2.90  | 1.23  | (.43)  | 8.87  |
| Total from investment operations  | (.50)  | 3.07  | 1.39  | (.16)  | 9.04  |
| Distributions from net investment income  | (.15)  | (.15)  | -  | (.47)  | (.10)  |
| Distributions from net realized gain  | (1.13)  | (.90)  | (1.05)  | (1.28)  | -  |
| Total distributions  | (1.27) E | (1.05)  | (1.05)  | (1.74) E | (.10)  |
| Net asset value, end of period  | $20.28 | $22.05 | $20.03 | $19.69 | $21.59 |
| **Total Return** F | (2.25)% <br>| 16.46%  | 7.60%  | (1.11)%  | 71.75%  |
| **Ratios to Average Net Assets** B,G,H |  |  |  |  |  |
| Expenses before reductions  | .84%  | .93%  | .90%  | .86%  | .84%  |
| Expenses net of fee waivers, if any  | .84% <br>| .93%  | .90%  | .86%  | .84%  |
| Expenses net of all reductions, if any  | .84%  | .93%  | .90%  | .86%  | .83%  |
| Net investment income (loss)  | .95%  | .86%  | .90%  | 1.30% C | .90% D |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $724170 | $814390 | $639652 | $540854 | $364564 |
| Portfolio turnover rate I | 96% <br>| 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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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

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

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

**Notes to Financial Statements**

For the period ended July 31, 2025

**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.

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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.

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 July 31, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. 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. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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:

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| | |
|:---|:---|
| **Gross unrealized appreciation**  | $581625266 |
| **Gross unrealized depreciation**  | <u>(274304081)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$307321185</u> |
| **Tax Cost**  | <u>$4303321567</u> |

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

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| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$20573659</u> |
| **Undistributed long-term capital gain**  | <u>$284067812</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$307350372</u> |

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The tax character of distributions paid was as follows:

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| | | |
|:---|:---|:---|
|  | **July 31, 2025** | **July 31, 2024** |
| **Ordinary Income**  | $107703862 | $30670625 |
| **Long-term Capital Gains**  | <u>182481579</u> | <u>221146243</u> |
| **Total**  | <u>$290185441</u> | <u>$251816868</u> |

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

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

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

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

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Small Cap Value Fund** | 4483586743 | 4924441756 |

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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 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.

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| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Class A** | .85 |
| **Class M** | .84 |
| **Class C** | .86 |
| **Small Cap Value** | .84 |
| **Class I** | .84 |
| **Class Z** | .70 |

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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:

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| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Class A** | .80 |
| **Class M** | .80 |
| **Class C** | .80 |
| **Small Cap Value** | .76 |
| **Class I** | .80 |
| **Class Z** | .69 |

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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.

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| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity Small Cap Value Fund** | Russell 2000 Value Index |

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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 annual 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution Fee** | **Service Fee** | **Total Fees ($)** | **Retained by FDC ($)** |
| **Class A**  | - % | .25% | 625961 | 13989 |
| **Class M** | .25% | .25% | 503354 | 1580 |
| **Class C** | .75% | .25% | <u>360609</u> | <u>52176</u> |
|  |  |  | <u>1489924</u> | <u>67745</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** | 44084 |
| **Class M** | 2145 |
| **Class C**A | 308 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>46537</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 Small Cap Value Fund** | 168288 |

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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 Small Cap Value Fund** | Borrower | 21040600 | 4.57% | 13364 |

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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 Small Cap Value Fund** | 195679152 | 474550729 | 52774638 |

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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 Small Cap Value Fund** | 5418 |

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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 Small Cap Value Fund** | 193260 | 23 | - |

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

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Small Cap Value Fund** | 31344652 |

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**8. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

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| | | |
|:---|:---|:---|
|  | **Year ended** <br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Fidelity Small Cap Value Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $15326126 | $13808522 |
| Class M | 6155268 | 4979529 |
| Class C | 2467954 | 2221061 |
| Small Cap Value | 158216919 | 137976781 |
| Class I | 60676292 | 58310982 |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>47342882</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>34519993</u> |
| Total  | <u>$290185441</u> | <u>$251816868</u> |

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**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** |
|  | **Year ended** <br> **July 31, 2025**  | **Year ended**<br> **July 31, 2024** | **Year ended** <br> **July 31, 2025**  | **Year ended**<br> **July 31, 2024** |
| **Fidelity Small Cap Value Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 1696151 | 1839641 | $33464402 | $34270736 |
| Reinvestment of distributions | 758416 | 757603 | 14962279 | 13430863 |
| Shares redeemed | <u>(3499161)</u> | <u>(3595356)</u> | <u>(68355471)</u> | <u>(66634723)</u> |
| Net increase (decrease) | <u>(1044594)</u> | <u>(998112)</u> | <u>$(19928790)</u> | <u>$(18933124)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 767048 | 1020584 | $14304287 | $18462632 |
| Reinvestment of distributions | 324837 | 291157 | 6105558 | 4934489 |
| Shares redeemed | <u>(1081679)</u> | <u>(1140591)</u> | <u>(20075729)</u> | <u>(20371563)</u> |
| Net increase (decrease) | <u>10206</u> | <u>171150</u> | <u>$334116</u> | <u>$3025558</u> |
| **Class C** |  |  |  |  |
| Shares sold | 316078 | 483222 | $5116349 | $7604784 |
| Reinvestment of distributions | 143154 | 142897 | 2319743 | 2106132 |
| Shares redeemed | <u>(605034)</u> | <u>(728461)</u> | <u>(9659398)</u> | <u>(11288315)</u> |
| Net increase (decrease) | <u>(145802)</u> | <u>(102342)</u> | <u>$(2223306)</u> | <u>$(1577399)</u> |
| **Small Cap Value** |  |  |  |  |
| Shares sold | 18034076 | 24020538 | $370052614 | $465397362 |
| Reinvestment of distributions | 7352182 | 7107269 | 150366933 | 130465039 |
| Shares redeemed | <u>(34193578)</u> | <u>(38489919)</u> | <u>(692040981)</u> | <u>(737973559)</u> |
| Net increase (decrease) | <u>(8807320)</u> | <u>(7362112)</u> | <u>$(171621434)</u> | <u>$(142111158)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 11941511 | 14976802 | $242381596 | $288232544 |
| Reinvestment of distributions | 2854514 | 2998337 | 58385991 | 55002406 |
| Shares redeemed | <u>(19247886)</u> | <u>(27145630)</u> | <u>(388280431)</u> | <u>(522188250)</u> |
| Net increase (decrease) | <u>(4451861)</u> | <u>(9170491)</u> | <u>$(87512844)</u> | <u>$(178953300)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 12196015 | 15740824 | $252286868 | $308536262 |
| Reinvestment of distributions | 2168003 | 1701801 | 44384521 | 31276569 |
| Shares redeemed | <u>(15575806)</u> | <u>(12447667)</u> | <u>(319446934)</u> | <u>(240075064)</u> |
| Net increase (decrease) | <u>(1211788)</u> | <u>4994958</u> | <u>$(22775545)</u> | <u>$99737767</u> |

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**10. Other.**

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

**11. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Securities Fund and Shareholders of Fidelity Small Cap Value Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Small Cap Value Fund (one of the funds constituting Fidelity Securities Fund, referred to hereafter as the "Fund") as of July 31, 2025, the related statement of operations for the year ended July 31, 2025, the statement of changes in net assets for each of the two years in the period ended July 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2025 and the financial highlights for each of the five years in the period ended July 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

September 12, 2025

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

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

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2025, $358,931,092 or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The fund designates $1,325,673 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

Class A designates 30% and 100%; Class M designates 32% and 100%; Class C designates 36%, and 100%; Small Cap Value designates 28% and 93%; Class I designates 28% and 98%; and Class Z designates 27% and 86%; of the dividends distributed in September and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A designates 42.13% and 100%; Class M designates 44.41% and 100%; Class C designates 50.30% and 100%; Small Cap Value designates 38.71% and 100%; Class I designates 39.23% and 100%; and Class Z designates 37.16% and 100%; of the dividends distributed in September and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Class A designates 2.92%; Class M designates 3.08%; Class C designates 3.49%; Small Cap Value designates 2.69%; Class I designates 2.72%; and Class Z designates 2.58% of the dividend distributed in September during the fiscal year as a section 199A dividend.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Small Cap Value Fund**

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

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

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

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

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

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

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

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

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

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

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

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered the effective management fee rate for the retail class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

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

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

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

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

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

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

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

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

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

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

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

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

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

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

![](img111415_4.jpg)<br>

1.803706.120 SCV-ANN-0925

**Fidelity® Small Cap Growth K6 Fund**

**Annual Report**

**July 31, 2025**

![](img111416_1.jpg)

![](img111416_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7Consolidated_SCPK6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Small Cap Growth K6 Fund](#Sub_Sec_Fund_2957_SCPK6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements2957_SCPK6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SCPK6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SCPK6-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SCPK6-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SCPK6-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SCPK6-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SCPK6-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Small Cap Growth K6 Fund**

**Consolidated Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.7%** | &nbsp;&nbsp;**Common Stocks - 97.7%** | &nbsp;&nbsp;**Common Stocks - 97.7%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.5%  |  |  |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| DroneShield Ltd (b)(c) | 6125951 | 14643567 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Elsight Ltd (b) | 3007846 | 3359057 |
| TOTAL AUSTRALIA |  | 18002624 |
| BAHAMAS (NASSAU) - 0.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Diversified Consumer Services - 0.4% |  |  |
| OneSpaWorld Holdings Ltd  | 577888 | 12782883 |
| BELGIUM - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Nyxoah SA (United States) (b)(d) | 228259 | 1702811 |
| CANADA - 1.8%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Specialty Retail - 0.3% |  |  |
| Aritzia Inc Subordinate Voting Shares (b) | 224053 | 12025708 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| CES Energy Solutions Corp  | 1321152 | 6912783 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.2% |  |  |
| Xenon Pharmaceuticals Inc (b) | 214133 | 6539622 |
| Health Care Providers & Services - 0.1% |  |  |
| dentalcorp Holdings Ltd Subordinate Voting Shares  | 742795 | 4326180 |
| TOTAL HEALTH CARE |  | 10865802 |
| Information Technology - 0.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Kraken Robotics Inc (b) | 1678220 | 4142258 |
| Software - 0.5% |  |  |
| Lumine Group Inc Subordinate Voting Shares (b)(c) | 201400 | 7812680 |
| TECSYS Inc  | 300107 | 7972676 |
|  |  | 15785356 |
| TOTAL INFORMATION TECHNOLOGY |  | 19927614 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| G Mining Ventures Corp (b) | 351860 | 4123994 |
| Orla Mining Ltd (b) | 480263 | 4471271 |
| Torex Gold Resources Inc (b) | 170700 | 4808329 |
|  |  | 13403594 |
| TOTAL CANADA |  | 63135501 |
| DENMARK - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Ascendis Pharma A/S ADR (b) | 62587 | 10858845 |
| ISRAEL - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Nova Ltd (b) | 39080 | 10262018 |
| Software - 0.2% |  |  |
| Cellebrite DI Ltd (b) | 660376 | 9232056 |
| TOTAL ISRAEL |  | 19494074 |
| ITALY - 0.8%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Lottomatica Group Spa  | 337291 | 9099426 |
| Leisure Products - 0.0% |  |  |
| Sanlorenzo SpA/Ameglia  | 71289 | 2408108 |
| TOTAL CONSUMER DISCRETIONARY |  | 11507534 |
| Industrials - 0.5% |  |  |
| Electrical Equipment - 0.5% |  |  |
| Prysmian SpA  | 200535 | 16015430 |
| TOTAL ITALY |  | 27522964 |
| JAPAN - 1.0%  |  |  |
| Industrials - 0.5% |  |  |
| Professional Services - 0.5% |  |  |
| BayCurrent Inc  | 312200 | 17926539 |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| Allegro MicroSystems Inc (b) | 569213 | 17878980 |
| TOTAL JAPAN |  | 35805519 |
| NETHERLANDS - 0.6%  |  |  |
| Health Care - 0.6% |  |  |
| Biotechnology - 0.5% |  |  |
| Merus NV (b) | 250241 | 16575964 |
| Pharmaceuticals - 0.1% |  |  |
| Pharvaris NV (b) | 294460 | 5853865 |
| TOTAL NETHERLANDS |  | 22429829 |
| SWEDEN - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Trading Companies & Distributors - 0.1% |  |  |
| Alligo AB B Shares  | 404452 | 4338173 |
| TAIWAN - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Silicon Motion Technology Corp ADR  | 56871 | 4352906 |
| THAILAND - 1.4%  |  |  |
| Information Technology - 1.4% |  |  |
| Electronic Equipment, Instruments & Components - 1.4% |  |  |
| Fabrinet (b) | 157341 | 50936002 |
| UNITED KINGDOM - 1.0%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Leisure Products - 0.5% |  |  |
| Games Workshop Group PLC  | 80617 | 17343448 |
| Energy - 0.5% |  |  |
| Energy Equipment & Services - 0.5% |  |  |
| TechnipFMC PLC  | 455988 | 16584284 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Starling Bank Ltd (e) | 431700 | 1436714 |
| TOTAL UNITED KINGDOM |  | 35364446 |
| UNITED STATES - 89.2%  |  |  |
| Communication Services - 2.8% |  |  |
| Entertainment - 0.3% |  |  |
| IMAX Corp (b)(d) | 465739 | 12011409 |
| Interactive Media & Services - 0.4% |  |  |
| Cars.com Inc (b) | 566708 | 7293532 |
| ZoomInfo Technologies Inc (b) | 695046 | 7527348 |
|  |  | 14820880 |
| Media - 1.3% |  |  |
| Magnite Inc (b) | 1100725 | 25327682 |
| MNTN Inc (f) | 140383 | 3953185 |
| MNTN Inc Class A (d) | 516304 | 14539121 |
|  |  | 43819988 |
| Wireless Telecommunication Services - 0.8% |  |  |
| Gogo Inc (b)(d) | 1921163 | 30469645 |
| TOTAL COMMUNICATION SERVICES |  | 101121922 |
| Consumer Discretionary - 10.9% |  |  |
| Automobile Components - 0.8% |  |  |
| Modine Manufacturing Co (b)(d) | 222560 | 29947674 |
| Diversified Consumer Services - 1.5% |  |  |
| Adtalem Global Education Inc (b) | 200181 | 22874683 |
| Grand Canyon Education Inc (b) | 74983 | 12644383 |
| Stride Inc (b) | 45735 | 5864599 |
| Universal Technical Institute Inc (b) | 393490 | 12678248 |
|  |  | 54061913 |
| Hotels, Restaurants & Leisure - 4.3% |  |  |
| Boyd Gaming Corp  | 166362 | 14124134 |
| Brinker International Inc (b) | 197939 | 31195186 |
| Cava Group Inc (b) | 87711 | 7719445 |
| Cheesecake Factory Inc/The (d) | 535252 | 34207956 |
| Dutch Bros Inc Class A (b) | 138222 | 8192418 |
| Kura Sushi USA Inc Class A (b)(d) | 118345 | 10383590 |
| Life Time Group Holdings Inc (b) | 243772 | 7001132 |
| Planet Fitness Inc Class A (b) | 69858 | 7627795 |
| Red Rock Resorts Inc Class A  | 158097 | 9699251 |
| Sportradar Holding AG Class A (b)(d) | 656695 | 19418471 |
| Wyndham Hotels & Resorts Inc  | 79059 | 6799074 |
|  |  | 156368452 |
| Household Durables - 0.6% |  |  |
| Champion Homes Inc (b) | 147874 | 9005527 |
| Somnigroup International Inc  | 188316 | 13630312 |
|  |  | 22635839 |
| Leisure Products - 0.1% |  |  |
| Peloton Interactive Inc Class A (b) | 476595 | 3402887 |
| Specialty Retail - 3.2% |  |  |
| BARK Inc warrants 6/1/2026 (b) | 54 | 0 |
| Boot Barn Holdings Inc (b) | 155971 | 26811416 |
| Chewy Inc Class A (b) | 630957 | 23156122 |
| Fanatics Inc Class A (b)(e)(g) | 163048 | 9929623 |
| Group 1 Automotive Inc  | 46923 | 19339314 |
| ThredUp Inc Class A (b) | 183469 | 1515454 |
| Urban Outfitters Inc (b) | 100446 | 7561575 |
| Warby Parker Inc Class A (b) | 1045237 | 25033426 |
|  |  | 113346930 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Crocs Inc (b) | 138677 | 13830257 |
| TOTAL CONSUMER DISCRETIONARY |  | 393593952 |
| Consumer Staples - 2.1% |  |  |
| Beverages - 0.8% |  |  |
| Primo Brands Corp Class A  | 327898 | 9053264 |
| Vita Coco Co Inc/The (b) | 499789 | 17622560 |
|  |  | 26675824 |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| US Foods Holding Corp (b) | 232006 | 19333060 |
| Food Products - 0.4% |  |  |
| Simply Good Foods Co/The (b) | 456036 | 13890856 |
| Tobacco - 0.4% |  |  |
| Turning Point Brands Inc  | 183252 | 15198921 |
| TOTAL CONSUMER STAPLES |  | 75098661 |
| Energy - 1.4% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| Cactus Inc Class A  | 358151 | 15153369 |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| Antero Resources Corp (b) | 384494 | 13430375 |
| Centrus Energy Corp Class A (b)(d) | 71700 | 15444181 |
| Northern Oil & Gas Inc  | 257396 | 7248271 |
|  |  | 36122827 |
| TOTAL ENERGY |  | 51276196 |
| Financials - 8.6% |  |  |
| Banks - 1.7% |  |  |
| East West Bancorp Inc  | 150849 | 15122612 |
| Eastern Bankshares Inc  | 888054 | 13720434 |
| First Bancorp/Southern Pines NC  | 220696 | 11054663 |
| Hancock Whitney Corp  | 119318 | 7125671 |
| Pathward Financial Inc  | 45286 | 3424754 |
| SouthState Corp  | 99690 | 9387807 |
|  |  | 59835941 |
| Capital Markets - 4.1% |  |  |
| Houlihan Lokey Inc Class A  | 98457 | 18771812 |
| P10 Inc Class A  | 906244 | 11146801 |
| Perella Weinberg Partners (g) | 457262 | 9117804 |
| Perella Weinberg Partners Class A  | 681560 | 13590307 |
| Piper Sandler Cos  | 84523 | 26651792 |
| PJT Partners Inc Class A (d) | 72240 | 12903509 |
| StepStone Group Inc Class A  | 295265 | 17526931 |
| StepStone Group Inc rights 12/31/2038 (b)(e) | 6434 | 422263 |
| Stifel Financial Corp  | 269894 | 30800303 |
| WisdomTree Inc (d) | 475252 | 6306594 |
|  |  | 147238116 |
| Consumer Finance - 1.0% |  |  |
| FirstCash Holdings Inc  | 163765 | 21828237 |
| SLM Corp  | 444683 | 14140919 |
|  |  | 35969156 |
| Financial Services - 0.7% |  |  |
| HA Sustainable Infrastructure Capital Inc  | 317331 | 8241086 |
| Mr Cooper Group Inc (b) | 63124 | 9829669 |
| Remitly Global Inc (b) | 667972 | 11021538 |
|  |  | 29092293 |
| Insurance - 1.1% |  |  |
| Baldwin Insurance Group Inc/The Class A (b) | 269841 | 9940942 |
| Stewart Information Services Corp  | 161095 | 10459898 |
| Trupanion Inc (b)(d) | 378649 | 17951750 |
|  |  | 38352590 |
| TOTAL FINANCIALS |  | 310488096 |
| Health Care - 21.2% |  |  |
| Biotechnology - 9.3% |  |  |
| ADMA Biologics Inc (b) | 435816 | 8149759 |
| Annexon Inc (b) | 551500 | 1323600 |
| Apogee Therapeutics Inc (b) | 110338 | 4221532 |
| Arcellx Inc (b) | 244468 | 17452571 |
| ARS Pharmaceuticals Inc (b)(d) | 204935 | 3623251 |
| Astria Therapeutics Inc (b) | 603428 | 4175722 |
| Avidity Biosciences Inc (b) | 222453 | 8166250 |
| Bicara Therapeutics Inc (b)(d) | 211505 | 2349821 |
| Blueprint Medicines Corp rights (b)(e) | 62502 | 28750 |
| Boundless Bio Inc (b) | 79997 | 94795 |
| Bridgebio Pharma Inc (b) | 103152 | 4875995 |
| Caris Life Sciences Inc (f) | 61900 | 1738152 |
| Caris Life Sciences Inc (b) | 7645 | 214672 |
| Celldex Therapeutics Inc (b) | 213605 | 4695038 |
| CG oncology Inc (b)(d) | 467529 | 12478349 |
| Cogent Biosciences Inc (b) | 1446485 | 16518859 |
| Crescent Biopharma Inc (g) | 37807 | 469563 |
| Crinetics Pharmaceuticals Inc (b) | 396632 | 11339709 |
| Cytokinetics Inc (b) | 295014 | 11104327 |
| Day One Biopharmaceuticals Inc (b) | 837079 | 5616800 |
| Denali Therapeutics Inc (b) | 273942 | 3788618 |
| Disc Medicine Inc (b) | 134381 | 8030609 |
| Insmed Inc (b) | 139847 | 15002786 |
| Jade Biosciences Inc  | 147158 | 1058066 |
| Janux Therapeutics Inc (b) | 266317 | 6395603 |
| Kiniksa Pharmaceuticals International Plc Class A (b) | 226112 | 6842149 |
| Korro Bio Inc (b)(d) | 21152 | 316433 |
| Legend Biotech Corp ADR (b) | 217681 | 8504797 |
| Madrigal Pharmaceuticals Inc (b)(d) | 78069 | 23616653 |
| MoonLake Immunotherapeutics Class A (b) | 119375 | 6021275 |
| Neurogene Inc (b)(d) | 122079 | 2657660 |
| Nurix Therapeutics Inc (b) | 426558 | 4803043 |
| Nuvalent Inc Class A (b) | 228081 | 17870146 |
| Oruka Therapeutics Inc  | 229754 | 3122357 |
| Perspective Therapeutics Inc (b) | 495900 | 1904256 |
| Revolution Medicines Inc (b) | 142392 | 5306950 |
| Rhythm Pharmaceuticals Inc (b) | 301452 | 25692754 |
| Scholar Rock Holding Corp (b) | 20841 | 772159 |
| Soleno Therapeutics Inc (b) | 249883 | 21607383 |
| Spyre Therapeutics Inc (b) | 204773 | 3474998 |
| Ultragenyx Pharmaceutical Inc (b) | 191930 | 5243528 |
| Upstream Bio Inc  | 546268 | 8363363 |
| Veracyte Inc (b) | 360270 | 8469948 |
| Vericel Corp (b) | 355750 | 12429905 |
| Viking Therapeutics Inc (b)(d) | 142264 | 4633538 |
| Viridian Therapeutics Inc (b) | 480677 | 8421461 |
| Zenas Biopharma Inc  | 199314 | 3131223 |
|  |  | 336119176 |
| Health Care Equipment & Supplies - 4.2% |  |  |
| Artivion Inc (b) | 238068 | 7358682 |
| Ceribell Inc  | 675645 | 9729288 |
| Glaukos Corp (b) | 63617 | 5476788 |
| Insulet Corp (b) | 48944 | 14115450 |
| Integer Holdings Corp (b) | 96714 | 10494436 |
| Lantheus Holdings Inc (b)(d) | 268643 | 19124695 |
| Masimo Corp (b) | 107999 | 16609166 |
| NeuroPace Inc (b)(d) | 207012 | 1761672 |
| Penumbra Inc (b) | 85649 | 21606673 |
| PROCEPT BioRobotics Corp (b) | 246815 | 11972996 |
| Pulmonx Corp (b) | 621318 | 1143225 |
| Shoulder Innovations Inc (f)(g) | 330302 | 4971045 |
| Shoulder Innovations Inc  | 60819 | 915326 |
| TransMedics Group Inc (b)(d) | 231831 | 27580934 |
|  |  | 152860376 |
| Health Care Providers & Services - 5.3% |  |  |
| Alignment Healthcare Inc (b) | 792459 | 10920085 |
| BrightSpring Health Services Inc (b) | 1520272 | 31393617 |
| Ensign Group Inc/The  | 260896 | 39134400 |
| GeneDx Holdings Corp Class A (b) | 10600 | 1080670 |
| Guardant Health Inc (b) | 111028 | 4549927 |
| HealthEquity Inc (b) | 252988 | 24539836 |
| Hims & Hers Health Inc Class A (b)(d) | 266817 | 17657949 |
| LifeStance Health Group Inc (b) | 2059236 | 8195759 |
| Pennant Group Inc/The (b) | 415262 | 9206359 |
| Privia Health Group Inc (b) | 739152 | 14428247 |
| Progyny Inc (b) | 855801 | 20119882 |
| Surgery Partners Inc (b) | 381539 | 8374781 |
|  |  | 189601512 |
| Health Care Technology - 0.6% |  |  |
| Doximity Inc Class A (b) | 90733 | 5330564 |
| Schrodinger Inc/United States (b)(d) | 51265 | 1042217 |
| Waystar Holding Corp (b) | 367580 | 13593109 |
|  |  | 19965890 |
| Life Sciences Tools & Services - 0.4% |  |  |
| Charles River Laboratories International Inc (b) | 50219 | 8519151 |
| Veterinary Emergency Group (b)(e)(g)(h) | 68413 | 5518193 |
|  |  | 14037344 |
| Pharmaceuticals - 1.4% |  |  |
| Amylyx Pharmaceuticals Inc (b) | 580889 | 4664539 |
| Axsome Therapeutics Inc (b) | 150005 | 15207507 |
| Corcept Therapeutics Inc (b)(d) | 155637 | 10454137 |
| Enliven Therapeutics Inc (b) | 518304 | 9749299 |
| Enliven Therapeutics Inc (b)(g) | 100587 | 1892041 |
| Liquidia Corp (b)(d) | 294541 | 5504971 |
| Structure Therapeutics Inc ADR (b) | 216312 | 3850353 |
|  |  | 51322847 |
| TOTAL HEALTH CARE |  | 763907145 |
| Industrials - 22.6% |  |  |
| Aerospace & Defense - 3.4% |  |  |
| AeroVironment Inc (b) | 35960 | 9624334 |
| ATI Inc (b) | 208229 | 16021139 |
| BWX Technologies Inc  | 102775 | 15614606 |
| Karman Holdings Inc  | 323998 | 16750697 |
| Leonardo DRS Inc  | 239008 | 9942733 |
| Mercury Systems Inc (b)(d) | 321428 | 16903899 |
| Redwire Corp Class A (b)(d) | 406571 | 5809900 |
| V2X Inc (b) | 264369 | 12525803 |
| Woodward Inc  | 71268 | 18321577 |
|  |  | 121514688 |
| Building Products - 2.3% |  |  |
| Armstrong World Industries Inc  | 40950 | 7705562 |
| AZZ Inc  | 337630 | 36970485 |
| Simpson Manufacturing Co Inc  | 40290 | 7229234 |
| Tecnoglass Inc  | 387941 | 30271036 |
|  |  | 82176317 |
| Commercial Services & Supplies - 1.2% |  |  |
| ACV Auctions Inc Class A (b) | 887512 | 12611546 |
| GEO Group Inc/The (b) | 438982 | 11378413 |
| HNI Corp  | 165286 | 8502312 |
| Montrose Environmental Group Inc (b)(d) | 23598 | 535438 |
| OPENLANE Inc (b) | 439893 | 10838964 |
|  |  | 43866673 |
| Construction & Engineering - 4.5% |  |  |
| Comfort Systems USA Inc  | 26657 | 18747868 |
| Construction Partners Inc Class A (b) | 144398 | 14562538 |
| Dycom Industries Inc (b) | 62365 | 16764336 |
| Fluor Corp (b) | 534131 | 30322617 |
| Granite Construction Inc  | 60421 | 5707972 |
| IES Holdings Inc (b) | 61247 | 21624478 |
| Sterling Infrastructure Inc (b) | 140617 | 37627704 |
| Valmont Industries Inc  | 41386 | 15062435 |
|  |  | 160419948 |
| Electrical Equipment - 1.3% |  |  |
| Acuity Inc  | 47220 | 14701947 |
| NEXTracker Inc Class A (b) | 421097 | 24533111 |
| NuScale Power Corp Class A (b)(d) | 127152 | 6384302 |
|  |  | 45619360 |
| Machinery - 4.1% |  |  |
| Crane Co  | 69544 | 13614629 |
| Esab Corp  | 138599 | 18595828 |
| Federal Signal Corp  | 106151 | 13435532 |
| Gates Industrial Corp PLC (b) | 642334 | 15929883 |
| ITT Inc  | 130939 | 22254393 |
| JBT Marel Corp (d) | 141990 | 19566222 |
| Mueller Industries Inc  | 158168 | 13502802 |
| RBC Bearings Inc (b) | 37046 | 14349398 |
| REV Group Inc  | 344697 | 17079736 |
|  |  | 148328423 |
| Passenger Airlines - 0.5% |  |  |
| Alaska Air Group Inc (b) | 330044 | 17479130 |
| Professional Services - 3.8% |  |  |
| CACI International Inc (b) | 23863 | 10990582 |
| Cbiz Inc (b) | 216827 | 13252466 |
| ExlService Holdings Inc (b) | 296754 | 12888026 |
| First Advantage Corp (b)(d) | 462281 | 7992838 |
| FTI Consulting Inc (b) | 86153 | 14331552 |
| Huron Consulting Group Inc (b) | 173700 | 22942296 |
| KBR Inc  | 179445 | 8387259 |
| Paycom Software Inc  | 73777 | 17082327 |
| Paylocity Holding Corp (b) | 36175 | 6688034 |
| UL Solutions Inc Class A  | 112555 | 8230022 |
| Verra Mobility Corp Class A (b) | 517616 | 13074980 |
|  |  | 135860382 |
| Trading Companies & Distributors - 1.5% |  |  |
| Applied Industrial Technologies Inc  | 60966 | 16552269 |
| Herc Holdings Inc (d) | 98915 | 11554261 |
| Xometry Inc Class A (b)(d) | 786708 | 25442137 |
|  |  | 53548667 |
| TOTAL INDUSTRIALS |  | 808813588 |
| Information Technology - 16.1% |  |  |
| Communications Equipment - 0.5% |  |  |
| Lumentum Holdings Inc (b) | 164309 | 18087135 |
| Electronic Equipment, Instruments & Components - 5.2% |  |  |
| Advanced Energy Industries Inc  | 163895 | 22768293 |
| Badger Meter Inc  | 33658 | 6353284 |
| Belden Inc  | 187150 | 23141098 |
| Mirion Technologies Inc Class A (b)(d) | 415735 | 9291677 |
| Novanta Inc (b) | 62533 | 7692810 |
| OSI Systems Inc (b) | 206032 | 45535132 |
| PAR Technology Corp (b)(d) | 201187 | 12228146 |
| Sanmina Corp (b) | 97728 | 11340357 |
| TD SYNNEX Corp  | 159915 | 23090127 |
| TTM Technologies Inc (b) | 311229 | 14705570 |
| Vontier Corp  | 251979 | 10449569 |
|  |  | 186596063 |
| IT Services - 0.8% |  |  |
| Kyndryl Holdings Inc (b) | 767403 | 28984811 |
| Semiconductors & Semiconductor Equipment - 3.7% |  |  |
| Aehr Test Systems (b)(d) | 424679 | 7177075 |
| Credo Technology Group Holding Ltd (b) | 363788 | 40580552 |
| Impinj Inc (b) | 54285 | 8391375 |
| MACOM Technology Solutions Holdings Inc (b) | 195543 | 26816768 |
| Rambus Inc (b) | 346339 | 25604842 |
| Rigetti Computing Inc Class A (b)(d) | 207520 | 3009040 |
| SiTime Corp (b) | 80791 | 16388454 |
| Veeco Instruments Inc (b)(d) | 173067 | 3596332 |
|  |  | 131564438 |
| Software - 5.8% |  |  |
| Algolia Inc (b)(e)(g) | 43269 | 843746 |
| Alkami Technology Inc (b)(d) | 351044 | 7824771 |
| Clearwater Analytics Holdings Inc Class A (b) | 259448 | 5256416 |
| Commvault Systems Inc (b) | 125594 | 23856580 |
| Figma Inc Class A  | 500 | 57750 |
| Intapp Inc (b) | 334700 | 13404735 |
| InterDigital Inc (d) | 62912 | 16243878 |
| Life360 Inc (b)(d) | 156117 | 11957001 |
| Monday.com Ltd (b) | 109644 | 28758526 |
| nCino Inc (b)(d) | 648983 | 18122850 |
| Pegasystems Inc  | 175361 | 10295444 |
| Plaid Inc/CA Class A (e)(g) | 29415 | 6254217 |
| Q2 Holdings Inc (b) | 206278 | 16749774 |
| SPS Commerce Inc (b) | 87070 | 9478876 |
| Tenable Holdings Inc (b) | 278566 | 8721901 |
| Varonis Systems Inc (b) | 176150 | 9834455 |
| Weave Communications Inc (b) | 1383497 | 10099528 |
| Workiva Inc Class A (b) | 117959 | 7529323 |
| Zeta Global Holdings Corp Class A (b) | 203165 | 3179532 |
|  |  | 208469303 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| IonQ Inc (b)(d) | 169165 | 6744608 |
| TOTAL INFORMATION TECHNOLOGY |  | 580446358 |
| Materials - 1.8% |  |  |
| Chemicals - 0.5% |  |  |
| Axalta Coating Systems Ltd (b) | 281044 | 7959166 |
| Element Solutions Inc  | 412353 | 9731531 |
|  |  | 17690697 |
| Metals & Mining - 0.8% |  |  |
| Carpenter Technology Corp  | 109416 | 27287256 |
| Paper & Forest Products - 0.5% |  |  |
| Louisiana-Pacific Corp  | 199005 | 17992042 |
| TOTAL MATERIALS |  | 62969995 |
| Real Estate - 1.5% |  |  |
| Hotel & Resort REITs - 0.3% |  |  |
| Ryman Hospitality Properties Inc  | 96792 | 9201047 |
| Industrial REITs - 0.3% |  |  |
| Terreno Realty Corp  | 209934 | 11649238 |
| Real Estate Management & Development - 0.9% |  |  |
| Compass Inc Class A (b) | 2643788 | 20991677 |
| Landbridge Co LLC Class A (d) | 182306 | 10333104 |
|  |  | 31324781 |
| TOTAL REAL ESTATE |  | 52175066 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| IDACORP Inc (d) | 66893 | 8383700 |
| TOTAL UNITED STATES |  | 3208274679 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,885,730,249) |  | <br> **3515001256** |

---

---

| | | |
|:---|:---|:---|
| &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 10% 12/31/2199 (e)(g)<br>(Cost $253,458)<br>| 253458 | **301691** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.6%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.6%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.6%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 0.6%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Bright Peak Therapeutics Inc. Series B (b)(e)(g) | 199331 | 304976 |
| Bright Peak Therapeutics Inc. Series C (b)(e)(g) | 1323335 | 1442436 |
| Endeavor BioMedicines Inc Series C (b)(e)(g) | 210174 | 1097108 |
| LifeMine Therapeutics Inc Series C (b)(e)(g) | 402743 | 475237 |
| Sonoma Biotherapeutics Inc Series B (b)(e)(g) | 438013 | 1112553 |
| Sonoma Biotherapeutics Inc Series B1 (b)(e)(g) | 233603 | 679785 |
| T-Knife Therapeutics Inc Series B (b)(e)(g) | 201583 | 274153 |
| Treeline Biosciences Series A (b)(e)(g) | 21246 | 126625 |
|  |  | 5512873 |
| Health Care Technology - 0.0% |  |  |
| Wugen Inc Series B (b)(e)(g) | 59982 | 89973 |
| TOTAL HEALTH CARE |  | 5602846 |
| Industrials - 0.3% |  |  |
| Construction & Engineering - 0.3% |  |  |
| Beta Technologies Inc Series A (b)(e)(g) | 62752 | 7183222 |
| Beta Technologies Inc Series B, 6% (b)(e)(g) | 11821 | 1641110 |
| Beta Technologies Inc Series C, 6% (e)(g) | 4600 | 548504 |
|  |  | 9372836 |
| Information Technology - 0.2% |  |  |
| Communications Equipment - 0.2% |  |  |
| Astranis Space Technologies Corp Series C (b)(e)(g) | 125912 | 1494575 |
| Astranis Space Technologies Corp Series C (b)(e)(g) | 26805 | 318175 |
| Astranis Space Technologies Corp Series D (b)(e)(g) | 503082 | 4160489 |
|  |  | 5973239 |
| IT Services - 0.0% |  |  |
| Yanka Industries Inc Series E (b)(e)(g) | 191029 | 511958 |
| Yanka Industries Inc Series F (b)(e)(g) | 28989 | 124652 |
|  |  | 636610 |
| Software - 0.0% |  |  |
| Algolia Inc Series D (b)(e)(g) | 9900 | 193050 |
| Lyte Ai Inc Series B (e)(g) | 38600 | 436566 |
| Skyryse Inc Series B (b)(e)(g) | 12000 | 315120 |
|  |  | 944736 |
| TOTAL INFORMATION TECHNOLOGY |  | 7554585 |
| TOTAL UNITED STATES |  | 22530267 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $26,521,210) |  | <br> **22530267** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 1.6%** | &nbsp;&nbsp;**Domestic Equity Funds - 1.6%** | &nbsp;&nbsp;**Domestic Equity Funds - 1.6%** |
|  | Shares | Value ($)<br>|
| iShares Russell 2000 Growth ETF (d)<br>(Cost $41,944,249)<br>| 193935 | **56270240** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 8.8%** | &nbsp;&nbsp;**Money Market Funds - 8.8%** | &nbsp;&nbsp;**Money Market Funds - 8.8%** | &nbsp;&nbsp;**Money Market Funds - 8.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 4.33 | 9771034 | 9772988 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 4.33 | 307369528 | 307400265 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $317,173,253) |  |  | **317173253** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 108.7%**<br> (Cost $3,271,622,419)<br>| <br>**3911276707** |
| **NET OTHER ASSETS (LIABILITIES) - (8.7)%**  | **(313071829)** |
| **NET ASSETS - 100.0%** | **3598204878** |

---

**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 $22,456,247 or 0.6% of net assets.

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

(e) Level 3 security

(f) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $10,662,382 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(g) 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 $61,828,190 or 1.7% 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) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | 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 | 10/27/21 | 1265404 |
| Algolia Inc Series D | 7/23/21 | 289526 |
| Astranis Space Technologies Corp Series C | 3/19/21 | 2760108 |
| Astranis Space Technologies Corp Series C | 4/05/23 | 587591 |
| Astranis Space Technologies Corp Series D | 4/25/24 - 12/06/24 | 4699993 |
| Beta Technologies Inc Series A | 4/09/21 | 4597839 |
| Beta Technologies Inc Series B, 6% | 4/04/22 | 1219573 |
| Beta Technologies Inc Series C, 6% | 10/24/24 | 526562 |
| Bright Peak Therapeutics Inc. Series B | 5/14/21 | 778587 |
| Bright Peak Therapeutics Inc. Series C | 5/07/24 | 1500000 |
| Crescent Biopharma Inc | 10/28/24 | 499999 |
| Endeavor BioMedicines Inc Series C | 4/22/24 | 1371301 |
| Enliven Therapeutics Inc | 3/19/24 | 1408218 |
| Fanatics Inc Class A | 8/13/20 - 3/22/21 | 2891600 |
| LifeMine Therapeutics Inc Series C | 2/15/22 | 820222 |
| Lyte Ai Inc Series B | 8/13/24 | 489683 |
| Perella Weinberg Partners | 12/29/20 | 4572620 |
| Plaid Inc/CA Class A | 3/31/25 | 5999972 |
| Shoulder Innovations Inc | 7/18/25 | 4701100 |
| Skyryse Inc Series B | 10/21/21 | 296160 |
| Sonoma Biotherapeutics Inc Series B | 7/26/21 | 865645 |
| Sonoma Biotherapeutics Inc Series B1 | 7/26/21 | 692516 |
| T-Knife Therapeutics Inc Series B | 6/30/21 | 1162892 |
| Treeline Biosciences Series A | 7/30/21 | 166303 |
| Veterinary Emergency Group | 9/16/21 - 10/31/23 | 3598868 |
| Wugen Inc 10% 12/31/2199 | 6/14/24 | 253458 |
| Wugen Inc Series B | 7/09/21 | 465154 |
| Yanka Industries Inc Series E | 5/15/20 | 2307478 |
| Yanka Industries Inc Series F | 4/08/21 | 924077 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Caris Life Sciences Inc | 12/15/2025 |
| MNTN Inc | 11/18/2025 |
| Shoulder Innovations Inc | 1/27/2026 |

---

**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 | 41157059 | 1406072685 | 1437456756 | 2074611 | - | - | 9772988 | 9771034 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 167889010 | 1497850062 | 1358338807 | 1139176 | - | - | 307400265 | 307369528 | 1.1% |
| Total | 209046069 | 2903922747 | 2795795563 | 3213787 | - | - | 317173253 |  |  |

---

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 July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 101121922 | 101121922 | - | - |
| Consumer Discretionary | 447253525 | 437323902 | - | 9929623 |
| Consumer Staples | 75098661 | 75098661 | - | - |
| Energy | 74773263 | 74773263 | - | - |
| Financials | 311924810 | 310065833 | - | 1858977 |
| Health Care | 809764432 | 804217489 | - | 5546943 |
| Industrials | 861737297 | 813151761 | 48585536 | - |
| Information Technology | 696394991 | 685937971 | 3359057 | 7097963 |
| Materials | 76373589 | 76373589 | - | - |
| Real Estate | 52175066 | 52175066 | - | - |
| Utilities | 8383700 | 8383700 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Health Care | 301691 | - | - | 301691 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 5602846 | - | - | 5602846 |
| Industrials | 9372836 | - | - | 9372836 |
| Information Technology | 7554585 | - | - | 7554585 |
|  **Domestic Equity Funds** | 56270240 | 56270240 | - | - |
|  **Money Market Funds** | 317173253 | 317173253 | - | - |
| **Total Investments in Securities:** | 3911276707 | 3812066650 | 51944593 | 47265464 |

---

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 ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2025 ($)** |
| **Common Stocks** | 17107354 | 46152 | 2635978 | 8855874 | (4211852) | - | - | - | 24433506 | 2216228 |
| **Convertible Preferred Stocks** | 22839519 | (2612353) | 2680713 | 4016249 | (4393861) | - | - | - | 22530267 | (2048613) |
| **Convertible Corporate Bonds** | 259262 | (84195) | 126624 | - | - | - | - | - | 301691 | 42429 |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. |  |  |  |

---

**Consolidated Financial Statements**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $299,587,940) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,954,449,166) | $3594103454 |  |
| Fidelity Central Funds (cost $317,173,253) | 317173253 |  |
| Total Investment in Securities (cost $3,271,622,419) |  | $3911276707 |
| Foreign currency held at value (cost $48,757) |  | 48158 |
| Receivable for investments sold |  | 16380158 |
| Receivable for fund shares sold |  | 1915957 |
| Dividends receivable |  | 178974 |
| Interest receivable |  | 28661 |
| Distributions receivable from Fidelity Central Funds |  | 165949 |
| Other receivables |  | 40 |
| **Total assets** |  | 3929994604 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $20084307 |  |
| Payable for fund shares redeemed | 2496561 |  |
| Accrued management fee | 1810003 |  |
| Collateral on securities loaned | 307398855 |  |
| **Total liabilities** |  | 331789726 |
| **Net Assets**  |  | $3598204878 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2951110545 |
| Total accumulated earnings (loss) |  | 647094333 |
| **Net Assets** |  | $3598204878 |
| **Net Asset Value**, offering price and redemption price per share ($3,598,204,878 ÷ 200,964,767 shares) |  | $17.90 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $13589140 |
| Interest  |  | 8231 |
| Income from Fidelity Central Funds (including $1,139,176 from security lending)  |  | 3213787 |
| **Total income** |  | 16811158 |
| **Expenses** |  |  |
| Management fee | $20531843 |  |
| Independent trustees' fees and expenses | 13232 |  |
| Interest | 25911 |  |
| Miscellaneous | 25527 |  |
| Total expenses before reductions | 20596513 |  |
| Expense reductions | (15638) |  |
| Total expenses after reductions |  | 20580875 |
| **Net Investment income (loss)** |  | (3769717) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 59123193 |  |
| Foreign currency transactions | 20328 |  |
| Total net realized gain (loss) |  | 59143521 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 31681167 |  |
| Unfunded commitments | (946702) |  |
| Assets and liabilities in foreign currencies | (1067) |  |
| Total change in net unrealized appreciation (depreciation) |  | 30733398 |
| **Net gain (loss)** |  | 89876919 |
| **Net increase (decrease) in net assets resulting from operations** |  | $86107202 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(3769717) | $(652596) |
| &nbsp;&nbsp;Net realized gain (loss) | 59143521<br>| 137658409<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 30733398 | 340816942<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 86107202<br>| 477822755<br>|
| Distributions to shareholders | (70800445)<br>| (4542314)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1679219445 | 1018435284 |
| Reinvestment of distributions | 70297823<br>| 4525279<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1071977154) | (485070208) |
| **Net increase (decrease) in net assets resulting from share transactions** | 677540114<br>| 537890355<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 692846871<br>| 1011170796<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2905358007 | 1894187211<br>|
| &nbsp;&nbsp;End of period | $3598204878 | $2905358007 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 94589078 | 65251514 |
| Issued in reinvestment of distributions | 4031806<br>| 329111<br>|
| &nbsp;&nbsp;Redeemed | (61393374) | (31765326) |
| &nbsp;&nbsp;Net increase (decrease) | 37227510 | 33815299 |

---

**Consolidated Financial Highlights** 

**Fidelity® Small Cap Growth K6 Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $17.74 | $14.58 | $13.22 | $21.55 | $15.32 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.02)  | - C | .01  | .01  | (.03) D |
| Net realized and unrealized gain (loss)  | .58  | 3.20  | 1.36  | (3.11)  | 6.81  |
| Total from investment operations  | .56  | 3.20  | 1.37  | (3.10)  | 6.78  |
| Distributions from net investment income  | (.28)  | (.04)  | (.01)  | -  | -  |
| Distributions from net realized gain  | (.12)  | -  | -  | (5.23)  | (.55)  |
| Total distributions  | (.40)  | (.04)  | (.01)  | (5.23)  | (.55)  |
| Net asset value, end of period  | $17.90 | $17.74 | $14.58 | $13.22 | $21.55 |
| **Total Return** E | 3.24% <br>| 21.98%  | 10.34%  | (20.31)%  | 44.76%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .60%  | .60%  | .60%  | .60%  | .60%  |
| Expenses net of fee waivers, if any  | .60% <br>| .60%  | .60%  | .60%  | .60%  |
| Expenses net of all reductions, if any  | .60%  | .60%  | .60%  | .60%  | .59%  |
| Net investment income (loss)  | (.11)%  | (.03)%  | .04%  | .09%  | (.14)% D |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3598205 | $2905358 | $1894187 | $1265226 | $1154380 |
| Portfolio turnover rate H | 81% I<br>| 85% I | 76% I | 81% I | 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 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 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**

For the period ended July 31, 2025

**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 | $24433506  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 2.8 - 7.5 / 3.2 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI)  | 16.5 | Increase |
|  |  |  | Enterprise value/Gross profit multiple (EV/GP)  | 17.3 | Increase |
|  |  | Market approach  | Parity price  | $0.46  | Increase |
|  |  | Discounted cash flow  | Discount rate  | 8.6% - 9.3% / 8.9% | Decrease |
| Convertible Corporate Bonds | $301691  | Market approach  | Transaction price  | $100.00  | Increase |
|  |  |  | Discount rate  | 23.5% | Decrease |
|  |  |  | Probability rate  | 0.0% - 100.0% / 50.0% | Increase |
| Convertible Preferred Stocks | $22530267  | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 1.7 - 14.0 / 5.2 | Increase |
|  |  | Market approach  | Transaction price  | $0.41 - $8.61 / $3.12 | Increase |
|  |  |  | Discount rate  | 5.0% - 80.0% / 16.9% | Decrease |
|  |  | Black scholes  | Volatility  | 50.0% - 110.0% / 79.2% | Increase |
|  |  |  | Discount rate  | 3.8% - 3.9% / 3.9% | 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 July 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable. 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 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. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the consolidated financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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**  | $844532527 |
| **Gross unrealized depreciation**  | <u>(213086097)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$631446430</u> |
| **Tax Cost**  | <u>$3279830277</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed long-term capital gain**  | <u>$29079603</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$631443822</u> |

---

The Fund intends to elect to defer to its next fiscal year $13,429,092 of ordinary losses recognized during the period January 1, 2025 to July 31, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **July 31, 2025** | **July 31, 2024** |
| **Ordinary Income**  | $49300854 | $4542314 |
| **Long-term Capital Gains**  | <u>21499591</u> | <u>-</u> |
| **Total**  | <u>$70800445</u> | <u>$4542314</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.

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

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

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Net Assets** |
| **Fidelity Small Cap Growth K6 Fund** | 5518193 | .15 |

---

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Small Cap Growth K6 Fund** | 3317322788 | 2713124516 |

---

**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 |

---

**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** | 2235792 | 34928214 |

---

**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** | 106516 |

---

**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 | 12641875 | 4.61% | 25911 |

---

**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** | 178450732 | 204859578 | (320974) |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Small Cap Growth K6 Fund** | 40615 |

---

**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** | 121060 | 29778 | - |

---

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** | 2617054 |

---

**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 $15,638.

**9. Other.**

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

**10. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Securities Fund and Shareholders of Fidelity Small Cap Growth K6 Fund

***Opinion on the Financial Statements***

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Fidelity Small Cap Growth K6 Fund and its subsidiary (one of the funds constituting Fidelity Securities Fund, referred to hereafter as the "Fund") as of July 31, 2025, the related consolidated statement of operations for the year ended July 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended July 31, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended July 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2025 and the financial highlights for each of the five years in the period ended July 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of July 31, 2025 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

September 12, 2025

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

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

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2025, $29,079,603, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $1,528,801 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 17% and 54% of the dividends distributed in September and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 20.09% and 60.43% of the dividends distributed in September and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 1.19% and 4.97% of the dividends distributed in September and December, respectively during the fiscal year as a section 199A dividend.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Small Cap Growth K6 Fund**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

![](img111416_4.jpg)<br>

1.9884011.108 SCPK6-ANN-0925

**Fidelity® Small Cap Growth Fund**

**Annual Report**

**July 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img111417_1.jpg)

![](img111417_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7Consolidated_SCP-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Small Cap Growth Fund](#Sub_Sec_Fund_1388_SCP-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements1388_SCP-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SCP-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SCP-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SCP-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SCP-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SCP-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SCP-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Small Cap Growth Fund**

**Consolidated Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.5%** | &nbsp;&nbsp;**Common Stocks - 98.5%** | &nbsp;&nbsp;**Common Stocks - 98.5%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.5%  |  |  |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| DroneShield Ltd (b)(c) | 12142544 | 29025723 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Elsight Ltd (b) | 5978142 | 6676180 |
| TOTAL AUSTRALIA |  | 35701903 |
| BAHAMAS (NASSAU) - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Diversified Consumer Services - 0.3% |  |  |
| OneSpaWorld Holdings Ltd  | 1137860 | 25169463 |
| BELGIUM - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Nyxoah SA (United States) (b)(d) | 451327 | 3366899 |
| CANADA - 1.8%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Specialty Retail - 0.3% |  |  |
| Aritzia Inc Subordinate Voting Shares (b) | 448822 | 24089847 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| CES Energy Solutions Corp  | 1873738 | 9804129 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.2% |  |  |
| Xenon Pharmaceuticals Inc (b) | 478931 | 14626553 |
| Health Care Providers & Services - 0.1% |  |  |
| dentalcorp Holdings Ltd Subordinate Voting Shares  | 1736675 | 10114728 |
| TOTAL HEALTH CARE |  | 24741281 |
| Information Technology - 0.7% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Kraken Robotics Inc (b) | 3316220 | 8185243 |
| Software - 0.5% |  |  |
| Lumine Group Inc Subordinate Voting Shares (b)(c) | 413700 | 16048193 |
| TECSYS Inc  | 593378 | 15763744 |
|  |  | 31811937 |
| TOTAL INFORMATION TECHNOLOGY |  | 39997180 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| G Mining Ventures Corp (b) | 698340 | 8184932 |
| Orla Mining Ltd (b) | 953487 | 8877008 |
| Torex Gold Resources Inc (b) | 338880 | 9545674 |
|  |  | 26607614 |
| TOTAL CANADA |  | 125240051 |
| DENMARK - 0.5%  |  |  |
| Health Care - 0.5% |  |  |
| Biotechnology - 0.5% |  |  |
| Ascendis Pharma A/S ADR (b) | 197760 | 34311360 |
| ISRAEL - 0.5%  |  |  |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Nova Ltd (b) | 77599 | 20376721 |
| Software - 0.2% |  |  |
| Cellebrite DI Ltd (b) | 1302897 | 18214500 |
| TOTAL ISRAEL |  | 38591221 |
| ITALY - 0.8%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Lottomatica Group Spa  | 666879 | 17991040 |
| Leisure Products - 0.1% |  |  |
| Sanlorenzo SpA/Ameglia  | 141230 | 4770682 |
| TOTAL CONSUMER DISCRETIONARY |  | 22761722 |
| Industrials - 0.5% |  |  |
| Electrical Equipment - 0.5% |  |  |
| Prysmian SpA  | 447855 | 35767275 |
| TOTAL ITALY |  | 58528997 |
| JAPAN - 1.1%  |  |  |
| Industrials - 0.5% |  |  |
| Professional Services - 0.5% |  |  |
| BayCurrent Inc  | 627868 | 36052210 |
| Information Technology - 0.6% |  |  |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Allegro MicroSystems Inc (b) | 1269981 | 39890103 |
| TOTAL JAPAN |  | 75942313 |
| NETHERLANDS - 0.7%  |  |  |
| Health Care - 0.7% |  |  |
| Biotechnology - 0.5% |  |  |
| Merus NV (b) | 549203 | 36379207 |
| Pharmaceuticals - 0.2% |  |  |
| Pharvaris NV (b) | 755317 | 15015702 |
| TOTAL NETHERLANDS |  | 51394909 |
| SWEDEN - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Trading Companies & Distributors - 0.1% |  |  |
| Alligo AB B Shares  | 886490 | 9508537 |
| TAIWAN - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Silicon Motion Technology Corp ADR  | 112299 | 8595365 |
| THAILAND - 1.5%  |  |  |
| Information Technology - 1.5% |  |  |
| Electronic Equipment, Instruments & Components - 1.5% |  |  |
| Fabrinet (b) | 311232 | 100755136 |
| UNITED KINGDOM - 1.0%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Leisure Products - 0.5% |  |  |
| Games Workshop Group PLC  | 164673 | 35426742 |
| Energy - 0.5% |  |  |
| Energy Equipment & Services - 0.5% |  |  |
| TechnipFMC PLC  | 913005 | 33205992 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Starling Bank Ltd (e) | 1942800 | 6465712 |
| TOTAL UNITED KINGDOM |  | 75098446 |
| UNITED STATES - 89.6%  |  |  |
| Communication Services - 2.7% |  |  |
| Entertainment - 0.3% |  |  |
| IMAX Corp (b) | 933596 | 24077441 |
| Interactive Media & Services - 0.4% |  |  |
| Cars.com Inc (b) | 1134420 | 14599985 |
| ZoomInfo Technologies Inc (b) | 1371354 | 14851764 |
|  |  | 29451749 |
| Media - 1.2% |  |  |
| Magnite Inc (b)(d) | 2174515 | 50035591 |
| MNTN Inc (f) | 729676 | 20547676 |
| MNTN Inc Class A (d) | 418676 | 11789916 |
|  |  | 82373183 |
| Wireless Telecommunication Services - 0.8% |  |  |
| Gogo Inc (b)(d) | 3796833 | 60217771 |
| TOTAL COMMUNICATION SERVICES |  | 196120144 |
| Consumer Discretionary - 11.1% |  |  |
| Automobile Components - 0.8% |  |  |
| Modine Manufacturing Co (b) | 446130 | 60031253 |
| Diversified Consumer Services - 1.5% |  |  |
| Adtalem Global Education Inc (b) | 396789 | 45341079 |
| Grand Canyon Education Inc (b) | 147609 | 24891306 |
| Stride Inc (b) | 89895 | 11527236 |
| Universal Technical Institute Inc (b)(d) | 854255 | 27524096 |
|  |  | 109283717 |
| Hotels, Restaurants & Leisure - 4.4% |  |  |
| Boyd Gaming Corp  | 329078 | 27938722 |
| Brinker International Inc (b) | 391228 | 61657533 |
| Cava Group Inc (b) | 173296 | 15251781 |
| Cheesecake Factory Inc/The (d) | 1058178 | 67628156 |
| Dutch Bros Inc Class A (b) | 273436 | 16206552 |
| Kura Sushi USA Inc Class A (b)(d) | 235133 | 20630569 |
| Life Time Group Holdings Inc (b) | 481998 | 13842983 |
| Planet Fitness Inc Class A (b) | 138162 | 15085909 |
| Red Rock Resorts Inc Class A  | 325953 | 19997217 |
| Sportradar Holding AG Class A (b) | 1296969 | 38351373 |
| Wyndham Hotels & Resorts Inc  | 155741 | 13393725 |
|  |  | 309984520 |
| Household Durables - 0.6% |  |  |
| Champion Homes Inc (b) | 291892 | 17776223 |
| Somnigroup International Inc  | 378394 | 27388158 |
|  |  | 45164381 |
| Leisure Products - 0.1% |  |  |
| Peloton Interactive Inc Class A (b) | 941145 | 6719774 |
| Specialty Retail - 3.3% |  |  |
| Boot Barn Holdings Inc (b) | 311017 | 53463823 |
| Chewy Inc Class A (b) | 1168133 | 42870481 |
| Fanatics Inc Class A (b)(e)(g) | 726062 | 44217176 |
| Group 1 Automotive Inc  | 94288 | 38860799 |
| ThredUp Inc Class A (b) | 362631 | 2995332 |
| Urban Outfitters Inc (b) | 198494 | 14942628 |
| Warby Parker Inc Class A (b) | 1789163 | 42850454 |
|  |  | 240200693 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Crocs Inc (b) | 277993 | 27724242 |
| TOTAL CONSUMER DISCRETIONARY |  | 799108580 |
| Consumer Staples - 2.1% |  |  |
| Beverages - 0.8% |  |  |
| Primo Brands Corp Class A  | 656792 | 18134027 |
| Vita Coco Co Inc/The (b) | 1002531 | 35349244 |
|  |  | 53483271 |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| US Foods Holding Corp (b) | 456495 | 38039728 |
| Food Products - 0.4% |  |  |
| Simply Good Foods Co/The (b) | 913414 | 27822590 |
| Tobacco - 0.4% |  |  |
| Turning Point Brands Inc  | 373438 | 30972948 |
| TOTAL CONSUMER STAPLES |  | 150318537 |
| Energy - 1.4% |  |  |
| Energy Equipment & Services - 0.4% |  |  |
| Cactus Inc Class A  | 707967 | 29954084 |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| Antero Resources Corp (b) | 758855 | 26506805 |
| Centrus Energy Corp Class A (b)(d) | 142796 | 30758258 |
| Northern Oil & Gas Inc  | 507622 | 14294636 |
|  |  | 71559699 |
| TOTAL ENERGY |  | 101513783 |
| Financials - 8.8% |  |  |
| Banks - 1.7% |  |  |
| East West Bancorp Inc  | 298051 | 29879613 |
| Eastern Bankshares Inc  | 1755141 | 27116928 |
| First Bancorp/Southern Pines NC  | 439350 | 22007042 |
| Hancock Whitney Corp  | 236332 | 14113747 |
| Pathward Financial Inc  | 88612 | 6701282 |
| SouthState Corp  | 227250 | 21400133 |
|  |  | 121218745 |
| Capital Markets - 4.2% |  |  |
| Houlihan Lokey Inc Class A  | 194716 | 37124553 |
| P10 Inc Class A (d) | 2007536 | 24692693 |
| Perella Weinberg Partners (g) | 2039500 | 40667630 |
| Perella Weinberg Partners Class A  | 495227 | 9874826 |
| Piper Sandler Cos  | 167207 | 52723711 |
| PJT Partners Inc Class A (d) | 159140 | 28425587 |
| StepStone Group Inc Class A  | 586028 | 34786622 |
| StepStone Group Inc rights 12/31/2038 (b)(e) | 31066 | 2038862 |
| Stifel Financial Corp  | 541361 | 61780117 |
| WisdomTree Inc (d) | 943088 | 12514778 |
|  |  | 304629379 |
| Consumer Finance - 1.0% |  |  |
| FirstCash Holdings Inc  | 326282 | 43490128 |
| SLM Corp  | 888202 | 28244823 |
|  |  | 71734951 |
| Financial Services - 0.8% |  |  |
| HA Sustainable Infrastructure Capital Inc  | 626805 | 16278125 |
| Mr Cooper Group Inc (b) | 126446 | 19690171 |
| Remitly Global Inc (b) | 1319748 | 21775842 |
|  |  | 57744138 |
| Insurance - 1.1% |  |  |
| Baldwin Insurance Group Inc/The Class A (b) | 533907 | 19669134 |
| Stewart Information Services Corp  | 360396 | 23400512 |
| Trupanion Inc (b)(d) | 748901 | 35505397 |
|  |  | 78575043 |
| TOTAL FINANCIALS |  | 633902256 |
| Health Care - 21.7% |  |  |
| Biotechnology - 9.9% |  |  |
| ADMA Biologics Inc (b) | 974885 | 18230350 |
| Annexon Inc (b) | 1327839 | 3186814 |
| Apogee Therapeutics Inc (b) | 279575 | 10696540 |
| Arcellx Inc (b) | 482293 | 34430897 |
| ARS Pharmaceuticals Inc (b)(d) | 405105 | 7162256 |
| Astria Therapeutics Inc (b) | 1350472 | 9345266 |
| Avidity Biosciences Inc (b) | 497275 | 18254965 |
| Bicara Therapeutics Inc (b)(d) | 462635 | 5139875 |
| Blueprint Medicines Corp rights (b)(e) | 124518 | 57277 |
| Boundless Bio Inc (b) | 294995 | 349569 |
| Bridgebio Pharma Inc (b) | 203928 | 9639677 |
| Caris Life Sciences Inc (f) | 334544 | 9393996 |
| Caris Life Sciences Inc (b) | 15155 | 425552 |
| Celldex Therapeutics Inc (b) | 473857 | 10415377 |
| CG oncology Inc (b)(d) | 830451 | 22164737 |
| Cogent Biosciences Inc (b) | 3123917 | 35675132 |
| Crescent Biopharma Inc (g) | 113421 | 1408689 |
| Crinetics Pharmaceuticals Inc (b) | 889192 | 25421999 |
| Cytokinetics Inc (b) | 583307 | 21955675 |
| Day One Biopharmaceuticals Inc (b) | 1582811 | 10620662 |
| Denali Therapeutics Inc (b) | 613005 | 8477859 |
| Disc Medicine Inc (b) | 278179 | 16623977 |
| Insmed Inc (b) | 276524 | 29665495 |
| Jade Biosciences Inc  | 347415 | 2497914 |
| Janux Therapeutics Inc (b) | 694521 | 16678922 |
| Kiniksa Pharmaceuticals International Plc Class A (b) | 488852 | 14792662 |
| Korro Bio Inc (b) | 51448 | 769662 |
| Legend Biotech Corp ADR (b) | 460507 | 17992008 |
| Madrigal Pharmaceuticals Inc (b)(d) | 154022 | 46593195 |
| MoonLake Immunotherapeutics Class A (b) | 236975 | 11953019 |
| Neurogene Inc (b)(d) | 288072 | 6271327 |
| Nurix Therapeutics Inc (b) | 948302 | 10677881 |
| Nuvalent Inc Class A (b) | 511204 | 40052833 |
| Oruka Therapeutics Inc  | 553410 | 7520842 |
| Perspective Therapeutics Inc (b) | 1160700 | 4457088 |
| Revolution Medicines Inc (b) | 281417 | 10488412 |
| Rhythm Pharmaceuticals Inc (b) | 597058 | 50887253 |
| Scholar Rock Holding Corp (b) | 47759 | 1769471 |
| Soleno Therapeutics Inc (b) | 496057 | 42894049 |
| Spyre Therapeutics Inc (b) | 503397 | 8542647 |
| Ultragenyx Pharmaceutical Inc (b) | 379630 | 10371492 |
| Upstream Bio Inc  | 1222992 | 18724008 |
| Veracyte Inc (b) | 738940 | 17372479 |
| Vericel Corp (b) | 713958 | 24945693 |
| Viking Therapeutics Inc (b)(d) | 322331 | 10498321 |
| Viridian Therapeutics Inc (b) | 1077273 | 18873823 |
| Zenas Biopharma Inc (d) | 479086 | 7526441 |
|  |  | 711894078 |
| Health Care Equipment & Supplies - 4.3% |  |  |
| Artivion Inc (b) | 479327 | 14815998 |
| Ceribell Inc  | 1335885 | 19236744 |
| Glaukos Corp (b) | 131011 | 11278737 |
| Insulet Corp (b) | 103136 | 29744422 |
| Integer Holdings Corp (b) | 214392 | 23263676 |
| Lantheus Holdings Inc (b) | 533789 | 38000439 |
| Masimo Corp (b) | 261224 | 40173639 |
| NeuroPace Inc (b) | 409862 | 3487926 |
| Penumbra Inc (b) | 157391 | 39705028 |
| PROCEPT BioRobotics Corp (b)(d) | 487442 | 23645811 |
| Pulmonx Corp (b) | 1489080 | 2739907 |
| Shoulder Innovations Inc (f)(g) | 661616 | 9957321 |
| Shoulder Innovations Inc  | 122300 | 1840615 |
| TransMedics Group Inc (b)(d) | 458951 | 54601400 |
|  |  | 312491663 |
| Health Care Providers & Services - 5.1% |  |  |
| Alignment Healthcare Inc (b) | 1496277 | 20618697 |
| BrightSpring Health Services Inc (b) | 2711917 | 56001086 |
| Ensign Group Inc/The  | 490917 | 73637550 |
| GeneDx Holdings Corp Class A (b) | 21384 | 2180099 |
| Guardant Health Inc (b) | 219552 | 8997241 |
| HealthEquity Inc (b) | 499374 | 48439278 |
| Hims & Hers Health Inc Class A (b)(d) | 527543 | 34912796 |
| LifeStance Health Group Inc (b) | 4168989 | 16592576 |
| Pennant Group Inc/The (b) | 820781 | 18196715 |
| Privia Health Group Inc (b) | 1509439 | 29464249 |
| Progyny Inc (b) | 1722369 | 40492895 |
| Surgery Partners Inc (b) | 788318 | 17303580 |
|  |  | 366836762 |
| Health Care Technology - 0.6% |  |  |
| Doximity Inc Class A (b) | 186822 | 10975793 |
| Schrodinger Inc/United States (b) | 116051 | 2359317 |
| Waystar Holding Corp (b) | 725280 | 26820854 |
|  |  | 40155964 |
| Life Sciences Tools & Services - 0.4% |  |  |
| Charles River Laboratories International Inc (b) | 101401 | 17201666 |
| Veterinary Emergency Group (b)(e)(g)(h) | 190561 | 15370650 |
|  |  | 32572316 |
| Pharmaceuticals - 1.4% |  |  |
| Amylyx Pharmaceuticals Inc (b) | 1148861 | 9225354 |
| Axsome Therapeutics Inc (b) | 296455 | 30054608 |
| Corcept Therapeutics Inc (b)(d) | 307775 | 20673247 |
| Enliven Therapeutics Inc (b) | 1072854 | 20180384 |
| Enliven Therapeutics Inc (b)(g) | 266907 | 5020520 |
| Liquidia Corp (b)(d) | 603719 | 11283508 |
| Structure Therapeutics Inc ADR (b) | 427449 | 7608592 |
|  |  | 104046213 |
| TOTAL HEALTH CARE |  | 1567996996 |
| Industrials - 22.4% |  |  |
| Aerospace & Defense - 3.5% |  |  |
| AeroVironment Inc (b)(d) | 70990 | 18999764 |
| ATI Inc (b) | 526953 | 40543765 |
| BWX Technologies Inc  | 185095 | 28121483 |
| Karman Holdings Inc  | 643602 | 33274223 |
| Leonardo DRS Inc  | 534842 | 22249427 |
| Mercury Systems Inc (b) | 616232 | 32407641 |
| Redwire Corp Class A (b)(d) | 803729 | 11485287 |
| V2X Inc (b) | 554273 | 26261455 |
| Woodward Inc  | 141492 | 36374763 |
|  |  | 249717808 |
| Building Products - 2.2% |  |  |
| Armstrong World Industries Inc  | 82070 | 15443112 |
| AZZ Inc  | 669202 | 73277619 |
| Simpson Manufacturing Co Inc  | 80640 | 14469235 |
| Tecnoglass Inc  | 730641 | 57011917 |
|  |  | 160201883 |
| Commercial Services & Supplies - 1.2% |  |  |
| ACV Auctions Inc Class A (b) | 1755306 | 24942898 |
| GEO Group Inc/The (b) | 867426 | 22483682 |
| HNI Corp  | 331179 | 17035848 |
| Montrose Environmental Group Inc (b) | 44852 | 1017692 |
| OPENLANE Inc (b) | 883567 | 21771091 |
|  |  | 87251211 |
| Construction & Engineering - 4.4% |  |  |
| Comfort Systems USA Inc  | 52788 | 37125800 |
| Construction Partners Inc Class A (b) | 297482 | 30001060 |
| Dycom Industries Inc (b) | 123621 | 33230561 |
| Fluor Corp (b) | 1055715 | 59932941 |
| Granite Construction Inc  | 119149 | 11256006 |
| IES Holdings Inc (b) | 120983 | 42715468 |
| Sterling Infrastructure Inc (b) | 279097 | 74683566 |
| Valmont Industries Inc  | 83252 | 30299565 |
|  |  | 319244967 |
| Electrical Equipment - 1.3% |  |  |
| Acuity Inc  | 93228 | 29026538 |
| NEXTracker Inc Class A (b) | 841813 | 49044025 |
| NuScale Power Corp Class A (b)(d) | 251358 | 12620685 |
|  |  | 90691248 |
| Machinery - 4.2% |  |  |
| Crane Co  | 137631 | 26944021 |
| Esab Corp  | 298345 | 40028949 |
| Federal Signal Corp  | 212939 | 26951689 |
| Gates Industrial Corp PLC (b) | 1268724 | 31464355 |
| ITT Inc  | 260188 | 44221553 |
| JBT Marel Corp  | 281450 | 38783810 |
| Mueller Industries Inc  | 312720 | 26696906 |
| RBC Bearings Inc (b) | 73244 | 28370331 |
| REV Group Inc  | 816258 | 40445584 |
|  |  | 303907198 |
| Passenger Airlines - 0.5% |  |  |
| Alaska Air Group Inc (b) | 661976 | 35058248 |
| Professional Services - 3.6% |  |  |
| CACI International Inc (b) | 52944 | 24384418 |
| Cbiz Inc (b) | 430077 | 26286306 |
| ExlService Holdings Inc (b) | 589113 | 25585178 |
| First Advantage Corp (b)(d) | 916769 | 15850936 |
| FTI Consulting Inc (b) | 130017 | 21628328 |
| Huron Consulting Group Inc (b) | 342310 | 45212305 |
| KBR Inc  | 354535 | 16570966 |
| Paycom Software Inc  | 134313 | 31098832 |
| Paylocity Holding Corp (b) | 79585 | 14713675 |
| UL Solutions Inc Class A  | 221645 | 16206682 |
| Verra Mobility Corp Class A (b) | 1023284 | 25848154 |
|  |  | 263385780 |
| Trading Companies & Distributors - 1.5% |  |  |
| Applied Industrial Technologies Inc  | 120480 | 32710320 |
| Herc Holdings Inc  | 220403 | 25745274 |
| Xometry Inc Class A (b)(d) | 1552416 | 50205134 |
|  |  | 108660728 |
| TOTAL INDUSTRIALS |  | 1618119071 |
| Information Technology - 16.0% |  |  |
| Communications Equipment - 0.5% |  |  |
| Lumentum Holdings Inc (b) | 324771 | 35750792 |
| Electronic Equipment, Instruments & Components - 5.1% |  |  |
| Advanced Energy Industries Inc  | 332642 | 46210627 |
| Badger Meter Inc  | 66942 | 12635971 |
| Belden Inc  | 345604 | 42733935 |
| Mirion Technologies Inc Class A (b) | 832905 | 18615427 |
| Novanta Inc (b) | 123317 | 15170456 |
| OSI Systems Inc (b)(d) | 407588 | 90081024 |
| PAR Technology Corp (b)(d) | 396641 | 24107840 |
| Sanmina Corp (b) | 195094 | 22638708 |
| TD SYNNEX Corp  | 320307 | 46249128 |
| TTM Technologies Inc (b) | 618771 | 29236930 |
| Vontier Corp  | 564044 | 23390905 |
|  |  | 371070951 |
| IT Services - 0.8% |  |  |
| Kyndryl Holdings Inc (b) | 1468569 | 55467851 |
| Semiconductors & Semiconductor Equipment - 3.7% |  |  |
| Aehr Test Systems (b)(d) | 897421 | 15166415 |
| Credo Technology Group Holding Ltd (b) | 722292 | 80571673 |
| Impinj Inc (b) | 130615 | 20190467 |
| MACOM Technology Solutions Holdings Inc (b) | 391489 | 53688801 |
| Rambus Inc (b) | 687801 | 50849128 |
| Rigetti Computing Inc Class A (b)(d) | 412780 | 5985310 |
| SiTime Corp (b)(d) | 159779 | 32411170 |
| Veeco Instruments Inc (b)(d) | 341613 | 7098718 |
|  |  | 265961682 |
| Software - 5.7% |  |  |
| Algolia Inc (b)(e)(g) | 234640 | 4575480 |
| Alkami Technology Inc (b)(d) | 693121 | 15449667 |
| Clearwater Analytics Holdings Inc Class A (b) | 511662 | 10366272 |
| Commvault Systems Inc (b) | 277252 | 52664017 |
| Figma Inc Class A  | 900 | 103950 |
| Intapp Inc (b) | 690152 | 27640588 |
| InterDigital Inc (d) | 126108 | 32561086 |
| Life360 Inc (b)(d) | 308755 | 23647545 |
| Monday.com Ltd (b) | 207927 | 54537174 |
| nCino Inc (b)(d) | 1280599 | 35760727 |
| Pegasystems Inc  | 347889 | 20424563 |
| Q2 Holdings Inc (b) | 410646 | 33344455 |
| SPS Commerce Inc (b) | 198477 | 21607199 |
| Tenable Holdings Inc (b) | 551033 | 17252843 |
| Varonis Systems Inc (b) | 394426 | 22020804 |
| Weave Communications Inc (b) | 2786753 | 20343297 |
| Workiva Inc Class A (b) | 233821 | 14924794 |
| Zeta Global Holdings Corp Class A (b) | 401705 | 6286683 |
|  |  | 413511144 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| IonQ Inc (b)(d) | 334235 | 13325949 |
| TOTAL INFORMATION TECHNOLOGY |  | 1155088369 |
| Materials - 1.8% |  |  |
| Chemicals - 0.5% |  |  |
| Axalta Coating Systems Ltd (b) | 554218 | 15695454 |
| Element Solutions Inc  | 922685 | 21775366 |
|  |  | 37470820 |
| Metals & Mining - 0.8% |  |  |
| Carpenter Technology Corp  | 216228 | 53925101 |
| Paper & Forest Products - 0.5% |  |  |
| Louisiana-Pacific Corp  | 406325 | 36735843 |
| TOTAL MATERIALS |  | 128131764 |
| Real Estate - 1.4% |  |  |
| Hotel & Resort REITs - 0.3% |  |  |
| Ryman Hospitality Properties Inc  | 237306 | 22558308 |
| Industrial REITs - 0.2% |  |  |
| Terreno Realty Corp  | 314066 | 17427522 |
| Real Estate Management & Development - 0.9% |  |  |
| Compass Inc Class A (b) | 5256029 | 41732871 |
| Landbridge Co LLC Class A (d) | 372248 | 21099017 |
|  |  | 62831888 |
| TOTAL REAL ESTATE |  | 102817718 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| IDACORP Inc (d) | 133127 | 16684807 |
| TOTAL UNITED STATES |  | 6469802025 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,680,476,783) |  | <br> **7112006625** |

---

---

| | | |
|:---|:---|:---|
| &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 10% 12/31/2199 (e)(g)<br>(Cost $1,379,633)<br>| 1379633 | **1642177** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 1.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.2%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.2%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 1.2%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Bright Peak Therapeutics Inc. Series B (b)(e)(g) | 1079522 | 1651669 |
| Bright Peak Therapeutics Inc. Series C (b)(e)(g) | 2205558 | 2404058 |
| Endeavor BioMedicines Inc Series C (b)(e)(g) | 556156 | 2903134 |
| LifeMine Therapeutics Inc Series C (b)(e)(g) | 2048403 | 2417116 |
| Sonoma Biotherapeutics Inc Series B (b)(e)(g) | 2370360 | 6020714 |
| Sonoma Biotherapeutics Inc Series B1 (b)(e)(g) | 1264171 | 3678738 |
| T-Knife Therapeutics Inc Series B (b)(e)(g) | 1097257 | 1492270 |
| Treeline Biosciences Series A (b)(e)(g) | 115000 | 685399 |
|  |  | 21253098 |
| Health Care Technology - 0.0% |  |  |
| Wugen Inc Series B (b)(e)(g) | 326496 | 489744 |
| TOTAL HEALTH CARE |  | 21742842 |
| Industrials - 0.6% |  |  |
| Construction & Engineering - 0.6% |  |  |
| Beta Technologies Inc Series A (b)(e)(g) | 278129 | 31837427 |
| Beta Technologies Inc Series B, 6% (b)(e)(g) | 85106 | 11815266 |
|  |  | 43652693 |
| Information Technology - 0.3% |  |  |
| Communications Equipment - 0.2% |  |  |
| Astranis Space Technologies Corp Series C (b)(e)(g) | 557717 | 6620101 |
| Astranis Space Technologies Corp Series C (b)(e)(g) | 87241 | 1035550 |
| Astranis Space Technologies Corp Series D (b)(e)(g) | 620825 | 5134223 |
|  |  | 12789874 |
| IT Services - 0.0% |  |  |
| Yanka Industries Inc Series E (b)(e)(g) | 869641 | 2330638 |
| Yanka Industries Inc Series F (b)(e)(g) | 127716 | 549179 |
|  |  | 2879817 |
| Software - 0.1% |  |  |
| Algolia Inc Series D (b)(e)(g) | 53800 | 1049100 |
| Lyte Ai Inc Series B (e)(g) | 97800 | 1106118 |
| Skyryse Inc Series B (b)(e)(g) | 62100 | 1630746 |
|  |  | 3785964 |
| TOTAL INFORMATION TECHNOLOGY |  | 19455655 |
| TOTAL UNITED STATES |  | 84851190 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $100,730,633) |  | <br> **84851190** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 7.3%** | &nbsp;&nbsp;**Money Market Funds - 7.3%** | &nbsp;&nbsp;**Money Market Funds - 7.3%** | &nbsp;&nbsp;**Money Market Funds - 7.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 4.33 | 44839043 | 44848011 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 4.33 | 485552962 | 485601517 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $530,449,528) |  |  | **530449528** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 107.0%**<br> (Cost $6,313,036,577)<br>| <br>**7728949520** |
| **NET OTHER ASSETS (LIABILITIES) - (7.0)%**  | **(502375436)** |
| **NET ASSETS - 100.0%** | **7226574084** |

---

**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 $45,073,916 or 0.6% of net assets.

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

(e) Level 3 security

(f) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $39,898,993 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(g) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $207,710,833 or 2.9% 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) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | 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 | 10/27/21 | 6862059 |
| Algolia Inc Series D | 7/23/21 | 1573384 |
| Astranis Space Technologies Corp Series C | 3/19/21 | 12225675 |
| Astranis Space Technologies Corp Series C | 4/05/23 | 1912404 |
| Astranis Space Technologies Corp Series D | 4/25/24 - 12/06/24 | 5799995 |
| Beta Technologies Inc Series A | 4/09/21 | 20378512 |
| Beta Technologies Inc Series B, 6% | 4/04/22 | 8780386 |
| Bright Peak Therapeutics Inc. Series B | 5/14/21 | 4216613 |
| Bright Peak Therapeutics Inc. Series C | 5/07/24 | 2500000 |
| Crescent Biopharma Inc | 10/28/24 | 1500000 |
| Endeavor BioMedicines Inc Series C | 4/22/24 | 3628695 |
| Enliven Therapeutics Inc | 3/19/24 | 3736698 |
| Fanatics Inc Class A | 8/13/20 - 3/22/21 | 12874623 |
| LifeMine Therapeutics Inc Series C | 2/15/22 | 4171757 |
| Lyte Ai Inc Series B | 8/13/24 | 1240701 |
| Perella Weinberg Partners | 12/29/20 | 20395000 |
| Shoulder Innovations Inc | 7/18/25 | 9416600 |
| Skyryse Inc Series B | 10/21/21 | 1532626 |
| Sonoma Biotherapeutics Inc Series B | 7/26/21 | 4684542 |
| Sonoma Biotherapeutics Inc Series B1 | 7/26/21 | 3747635 |
| T-Knife Therapeutics Inc Series B | 6/30/21 | 6329856 |
| Treeline Biosciences Series A | 7/30/21 | 900163 |
| Veterinary Emergency Group | 9/16/21 - 3/17/22 | 9329011 |
| Wugen Inc 10% 12/31/2199 | 6/14/24 | 1379633 |
| Wugen Inc Series B | 7/09/21 | 2531944 |
| Yanka Industries Inc Series E | 5/15/20 | 10504568 |
| Yanka Industries Inc Series F | 4/08/21 | 4071177 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Caris Life Sciences Inc | 12/15/2025 |
| MNTN Inc | 11/18/2025 |
| Shoulder Innovations Inc | 1/27/2026 |

---

**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 | 52503286 | 1714914763 | 1722570038 | 1153019 | - | - | 44848011 | 44839043 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 277060862 | 2213899227 | 2005358572 | 1305772 | - | - | 485601517 | 485552962 | 1.8% |
| Total | 329564148 | 3928813990 | 3727928610 | 2458791 | - | - | 530449528 |  |  |

---

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  |
| Lovesac Co/The | 32890851 | - | 28922093 | - | (7550624) | 3581866 | - | - |
| Total | 32890851 | - | 28922093 | - | (7550624) | 3581866 | - |  |

---

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 July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 196120144 | 196120144 | - | - |
| Consumer Discretionary | 906556354 | 862339178 | - | 44217176 |
| Consumer Staples | 150318537 | 150318537 | - | - |
| Energy | 144523904 | 144523904 | - | - |
| Financials | 640367968 | 631863394 | - | 8504574 |
| Health Care | 1681811445 | 1666383518 | - | 15427927 |
| Industrials | 1728472816 | 1627627608 | 100845208 | - |
| Information Technology | 1389593554 | 1378341894 | 6676180 | 4575480 |
| Materials | 154739378 | 154739378 | - | - |
| Real Estate | 102817718 | 102817718 | - | - |
| Utilities | 16684807 | 16684807 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Health Care | 1642177 | - | - | 1642177 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 21742842 | - | - | 21742842 |
| Industrials | 43652693 | - | - | 43652693 |
| Information Technology | 19455655 | - | - | 19455655 |
|  **Money Market Funds** | 530449528 | 530449528 | - | - |
| **Total Investments in Securities:** | 7728949520 | 7462209608 | 107521388 | 159218524 |

---

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 ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2025 ($)** |
| **Common Stocks** | 70452235 | 222842 | 5844550 | 7938248 | (11732718) | - | - | - | 72725157 | 6388228 |
| **Convertible Preferred Stocks** | 97720427 | (12368032) | 16838216 | 5740692 | (23080113) | - | - | - | 84851190 | (6693412) |
| **Convertible Corporate Bonds** | 1411227 | (398614) | 629564 | - | - | - | - | - | 1642177 | 230951 |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. |  |  |  |

---

**Consolidated Financial Statements**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $469,015,517) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,782,587,049) | $7198499992 |  |
| Fidelity Central Funds (cost $530,449,528) | 530449528 |  |
| Total Investment in Securities (cost $6,313,036,577) |  | $7728949520 |
| Foreign currency held at value (cost $60) |  | 59 |
| Receivable for investments sold |  | 32127522 |
| Receivable for fund shares sold |  | 1330749 |
| Dividends receivable |  | 366515 |
| Interest receivable |  | 156007 |
| Distributions receivable from Fidelity Central Funds |  | 242842 |
| Prepaid expenses |  | 1171 |
| **Total assets** |  | 7763174385 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $40331022 |  |
| Payable for fund shares redeemed | 5144990 |  |
| Accrued management fee | 5257781 |  |
| Distribution and service plan fees payable | 150677 |  |
| Other payables and accrued expenses | 125263 |  |
| Collateral on securities loaned | 485590568 |  |
| **Total liabilities** |  | 536600301 |
| **Net Assets**  |  | $7226574084 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5564616699 |
| Total accumulated earnings (loss) |  | 1661957385 |
| **Net Assets** |  | $7226574084 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($372,910,793 ÷ 12,003,174 shares)(a) |  | $31.07 |
| Maximum offering price per share (100/94.25 of $31.07) |  | $32.97 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($96,069,658 ÷ 3,294,905 shares)(a) |  | $29.16 |
| Maximum offering price per share (100/96.50 of $29.16) |  | $30.22 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($37,545,265 ÷ 1,506,714 shares)(a) |  | $24.92 |
| **Small Cap Growth :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,910,591,387 ÷ 86,699,559 shares) |  | $33.57 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,142,931,764 ÷ 33,956,507 shares) |  | $33.66 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,666,525,217 ÷ 78,551,516 shares) |  | $33.95 |
| *(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** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $28920165 |
| Interest  |  | 57337 |
| Income from Fidelity Central Funds (including $1,305,772 from security lending)  |  | 2458791 |
| **Total income** |  | 31436293 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $55037719 |  |
| Performance adjustment | 8292973 |  |
| Distribution and service plan fees | 1924049 |  |
| Custodian fees and expenses | 195800 |  |
| Independent trustees' fees and expenses | 30027 |  |
| Registration fees | 194349 |  |
| Audit fees | 87704 |  |
| Legal | 10296 |  |
| Interest | 159334 |  |
| Miscellaneous | 82686 |  |
| **Total expenses** |  | 66014937 |
| **Net Investment income (loss)** |  | (34578644) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 413023582 |  |
| Redemptions in-kind | 11619849 |  |
| Affiliated issuers | (7550624) |  |
| Foreign currency transactions | 64549 |  |
| Total net realized gain (loss) |  | 417157356 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (185572759) |  |
| Affiliated issuers  | 3581866 |  |
| Unfunded commitments | (2547122) |  |
| Assets and liabilities in foreign currencies | (6517) |  |
| Total change in net unrealized appreciation (depreciation) |  | (184544532) |
| **Net gain (loss)** |  | 232612824 |
| **Net increase (decrease) in net assets resulting from operations** |  | $198034180 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(34578644) | $(25714295) |
| &nbsp;&nbsp;Net realized gain (loss) | 417157356<br>| 435198535<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (184544532) | 807823915<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 198034180<br>| 1217308155<br>|
| Distributions to shareholders | (107192580)<br>| -<br>|
| Share transactions - net increase (decrease) | (353846785)<br>| 784026430<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (263005185)<br>| 2001334585<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 7489579269 | 5488244684<br>|
| &nbsp;&nbsp;End of period | $7226574084 | $7489579269 |

---

**Consolidated Financial Highlights** 

**Fidelity Advisor® Small Cap Growth Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $30.63 | $25.34 | $23.12 | $34.89 | $26.64 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.23)  | (.19)  | (.17)  | (.17)  | (.26) C |
| Net realized and unrealized gain (loss)  | 1.04  | 5.48  | 2.39  | (5.58)  | 11.27  |
| Total from investment operations  | .81  | 5.29  | 2.22  | (5.75)  | 11.01  |
| Distributions from net investment income  | (.23)  | -  | -  | -  | -  |
| Distributions from net realized gain  | (.14)  | -  | -  | (6.02)  | (2.76)  |
| Total distributions  | (.37)  | -  | -  | (6.02)  | (2.76)  |
| Net asset value, end of period  | $31.07 | $30.63 | $25.34 | $23.12 | $34.89 |
| **Total Return** D,E | 2.69% <br>| 20.88%  | 9.60%  | (20.62)%  | 44.21%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.17%  | 1.27%  | 1.32%  | 1.29%  | 1.29%  |
| Expenses net of fee waivers, if any  | 1.17% <br>| 1.26%  | 1.32%  | 1.29%  | 1.29%  |
| Expenses net of all reductions, if any  | 1.17%  | 1.26%  | 1.32%  | 1.29%  | 1.28%  |
| Net investment income (loss)  | (.75)%  | (.71)%  | (.71)%  | (.61)%  | (.82)% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $372911 | $388894 | $295801 | $287905 | $387793 |
| Portfolio turnover rate H | 77% I<br>| 84% I | 75% I | 79% I | 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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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

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 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.*

**Fidelity Advisor® Small Cap Growth Fund Class M**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $28.78 | $23.87 | $21.83 | $33.27 | $25.56 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.28)  | (.24)  | (.21)  | (.22)  | (.33) C |
| Net realized and unrealized gain (loss)  | .97  | 5.15  | 2.25  | (5.28)  | 10.77  |
| Total from investment operations  | .69  | 4.91  | 2.04  | (5.50)  | 10.44  |
| Distributions from net investment income  | (.17)  | -  | -  | -  | -  |
| Distributions from net realized gain  | (.14)  | -  | -  | (5.94)  | (2.73)  |
| Total distributions  | (.31)  | -  | -  | (5.94)  | (2.73)  |
| Net asset value, end of period  | $29.16 | $28.78 | $23.87 | $21.83 | $33.27 |
| **Total Return** D,E | 2.44% <br>| 20.57%  | 9.34%  | (20.85)%  | 43.82%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.42%  | 1.52%  | 1.58%  | 1.54%  | 1.55%  |
| Expenses net of fee waivers, if any  | 1.42% <br>| 1.51%  | 1.57%  | 1.54%  | 1.55%  |
| Expenses net of all reductions, if any  | 1.42%  | 1.51%  | 1.57%  | 1.54%  | 1.53%  |
| Net investment income (loss)  | (1.00)%  | (.97)%  | (.97)%  | (.86)%  | (1.08)% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $96070 | $96688 | $76283 | $70182 | $98005 |
| Portfolio turnover rate H | 77% I<br>| 84% I | 75% I | 79% I | 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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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

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 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.*

**Fidelity Advisor® Small Cap Growth Fund Class C**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.67 | $20.56 | $18.90 | $29.58 | $23.07 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.37)  | (.31)  | (.28)  | (.31)  | (.43) C |
| Net realized and unrealized gain (loss)  | .84  | 4.42  | 1.94  | (4.54)  | 9.62  |
| Total from investment operations  | .47  | 4.11  | 1.66  | (4.85)  | 9.19  |
| Distributions from net investment income  | (.08)  | -  | -  | -  | -  |
| Distributions from net realized gain  | (.14)  | -  | -  | (5.83)  | (2.68)  |
| Total distributions  | (.22)  | -  | -  | (5.83)  | (2.68)  |
| Net asset value, end of period  | $24.92 | $24.67 | $20.56 | $18.90 | $29.58 |
| **Total Return** D,E | 1.91% <br>| 19.99%  | 8.78%  | (21.24)%  | 43.07%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.92%  | 2.03%  | 2.08%  | 2.05%  | 2.06%  |
| Expenses net of fee waivers, if any  | 1.92% <br>| 2.02%  | 2.08%  | 2.05%  | 2.06%  |
| Expenses net of all reductions, if any  | 1.92%  | 2.02%  | 2.08%  | 2.05%  | 2.05%  |
| Net investment income (loss)  | (1.50)%  | (1.47)%  | (1.48)%  | (1.37)%  | (1.59)% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $37545 | $52767 | $51891 | $59768 | $88239 |
| Portfolio turnover rate H | 77% I<br>| 84% I | 75% I | 79% I | 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 $.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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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

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 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.*

**Fidelity® Small Cap Growth Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $33.06 | $27.27 | $24.81 | $37.02 | $28.07 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.15)  | (.12)  | (.11)  | (.10)  | (.18) C |
| Net realized and unrealized gain (loss)  | 1.12  | 5.91  | 2.57  | (6.00)  | 11.92  |
| Total from investment operations  | .97  | 5.79  | 2.46  | (6.10)  | 11.74  |
| Distributions from net investment income  | (.32)  | -  | -  | -  | -  |
| Distributions from net realized gain  | (.14)  | -  | -  | (6.11)  | (2.79)  |
| Total distributions  | (.46)  | -  | -  | (6.11)  | (2.79)  |
| Net asset value, end of period  | $33.57 | $33.06 | $27.27 | $24.81 | $37.02 |
| **Total Return** D | 2.97% <br>| 21.23%  | 9.92%  | (20.42)%  | 44.60%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .88%  | .99%  | 1.05%  | 1.02%  | 1.00%  |
| Expenses net of fee waivers, if any  | .88% <br>| .98%  | 1.05%  | 1.01%  | 1.00%  |
| Expenses net of all reductions, if any  | .88%  | .98%  | 1.05%  | 1.01%  | .99%  |
| Net investment income (loss)  | (.46)%  | (.43)%  | (.44)%  | (.33)%  | (.53)% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2910591 | $3194599 | $2766171 | $2747002 | $4540695 |
| Portfolio turnover rate G | 77% H<br>| 84% H | 75% H | 79% H | 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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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

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

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

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

**Fidelity Advisor® Small Cap Growth Fund Class I**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $33.16 | $27.36 | $24.90 | $37.13 | $28.15 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.16)  | (.13)  | (.11)  | (.10)  | (.19) C |
| Net realized and unrealized gain (loss)  | 1.12  | 5.93  | 2.57  | (6.03)  | 11.96  |
| Total from investment operations  | .96  | 5.80  | 2.46  | (6.13)  | 11.77  |
| Distributions from net investment income  | (.32)  | -  | -  | -  | -  |
| Distributions from net realized gain  | (.14)  | -  | -  | (6.10)  | (2.79)  |
| Total distributions  | (.46)  | -  | -  | (6.10)  | (2.79)  |
| Net asset value, end of period  | $33.66 | $33.16 | $27.36 | $24.90 | $37.13 |
| **Total Return** D | 2.92% <br>| 21.20%  | 9.88%  | (20.42)%  | 44.57%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .92%  | 1.01%  | 1.07%  | 1.04%  | 1.04%  |
| Expenses net of fee waivers, if any  | .92% <br>| 1.01%  | 1.06%  | 1.03%  | 1.04%  |
| Expenses net of all reductions, if any  | .92%  | 1.01%  | 1.06%  | 1.03%  | 1.03%  |
| Net investment income (loss)  | (.50)%  | (.46)%  | (.46)%  | (.35)%  | (.57)% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1142932 | $1228751 | $660166 | $606422 | $775746 |
| Portfolio turnover rate G | 77% H<br>| 84% H | 75% H | 79% H | 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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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

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

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

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

**Fidelity Advisor® Small Cap Growth Fund Class Z**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $33.45 | $27.56 | $25.04 | $37.32 | $28.26 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.13)  | (.09)  | (.08)  | (.06)  | (.15) C |
| Net realized and unrealized gain (loss)  | 1.13  | 5.98  | 2.60  | (6.06)  | 12.01  |
| Total from investment operations  | 1.00  | 5.89  | 2.52  | (6.12)  | 11.86  |
| Distributions from net investment income  | (.37)  | -  | -  | -  | -  |
| Distributions from net realized gain  | (.14)  | -  | -  | (6.16)  | (2.80)  |
| Total distributions  | (.50) D | -  | -  | (6.16)  | (2.80)  |
| Net asset value, end of period  | $33.95 | $33.45 | $27.56 | $25.04 | $37.32 |
| **Total Return** E | 3.05% <br>| 21.37%  | 10.06%  | (20.33)%  | 44.75%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .80%  | .88%  | .93%  | .90%  | .90%  |
| Expenses net of fee waivers, if any  | .80% <br>| .88%  | .92%  | .90%  | .90%  |
| Expenses net of all reductions, if any  | .80%  | .88%  | .92%  | .90%  | .89%  |
| Net investment income (loss)  | (.38)%  | (.33)%  | (.32)%  | (.22)%  | (.43)% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2666525 | $2527880 | $1637933 | $1465312 | $366620 |
| Portfolio turnover rate H | 77% I<br>| 84% I | 75% I | 79% I | 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 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 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**

For the period ended July 31, 2025

**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 | $72725157 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 2.8 - 7.5 / 3.2 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI) | 16.5 | Increase |
|  |  | Market approach | Parity price | $0.46 | Increase |
|  |  | Discounted cash flow | Discount rate | 8.6% - 9.3% / 8.9% | Decrease |
| Convertible Corporate Bonds | $1642177 | Market approach | Transaction price | $100.00 | Increase |
|  |  |  | Discount rate | 23.5% | Decrease |
|  |  |  | Probability rate | 0.0% - 100.0% / 50.0% | Increase |
| Convertible Preferred Stocks | $84851190 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 1.7 - 14.0 / 5.8 | Increase |
|  |  | Market approach | Transaction price | $0.41 - $8.61 / $3.16 | Increase |
|  |  |  | Discount rate | 5.0% - 80.0% / 22.6% | Decrease |
|  |  | Black scholes | Volatility | 50.0% - 110.0% / 79.5% | Increase |
|  |  |  | Discount rate | 3.8% - 3.9% / 3.9% | 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 July 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable. 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. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the consolidated financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to 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**  | $1857245781 |
| **Gross unrealized depreciation**  | <u>(457723494)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$1399522287</u> |
| **Tax Cost**  | <u>$6329427233</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$-</u> |
| **Undistributed long-term capital gain**  | <u>$310283405</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$1399510679</u> |

---

The Fund intends to elect to defer to its net fiscal year $47,836,699 of ordinary losses recognized during the period January 1, 2025 to July 31, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **July 31, 2025** | **July 31, 2024** |
| **Ordinary Income**  | $75096171 | $- |
| **Long-term Capital Gains**  | <u>32096409</u> | <u>-</u> |
| **Total**  | <u>$107192580</u> | <u>$-</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.

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

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

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Net Assets** |
| **Fidelity Small Cap Growth Fund** | 15370650 | .21 |

---

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Small Cap Growth Fund** | 5728573386 | 6162818841 |

---

**Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Net realized gain or loss on Affiliated Underlying Funds ($)** | **Net realized gain or loss on Other Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realize gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Small Cap Growth Fund** | 1186205 | - | 16684 | 11603165 | 11619849 | 38462188 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Small Cap Growth Fund** | 1196548 | 10828045 | 34928214 |

---

**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** | .80 |
| **Class M** | .80 |
| **Class C** | .80 |
| **Small Cap Growth** | .76 |
| **Class I** | .80 |
| **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 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 annual performance adjustment was .11%.

**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% | 973516 | 54329 |
| **Class M** | .25% | .25% | 489288 | 2524 |
| **Class C** | .75% | .25% | <u>461245</u> | <u>77933</u> |
|  |  |  | <u>1924049</u> | <u>134786</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** | 60255 |
| **Class M** | 4297 |
| **Class C**A | <u>139</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>64691</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** | 219984 |

---

**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 Fund** | Borrower | 13463321 | 4.98% | 156423 |

---

**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** | 311819119 | 504926544 | 12874676 |

---

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

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Small Cap Growth Fund** | 169801 |

---

**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** | 8452 |

---

**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** | 135506 | 26475 | - |

---

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** | 1112426 |

---

**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 Small Cap Growth Fund** | 4610500 | 5.68% | 2911 |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Fidelity Small Cap Growth Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $4738908 | $- |
| Class M | 1065925 | - |
| Class C | 461614 | - |
| Small Cap Growth | 44545355 | - |
| Class I | 17551414 | - |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; <u>38829364</u> | <u>-</u> |
| Total  | <u>$107192580</u> | <u>$-</u> |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **July 31, 2025**  | **Year ended**<br> **July 31, 2024** | **Year ended** <br> **July 31, 2025**  | **Year ended**<br> **July 31, 2024** |
| **Fidelity Small Cap Growth Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 1981455 | 3410425 | $60787958 | $92435438 |
| Reinvestment of distributions | 151411 | - | 4562868 | - |
| Shares redeemed | <u>(2824595)</u> | <u>(2388084)</u> | <u>(84448483)</u> | <u>(62921674)</u> |
| Net increase (decrease) | <u>(691729)</u> | <u>1022341</u> | <u>$(19097657)</u> | <u>$29513764</u> |
| **Class M** |  |  |  |  |
| Shares sold | 460569 | 725789 | $13300682 | $18290293 |
| Reinvestment of distributions | 36975 | - | 1046009 | - |
| Shares redeemed | <u>(561684)</u> | <u>(562338)</u> | <u>(15696523)</u> | <u>(14055708)</u> |
| Net increase (decrease) | <u>(64140)</u> | <u>163451</u> | <u>$(1349832)</u> | <u>$4234585</u> |
| **Class C** |  |  |  |  |
| Shares sold | 154315 | 528459 | $3787790 | $11466796 |
| Reinvestment of distributions | 18622 | - | 452132 | - |
| Shares redeemed | <u>(804988)</u> | <u>(913022)</u> | <u>(19772475)</u> | <u>(18978864)</u> |
| Net increase (decrease) | <u>(632051)</u> | <u>(384563)</u> | <u>$(15532553)</u> | <u>$(7512068)</u> |
| **Small Cap Growth** |  |  |  |  |
| Shares sold | 15673635 | 19838628 | $515613694 | $590342520 |
| Reinvestment of distributions | 1257710 | - | 41060357 | - |
| Shares redeemed | <u>(26858637)</u> | <u>(24637695)</u> | <u>(870243915)</u> | <u>(689666536)</u> |
| Net increase (decrease) | <u>(9927292)</u> | <u>(4799067)</u> | <u>$(313569864)</u> | <u>$(99324016)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 10484692 | 22048418 | $342358177 | $626318348 |
| Reinvestment of distributions | 379133 | - | 12386974 | - |
| Shares redeemed | <u>(13965343)</u> | <u>(9119606)</u> | <u>(461678822)</u> | <u>(261236897)</u> |
| Net increase (decrease) | <u>(3101518)</u> | <u>12928812</u> | <u>$(106933671)</u> | <u>$365081451</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 8421458 | 20985977 | $281900094 | $629325257 |
| Reinvestment of distributions | 1124780 | - | 37160203 | - |
| Shares redeemed | <u>(6575335)</u> | <u>(4834752)</u> | <u>(216423505)</u> | <u>(137292543)</u> |
| Net increase (decrease) | <u>2970903</u> | <u>16151225</u> | <u>$102636792</u> | <u>$492032714</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.

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 | 21% |

---

**12. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Securities Fund and Shareholders of Fidelity Small Cap Growth Fund

***Opinion on the Financial Statements***

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Fidelity Small Cap Growth Fund and its subsidiary (one of the funds constituting Fidelity Securities Fund, referred to hereafter as the "Fund") as of July 31, 2025, the related consolidated statement of operations for the year ended July 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended July 31, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended July 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2025 and the financial highlights for each of the five years in the period ended July 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of July 31, 2025 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

September 12, 2025

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

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

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2025, $323,494,894, or, if subsequently determined to be different, the net capital gain of such year.

Class A designates 38% and 100%; Class M designates 49% and 0%; Class C designates 100% and 0%; Small Cap Growth designates 30% and 100%; Class I designates 30% and 100%; and Class Z designates 27% and 100% of the dividends distributed in September and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A designates 44.85% and 100%; Class M designates 58.06% and 0%; Class C designates 100% and 0%; Small Cap Growth designates 35.62% and 100%; Class I designates 34.76% and 100%; and Class Z designates 31.69% and 100% of the dividends distributed in September and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Class A designates 2.91%; Class M designates 3.76%; Small Cap Growth designates 2.31%; Class I designates 2.25%; and Class Z designates 2.06% of the dividend distributed in September 2024 during the fiscal year as a section 199A dividend.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Small Cap Growth Fund**

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

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

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

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

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

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

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

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

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

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

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

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered the effective management fee rate for the retail class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

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

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

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

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

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

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

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

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

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

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

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

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

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

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

![](img111417_4.jpg)<br>

1.803695.120 SCP-ANN-0925

**Fidelity® Series Small Cap Opportunities Fund**

**Annual Report**

**July 31, 2025**

![](img111418_1.jpg)

![](img111418_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SMO-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Small Cap Opportunities Fund](#Sub_Sec_Fund_1799_SMO-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1799_SMO-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SMO-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SMO-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SMO-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SMO-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SMO-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SMO-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Series Small Cap Opportunities Fund**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.2%** | &nbsp;&nbsp;**Common Stocks - 98.2%** | &nbsp;&nbsp;**Common Stocks - 98.2%** |
|  | Shares | Value ($)<br>|
| CANADA - 4.5%  |  |  |
| Energy - 0.5% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| CES Energy Solutions Corp  | 2398214 | 12548392 |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Secure Waste Infrastructure Corp  | 985400 | 10767145 |
| TOTAL ENERGY |  | 23315537 |
| Financials - 0.7% |  |  |
| Capital Markets - 0.7% |  |  |
| TMX Group Ltd  | 738623 | 30033213 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Xenon Pharmaceuticals Inc (a) | 453871 | 13861220 |
| Information Technology - 1.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Celestica Inc (United States) (a) | 90486 | 18084532 |
| Software - 0.6% |  |  |
| Lumine Group Inc Subordinate Voting Shares (a)(b) | 552541 | 21434093 |
| TOTAL INFORMATION TECHNOLOGY |  | 39518625 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| OR Royalties Inc  | 641700 | 17774571 |
| Real Estate - 0.7% |  |  |
| Real Estate Management & Development - 0.7% |  |  |
| Colliers International Group Inc Subordinate Voting Shares  | 216541 | 32654620 |
| Utilities - 0.9% |  |  |
| Gas Utilities - 0.9% |  |  |
| Brookfield Infrastructure Corp (United States)  | 982434 | 38354223 |
| TOTAL CANADA |  | 195512009 |
| CHILE - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Lundin Mining Corp  | 1720984 | 17575003 |
| DENMARK - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| Ascendis Pharma A/S ADR (a) | 72258 | 12536763 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Accelerant Holdings Class A (a)(c) | 13500 | 371790 |
| HONG KONG - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Distributors - 0.0% |  |  |
| GigaCloud Technology Inc Class A (a)(c) | 129197 | 2877217 |
| ISRAEL - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| IT Services - 0.4% |  |  |
| Wix.com Ltd (a) | 114916 | 15632024 |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Nova Ltd (a) | 54153 | 14220036 |
| TOTAL ISRAEL |  | 29852060 |
| JAPAN - 0.9%  |  |  |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| Takeuchi Manufacturing Co Ltd  | 255000 | 9115253 |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Allegro MicroSystems Inc (a) | 965736 | 30333768 |
| TOTAL JAPAN |  | 39449021 |
| NETHERLANDS - 1.0%  |  |  |
| Health Care - 1.0% |  |  |
| Biotechnology - 1.0% |  |  |
| Argenx SE ADR (a) | 32962 | 22095418 |
| Merus NV (a) | 239551 | 15867858 |
| Newamsterdam Pharma Co NV (a)(c) | 323500 | 7055535 |
| TOTAL NETHERLANDS |  | 45018811 |
| PUERTO RICO - 1.2%  |  |  |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| First BanCorp/Puerto Rico (c) | 2438428 | 50792455 |
| THAILAND - 1.6%  |  |  |
| Information Technology - 1.6% |  |  |
| Electronic Equipment, Instruments & Components - 1.6% |  |  |
| Fabrinet (a) | 212761 | 68877119 |
| UNITED KINGDOM - 2.2%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Leisure Products - 0.4% |  |  |
| Games Workshop Group PLC  | 80989 | 17423478 |
| Consumer Staples - 0.6% |  |  |
| Food Products - 0.6% |  |  |
| Nomad Foods Ltd (c) | 1537549 | 25892325 |
| Energy - 0.7% |  |  |
| Energy Equipment & Services - 0.7% |  |  |
| TechnipFMC PLC  | 827039 | 30079409 |
| Industrials - 0.5% |  |  |
| Professional Services - 0.5% |  |  |
| WNS Holdings Ltd (a) | 285093 | 21322105 |
| TOTAL UNITED KINGDOM |  | 94717317 |
| UNITED STATES - 85.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Entertainment - 0.1% |  |  |
| Vivid Seats Inc Class A (a)(c) | 2013831 | 3121437 |
| Media - 0.1% |  |  |
| Thryv Holdings Inc (a) | 445168 | 5858411 |
| Wireless Telecommunication Services - 0.2% |  |  |
| Gogo Inc (a)(c) | 399834 | 6341367 |
| TOTAL COMMUNICATION SERVICES |  | 15321215 |
| Consumer Discretionary - 10.3% |  |  |
| Automobile Components - 0.7% |  |  |
| Patrick Industries Inc (c) | 294006 | 28589143 |
| Diversified Consumer Services - 0.8% |  |  |
| Laureate Education Inc (a) | 1542974 | 34871212 |
| Hotels, Restaurants & Leisure - 1.1% |  |  |
| Brinker International Inc (a) | 91018 | 14344437 |
| Dutch Bros Inc Class A (a) | 110536 | 6551469 |
| Life Time Group Holdings Inc (a) | 417300 | 11984856 |
| Pursuit Attractions and Hospitality Inc (a) | 216600 | 6549984 |
| Sportradar Holding AG Class A (a) | 228600 | 6759702 |
|  |  | 46190448 |
| Household Durables - 3.1% |  |  |
| Champion Homes Inc (a) | 383244 | 23339560 |
| Green Brick Partners Inc (a) | 655294 | 40588910 |
| Installed Building Products Inc (c) | 151388 | 30624279 |
| Lovesac Co/The (a) | 334150 | 6018042 |
| SharkNinja Inc (a)(c) | 304773 | 35384145 |
|  |  | 135954936 |
| Leisure Products - 0.2% |  |  |
| Acushnet Holdings Corp (c) | 175404 | 13965666 |
| Specialty Retail - 3.1% |  |  |
| Academy Sports & Outdoors Inc  | 969990 | 49265792 |
| Boot Barn Holdings Inc (a) | 185573 | 31899999 |
| Group 1 Automotive Inc  | 36800 | 15167120 |
| Murphy USA Inc  | 83065 | 30109401 |
| Warby Parker Inc Class A (a) | 319100 | 7642445 |
|  |  | 134084757 |
| Textiles, Apparel & Luxury Goods - 1.3% |  |  |
| Crocs Inc (a) | 99854 | 9958439 |
| Kontoor Brands Inc  | 472461 | 26297180 |
| Samsonite Group SA (b)(d) | 4210200 | 8587585 |
| Steven Madden Ltd  | 481372 | 11555335 |
|  |  | 56398539 |
| TOTAL CONSUMER DISCRETIONARY |  | 450054701 |
| Consumer Staples - 2.4% |  |  |
| Beverages - 0.6% |  |  |
| Primo Brands Corp Class A  | 284753 | 7862030 |
| Vita Coco Co Inc/The (a) | 499119 | 17598936 |
|  |  | 25460966 |
| Consumer Staples Distribution & Retail - 0.5% |  |  |
| BJ's Wholesale Club Holdings Inc (a) | 69065 | 7313984 |
| Performance Food Group Co (a) | 131403 | 13192861 |
|  |  | 20506845 |
| Food Products - 1.3% |  |  |
| Darling Ingredients Inc (a) | 332700 | 10772826 |
| Post Holdings Inc (a) | 87027 | 9208327 |
| Simply Good Foods Co/The (a) | 1256574 | 38275244 |
|  |  | 58256397 |
| TOTAL CONSUMER STAPLES |  | 104224208 |
| Energy - 3.2% |  |  |
| Energy Equipment & Services - 1.7% |  |  |
| Cactus Inc Class A  | 699155 | 29581248 |
| Liberty Energy Inc Class A  | 1138690 | 14051434 |
| Weatherford International PLC  | 516701 | 29219442 |
|  |  | 72852124 |
| Oil, Gas & Consumable Fuels - 1.5% |  |  |
| Antero Resources Corp (a) | 676680 | 23636432 |
| Chord Energy Corp  | 152411 | 16815506 |
| Core Natural Resources Inc  | 131700 | 9720777 |
| Northern Oil & Gas Inc  | 556018 | 15657467 |
|  |  | 65830182 |
| TOTAL ENERGY |  | 138682306 |
| Financials - 16.8% |  |  |
| Banks - 7.2% |  |  |
| Axos Financial Inc (a) | 231400 | 19981390 |
| Connectone Bancorp Inc  | 425070 | 9789362 |
| CVB Financial Corp  | 1173300 | 21928977 |
| East West Bancorp Inc  | 188222 | 18869256 |
| First Bancorp/Southern Pines NC  | 35500 | 1778195 |
| First Hawaiian Inc  | 837500 | 20309375 |
| First Interstate BancSystem Inc Class A  | 607974 | 17503571 |
| Glacier Bancorp Inc  | 328789 | 14410822 |
| Home BancShares Inc/AR  | 688300 | 19382528 |
| Metropolitan Bank Holding Corp  | 215174 | 15178374 |
| Pathward Financial Inc (c) | 549200 | 41533250 |
| Pinnacle Financial Partners Inc  | 142759 | 12547089 |
| SouthState Corp  | 348789 | 32845460 |
| Synovus Financial Corp  | 510705 | 24125704 |
| TriCo Bancshares  | 626468 | 25760364 |
| Western Alliance Bancorp  | 221857 | 17207229 |
|  |  | 313150946 |
| Capital Markets - 2.9% |  |  |
| Houlihan Lokey Inc Class A  | 161252 | 30744306 |
| Lazard Inc  | 680644 | 35379875 |
| Piper Sandler Cos  | 57033 | 17983646 |
| Stifel Financial Corp  | 356533 | 40687546 |
|  |  | 124795373 |
| Consumer Finance - 2.0% |  |  |
| FirstCash Holdings Inc  | 443097 | 59060399 |
| SLM Corp  | 1048922 | 33355720 |
|  |  | 92416119 |
| Financial Services - 2.5% |  |  |
| Essent Group Ltd  | 747960 | 41878280 |
| Mr Cooper Group Inc (a) | 237483 | 36980853 |
| PennyMac Financial Services Inc  | 316840 | 29510478 |
|  |  | 108369611 |
| Insurance - 2.2% |  |  |
| First American Financial Corp  | 202678 | 12170814 |
| Genworth Financial Inc Class A (a) | 2358380 | 18536867 |
| Primerica Inc  | 170041 | 45167991 |
| Selective Insurance Group Inc  | 233772 | 18227203 |
| Slide Insurance Holdings Inc  | 39600 | 744479 |
|  |  | 94847354 |
| TOTAL FINANCIALS |  | 733579403 |
| Health Care - 13.3% |  |  |
| Biotechnology - 6.9% |  |  |
| Arcellx Inc (a) | 203469 | 14525652 |
| Astria Therapeutics Inc warrants (a) | 183003 | 424211 |
| Bridgebio Pharma Inc (a) | 316200 | 14946774 |
| Celldex Therapeutics Inc (a) | 444412 | 9768176 |
| Cogent Biosciences Inc (a) | 1312954 | 14993935 |
| Crinetics Pharmaceuticals Inc (a) | 425022 | 12151379 |
| Cytokinetics Inc (a) | 423376 | 15935873 |
| CytomX Therapeutics Inc (a)(c) | 2391095 | 5236498 |
| Dianthus Therapeutics Inc (a) | 449606 | 9293356 |
| Disc Medicine Inc (a) | 219035 | 13089532 |
| Exact Sciences Corp (a) | 205800 | 9662310 |
| Immunovant Inc (a) | 483557 | 7775597 |
| Insmed Inc (a) | 66230 | 7105154 |
| Jade Biosciences Inc (c) | 412500 | 2965875 |
| MoonLake Immunotherapeutics Class A (a) | 180972 | 9128228 |
| Nurix Therapeutics Inc (a) | 418000 | 4706680 |
| Nuvalent Inc Class A (a) | 237729 | 18626067 |
| Oruka Therapeutics Inc  | 410772 | 5582391 |
| Rezolute Inc (a) | 1913400 | 11384730 |
| Rhythm Pharmaceuticals Inc (a) | 185900 | 15844257 |
| Soleno Therapeutics Inc (a) | 214761 | 18570384 |
| Spyre Therapeutics Inc (a)(c) | 289475 | 4912391 |
| Stoke Therapeutics Inc (a) | 836300 | 10746455 |
| Upstream Bio Inc  | 617100 | 9447801 |
| Vaxcyte Inc (a) | 468998 | 15922482 |
| Vericel Corp (a) | 223780 | 7818873 |
| Viking Therapeutics Inc (a)(c) | 256201 | 8344467 |
| Viridian Therapeutics Inc (a) | 656007 | 11493243 |
| Zenas Biopharma Inc  | 569832 | 8952061 |
|  |  | 299354832 |
| Health Care Equipment & Supplies - 2.4% |  |  |
| Artivion Inc (a)(c) | 368723 | 11397228 |
| Ceribell Inc  | 392500 | 5652000 |
| Glaukos Corp (a) | 60740 | 5229107 |
| Insulet Corp (a) | 56922 | 16416305 |
| Kestra Medical Technologies Ltd  | 231476 | 3819353 |
| Lantheus Holdings Inc (a)(c) | 194764 | 13865249 |
| Masimo Corp (a) | 117148 | 18016191 |
| Penumbra Inc (a) | 75439 | 19030997 |
| PROCEPT BioRobotics Corp (a) | 164728 | 7990955 |
| TransMedics Group Inc (a) | 42200 | 5020534 |
|  |  | 106437919 |
| Health Care Providers & Services - 2.8% |  |  |
| BrightSpring Health Services Inc (a) | 541300 | 11177845 |
| Encompass Health Corp  | 185487 | 20423974 |
| Ensign Group Inc/The  | 191257 | 28688550 |
| GeneDx Holdings Corp Class A (a) | 31500 | 3211424 |
| Guardant Health Inc (a) | 99600 | 4081608 |
| HealthEquity Inc (a) | 200159 | 19415423 |
| Hims & Hers Health Inc Class A (a)(c) | 166700 | 11032206 |
| Privia Health Group Inc (a) | 704534 | 13752504 |
| Surgery Partners Inc (a) | 500686 | 10990058 |
|  |  | 122773592 |
| Health Care Technology - 0.2% |  |  |
| Waystar Holding Corp (a) | 278876 | 10312834 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Charles River Laboratories International Inc (a) | 37600 | 6378464 |
| Pharmaceuticals - 0.9% |  |  |
| Enliven Therapeutics Inc (a) | 375650 | 7065977 |
| Enliven Therapeutics Inc (a)(e) | 224300 | 4219083 |
| Prestige Consumer Healthcare Inc (a) | 261363 | 19327794 |
| Structure Therapeutics Inc ADR (a) | 377405 | 6717808 |
|  |  | 37330662 |
| TOTAL HEALTH CARE |  | 582588303 |
| Industrials - 19.9% |  |  |
| Air Freight & Logistics - 0.4% |  |  |
| GXO Logistics Inc (a) | 335700 | 16687646 |
| Building Products - 2.0% |  |  |
| AAON Inc (c) | 142737 | 11918540 |
| AZZ Inc  | 167900 | 18385050 |
| Simpson Manufacturing Co Inc  | 221438 | 39732620 |
| Tecnoglass Inc  | 246422 | 19228309 |
|  |  | 89264519 |
| Commercial Services & Supplies - 1.2% |  |  |
| Brink's Co/The  | 389343 | 34005218 |
| HNI Corp  | 260366 | 13393227 |
| Vestis Corp  | 853114 | 5169871 |
|  |  | 52568316 |
| Construction & Engineering - 5.9% |  |  |
| Comfort Systems USA Inc  | 27209 | 19136090 |
| Construction Partners Inc Class A (a) | 382868 | 38612238 |
| Fluor Corp (a) | 285600 | 16213512 |
| Granite Construction Inc  | 331851 | 31349964 |
| IES Holdings Inc (a) | 252167 | 89032603 |
| Primoris Services Corp  | 296200 | 27893154 |
| Sterling Infrastructure Inc (a) | 135655 | 36299921 |
|  |  | 258537482 |
| Electrical Equipment - 1.2% |  |  |
| Generac Holdings Inc (a) | 24200 | 4711497 |
| NEXTracker Inc Class A (a) | 419060 | 24414436 |
| Thermon Group Holdings Inc (a) | 873478 | 24701958 |
|  |  | 53827891 |
| Ground Transportation - 0.2% |  |  |
| ArcBest Corp  | 109676 | 8020605 |
| Machinery - 4.0% |  |  |
| Atmus Filtration Technologies Inc  | 492507 | 19163447 |
| Blue Bird Corp (a) | 264719 | 11856764 |
| Federal Signal Corp  | 186722 | 23633404 |
| Kadant Inc (c) | 55947 | 18617483 |
| REV Group Inc  | 447717 | 22184377 |
| SPX Technologies Inc (a) | 220867 | 40283933 |
| Terex Corp  | 760264 | 38667027 |
|  |  | 174406435 |
| Passenger Airlines - 1.0% |  |  |
| SkyWest Inc (a) | 374400 | 43415424 |
| Professional Services - 2.1% |  |  |
| Amentum Holdings Inc  | 665999 | 16629995 |
| CRA International Inc  | 110776 | 19569689 |
| ExlService Holdings Inc (a) | 410949 | 17847515 |
| First Advantage Corp (a)(c) | 1045172 | 18071024 |
| KBR Inc  | 374437 | 17501185 |
|  |  | 89619408 |
| Trading Companies & Distributors - 1.9% |  |  |
| Applied Industrial Technologies Inc  | 51194 | 13899171 |
| GMS Inc (a) | 145713 | 15975973 |
| Herc Holdings Inc (c) | 105800 | 12358498 |
| Rush Enterprises Inc Class A  | 749143 | 40558602 |
|  |  | 82792244 |
| TOTAL INDUSTRIALS |  | 869139970 |
| Information Technology - 10.0% |  |  |
| Communications Equipment - 0.7% |  |  |
| Ciena Corp (a) | 311318 | 28902763 |
| Electronic Equipment, Instruments & Components - 6.0% |  |  |
| Advanced Energy Industries Inc  | 378047 | 52518289 |
| Belden Inc  | 341900 | 42275935 |
| ePlus Inc (a) | 164231 | 10638884 |
| Insight Enterprises Inc (a) | 241786 | 28670984 |
| OSI Systems Inc (a) | 34024 | 7519644 |
| PAR Technology Corp (a)(c) | 314877 | 19138224 |
| Sanmina Corp (a) | 518595 | 60177765 |
| TD SYNNEX Corp  | 283485 | 40932399 |
|  |  | 261872124 |
| Semiconductors & Semiconductor Equipment - 1.6% |  |  |
| Axcelis Technologies Inc (a) | 155000 | 10491950 |
| Diodes Inc (a) | 200645 | 9905844 |
| MACOM Technology Solutions Holdings Inc (a) | 312359 | 42836913 |
| Onto Innovation Inc (a) | 75100 | 7115725 |
|  |  | 70350432 |
| Software - 1.7% |  |  |
| Agilysys Inc (a) | 127100 | 14499568 |
| Five9 Inc (a) | 132744 | 3428778 |
| Intapp Inc (a) | 184781 | 7400479 |
| Monday.com Ltd (a) | 63600 | 16681644 |
| Progress Software Corp  | 308108 | 14813833 |
| SPS Commerce Inc (a) | 107819 | 11737715 |
| Vertex Inc Class A (a)(c) | 185914 | 6166767 |
|  |  | 74728784 |
| TOTAL INFORMATION TECHNOLOGY |  | 435854103 |
| Materials - 4.0% |  |  |
| Chemicals - 0.9% |  |  |
| Element Solutions Inc  | 1042593 | 24605195 |
| Minerals Technologies Inc  | 216643 | 12597790 |
|  |  | 37202985 |
| Construction Materials - 0.9% |  |  |
| Eagle Materials Inc  | 175633 | 39392726 |
| Metals & Mining - 1.7% |  |  |
| Carpenter Technology Corp  | 105155 | 26224605 |
| Commercial Metals Co  | 701612 | 36385599 |
| Constellium SE (a) | 998811 | 13693699 |
|  |  | 76303903 |
| Paper & Forest Products - 0.5% |  |  |
| Louisiana-Pacific Corp  | 161429 | 14594796 |
| Sylvamo Corp  | 186335 | 8584453 |
|  |  | 23179249 |
| TOTAL MATERIALS |  | 176078863 |
| Real Estate - 3.6% |  |  |
| Diversified REITs - 1.0% |  |  |
| Essential Properties Realty Trust Inc  | 1373688 | 41883747 |
| Health Care REITs - 1.4% |  |  |
| American Healthcare REIT Inc  | 448000 | 17310720 |
| CareTrust REIT Inc  | 1320552 | 41993554 |
|  |  | 59304274 |
| Industrial REITs - 0.1% |  |  |
| Terreno Realty Corp  | 187385 | 10397993 |
| Real Estate Management & Development - 0.4% |  |  |
| Jones Lang LaSalle Inc (a) | 67318 | 18200094 |
| Retail REITs - 0.3% |  |  |
| Acadia Realty Trust  | 685890 | 12839861 |
| Specialized REITs - 0.4% |  |  |
| Outfront Media Inc  | 935209 | 16394214 |
| TOTAL REAL ESTATE |  | 159020183 |
| Utilities - 1.5% |  |  |
| Gas Utilities - 1.5% |  |  |
| Southwest Gas Holdings Inc  | 556240 | 43464594 |
| UGI Corp  | 609178 | 22040060 |
|  |  | 65504654 |
| TOTAL UNITED STATES |  | 3730047909 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,160,095,855) |  | <br> **4287627474** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.3%** | &nbsp;&nbsp;**Money Market Funds - 4.3%** | &nbsp;&nbsp;**Money Market Funds - 4.3%** | &nbsp;&nbsp;**Money Market Funds - 4.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.33 | 75524043 | 75539148 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 112839741 | 112851025 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $188,390,173) |  |  | **188390173** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.5%**<br> (Cost $3,348,486,028)<br>| <br>**4476017647** |
| **NET OTHER ASSETS (LIABILITIES) - (2.5)%**  | **(110468161)** |
| **NET ASSETS - 100.0%** | **4365549486** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME Russell 2000 Index Contracts (United States) | 259 | Sep 2025 | 28751590 | 584751 | 584751 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.7% | The notional amount of futures purchased as a percentage of Net Assets is 0.7% | The notional amount of futures purchased as a percentage of Net Assets is 0.7% | The notional amount of futures purchased as a percentage of Net Assets is 0.7% | The notional amount of futures purchased as a percentage of Net Assets is 0.7% | The notional amount of futures purchased as a percentage of Net Assets is 0.7% |

---

**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 $30,021,678 or 0.7% of net assets.

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

(d) 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 $8,587,585 or 0.2% of net assets.

(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 $4,219,083 or 0.1% 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(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 | 3/19/24 | 3140200 |

---

**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 | 138298961 | 1414315181 | 1477074993 | 3059118 | - | (1) | 75539148 | 75524043 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 221699830 | 1112222217 | 1221071022 | 150107 | - | - | 112851025 | 112839741 | 0.4% |
| Total | 359998791 | 2526537398 | 2698146015 | 3209225 | - | (1) | 188390173 |  |  |

---

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 July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 15321215 | 15321215 | - | - |
| Consumer Discretionary | 470355396 | 461767811 | 8587585 | - |
| Consumer Staples | 130116533 | 130116533 | - | - |
| Energy | 192077252 | 192077252 | - | - |
| Financials | 814776861 | 814776861 | - | - |
| Health Care | 654005097 | 653580886 | 424211 | - |
| Industrials | 899577328 | 890462075 | 9115253 | - |
| Information Technology | 604435675 | 604435675 | - | - |
| Materials | 211428437 | 211428437 | - | - |
| Real Estate | 191674803 | 191674803 | - | - |
| Utilities | 103858877 | 103858877 | - | - |
|  **Money Market Funds** | 188390173 | 188390173 | - | - |
| **Total Investments in Securities:** | 4476017647 | 4457890598 | 18127049 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 584751 | 584751 | - | - |
| Total Assets | 584751 | 584751 | - | - |
| **Total Derivative Instruments:** | 584751 | 584751 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 584751 | 0 |
| **Total Equity Risk**  | 584751 | 0 |
| **Total Value of Derivatives** | 584751 | 0 |

---

(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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $107,774,191) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,160,095,855) | $4287627474 |  |
| Fidelity Central Funds (cost $188,390,173) | 188390173 |  |
| Total Investment in Securities (cost $3,348,486,028) |  | $4476017647 |
| Segregated cash with brokers for derivative instruments |  | 2394583 |
| Foreign currency held at value (cost $328) |  | 322 |
| Receivable for investments sold |  | 12550803 |
| Receivable for fund shares sold |  | 4774524 |
| Dividends receivable |  | 242412 |
| Distributions receivable from Fidelity Central Funds |  | 333714 |
| Other receivables |  | 47258 |
| **Total assets** |  | 4496361263 |
| **Liabilities** |  |  |
| Payable to custodian bank | $1621680 |  |
| Payable for investments purchased  | 6735563 |  |
| Payable for fund shares redeemed | 9306886 |  |
| Payable for daily variation margin on futures contracts | 275835 |  |
| Other payables and accrued expenses | 31224 |  |
| Collateral on securities loaned | 112840589 |  |
| **Total liabilities** |  | 130811777 |
| **Net Assets**  |  | $4365549486 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3178428908 |
| Total accumulated earnings (loss) |  | 1187120578 |
| **Net Assets** |  | $4365549486 |
| **Net Asset Value**, offering price and redemption price per share ($4,365,549,486 ÷ 292,768,995 shares) |  | $14.91 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $42242469 |
| Interest  |  | 70900 |
| Income from Fidelity Central Funds (including $150,107 from security lending)  |  | 3209225 |
| **Total income** |  | 45522594 |
| **Expenses** |  |  |
| Custodian fees and expenses | $75973 |  |
| Independent trustees' fees and expenses | 19314 |  |
| Interest | 3429 |  |
| **Total expenses** |  | 98716 |
| **Net Investment income (loss)** |  | 45423878 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 199002266 |  |
| Redemptions in-kind | 415947457 |  |
| Foreign currency transactions | 54441 |  |
| Futures contracts | (603147) |  |
| Total net realized gain (loss) |  | 614401017 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (642468341) |  |
| Fidelity Central Funds  | (1) |  |
| Assets and liabilities in foreign currencies | (3519) |  |
| Futures contracts | (2141489) |  |
| Total change in net unrealized appreciation (depreciation) |  | (644613350) |
| **Net gain (loss)** |  | (30212333) |
| **Net increase (decrease) in net assets resulting from operations** |  | $15211545 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $45423878 | $58676069 |
| &nbsp;&nbsp;Net realized gain (loss) | 614401017<br>| 522293552<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (644613350) | 536180775<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 15211545<br>| 1117150396<br>|
| Distributions to shareholders | (465019571)<br>| (51550987)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1820657966 | 1049687400 |
| Reinvestment of distributions | 465019571<br>| 51550987<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (3205698071) | (1373931544) |
| **Net increase (decrease) in net assets resulting from share transactions** | (920020534)<br>| (272693157)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (1369828560)<br>| 792906252<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 5735378046 | 4942471794<br>|
| &nbsp;&nbsp;End of period | $4365549486 | $5735378046 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 122717649 | 77896664 |
| Issued in reinvestment of distributions | 31316313<br>| 4018606<br>|
| &nbsp;&nbsp;Redeemed | (214472846) | (95509377) |
| &nbsp;&nbsp;Net increase (decrease) | (60438884) | (13594107) |

---

**Financial Highlights** 

**Fidelity® Series Small Cap Opportunities Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $16.24 | $13.47 | $12.57 | $18.08 | $12.66 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .15  | .16  | .14  | .12  | .12  |
| Net realized and unrealized gain (loss)  | (.10)  | 2.75  | 1.36  | (1.03)  | 5.62  |
| Total from investment operations  | .05  | 2.91  | 1.50  | (.91)  | 5.74  |
| Distributions from net investment income  | (.32)  | (.14)  | (.14)  | (.12)  | (.14)  |
| Distributions from net realized gain  | (1.05)  | -  | (.47)  | (4.48)  | (.19)  |
| Total distributions  | (1.38) C | (.14)  | (.60) C | (4.60)  | (.32) C |
| Net asset value, end of period  | $14.91 | $16.24 | $13.47 | $12.57 | $18.08 |
| **Total Return** D | .39% <br>| 21.85%  | 12.51%  | (7.62)%  | 45.98%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions G | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any G | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.00%  | 1.14%  | 1.11%  | .86%  | .77%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4365549 | $5735378 | $4942472 | $5039957 | $6012414 |
| Portfolio turnover rate H | 43% I<br>| 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 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*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 Financial Statements**

For the period ended July 31, 2025

**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 July 31, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to foreign currency transactions, 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**  | $1340038352 |
| **Gross unrealized depreciation**  | <u>(229545673)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$1110492679</u> |
| **Tax Cost**  | <u>$3365524968</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$13356371</u> |
| **Undistributed long-term capital gain**  | <u>$63292972</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$1110471234</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **July 31, 2025** | **July 31, 2024** |
| **Ordinary Income**  | $105702669 | $51550987 |
| **Long-term Capital Gains**  | <u>359316902</u> | <u>-</u> |
| **Total**  | <u>$465019571</u> | <u>$51550987</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

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

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

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including 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** | 1947389208 | 2305266338 |

---

**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** | 55839 |

---

**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 Small Cap Opportunities Fund**  | Borrower | 25504000 | 4.84% | 3429 |

---

**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** | 90171812 | 321992532 | 33351868 |

---

**Affiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

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| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **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** | 15197 | 324 | - |

---

**9. Other.**

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

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

**10. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Securities Fund and the Shareholders of Fidelity Series Small Cap Opportunities Fund:

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

We have audited the accompanying statement of assets and liabilities of Fidelity Series Small Cap Opportunities Fund (the "Fund"), a fund of Fidelity Securities Fund, including the schedule of investments, as of July 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 11, 2025

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

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

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2025, $177,877,696, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $3,991,830 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The fund designates 20% and 47% of the dividends distributed in September and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The fund designates 28.08% and 67.58% of the dividends distributed in September and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 1.77% and 13.04% of the dividends distributed in September and December, respectively during the fiscal year as a section 199A dividend.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Series Small Cap Opportunities Fund**

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

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

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

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

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

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

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, and noted that the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts. Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

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

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

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through November 30, 2027.

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

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

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

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

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

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

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

![](img111418_4.jpg)<br>

1.839807.118 SMO-ANN-0925

**Fidelity® Series Real Estate Income Fund**

**Annual Report**

**July 31, 2025**

![](img111419_1.jpg)

![](img111419_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SRE-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Real Estate Income Fund](#Sub_Sec_Fund_2277_SRE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2277_SRE-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SRE-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SRE-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SRE-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SRE-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SRE-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SRE-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Series Real Estate Income Fund**

**Schedule of Investments July 31, 2025**

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%  |  |  |
| American Homes 4 Rent Series 2015-SFR2 Class XS, 0% 10/17/2052 (b)(c)(d)(e) | 863709 | 8 |
| Home Partners of America Trust Series 2021-1 Class F, 3.325% 9/17/2041 (c) | 415134 | 353437 |
| Home Partners of America Trust Series 2021-2 Class G, 4.505% 12/17/2026 (c) | 959602 | 927313 |
| Retained Vantage Data Ctrs Issuer LLC / Vantage Data Ctrs CDA Qc4 Ltd Partnership Series 2024-1A Class B, 5.775% 9/15/2049 (c) | 553000 | 549863 |
| SG Commercial Mortgage Securities Trust Series 2019-PREZ Class F, 3.4771% 9/15/2039 (c)(e) | 2000000 | 1625831 |
| Switch Abs Issuer LLC Series 2024-2A Class C, 10.033% 6/25/2054 (c) | 750000 | 783517 |
| TOTAL UNITED STATES |  | 4239969 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $4,549,032) |  | <br> **4239969** |

---

---

| | | |
|:---|:---|:---|
| &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%  |  |  |
| Financials - 1.4% |  |  |
| Financial Services - 1.4% |  |  |
| MHP Commercial Mortgage Trust U.S. SOFR Index + 5%, 9.3419% 1/9/2026 (d)(e)(f)(g) | 4091650 | 3948442 |
| 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%, 7.1062% 1/31/2030 (e)(f)(g) | 18950 | 19029 |
| TOTAL UNITED STATES |  | 3967471 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $4,110,681) |  | <br> **3967471** |

---

---

| | | |
|:---|:---|:---|
| &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%, 7.8919% 4/15/2042 (c)(e)(g) | 1000000 | 998751 |
| BANK Series 2017-BNK4 Class D, 3.357% 5/15/2050 (c) | 625000 | 452103 |
| BANK Series 2017-BNK8 Class E, 2.8% 11/15/2050 (c) | 1848000 | 850958 |
| Benchmark Mortgage Trust Series 2019-B14 Class 225D, 3.2943% 12/15/2062 (c)(d)(e) | 573000 | 2865 |
| Benchmark Mortgage Trust Series 2019-B14 Class 225E, 3.2943% 12/15/2062 (c)(d)(e) | 859000 | 2147 |
| BFLD Commercial Mortgage Trust Series 2024-UNIV Class D, CME Term SOFR 1 month Index + 2.6909%, 7.0328% 11/15/2041 (c)(e)(g) | 381000 | 382072 |
| BPR Commercial Mortgage Trust Series 2024-PARK Class C, 6.1833% 11/5/2039 (c)(e) | 303000 | 305758 |
| BPR Trust Series 2024-PMDW Class D, 5.85% 11/5/2041 (c)(e) | 254000 | 246780 |
| BSREP Commercial Mortgage Trust Series 2021-DC Class F, CME Term SOFR 1 month Index + 2.9645%, 7.3065% 8/15/2038 (c)(e)(g) | 91177 | 42878 |
| BSREP Commercial Mortgage Trust Series 2021-DC Class G, CME Term SOFR 1 month Index + 3.9645%, 8.3065% 8/15/2038 (c)(e)(g) | 213030 | 85270 |
| BX Commercial Mortgage Trust 2020-VIVA Series 2020-VIVA Class E, 3.5488% 3/11/2044 (c)(e) | 2018000 | 1790237 |
| BX Commercial Mortgage Trust 2024-VLT5 Series 2024-VLT5 Class B, 5.9949% 11/13/2046 (c)(e) | 353000 | 357236 |
| BX Commercial Mortgage Trust 21-SOAR Series 2021-SOAR Class G, CME Term SOFR 1 month Index + 2.9145%, 7.2565% 6/15/2038 (c)(e)(g) | 876738 | 877012 |
| BX Commercial Mortgage Trust Series 2019-IMC Class G, CME Term SOFR 1 month Index + 3.6463%, 7.9883% 4/15/2034 (c)(e)(g) | 819000 | 782145 |
| BX Commercial Mortgage Trust Series 2025-SPOT Class E, CME Term SOFR 1 month Index + 3.6902%, 8.0321% 4/15/2040 (c)(e)(g) | 1000000 | 1000336 |
| BX Trust 2019-OC11 Series 2019-OC11 Class E, 3.944% 12/9/2041 (c)(e) | 5666000 | 5174048 |
| BX Trust 2024 VLT4 Series 2024-VLT4 Class F, CME Term SOFR 1 month Index + 3.9379%, 8.2798% 7/15/2029 (c)(e)(g) | 750000 | 743356 |
| BX Trust 2024-FNX Series 2024-FNX Class D, CME Term SOFR 1 month Index + 2.9402%, 7.2821% 11/15/2041 (c)(e)(g) | 256756 | 257398 |
| BX Trust 2024-FNX Series 2024-FNX Class E, CME Term SOFR 1 month Index + 3.9387%, 8.2807% 11/15/2041 (c)(e)(g) | 864135 | 861284 |
| BX Trust Series 2022-LBA6 Class F, CME Term SOFR 1 month Index + 3.35%, 7.6919% 1/15/2039 (c)(e)(g) | 700000 | 698690 |
| COMM Mortgage Trust Series 2013-LC6 Class E, 3.5% 1/10/2046 (c) | 1299000 | 1196379 |
| COMM Mortgage Trust Series 2017-CD4 Class D, 3.3% 5/10/2050 (c) | 213000 | 177675 |
| COMM Mortgage Trust Series 2017-COR2 Class D, 3% 9/10/2050 (c) | 31000 | 27177 |
| COMM Mortgage Trust Series 2018-HCLV Class F, CME Term SOFR 1 month Index + 3.346%, 7.688% 9/15/2033 (c)(e)(g) | 735000 | 47493 |
| COMM Mortgage Trust Series 2018-HCLV Class G, CME Term SOFR 1 month Index + 5.3523%, 9.6943% 9/15/2033 (c)(d)(e)(g) | 735000 | 17945 |
| COMM Mortgage Trust Series 2025-180W Class F, 7.6089% 8/10/2042 (c)(e) | 2000000 | 1926295 |
| Cone Trust Series 2024-DFW1 Class E, CME Term SOFR 1 month Index + 3.8885%, 8.2304% 8/15/2041 (c)(e)(g) | 500000 | 496277 |
| Credit Suisse Commercial Mortgage Trust Series 2021-SOP2 Class F, CME Term SOFR 1 month Index + 4.4314%, 8.7733% 6/15/2034 (c)(d)(g) | 800000 | 364744 |
| DBGS Mortgage Trust Series 2018-C1 Class C, 4.6368% 10/15/2051 (e) | 1000000 | 881447 |
| EQT Trust Series 2024-EXTR Class B, 1 month U.S. LIBOR + 0%, 5.6546% 7/5/2041 (c)(e)(g) | 1000000 | 1009922 |
| GS Mortgage Securities Trust Series 2011-GC5 Class C, 5.147% 8/10/2044 (c)(e) | 101000 | 88777 |
| GS Mortgage Securities Trust Series 2011-GC5 Class D, 5.147% 8/10/2044 (c)(e) | 759236 | 554453 |
| GS Mortgage Securities Trust Series 2011-GC5 Class E, 5.147% 8/10/2044 (c)(d)(e) | 848000 | 224955 |
| GS Mortgage Securities Trust Series 2011-GC5 Class F, 4.5% 8/10/2044 (c)(d) | 677000 | 2030 |
| GS Mortgage Securities Trust Series 2012-GCJ9 Class E, 4.5879% 11/10/2045 (c)(e) | 355000 | 319851 |
| GS Mortgage Securities Trust Series 2018-RIVR Class G, CME Term SOFR 1 month Index + 2.647%, 7.239% 7/15/2035 (c)(d)(e)(g) | 669000 | 668 |
| GS Mortgage Securities Trust Series 2023-SHIP Class E, 7.4336% 9/10/2038 (c)(e) | 1000000 | 1001757 |
| GS Mortgage Securities Trust Series 2024-RVR Class A, 5.1983% 8/10/2041 (c)(e) | 500000 | 502009 |
| Hilton USA Trust Series 2016-HHV Class F, 4.1935% 11/5/2038 (c)(e) | 2515000 | 2420976 |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C23 Class UH5, 4.7094% 9/15/2047 (c) | 1624000 | 1584929 |
| JPMDB Commercial Mortgage Securities Trust Series 2018-C8 Class D, 3.2562% 6/15/2051 (c)(e) | 302000 | 230464 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3 Class G, 4.409% 2/15/2046 (c)(e) | 1680000 | 231273 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3 Class H, 4.409% 2/15/2046 (c)(d)(e) | 1320000 | 91258 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class E, 4.6896% 6/15/2045 (c)(e) | 646167 | 586239 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class G, 4% 6/15/2045 (c)(d) | 805000 | 454762 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class D, 4.1956% 4/15/2046 (d)(e) | 1316000 | 118572 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class F, 3.25% 4/15/2046 (c)(e) | 482000 | 530 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class E, 3.8046% 6/10/2027 (c)(e) | 924000 | 2310 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-AON Class F, 4.6132% 7/5/2031 (c)(e) | 961000 | 163294 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN Class FFX, 4.6254% 1/16/2037 (c)(d) | 1406000 | 267871 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI Class E, 5.7972% 10/5/2039 (c)(e) | 356000 | 346848 |
| MHC Commercial Mortgage Trust Series 2021-MHC Class F, CME Term SOFR 1 month Index + 2.7154%, 7.0574% 4/15/2038 (c)(e)(g) | 555200 | 555721 |
| MHC Commercial Mortgage Trust Series 2021-MHC Class G, CME Term SOFR 1 month Index + 3.3154%, 7.6574% 4/15/2038 (c)(e)(g) | 676800 | 677646 |
| MHP Commercial Mortgage Trust Series 2021-STOR Class G, CME Term SOFR 1 month Index + 2.8645%, 7.2065% 7/15/2038 (c)(e)(g) | 250000 | 250156 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6 Class D, 4.3446% 11/15/2045 (c)(e) | 823000 | 698529 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6 Class F, 4.3446% 11/15/2045 (c)(e) | 1000000 | 136280 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class C, 3.7118% 5/15/2046 (e) | 625000 | 574771 |
| Morgan Stanley Capital I Trust Series 2011-C2 Class D, 5.2113% 6/15/2044 (c)(e) | 815021 | 806969 |
| Morgan Stanley Capital I Trust Series 2011-C2 Class F, 5.2113% 6/15/2044 (c)(e) | 970000 | 671744 |
| Morgan Stanley Capital I Trust Series 2011-C2 Class XB, 0.4833% 6/15/2044 (b)(c)(e) | 21523365 | 76978 |
| Morgan Stanley Capital I Trust Series 2011-C3 Class E, 4.9411% 7/15/2049 (c)(e) | 171783 | 167336 |
| Morgan Stanley Capital I Trust Series 2011-C3 Class F, 4.9411% 7/15/2049 (c)(e) | 636000 | 597011 |
| Morgan Stanley Capital I Trust Series 2011-C3 Class G, 4.9411% 7/15/2049 (c)(e) | 979600 | 904365 |
| Morgan Stanley Capital I Trust Series 2015-MS1 Class D, 4.1579% 5/15/2048 (c)(e) | 2045000 | 1666695 |
| Morgan Stanley Capital I Trust Series 2016-BNK2 Class D, 3% 11/15/2049 (c) | 2346000 | 1579819 |
| Morgan Stanley Capital I Trust Series 2024-BPR2 Class A, 7.291% 5/5/2029 (c) | 988079 | 1029302 |
| Morgan Stanley Capital I Trust Series 2024-NSTB Class B, 3.9% 9/24/2057 (c)(e) | 739000 | 701326 |
| MSJP Series 2015-HAUL Class E, 4.851% 9/5/2047 (c)(e) | 1000000 | 851587 |
| NXPT Commercial Mortgage Trust Series 2024-STOR Class E, 6.7033% 11/5/2041 (c)(e) | 1022000 | 1024144 |
| PKHL Commercial Mortgage Trust Series 2021-MF Class G, CME Term SOFR 1 month Index + 4.4645%, 8.8065% 7/15/2038 (c)(d)(e)(g) | 500000 | 198902 |
| Prima Capital CRE Securitization Ltd Series 2020-8A Class C, 3% 12/26/2070 (c) | 250000 | 207825 |
| PRM Trust Series 2025-PRM6 Class E, 6.5831% 7/5/2033 (c)(e) | 500000 | 495967 |
| Providence Place Group LP Series 2000-C1 Class A2, 7.75% 7/20/2028 (c) | 494162 | 502878 |
| ROCK Trust Series 2024-CNTR Class E, 8.8191% 11/13/2041 (c) | 720000 | 757199 |
| SELF Commercial Mortgage Trust Series 2024-STRG Class D, CME Term SOFR 1 month Index + 2.9403%, 7.2822% 11/15/2034 (c)(e)(g) | 303000 | 305302 |
| SELF Commercial Mortgage Trust Series 2024-STRG Class E, CME Term SOFR 1 month Index + 4.1885%, 8.5304% 11/15/2034 (c)(e)(g) | 354000 | 353064 |
| SHR Trust Series 2024-LXRY Class D, CME Term SOFR 1 month Index + 3.6%, 7.9419% 10/15/2041 (c)(e)(g) | 512000 | 511840 |
| SREIT Trust Series 2021-IND Class G, CME Term SOFR 1 month Index + 3.3803%, 7.7223% 10/15/2038 (c)(e)(g) | 1573000 | 1555615 |
| SREIT Trust Series 2021-MFP2 Class J, CME Term SOFR 1 month Index + 4.03%, 8.372% 11/15/2036 (c)(e)(g) | 1000000 | 992885 |
| STWD Trust Series 2021-LIH Class G, CME Term SOFR 1 month Index + 4.3145%, 8.656% 11/15/2036 (c)(e)(g) | 1280000 | 1271288 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class F, CME Term SOFR 1 month Index + 4.2389%, 8.5809% 2/15/2042 (c)(e)(g) | 500000 | 497188 |
| UBS Commercial Mortgage Trust Series 2012-C1 Class E, 5% 5/10/2045 (c)(e) | 926620 | 838582 |
| UBS Commercial Mortgage Trust Series 2012-C1 Class F, 5% 5/10/2045 (c)(d)(e) | 399000 | 131479 |
| Wells Fargo Commercial Mortgage Trust Series 2016-BNK1 Class D, 3% 8/15/2049 (c) | 1260000 | 698901 |
| WF-RBS Commercial Mortgage Trust Series 2011-C3 Class D, 5.8545% 3/15/2044 (c)(e) | 843916 | 274290 |
| WF-RBS Commercial Mortgage Trust Series 2011-C4I Class G, 5% 6/15/2044 (d)(e) | 45000 | 14171 |
| WF-RBS Commercial Mortgage Trust Series 2013-C11 Class E, 4.0662% 3/15/2045 (c)(e) | 53000 | 36891 |
| WF-RBS Commercial Mortgage Trust Series 2013-C13 Class D, 3.9552% 5/15/2045 (c)(e) | 35312 | 32402 |
| WP Glimcher Mall Trust Series 2015-WPG Class PR1, 3.516% 6/5/2035 (c)(e) | 1168000 | 1048269 |
| WP Glimcher Mall Trust Series 2015-WPG Class PR2, 3.516% 6/5/2035 (c)(e) | 459000 | 383260 |
| TOTAL UNITED STATES |  | 55329081 |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES**<br> (Cost $67,736,211) |  | <br> **55329081** |

---

---

| | | |
|:---|:---|:---|
| &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 (d)(h)<br>(Cost $709,415)<br>| 24066 | **0** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Corporate Bonds - 0.3%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.3%** | &nbsp;&nbsp;**Convertible Corporate Bonds - 0.3%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Mortgage Real Estate Investment Trusts (REITs) - 0.3% |  |  |
| Two Harbors Investment Corp 6.25% 1/15/2026 <br>(Cost $904,000)<br>| 904000 | **898576** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 5.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 5.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 5.3%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 5.3%  |  |  |
| Financials - 4.2% |  |  |
| Mortgage Real Estate Investment Trusts (REITs) - 4.2% |  |  |
| AGNC Investment Corp CME Term SOFR 3 month Index + 4.332%, 0% (e)(g) | 65750 | 1648353 |
| AGNC Investment Corp CME Term SOFR 3 month Index + 4.9586%, 0% (e)(g) | 61500 | 1566405 |
| AGNC Investment Corp CME Term SOFR 3 month Index + 4.993%, 0% (e)(g) | 46750 | 1200540 |
| Annaly Capital Management Inc CME Term SOFR 3 month Index + 5.2506%, 0% (e)(g) | 27900 | 720936 |
| Chimera Investment Corp Series B, CME Term SOFR 3 month Index + 6.0526%, 11.3508% (e)(g) | 35058 | 877502 |
| Dynex Capital Inc Series C, CME Term SOFR 3 month Index + 5.7226%, 9.9787% (e)(g) | 89500 | 2327000 |
| Rithm Capital Corp CME Term SOFR 3 month Index + 5.2306%, 0% (e)(g) | 20446 | 517488 |
| Rithm Capital Corp CME Term SOFR 3 month Index + 5.802%, 7.5% (e)(g) | 43666 | 1124303 |
| Rithm Capital Corp CME Term SOFR 3 month Index + 5.9016%, 7.125% (e)(g) | 60467 | 1557026 |
|  |  | 11539553 |
| Real Estate - 1.1% |  |  |
| Industrial REITs - 1.1% |  |  |
| LXP Industrial Trust 6.5%  | 68019 | 3163018 |
| TOTAL UNITED STATES |  | 14702571 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $11,539,032) |  | <br> **14702571** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 43.4%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 43.4%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 43.4%** |
|  | 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 (c) | 750000 | 828611 |
| UNITED STATES - 43.1%  |  |  |
| Communication Services - 0.3% |  |  |
| Media - 0.3% |  |  |
| Lamar Media Corp 4% 2/15/2030  | 875000 | 830240 |
| Consumer Discretionary - 1.3% |  |  |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| Choice Hotels International Inc 5.85% 8/1/2034  | 250000 | 251847 |
| Hilton Domestic Operating Co Inc 4% 5/1/2031 (c) | 500000 | 466540 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 4.875% 7/1/2031 (c) | 740000 | 680396 |
| Las Vegas Sands Corp 6% 6/14/2030  | 500000 | 514218 |
| Times Square Hotel Trust 8.528% 8/1/2026 (c) | 369742 | 370478 |
|  |  | 2283479 |
| Household Durables - 0.5% |  |  |
| M/I Homes Inc 3.95% 2/15/2030  | 1430000 | 1324927 |
| TOTAL CONSUMER DISCRETIONARY |  | 3608406 |
| Financials - 0.3% |  |  |
| Financial Services - 0.3% |  |  |
| Rexford Industrial Realty LP 2.125% 12/1/2030  | 1000000 | 868469 |
| Industrials - 0.3% |  |  |
| Commercial Services & Supplies - 0.3% |  |  |
| Williams Scotsman Inc 4.625% 8/15/2028 (c) | 750000 | 737797 |
| Williams Scotsman Inc 6.625% 4/15/2030 (c) | 190000 | 195909 |
|  |  | 933706 |
| Real Estate - 40.9% |  |  |
| Diversified REITs - 6.6% |  |  |
| Equinix Europe 2 Financing Corp LLC 5.5% 6/15/2034  | 1000000 | 1019311 |
| Global Net Lease Inc / Global Net Lease Operating Partnership LP 3.75% 12/15/2027 (c) | 925000 | 881620 |
| GLP Capital LP / GLP Financing II Inc 4% 1/15/2031  | 1000000 | 942366 |
| GLP Capital LP / GLP Financing II Inc 5.3% 1/15/2029  | 1000000 | 1009193 |
| GLP Capital LP / GLP Financing II Inc 5.625% 9/15/2034  | 500000 | 499350 |
| GLP Capital LP / GLP Financing II Inc 6.25% 9/15/2054  | 500000 | 492576 |
| GLP Capital LP / GLP Financing II Inc 6.75% 12/1/2033  | 500000 | 535589 |
| Safehold GL Holdings LLC 2.8% 6/15/2031  | 500000 | 446185 |
| Safehold GL Holdings LLC 2.85% 1/15/2032  | 1250000 | 1080313 |
| Safehold GL Holdings LLC 6.1% 4/1/2034  | 1400000 | 1461331 |
| Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (c) | 1040000 | 984153 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 10.5% 2/15/2028 (c) | 786000 | 830707 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (c) | 630000 | 612875 |
| Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (c) | 3095000 | 3033068 |
| VICI Properties LP 5.125% 5/15/2032  | 500000 | 498804 |
| VICI Properties LP 5.625% 5/15/2052  | 667000 | 611799 |
| VICI Properties LP 5.75% 4/1/2034  | 32000 | 32742 |
| VICI Properties LP 6.125% 4/1/2054  | 1254000 | 1228589 |
| WP Carey Inc 2.25% 4/1/2033  | 1000000 | 818866 |
| WP Carey Inc 2.45% 2/1/2032  | 1000000 | 856815 |
| WP Carey Inc 4.25% 10/1/2026  | 459000 | 457012 |
|  |  | 18333264 |
| Health Care REITs - 3.6% |  |  |
| MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029  | 1506000 | 1144756 |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027  | 3237000 | 2969634 |
| MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (c) | 340000 | 353397 |
| Omega Healthcare Investors Inc 4.5% 4/1/2027  | 483000 | 482392 |
| Omega Healthcare Investors Inc 4.75% 1/15/2028  | 1616000 | 1620659 |
| Omega Healthcare Investors Inc 5.25% 1/15/2026  | 22000 | 21983 |
| Ventas Realty LP 2.5% 9/1/2031  | 500000 | 438802 |
| Ventas Realty LP 4.4% 1/15/2029  | 2000000 | 1988488 |
| Ventas Realty LP 4.75% 11/15/2030  | 1000000 | 998701 |
|  |  | 10018812 |
| Hotel & Resort REITs - 0.4% |  |  |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (c) | 295000 | 302102 |
| RLJ Lodging Trust LP 4% 9/15/2029 (c) | 715000 | 667274 |
|  |  | 969376 |
| Industrial REITs - 3.1% |  |  |
| Lineage OP LP 5.25% 7/15/2030 (c) | 500000 | 501823 |
| LXP Industrial Trust 2.375% 10/1/2031  | 500000 | 421679 |
| LXP Industrial Trust 2.7% 9/15/2030  | 78000 | 69605 |
| LXP Industrial Trust 6.75% 11/15/2028  | 250000 | 263757 |
| Prologis LP 4.875% 6/15/2028  | 1000000 | 1015540 |
| Prologis LP 5% 3/15/2034  | 1500000 | 1499114 |
| Prologis LP 5.125% 1/15/2034  | 2000000 | 2021668 |
| Prologis LP 5.25% 3/15/2054  | 1500000 | 1400271 |
| Prologis LP 5.25% 6/15/2053  | 1500000 | 1400356 |
|  |  | 8593813 |
| Real Estate Management & Development - 4.4% |  |  |
| Americold Realty Operating Partnership LP 5.409% 9/12/2034  | 750000 | 729319 |
| Americold Realty Operating Partnership LP 5.6% 5/15/2032  | 1000000 | 1000881 |
| CBRE Services Inc 5.95% 8/15/2034  | 1750000 | 1843910 |
| Essex Portfolio LP 5.5% 4/1/2034  | 1006000 | 1028977 |
| Extra Space Storage LP 2.35% 3/15/2032  | 2000000 | 1704510 |
| Extra Space Storage LP 5.4% 2/1/2034  | 2000000 | 2025872 |
| Extra Space Storage LP 5.5% 7/1/2030  | 1000000 | 1033954 |
| Extra Space Storage LP 5.9% 1/15/2031  | 1000000 | 1051893 |
| Kennedy-Wilson Inc 4.75% 2/1/2030  | 1755000 | 1617075 |
| Taylor Morrison Communities Inc 5.875% 6/15/2027 (c) | 202000 | 203435 |
|  |  | 12239826 |
| Residential REITs - 4.9% |  |  |
| American Homes 4 Rent LP 2.375% 7/15/2031  | 2000000 | 1737026 |
| American Homes 4 Rent LP 3.625% 4/15/2032  | 1000000 | 922473 |
| American Homes 4 Rent LP 4.25% 2/15/2028  | 2000000 | 1983730 |
| American Homes 4 Rent LP 5.5% 2/1/2034  | 1500000 | 1524903 |
| American Homes 4 Rent LP 5.5% 7/15/2034  | 3000 | 3040 |
| Invitation Homes Operating Partnership LP 2% 8/15/2031  | 1000000 | 848855 |
| Invitation Homes Operating Partnership LP 4.15% 4/15/2032  | 1000000 | 948998 |
| Invitation Homes Operating Partnership LP 5.5% 8/15/2033  | 3000000 | 3048479 |
| Sun Communities Operating LP 2.7% 7/15/2031  | 2500000 | 2208023 |
| UDR Inc 3% 8/15/2031  | 500000 | 453864 |
|  |  | 13679391 |
| Retail REITs - 7.1% |  |  |
| Agree LP 2.6% 6/15/2033  | 1000000 | 834078 |
| Agree LP 2.9% 10/1/2030  | 500000 | 459942 |
| Agree LP 4.8% 10/1/2032  | 77000 | 76141 |
| Agree LP 5.625% 6/15/2034  | 25000 | 25541 |
| Brixmor Operating Partnership LP 4.125% 5/15/2029  | 138000 | 135544 |
| Brixmor Operating Partnership LP 5.5% 2/15/2034  | 500000 | 505807 |
| CBL & Associates LP 4.6% (d)(i) | 3930000 | 1 |
| CBL & Associates LP 5.25% (d)(i) | 3629000 | 0 |
| CBL & Associates LP 5.95% (d)(i) | 2551000 | 0 |
| Kimco Realty OP LLC 4.6% 2/1/2033  | 1000000 | 980431 |
| Kimco Realty OP LLC 6.4% 3/1/2034  | 1576000 | 1711877 |
| Kite Realty Group LP 5.5% 3/1/2034  | 1000000 | 1019171 |
| NNN REIT Inc 5.6% 10/15/2033  | 311000 | 320979 |
| Phillips Edison Grocery Center Operating Partnership I LP 2.625% 11/15/2031  | 3000000 | 2613263 |
| Phillips Edison Grocery Center Operating Partnership I LP 4.95% 1/15/2035  | 2000 | 1939 |
| Phillips Edison Grocery Center Operating Partnership I LP 5.25% 8/15/2032  | 500000 | 502900 |
| Phillips Edison Grocery Center Operating Partnership I LP 5.75% 7/15/2034  | 1000000 | 1027328 |
| Realty Income Corp 3.1% 12/15/2029  | 1000000 | 945501 |
| Realty Income Corp 3.4% 1/15/2030  | 500000 | 478288 |
| Realty Income Corp 4% 7/15/2029  | 1000000 | 982324 |
| Realty Income Corp 5.625% 10/13/2032  | 1000000 | 1044097 |
| Simon Property Group LP 4.75% 9/26/2034  | 1500000 | 1460530 |
| Simon Property Group LP 5.85% 3/8/2053  | 1000000 | 1001876 |
| Simon Property Group LP 6.25% 1/15/2034  | 2000000 | 2175044 |
| Simon Property Group LP 6.65% 1/15/2054  | 1000000 | 1103741 |
|  |  | 19406343 |
| Specialized REITs - 10.8% |  |  |
| American Tower Corp 3.1% 6/15/2050  | 1500000 | 973654 |
| American Tower Corp 3.8% 8/15/2029  | 1000000 | 971003 |
| American Tower Corp 4.05% 3/15/2032  | 1500000 | 1436922 |
| American Tower Corp 5.45% 2/15/2034  | 2000000 | 2047892 |
| American Tower Corp 5.55% 7/15/2033  | 1000000 | 1030882 |
| American Tower Corp 5.65% 3/15/2033  | 2000000 | 2074234 |
| American Tower Corp 5.9% 11/15/2033  | 1500000 | 1581064 |
| Crown Castle Inc 2.1% 4/1/2031  | 2000000 | 1721073 |
| Crown Castle Inc 2.25% 1/15/2031  | 1500000 | 1310974 |
| Crown Castle Inc 2.5% 7/15/2031  | 1500000 | 1312226 |
| Crown Castle Inc 5.1% 5/1/2033  | 2500000 | 2488249 |
| Crown Castle Inc 5.8% 3/1/2034  | 500000 | 518947 |
| CubeSmart LP 2.5% 2/15/2032  | 1500000 | 1296864 |
| CubeSmart LP 4.375% 2/15/2029  | 1000000 | 988853 |
| Equinix Inc 2.5% 5/15/2031  | 2000000 | 1773486 |
| Equinix Inc 2.95% 9/15/2051  | 2000000 | 1221620 |
| Equinix Inc 3% 7/15/2050  | 2500000 | 1564227 |
| Public Storage Operating Co 5.1% 8/1/2033  | 1000000 | 1021281 |
| Public Storage Operating Co 5.35% 8/1/2053  | 2000000 | 1899931 |
| SBA Communications Corp 3.125% 2/1/2029  | 2500000 | 2330086 |
|  |  | 29563468 |
| TOTAL REAL ESTATE |  | 112804293 |
| TOTAL UNITED STATES |  | 119045114 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $117,249,172) |  | <br> **119873725** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 16.1%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 16.1%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 16.1%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.2%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Enbridge Inc 5 year U.S. Treasury Index + 3.14%, 5.9491% (e)(g) | 20325 | 492678 |
| UNITED STATES - 15.9%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Global Partners LP/MA 9.5% Series B  | 12200 | 319397 |
| Financials - 6.1% |  |  |
| Capital Markets - 1.3% |  |  |
| DigitalBridge Group Inc 7.125% Series J  | 45449 | 1008059 |
| DigitalBridge Group Inc Series H, 7.125%  | 57810 | 1281070 |
| DigitalBridge Group Inc Series I, 7.15%  | 60785 | 1348211 |
|  |  | 3637340 |
| Mortgage Real Estate Investment Trusts (REITs) - 4.8% |  |  |
| AGNC Investment Corp CME Term SOFR 3 month Index + 5.111%, 10.3713% (e)(g) | 41899 | 1083089 |
| Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.4336%, 0% (e)(g) | 70990 | 1810955 |
| Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.993%, 10.1521% (e)(g) | 73400 | 1904731 |
| Arbor Realty Trust Inc Series D 6.375%  | 12400 | 225680 |
| Arbor Realty Trust Inc Series F 6.25% (e) | 14100 | 303150 |
| Chimera Investment Corp Series C, 7.75% (e) | 45866 | 1053083 |
| Ellington Financial Inc Series A 3 month U.S. LIBOR + 5.196%, 0% (e)(g) | 58522 | 1482947 |
| MFA Financial Inc 7.5%  | 16249 | 357207 |
| MFA Financial Inc CME Term SOFR 3 month Index + 5.6066%, 0% (e)(g) | 26100 | 639972 |
| Pennymac Mortgage Investment Trust 3 month U.S. Treasury Index Series B + 8%, 0% (e)(g) | 20205 | 488557 |
| Pennymac Mortgage Investment Trust 8.125% (e) | 14975 | 358501 |
| Rithm Capital Corp 7% Series D (e) | 17100 | 418266 |
| Two Harbors Investment Corp 7.625% Series B (e) | 89612 | 2069186 |
| Two Harbors Investment Corp 8.125% Series A (e) | 41635 | 965099 |
|  |  | 13160423 |
| TOTAL FINANCIALS |  | 16797763 |
| Real Estate - 9.7% |  |  |
| Diversified REITs - 2.4% |  |  |
| Armada Hoffler Properties Inc Series A 6.75%  | 33250 | 714875 |
| CTO Realty Growth Inc 6.375%  | 20000 | 434800 |
| Gladstone Commercial Corp Series E 6.625%  | 41125 | 933126 |
| Gladstone Commercial Corp Series G, 6%  | 64500 | 1298385 |
| Global Net Lease Inc 6.875% Series B  | 47200 | 1006776 |
| Global Net Lease Inc 7.25% Series A  | 45925 | 1034663 |
| Global Net Lease Inc 7.375% Series E  | 19100 | 435480 |
| Global Net Lease Inc 7.5%  | 34998 | 808454 |
|  |  | 6666559 |
| Health Care REITs - 0.7% |  |  |
| Global Medical REIT Inc 7.5% Series A  | 27461 | 694486 |
| National Healthcare Properties Inc Series A, 7.375%  | 33000 | 539550 |
| National Healthcare Properties Inc Series B, 7.125%  | 40300 | 655681 |
|  |  | 1889717 |
| Hotel & Resort REITs - 2.8% |  |  |
| Ashford Hospitality Trust Inc Series H 7.5%  | 3575 | 51157 |
| Braemar Hotels & Resorts Inc 8.25% Series D  | 5450 | 112543 |
| DiamondRock Hospitality Co 8.25%  | 34900 | 883668 |
| Pebblebrook Hotel Trust 6.3% Series F  | 37902 | 723549 |
| Pebblebrook Hotel Trust 6.375%  | 20200 | 379659 |
| Pebblebrook Hotel Trust 6.375% Series E  | 45192 | 845542 |
| Pebblebrook Hotel Trust Series H, 5.7%  | 50200 | 850891 |
| Sotherly Hotels Inc 7.875% Series C  | 19300 | 309765 |
| Sotherly Hotels Inc 8% Series B  | 12750 | 200558 |
| Summit Hotel Properties Inc Series E, 6.25%  | 60784 | 1143955 |
| Summit Hotel Properties Inc Series F, 5.875%  | 61000 | 1132160 |
| Sunstone Hotel Investors Inc Series H, 6.125%  | 20000 | 417000 |
| Sunstone Hotel Investors Inc Series I, 5.7%  | 38700 | 760846 |
|  |  | 7811293 |
| Industrial REITs - 0.8% |  |  |
| Prologis Inc Series Q, 8.54%  | 16850 | 922537 |
| Rexford Industrial Realty Inc 5.625% Series C  | 11775 | 253163 |
| Rexford Industrial Realty Inc 5.875% Series B  | 50000 | 1127500 |
|  |  | 2303200 |
| Office REITs - 0.1% |  |  |
| Hudson Pacific Properties Inc 4.75% Series C  | 22900 | 341439 |
| Real Estate Management & Development - 0.1% |  |  |
| Brookfield Property Partners LP 5.75%  | 7000 | 91000 |
| Brookfield Property Partners LP 6.5%  | 5875 | 85598 |
| Seritage Growth Properties Series A, 7%  | 1050 | 23782 |
|  |  | 200380 |
| Residential REITs - 1.0% |  |  |
| American Homes 4 Rent 5.875% Series G  | 37050 | 842888 |
| American Homes 4 Rent Series H, 6.25%  | 18925 | 448711 |
| UMH Properties Inc 6.375% Series D  | 63875 | 1414832 |
|  |  | 2706431 |
| Retail REITs - 1.2% |  |  |
| Agree Realty Corp 4.25%  | 38700 | 665640 |
| Cedar Realty Trust Inc 7.25%  | 7070 | 120190 |
| Regency Centers Corp 5.875%  | 28775 | 650315 |
| Regency Centers Corp 6.25% Series A  | 51175 | 1190331 |
| Saul Centers Inc 6% Series E  | 13475 | 304939 |
| Saul Centers Inc 6.125% Series D  | 15958 | 344533 |
|  |  | 3275948 |
| Specialized REITs - 0.6% |  |  |
| Gladstone Land Corp 5% Series D  | 60000 | 1489800 |
| National Storage Affiliates Trust Series A, 6%  | 12325 | 279531 |
|  |  | 1769331 |
| TOTAL REAL ESTATE |  | 26964298 |
| TOTAL UNITED STATES |  | 44081458 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $42,549,483) |  | <br> **44574136** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 12.6%** | &nbsp;&nbsp;**Money Market Funds - 12.6%** | &nbsp;&nbsp;**Money Market Funds - 12.6%** | &nbsp;&nbsp;**Money Market Funds - 12.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (j)<br>(Cost $34,900,900)<br>| 4.33 | 34893922 | **34900900** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.6%**<br> (Cost $284,247,926)<br>| <br>**278486429** |
| **NET OTHER ASSETS (LIABILITIES) - (0.6)%**  | **(1669988)** |
| **NET ASSETS - 100.0%** | **276816441** |

---

**Legend**

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

(b) 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.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $69,630,274 or 25.2% of net assets.

(d) Level 3 security

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

(f) 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.

(g) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(h) Non-income producing.

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

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

**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 | 5849693 | 53896541 | 24845334 | 750844 | - | - | 34900900 | 34893922 | 0.1% |
| Total | 5849693 | 53896541 | 24845334 | 750844 | - | - | 34900900 |  |  |

---

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 July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Asset-Backed Securities** | 4239969 | - | 4239961 | 8 |
|  **Bank Loan Obligations** |  |  |  |  |
| Financials | 3948442 | - | - | 3948442 |
| Real Estate | 19029 | - | 19029 | - |
|  **Commercial Mortgage Securities** | 55329081 | - | 53436712 | 1892369 |
|  **Common Stocks** |  |  |  |  |
| Real Estate | - | - | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Financials | 898576 | - | 898576 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 11539553 | 11539553 | - | - |
| Real Estate | 3163018 | - | 3163018 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 830240 | - | 830240 | - |
| Consumer Discretionary | 3608406 | - | 3608406 | - |
| Energy | 828611 | - | 828611 | - |
| Financials | 868469 | - | 868469 | - |
| Industrials | 933706 | - | 933706 | - |
| Real Estate | 112804293 | - | 112804292 | 1 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Energy | 812075 | 812075 | - | - |
| Financials | 16797763 | 16797763 | - | - |
| Real Estate | 26964298 | 26964298 | - | - |
|  **Money Market Funds** | 34900900 | 34900900 | - | - |
| **Total Investments in Securities:** | 278486429 | 91014589 | 181631020 | 5840820 |

---

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 ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2025 ($)** |
| **Common Stocks** | - | - | - | - | - | - | - | - | - | - |
| **Bank Loan Obligations** | 8639894 | 462 | 105203 | - | (4797119) | 2 | - | - | 3948442 | 105661 |
| **Non-Convertible Corporate Bonds** | - | - | 1 | - | - | - | - | - | 1 | - |
| **Asset-Backed Securities** | 9 | - | (1) | - | - | - | - | - | 8 | - |
| **Commercial Mortgage Securities** | 2855693 | - | (388312) | 5210839 | (5210839) | (359821) | 1416632 | (1631823) | 1892369 | (388311) |
| <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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $249,347,026) | $243585529 |  |
| Fidelity Central Funds (cost $34,900,900) | 34900900 |  |
| Total Investment in Securities (cost $284,247,926) |  | $278486429 |
| Cash |  | 37 |
| Receivable for fund shares sold |  | 63133 |
| Dividends receivable |  | 60869 |
| Interest receivable |  | 1908781 |
| Distributions receivable from Fidelity Central Funds |  | 108043 |
| **Total assets** |  | 280627292 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $3757623 |  |
| Payable for fund shares redeemed | 52810 |  |
| Other payables and accrued expenses | 418 |  |
| **Total liabilities** |  | 3810851 |
| **Net Assets**  |  | $276816441 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $304031397 |
| Total accumulated earnings (loss) |  | (27214956) |
| **Net Assets** |  | $276816441 |
| **Net Asset Value**, offering price and redemption price per share ($276,816,441 ÷ 27,384,456 shares) |  | $10.11 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $3835091 |
| Interest  |  | 11183249 |
| Income from Fidelity Central Funds  |  | 750844 |
| **Total income** |  | 15769184 |
| **Expenses** |  |  |
| Custodian fees and expenses | $2720 |  |
| Independent trustees' fees and expenses | 1078 |  |
| Legal | 330 |  |
| Total expenses before reductions | 4128 |  |
| Expense reductions | (1456) |  |
| Total expenses after reductions |  | 2672 |
| **Net Investment income (loss)** |  | 15766512 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (1017135) |  |
| Total net realized gain (loss) |  | (1017135) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | 7356594 |
| **Net gain (loss)** |  | 6339459 |
| **Net increase (decrease) in net assets resulting from operations** |  | $22105971 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $15766512 | $16283207 |
| &nbsp;&nbsp;Net realized gain (loss) | (1017135)<br>| (12739930)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 7356594 | 18082600<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 22105971<br>| 21625877<br>|
| Distributions to shareholders | (15632604)<br>| (17807958)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 30841385 | 31935725 |
| Reinvestment of distributions | 15632604<br>| 17807958<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (40547889) | (127111138) |
| **Net increase (decrease) in net assets resulting from share transactions** | 5926100<br>| (77367455)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 12399467<br>| (73549536)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 264416974 | 337966510<br>|
| &nbsp;&nbsp;End of period | $276816441 | $264416974 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 3086224 | 3337469 |
| Issued in reinvestment of distributions | 1574080<br>| 1889282<br>|
| &nbsp;&nbsp;Redeemed | (4055946) | (13304256) |
| &nbsp;&nbsp;Net increase (decrease) | 604358 | (8077505) |

---

**Financial Highlights** 

**Fidelity® Series Real Estate Income Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.87 | $9.70 | $10.74 | $11.77 | $9.94 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .58  | .60  | .60  | .55  | .45  |
| Net realized and unrealized gain (loss)  | .25  | .24  | (.64)  | (.97)  | 1.90  |
| Total from investment operations  | .83  | .84  | (.04)  | (.42)  | 2.35  |
| Distributions from net investment income  | (.59)  | (.67)  | (.68)  | (.52)  | (.45)  |
| Distributions from net realized gain  | -  | -  | (.32)  | (.09)  | (.07)  |
| Total distributions  | (.59)  | (.67)  | (1.00)  | (.61)  | (.52)  |
| Net asset value, end of period  | $10.11 | $9.87 | $9.70 | $10.74 | $11.77 |
| **Total Return** C | 8.61% <br>| 9.15%  | (.13)%  | (3.78)%  | 24.48%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions F | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any F | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any F | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 5.86%  | 6.27%  | 6.13%  | 4.83%  | 4.21%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $276816 | $264417 | $337967 | $681642 | $1047202 |
| Portfolio turnover rate G | 9% <br>| 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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

D*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.*

E*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.*

F*Amount represents less than .005%.*

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

**Notes to Financial Statements**

For the period ended July 31, 2025

**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, 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 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** |
| Asset-Backed Securities  | $8  | Indicative market price  | Evaluated bid | $0.00  | Increase |
| Bank Loan Obligations  | $3948442  | Discounted cash flow  | Yield | 12.0% | Decrease |
| Commercial Mortgage Securities  | $1892369  | Indicative market price  | Evaluated bid | $0.10 - $56.49 / $35.84 | Increase |
| Common Stocks  | $-  | Recovery value  | Recovery value | $0.00  | Increase |
| Non-Convertible Corporate Bonds  | $1  | 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 July 31, 2025, 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. 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. 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. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

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**  | $12001698 |
| **Gross unrealized depreciation**  | <u>(19317152)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$(7315454)</u> |
| **Tax Cost**  | <u>$285801883</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$2988647</u> |
| **Capital loss carryforward**  | <u>$(22888148)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$(7315454)</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 fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(1892128) |
| Long-term | <u>(20996020)</u> |
| **Total capital loss carryforward** | <u>$(22888148)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **July 31, 2025** | **July 31, 2024** |
| **Ordinary Income**  | $15632604 | $17807958 |

---

**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.

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Series Real Estate Income Fund** | 23767175 | 43264411 |

---

**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** | 29 |

---

**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 $1,456.

**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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Securities Fund and the Shareholders of Fidelity Series Real Estate Income Fund:

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

We have audited the accompanying statement of assets and liabilities of Fidelity Series Real Estate Income Fund (the "Fund"), a fund of Fidelity Securities Fund, including the schedule of investments, as of July 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 12, 2025

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

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

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

A total of 0.57% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $12,140,395 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 0.09%, 0.31%, 0.15%, and 0.15% of the dividends distributed in September, December, March and June respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 6.17%, 21.76%, 34.74%, and 34.74% of the dividends distributed in September, December, March, and June respectively during the fiscal year as a section 199A dividend.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Series Real Estate Income Fund**

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

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

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

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

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

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

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, and noted that the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts. Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds, 529 plans and collective investment trusts that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through November 30, 2027.

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

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

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

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

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

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

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

![](img111419_4.jpg)<br>

1.924310.113 SRE-ANN-0925

**Fidelity® Series Blue Chip Growth Fund**

**Annual Report**

**July 31, 2025**

![](img111422_1.jpg)

![](img111422_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7Consolidated_XS1-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Blue Chip Growth Fund](#Sub_Sec_Fund_2611_XS1-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements2611_XS1-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_XS1-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_XS1-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_XS1-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_XS1-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_XS1-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_XS1-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Series Blue Chip Growth Fund**

**Consolidated Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.9%** | &nbsp;&nbsp;**Common Stocks - 97.9%** | &nbsp;&nbsp;**Common Stocks - 97.9%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| UCB SA  | 32300 | 7020132 |
| BRAZIL - 0.1%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (b) | 194300 | 2374346 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Wheaton Precious Metals Corp (United States) (c) | 109500 | 10020345 |
| TOTAL BRAZIL |  | 12394691 |
| CANADA - 1.1%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Specialty Retail - 0.2% |  |  |
| Aritzia Inc Subordinate Voting Shares (b) | 579785 | 31119090 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Cameco Corp  | 112200 | 8423907 |
| Information Technology - 0.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Celestica Inc (United States) (b) | 314800 | 62915928 |
| IT Services - 0.3% |  |  |
| Shopify Inc Class A (b) | 332400 | 40631198 |
| TOTAL INFORMATION TECHNOLOGY |  | 103547126 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Franco-Nevada Corp (United States)  | 53600 | 8540088 |
| TOTAL CANADA |  | 151630211 |
| CHINA - 0.3%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Tencent Holdings Ltd  | 227600 | 15934786 |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Hesai Group ADR (b) | 156700 | 2977300 |
| WeRide Inc ADR (c) | 339800 | 3119364 |
|  |  | 6096664 |
| Automobiles - 0.0% |  |  |
| BYD Co Ltd H Shares  | 333000 | 4862086 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Luckin Coffee Inc ADR (b) | 74000 | 2720240 |
| TOTAL CONSUMER DISCRETIONARY |  | 13678990 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Ant International Co Ltd Class C (d)(e) | 784278 | 1482284 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Zhejiang Sanhua Intelligent Controls Co Ltd H Shares  | 804000 | 2656867 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Pony AI Inc ADR (c) | 337700 | 4538688 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Xiaomi Corp Class B ADR (b) | 88400 | 2977312 |
| TOTAL INFORMATION TECHNOLOGY |  | 7516000 |
| TOTAL CHINA |  | 41268927 |
| DENMARK - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Ascendis Pharma A/S ADR (b) | 129996 | 22554306 |
| FINLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Amer Sports Inc (b) | 644200 | 24183268 |
| FRANCE - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Hermes International SCA  | 2601 | 6384730 |
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (b) | 56100 | 2810049 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| SAP SE ADR  | 46300 | 13274210 |
| TOTAL GERMANY |  | 16084259 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Accelerant Holdings Class A (b)(c) | 41400 | 1140156 |
| HONG KONG - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Futu Holdings Ltd Class A ADR  | 9100 | 1398488 |
| INDIA - 0.8%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| Bharti Airtel Ltd  | 239000 | 5207300 |
| Vodafone Idea Ltd (b) | 70627924 | 5549936 |
|  |  | 10757236 |
| Consumer Discretionary - 0.4% |  |  |
| Broadline Retail - 0.0% |  |  |
| Lenskart Solutions Pvt Ltd (d)(e) | 1798006 | 6400826 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Eternal Ltd (b) | 4839700 | 16905622 |
| MakeMyTrip Ltd (b) | 93800 | 8778742 |
|  |  | 25684364 |
| Specialty Retail - 0.1% |  |  |
| Aditya Birla Fashion and Retail Ltd (f) | 3773640 | 3119851 |
| Aditya Birla Lifestyle Brands Ltd  | 3773640 | 6143798 |
|  |  | 9263649 |
| TOTAL CONSUMER DISCRETIONARY |  | 41348839 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Patanjali Foods Ltd  | 276000 | 5879950 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Reliance Industries Ltd  | 850898 | 13449358 |
| Reliance Industries Ltd GDR (g) | 24800 | 1562400 |
|  |  | 15011758 |
| Financials - 0.2% |  |  |
| Banks - 0.1% |  |  |
| HDFC Bank Ltd/Gandhinagar ADR  | 86000 | 6602220 |
| ICICI Bank Ltd ADR  | 186100 | 6271570 |
| Kotak Mahindra Bank Ltd  | 46200 | 1041797 |
|  |  | 13915587 |
| Capital Markets - 0.1% |  |  |
| Authum Investment & Infrastucture Ltd  | 395536 | 12475237 |
| Consumer Finance - 0.0% |  |  |
| Bajaj Finance Ltd  | 112000 | 1121788 |
| Financial Services - 0.0% |  |  |
| Jio Financial Services Ltd (b) | 726649 | 2719661 |
| TOTAL FINANCIALS |  | 30232273 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Hindustan Aeronautics Ltd (h) | 22600 | 1164133 |
| Passenger Airlines - 0.0% |  |  |
| InterGlobe Aviation Ltd (b)(g)(h) | 41100 | 2760527 |
| Transportation Infrastructure - 0.0% |  |  |
| JSW Infrastructure Ltd  | 320400 | 1107050 |
| TOTAL INDUSTRIALS |  | 5031710 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Welspun Corp Ltd  | 521700 | 5544485 |
| TOTAL INDIA |  | 113806251 |
| ISRAEL - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd warrants 7/24/2032 (b)(e) | 84101 | 115218 |
| ITALY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Lottomatica Group Spa  | 402400 | 10855934 |
| JAPAN - 0.3%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.2% |  |  |
| Nintendo Co Ltd  | 306000 | 25575158 |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| Timee Inc (b) | 203400 | 2710660 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Allegro MicroSystems Inc (b) | 286300 | 8992683 |
| TOTAL JAPAN |  | 37278501 |
| LUXEMBOURG - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| CVC Capital Partners PLC (g)(h) | 232373 | 4484263 |
| NETHERLANDS - 0.8%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Adyen NV (b)(g)(h) | 2800 | 4802426 |
| Information Technology - 0.8% |  |  |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| NXP Semiconductors NV  | 481235 | 102873606 |
| TOTAL NETHERLANDS |  | 107676032 |
| SWITZERLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| On Holding AG Class A (b) | 445700 | 21647649 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Galderma Group AG  | 44660 | 7010342 |
| TOTAL SWITZERLAND |  | 28657991 |
| TAIWAN - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 458300 | 110734446 |
| UNITED KINGDOM - 0.3%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Flutter Entertainment PLC (b) | 51200 | 15475712 |
| Flutter Entertainment PLC (United Kingdom) (b) | 36600 | 11165568 |
|  |  | 26641280 |
| Consumer Staples - 0.0% |  |  |
| Tobacco - 0.0% |  |  |
| British American Tobacco PLC ADR  | 152900 | 8207672 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| 3i Group PLC  | 142589 | 7791372 |
| Financial Services - 0.0% |  |  |
| Revolut Group Holdings Ltd (d)(e) | 2322 | 2420894 |
| TOTAL FINANCIALS |  | 10212266 |
| TOTAL UNITED KINGDOM |  | 45061218 |
| UNITED STATES - 92.5%  |  |  |
| Communication Services - 15.5% |  |  |
| Entertainment - 4.3% |  |  |
| Cinemark Holdings Inc (c) | 244800 | 6577776 |
| Netflix Inc (b) | 342724 | 397354206 |
| ROBLOX Corp Class A (b) | 992900 | 136811691 |
| Spotify Technology SA (b) | 56800 | 35587472 |
| Take-Two Interactive Software Inc (b) | 90400 | 20134792 |
| Walt Disney Co/The  | 11300 | 1345943 |
|  |  | 597811880 |
| Interactive Media & Services - 11.2% |  |  |
| Alphabet Inc Class A  | 3457460 | 663486574 |
| Epic Games Inc (b)(d)(e) | 1076 | 825045 |
| Meta Platforms Inc Class A  | 958310 | 741195286 |
| Reddit Inc Class A (b) | 67400 | 10823766 |
| Reddit Inc Class B (b) | 134285 | 21564828 |
| Snap Inc Class A (b) | 11373600 | 107253048 |
|  |  | 1545148547 |
| TOTAL COMMUNICATION SERVICES |  | 2142960427 |
| Consumer Discretionary - 16.5% |  |  |
| Automobiles - 1.3% |  |  |
| Neutron Holdings Inc (b)(d)(e) | 691699 | 48073 |
| Rad Power Bikes Inc (b)(d)(e) | 110210 | 5511 |
| Rad Power Bikes Inc warrants 10/6/2033 (b)(d)(e) | 74246 | 6682 |
| Rivian Automotive Inc Class A (b)(c) | 609095 | 7839053 |
| Tesla Inc (b) | 556605 | 171584623 |
|  |  | 179483942 |
| Broadline Retail - 8.6% |  |  |
| Amazon.com Inc (b) | 5051100 | 1182513021 |
| Diversified Consumer Services - 0.0% |  |  |
| Bright Horizons Family Solutions Inc (b) | 32800 | 3709680 |
| Hotels, Restaurants & Leisure - 1.8% |  |  |
| BJ's Restaurants Inc (b) | 34000 | 1204620 |
| Brinker International Inc (b) | 92600 | 14593760 |
| Cava Group Inc (b) | 78000 | 6864780 |
| Chipotle Mexican Grill Inc (b) | 1218900 | 52266432 |
| DoorDash Inc Class A (b) | 54500 | 13638625 |
| DraftKings Inc Class A (b) | 674200 | 30365968 |
| Dutch Bros Inc Class A (b) | 52300 | 3099821 |
| Planet Fitness Inc Class A (b) | 92400 | 10089156 |
| Royal Caribbean Cruises Ltd (c) | 30400 | 9663248 |
| Sportradar Holding AG Class A (b) | 93100 | 2752967 |
| Starbucks Corp  | 926300 | 82588908 |
| Sweetgreen Inc Class A (b)(c) | 351781 | 4530939 |
| Yum! Brands Inc  | 68800 | 9917520 |
|  |  | 241576744 |
| Household Durables - 1.0% |  |  |
| DR Horton Inc  | 53000 | 7570520 |
| Lennar Corp Class A  | 37400 | 4195532 |
| PulteGroup Inc  | 63100 | 7125252 |
| SharkNinja Inc (b)(c) | 894790 | 103885119 |
| Somnigroup International Inc  | 152400 | 11030712 |
| Toll Brothers Inc  | 24600 | 2911656 |
|  |  | 136718791 |
| Leisure Products - 0.1% |  |  |
| Peloton Interactive Inc Class A (b) | 1855500 | 13248270 |
| Specialty Retail - 2.4% |  |  |
| Abercrombie & Fitch Co Class A (b) | 110925 | 10651019 |
| Bath & Body Works Inc  | 264600 | 7662816 |
| Burlington Stores Inc (b) | 33600 | 9171456 |
| Carvana Co Class A (b) | 185100 | 72220467 |
| Fanatics Inc Class A (b)(d)(e) | 159285 | 9700457 |
| Five Below Inc (b) | 171384 | 23397344 |
| Home Depot Inc/The  | 36100 | 13267111 |
| Lowe's Cos Inc  | 294406 | 65820349 |
| O'Reilly Automotive Inc (b) | 13500 | 1327320 |
| Restoration Hardware Inc (b)(c) | 196604 | 40425714 |
| TJX Cos Inc/The  | 401200 | 49961436 |
| Urban Outfitters Inc (b) | 56400 | 4245792 |
| Warby Parker Inc Class A (b) | 49800 | 1192709 |
| Wayfair Inc Class A (b) | 330220 | 21675641 |
|  |  | 330719631 |
| Textiles, Apparel & Luxury Goods - 1.3% |  |  |
| Capri Holdings Ltd (b) | 811500 | 14761185 |
| Deckers Outdoor Corp (b) | 490396 | 52065343 |
| Levi Strauss & Co Class A  | 99500 | 1959155 |
| Lululemon Athletica Inc (b) | 354074 | 71002460 |
| NIKE Inc Class B  | 356313 | 26613018 |
| Tapestry Inc  | 55000 | 5941650 |
| Tory Burch LLC Class A (b)(d)(e)(i) | 106817 | 4306861 |
| Under Armour Inc Class A (b) | 1371000 | 9103440 |
|  |  | 185753112 |
| TOTAL CONSUMER DISCRETIONARY |  | 2273723191 |
| Consumer Staples - 1.3% |  |  |
| Beverages - 0.2% |  |  |
| Celsius Holdings Inc (b) | 109000 | 4942060 |
| Coca-Cola Co/The  | 355000 | 24100950 |
|  |  | 29043010 |
| Consumer Staples Distribution & Retail - 0.8% |  |  |
| Costco Wholesale Corp  | 23400 | 21987576 |
| Dollar General Corp  | 155800 | 16343420 |
| Dollar Tree Inc (b) | 174841 | 19853196 |
| Kroger Co/The  | 41700 | 2923170 |
| Walmart Inc  | 405300 | 39711294 |
|  |  | 100818656 |
| Food Products - 0.0% |  |  |
| Freshpet Inc (b)(c) | 95600 | 6531391 |
| Tobacco - 0.3% |  |  |
| JUUL Labs Inc Class A (b)(d)(e) | 5076784 | 6955194 |
| JUUL Labs Inc Class B (b)(d)(e) | 2450 | 3357 |
| Philip Morris International Inc  | 206100 | 33810705 |
|  |  | 40769256 |
| TOTAL CONSUMER STAPLES |  | 177162313 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Cheniere Energy Inc  | 18700 | 4410955 |
| Financials - 3.5% |  |  |
| Capital Markets - 1.5% |  |  |
| Ares Management Corp Class A  | 84700 | 15714391 |
| Blue Owl Capital Inc Class A  | 1060800 | 20526480 |
| Charles Schwab Corp/The  | 163000 | 15929990 |
| Coinbase Global Inc Class A (b) | 24100 | 9104016 |
| Galaxy Digital Inc Class A  | 131900 | 3747939 |
| Goldman Sachs Group Inc/The  | 53900 | 39001501 |
| KKR & Co Inc Class A  | 123300 | 18073314 |
| Moody's Corp  | 32800 | 16915944 |
| Morgan Stanley  | 120200 | 17123692 |
| Robinhood Markets Inc Class A (b) | 502400 | 51772320 |
|  |  | 207909587 |
| Consumer Finance - 0.0% |  |  |
| American Express Co  | 12700 | 3801237 |
| Financial Services - 2.0% |  |  |
| Affirm Holdings Inc Class A (b) | 413600 | 28356416 |
| Apollo Global Management Inc  | 164600 | 23919672 |
| Mastercard Inc Class A  | 269400 | 152607018 |
| Mr Cooper Group Inc (b) | 2100 | 327012 |
| Rocket Cos Inc Class A (c) | 329803 | 4871190 |
| Toast Inc Class A (b) | 265100 | 12947484 |
| Visa Inc Class A  | 122700 | 42389169 |
|  |  | 265417961 |
| Insurance - 0.0% |  |  |
| Slide Insurance Holdings Inc  | 105300 | 1979640 |
| TOTAL FINANCIALS |  | 479108425 |
| Health Care - 4.6% |  |  |
| Biotechnology - 1.0% |  |  |
| AbbVie Inc  | 99500 | 18807490 |
| Alnylam Pharmaceuticals Inc (b) | 59681 | 23409275 |
| Apogee Therapeutics Inc (b) | 56700 | 2169342 |
| Arcellx Inc (b) | 15400 | 1099406 |
| Avidity Biosciences Inc (b) | 37900 | 1391309 |
| Caris Life Sciences Inc (b) | 23600 | 662688 |
| Cibus Inc Class A (b)(c) | 32171 | 47613 |
| Gilead Sciences Inc  | 566800 | 63645972 |
| Janux Therapeutics Inc (b) | 40100 | 963002 |
| Legend Biotech Corp ADR (b) | 85600 | 3344392 |
| Moderna Inc (b) | 147600 | 4363056 |
| MoonLake Immunotherapeutics Class A (b) | 81300 | 4100772 |
| Natera Inc (b) | 15700 | 2098462 |
| Scholar Rock Holding Corp (b) | 71500 | 2649075 |
| Soleno Therapeutics Inc (b) | 37200 | 3216684 |
| Viking Therapeutics Inc (b) | 124500 | 4054965 |
|  |  | 136023503 |
| Health Care Equipment & Supplies - 1.1% |  |  |
| Blink Health LLC Class A1 (b)(d)(e) | 8180 | 297670 |
| Boston Scientific Corp (b) | 1086700 | 114016564 |
| GE HealthCare Technologies Inc  | 18800 | 1340816 |
| Glaukos Corp (b) | 42300 | 3641607 |
| Insulet Corp (b) | 57300 | 16525320 |
| Kestra Medical Technologies Ltd  | 74500 | 1229250 |
| Stryker Corp  | 41500 | 16298295 |
|  |  | 153349522 |
| Health Care Providers & Services - 0.4% |  |  |
| Cardinal Health Inc  | 128900 | 20007858 |
| Cencora Inc  | 41900 | 11986752 |
| McKesson Corp  | 28600 | 19835244 |
|  |  | 51829854 |
| Health Care Technology - 0.1% |  |  |
| Claritev Corp warrants (b) | 24206 | 0 |
| Veeva Systems Inc Class A (b) | 24600 | 6991320 |
| Waystar Holding Corp (b) | 153000 | 5657940 |
|  |  | 12649260 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Thermo Fisher Scientific Inc  | 12500 | 5846000 |
| Pharmaceuticals - 2.0% |  |  |
| Eli Lilly & Co  | 364679 | 269887988 |
| Structure Therapeutics Inc ADR (b) | 58200 | 1035960 |
|  |  | 270923948 |
| TOTAL HEALTH CARE |  | 630622087 |
| Industrials - 4.1% |  |  |
| Aerospace & Defense - 1.8% |  |  |
| Anduril Industries Inc Class B (d)(e) | 4398 | 179790 |
| Anduril Industries Inc Class C (d)(e) | 2 | 82 |
| Axon Enterprise Inc (b) | 34600 | 26139954 |
| Boeing Co (b) | 343380 | 76175420 |
| GE Aerospace  | 158900 | 43074612 |
| Howmet Aerospace Inc  | 187400 | 33688898 |
| Space Exploration Technologies Corp (b)(d)(e) | 227030 | 48130360 |
| Space Exploration Technologies Corp Class C (b)(d)(e) | 6860 | 1454320 |
| StandardAero Inc (c) | 30900 | 882195 |
|  |  | 229725631 |
| Building Products - 0.1% |  |  |
| Builders FirstSource Inc (b) | 68100 | 8657553 |
| Carrier Global Corp  | 40200 | 2758524 |
| Lennox International Inc  | 2200 | 1339800 |
| Trex Co Inc (b)(c) | 66200 | 4252688 |
|  |  | 17008565 |
| Construction & Engineering - 0.0% |  |  |
| Comfort Systems USA Inc  | 7600 | 5345080 |
| Fluor Corp (b) | 24600 | 1396542 |
|  |  | 6741622 |
| Electrical Equipment - 0.5% |  |  |
| Emerson Electric Co  | 30900 | 4496259 |
| GE Vernova Inc  | 90800 | 59954332 |
| Vertiv Holdings Co Class A  | 25100 | 3654560 |
|  |  | 68105151 |
| Ground Transportation - 0.9% |  |  |
| Knight-Swift Transportation Holdings Inc  | 60400 | 2567000 |
| Lyft Inc Class A (b) | 715089 | 10054151 |
| Uber Technologies Inc (b) | 1300000 | 114075000 |
|  |  | 126696151 |
| Industrial Conglomerates - 0.0% |  |  |
| 3M Co  | 20400 | 3044088 |
| Machinery - 0.0% |  |  |
| PACCAR Inc  | 27400 | 2706024 |
| RBC Bearings Inc (b) | 10000 | 3873400 |
|  |  | 6579424 |
| Passenger Airlines - 0.3% |  |  |
| Alaska Air Group Inc (b) | 119200 | 6312832 |
| Delta Air Lines Inc  | 269900 | 14361379 |
| United Airlines Holdings Inc (b) | 222100 | 19613651 |
|  |  | 40287862 |
| Trading Companies & Distributors - 0.5% |  |  |
| Ferguson Enterprises Inc  | 40500 | 9044865 |
| FTAI Aviation Ltd  | 388900 | 53516529 |
|  |  | 62561394 |
| TOTAL INDUSTRIALS |  | 560749888 |
| Information Technology - 45.8% |  |  |
| Communications Equipment - 0.1% |  |  |
| Lumentum Holdings Inc (b) | 150500 | 16567040 |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Amphenol Corp Class A  | 276500 | 29450015 |
| Coherent Corp (b) | 181300 | 19507880 |
| Corning Inc  | 31800 | 2011032 |
|  |  | 50968927 |
| IT Services - 1.2% |  |  |
| Cloudflare Inc Class A (b) | 66500 | 13810720 |
| CoreWeave Inc Class A (f) | 538400 | 61447592 |
| CoreWeave Inc Class A (e)(f) | 34956 | 3989528 |
| IBM Corporation  | 19800 | 5012370 |
| MongoDB Inc Class A (b) | 17200 | 4091708 |
| Snowflake Inc (b) | 176952 | 39548772 |
| Twilio Inc Class A (b) | 266600 | 34391400 |
| X.Ai Holdings Corp Class A (d)(e) | 48900 | 1787784 |
|  |  | 164079874 |
| Semiconductors & Semiconductor Equipment - 22.9% |  |  |
| Advanced Micro Devices Inc (b) | 23500 | 4143285 |
| Astera Labs Inc (b) | 559600 | 76514108 |
| Broadcom Inc  | 1417800 | 416407860 |
| GlobalFoundries Inc (b) | 472960 | 17683974 |
| Impinj Inc (b) | 53300 | 8239114 |
| Marvell Technology Inc  | 3131095 | 251646105 |
| Monolithic Power Systems Inc  | 100500 | 71479620 |
| NVIDIA Corp  | 12926960 | 2299318375 |
| ON Semiconductor Corp (b) | 147913 | 8336377 |
|  |  | 3153768818 |
| Software - 13.4% |  |  |
| Applied Intuition Inc Class A (b)(d)(e) | 5601 | 763304 |
| AppLovin Corp Class A (b) | 456300 | 178276410 |
| Atom Tickets LLC (b)(d)(e)(i) | 344068 | 3 |
| Celestial AI Inc (d)(e) | 7180 | 121988 |
| Crowdstrike Holdings Inc Class A (b) | 20700 | 9409599 |
| Figma Inc (f) | 43744 | 5052432 |
| Figma Inc Class A  | 33900 | 3915450 |
| Microsoft Corp  | 2614800 | 1394995801 |
| MicroStrategy Inc Class A (b) | 39700 | 15953842 |
| Monday.com Ltd (b) | 30600 | 8026074 |
| OpenAI Global LLC rights (b)(d)(e) | 5005573 | 7358192 |
| OpenAI Global LLC rights (b)(d)(e) | 1089847 | 1089847 |
| Oracle Corp  | 357200 | 90646644 |
| Palantir Technologies Inc Class A (b) | 287900 | 45588965 |
| Servicenow Inc (b) | 82723 | 78017716 |
| Stripe Inc Class B (b)(d)(e) | 19900 | 706450 |
| Tanium Inc Class B (b)(d)(e) | 151000 | 1440540 |
| Unity Software Inc (b) | 174200 | 5811312 |
| Zscaler Inc (b) | 5300 | 1513468 |
|  |  | 1848688037 |
| Technology Hardware, Storage & Peripherals - 7.8% |  |  |
| Apple Inc  | 5164336 | 1071961224 |
| Sandisk Corp/DE  | 52000 | 2231840 |
| Super Micro Computer Inc (b)(c) | 92100 | 5431137 |
|  |  | 1079624201 |
| TOTAL INFORMATION TECHNOLOGY |  | 6313696897 |
| Materials - 0.5% |  |  |
| Chemicals - 0.0% |  |  |
| Sherwin-Williams Co/The  | 23300 | 7709504 |
| Construction Materials - 0.3% |  |  |
| CRH PLC  | 50700 | 4839315 |
| James Hardie Industries PLC ADR (b) | 411892 | 10684478 |
| Martin Marietta Materials Inc  | 17900 | 10290352 |
| Vulcan Materials Co  | 42200 | 11591075 |
|  |  | 37405220 |
| Metals & Mining - 0.2% |  |  |
| Carpenter Technology Corp  | 97672 | 24358420 |
| TOTAL MATERIALS |  | 69473144 |
| Real Estate - 0.5% |  |  |
| Health Care REITs - 0.4% |  |  |
| Welltower Inc  | 321584 | 53083871 |
| Real Estate Management & Development - 0.1% |  |  |
| Zillow Group Inc Class C (b) | 125600 | 9991480 |
| TOTAL REAL ESTATE |  | 63075351 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.1% |  |  |
| Entergy Corp  | 47000 | 4250210 |
| NRG Energy Inc  | 44100 | 7373520 |
|  |  | 11623730 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Vistra Corp  | 57000 | 11886780 |
| TOTAL UTILITIES |  | 23510510 |
| TOTAL UNITED STATES |  | 12738493188 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,425,300,264) |  | <br> **13481222210** |

---

---

| | | |
|:---|:---|:---|
| &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 (d)(e) | 433800 | 1371936 |
| Neutron Holdings Inc 4% 6/12/2027 (d)(e) | 115200 | 364331 |
|  |  | 1736267 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 10% 5/12/2199 (d)(e) | 22391 | 15725 |
| TOTAL UNITED STATES |  | 1751992 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $571,390) |  | <br> **1751992** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 2.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.0%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 2.0%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc Series B (d)(e) | 26500 | 1460415 |
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| ByteDance Ltd Series E1 (b)(d)(e) | 37119 | 8708489 |
| ESTONIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Bolt Technology OU Series E (b)(d)(e) | 18160 | 3865476 |
| FINLAND - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Health Care Technology - 0.1% |  |  |
| Oura Health Oy Series D (d)(e) | 156533 | 6954761 |
| INDIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Meesho Series D-2 (d)(e) | 1970340 | 2896400 |
| Meesho Series E (d)(e) | 328200 | 482454 |
| Meesho Series F (d)(e) | 309918 | 455579 |
| TOTAL INDIA |  | 3834433 |
| ISRAEL - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Element Labs Inc Series A (d)(e) | 150300 | 1187370 |
| Element Labs Inc Series B (d)(e) | 119900 | 1051523 |
|  |  | 2238893 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd Series D (b)(d)(e) | 140500 | 181245 |
| Xsight Labs Ltd Series F (d)(e) | 280336 | 1180215 |
|  |  | 1361460 |
| TOTAL ISRAEL |  | 3600353 |
| UNITED STATES - 1.8%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Neutron Holdings Inc Series 1C (b)(d)(e) | 12405800 | 862203 |
| Rad Power Bikes Inc Series A (b)(d)(e) | 14368 | 718 |
| Rad Power Bikes Inc Series C (b)(d)(e) | 56537 | 5088 |
| Waymo LLC Series A2 (b)(d)(e) | 15200 | 1108536 |
| Waymo LLC Series C2 (d)(e) | 25928 | 2194287 |
|  |  | 4170832 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| GoBrands Inc Series G (b)(d)(e) | 19600 | 735000 |
| Food Products - 0.0% |  |  |
| AgBiome LLC Series C (b)(d)(e) | 266499 | 3 |
| Tobacco - 0.0% |  |  |
| JUUL Labs Inc Series C (b)(d)(e) | 660029 | 904240 |
| JUUL Labs Inc Series D (b)(d)(e) | 5110 | 7000 |
|  |  | 911240 |
| TOTAL CONSUMER STAPLES |  | 1646243 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Akeana Series C (b)(d)(e) | 65000 | 855400 |
| Tenstorrent Holdings Inc Series D1 (b)(d)(e) | 18067 | 1419705 |
|  |  | 2275105 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Castle Creek Biosciences Inc Series B (b)(d)(e) | 1069 | 210144 |
| Castle Creek Biosciences Inc Series D2 (b)(d)(e) | 642 | 118943 |
| Neurona Therapeutics Inc Series F (d)(e) | 328100 | 675886 |
|  |  | 1004973 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Blink Health LLC Series C (b)(d)(e) | 27197 | 989699 |
| Blink Health LLC Series D (b)(d)(e) | 5797 | 210953 |
|  |  | 1200652 |
| TOTAL HEALTH CARE |  | 2205625 |
| Industrials - 1.2% |  |  |
| Aerospace & Defense - 1.2% |  |  |
| Anduril Industries Inc Series F (d)(e) | 87397 | 3572789 |
| Anduril Industries Inc Series G (d)(e) | 41100 | 1680168 |
| Space Exploration Technologies Corp Series G (b)(d)(e) | 43447 | 92107641 |
| Space Exploration Technologies Corp Series H (b)(d)(e) | 6348 | 13457760 |
| Space Exploration Technologies Corp Series J (b)(d)(e) | 5376 | 11397120 |
| Space Exploration Technologies Corp Series N (b)(d)(e) | 12799 | 27133880 |
|  |  | 149349358 |
| Air Freight & Logistics - 0.0% |  |  |
| Zipline International Inc Series G (b)(d)(e) | 46703 | 1931636 |
| Construction & Engineering - 0.0% |  |  |
| Beta Technologies Inc Series A (b)(d)(e) | 12033 | 1377418 |
| Beta Technologies Inc Series C, 6% (d)(e) | 4429 | 528113 |
|  |  | 1905531 |
| Electrical Equipment - 0.0% |  |  |
| Empower Semiconductor Inc Series D (d)(e) | 224700 | 1799847 |
| TOTAL INDUSTRIALS |  | 154986372 |
| Information Technology - 0.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp Series E (b)(d)(e) | 1441706 | 446929 |
| Frore Systems Inc Series C (b)(d)(e) | 63198 | 1030127 |
|  |  | 1477056 |
| IT Services - 0.2% |  |  |
| X.Ai Holdings Corp Series B (d)(e) | 635731 | 23242325 |
| X.Ai Holdings Corp Series C (d)(e) | 116978 | 4276716 |
|  |  | 27519041 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Alif Semiconductor Series D (d)(e) | 37600 | 1057688 |
| Danger Devices Inc Series B (d)(e) | 719800 | 647820 |
| Retym Inc Series C (b)(d)(e) | 168905 | 1761679 |
| Retym Inc Series D (d)(e) | 30943 | 340064 |
|  |  | 3807251 |
| Software - 0.3% |  |  |
| Anthropic PBC Series D (b)(d)(e) | 67650 | 10428248 |
| Anthropic PBC Series E (d)(e) | 6400 | 943936 |
| Applied Intuition Inc Series A2 (b)(d)(e) | 7292 | 993754 |
| Applied Intuition Inc Series B2 (b)(d)(e) | 3516 | 479160 |
| Celestial AI Inc Series A (d)(e) | 45773 | 777683 |
| Celestial AI Inc Series B (d)(e) | 34443 | 585187 |
| Celestial AI Inc Series C1 (d)(e) | 137971 | 2344127 |
| Crusoe Energy Systems LLC Series D (d)(e) | 52338 | 1594215 |
| Databricks Inc Series G (b)(d)(e) | 51900 | 6043236 |
| Databricks Inc Series I (b)(d)(e) | 1191 | 138680 |
| Databricks Inc Series J (d)(e) | 32584 | 3794081 |
| Dataminr Inc Series D, 8% (b)(d)(e) | 115901 | 1240141 |
| Lyte Ai Inc Series B (d)(e) | 117675 | 1330904 |
| MOLOCO Inc Series A (b)(d)(e) | 19537 | 1377554 |
| Nuro Inc/CA Series E (d)(e) | 75109 | 961395 |
| Runway AI Inc Series D (d)(e) | 91910 | 1153471 |
| Stripe Inc Series H (b)(d)(e) | 8700 | 308850 |
| Stripe Inc Series I (b)(d)(e) | 135124 | 4796902 |
|  |  | 39291524 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Lightmatter Inc Series C1 (b)(d)(e) | 77697 | 5143541 |
| Lightmatter Inc Series C2 (b)(d)(e) | 12204 | 822550 |
| Lightmatter Inc Series D (d)(e) | 62356 | 5078273 |
|  |  | 11044364 |
| TOTAL INFORMATION TECHNOLOGY |  | 83139236 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Diamond Foundry Inc Series C (b)(d)(e) | 125000 | 3297500 |
| TOTAL UNITED STATES |  | 251720913 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $108,509,530) |  | <br> **280144840** |

---

---

| | | |
|:---|:---|:---|
| &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)(d)(e)<br>(Cost $3,185,523)<br>| 9636 | **1963624** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rad Power Bikes Inc 8% 12/31/2025 (d)(e) | 74246 | 44367 |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| HeartFlow Inc 0% (d)(e)(j) | 1206900 | 1350642 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 6% (d)(e)(j) | 80121 | 42267 |
| TOTAL UNITED STATES |  | 1437276 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $1,361,267) |  | <br> **1437276** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 Cash Central Fund (k) | 4.33 | 56524644 | 56535950 |
| Fidelity Securities Lending Cash Central Fund (k)(l) | 4.33 | 52545313 | 52550567 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $109,086,517) |  |  | **109086517** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.7%**<br> (Cost $5,648,014,491)<br>| <br>**13875606459** |
| **NET OTHER ASSETS (LIABILITIES) - (0.7)%**  | **(91041432)** |
| **NET ASSETS - 100.0%** | **13784565027** |

---

**Legend**

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

(b) Non-income producing.

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

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $380,783,246 or 2.8% of net assets.

(e) Level 3 security

(f) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $73,609,403 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(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 $13,609,616 or 0.1% of net assets.

(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 $13,211,349 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 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(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 | 6/29/18 | 1687925 |
| Akeana Series C | 1/23/24 | 829452 |
| Alif Semiconductor Series D | 4/11/25 | 1015843 |
| Anduril Industries Inc Class B | 6/16/25 | 179803 |
| Anduril Industries Inc Class C | 6/16/25 | 82 |
| Anduril Industries Inc Series F | 8/07/24 | 1899714 |
| Anduril Industries Inc Series G | 4/17/25 | 1680283 |
| Ant International Co Ltd Class C | 5/16/18 | 2989179 |
| Anthropic PBC Series D | 5/31/24 | 2029804 |
| Anthropic PBC Series E | 2/14/25 | 358954 |
| Applied Intuition Inc Class A | 7/02/24 | 334351 |
| Applied Intuition Inc Series A2 | 7/02/24 | 435295 |
| Applied Intuition Inc Series B2 | 7/02/24 | 209887 |
| Atom Tickets LLC | 8/15/17 | 1999998 |
| Beta Technologies Inc Series A | 4/09/21 | 881658 |
| Beta Technologies Inc Series C, 6% | 10/24/24 | 506988 |
| Blink Health LLC Class A1 | 12/30/20 - 6/17/24 | 233946 |
| Blink Health LLC Series C | 11/07/19 - 1/21/21 | 1038273 |
| Blink Health LLC Series D | 6/17/24 - 6/25/24 | 243474 |
| Bolt Technology OU Series E | 1/03/22 | 4717904 |
| ByteDance Ltd Series E1 | 11/18/20 | 4067284 |
| Castle Creek Biosciences Inc Series A4 | 9/29/16 | 3185523 |
| Castle Creek Biosciences Inc Series B | 10/09/18 | 440268 |
| Castle Creek Biosciences Inc Series D2 | 6/28/21 | 110200 |
| Celestial AI Inc | 2/25/25 | 106377 |
| Celestial AI Inc Series A | 2/25/25 | 678159 |
| Celestial AI Inc Series B | 2/25/25 | 510297 |
| Celestial AI Inc Series C1 | 2/25/25 | 2404862 |
| Crusoe Energy Systems LLC Series D | 12/10/24 | 1526796 |
| Danger Devices Inc Series B | 3/05/25 | 648180 |
| Databricks Inc Series G | 2/01/21 | 3068465 |
| Databricks Inc Series I | 9/14/23 | 87539 |
| Databricks Inc Series J | 12/17/24 | 3014020 |
| Dataminr Inc Series D, 8% | 3/06/15 | 1477738 |
| Diamond Foundry Inc Series C | 3/15/21 | 3000000 |
| Element Labs Inc Series A | 2/11/25 | 554396 |
| Element Labs Inc Series B | 6/27/25 | 1052590 |
| Empower Semiconductor Inc Series D | 6/27/25 | 1803397 |
| Enevate Corp 10% 5/12/2199 | 11/12/24 | 22391 |
| Enevate Corp 6% | 11/02/23 - 10/31/24 | 80121 |
| Enevate Corp Series E | 1/29/21 | 1598398 |
| Epic Games Inc | 7/30/20 | 618700 |
| Fanatics Inc Class A | 8/13/20 | 2754038 |
| Frore Systems Inc Series C | 5/10/24 | 1015617 |
| GoBrands Inc Series G | 3/02/21 | 4894459 |
| HeartFlow Inc 0% | 3/26/25 | 1206900 |
| JUUL Labs Inc Class A | 2/23/24 | 5152783 |
| JUUL Labs Inc Class B | 11/21/17 | 0 |
| JUUL Labs Inc Series C | 5/22/15 - 7/06/18 | 0 |
| JUUL Labs Inc Series D | 6/25/18 - 7/06/18 | 0 |
| Lenskart Solutions Pvt Ltd | 6/04/25 | 4815648 |
| Lightmatter Inc Series C1 | 5/19/23 | 1278644 |
| Lightmatter Inc Series C2 | 12/18/23 | 317326 |
| Lightmatter Inc Series D | 10/11/24 | 5002853 |
| Lyte Ai Inc Series B | 8/13/24 | 1492837 |
| Meesho Series D-2 | 6/17/25 | 1838984 |
| Meesho Series E | 6/17/25 | 306320 |
| Meesho Series F | 6/17/25 | 284312 |
| MOLOCO Inc Series A | 6/26/23 | 1172220 |
| Neurona Therapeutics Inc Series F | 3/28/25 | 675886 |
| Neutron Holdings Inc | 2/04/21 | 6918 |
| Neutron Holdings Inc 4% 5/22/2027 | 6/04/20 | 433800 |
| Neutron Holdings Inc 4% 6/12/2027 | 6/12/20 | 115200 |
| Neutron Holdings Inc Series 1C | 7/03/18 | 2268276 |
| Nuro Inc/CA Series E | 4/01/25 | 960906 |
| OpenAI Global LLC rights | 9/30/24 | 5005573 |
| OpenAI Global LLC rights | 4/11/25 | 1089847 |
| Oura Health Oy Series D | 12/18/24 | 4021333 |
| Rad Power Bikes Inc | 1/21/21 | 531635 |
| Rad Power Bikes Inc 8% 12/31/2025 | 10/06/23 | 74246 |
| Rad Power Bikes Inc Series A | 1/21/21 | 69309 |
| Rad Power Bikes Inc Series C | 1/21/21 | 272725 |
| Rad Power Bikes Inc warrants 10/6/2033 | 10/06/23 | 0 |
| Retym Inc Series C | 5/17/23 - 6/20/23 | 1314385 |
| Retym Inc Series D | 1/29/25 | 327594 |
| Revolut Group Holdings Ltd | 12/27/24 | 2019587 |
| Runway AI Inc Series D | 9/06/24 | 996468 |
| Space Exploration Technologies Corp | 4/06/17 - 9/11/17 | 2534625 |
| Space Exploration Technologies Corp Class C | 9/11/17 | 92610 |
| Space Exploration Technologies Corp Series G | 1/20/15 - 9/07/23 | 3949239 |
| Space Exploration Technologies Corp Series H | 8/04/17 | 856980 |
| Space Exploration Technologies Corp Series J | 9/07/23 | 4354560 |
| Space Exploration Technologies Corp Series N | 8/04/20 | 3455730 |
| Stripe Inc Class B | 5/18/21 | 798555 |
| Stripe Inc Series H | 3/15/21 | 349088 |
| Stripe Inc Series I | 3/20/23 - 5/12/23 | 2720606 |
| Taalas Inc Series B | 2/19/25 | 1455205 |
| Tanium Inc Class B | 4/21/17 | 749609 |
| Tenstorrent Holdings Inc Series D1 | 7/16/24 - 1/15/25 | 1424157 |
| Tory Burch LLC Class A | 5/14/15 | 7600030 |
| Waymo LLC Series A2 | 5/08/20 | 1305181 |
| Waymo LLC Series C2 | 10/18/24 | 2027603 |
| X.Ai Holdings Corp Class A | 7/18/25 | 1787784 |
| X.Ai Holdings Corp Series B | 5/13/24 | 7609700 |
| X.Ai Holdings Corp Series C | 11/22/24 | 2532574 |
| Xsight Labs Ltd Series D | 2/16/21 | 1123438 |
| Xsight Labs Ltd Series F | 1/11/24 - 12/30/24 | 1297955 |
| Zipline International Inc Series G | 6/07/24 | 1959018 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Aditya Birla Fashion and Retail Ltd | 9/15/2025 |
| CoreWeave Inc Class A | 9/24/2025 |
| CoreWeave Inc Class A | 9/24/2025 |
| Figma Inc | 1/27/2026 |

---

**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 | 44532626 | 3328309149 | 3316305825 | 4404328 | - | - | 56535950 | 56524644 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 21447503 | 686392558 | 655289494 | 666038 | - | - | 52550567 | 52545313 | 0.2% |
| Total | 65980129 | 4014701707 | 3971595319 | 5070366 | - | - | 109086517 |  |  |

---

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 July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 2195227607 | 2142135382 | 52267180 | 825045 |
| Consumer Discretionary | 2452393020 | 2400893253 | 31031357 | 20468410 |
| Consumer Staples | 191249935 | 178411434 | 5879950 | 6958551 |
| Energy | 27846620 | 14397262 | 13449358 | - |
| Financials | 535234927 | 501379468 | 29952281 | 3903178 |
| Health Care | 667206867 | 666909197 | - | 297670 |
| Industrials | 571149125 | 510985336 | 10399237 | 49764552 |
| Information Technology | 6660750186 | 6643377332 | - | 17372854 |
| Materials | 93578062 | 88033577 | 5544485 | - |
| Real Estate | 63075351 | 63075351 | - | - |
| Utilities | 23510510 | 23510510 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Consumer Discretionary | 1736267 | - | - | 1736267 |
| Information Technology | 15725 | - | - | 15725 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 8708489 | - | - | 8708489 |
| Consumer Discretionary | 8005265 | - | - | 8005265 |
| Consumer Staples | 1646243 | - | - | 1646243 |
| Financials | 2275105 | - | - | 2275105 |
| Health Care | 9160386 | - | - | 9160386 |
| Industrials | 157225265 | - | - | 157225265 |
| Information Technology | 89826587 | - | - | 89826587 |
| Materials | 3297500 | - | - | 3297500 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 1963624 | - | - | 1963624 |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 44367 | - | - | 44367 |
| Health Care | 1350642 | - | - | 1350642 |
| Information Technology | 42267 | - | - | 42267 |
|  **Money Market Funds** | 109086517 | 109086517 | - | - |
| **Total Investments in Securities:** | 13875606459 | 13342194619 | 148523848 | 384887992 |

---

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 ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2025 ($)** |
| **Common Stocks** | 72183578 | (5194993) | 30324783 | 11632878 | (9355986) | - | - | - | 99590260 | 38054124 |
| **Convertible Preferred Stocks** | 131668960 | - | 111655214 | 48616412 | (11795746) | - | - | - | 280144840 | 111688946 |
| **Non-Convertible Preferred Stocks** | 2172822 | - | (209198) | - | - | - | - | - | 1963624 | (209198) |
| **Convertible Corporate Bonds** | 699865 | - | 1029736 | 22391 | - | - | - | - | 1751992 | 1029736 |
| **Preferred Securities** | 193210 | - | 32015 | 1212051 | - | - | - | - | 1437276 | 32015 |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. |  |  |  |

---

**Consolidated Financial Statements**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $55,607,870) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,538,927,974) | $13766519942 |  |
| Fidelity Central Funds (cost $109,086,517) | 109086517 |  |
| Total Investment in Securities (cost $5,648,014,491) |  | $13875606459 |
| Foreign currency held at value (cost $504,317) |  | 498311 |
| Receivable for investments sold |  | 160714220 |
| Receivable for fund shares sold |  | 5392594 |
| Dividends receivable |  | 1517630 |
| Interest receivable |  | 114869 |
| Distributions receivable from Fidelity Central Funds |  | 225920 |
| Other receivables |  | 276169 |
| **Total assets** |  | 14044346172 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $18421626 |  |
| Payable for fund shares redeemed | 184808019 |  |
| Other payables and accrued expenses | 4012372 |  |
| Collateral on securities loaned | 52539128 |  |
| **Total liabilities** |  | 259781145 |
| **Net Assets**  |  | $13784565027 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5233912401 |
| Total accumulated earnings (loss) |  | 8550652626 |
| **Net Assets** |  | $13784565027 |
| **Net Asset Value**, offering price and redemption price per share ($13,784,565,027 ÷ 635,959,634 shares) |  | $21.68 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $50550701 |
| Interest  |  | 684749 |
| Income from Fidelity Central Funds (including $666,038 from security lending)  |  | 5070366 |
| **Total income** |  | 56305816 |
| **Expenses** |  |  |
| Custodian fees and expenses | $293409 |  |
| Independent trustees' fees and expenses | 47444 |  |
| Legal | 4636 |  |
| Interest | 66420 |  |
| **Total expenses** |  | 411909 |
| **Net Investment income (loss)** |  | 55893907 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $121,982)  | 468779490 |  |
| Foreign currency transactions | (488779) |  |
| Futures contracts | 2653420 |  |
| Total net realized gain (loss) |  | 470944131 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $442,888)  | 2338078617 |  |
| Unfunded commitments | (12600) |  |
| Assets and liabilities in foreign currencies | 11896 |  |
| Total change in net unrealized appreciation (depreciation) |  | 2338077913 |
| **Net gain (loss)** |  | 2809022044 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2864915951 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $55893907 | $45459559 |
| &nbsp;&nbsp;Net realized gain (loss) | 470944131<br>| 1175940073<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 2338077913 | 1461591055<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2864915951<br>| 2682990687<br>|
| Distributions to shareholders | (1029456671)<br>| (50271974)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 3514663891 | 2049908079 |
| Reinvestment of distributions | 1029456671<br>| 50271974<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (3656240133) | (2532092535) |
| **Net increase (decrease) in net assets resulting from share transactions** | 887880429<br>| (431912482)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2723339709<br>| 2200806231<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 11061225318 | 8860419087<br>|
| &nbsp;&nbsp;End of period | $13784565027 | $11061225318 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 188408026 | 122702414 |
| Issued in reinvestment of distributions | 57604226<br>| 3456580<br>|
| &nbsp;&nbsp;Redeemed | (188105026) | (151297981) |
| &nbsp;&nbsp;Net increase (decrease) | 57907226 | (25138987) |

---

**Consolidated Financial Highlights** 

**Fidelity® Series Blue Chip Growth Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.14 | $14.69 | $11.98 | $19.34 | $19.25 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .09  | .08  | .07  | .07  | .06  |
| Net realized and unrealized gain (loss)  | 4.22  | 4.45  | 3.03  | (3.37)  | 6.76  |
| Total from investment operations  | 4.31  | 4.53  | 3.10  | (3.30)  | 6.82  |
| Distributions from net investment income  | (.14)  | (.08)  | (.06)  | (.05)  | (.10)  |
| Distributions from net realized gain  | (1.63)  | -  | (.33)  | (4.00)  | (6.63)  |
| Total distributions  | (1.77)  | (.08)  | (.39)  | (4.06) C | (6.73)  |
| Net asset value, end of period  | $21.68 | $19.14 | $14.69 | $11.98 | $19.34 |
| **Total Return** D | 24.54% <br>| 31.05%  | 26.84%  | (22.51)%  | 46.98%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | -% G | .01%  | -% G | -% G | -% G |
| Expenses net of fee waivers, if any  | -% G<br>| .01%  | -% G | -% G | -% G |
| Expenses net of all reductions, if any  | -% G | .01%  | -% G | -% G | -% G |
| Net investment income (loss)  | .46%  | .47%  | .64%  | .45%  | .31%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $13784565 | $11061225 | $8860419 | $7124936 | $6279875 |
| Portfolio turnover rate H | 50% <br>| 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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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

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

G*Amount represents less than .005%.*

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

**Notes to Consolidated Financial Statements**

For the period ended July 31, 2025

**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 | $99590260 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.7 - 38.2 / 13.1 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA) | 7.3 - 35.8 / 33.5 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI) | 16.8 | Increase |
|  |  | Book value | Book value multiple | 1.7 | Increase |
|  |  | Market approach | Transaction price | $4.63 | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Volatility | 50.0% - 70.0% / 50.6% | Increase |
|  |  |  | Discount rate | 3.9% | Increase |
|  |  |  | Term | 2.1 - 3.0 / 2.9 | Increase |
| Convertible Corporate Bonds | $1751992 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 3.0 | Increase |
|  |  | Market approach | Transaction price | $100.00 | Increase |
|  |  |  | Discount rate | 21.7% | Decrease |
|  |  |  | Probability rate | 0.0% - 50.0% / 25.0% | Increase |
|  |  | Black scholes | Volatility | 100.0% | Increase |
|  |  |  | Discount rate | 4.9% | Increase |
|  |  |  | Term | 0.4 | Increase |
| Convertible Preferred Stocks | $280144840 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.7 - 38.2 / 19.0 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA) | 35.8 | Increase |
|  |  |  | Enterprise value/Gross profit multiple (EV/GP) | 16.5 | Increase |
|  |  | Market approach | Transaction price | $0.90 - $215.03 / $38.34 | Increase |
|  |  |  | Discount rate | 80.0% | Decrease |
|  |  |  | Premium rate | 5.0% - 15.0% / 12.6% | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Volatility | 40.0% - 100.0% / 65.1% | Increase |
|  |  |  | Discount rate | 3.8% - 4.0% / 3.9% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 3.3 | Increase |
| Non-Convertible Preferred Stocks | $1963624 | Market approach | Transaction price | $215.03 | Increase |
|  |  | Black scholes | Volatility | 85.0% | Increase |
|  |  |  | Discount rate | 3.9% | Increase |
|  |  |  | Term | 3.0 | Increase |
| Preferred Securities | $1437276 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.7 - 6.7 / 6.5 | Increase |
|  |  |  | Discount rate | 23.1% | Decrease |
|  |  |  | Probability rate | 5.0% - 75.0% / 30.0% | Increase |
|  |  | Market approach | Transaction price | $100.00 | Increase |
|  |  |  | Discount rate | 35.4% | Decrease |
|  |  |  | Probability rate | 0.0% - 35.0% / 21.7% | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Volatility | 60.0% - 100.0% / 61.2% | Increase |
|  |  |  | Discount rate | 3.9% - 4.9% / 4.2% | Increase |
|  |  |  | Term | 0.1 - 2.1 / 0.7 | 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 July 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable. 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. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the consolidated financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Consolidated Statement of Assets and Liabilities.

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

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

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships 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**  | $8317589897 |
| **Gross unrealized depreciation**  | <u>(142521707)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$8175068190</u> |
| **Tax Cost**  | <u>$5700538269</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$30041930</u> |
| **Undistributed long-term capital gain**  | <u>$349434084</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$8175072980</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **July 31, 2025** | **July 31, 2024** |
| **Ordinary Income**  | $82985965 | $50271974 |
| **Long-term Capital Gains** | <u>946470706</u> | <u>-</u> |
| **Total** | <u>$1029456671</u> | <u>$50271974</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.

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

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

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Net Assets** |
| **Fidelity Series Blue Chip Growth Fund** | 4306864 | .03 |

---

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 Fund included in the table below holds 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 Net Assets** |
| **Fidelity Series Blue Chip Growth Fund** | Fid FDI 2611, LLC | 9868434 | .07 |

---

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

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

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

**4. Derivative Instruments.**

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

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

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

---

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

---

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

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

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Series Blue Chip Growth Fund** | 6325400757 | 5992380984 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Series Blue Chip Growth Fund** | 99520 |

---

**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 | 16348467 | 4.77% | 64932 |

---

**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** | 518219339 | 590994387 | 101832454 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

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

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

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

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Series Blue Chip Growth Fund** | 71777 | 161 | - |

---

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** | 5219327 |

---

**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 Series Blue Chip Growth Fund** | 3696000 | 4.83% | 1488 |

---

**10. Other.**

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

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

**11. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Securities Fund and the Shareholders of Fidelity Series Blue Chip Growth Fund:

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

We have audited the accompanying consolidated statement of assets and liabilities of Fidelity Series Blue Chip Growth Fund (the "Fund"), a fund of Fidelity Securities Fund, including the consolidated schedule of investments, as of July 31, 2025, the related consolidated statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 12, 2025

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

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

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2025, $436,797,130, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $2,834,942 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 45% and 59% of the dividends distributed in September and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The fund designates 50.21% and 67.15% of the dividends distributed in September and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 0.20% and 0.65% of the dividends distributed in September and December, respectively during the fiscal year as a section 199A dividend.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Series Blue Chip Growth Fund**

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

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

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

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

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

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

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, and noted that the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, 529 plans, and collective investment trusts managed by Fidelity and ultimately to enhance the performance of those investment companies, 529 plans, and collective investment trusts. Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds, 529 plans and collective investment trusts that invest in the fund. The Board noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.003% through November 30, 2027.

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

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

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

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

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

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

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

![](img111422_4.jpg)<br>

1.967985.111 XS1-ANN-0925

**Fidelity® Real Estate Income Fund**

**Annual Report**

**July 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img111432_1.jpg)

![](img111432_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_REI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Real Estate Income Fund](#Sub_Sec_Fund_1833_REI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1833_REI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_REI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_REI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_REI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_REI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_REI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_REI-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® Real Estate Income Fund**

**Schedule of Investments July 31, 2025**

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>|
| 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%, 5.9321% 3/20/2050 (b)(c)(d)(e) | 2250000 | 0 |
| Crest Clarendon Street Ltd Series 2002, 3 month U.S. LIBOR + 0.47%, 6.0632% 12/28/2035 (b)(c)(d)(e) | 500000 | 0 |
| TOTAL GRAND CAYMAN (UK OVERSEAS TER) |  | 0 |
| UNITED STATES - 1.5%  |  |  |
| American Homes 4 Rent Series 2015-SFR2 Class XS, 0% 10/17/2052 (b)(d)(e)(f) | 4369510 | 44 |
| Consolidated Communications LLC / Fidium Fiber Fin Holdco LLC Series 2025-1A Class C, 9.408% 5/20/2055 (b) | 7000000 | 7296167 |
| Home Partners of America Trust Series 2019-2 Class F, 3.866% 10/19/2039 (b) | 2747554 | 2629028 |
| Home Partners of America Trust Series 2021-1 Class F, 3.325% 9/17/2041 (b) | 6441225 | 5483938 |
| Home Partners of America Trust Series 2021-2 Class G, 4.505% 12/17/2026 (b) | 27647099 | 26716810 |
| Home Partners of America Trust Series 2021-3 Class F, 4.242% 1/17/2041 (b) | 9740333 | 8786090 |
| New Residential Mortgage Loan Trust Series 2022-SFR2 Class E1, 4% 9/4/2039 (b) | 2900000 | 2758559 |
| Retained Vantage Data Ctrs Issuer LLC / Vantage Data Ctrs CDA Qc4 Ltd Partnership Series 2024-1A Class B, 5.775% 9/15/2049 (b) | 10151000 | 10093411 |
| Switch Abs Issuer LLC Series 2024-2A Class C, 10.033% 6/25/2054 (b) | 8000000 | 8357514 |
| Tricon Residential Trust Series 2021-SFR1 Class G, 4.133% 7/17/2038 (b) | 3000000 | 2936446 |
| Tricon Residential Trust Series 2023-SFR1 Class E, 7.977% 7/17/2040 (b) | 2000000 | 2051824 |
| TOTAL UNITED STATES |  | 77109831 |
| <br> **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $81,628,013) |  | <br> **77109831** |

---

---

| | | |
|:---|:---|:---|
| &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 - 0.5% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Frontier Communications Holdings LLC Tranche B 1LN, term loan CME Term SOFR 6 month Index + 2.5%, 6.7923% 7/1/2031 (c)(d)(g) | 1427834 | 1426949 |
| Wireless Telecommunication Services - 0.5% |  |  |
| SBA Senior Finance II LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.11% 1/25/2031 (c)(d)(g) | 25609930 | 25690089 |
| TOTAL COMMUNICATION SERVICES |  | 27117038 |
| Consumer Discretionary - 0.4% |  |  |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Caesars Entertainment Inc Tranche B1 1LN, term loan CME Term SOFR 3 month Index + 2.25%, 6.6062% 2/6/2031 (c)(d)(g) | 4379563 | 4369708 |
| Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3562% 1/17/2031 (c)(d)(g) | 3960000 | 3954337 |
| Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 6.3562% 8/2/2028 (c)(d)(g) | 672438 | 671691 |
| Hilton Worldwide Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 6.1022% 11/8/2030 (c)(d)(g) | 13500000 | 13525381 |
|  |  | 22521117 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| CQP Holdco LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 2%, 6.2956% 12/31/2030 (c)(d)(g) | 9925187 | 9928959 |
| New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.8075% 10/30/2028 (c)(d)(g) | 9875250 | 4505583 |
|  |  | 14434542 |
| Financials - 0.2% |  |  |
| Financial Services - 0.2% |  |  |
| MHP Commercial Mortgage Trust U.S. SOFR Index + 5%, 9.3419% 1/9/2026 (c)(d)(e)(g) | 13324090 | 12857747 |
| 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 + 2.75%, 7.1062% 1/31/2030 (c)(d)(g) | 2611460 | 2624151 |
| Cushman & Wakefield US Borrower LLC Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 7.1062% 1/31/2030 (c)(d)(g) | 2169775 | 2178823 |
|  |  | 4802974 |
| TOTAL UNITED STATES |  | 81733418 |
| <br> **TOTAL BANK LOAN OBLIGATIONS**<br> (Cost $86,884,223) |  | <br> **81733418** |

---

---

| | | |
|:---|:---|:---|
| &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, 3.8954% 2/25/2042 (b)(d)(e) | 18840 | 9285 |
| Fannie Mae Guaranteed REMIC Series 2003-W10 Class 2B3, 3.9677% 6/25/2043 (b)(d)(e) | 29816 | 23355 |
| TOTAL UNITED STATES |  | 32640 |
| <br> **TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS**<br> (Cost $25,391) |  | <br> **32640** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Mortgage Securities - 21.6%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 21.6%** | &nbsp;&nbsp;**Commercial Mortgage Securities - 21.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 21.6%  |  |  |
| Ares Tr 2 Series 2025-IND3 Class E, CME Term SOFR 1 month Index + 3.55%, 7.8919% 4/15/2042 (b)(c)(d) | 7000000 | 6991254 |
| Bank of America Merrill Lynch Commercial Mortgage Trust Series 2016-UB10 Class C, 4.8204% 7/15/2049 (d) | 3030000 | 2912164 |
| BANK Series 2017-BNK8 Class E, 2.8% 11/15/2050 (b) | 11374393 | 5237626 |
| BANK Series 2020-BN30 Class MCDG, 2.9182% 12/15/2053 (d) | 2000000 | 969745 |
| BANK Series 2021-BN38 Class C, 3.2179% 12/15/2064 (d) | 3505000 | 2882351 |
| BANK Series 2022-BNK41 Class C, 3.7896% 4/15/2065 (d) | 4433000 | 3655515 |
| BANK Series 2022-BNK42 Class C, 4.8802% 6/15/2055 (d) | 6500000 | 5841810 |
| BANK Series 2022-BNK42 Class D, 2.5% 6/15/2055 (b) | 2000000 | 1423874 |
| BANK Series 2022-BNK44 Class AS, 5.9353% 11/15/2055 (d) | 5000000 | 5123302 |
| BANK Series 2023-5YR3 Class AS, 7.3152% 9/15/2056 (d) | 1500000 | 1598246 |
| BANK Series 2023-5YR3 Class B, 7.3152% 9/15/2056 (d) | 2000000 | 2097914 |
| BANK Series 2023-BNK46 Class A4, 5.745% 8/15/2056  | 1409000 | 1468892 |
| BANK Series 2023-BNK46 Class AS, 6.385% 8/15/2056  | 5000000 | 5304112 |
| BBCMS Mortgage Trust Series 2020-C6 Class C, 3.045% 2/15/2053  | 1129000 | 908705 |
| BBCMS Mortgage Trust Series 2020-C7 Class C, 3.5871% 4/15/2053 (d) | 2067000 | 1756312 |
| BBCMS Mortgage Trust Series 2022-C16 Class C, 4.6% 6/15/2055 (d) | 5250000 | 4399808 |
| BBCMS Mortgage Trust Series 2022-C17 Class C, 5.45% 9/15/2055  | 2000000 | 1898169 |
| BBCMS Mortgage Trust Series 2022-C17 Class D, 2.5% 9/15/2055 (b) | 2000000 | 1457702 |
| BBCMS Mortgage Trust Series 2023-5C23 Class AS, 7.4547% 12/15/2056 (d) | 2500000 | 2670871 |
| BBCMS Mortgage Trust Series 2023-C21 Class AS, 6.2958% 9/15/2056 (d) | 7000000 | 7406613 |
| BBCMS Mortgage Trust Series 2023-C21 Class B, 6.2958% 9/15/2056 (d) | 7000000 | 7334000 |
| BBCMS Mortgage Trust Series 2023-C22 Class AS, 7.1309% 11/15/2056 (d) | 10000000 | 10992922 |
| BBCMS Mortgage Trust Series 2023-C22 Class B, 7.1309% 11/15/2056 (d) | 10000000 | 10851649 |
| BBCMS Mortgage Trust Series 2025-C32 Class A5, 5.72% 2/15/2062  | 5000000 | 5237462 |
| Benchmark Mortgage Trust Series 2019-B14 Class 225D, 3.2943% 12/15/2062 (b)(d)(e) | 3427000 | 17135 |
| Benchmark Mortgage Trust Series 2019-B14 Class 225E, 3.2943% 12/15/2062 (b)(d)(e) | 5141000 | 12853 |
| Benchmark Mortgage Trust Series 2021-B28 Class A5, 2.2237% 8/15/2054  | 500000 | 431204 |
| Benchmark Mortgage Trust Series 2022-B35 Class C, 4.5911% 5/15/2055 (d) | 7000000 | 5789013 |
| Benchmark Mortgage Trust Series 2022-B36 Class C, 5.2893% 7/15/2055 (d) | 2000000 | 1819074 |
| Benchmark Mortgage Trust Series 2022-B36 Class D, 2.5% 7/15/2055 (b) | 3828000 | 2662241 |
| Benchmark Mortgage Trust Series 2023-B39 Class B, 6.192% 7/15/2056 (b) | 5000000 | 5087222 |
| BFLD Commercial Mortgage Trust Series 2024-UNIV Class D, CME Term SOFR 1 month Index + 2.6909%, 7.0328% 11/15/2041 (b)(c)(d) | 7035000 | 7054786 |
| BFLD Trust Series 2025-EWEST Class E, CME Term SOFR 1 month Index + 3%, 7.3419% 6/15/2042 (b)(c)(d) | 5000000 | 5003125 |
| BMO Mortgage Trust Series 2023-5C1 Class AS, 7.1175% 8/15/2056 (d) | 3500000 | 3693934 |
| BMO Mortgage Trust Series 2023-5C2 Class AS, 7.2439% 11/15/2056 (d) | 10000000 | 10594521 |
| BMO Mortgage Trust Series 2023-C5 Class B, 6.474% 6/15/2056 (d) | 4750000 | 4964662 |
| BMO Mortgage Trust Series 2023-C7 Class AS, 6.6738% 12/15/2056 (d) | 5000000 | 5497055 |
| BPR Commercial Mortgage Trust Series 2024-PARK Class C, 6.1833% 11/5/2039 (b)(d) | 5597000 | 5647947 |
| BPR Trust Series 2024-PMDW Class D, 5.85% 11/5/2041 (b)(d) | 4690000 | 4556685 |
| BX Commercial Mortgage Trust 2020-VIVA Series 2020-VIVA Class E, 3.5488% 3/11/2044 (b)(d) | 20898990 | 18540209 |
| BX Commercial Mortgage Trust 2024-KING Series 2024-KING Class E, CME Term SOFR 1 month Index + 3.688%, 8.0299% 5/15/2034 (b)(c)(d) | 1974013 | 1976475 |
| BX Commercial Mortgage Trust 2024-VLT5 Series 2024-VLT5 Class B, 5.9949% 11/13/2046 (b)(d) | 6547000 | 6625555 |
| BX Commercial Mortgage Trust 2024-XL5 Series 2024-XL5 Class E, CME Term SOFR 1 month Index + 3.6884%, 8.0303% 3/15/2041 (b)(c)(d) | 3963114 | 3945059 |
| BX Commercial Mortgage Trust 21-SOAR Series 2021-SOAR Class J, CME Term SOFR 1 month Index + 3.8645%, 8.2065% 6/15/2038 (b)(c)(d) | 16662402 | 16617863 |
| BX Commercial Mortgage Trust Series 2019-IMC Class G, CME Term SOFR 1 month Index + 3.6463%, 7.9883% 4/15/2034 (b)(c)(d) | 5181000 | 4947855 |
| BX Commercial Mortgage Trust Series 2021-CIP Class F, CME Term SOFR 1 month Index + 3.3335%, 7.6755% 12/15/2038 (b)(c)(d) | 6852435 | 6835304 |
| BX Commercial Mortgage Trust Series 2021-PAC Class G, CME Term SOFR 1 month Index + 3.0606%, 7.4026% 10/15/2036 (b)(c)(d) | 17232000 | 17124577 |
| BX Commercial Mortgage Trust Series 2025-SPOT Class E, CME Term SOFR 1 month Index + 3.6902%, 8.0321% 4/15/2040 (b)(c)(d) | 18750000 | 18756302 |
| Bx Tr 2025-Tail Series 2025-TAIL Class E, CME Term SOFR 1 month Index + 3.3%, 7.6419% 6/15/2035 (b)(c)(d) | 4500000 | 4499982 |
| BX Trust 2019-OC11 Series 2019-OC11 Class E, 3.944% 12/9/2041 (b)(d) | 32521000 | 29697354 |
| BX Trust 2021-VOL Series 2021-VOLT Class F, CME Term SOFR 1 month Index + 2.5145%, 6.8564% 9/15/2036 (b)(c)(d) | 9688281 | 9664126 |
| BX Trust 2021-VOL Series 2021-VOLT Class G, CME Term SOFR 1 month Index + 2.9645%, 7.3064% 9/15/2036 (b)(c)(d) | 4844141 | 4771479 |
| BX Trust 2024 VLT4 Series 2024-VLT4 Class E, CME Term SOFR 1 month Index + 2.8894%, 7.2313% 7/15/2029 (b)(c)(d) | 14200000 | 14146750 |
| BX Trust 2024 VLT4 Series 2024-VLT4 Class F, CME Term SOFR 1 month Index + 3.9379%, 8.2798% 7/15/2029 (b)(c)(d) | 8250000 | 8176916 |
| BX Trust 2024-CNY Series 2024-CNYN Class E, CME Term SOFR 1 month Index + 3.6886%, 8.0306% 4/15/2041 (b)(c)(d) | 14151461 | 14092285 |
| BX Trust 2024-FNX Series 2024-FNX Class D, CME Term SOFR 1 month Index + 2.9402%, 7.2821% 11/15/2041 (b)(c)(d) | 4748600 | 4760471 |
| BX Trust 2024-FNX Series 2024-FNX Class E, CME Term SOFR 1 month Index + 3.9387%, 8.2807% 11/15/2041 (b)(c)(d) | 15971308 | 15918620 |
| BX Trust 2025-ROIC Series 2025-ROIC Class E, CME Term SOFR 1 month Index + 2.9413%, 7.2832% 3/15/2030 (b)(c)(d) | 23408703 | 22971234 |
| BX Trust Series 2021-ACNT Class G, CME Term SOFR 1 month Index + 3.4095%, 7.7515% 11/15/2038 (b)(c)(d) | 13357568 | 13299272 |
| BX Trust Series 2022-LBA6 Class E, CME Term SOFR 1 month Index + 2.7%, 7.0419% 1/15/2039 (b)(c)(d) | 15000000 | 15000000 |
| BX Trust Series 2022-LBA6 Class F, CME Term SOFR 1 month Index + 3.35%, 7.6919% 1/15/2039 (b)(c)(d) | 6200000 | 6188397 |
| BX Trust Series 2022-LBA6 Class G, CME Term SOFR 1 month Index + 4.2%, 8.5419% 1/15/2039 (b)(c)(d) | 11340000 | 11326230 |
| BX Trust Series 2022-VAMF Class F, CME Term SOFR 1 month Index + 3.299%, 7.6409% 1/15/2039 (b)(c)(d) | 4367000 | 4333258 |
| BX Trust Series 2024-XL4 Class E, CME Term SOFR 1 month Index + 4.1881%, 8.53% 2/15/2039 (b)(c)(d) | 4734848 | 4732956 |
| BX Trust Series 2025-DIME Class E, 7.3419% 2/15/2035 (b)(d) | 15000000 | 14951331 |
| Bx Trust Series 2025-LUNR Class E, CME Term SOFR 1 month Index + 3.95%, 8.2919% 6/15/2040 (b)(c)(d) | 4000000 | 4014678 |
| BX Trust Series 2025-VLT6 Class F, CME Term SOFR 1 month Index + 3.9397%, 8.2816% 3/15/2042 (b)(c)(d) | 15000000 | 14668188 |
| BXP Trust Series 2021-601L Class E, 2.7755% 1/15/2044 (b)(d) | 5754000 | 4292184 |
| CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/2050 (b)(e) | 3353000 | 716142 |
| Citigroup Commercial Mortgage Trust Series 2022-GC48 Class E, 2.5% 6/15/2055 (b) | 2000000 | 1232510 |
| Citigroup Commercial Mortgage Trust Series 2023-PRM3 Class B, 6.3597% 7/10/2028 (b)(d) | 5000000 | 5142319 |
| Citigroup Commercial Mortgage Trust Series 2023-SMRT Class B, 5.8524% 10/12/2040 (b)(d) | 5000000 | 5070628 |
| Citigroup Commercial Mortgage Trust Series 2023-SMRT Class C, 5.8524% 10/12/2040 (b)(d) | 9750000 | 9811694 |
| COMM Mortgage Trust Series 2012-CR1 Class D, 5.1034% 5/15/2045 (b)(d) | 1154428 | 1050337 |
| COMM Mortgage Trust Series 2013-LC6 Class E, 3.5% 1/10/2046 (b) | 4741000 | 4366461 |
| COMM Mortgage Trust Series 2014-UBS2 Class D, 4.7528% 3/10/2047 (b)(d) | 2157652 | 1514197 |
| COMM Mortgage Trust Series 2015-DC1 Class C, 4.2894% 2/10/2048 (d) | 2590000 | 2290311 |
| COMM Mortgage Trust Series 2017-CD4 Class C, 4.3497% 5/10/2050 (d) | 3000000 | 2752668 |
| COMM Mortgage Trust Series 2017-CD4 Class D, 3.3% 5/10/2050 (b) | 2769000 | 2309779 |
| COMM Mortgage Trust Series 2017-COR2 Class D, 3% 9/10/2050 (b) | 2769000 | 2427500 |
| COMM Mortgage Trust Series 2018-HCLV Class F, CME Term SOFR 1 month Index + 3.346%, 7.688% 9/15/2033 (b)(c)(d) | 4265000 | 275587 |
| COMM Mortgage Trust Series 2018-HCLV Class G, CME Term SOFR 1 month Index + 5.3523%, 9.6943% 9/15/2033 (b)(c)(d)(e) | 4265000 | 104133 |
| Cone Trust Series 2024-DFW1 Class E, CME Term SOFR 1 month Index + 3.8885%, 8.2304% 8/15/2041 (b)(c)(d) | 10200000 | 10124058 |
| Credit Suisse Commercial Mortgage Trust Series 2021-SOP2 Class F, CME Term SOFR 1 month Index + 4.4314%, 8.7733% 6/15/2034 (b)(c)(e) | 7120000 | 3246222 |
| Credit Suisse Mortgage Capital Certificate Series 2021-BPNY Class A, CME Term SOFR 1 month Index + 3.8289%, 8.1709% 8/15/2026 (b)(c)(d) | 12928019 | 12122356 |
| Credit Suisse Mortgage Trust Series 2021-BRIT Class A, CME Term SOFR 1 month Index + 3.5737%, 7.9157% 5/9/2026 (b)(c)(d) | 7569763 | 7417624 |
| DTP Commercial Mortgage Trust Series 2023-STE2 Class C, 6.4734% 1/15/2041 (b)(d) | 8800000 | 8896881 |
| ELP Commercial Mortgage Trust Series 2021-ELP Class J, CME Term SOFR 1 month Index + 3.7294%, 8.0714% 11/15/2038 (b)(c)(d) | 15320347 | 15244915 |
| EQT Trust Series 2024-EXTR Class B, 1 month U.S. LIBOR + 0%, 5.6546% 7/5/2041 (b)(c)(d) | 5000000 | 5049611 |
| Fontainebleau Miami Beach Beach Mtg Tr Series 2024-FBLU Class G, CME Term SOFR 1 month Index + 5.65%, 9.9919% 12/15/2039 (b)(c)(d) | 3126000 | 3125406 |
| GS Mortgage Securities Trust Series 2011-GC5 Class C, 5.147% 8/10/2044 (b)(d) | 8899000 | 7822016 |
| GS Mortgage Securities Trust Series 2011-GC5 Class D, 5.147% 8/10/2044 (b)(d) | 2733635 | 1996311 |
| GS Mortgage Securities Trust Series 2011-GC5 Class E, 5.147% 8/10/2044 (b)(d)(e) | 8138000 | 2158824 |
| GS Mortgage Securities Trust Series 2011-GC5 Class F, 4.5% 8/10/2044 (b)(e) | 7897000 | 23691 |
| GS Mortgage Securities Trust Series 2012-GCJ9 Class D, 4.5879% 11/10/2045 (b)(d) | 4229808 | 4060573 |
| GS Mortgage Securities Trust Series 2012-GCJ9 Class E, 4.5879% 11/10/2045 (b)(d) | 1908000 | 1719089 |
| GS Mortgage Securities Trust Series 2018-RIVR Class G, CME Term SOFR 1 month Index + 2.647%, 7.239% 7/15/2035 (b)(c)(d)(e) | 3808000 | 3807 |
| GS Mortgage Securities Trust Series 2023-SHIP Class D, 6.0706% 9/10/2038 (b)(d) | 9000000 | 8969522 |
| GS Mortgage Securities Trust Series 2023-SHIP Class E, 7.4336% 9/10/2038 (b)(d) | 13500000 | 13523717 |
| GS Mortgage Securities Trust Series 2024-RVR Class A, 5.1983% 8/10/2041 (b)(d) | 4300000 | 4317276 |
| GS Mortgage Securities Trust Series 2025-800D Class B, CME Term SOFR 1 month Index + 3.45%, 7.7998% 11/25/2041 (b)(c)(d) | 4000000 | 4001245 |
| Hilton USA Trust Series 2016-HHV Class F, 4.1935% 11/5/2038 (b)(d) | 20270000 | 19512202 |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C23 Class UH5, 4.7094% 9/15/2047 (b) | 8640000 | 8432137 |
| JPMBB Commercial Mortgage Securities Trust Series 2014-C26 Class D, 3.6695% 1/15/2048 (b)(d) | 2398000 | 2069738 |
| JPMDB Commercial Mortgage Securities Trust Series 2018-C8 Class D, 3.2562% 6/15/2051 (b)(d) | 1698000 | 1295788 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3 Class G, 4.409% 2/15/2046 (b)(d) | 4671000 | 643020 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2011-C3 Class H, 4.409% 2/15/2046 (b)(d)(e) | 7077000 | 489268 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class E, 4.6896% 6/15/2045 (b)(d) | 3531737 | 3204194 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class F, 4% 6/15/2045 (b) | 8192000 | 6814293 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class G, 4% 6/15/2045 (b)(e) | 4044000 | 2284542 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class D, 4.1956% 4/15/2046 (d)(e) | 7722000 | 695752 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class E, 3.25% 4/15/2046 (b)(d) | 472000 | 17747 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class F, 3.25% 4/15/2046 (b)(d) | 2518000 | 2770 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class E, 3.8046% 6/10/2027 (b)(d) | 8161000 | 20416 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-AON Class F, 4.6132% 7/5/2031 (b)(d) | 5039000 | 856230 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN Class FFX, 4.6254% 1/16/2037 (b)(e) | 2000000 | 381040 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2021-MHC Class F, CME Term SOFR 1 month Index + 3.3145%, 7.6565% 4/15/2038 (b)(c)(d) | 7500000 | 7507031 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI Class E, 5.7972% 10/5/2039 (b)(d) | 6544000 | 6375760 |
| KNDR Trust Series 2021-KIND Class D, CME Term SOFR 1 month Index + 2.4145%, 6.76% 8/15/2038 (b)(c)(d) | 5951129 | 5865581 |
| KNDR Trust Series 2021-KIND Class F, CME Term SOFR 1 month Index + 4.0645%, 8.41% 8/15/2038 (b)(c)(d) | 7096721 | 6945791 |
| KRE COML Mortgage Trust Series 2025-AIP4 Class E, CME Term SOFR 1 month Index + 3%, 7.3419% 3/15/2042 (b)(c)(d) | 5000000 | 4972654 |
| MCR Mortgage Trust Series 2024-TWA Class F, 10.382% 6/12/2039 (b) | 5500000 | 5597011 |
| MHC Commercial Mortgage Trust Series 2021-MHC Class G, CME Term SOFR 1 month Index + 3.3154%, 7.6574% 4/15/2038 (b)(c)(d) | 12480800 | 12496401 |
| MHC Trust Series 2021-MHC2 Class F, CME Term SOFR 1 month Index + 2.5145%, 6.8565% 5/15/2038 (b)(c)(d) | 2400000 | 2403000 |
| MHP Commercial Mortgage Trust Series 2021-STOR Class F, CME Term SOFR 1 month Index + 2.3145%, 6.6565% 7/15/2038 (b)(c)(d) | 3182000 | 3182000 |
| MHP Commercial Mortgage Trust Series 2021-STOR Class J, CME Term SOFR 1 month Index + 4.0645%, 8.4065% 7/15/2038 (b)(c)(d) | 3476000 | 3470975 |
| MHP Commercial Mortgage Trust Series 2022-MHIL Class F, CME Term SOFR 1 month Index + 3.2592%, 7.6011% 1/15/2039 (b)(c)(d) | 3444000 | 3444000 |
| MHP Commercial Mortgage Trust Series 2022-MHIL Class G, CME Term SOFR 1 month Index + 3.9575%, 8.2994% 1/15/2027 (b)(c)(d) | 11539200 | 11599117 |
| MIRA Trust Series 2023-MILE Class B, 7.2026% 6/10/2038 (b) | 4200000 | 4256260 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6 Class D, 4.3446% 11/15/2045 (b)(d) | 823000 | 698529 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6 Class F, 4.3446% 11/15/2045 (b)(d) | 2500000 | 340700 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12 Class D, 4.7035% 10/15/2046 (b)(d) | 5670988 | 5292903 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class C, 3.7118% 5/15/2046 (d) | 3302000 | 3036630 |
| Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class D, 3.7998% 5/15/2046 (b)(d) | 5137000 | 4654308 |
| Morgan Stanley Cap I Tr 2020-L4 Series 2020-L4 Class C, 3.536% 2/15/2053  | 2765000 | 2438737 |
| Morgan Stanley Capital I Trust Series 2011-C2 Class D, 5.2113% 6/15/2044 (b)(d) | 1843206 | 1824995 |
| Morgan Stanley Capital I Trust Series 2011-C2 Class F, 5.2113% 6/15/2044 (b)(d) | 2937000 | 2033931 |
| Morgan Stanley Capital I Trust Series 2011-C2 Class XB, 0.4833% 6/15/2044 (b)(d)(f) | 26552841 | 94966 |
| Morgan Stanley Capital I Trust Series 2011-C3 Class E, 4.9411% 7/15/2049 (b)(d) | 910558 | 886985 |
| Morgan Stanley Capital I Trust Series 2011-C3 Class F, 4.9411% 7/15/2049 (b)(d) | 5624050 | 5279277 |
| Morgan Stanley Capital I Trust Series 2011-C3 Class G, 4.9411% 7/15/2049 (b)(d) | 5049500 | 4661687 |
| Morgan Stanley Capital I Trust Series 2015-MS1 Class D, 4.1579% 5/15/2048 (b)(d) | 10833000 | 8829003 |
| Morgan Stanley Capital I Trust Series 2016-BNK2 Class D, 3% 11/15/2049 (b) | 2966000 | 1997333 |
| Morgan Stanley Capital I Trust Series 2017-H1 Class C, 4.281% 6/15/2050  | 2470594 | 2288114 |
| Morgan Stanley Capital I Trust Series 2024-BPR2 Class A, 7.291% 5/5/2029 (b) | 8892715 | 9263714 |
| Morgan Stanley Capital I Trust Series 2024-NSTB Class B, 3.9% 9/24/2057 (b)(d) | 13568000 | 12876306 |
| MSJP Series 2015-HAUL Class E, 4.851% 9/5/2047 (b)(d) | 1500000 | 1277380 |
| MSWF Commercial Mortgage Trust Series 2023-1 Class A5, 5.752% 5/15/2056  | 13861000 | 14438539 |
| MSWF Commercial Mortgage Trust Series 2023-1 Class B, 6.6829% 5/15/2056 (d) | 3750000 | 3963093 |
| MSWF Commercial Mortgage Trust Series 2023-2 Class AS, 6.491% 12/15/2056  | 10000000 | 10717739 |
| MSWF Commercial Mortgage Trust Series 2023-2 Class B, 6.8761% 12/15/2056 (d) | 10000000 | 10670561 |
| NCMF Trust Series 2025-MFS Class F, 8.437% 6/10/2033 (b)(d) | 5000000 | 5057393 |
| NXPT Commercial Mortgage Trust Series 2024-STOR Class E, 6.7033% 11/5/2041 (b)(d) | 18754000 | 18793342 |
| OPEN Trust Series 2023-AIR Class D, CME Term SOFR 1 month Index + 6.6838%, 11.0257% 11/15/2040 (b)(c)(d) | 7800000 | 7804875 |
| PKHL Commercial Mortgage Trust Series 2021-MF Class E, CME Term SOFR 1 month Index + 2.7145%, 7.0565% 7/15/2038 (b)(c)(d)(e) | 500000 | 256025 |
| PKHL Commercial Mortgage Trust Series 2021-MF Class G, CME Term SOFR 1 month Index + 4.4645%, 8.8065% 7/15/2038 (b)(c)(d)(e) | 5944000 | 2364543 |
| Prima Capital CRE Securitization Ltd Series 2020-8A Class C, 3% 12/26/2070 (b) | 13870000 | 11530131 |
| PRM Trust Series 2025-PRM6 Class E, 6.5831% 7/5/2033 (b)(d) | 12000000 | 11903208 |
| PRM5 Trust Series 2025-PRM5 Class E, 6.8678% 3/10/2033 (b)(d) | 10000000 | 9958398 |
| Providence Place Group LP Series 2000-C1 Class A2, 7.75% 7/20/2028 (b) | 1799134 | 1830868 |
| Ride Series 2025-SHRE Class E, 7.8087% 2/14/2047 (b)(d) | 5000000 | 4981849 |
| ROCK Trust Series 2024-CNTR Class E, 8.8191% 11/13/2041 (b) | 13372000 | 14062876 |
| SELF Commercial Mortgage Trust Series 2024-STRG Class D, CME Term SOFR 1 month Index + 2.9403%, 7.2822% 11/15/2034 (b)(c)(d) | 5597000 | 5639518 |
| SELF Commercial Mortgage Trust Series 2024-STRG Class E, CME Term SOFR 1 month Index + 4.1885%, 8.5304% 11/15/2034 (b)(c)(d) | 6546000 | 6528694 |
| SG Commercial Mortgage Securities Trust Series 2020-COVE Class F, 3.7276% 3/15/2037 (b)(d) | 5000000 | 3893150 |
| SHR Trust Series 2024-LXRY Class D, CME Term SOFR 1 month Index + 3.6%, 7.9419% 10/15/2041 (b)(c)(d) | 9376000 | 9373070 |
| SMRT Trust Series 2022-MINI Class F, CME Term SOFR 1 month Index + 3.35%, 7.692% 1/15/2039 (b)(c)(d) | 14615000 | 14176550 |
| SREIT Trust Series 2021-IND Class G, CME Term SOFR 1 month Index + 3.3803%, 7.7223% 10/15/2038 (b)(c)(d) | 12754000 | 12613043 |
| SREIT Trust Series 2021-MFP Class G, CME Term SOFR 1 month Index + 3.0883%, 7.4302% 11/15/2038 (b)(c)(d) | 3249672 | 3249044 |
| SREIT Trust Series 2021-MFP2 Class J, CME Term SOFR 1 month Index + 4.03%, 8.372% 11/15/2036 (b)(c)(d) | 10872000 | 10794644 |
| STWD Trust Series 2021-LIH Class E, CME Term SOFR 1 month Index + 3.0175%, 7.359% 11/15/2036 (b)(c)(d) | 4985000 | 4978784 |
| STWD Trust Series 2021-LIH Class F, CME Term SOFR 1 month Index + 3.6655%, 8.007% 11/15/2036 (b)(c)(d) | 15282000 | 15253417 |
| STWD Trust Series 2021-LIH Class G, CME Term SOFR 1 month Index + 4.3145%, 8.656% 11/15/2036 (b)(c)(d) | 9177000 | 9114541 |
| SUMIT Mortgage Trust Series 2022-BVUE Class D, 2.8925% 2/12/2041 (b)(d) | 6000000 | 4686207 |
| SUMIT Mortgage Trust Series 2022-BVUE Class F, 2.8925% 2/12/2041 (b)(d) | 3211000 | 2248691 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class F, CME Term SOFR 1 month Index + 4.2389%, 8.5809% 2/15/2042 (b)(c)(d) | 19400000 | 19290875 |
| Texas Coml Mortgage Trust Series 2025-TWR Class D, CME Term SOFR 1 month Index + 3.0906%, 7.4325% 4/15/2042 (b)(c)(d) | 1500000 | 1500000 |
| UBS Commercial Mortgage Trust Series 2012-C1 Class E, 5% 5/10/2045 (b)(d) | 4699074 | 4252615 |
| UBS Commercial Mortgage Trust Series 2012-C1 Class F, 5% 5/10/2045 (b)(d)(e) | 2221350 | 731981 |
| VASA Trust Series 2021-VASA Class F, CME Term SOFR 1 month Index + 4.0145%, 8.3565% 7/15/2039 (b)(c)(d) | 6685000 | 5103470 |
| VASA Trust Series 2021-VASA Class G, CME Term SOFR 1 month Index + 5.1145%, 9.4565% 7/15/2039 (b)(c)(d)(e) | 800000 | 542417 |
| VDCM Commercial Mortgage Trust Series 2025-AZ Class C, 6.0329% 7/13/2044 (b)(d) | 7000000 | 7039680 |
| VDCM Commercial Mortgage Trust Series 2025-AZ Class D, 6.4337% 7/13/2044 (b)(d) | 5000000 | 4996757 |
| Wells Fargo Commercial Mortgage Trust Series 2016-BNK1 Class D, 3% 8/15/2049 (b) | 6979000 | 3871133 |
| Wells Fargo Commercial Mortgage Trust Series 2016-NXS6 Class D, 3.059% 11/15/2049 (b) | 5037000 | 4447664 |
| Wells Fargo Commercial Mortgage Trust Series 2019-C52 Class C, 3.561% 8/15/2052  | 883000 | 741249 |
| Wells Fargo Commercial Mortgage Trust Series 2024-1CHI Class D, 6.7085% 7/15/2035 (b)(d) | 5250000 | 5275958 |
| WF-RBS Commercial Mortgage Trust Series 2011-C3 Class D, 5.8545% 3/15/2044 (b)(d) | 503530 | 163657 |
| WF-RBS Commercial Mortgage Trust Series 2011-C4I Class G, 5% 6/15/2044 (d)(e) | 3955000 | 1245509 |
| WF-RBS Commercial Mortgage Trust Series 2013-C11 Class E, 4.0662% 3/15/2045 (b)(d) | 4727000 | 3290243 |
| WF-RBS Commercial Mortgage Trust Series 2013-C13 Class D, 3.9552% 5/15/2045 (b)(d) | 3103531 | 2847738 |
| WHARF Series 2025-DC Class E, 7.7241% 7/15/2040 (b) | 10000000 | 10169730 |
| WP Glimcher Mall Trust Series 2015-WPG Class PR1, 3.516% 6/5/2035 (b)(d) | 6725000 | 6035620 |
| WP Glimcher Mall Trust Series 2015-WPG Class PR2, 3.516% 6/5/2035 (b)(d) | 2541000 | 2121710 |
| TOTAL UNITED STATES |  | 1140175810 |
| <br> **TOTAL COMMERCIAL MORTGAGE SECURITIES**<br> (Cost $1,215,593,707) |  | <br> **1140175810** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 20.7%** | &nbsp;&nbsp;**Common Stocks - 20.7%** | &nbsp;&nbsp;**Common Stocks - 20.7%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 20.7%  |  |  |
| Financials - 0.8% |  |  |
| Capital Markets - 0.2% |  |  |
| DigitalBridge Group Inc Class A  | 737588 | 7921695 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.6% |  |  |
| Dynex Capital Inc  | 1145600 | 14251264 |
| MFA Financial Inc  | 1134685 | 10314287 |
| Rithm Capital Corp  | 385699 | 4639959 |
| Rithm Property Trust Inc  | 1275264 | 3315686 |
|  |  | 32521196 |
| TOTAL FINANCIALS |  | 40442891 |
| Industrials - 0.0% |  |  |
| Construction & Engineering - 0.0% |  |  |
| WillScot Holdings Corp  | 58900 | 1728715 |
| Real Estate - 19.9% |  |  |
| Health Care REITs - 2.6% |  |  |
| CareTrust REIT Inc  | 284800 | 9056640 |
| Sabra Health Care REIT Inc  | 604175 | 10893275 |
| Ventas Inc  | 607686 | 40824345 |
| Welltower Inc  | 460100 | 75948708 |
|  |  | 136722968 |
| Industrial REITs - 3.0% |  |  |
| Americold Realty Trust Inc  | 596600 | 9593328 |
| EastGroup Properties Inc  | 49900 | 8145676 |
| First Industrial Realty Trust Inc  | 416500 | 20291880 |
| LXP Industrial Trust  | 3015974 | 23403958 |
| Prologis Inc  | 793730 | 84754489 |
| Rexford Industrial Realty Inc  | 252600 | 9227478 |
| Terreno Realty Corp  | 62628 | 3475228 |
|  |  | 158892037 |
| Office REITs - 0.4% |  |  |
| Easterly Government Properties Inc  | 341480 | 7512560 |
| Postal Realty Trust Inc Class A  | 878500 | 12044235 |
|  |  | 19556795 |
| Residential REITs - 5.3% |  |  |
| American Homes 4 Rent Class A  | 480500 | 16668545 |
| AvalonBay Communities Inc  | 83500 | 15554380 |
| Elme Communities  | 668747 | 10084705 |
| Equity LifeStyle Properties Inc  | 1195596 | 71640112 |
| Equity Residential  | 254100 | 16059120 |
| Essex Property Trust Inc  | 94600 | 24613028 |
| Invitation Homes Inc  | 1674500 | 51323425 |
| Mid-America Apartment Communities Inc  | 23106 | 3290988 |
| Sun Communities Inc  | 332700 | 41264781 |
| UDR Inc  | 663400 | 26064986 |
| UMH Properties Inc  | 335723 | 5465570 |
|  |  | 282029640 |
| Retail REITs - 1.9% |  |  |
| Acadia Realty Trust  | 280626 | 5253319 |
| Brixmor Property Group Inc  | 230300 | 6017739 |
| Curbline Properties Corp  | 592918 | 13103488 |
| Federal Realty Investment Trust  | 136800 | 12607488 |
| Kimco Realty Corp  | 771700 | 16383191 |
| Kite Realty Group Trust  | 360000 | 7912800 |
| Macerich Co/The  | 281500 | 4703865 |
| NNN REIT Inc  | 86800 | 3581368 |
| Realty Income Corp (h) | 356182 | 19992496 |
| Retail Value Inc (e)(i) | 274131 | 2 |
| Simon Property Group Inc  | 46200 | 7567098 |
| SITE Centers Corp  | 296459 | 3192863 |
|  |  | 100315717 |
| Specialized REITs - 6.7% |  |  |
| American Tower Corp  | 313700 | 65371943 |
| Crown Castle Inc  | 263910 | 27734302 |
| CubeSmart  | 231100 | 8992101 |
| Digital Realty Trust Inc  | 201500 | 35552660 |
| Equinix Inc  | 86000 | 67524620 |
| Extra Space Storage Inc  | 144449 | 19408168 |
| Gaming and Leisure Properties Inc  | 586246 | 26721093 |
| Lamar Advertising Co Class A  | 143000 | 17481750 |
| Public Storage Operating Co  | 117100 | 31844174 |
| VICI Properties Inc (h) | 1530700 | 49900820 |
| Weyerhaeuser Co  | 147500 | 3694875 |
|  |  | 354226506 |
| TOTAL REAL ESTATE |  | 1051743663 |
| TOTAL UNITED STATES |  | 1093915269 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $904,426,663) |  | <br> **1093915269** |

---

---

| | | |
|:---|:---|:---|
| &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%  |  |  |
| Financials - 0.1% |  |  |
| Mortgage Real Estate Investment Trusts (REITs) - 0.1% |  |  |
| Two Harbors Investment Corp 6.25% 1/15/2026 <br>(Cost $4,896,000)<br>| 4896000 | **4866622** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 3.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 3.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 3.4%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 3.4%  |  |  |
| Financials - 3.0% |  |  |
| Mortgage Real Estate Investment Trusts (REITs) - 3.0% |  |  |
| AGNC Investment Corp CME Term SOFR 3 month Index + 4.332%, 0% (c)(d) | 673972 | 16896478 |
| AGNC Investment Corp CME Term SOFR 3 month Index + 4.9586%, 0% (c)(d) | 930100 | 23689647 |
| AGNC Investment Corp CME Term SOFR 3 month Index + 4.993%, 0% (c)(d) | 1152034 | 29584234 |
| Annaly Capital Management Inc CME Term SOFR 3 month Index + 5.2506%, 0% (c)(d) | 192992 | 4986913 |
| Chimera Investment Corp Series B, CME Term SOFR 3 month Index + 6.0526%, 11.3508% (c)(d) | 626604 | 15683898 |
| Dynex Capital Inc Series C, CME Term SOFR 3 month Index + 5.7226%, 9.9787% (c)(d) | 298683 | 7765758 |
| Rithm Capital Corp CME Term SOFR 3 month Index + 5.2306%, 0% (c)(d) | 1024554 | 25931462 |
| Rithm Capital Corp CME Term SOFR 3 month Index + 5.802%, 7.5% (c)(d) | 342711 | 8824054 |
| Rithm Capital Corp CME Term SOFR 3 month Index + 5.9016%, 7.125% (c)(d) | 1023942 | 26366507 |
|  |  | 159728951 |
| Real Estate - 0.4% |  |  |
| Hotel & Resort REITs - 0.0% |  |  |
| RLJ Lodging Trust Series A,1.95%  | 31585 | 772253 |
| Industrial REITs - 0.4% |  |  |
| LXP Industrial Trust 6.5%  | 440102 | 20465616 |
| TOTAL REAL ESTATE |  | 21237869 |
| TOTAL UNITED STATES |  | 180966820 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $160,186,976) |  | <br> **180966820** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 30.1%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 30.1%** | &nbsp;&nbsp;**Non-Convertible Corporate Bonds - 30.1%** |
|  | 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 (b) | 10000000 | 11048140 |
| UNITED STATES - 29.9%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| Lamar Media Corp 4% 2/15/2030  | 5875000 | 5574468 |
| Consumer Discretionary - 2.6% |  |  |
| Hotels, Restaurants & Leisure - 1.6% |  |  |
| Choice Hotels International Inc 5.85% 8/1/2034  | 7000000 | 7051730 |
| Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (b) | 13965000 | 12591208 |
| Hilton Domestic Operating Co Inc 4% 5/1/2031 (b) | 12000000 | 11196968 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 4.875% 7/1/2031 (b) | 18265000 | 16793807 |
| Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp 4.875% 4/1/2027  | 3000000 | 2996881 |
| Hyatt Hotels Corp 5.5% 6/30/2034  | 5000000 | 5000559 |
| Las Vegas Sands Corp 6% 6/14/2030  | 10000000 | 10284362 |
| Marriott Ownership Resorts Inc 4.5% 6/15/2029 (b) | 15960000 | 15268812 |
| Times Square Hotel Trust 8.528% 8/1/2026 (b) | 1135078 | 1137339 |
|  |  | 82321666 |
| Household Durables - 1.0% |  |  |
| Century Communities Inc 3.875% 8/15/2029 (b) | 13005000 | 11988576 |
| Century Communities Inc 6.75% 6/1/2027  | 4670000 | 4672951 |
| LGI Homes Inc 4% 7/15/2029 (b) | 13310000 | 12133943 |
| M/I Homes Inc 3.95% 2/15/2030  | 17070000 | 15815732 |
| Tri Pointe Homes Inc 5.25% 6/1/2027  | 11458000 | 11358634 |
|  |  | 55969836 |
| TOTAL CONSUMER DISCRETIONARY |  | 138291502 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Rexford Industrial Realty LP 2.15% 9/1/2031  | 5000000 | 4281390 |
| Health Care - 0.3% |  |  |
| Health Care Providers & Services - 0.3% |  |  |
| Sabra Health Care LP 3.2% 12/1/2031  | 14000000 | 12468841 |
| Sabra Health Care LP 3.9% 10/15/2029  | 989000 | 940774 |
|  |  | 13409615 |
| Industrials - 0.2% |  |  |
| Commercial Services & Supplies - 0.2% |  |  |
| Williams Scotsman Inc 6.625% 4/15/2030 (b) | 3495000 | 3603696 |
| Williams Scotsman Inc 6.625% 6/15/2029 (b) | 5000000 | 5124065 |
|  |  | 8727761 |
| Real Estate - 26.7% |  |  |
| Diversified REITs - 5.4% |  |  |
| Equinix Europe 2 Financing Corp LLC 5.5% 6/15/2034  | 5000000 | 5096557 |
| Global Net Lease Inc / Global Net Lease Operating Partnership LP 3.75% 12/15/2027 (b) | 5075000 | 4836994 |
| Global Net Lease Inc 4.5% 9/30/2028 (b) | 13405000 | 12893865 |
| GLP Capital LP / GLP Financing II Inc 4% 1/15/2030  | 3000000 | 2869423 |
| GLP Capital LP / GLP Financing II Inc 4% 1/15/2031  | 2000000 | 1884731 |
| GLP Capital LP / GLP Financing II Inc 5.3% 1/15/2029  | 19193000 | 19369422 |
| GLP Capital LP / GLP Financing II Inc 5.625% 9/15/2034  | 17000000 | 16977909 |
| GLP Capital LP / GLP Financing II Inc 6.25% 9/15/2054  | 17000000 | 16747594 |
| GLP Capital LP / GLP Financing II Inc 6.75% 12/1/2033  | 9500000 | 10176191 |
| Safehold GL Holdings LLC 2.8% 6/15/2031  | 7000000 | 6246597 |
| Safehold GL Holdings LLC 2.85% 1/15/2032  | 18250000 | 15772573 |
| Safehold GL Holdings LLC 6.1% 4/1/2034  | 22410000 | 23391727 |
| Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (b) | 18035000 | 17066536 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 10.5% 2/15/2028 (b) | 5490000 | 5802266 |
| Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (b) | 8875000 | 8633755 |
| Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (b) | 26000000 | 25479735 |
| VICI Properties LP 5.125% 5/15/2032  | 29000000 | 28930612 |
| VICI Properties LP 5.625% 4/1/2035  | 20000000 | 20127774 |
| VICI Properties LP 5.625% 5/15/2052  | 7333000 | 6726120 |
| VICI Properties LP 5.75% 4/1/2034  | 575000 | 588336 |
| VICI Properties LP 6.125% 4/1/2054  | 8532000 | 8359109 |
| WP Carey Inc 2.25% 4/1/2033  | 5000000 | 4094331 |
| WP Carey Inc 2.45% 2/1/2032  | 2000000 | 1713629 |
| WP Carey Inc 3.85% 7/15/2029  | 3000000 | 2915927 |
| WP Carey Inc 5.375% 6/30/2034  | 7000000 | 7036489 |
| XHR LP 4.875% 6/1/2029 (b) | 10000000 | 9651788 |
|  |  | 283389990 |
| Health Care REITs - 1.9% |  |  |
| CTR Partnership LP / CareTrust Capital Corp 3.875% 6/30/2028 (b) | 21865000 | 21095429 |
| MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031  | 13000000 | 8845749 |
| MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029  | 19835000 | 15077176 |
| MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027  | 5000000 | 4587015 |
| MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (b) | 6285000 | 6532660 |
| Omega Healthcare Investors Inc 3.25% 4/15/2033  | 18000000 | 15563958 |
| Omega Healthcare Investors Inc 3.375% 2/1/2031  | 5000000 | 4572721 |
| Ventas Realty LP 2.5% 9/1/2031  | 1500000 | 1316406 |
| Ventas Realty LP 4.4% 1/15/2029  | 10000000 | 9942438 |
| Ventas Realty LP 5.625% 7/1/2034  | 5000000 | 5138426 |
| Ventas Realty LP 5.7% 9/30/2043  | 3000000 | 2919029 |
| Welltower OP LLC 4.125% 3/15/2029  | 3000000 | 2968389 |
|  |  | 98559396 |
| Hotel & Resort REITs - 0.6% |  |  |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 4.875% 5/15/2029 (b) | 7000000 | 6733626 |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 7% 2/1/2030 (b) | 3115000 | 3190072 |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 4/1/2032 (b) | 8000000 | 8169240 |
| RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (b) | 5575000 | 5709235 |
| RLJ Lodging Trust LP 3.75% 7/1/2026 (b) | 4000000 | 3940378 |
| RLJ Lodging Trust LP 4% 9/15/2029 (b) | 4835000 | 4512265 |
|  |  | 32254816 |
| Industrial REITs - 1.1% |  |  |
| Lineage OP LP 5.25% 7/15/2030 (b) | 10500000 | 10538295 |
| LXP Industrial Trust 2.375% 10/1/2031  | 7500000 | 6325180 |
| LXP Industrial Trust 2.7% 9/15/2030  | 4422000 | 3946067 |
| LXP Industrial Trust 6.75% 11/15/2028  | 1000000 | 1055029 |
| Prologis LP 5% 1/31/2035  | 5000000 | 4985089 |
| Prologis LP 5% 3/15/2034  | 15574000 | 15564801 |
| Prologis LP 5.125% 1/15/2034  | 5000000 | 5054170 |
| Prologis LP 5.25% 3/15/2054  | 3000000 | 2800542 |
| Prologis LP 5.25% 6/15/2053  | 10500000 | 9802491 |
|  |  | 60071664 |
| Office REITs - 0.2% |  |  |
| Boston Properties LP 3.25% 1/30/2031  | 8000000 | 7336443 |
| Boston Properties LP 6.75% 12/1/2027  | 37000 | 38660 |
| Hudson Pacific Properties LP 4.65% 4/1/2029  | 6000000 | 5231856 |
|  |  | 12606959 |
| Real Estate Management & Development - 3.2% |  |  |
| Americold Realty Operating Partnership LP 5.409% 9/12/2034  | 21000000 | 20420929 |
| Americold Realty Operating Partnership LP 5.6% 5/15/2032  | 10000000 | 10008808 |
| CBRE Services Inc 5.5% 6/15/2035  | 5000000 | 5047992 |
| CBRE Services Inc 5.95% 8/15/2034  | 16750000 | 17648851 |
| CoStar Group Inc 2.8% 7/15/2030 (b) | 2000000 | 1803842 |
| Cushman & Wakefield US Borrower LLC 6.75% 5/15/2028 (b) | 11165000 | 11249731 |
| Essex Portfolio LP 2.55% 6/15/2031  | 2000000 | 1764815 |
| Essex Portfolio LP 2.65% 3/15/2032  | 3000000 | 2619782 |
| Essex Portfolio LP 5.5% 4/1/2034  | 22077000 | 22581229 |
| Extra Space Storage LP 2.35% 3/15/2032  | 12000000 | 10227060 |
| Extra Space Storage LP 2.55% 6/1/2031  | 2000000 | 1769491 |
| Extra Space Storage LP 5.4% 2/1/2034  | 15000000 | 15194041 |
| Extra Space Storage LP 5.5% 7/1/2030  | 5000000 | 5169770 |
| Extra Space Storage LP 5.9% 1/15/2031  | 9000000 | 9467040 |
| Forestar Group Inc 5% 3/1/2028 (b) | 5000000 | 4962098 |
| Kennedy-Wilson Inc 4.75% 2/1/2030  | 8130000 | 7491063 |
| Kennedy-Wilson Inc 4.75% 3/1/2029  | 12075000 | 11355917 |
| Kennedy-Wilson Inc 5% 3/1/2031  | 6960000 | 6343197 |
| Tanger Properties LP 2.75% 9/1/2031  | 5000000 | 4371224 |
| Taylor Morrison Communities Inc 5.875% 6/15/2027 (b) | 1798000 | 1810779 |
|  |  | 171307659 |
| Residential REITs - 3.7% |  |  |
| American Homes 4 Rent LP 2.375% 7/15/2031  | 9000000 | 7816616 |
| American Homes 4 Rent LP 3.625% 4/15/2032  | 27000000 | 24906779 |
| American Homes 4 Rent LP 4.9% 2/15/2029  | 13000000 | 13121894 |
| American Homes 4 Rent LP 4.95% 6/15/2030  | 43000 | 43280 |
| American Homes 4 Rent LP 5.25% 3/15/2035  | 10000000 | 9927479 |
| American Homes 4 Rent LP 5.5% 2/1/2034  | 25000000 | 25415056 |
| American Homes 4 Rent LP 5.5% 7/15/2034  | 47000 | 47629 |
| ERP Operating LP 4.65% 9/15/2034  | 5000000 | 4842205 |
| Invitation Homes Operating Partnership LP 4.15% 4/15/2032  | 35000000 | 33214916 |
| Invitation Homes Operating Partnership LP 5.5% 8/15/2033  | 33000000 | 33533273 |
| Sun Communities Operating LP 2.7% 7/15/2031  | 18000000 | 15897762 |
| Sun Communities Operating LP 4.2% 4/15/2032  | 18439000 | 17536513 |
| UDR Inc 3% 8/15/2031  | 1500000 | 1361592 |
| UDR Inc 5.125% 9/1/2034  | 10000000 | 9944198 |
|  |  | 197609192 |
| Retail REITs - 3.3% |  |  |
| Agree LP 2.6% 6/15/2033  | 6100000 | 5087878 |
| Agree LP 2.9% 10/1/2030  | 1500000 | 1379825 |
| Agree LP 4.8% 10/1/2032  | 1288000 | 1273630 |
| Agree LP 5.625% 6/15/2034  | 7372000 | 7531629 |
| Brixmor Operating Partnership LP 2.5% 8/16/2031  | 9000000 | 7861764 |
| Brixmor Operating Partnership LP 4.05% 7/1/2030  | 4000000 | 3874942 |
| Brixmor Operating Partnership LP 4.125% 5/15/2029  | 1872000 | 1838689 |
| Brixmor Operating Partnership LP 5.5% 2/15/2034  | 10000000 | 10116142 |
| CBL & Associates LP 4.6% (e)(j) | 18229000 | 2 |
| CBL & Associates LP 5.25% (e)(j) | 11371000 | 1 |
| CBL & Associates LP 5.95% (e)(j) | 10317000 | 1 |
| Kimco Realty OP LLC 4.6% 2/1/2033  | 9000000 | 8823875 |
| Kimco Realty OP LLC 6.4% 3/1/2034  | 3424000 | 3719206 |
| Kite Realty Group LP 5.5% 3/1/2034  | 9007000 | 9179671 |
| NNN REIT Inc 5.5% 6/15/2034  | 4000000 | 4078244 |
| NNN REIT Inc 5.6% 10/15/2033  | 4689000 | 4839465 |
| Phillips Edison Grocery Center Operating Partnership I LP 2.625% 11/15/2031  | 16500000 | 14372941 |
| Phillips Edison Grocery Center Operating Partnership I LP 4.95% 1/15/2035  | 9021000 | 8747872 |
| Phillips Edison Grocery Center Operating Partnership I LP 5.25% 8/15/2032  | 10000000 | 10057991 |
| Phillips Edison Grocery Center Operating Partnership I LP 5.75% 7/15/2034  | 21507000 | 22094754 |
| Realty Income Corp 3.4% 1/15/2030  | 7000000 | 6696034 |
| Realty Income Corp 4% 7/15/2029  | 3000000 | 2946972 |
| Realty Income Corp 5.125% 2/15/2034  | 3500000 | 3539557 |
| Regency Centers LP 5.25% 1/15/2034  | 5000000 | 5074880 |
| Simon Property Group LP 4.75% 9/26/2034  | 14000000 | 13631618 |
| Simon Property Group LP 5.85% 3/8/2053  | 9000000 | 9016882 |
| Simon Property Group LP 6.25% 1/15/2034  | 5000000 | 5437608 |
| Simon Property Group LP 6.65% 1/15/2054  | 5000000 | 5518705 |
|  |  | 176740778 |
| Specialized REITs - 7.3% |  |  |
| American Tower Corp 2.7% 4/15/2031  | 2000000 | 1789627 |
| American Tower Corp 3.8% 8/15/2029  | 23000000 | 22333078 |
| American Tower Corp 4.05% 3/15/2032  | 22000000 | 21074849 |
| American Tower Corp 5.4% 1/31/2035  | 15000000 | 15258737 |
| American Tower Corp 5.45% 2/15/2034  | 29000000 | 29694441 |
| American Tower Corp 5.55% 7/15/2033  | 18250000 | 18813603 |
| American Tower Corp 5.65% 3/15/2033  | 20000000 | 20742333 |
| American Tower Corp 5.9% 11/15/2033  | 8000000 | 8432341 |
| Crown Castle Inc 2.1% 4/1/2031  | 4000000 | 3442145 |
| Crown Castle Inc 2.25% 1/15/2031  | 14000000 | 12235757 |
| Crown Castle Inc 2.5% 7/15/2031  | 5000000 | 4374087 |
| Crown Castle Inc 3.8% 2/15/2028  | 2000000 | 1960363 |
| Crown Castle Inc 5% 1/11/2028  | 3000000 | 3025141 |
| Crown Castle Inc 5.1% 5/1/2033  | 30000000 | 29858988 |
| Crown Castle Inc 5.2% 9/1/2034  | 15000000 | 14865945 |
| Crown Castle Inc 5.6% 6/1/2029  | 5000000 | 5155592 |
| Crown Castle Inc 5.8% 3/1/2034  | 36000000 | 37364200 |
| CubeSmart LP 2.5% 2/15/2032  | 10000000 | 8645758 |
| CubeSmart LP 4.375% 2/15/2029  | 12000000 | 11866237 |
| EPR Properties 3.6% 11/15/2031  | 2000000 | 1806321 |
| EPR Properties 4.95% 4/15/2028  | 8000000 | 8000745 |
| Equinix Inc 3% 7/15/2050  | 6000000 | 3754145 |
| Equinix Inc 3.2% 11/18/2029  | 10000000 | 9440218 |
| Equinix Inc 3.9% 4/15/2032  | 28000000 | 26403633 |
| Iron Mountain Inc 4.875% 9/15/2027 (b) | 3000000 | 2977229 |
| Iron Mountain Inc 5.25% 7/15/2030 (b) | 5000000 | 4913659 |
| Iron Mountain Inc 6.25% 1/15/2033 (b) | 12000000 | 12204937 |
| Public Storage Operating Co 5.1% 8/1/2033  | 5000000 | 5106404 |
| Public Storage Operating Co 5.35% 8/1/2053  | 4000000 | 3799862 |
| SBA Communications Corp 3.125% 2/1/2029  | 25000000 | 23300859 |
| SBA Communications Corp 3.875% 2/15/2027  | 5000000 | 4913622 |
|  |  | 377554856 |
| TOTAL REAL ESTATE |  | 1410095310 |
| TOTAL UNITED STATES |  | 1580380046 |
| <br> **TOTAL NON-CONVERTIBLE CORPORATE BONDS**<br> (Cost $1,564,661,511) |  | <br> **1591428186** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 10.1%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 10.1%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 10.1%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.3%  |  |  |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Enbridge Inc 5 year U.S. Treasury Index + 3.14%, 5.9491% (c)(d) | 498275 | 12078186 |
| Enbridge Inc Series L, 5 year U.S. Treasury Index + 3.15%, 4.959% (c)(d) | 111400 | 2636838 |
| TOTAL CANADA |  | 14715024 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Crest Dartmouth Street 0% (b)(d)(e)(i) | 1220000 | 12 |
| UNITED STATES - 9.8%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Global Partners LP/MA 9.5% Series B  | 67800 | 1775011 |
| Financials - 4.9% |  |  |
| Capital Markets - 1.2% |  |  |
| DigitalBridge Group Inc 7.125% Series J  | 1171346 | 25980454 |
| DigitalBridge Group Inc Series H, 7.125%  | 887620 | 19669659 |
| DigitalBridge Group Inc Series I, 7.15%  | 861892 | 19116765 |
|  |  | 64766878 |
| Mortgage Real Estate Investment Trusts (REITs) - 3.7% |  |  |
| AGNC Investment Corp 7.75% Series G (d) | 320000 | 8009600 |
| AGNC Investment Corp CME Term SOFR 3 month Index + 5.111%, 10.3713% (c)(d) | 653202 | 16885272 |
| Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.4336%, 0% (c)(d) | 1069599 | 27285470 |
| Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.993%, 10.1521% (c)(d) | 1374443 | 35666796 |
| Arbor Realty Trust Inc Series D 6.375%  | 126100 | 2295020 |
| Arbor Realty Trust Inc Series F 6.25% (d) | 447536 | 9622024 |
| Chimera Investment Corp Series C, 7.75% (d) | 773686 | 17763831 |
| Ellington Financial Inc Series A 3 month U.S. LIBOR + 5.196%, 0% (c)(d) | 212370 | 5381456 |
| MFA Financial Inc 7.5%  | 211532 | 4650171 |
| MFA Financial Inc CME Term SOFR 3 month Index + 5.6066%, 0% (c)(d) | 788551 | 19335271 |
| Pennymac Mortgage Investment Trust 3 month U.S. Treasury Index Series B + 8%, 0% (c)(d) | 309033 | 7472418 |
| Pennymac Mortgage Investment Trust 6.75%  | 217700 | 4066636 |
| Pennymac Mortgage Investment Trust 8.125% (d) | 194805 | 4663632 |
| Rithm Capital Corp 7% Series D (d) | 151200 | 3698351 |
| Two Harbors Investment Corp 7.625% Series B (d) | 776859 | 17938063 |
| Two Harbors Investment Corp 8.125% Series A (d) | 363526 | 8426532 |
|  |  | 193160543 |
| TOTAL FINANCIALS |  | 257927421 |
| Real Estate - 4.9% |  |  |
| Diversified REITs - 1.2% |  |  |
| Armada Hoffler Properties Inc Series A 6.75%  | 255050 | 5483575 |
| CTO Realty Growth Inc 6.375%  | 120000 | 2608800 |
| Gladstone Commercial Corp Series E 6.625%  | 157675 | 3577646 |
| Gladstone Commercial Corp Series G, 6%  | 391000 | 7870830 |
| Global Net Lease Inc 6.875% Series B  | 294000 | 6271020 |
| Global Net Lease Inc 7.25% Series A  | 509695 | 11483123 |
| Global Net Lease Inc 7.375% Series E  | 379839 | 8660329 |
| Global Net Lease Inc 7.5%  | 721484 | 16666280 |
|  |  | 62621603 |
| Health Care REITs - 0.2% |  |  |
| Global Medical REIT Inc 7.5% Series A  | 150848 | 3814931 |
| National Healthcare Properties Inc Series A, 7.375%  | 364800 | 5964480 |
| National Healthcare Properties Inc Series B, 7.125%  | 190000 | 3091300 |
|  |  | 12870711 |
| Hotel & Resort REITs - 1.5% |  |  |
| Ashford Hospitality Trust Inc Series H 7.5%  | 23951 | 342738 |
| Braemar Hotels & Resorts Inc 8.25% Series D  | 173050 | 3573483 |
| DiamondRock Hospitality Co 8.25%  | 448231 | 11349209 |
| Pebblebrook Hotel Trust 6.3% Series F  | 281697 | 5377595 |
| Pebblebrook Hotel Trust 6.375%  | 666800 | 12532506 |
| Pebblebrook Hotel Trust 6.375% Series E  | 372994 | 6978718 |
| Pebblebrook Hotel Trust Series H, 5.7%  | 717200 | 12156540 |
| Sotherly Hotels Inc 7.875% Series C  | 107000 | 1717350 |
| Sotherly Hotels Inc 8% Series B  | 67250 | 1057843 |
| Summit Hotel Properties Inc Series E, 6.25%  | 457602 | 8612070 |
| Summit Hotel Properties Inc Series F, 5.875%  | 377000 | 6997120 |
| Sunstone Hotel Investors Inc Series H, 6.125%  | 180000 | 3753000 |
| Sunstone Hotel Investors Inc Series I, 5.7%  | 240000 | 4718424 |
|  |  | 79166596 |
| Industrial REITs - 0.3% |  |  |
| Prologis Inc Series Q, 8.54%  | 93396 | 5113431 |
| Rexford Industrial Realty Inc 5.625% Series C  | 292525 | 6289288 |
| Rexford Industrial Realty Inc 5.875% Series B  | 148400 | 3346420 |
|  |  | 14749139 |
| Office REITs - 0.3% |  |  |
| Hudson Pacific Properties Inc 4.75% Series C  | 686200 | 10231242 |
| Vornado Realty Trust 5.25% Series M  | 52000 | 909480 |
| Vornado Realty Trust Series L, 5.4%  | 80100 | 1440198 |
| Vornado Realty Trust Series N 5.25%  | 50000 | 866500 |
|  |  | 13447420 |
| Real Estate Management & Development - 0.1% |  |  |
| Brookfield Property Partners LP 5.75%  | 43000 | 559000 |
| Brookfield Property Partners LP 6.5%  | 34125 | 497200 |
| Seritage Growth Properties Series A, 7%  | 91986 | 2083483 |
|  |  | 3139683 |
| Residential REITs - 0.6% |  |  |
| American Homes 4 Rent 5.875% Series G  | 293250 | 6671437 |
| American Homes 4 Rent Series H, 6.25%  | 315405 | 7478253 |
| UMH Properties Inc 6.375% Series D  | 794525 | 17598729 |
|  |  | 31748419 |
| Retail REITs - 0.3% |  |  |
| Agree Realty Corp 4.25%  | 259800 | 4468560 |
| Cedar Realty Trust Inc 7.25%  | 31436 | 534412 |
| Kimco Realty Corp 5.125%  | 49000 | 1004500 |
| Kimco Realty Corp Series M 5.25%  | 58100 | 1208480 |
| Regency Centers Corp 5.875%  | 69225 | 1564485 |
| Regency Centers Corp 6.25% Series A  | 281325 | 6543620 |
| Saul Centers Inc 6% Series E  | 76841 | 1738912 |
| Saul Centers Inc 6.125% Series D  | 57775 | 1247362 |
|  |  | 18310331 |
| Specialized REITs - 0.4% |  |  |
| Digital Realty Trust Inc 5.25%  | 80800 | 1740432 |
| Digital Realty Trust Inc Series K 5.85%  | 42600 | 1025382 |
| Digital Realty Trust Inc Series L, 5.2%  | 82700 | 1754894 |
| Gladstone Land Corp 5% Series D  | 30000 | 744900 |
| National Storage Affiliates Trust Series A, 6%  | 446375 | 10123785 |
| Public Storage Operating Co 4%  | 47800 | 782964 |
| Public Storage Operating Co 4%  | 45700 | 745824 |
| Public Storage Operating Co 5.05% Series G  | 43800 | 906660 |
| Public Storage Operating Co 5.15% Series F  | 25800 | 549540 |
| Public Storage Operating Co Series L, 4.625%  | 35900 | 678869 |
| Public Storage Operating Co Series MM, 4.125%  | 28000 | 466480 |
| Public Storage Operating Co Series S, 4.1%  | 100000 | 1657010 |
|  |  | 21176740 |
| TOTAL REAL ESTATE |  | 257230642 |
| TOTAL UNITED STATES |  | 516933074 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $523,034,641) |  | <br> **531648110** |

---

---

| | | |
|:---|:---|:---|
| &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% (d)(k)<br>(Cost $6,000,000)<br>| 6000000 | **6233637** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 10.5%** | &nbsp;&nbsp;**Money Market Funds - 10.5%** | &nbsp;&nbsp;**Money Market Funds - 10.5%** | &nbsp;&nbsp;**Money Market Funds - 10.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (l)<br>(Cost $552,281,858)<br>| 4.33 | 552203949 | **552314390** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.6%**<br> (Cost $5,099,618,983)<br>| <br>**5260424733** |
| **NET OTHER ASSETS (LIABILITIES) - 0.4%**  | **19193292** |
| **NET ASSETS - 100.0%** | **5279618025** |

---

**Legend**

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

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,339,534,334 or 25.4% of net assets.

(c) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

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

(e) Level 3 security

(f) 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.

(g) 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.

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

(i) Non-income producing.

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

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

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

**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 | 170567786 | 1288179464 | 906432860 | 14383583 | - | - | 552314390 | 552203949 | 1.0% |
| Fidelity Securities Lending Cash Central Fund | 3110975 | 100193972 | 103304947 | 7355 | - | - | - | - | 0.0% |
| Total | 173678761 | 1388373436 | 1009737807 | 14390938 | - | - | 552314390 |  |  |

---

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 July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Asset-Backed Securities** | 77109831 | - | 77109787 | 44 |
|  **Bank Loan Obligations** |  |  |  |  |
| Communication Services | 27117038 | - | 27117038 | - |
| Consumer Discretionary | 22521117 | - | 22521117 | - |
| Energy | 14434542 | - | 14434542 | - |
| Financials | 12857747 | - | - | 12857747 |
| Real Estate | 4802974 | - | 4802974 | - |
|  **Collateralized Mortgage Obligations** | 32640 | - | - | 32640 |
|  **Commercial Mortgage Securities** | 1140175810 | - | 1124901926 | 15273884 |
|  **Common Stocks** |  |  |  |  |
| Financials | 40442891 | 40442891 | - | - |
| Industrials | 1728715 | 1728715 | - | - |
| Real Estate | 1051743663 | 1051743661 | - | 2 |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Financials | 4866622 | - | 4866622 | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Financials | 159728951 | 159728951 | - | - |
| Real Estate | 21237869 | - | 21237869 | - |
|  **Non-Convertible Corporate Bonds** |  |  |  |  |
| Communication Services | 5574468 | - | 5574468 | - |
| Consumer Discretionary | 138291502 | - | 138291502 | - |
| Energy | 11048140 | - | 11048140 | - |
| Financials | 4281390 | - | 4281390 | - |
| Health Care | 13409615 | - | 13409615 | - |
| Industrials | 8727761 | - | 8727761 | - |
| Real Estate | 1410095310 | - | 1410095306 | 4 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Energy | 16490035 | 16490035 | - | - |
| Financials | 257927433 | 257927421 | - | 12 |
| Real Estate | 257230642 | 257230642 | - | - |
|  **Preferred Securities** |  |  |  |  |
| Energy | 6233637 | - | 6233637 | - |
|  **Money Market Funds** | 552314390 | 552314390 | - | - |
| **Total Investments in Securities:** | 5260424733 | 2337606706 | 2894653694 | 28164333 |

---

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 ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2025 ($)** |
| **Bank Loan Obligations** | 31265931 | 1904 | 342164 | - | (18752261) | 9 | - | - | 12857747 | 344076 |
| **Common Stocks** | 3 | - | (1) | - | - | - | - | - | 2 | - |
| **Non-Convertible Preferred Stocks** | 12 | - | - | - | - | - | - | - | 12 | - |
| **Asset-Backed Securities** | 44 | - | 146951 | - | - | (146951) | - | - | 44 | 146951 |
| **Non-Convertible Corporate Bonds** | 4 | - | - | - | - | - | - | - | 4 | - |
| **Commercial Mortgage Securities** | 26785483 | (996263) | 661431 | 30635226 | (32086778) | (2442815) | 7462835 | (14745235) | 15273884 | (517829) |
| **Collateralized Mortgage Obligations** | 25037 | 2677 | 6799 | - | (8574) | (1897) | 8598 | - | 32640 | 6799 |
| <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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $24,664,911) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $4,547,337,125) | $4708110343 |  |
| Fidelity Central Funds (cost $552,281,858) | 552314390 |  |
| Total Investment in Securities (cost $5,099,618,983) |  | $5260424733 |
| Cash |  | 140612 |
| Receivable for investments sold |  | 1027 |
| Receivable for fund shares sold |  | 3337480 |
| Dividends receivable |  | 893201 |
| Interest receivable |  | 27873671 |
| Distributions receivable from Fidelity Central Funds |  | 1806484 |
| Prepaid expenses |  | 929 |
| Other receivables |  | 24892 |
| **Total assets** |  | 5294503029 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $9156641 |  |
| Payable for fund shares redeemed | 2829923 |  |
| Accrued management fee | 2721969 |  |
| Distribution and service plan fees payable | 89443 |  |
| Other payables and accrued expenses | 87028 |  |
| **Total liabilities** |  | 14885004 |
| **Net Assets**  |  | $5279618025 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5230183436 |
| Total accumulated earnings (loss) |  | 49434589 |
| **Net Assets** |  | $5279618025 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($281,521,379 ÷ 23,390,182 shares)(a) |  | $12.04 |
| Maximum offering price per share (100/96.00 of $12.04) |  | $12.54 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($34,256,182 ÷ 2,844,852 shares)(a) |  | $12.04 |
| Maximum offering price per share (100/96.00 of $12.04) |  | $12.54 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($27,200,012 ÷ 2,301,471 shares)(a) |  | $11.82 |
| **Real Estate Income :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,235,613,494 ÷ 101,808,884 shares) |  | $12.14 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,273,835,444 ÷ 105,489,929 shares) |  | $12.08 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,427,191,514 ÷ 201,174,429 shares) |  | $12.07 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $84180210 |
| Interest  |  | 175756683 |
| Income from Fidelity Central Funds (including $7,355 from security lending)  |  | 14390938 |
| **Total income** |  | 274327831 |
| **Expenses** |  |  |
| Management fee | $31232455 |  |
| Distribution and service plan fees | 1147166 |  |
| Custodian fees and expenses | 25539 |  |
| Independent trustees' fees and expenses | 19798 |  |
| Registration fees | 157333 |  |
| Audit fees | 108470 |  |
| Legal | 8202 |  |
| Miscellaneous | 110398 |  |
| Total expenses before reductions | 32809361 |  |
| Expense reductions | (10876) |  |
| Total expenses after reductions |  | 32798485 |
| **Net Investment income (loss)** |  | 241529346 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 56195478 |  |
| Foreign currency transactions | 18 |  |
| Total net realized gain (loss) |  | 56195496 |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | (1000281) |
| **Net gain (loss)** |  | 55195215 |
| **Net increase (decrease) in net assets resulting from operations** |  | $296724561 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $241529346 | $220164018 |
| &nbsp;&nbsp;Net realized gain (loss) | 56195496<br>| (115653459)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (1000281) | 316326753<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 296724561<br>| 420837312<br>|
| Distributions to shareholders | (234138122)<br>| (217452716)<br>|
| Share transactions - net increase (decrease) | 430264698<br>| (5343665)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 492851137<br>| 198040931<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4786766888 | 4588725957<br>|
| &nbsp;&nbsp;End of period | $5279618025 | $4786766888 |

---

**Financial Highlights** 

**Fidelity Advisor® Real Estate Income Fund Class A**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.89 | $11.36 | $12.49 | $13.43 | $11.02 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .55  | .52  | .53  | .39  | .33  |
| Net realized and unrealized gain (loss)  | .13  | .53  | (.88)  | (1.03)  | 2.53  |
| Total from investment operations  | .68  | 1.05  | (.35)  | (.64)  | 2.86  |
| Distributions from net investment income  | (.53)  | (.52)  | (.56)  | (.28)  | (.42) C |
| Distributions from net realized gain  | -  | -  | (.22)  | (.02)  | (.03) C |
| Total distributions  | (.53)  | (.52)  | (.78)  | (.30)  | (.45)  |
| Net asset value, end of period  | $12.04 | $11.89 | $11.36 | $12.49 | $13.43 |
| **Total Return** D,E | 5.84% <br>| 9.58%  | (2.72)%  | (4.83)%  | 26.64%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .95%  | .97%  | .99%  | .98%  | .99%  |
| Expenses net of fee waivers, if any  | .95% <br>| .96%  | .98%  | .98%  | .99%  |
| Expenses net of all reductions, if any  | .95%  | .96%  | .98%  | .98%  | .99%  |
| Net investment income (loss)  | 4.55%  | 4.61%  | 4.61%  | 2.97%  | 2.75%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $281521 | $291737 | $304754 | $364443 | $384382 |
| Portfolio turnover rate H | 24% <br>| 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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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

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 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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.89 | $11.36 | $12.49 | $13.43 | $11.02 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .55  | .52  | .52  | .39  | .33  |
| Net realized and unrealized gain (loss)  | .13  | .53  | (.87)  | (1.03)  | 2.53  |
| Total from investment operations  | .68  | 1.05  | (.35)  | (.64)  | 2.86  |
| Distributions from net investment income  | (.53)  | (.52)  | (.56)  | (.28)  | (.42) C |
| Distributions from net realized gain  | -  | -  | (.22)  | (.02)  | (.03) C |
| Total distributions  | (.53)  | (.52)  | (.78)  | (.30)  | (.45)  |
| Net asset value, end of period  | $12.04 | $11.89 | $11.36 | $12.49 | $13.43 |
| **Total Return** D,E | 5.83% <br>| 9.56%  | (2.75)%  | (4.85)%  | 26.62%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .95%  | .98%  | 1.01%  | .99%  | 1.01%  |
| Expenses net of fee waivers, if any  | .95% <br>| .97%  | 1.00%  | .99%  | 1.01%  |
| Expenses net of all reductions, if any  | .95%  | .97%  | 1.00%  | .99%  | 1.01%  |
| Net investment income (loss)  | 4.55%  | 4.61%  | 4.59%  | 2.97%  | 2.73%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $34256 | $38026 | $42829 | $52919 | $57338 |
| Portfolio turnover rate H | 24% <br>| 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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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

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 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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.67 | $11.16 | $12.27 | $13.21 | $10.88 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .45  | .43  | .43  | .29  | .24  |
| Net realized and unrealized gain (loss)  | .13  | .51  | (.86)  | (1.01)  | 2.48  |
| Total from investment operations  | .58  | .94  | (.43)  | (.72)  | 2.72  |
| Distributions from net investment income  | (.43)  | (.43)  | (.46)  | (.20)  | (.36) C |
| Distributions from net realized gain  | -  | -  | (.22)  | (.02)  | (.03) C |
| Total distributions  | (.43)  | (.43)  | (.68)  | (.22)  | (.39)  |
| Net asset value, end of period  | $11.82 | $11.67 | $11.16 | $12.27 | $13.21 |
| **Total Return** D,E | 5.08% <br>| 8.72%  | (3.46)%  | (5.54)%  | 25.64%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | 1.70%  | 1.70%  | 1.74%  | 1.72%  | 1.74%  |
| Expenses net of fee waivers, if any  | 1.70% <br>| 1.70%  | 1.73%  | 1.72%  | 1.74%  |
| Expenses net of all reductions, if any  | 1.70%  | 1.70%  | 1.73%  | 1.72%  | 1.74%  |
| Net investment income (loss)  | 3.80%  | 3.88%  | 3.86%  | 2.23%  | 2.00%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $27200 | $40267 | $56795 | $89135 | $120072 |
| Portfolio turnover rate H | 24% <br>| 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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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

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 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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.98 | $11.45 | $12.58 | $13.52 | $11.09 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .59  | .56  | .56  | .43  | .37  |
| Net realized and unrealized gain (loss)  | .14  | .52  | (.88)  | (1.03)  | 2.53  |
| Total from investment operations  | .73  | 1.08  | (.32)  | (.60)  | 2.90  |
| Distributions from net investment income  | (.57)  | (.55)  | (.60)  | (.32)  | (.44) C |
| Distributions from net realized gain  | -  | -  | (.22)  | (.02)  | (.03) C |
| Total distributions  | (.57)  | (.55)  | (.81) D | (.34)  | (.47)  |
| Net asset value, end of period  | $12.14 | $11.98 | $11.45 | $12.58 | $13.52 |
| **Total Return** E | 6.21% <br>| 9.79%  | (2.42)%  | (4.56)%  | 26.88%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .66%  | .69%  | .73%  | .71%  | .72%  |
| Expenses net of fee waivers, if any  | .66% <br>| .68%  | .72%  | .71%  | .72%  |
| Expenses net of all reductions, if any  | .66%  | .68%  | .72%  | .71%  | .72%  |
| Net investment income (loss)  | 4.84%  | 4.90%  | 4.87%  | 3.24%  | 3.02%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1235613 | $1101737 | $1288147 | $1898345 | $2777243 |
| Portfolio turnover rate H | 24% <br>| 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 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 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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.92 | $11.39 | $12.53 | $13.47 | $11.04 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .58  | .55  | .56  | .43  | .37  |
| Net realized and unrealized gain (loss)  | .14  | .53  | (.89)  | (1.03)  | 2.53  |
| Total from investment operations  | .72  | 1.08  | (.33)  | (.60)  | 2.90  |
| Distributions from net investment income  | (.56)  | (.55)  | (.60)  | (.32)  | (.44) C |
| Distributions from net realized gain  | -  | -  | (.22)  | (.02)  | (.03) C |
| Total distributions  | (.56)  | (.55)  | (.81) D | (.34)  | (.47)  |
| Net asset value, end of period  | $12.08 | $11.92 | $11.39 | $12.53 | $13.47 |
| **Total Return** E | 6.16% <br>| 9.86%  | (2.52)%  | (4.57)%  | 27.03%  |
| **Ratios to Average Net Assets** A,F,G |  |  |  |  |  |
| Expenses before reductions  | .70%  | .72%  | .73%  | .71%  | .71%  |
| Expenses net of fee waivers, if any  | .70% <br>| .71%  | .72%  | .71%  | .71%  |
| Expenses net of all reductions, if any  | .70%  | .71%  | .72%  | .71%  | .71%  |
| Net investment income (loss)  | 4.80%  | 4.87%  | 4.87%  | 3.24%  | 3.03%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1273835 | $1396173 | $1379614 | $1946852 | $2810475 |
| Portfolio turnover rate H | 24% <br>| 24%  | 17%  | 42%  | 26%  |

---

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*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 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 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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.92 | $11.39 | $12.53 | $13.47 | $11.04 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .60  | .57  | .57  | .44  | .38  |
| Net realized and unrealized gain (loss)  | .13  | .53  | (.88)  | (1.02)  | 2.53  |
| Total from investment operations  | .73  | 1.10  | (.31)  | (.58)  | 2.91  |
| Distributions from net investment income  | (.58)  | (.57)  | (.61)  | (.34)  | (.45) C |
| Distributions from net realized gain  | -  | -  | (.22)  | (.02)  | (.03) C |
| Total distributions  | (.58)  | (.57)  | (.83)  | (.36)  | (.48)  |
| Net asset value, end of period  | $12.07 | $11.92 | $11.39 | $12.53 | $13.47 |
| **Total Return** D | 6.26% <br>| 9.99%  | (2.36)%  | (4.44)%  | 27.15%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .57%  | .60%  | .60%  | .59%  | .60%  |
| Expenses net of fee waivers, if any  | .57% <br>| .59%  | .60%  | .59%  | .60%  |
| Expenses net of all reductions, if any  | .57%  | .59%  | .60%  | .59%  | .60%  |
| Net investment income (loss)  | 4.93%  | 4.98%  | 4.99%  | 3.36%  | 3.14%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2427192 | $1918827 | $1516585 | $1607463 | $919766 |
| Portfolio turnover rate G | 24% <br>| 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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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

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

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

**Notes to Financial Statements**

For the period ended July 31, 2025

**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 July 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. 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. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the 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. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to foreign currency transactions, 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**  | $394872576 |
| **Gross unrealized depreciation**  | <u>(231788657)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$163083919</u> |
| **Tax Cost**  | <u>$5097340814</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$28826614</u> |
| **Capital loss carryforward**  | <u>$(142475946)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$163083919</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 fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(24024759) |
| Long-term | <u>(118451187)</u> |
| **Total capital loss carryforward** | <u>$(142475946)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **July 31, 2025** | **July 31, 2024** |
| **Ordinary Income**  | $234138122 | $217452716 |
| **Long-term Capital Gains**  | <u>-</u> | <u>-</u> |
| **Total**  | <u>$234138122</u> | <u>$217452716</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.

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Real Estate Income Fund** | 1203297397 | 1123484498 |

---

**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** | .69 |
| **Class M** | .69 |
| **Class C** | .69 |
| **Real Estate Income** | .65 |
| **Class I** | .69 |
| **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% | 722217 | 9642 |
| **Class M** | - % | .25% | 90105 | 218 |
| **Class C** | .75% | .25% | <u>334844</u> | <u>25084</u> |
|  |  |  | <u>1147166</u> | <u>34944</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** | 7375 |
| **Class M** | 1212 |
| **Class C** A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>56</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>8643</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** | 12064 |

---

**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** | 9093703 | 48872858 | 10186667 |

---

**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** | 5500 |

---

**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** | 738 | - | - |

---

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 Real Estate Income Fund** | 25108340 |

---

**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 $10,876.

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Fidelity Real Estate Income Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $12627177 | $13177295 |
| Class M | 1565260 | 1823834 |
| Class C | 1205877 | 1813536 |
| Real Estate Income | 52763454 | 55987373 |
| Class I | 64198332 | 62875218 |
| Class Z | <u>101778022</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>81775460</u> |
| Total  | <u>$234138122</u> | <u>$217452716</u> |

---

**10. Share Transactions.**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **July 31, 2025**  | **Year ended**<br> **July 31, 2024** | **Year ended** <br> **July 31, 2025**  | **Year ended**<br> **July 31, 2024** |
| **Fidelity Real Estate Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 3279694 | 3700074 | $39520990 | $41875300 |
| Reinvestment of distributions | 744875 | 838801 | 8900899 | 9434884 |
| Shares redeemed | <u>(5177351)</u> | <u>(6823815)</u> | <u>(62411878)</u> | <u>(77005379)</u> |
| Net increase (decrease) | <u>(1152782)</u> | <u>(2284940)</u> | <u>$(13989989)</u> | <u>$(25695195)</u> |
| **Class M** |  |  |  |  |
| Shares sold | 255344 | 144804 | $3073526 | $1640819 |
| Reinvestment of distributions | 123848 | 154071 | 1480883 | 1731872 |
| Shares redeemed | <u>(731932)</u> | <u>(870172)</u> | <u>(8837930)</u> | <u>(9878223)</u> |
| Net increase (decrease) | <u>(352740)</u> | <u>(571297)</u> | <u>$(4283521)</u> | <u>$(6505532)</u> |
| **Class C** |  |  |  |  |
| Shares sold | 260329 | 266039 | $3098935 | $2985822 |
| Reinvestment of distributions | 100679 | 159687 | 1182293 | 1761565 |
| Shares redeemed | <u>(1509024)</u> | <u>(2064875)</u> | <u>(17868274)</u> | <u>(22904785)</u> |
| Net increase (decrease) | <u>(1148016)</u> | <u>(1639149)</u> | <u>$(13587046)</u> | <u>$(18157398)</u> |
| **Real Estate Income** |  |  |  |  |
| Shares sold | 25452798 | 11593441 | $311223640 | $132809316 |
| Reinvestment of distributions | 3749688 | 4248694 | 45198739 | 48106620 |
| Shares redeemed | <u>(19322874)</u> | <u>(36436540)</u> | <u>(234690763)</u> | <u>(401261808)</u> |
| Net increase (decrease) | <u>9879612</u> | <u>(20594405)</u> | <u>$121731616</u> | <u>$(220345872)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 28306315 | 38177142 | $342073725 | $435724422 |
| Reinvestment of distributions | 5033240 | 5121376 | 60298948 | 57787894 |
| Shares redeemed | <u>(44948565)</u> | <u>(47272737)</u> | <u>(544951905)</u> | <u>(531909551)</u> |
| Net increase (decrease) | <u>(11609010)</u> | <u>(3974219)</u> | <u>$(142579232)</u> | <u>$(38397235)</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 52755416 | 43967800 | $635804810 | $485551322 |
| Reinvestment of distributions | 7401751 | 6349429 | 88669214 | 71705582 |
| Shares redeemed | <u>(19975570)</u> | <u>(22476549)</u> | <u>(241501154)</u> | <u>(253499337)</u> |
| Net increase (decrease) | <u>40181597</u> | <u>27840680</u> | <u>$482972870</u> | <u>$303757567</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.

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 Core Income Fund** |
| Fidelity Real Estate Income Fund | 30% |

---

**12. Risk and Uncertainties.**

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

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Securities Fund and the Shareholders of Fidelity Real Estate Income Fund:

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

We have audited the accompanying statement of assets and liabilities of Fidelity Real Estate Income Fund (the "Fund"), a fund of Fidelity Securities Fund, including the schedule of investments, as of July 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian, brokers, and agent banks; when replies were not received from brokers or agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 10, 2025

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

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

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

A total of 0.58% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates $142,860,639 of distributions paid in the calendar year 2024 as qualifying to be taxed as interest-related dividends for nonresident alien shareholders.

The fund designates $155,921,795 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

Class A designates 0.30%, 0.48%, 0.40%, and 0.40%; Class M designates 0.31%, 0.48%, 0.40%, and 0.40%; Class C designates 0.38%, 0.57%, 0.51%, and 0.48%; Real Estate Income designates 0.28%, 0.46%, 0.37%, and 0.37%; Class I designates 0.29%, 0.46%, 0.38%, and 0.38%; and Class Z designates 0.28%, 0.45%, 0.36%, and 0.36%; of the dividends distributed in October, December, April, and July, respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Class A designates 21.68%, 34.61%, 46.51%, and 46.15%; Class M designates 21.86%, 34.40%, 46.51%, and 46.15%; Class C designates 27.21%, 40.88%, 59.14%, and 55.95%; Real Estate Income designates 20.26%, 32.80%, 43.16%, and 42.43%; Class I designates 20.41%, 32.80%, 43.55%, and 44.52%; and Class Z designates 19.69%, 32.06%, 42.02%, and 42.15%; of the dividends distributed in October, December, April, and July, respectively during the fiscal year as a section 199A dividend.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity Real Estate Income Fund**

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

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

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

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

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

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

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

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

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

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

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

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered the effective management fee rate for the retail class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

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

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

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

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

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

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

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

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

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

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

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

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

![](img111432_4.jpg)<br>

1.788862.122 REI-ANN-0925

**Fidelity® OTC Portfolio**

**Annual Report**

**July 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img111433_1.jpg)

![](img111433_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7Consolidated_OTC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® OTC Portfolio](#Sub_Sec_Fund_93_OTC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements93_OTC-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_OTC-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_OTC-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_OTC-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_OTC-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_OTC-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_OTC-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

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

**Fidelity® OTC Portfolio**

**Consolidated Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 94.7%** | &nbsp;&nbsp;**Common Stocks - 94.7%** | &nbsp;&nbsp;**Common Stocks - 94.7%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 0.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Broadline Retail - 0.4% |  |  |
| MercadoLibre Inc (a) | 51469 | 122181744 |
| CANADA - 0.3%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Cenovus Energy Inc  | 163636 | 2490677 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| Shopify Inc Class A (United States) (a) | 467731 | 57161406 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Franco-Nevada Corp (United States)  | 205930 | 32810827 |
| TOTAL CANADA |  | 92462910 |
| CHINA - 0.5%  |  |  |
| Communication Services - 0.5% |  |  |
| Entertainment - 0.0% |  |  |
| Netease Inc ADR  | 14455 | 1883486 |
| Interactive Media & Services - 0.5% |  |  |
| Tencent Holdings Ltd ADR  | 2212754 | 155047673 |
| TOTAL COMMUNICATION SERVICES |  | 156931159 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Alibaba Group Holding Ltd ADR  | 6260 | 755144 |
| JD.com Inc A Shares  | 8491 | 133834 |
|  |  | 888978 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Ant International Co Ltd Class C (b)(c) | 10036067 | 18968167 |
| TOTAL CHINA |  | 176788304 |
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Ascendis Pharma A/S ADR (a) | 269050 | 46680175 |
| FRANCE - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| GenSight Biologics SA (a) | 210096 | 36348 |
| ISRAEL - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Global-e Online Ltd (a) | 246604 | 8174923 |
| KOREA (SOUTH) - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| SK Hynix Inc  | 1305860 | 251556490 |
| NETHERLANDS - 1.4%  |  |  |
| Health Care - 1.0% |  |  |
| Biotechnology - 1.0% |  |  |
| Argenx SE ADR (a) | 492826 | 330356053 |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| ASML Holding NV depository receipt (d) | 79766 | 55414238 |
| BE Semiconductor Industries NV  | 344815 | 46866193 |
| NXP Semiconductors NV  | 104657 | 22372526 |
|  |  | 124652957 |
| TOTAL NETHERLANDS |  | 455009010 |
| TAIWAN - 2.8%  |  |  |
| Information Technology - 2.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Delta Electronics Inc  | 3438000 | 64619285 |
| Semiconductors & Semiconductor Equipment - 2.6% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 3473212 | 839197484 |
| TOTAL TAIWAN |  | 903816769 |
| UNITED KINGDOM - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Astrazeneca PLC ADR  | 1499033 | 109564322 |
| UNITED STATES - 88.1%  |  |  |
| Communication Services - 18.4% |  |  |
| Entertainment - 3.2% |  |  |
| Electronic Arts Inc  | 2300 | 350726 |
| Netflix Inc (a) | 768604 | 891119478 |
| ROBLOX Corp Class A (a) | 1228100 | 169219899 |
| Take-Two Interactive Software Inc (a) | 11383 | 2535336 |
|  |  | 1063225439 |
| Interactive Media & Services - 14.3% |  |  |
| Alphabet Inc Class A  | 8767583 | 1682499178 |
| Alphabet Inc Class C  | 4985492 | 961501987 |
| Epic Games Inc (a)(b)(c) | 77600 | 59501352 |
| Meta Platforms Inc Class A  | 2028288 | 1568759071 |
| Reddit Inc Class A (a) | 2487139 | 399409652 |
| Vimeo Inc Class A (a) | 278446 | 1055310 |
|  |  | 4672726550 |
| Media - 0.4% |  |  |
| Charter Communications Inc Class A (a) | 244559 | 65874412 |
| Comcast Corp Class A  | 2116261 | 70323353 |
|  |  | 136197765 |
| Wireless Telecommunication Services - 0.5% |  |  |
| T-Mobile US Inc  | 748233 | 178386230 |
| TOTAL COMMUNICATION SERVICES |  | 6050535984 |
| Consumer Discretionary - 8.5% |  |  |
| Automobiles - 0.0% |  |  |
| Rivian Automotive Inc Class A (a) | 12872 | 165662 |
| Broadline Retail - 6.5% |  |  |
| Amazon.com Inc (a) | 9053286 | 2119464786 |
| ContextLogic Inc Class A (a) | 4847 | 36304 |
| Etsy Inc (a) | 135346 | 7886611 |
|  |  | 2127387701 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Airbnb Inc Class A (a) | 18817 | 2491559 |
| Churchill Downs Inc  | 294330 | 31505083 |
| Domino's Pizza Inc  | 498201 | 230771685 |
| Hilton Worldwide Holdings Inc  | 75853 | 20334672 |
| Marriott International Inc/MD Class A1  | 42085 | 11103286 |
| Starbucks Corp  | 184072 | 16411860 |
|  |  | 312618145 |
| Specialty Retail - 0.4% |  |  |
| Lowe's Cos Inc  | 367106 | 82073889 |
| Ross Stores Inc  | 458611 | 62618746 |
| ThredUp Inc Class A (a) | 85713 | 707989 |
|  |  | 145400624 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Figs Inc Class A (a)(d) | 44634 | 290121 |
| Kontoor Brands Inc  | 5761 | 320657 |
| Lululemon Athletica Inc (a) | 185395 | 37177259 |
| NIKE Inc Class B  | 2056717 | 153616193 |
|  |  | 191404230 |
| TOTAL CONSUMER DISCRETIONARY |  | 2776976362 |
| Consumer Staples - 1.5% |  |  |
| Beverages - 0.9% |  |  |
| Keurig Dr Pepper Inc  | 4703677 | 153575054 |
| Monster Beverage Corp (a) | 2465013 | 144819514 |
|  |  | 298394568 |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Costco Wholesale Corp  | 90889 | 85402940 |
| Dollar Tree Inc (a) | 284580 | 32314059 |
|  |  | 117716999 |
| Food Products - 0.2% |  |  |
| Mondelez International Inc  | 1233074 | 79767557 |
| Personal Care Products - 0.0% |  |  |
| Honest Co Inc/The (a) | 156331 | 720686 |
| TOTAL CONSUMER STAPLES |  | 496599810 |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| Diamondback Energy Inc  | 50808 | 7553117 |
| EOG Resources Inc  | 13570 | 1628671 |
| Exxon Mobil Corp  | 1598699 | 178478757 |
|  |  | 187660545 |
| Financials - 1.7% |  |  |
| Banks - 0.1% |  |  |
| Huntington Bancshares Inc/OH  | 2180120 | 35819372 |
| Wintrust Financial Corp  | 43412 | 5555867 |
|  |  | 41375239 |
| Capital Markets - 0.2% |  |  |
| Coinbase Global Inc Class A (a) | 118400 | 44726784 |
| Moody's Corp  | 66708 | 34403317 |
| S&P Global Inc  | 674 | 371441 |
|  |  | 79501542 |
| Financial Services - 1.4% |  |  |
| Mastercard Inc Class A  | 777854 | 440630956 |
| PayPal Holdings Inc (a) | 168791 | 11606069 |
|  |  | 452237025 |
| TOTAL FINANCIALS |  | 573113806 |
| Health Care - 7.1% |  |  |
| Biotechnology - 3.6% |  |  |
| Alnylam Pharmaceuticals Inc (a) | 1491824 | 585153046 |
| Crinetics Pharmaceuticals Inc (a) | 2224075 | 63586304 |
| Exact Sciences Corp (a) | 1162286 | 54569328 |
| Gilead Sciences Inc  | 2418762 | 271602785 |
| GRAIL Inc (a)(d) | 6411 | 219320 |
| Ionis Pharmaceuticals Inc (a) | 31362 | 1347939 |
| Legend Biotech Corp ADR (a) | 4683810 | 182996457 |
| Scholar Rock Holding Corp (a) | 400 | 14820 |
| Trevena Inc (a)(b) | 706 | 642 |
|  |  | 1159490641 |
| Health Care Equipment & Supplies - 2.4% |  |  |
| Boston Scientific Corp (a) | 3059605 | 321013757 |
| Inspire Medical Systems Inc (a) | 135084 | 16823361 |
| Insulet Corp (a) | 1419182 | 409292089 |
| Intuitive Surgical Inc (a) | 14458 | 6955599 |
| Neuronetics Inc (a)(d) | 38201 | 167702 |
| Outset Medical Inc (a) | 2640 | 42398 |
| Pulmonx Corp (a) | 25840 | 47546 |
| TransMedics Group Inc (a) | 363712 | 43270817 |
|  |  | 797613269 |
| Health Care Technology - 0.5% |  |  |
| Certara Inc (a)(d) | 220845 | 2173115 |
| Veeva Systems Inc Class A (a) | 607160 | 172554872 |
|  |  | 174727987 |
| Life Sciences Tools & Services - 0.6% |  |  |
| 10X Genomics Inc Class A (a) | 799023 | 10746859 |
| Bruker Corp  | 2084678 | 80114176 |
| Danaher Corp  | 425219 | 83836179 |
| Illumina Inc (a) | 38469 | 3951151 |
| Seer Inc Class A (a)(d) | 582504 | 1234908 |
| Thermo Fisher Scientific Inc  | 21724 | 10159880 |
|  |  | 190043153 |
| Pharmaceuticals - 0.0% |  |  |
| Elanco Animal Health Inc (a) | 87837 | 1201610 |
| TherapeuticsMD Inc (a)(d) | 6770 | 7582 |
|  |  | 1209192 |
| TOTAL HEALTH CARE |  | 2323084242 |
| Industrials - 3.7% |  |  |
| Aerospace & Defense - 1.4% |  |  |
| Anduril Industries Inc Class B (b)(c) | 36483 | 1491425 |
| Anduril Industries Inc Class C (b)(c) | 17 | 695 |
| Space Exploration Technologies Corp (a)(b)(c) | 2038183 | 432094797 |
| Space Exploration Technologies Corp Class C (a)(b)(c) | 106017 | 22475604 |
|  |  | 456062521 |
| Commercial Services & Supplies - 0.0% |  |  |
| Veralto Corp  | 15772 | 1653379 |
| Construction & Engineering - 0.0% |  |  |
| Bowman Consulting Group Ltd (a) | 77261 | 2679411 |
| Electrical Equipment - 0.8% |  |  |
| GE Vernova Inc  | 391200 | 258305448 |
| Ground Transportation - 1.2% |  |  |
| CSX Corp  | 283348 | 10070188 |
| Uber Technologies Inc (a) | 4374936 | 383900634 |
|  |  | 393970822 |
| Passenger Airlines - 0.0% |  |  |
| Wheels Up Experience Inc Class A (a)(d) | 79631 | 112280 |
| Wheels Up Experience Inc Class A rights (a)(b) | 11102 | 0 |
| Wheels Up Experience Inc Stage 1 rights (a)(b) | 11102 | 0 |
| Wheels Up Experience Inc Stage 3 rights (a)(b) | 11103 | 0 |
|  |  | 112280 |
| Professional Services - 0.3% |  |  |
| Verisk Analytics Inc  | 360130 | 100371832 |
| TOTAL INDUSTRIALS |  | 1213155693 |
| Information Technology - 45.8% |  |  |
| Communications Equipment - 1.3% |  |  |
| Arista Networks Inc  | 728183 | 89726709 |
| Cisco Systems Inc  | 4871638 | 331661116 |
| Motorola Solutions Inc  | 35185 | 15445511 |
|  |  | 436833336 |
| IT Services - 0.3% |  |  |
| Gartner Inc (a) | 125390 | 42463324 |
| Twilio Inc Class A (a) | 909 | 117260 |
| X.Ai Holdings Corp Class A (b)(c) | 1968600 | 71972016 |
|  |  | 114552600 |
| Semiconductors & Semiconductor Equipment - 21.0% |  |  |
| Advanced Micro Devices Inc (a) | 52068 | 9180109 |
| Analog Devices Inc  | 435811 | 97896225 |
| Applied Materials Inc  | 64953 | 11695437 |
| Astera Labs Inc (a) | 52179 | 7134435 |
| Broadcom Inc  | 3230854 | 948901820 |
| Marvell Technology Inc  | 8299360 | 667019563 |
| Micron Technology Inc  | 1652010 | 180300371 |
| NVIDIA Corp  | 27642977 | 4916856320 |
| Skyworks Solutions Inc  | 92258 | 6323363 |
|  |  | 6845307643 |
| Software - 13.3% |  |  |
| Adobe Inc (a) | 11618 | 4155642 |
| Appfolio Inc Class A (a) | 50126 | 13402690 |
| Atom Tickets LLC (a)(b)(c)(e) | 516103 | 5 |
| Autodesk Inc (a) | 178609 | 54138174 |
| Cadence Design Systems Inc (a) | 619481 | 225844188 |
| Circle Internet Group Inc (f) | 1664116 | 305398569 |
| Datadog Inc Class A (a) | 640993 | 89726200 |
| Dynatrace Inc (a) | 9045 | 475857 |
| Figma Inc (f) | 234100 | 27038550 |
| Figma Inc Class A  | 79500 | 9182250 |
| Intuit Inc  | 255132 | 200311787 |
| Microsoft Corp  | 6166146 | 3289638892 |
| Palantir Technologies Inc Class A (a) | 204700 | 32414245 |
| Roper Technologies Inc  | 104656 | 57602662 |
| Salesforce Inc  | 8481 | 2190897 |
| Stripe Inc Class B (a)(b)(c) | 91800 | 3258900 |
| Synopsys Inc (a) | 48034 | 30428098 |
|  |  | 4345207606 |
| Technology Hardware, Storage & Peripherals - 9.9% |  |  |
| Apple Inc  | 15508427 | 3219084192 |
| Sandisk Corp/DE  | 94048 | 4036540 |
| Western Digital Corp  | 282146 | 22202069 |
|  |  | 3245322801 |
| TOTAL INFORMATION TECHNOLOGY |  | 14987223986 |
| Real Estate - 0.2% |  |  |
| Specialized REITs - 0.2% |  |  |
| Equinix Inc  | 90107 | 70749313 |
| Utilities - 0.6% |  |  |
| Electric Utilities - 0.4% |  |  |
| Constellation Energy Corp  | 326471 | 113559673 |
| NRG Energy Inc  | 37856 | 6329523 |
|  |  | 119889196 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Vistra Corp  | 328963 | 68601944 |
| TOTAL UTILITIES |  | 188491140 |
| TOTAL UNITED STATES |  | 28867590881 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $10,922,862,669) |  | <br> **31033861876** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 1.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.4%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.4%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| ByteDance Ltd Series E1 (a)(b)(c) | 130752 | 30675727 |
| UNITED STATES - 1.3%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.2% |  |  |
| Waymo LLC Series A2 (a)(b)(c) | 103940 | 7580344 |
| Waymo LLC Series B2 (a)(b)(c) | 178470 | 13458423 |
| Waymo LLC Series C2 (b)(c) | 513288 | 43439563 |
|  |  | 64478330 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Discord Inc Series I (a)(b)(c) | 3300 | 818136 |
| TOTAL CONSUMER DISCRETIONARY |  | 65296466 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Tenstorrent Holdings Inc Series C1 (a)(b)(c) | 79348 | 5886035 |
| Industrials - 1.1% |  |  |
| Aerospace & Defense - 1.1% |  |  |
| Anduril Industries Inc Series F (b)(c) | 1478951 | 60459517 |
| Anduril Industries Inc Series G (b)(c) | 342700 | 14009576 |
| Space Exploration Technologies Corp Series G (a)(b)(c) | 62037 | 131518440 |
| Space Exploration Technologies Corp Series H (a)(b)(c) | 65670 | 139220400 |
|  |  | 345207933 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Stripe Inc Series H (a)(b)(c) | 315830 | 11211965 |
| TOTAL UNITED STATES |  | 427602399 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $158,797,597) |  | <br> **458278126** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 3.4%** | &nbsp;&nbsp;**Domestic Equity Funds - 3.4%** | &nbsp;&nbsp;**Domestic Equity Funds - 3.4%** |
|  | Shares | Value ($)<br>|
| Invesco QQQ Trust ETF <br>(Cost $1,137,224,148)<br>| 2001600 | **1130924016** |

---

---

| | | |
|:---|:---|:---|
| &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 | **6175144** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.33 | 51589600 | 51599918 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.33 | 60109555 | 60115566 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $111,715,484) |  |  | **111715484** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.8%**<br> (Cost $12,340,610,748)<br>| <br>**32740954646** |
| **NET OTHER ASSETS (LIABILITIES) - 0.2%**  | **68484131** |
| **NET ASSETS - 100.0%** | **32809438777** |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Non-income producing.

(b) Level 3 security

(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 $1,074,216,231 or 3.3% of net assets.

(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) 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 $332,437,119 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

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

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

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| Anduril Industries Inc Class B | 6/16/25 | 1491527 |
| Anduril Industries Inc Class C | 6/16/25 | 695 |
| Anduril Industries Inc Series F | 8/07/24 | 32147366 |
| Anduril Industries Inc Series G | 4/17/25 | 14010536 |
| Ant International Co Ltd Class C | 5/16/18 | 38251213 |
| Atom Tickets LLC | 8/15/17 | 3000004 |
| ByteDance Ltd Series E1 | 11/18/20 | 14327043 |
| Castle Creek Biosciences Inc Series A4 | 9/29/16 | 10010851 |
| Discord Inc Series I | 9/15/21 | 1817061 |
| Epic Games Inc | 7/13/20 - 3/29/21 | 61546000 |
| Space Exploration Technologies Corp | 10/16/15 - 12/09/24 | 21570984 |
| Space Exploration Technologies Corp Class C | 9/11/17 - 12/09/24 | 5858746 |
| Space Exploration Technologies Corp Series G | 1/20/15 | 4805386 |
| Space Exploration Technologies Corp Series H | 8/04/17 | 8865450 |
| Stripe Inc Class B | 5/18/21 | 3683785 |
| Stripe Inc Series H | 3/15/21 - 5/25/23 | 12672679 |
| Tenstorrent Holdings Inc Series C1 | 4/23/21 | 4717626 |
| Waymo LLC Series A2 | 5/08/20 | 8925037 |
| Waymo LLC Series B2 | 6/11/21 | 16369625 |
| Waymo LLC Series C2 | 10/18/24 | 40139789 |
| X.Ai Holdings Corp Class A | 10/27/21 | 54254583 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Circle Internet Group Inc | 12/2/2025 |
| Figma Inc | 1/27/2026 |

---

**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 | 1912379104 | 3526991719 | 5387770905 | 6990338 | - | - | 51599918 | 51589600 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 38187555 | 1086445752 | 1064517741 | 95624 | - | - | 60115566 | 60109555 | 0.2% |
| Total | 1950566659 | 4613437471 | 6452288646 | 7085962 | - | - | 111715484 |  |  |

---

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 July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 6207467143 | 6147965791 | - | 59501352 |
| Consumer Discretionary | 2908222007 | 2908088173 | 133834 | - |
| Consumer Staples | 496599810 | 496599810 | - | - |
| Energy | 190151222 | 190151222 | - | - |
| Financials | 592081973 | 573113806 | - | 18968167 |
| Health Care | 2809721140 | 2809720498 | - | 642 |
| Industrials | 1213155693 | 757093172 | - | 456062521 |
| Information Technology | 16324411608 | 15933004912 | 316175775 | 75230921 |
| Materials | 32810827 | 32810827 | - | - |
| Real Estate | 70749313 | 70749313 | - | - |
| Utilities | 188491140 | 188491140 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 30675727 | - | - | 30675727 |
| Consumer Discretionary | 65296466 | - | - | 65296466 |
| Financials | 5886035 | - | - | 5886035 |
| Industrials | 345207933 | - | - | 345207933 |
| Information Technology | 11211965 | - | - | 11211965 |
|  **Domestic Equity Funds** | 1130924016 | 1130924016 | - | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 6175144 | - | - | 6175144 |
|  **Money Market Funds** | 111715484 | 111715484 | - | - |
| **Total Investments in Securities:** | 32740954646 | 31350428164 | 316309609 | 1074216873 |

---

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 ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2025 ($)** |
| **Common Stocks** | 375531417 | (997239) | 273734334 | 61124420 | (99633229) | - | 3900 | - | 609763603 | 249457710 |
| **Convertible Preferred Stocks** | 206477270 | 659197 | 165503165 | 86297691 | (659197) | - | - | - | 458278126 | 165503165 |
| **Non-Convertible Preferred Stocks** | 6833023 | - | (657879) | - | - | - | - | - | 6175144 | (657879) |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. |  |  |  |

---

**Consolidated Financial Statements**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $56,722,325) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $12,228,895,264) | $32629239162 |  |
| Fidelity Central Funds (cost $111,715,484) | 111715484 |  |
| Total Investment in Securities (cost $12,340,610,748) |  | $32740954646 |
| Foreign currency held at value (cost $591,759) |  | 610109 |
| Receivable for investments sold |  | 1485325844 |
| Receivable for fund shares sold |  | 10929930 |
| Dividends receivable |  | 2092717 |
| Distributions receivable from Fidelity Central Funds |  | 244867 |
| Prepaid expenses |  | 4842 |
| Other receivables |  | 597852 |
| **Total assets** |  | 34240760807 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $1336723079 |  |
| Payable for fund shares redeemed | 12503322 |  |
| Accrued management fee | 21319367 |  |
| Distribution and service plan fees payable | 1699 |  |
| Other payables and accrued expenses | 682788 |  |
| Collateral on securities loaned | 60091775 |  |
| **Total liabilities** |  | 1431322030 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $32809438777 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $11262567036 |
| Total accumulated earnings (loss) |  | 21546871741 |
| **Net Assets** |  | $32809438777 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($4,928,991 ÷ 212,898 shares)(a) |  | $23.15 |
| Maximum offering price per share (100/94.25 of $23.15) |  | $24.56 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($1,310,136 ÷ 56,641 shares)(a) |  | $23.13 |
| Maximum offering price per share (100/96.50 of $23.13) |  | $23.97 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($221,908 ÷ 9,616 shares)(a) |  | $23.08 |
| **OTC :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($24,202,760,127 ÷ 1,041,120,284 shares) |  | $23.25 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($8,469,187,595 ÷ 354,741,014 shares) |  | $23.87 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($163,143 ÷ 7,029 shares) |  | $23.21 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($130,866,877 ÷ 5,637,830 shares) |  | $23.21 |
| *(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** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $162861106 |
| Interest  |  | 2930603 |
| Income from Fidelity Central Funds (including $95,624 from security lending)  |  | 7085962 |
| **Total income** |  | 172877671 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $195007335 |  |
| Performance adjustment | 21624571 |  |
| Distribution and service plan fees | 10336 |  |
| Custodian fees and expenses | 265921 |  |
| Independent trustees' fees and expenses | 124732 |  |
| Registration fees | 237808 |  |
| Audit fees | 126410 |  |
| Legal | 24807 |  |
| Interest | 642832 |  |
| Miscellaneous | 110224 |  |
| Total expenses before reductions | 218174976 |  |
| Expense reductions | (162017) |  |
| Total expenses after reductions |  | 218012959 |
| **Net Investment income (loss)** |  | (45135288) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 2408485082 |  |
| Redemptions in-kind | 175382984 |  |
| Foreign currency transactions | (972820) |  |
| Total net realized gain (loss) |  | 2582895246 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 3408062128 |  |
| Assets and liabilities in foreign currencies | 19973 |  |
| Total change in net unrealized appreciation (depreciation) |  | 3408082101 |
| **Net gain (loss)** |  | 5990977347 |
| **Net increase (decrease) in net assets resulting from operations** |  | $5945842059 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(45135288) | $(27735730) |
| &nbsp;&nbsp;Net realized gain (loss) | 2582895246<br>| 3477170655<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 3408082101 | 3230065167<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 5945842059<br>| 6679500092<br>|
| Distributions to shareholders | (4058936416)<br>| (16461476)<br>|
| Share transactions - net increase (decrease) | 346640815<br>| (1513888452)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 2233546458<br>| 5149150164<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 30575892319 | 25426742155<br>|
| &nbsp;&nbsp;End of period | $32809438777 | $30575892319 |

---

**Consolidated Financial Highlights** 

**Fidelity Advisor® OTC Fund Class A**<br>

---

| | |
|:---|:---|
| **Years ended July 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $20.48 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (.09)  |
| Net realized and unrealized gain (loss)  | 3.47  |
| Total from investment operations  | 3.38  |
| Distributions from net realized gain  | (.71)  |
| Total distributions  | (.71)  |
| Net asset value, end of period  | $23.15 |
| **Total Return** D,E,F | 16.71% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | 1.05% I,J |
| Expenses net of fee waivers, if any  | 1.05% I,J<br>|
| Expenses net of all reductions, if any  | 1.05% I,J |
| Net investment income (loss)  | (.52)% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $4929 |
| Portfolio turnover rate K | 53% L<br>|

---

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>

---

| | |
|:---|:---|
| **Years ended July 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $20.48 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (.13)  |
| Net realized and unrealized gain (loss)  | 3.47  |
| Total from investment operations  | 3.34  |
| Distributions from net realized gain  | (.69)  |
| Total distributions  | (.69)  |
| Net asset value, end of period  | $23.13 |
| **Total Return** D,E,F | 16.47% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | 1.30% I,J |
| Expenses net of fee waivers, if any  | 1.30% I,J<br>|
| Expenses net of all reductions, if any  | 1.30% I,J |
| Net investment income (loss)  | (.76)% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $1310 |
| Portfolio turnover rate K | 53% L<br>|

---

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>

---

| | |
|:---|:---|
| **Years ended July 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $20.48 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (.21)  |
| Net realized and unrealized gain (loss)  | 3.46  |
| Total from investment operations  | 3.25  |
| Distributions from net realized gain  | (.65)  |
| Total distributions  | (.65)  |
| Net asset value, end of period  | $23.08 |
| **Total Return** D,E,F | 16.02% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | 1.79% I,J |
| Expenses net of fee waivers, if any  | 1.79% I,J<br>|
| Expenses net of all reductions, if any  | 1.79% I,J |
| Net investment income (loss)  | (1.27)% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $222 |
| Portfolio turnover rate K | 53% L<br>|

---

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>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.00 | $17.29 | $14.74 | $20.67 | $15.61 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.03)  | (.02)  | - C | (.07)  | (.06)  |
| Net realized and unrealized gain (loss)  | 4.20  | 4.74  | 3.07  | (3.60)  | 6.21  |
| Total from investment operations  | 4.17  | 4.72  | 3.07  | (3.67)  | 6.15  |
| Distributions from net investment income  | -  | (.01)  | -  | -  | (.01)  |
| Distributions from net realized gain  | (2.92)  | -  | (.52)  | (2.26)  | (1.08)  |
| Total distributions  | (2.92)  | (.01)  | (.52)  | (2.26)  | (1.09)  |
| Net asset value, end of period  | $23.25 | $22.00 | $17.29 | $14.74 | $20.67 |
| **Total Return** D | 21.19% <br>| 27.31%  | 21.63%  | (20.30)%  | 41.90%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .73%  | .76%  | .79%  | .81%  | .80%  |
| Expenses net of fee waivers, if any  | .73% <br>| .75%  | .79%  | .81%  | .80%  |
| Expenses net of all reductions, if any  | .73%  | .75%  | .78%  | .81%  | .80%  |
| Net investment income (loss)  | (.17)%  | (.12)%  | .03%  | (.37)%  | (.33)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $24202477 | $22787879 | $18890289 | $16626164 | $22272786 |
| Portfolio turnover rate G | 53% H<br>| 37%  | 15% H | 32% H | 28% H |

---

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

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

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

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

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

**Fidelity® OTC Portfolio Class K**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.51 | $17.69 | $15.06 | $21.06 | $15.88 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.02)  | (.01)  | .02  | (.05)  | (.05)  |
| Net realized and unrealized gain (loss)  | 4.32  | 4.85  | 3.13  | (3.68)  | 6.33  |
| Total from investment operations  | 4.30  | 4.84  | 3.15  | (3.73)  | 6.28  |
| Distributions from net investment income  | - C | (.02)  | -  | -  | (.01)  |
| Distributions from net realized gain  | (2.94)  | -  | (.52)  | (2.27)  | (1.09)  |
| Total distributions  | (2.94)  | (.02)  | (.52)  | (2.27)  | (1.10)  |
| Net asset value, end of period  | $23.87 | $22.51 | $17.69 | $15.06 | $21.06 |
| **Total Return** D | 21.29% <br>| 27.36%  | 21.71%  | (20.21)%  | 42.05%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .65%  | .67%  | .70%  | .73%  | .72%  |
| Expenses net of fee waivers, if any  | .65% <br>| .67%  | .69%  | .73%  | .71%  |
| Expenses net of all reductions, if any  | .65%  | .67%  | .69%  | .73%  | .71%  |
| Net investment income (loss)  | (.09)%  | (.04)%  | .12%  | (.29)%  | (.25)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $8469188 | $7788013 | $6536453 | $5707169 | $8071580 |
| Portfolio turnover rate G | 53% H<br>| 37%  | 15% H | 32% H | 28% H |

---

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

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

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

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

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

**Fidelity Advisor® OTC Fund Class I**<br>

---

| | |
|:---|:---|
| **Years ended July 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $20.48 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (.05)  |
| Net realized and unrealized gain (loss)  | 3.48  |
| Total from investment operations  | 3.43  |
| Distributions from net realized gain  | (.70)  |
| Total distributions  | (.70)  |
| Net asset value, end of period  | $23.21 |
| **Total Return** D,E | 16.94% <br>|
| **Ratios to Average Net Assets** C,F,G |  |
| Expenses before reductions  | .79% H,I |
| Expenses net of fee waivers, if any  | .79% H,I<br>|
| Expenses net of all reductions, if any  | .79% H,I |
| Net investment income (loss)  | (.27)% H |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $163 |
| Portfolio turnover rate J | 53% K<br>|

---

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>

---

| | |
|:---|:---|
| **Years ended July 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $20.48 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (.03)  |
| Net realized and unrealized gain (loss)  | 3.48  |
| Total from investment operations  | 3.45  |
| Distributions from net investment income  | - D |
| Distributions from net realized gain  | (.72)  |
| Total distributions  | (.72)  |
| Net asset value, end of period  | $23.21 |
| **Total Return** E,F | 17.05% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | .69% I,J |
| Expenses net of fee waivers, if any  | .69% I,J<br>|
| Expenses net of all reductions, if any  | .69% I,J |
| Net investment income (loss)  | (.16)% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $130867 |
| Portfolio turnover rate K | 53% L<br>|

---

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**

For the period ended July 31, 2025

**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 commenced sale of Class A, Class M, Class C, Class I and Class Z shares on October 8, 2024. 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 | $609762961 | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 3.1 - 38.2 / 22.7 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 35.8 | Increase |
|  |  | Book value  | Book value multiple  | 1.7 | Increase |
|  |  | Recovery value  | Recovery value  | $0.00  | Increase |
|  |  | Black scholes  | Volatility  | 70.0% | Increase |
|  |  |  | Discount rate  | 4.0% | Increase |
|  |  |  | Term  | 1.1 | Increase |
| Convertible Preferred Stocks | $458278126 | Market comparable  | Enterprise value/Revenue multiple (EV/R)  | 1.9 - 26.0 / 11.8 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA)  | 35.8 | Increase |
|  |  | Market approach  | Transaction price  | $78.20  | Increase |
|  |  |  | Premium rate  | 15.0% | Increase |
|  |  | Black scholes  | Volatility  | 65.0% - 80.0% / 66.3% | Increase |
|  |  |  | Discount rate  | 3.9% - 4.0% / 4.0% | Increase |
|  |  |  | Term  | 2.0 - 4.0 / 3.8 | Increase |
| Non-Convertible Preferred Stocks | $6175144 | Market approach  | Transaction price  | $215.03  | Increase |
|  |  | Black scholes  | Volatility  | 85.0% | Increase |
|  |  |  | Discount rate | 3.9% | 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 July 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.

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

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

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

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable. 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.

**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** | $559244 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the consolidated financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.

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

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

Book-tax differences are primarily due to 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**  | $20647944896 |
| **Gross unrealized depreciation**  | <u>(277059237)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$20370885659</u> |
| **Tax Cost**  | <u>$12370068987</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed long-term capital gain**  | <u>$1451614942</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$20370884160</u> |

---

The Fund intends to elect 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 intends to elect to defer to its next fiscal year $39,346,019 of ordinary losses recognized during the period January 1, 2025 to July 31, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **July 31, 2025** | **July 31, 2024** |
| **Ordinary Income**  | $303761582 | $16461476 |
| **Long-term Capital Gains**  | <u>3755174834</u> | <u>-</u> |
| **Total**  | <u>$4058936416</u> | <u>$16461476</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 OTC Portfolio** | Space Exploration Technologies Corp. Class A | 5124040 | - |
| **Fidelity OTC Portfolio** | Space Exploration Technologies Corp. Class C | 9758360 | - |

---

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

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

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Net Assets** |
| **Fidelity OTC Portfolio** | 5 | -A |

---

*A In the amount of less than 0.005%.*

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

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

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

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity OTC Portfolio** | 16309928202 | 18333490093 |

---

**Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Consolidated Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity 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** | .69 |
| **Class M** | .70 |
| **Class C** | .69 |
| **OTC** | .65 |
| **Class K** | .58 |
| **Class I** | .69 |
| **Class Z** | .58 |

---

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 annual performance adjustment was .07%.

**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% | 5119 | 1060 |
| **Class M** | .25% | .25% | 3968 | 408 |
| **Class C** | .75% | .25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1249</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1078</u> |
|  |  |  | <u>10336</u> | <u>2546</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** | 4365 |
| **Class M** | 207 |
| **Class C** A | <u>-</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>4572</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 OTC Portfolio** | 162196 |

---

**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 OTC Portfolio** | Borrower | 29522351 | 4.80% | 593964 |

---

**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** | 1022580620 | 1330437984 | 411027297 |

---

**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** | 34857 |

---

**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** | 9903 | 256 | - |

---

**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 OTC Portfolio** | 82516000 | 5.33% | 48868 |

---

**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 $82,730.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of class-level operating expenses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Class A** | 3 |
| **Class M** | 2 |
| **Class C** | - |
| **OTC** | 58699 |
| **Class K** | 20399 |
| **Class I** | - |
| **Class Z** | 184 |

---

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **July 31, 2025A** | **Year ended**<br> **July 31, 2024** |
| **Fidelity OTC Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $53917 | $- |
| Class M | 29301 | - |
| Class C | 3249 | - |
| OTC | 3030112146 | 10723026 |
| Class K | 1026242504 | 5738450 |
| Class I | 3931 | - |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2491368</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>-</u> |
| Total  | <u>$4058936416</u> | <u>$16461476</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** |
|  | **Year ended** <br> **July 31, 2025A**  | **Year ended**<br> **July 31, 2024** | **Year ended** <br> **July 31, 2025A**  | **Year ended**<br> **July 31, 2024** |
| **Fidelity OTC Portfolio** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 239295 | - | $4937950 | $- |
| Reinvestment of distributions | 2451 | - | 53917 | - |
| Shares redeemed | <u>(28848)</u> | <u>-</u> | <u>(602665)</u> | <u>-</u> |
| Net increase (decrease) | <u>212898</u> | <u>-</u> | <u>$4389202</u> | <u>$</u> <u>-</u> |
| **Class M** |  |  |  |  |
| Shares sold | 55314 | - | $1159103 | $- |
| Reinvestment of distributions | 1331 | - | 29301 | - |
| Shares redeemed | <u>(4)</u> | <u>-</u> | <u>(80)</u> | <u>-</u> |
| Net increase (decrease) | <u>56641</u> | <u>-</u> | <u>$1188324</u> | <u>$</u> <u>-</u> |
| **Class C** |  |  |  |  |
| Shares sold | 9475 | - | $196626 | $- |
| Reinvestment of distributions | 148 | - | 3249 | - |
| Shares redeemed | <u>(7)</u> | <u>-</u> | <u>(154)</u> | <u>-</u> |
| Net increase (decrease) | <u>9616</u> | <u>-</u> | <u>$199721</u> | <u>$</u> <u>-</u> |
| **OTC** |  |  |  |  |
| Shares sold | 65795420 | 82311909 | $1375822986 | $1602415277 |
| Reinvestment of distributions | 136949264 | 565971 | 2796253380 | 9898836 |
| Shares redeemed | <u>(197657589)</u> | <u>(139315920)</u> | <u>(4123252375)</u> | <u>(2666022745)</u> |
| Net increase (decrease) | <u>5087095</u> | <u>(56438040)</u> | <u>$48823991</u> | <u>$(1053708632)</u> |
| **Class K** |  |  |  |  |
| Shares sold | 13348297 | 17689205 | $286527479 | $346216600 |
| Reinvestment of distributions | 48992123 | 320765 | 1026242504 | 5738486 |
| Shares redeemed | <u>(53531926)</u> | <u>(41594347)</u> | <u>(1143766857)</u> | <u>(812134906)</u> |
| Net increase (decrease) | <u>8808494</u> | <u>(23584377)</u> | <u>$169003126</u> | <u>$(460179820)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 8658 | - | $178689 | $- |
| Reinvestment of distributions | 179 | - | 3931 | - |
| Shares redeemed | <u>(1808)</u> | <u>-</u> | <u>(36084)</u> | <u>-</u> |
| Net increase (decrease) | <u>7029</u> | <u>-</u> | <u>$146536</u> | <u>$</u> <u>-</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 7705245 | - | $167167286 | $- |
| Reinvestment of distributions | 102649 | - | 2259313 | - |
| Shares redeemed | <u>(2170064)</u> | <u>-</u> | <u>(46536684)</u> | <u>-</u> |
| Net increase (decrease) | <u>5637830</u> | <u>-</u> | <u>$122889915</u> | <u>$</u> <u>-</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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Securities Fund and the Shareholders of Fidelity OTC Portfolio:

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

We have audited the accompanying consolidated statement of assets and liabilities of Fidelity OTC Portfolio (the "Fund"), a fund of Fidelity Securities Fund, including the consolidated schedule of investments, as of July 31, 2025, the related consolidated statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 12, 2025

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

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

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

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2025, $2,521,959,723, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% of the short-term capital gain dividends distributed in September and December, respectively during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The fund designates $1,259,344 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

Retail Class and Class K designates 42%, and 39%; Class A, Class M, Class C, Retail Class, Class K, Class I, and Class Z designates 100%; of the dividends distributed in September and December 2024, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Retail Class and Class K designates 56.99%, and 54.02%; Class A, Class M, Class C, Retail Class, Class K, Class I, and Class Z designates 100%; of each dividends distributed in September and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Retail Class designates 0.79%; and Class K designates 0.75%; of the dividend distributed in September 2024, respectively during the fiscal year as a section 199A dividend.

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

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

**(Unaudited)**

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

**Fidelity OTC Portfolio**

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

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

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

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

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

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

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

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

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

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

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

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered the effective management fee rate for the retail class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

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

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

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

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

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

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

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

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

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion**. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img111433_4.jpg)<br>

1.536191.128 OTC-ANN-0925

**Fidelity® OTC K6 Portfolio**

**Annual Report**

**July 31, 2025**

![](img111434_1.jpg)

![](img111434_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_OTC-K6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® OTC K6 Portfolio](#Sub_Sec_Fund_3407_OTC-K6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3407_OTC-K6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_OTC-K6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_OTC-K6-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_OTC-K6-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_OTC-K6-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_OTC-K6-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_OTC-K6-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® OTC K6 Portfolio**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 93.1%** | &nbsp;&nbsp;**Common Stocks - 93.1%** | &nbsp;&nbsp;**Common Stocks - 93.1%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 0.4%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Broadline Retail - 0.4% |  |  |
| MercadoLibre Inc (a) | 4644 | 11024345 |
| CANADA - 0.3%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Cenovus Energy Inc  | 12741 | 193929 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.2% |  |  |
| Shopify Inc Class A (United States) (a) | 41735 | 5100434 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Franco-Nevada Corp (United States)  | 17736 | 2825877 |
| TOTAL CANADA |  | 8120240 |
| CHINA - 0.5%  |  |  |
| Communication Services - 0.5% |  |  |
| Entertainment - 0.0% |  |  |
| Netease Inc ADR  | 1176 | 153233 |
| Interactive Media & Services - 0.5% |  |  |
| Tencent Holdings Ltd ADR  | 192363 | 13478875 |
| TOTAL COMMUNICATION SERVICES |  | 13632108 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Alibaba Group Holding Ltd ADR  | 529 | 63814 |
| JD.com Inc A Shares  | 746 | 11758 |
|  |  | 75572 |
| TOTAL CHINA |  | 13707680 |
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Ascendis Pharma A/S ADR (a) | 22431 | 3891779 |
| FRANCE - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| GenSight Biologics SA (a) | 16341 | 2826 |
| ISRAEL - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Global-e Online Ltd (a) | 20339 | 674238 |
| KOREA (SOUTH) - 0.7%  |  |  |
| Information Technology - 0.7% |  |  |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| SK Hynix Inc  | 99420 | 19151935 |
| NETHERLANDS - 1.5%  |  |  |
| Health Care - 1.0% |  |  |
| Biotechnology - 1.0% |  |  |
| Argenx SE ADR (a) | 42920 | 28770564 |
| Information Technology - 0.5% |  |  |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| ASML Holding NV depository receipt (b) | 7432 | 5163085 |
| BE Semiconductor Industries NV  | 48600 | 6605562 |
| NXP Semiconductors NV  | 12260 | 2620820 |
|  |  | 14389467 |
| TOTAL NETHERLANDS |  | 43160031 |
| TAIWAN - 2.9%  |  |  |
| Information Technology - 2.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Delta Electronics Inc  | 299000 | 5619885 |
| Semiconductors & Semiconductor Equipment - 2.7% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 312276 | 75452128 |
| TOTAL TAIWAN |  | 81072013 |
| UNITED KINGDOM - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Astrazeneca PLC ADR  | 132589 | 9690930 |
| UNITED STATES - 86.4%  |  |  |
| Communication Services - 16.9% |  |  |
| Entertainment - 3.3% |  |  |
| Electronic Arts Inc  | 180 | 27447 |
| Netflix Inc (a) | 69024 | 80026426 |
| ROBLOX Corp Class A (a) | 106900 | 14729751 |
| Take-Two Interactive Software Inc (a) | 1583 | 352582 |
|  |  | 95136206 |
| Interactive Media & Services - 12.6% |  |  |
| Alphabet Inc Class A  | 643414 | 123471147 |
| Alphabet Inc Class C  | 454597 | 87673577 |
| Epic Games Inc (a)(c)(d) | 5200 | 3987204 |
| Meta Platforms Inc Class A  | 176246 | 136315706 |
| Reddit Inc Class A (a) | 40525 | 6507910 |
| Vimeo Inc Class A (a) | 25140 | 95281 |
|  |  | 358050825 |
| Media - 0.4% |  |  |
| Charter Communications Inc Class A (a) | 20866 | 5620466 |
| Comcast Corp Class A  | 188018 | 6247838 |
|  |  | 11868304 |
| Wireless Telecommunication Services - 0.6% |  |  |
| T-Mobile US Inc  | 68809 | 16404754 |
| TOTAL COMMUNICATION SERVICES |  | 481460089 |
| Consumer Discretionary - 9.2% |  |  |
| Automobiles - 0.0% |  |  |
| Rivian Automotive Inc Class A (a) | 1251 | 16100 |
| Broadline Retail - 7.1% |  |  |
| Amazon.com Inc (a) | 864823 | 202463713 |
| ContextLogic Inc Class A (a) | 562 | 4209 |
| Etsy Inc (a) | 11554 | 673252 |
|  |  | 203141174 |
| Hotels, Restaurants & Leisure - 1.0% |  |  |
| Airbnb Inc Class A (a) | 1552 | 205500 |
| Churchill Downs Inc  | 25386 | 2717317 |
| Domino's Pizza Inc  | 46404 | 21494797 |
| Hilton Worldwide Holdings Inc  | 6473 | 1735282 |
| Marriott International Inc/MD Class A1  | 3211 | 847158 |
| Starbucks Corp  | 15442 | 1376809 |
|  |  | 28376863 |
| Specialty Retail - 0.5% |  |  |
| Lowe's Cos Inc  | 36168 | 8086080 |
| Ross Stores Inc  | 39108 | 5339806 |
| ThredUp Inc Class A (a) | 7587 | 62669 |
|  |  | 13488555 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Figs Inc Class A (a) | 3976 | 25844 |
| Kontoor Brands Inc  | 482 | 26828 |
| Lululemon Athletica Inc (a) | 16113 | 3231140 |
| NIKE Inc Class B  | 182551 | 13634734 |
|  |  | 16918546 |
| TOTAL CONSUMER DISCRETIONARY |  | 261941238 |
| Consumer Staples - 1.6% |  |  |
| Beverages - 1.0% |  |  |
| Keurig Dr Pepper Inc  | 447078 | 14597097 |
| Monster Beverage Corp (a) | 236598 | 13900132 |
|  |  | 28497229 |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Costco Wholesale Corp  | 8060 | 7573498 |
| Dollar Tree Inc (a) | 22958 | 2606881 |
|  |  | 10180379 |
| Food Products - 0.2% |  |  |
| Mondelez International Inc  | 109115 | 7058649 |
| Personal Care Products - 0.0% |  |  |
| Honest Co Inc/The (a) | 2042 | 9414 |
| TOTAL CONSUMER STAPLES |  | 45745671 |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| Diamondback Energy Inc  | 4869 | 723826 |
| EOG Resources Inc  | 1022 | 122660 |
| Exxon Mobil Corp  | 153862 | 17177154 |
|  |  | 18023640 |
| Financials - 1.8% |  |  |
| Banks - 0.1% |  |  |
| Huntington Bancshares Inc/OH  | 186456 | 3063472 |
| Wintrust Financial Corp  | 3162 | 404673 |
|  |  | 3468145 |
| Capital Markets - 0.2% |  |  |
| Coinbase Global Inc Class A (a) | 10300 | 3890928 |
| Moody's Corp  | 6094 | 3142859 |
| S&P Global Inc  | 144 | 79358 |
|  |  | 7113145 |
| Financial Services - 1.5% |  |  |
| Mastercard Inc Class A  | 70284 | 39813778 |
| PayPal Holdings Inc (a) | 14723 | 1012353 |
|  |  | 40826131 |
| TOTAL FINANCIALS |  | 51407421 |
| Health Care - 7.4% |  |  |
| Biotechnology - 3.8% |  |  |
| Alnylam Pharmaceuticals Inc (a) | 138001 | 54129512 |
| Crinetics Pharmaceuticals Inc (a) | 197452 | 5645153 |
| Exact Sciences Corp (a) | 110273 | 5177317 |
| Gilead Sciences Inc  | 215940 | 24247903 |
| GRAIL Inc (a)(b) | 534 | 18268 |
| Ionis Pharmaceuticals Inc (a) | 2472 | 106247 |
| Legend Biotech Corp ADR (a) | 408673 | 15966854 |
| Scholar Rock Holding Corp (a) | 200 | 7410 |
| Trevena Inc (a)(c) | 55 | 50 |
|  |  | 105298714 |
| Health Care Equipment & Supplies - 2.5% |  |  |
| Boston Scientific Corp (a) | 279019 | 29274674 |
| Inspire Medical Systems Inc (a) | 12708 | 1582654 |
| Insulet Corp (a) | 129171 | 37252917 |
| Intuitive Surgical Inc (a) | 1155 | 555659 |
| Neuronetics Inc (a)(b) | 2977 | 13069 |
| Outset Medical Inc (a) | 214 | 3437 |
| Pulmonx Corp (a) | 2872 | 5284 |
| TransMedics Group Inc (a) | 30425 | 3619662 |
|  |  | 72307356 |
| Health Care Technology - 0.5% |  |  |
| Certara Inc (a)(b) | 21182 | 208431 |
| Veeva Systems Inc Class A (a) | 52861 | 15023096 |
|  |  | 15231527 |
| Life Sciences Tools & Services - 0.6% |  |  |
| 10X Genomics Inc Class A (a) | 68484 | 921110 |
| Bruker Corp  | 190160 | 7307849 |
| Danaher Corp  | 40253 | 7936282 |
| Illumina Inc (a) | 3209 | 329596 |
| Seer Inc Class A (a)(b) | 39323 | 83365 |
| Thermo Fisher Scientific Inc  | 1824 | 853048 |
|  |  | 17431250 |
| Pharmaceuticals - 0.0% |  |  |
| Elanco Animal Health Inc (a) | 6821 | 93311 |
| TherapeuticsMD Inc (a)(b) | 530 | 593 |
|  |  | 93904 |
| TOTAL HEALTH CARE |  | 210362751 |
| Industrials - 2.2% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Anduril Industries Inc Class B (c)(d) | 3198 | 130734 |
| Anduril Industries Inc Class C (c)(d) | 2 | 82 |
| Space Exploration Technologies Corp (a)(c)(d) | 272 | 57664 |
| Space Exploration Technologies Corp Class C (a)(c)(d) | 2928 | 620736 |
|  |  | 809216 |
| Commercial Services & Supplies - 0.0% |  |  |
| Veralto Corp  | 1349 | 141416 |
| Construction & Engineering - 0.0% |  |  |
| Bowman Consulting Group Ltd (a) | 8079 | 280180 |
| Electrical Equipment - 0.8% |  |  |
| GE Vernova Inc  | 33900 | 22383831 |
| Ground Transportation - 1.1% |  |  |
| CSX Corp  | 25568 | 908687 |
| Uber Technologies Inc (a) | 339376 | 29780244 |
|  |  | 30688931 |
| Passenger Airlines - 0.0% |  |  |
| Wheels Up Experience Inc Class A (a)(b) | 7136 | 10061 |
| Professional Services - 0.3% |  |  |
| Verisk Analytics Inc  | 32483 | 9053337 |
| TOTAL INDUSTRIALS |  | 63366972 |
| Information Technology - 45.9% |  |  |
| Communications Equipment - 1.4% |  |  |
| Arista Networks Inc  | 60426 | 7445692 |
| Cisco Systems Inc  | 445868 | 30354693 |
| Motorola Solutions Inc  | 3015 | 1323525 |
|  |  | 39123910 |
| IT Services - 0.3% |  |  |
| Gartner Inc (a) | 11865 | 4018082 |
| Twilio Inc Class A (a) | 130 | 16770 |
| X.Ai Holdings Corp Class A (c)(d) | 160536 | 5869196 |
|  |  | 9904048 |
| Semiconductors & Semiconductor Equipment - 21.2% |  |  |
| Advanced Micro Devices Inc (a) | 4869 | 858453 |
| Analog Devices Inc  | 39183 | 8801677 |
| Applied Materials Inc  | 6174 | 1111690 |
| Astera Labs Inc (a) | 4356 | 595596 |
| Broadcom Inc  | 264552 | 77698923 |
| Marvell Technology Inc  | 735201 | 59088105 |
| Micron Technology Inc  | 142442 | 15546120 |
| NVIDIA Corp  | 2448676 | 435546001 |
| Skyworks Solutions Inc  | 8278 | 567374 |
|  |  | 599813939 |
| Software - 12.5% |  |  |
| Adobe Inc (a) | 1065 | 380940 |
| Appfolio Inc Class A (a) | 5238 | 1400536 |
| Autodesk Inc (a) | 15859 | 4807021 |
| Cadence Design Systems Inc (a) | 57020 | 20787781 |
| Circle Internet Group Inc (e) | 141798 | 26022769 |
| Datadog Inc Class A (a) | 55818 | 7813404 |
| Dynatrace Inc (a) | 2908 | 152990 |
| Figma Inc (e) | 19200 | 2217600 |
| Figma Inc Class A  | 6900 | 796950 |
| Intuit Inc  | 23849 | 18724565 |
| Microsoft Corp  | 490185 | 261513698 |
| Palantir Technologies Inc Class A (a) | 17800 | 2818630 |
| Roper Technologies Inc  | 9397 | 5172109 |
| Salesforce Inc  | 658 | 169981 |
| Stripe Inc Class B (a)(c)(d) | 7800 | 276900 |
| Synopsys Inc (a) | 4144 | 2625100 |
|  |  | 355680974 |
| Technology Hardware, Storage & Peripherals - 10.5% |  |  |
| Apple Inc  | 1429817 | 296787115 |
| Sandisk Corp/DE  | 7765 | 333273 |
| Western Digital Corp  | 23294 | 1833005 |
|  |  | 298953393 |
| TOTAL INFORMATION TECHNOLOGY |  | 1303476264 |
| Real Estate - 0.2% |  |  |
| Specialized REITs - 0.2% |  |  |
| Equinix Inc  | 8049 | 6319832 |
| Utilities - 0.6% |  |  |
| Electric Utilities - 0.4% |  |  |
| Constellation Energy Corp  | 28184 | 9803523 |
| NRG Energy Inc  | 4300 | 718960 |
|  |  | 10522483 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Vistra Corp  | 28869 | 6020341 |
| TOTAL UTILITIES |  | 16542824 |
| TOTAL UNITED STATES |  | 2458646702 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,400,116,223) |  | <br> **2649142719** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 0.5%** |
|  | Shares | Value ($)<br>|
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| ByteDance Ltd Series E1 (a)(c)(d) | 6135 | 1439332 |
| UNITED STATES - 0.4%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.2% |  |  |
| Waymo LLC Series A2 (a)(c)(d) | 2467 | 179918 |
| Waymo LLC Series B2 (a)(c)(d) | 15200 | 1146232 |
| Waymo LLC Series C2 (c)(d) | 43612 | 3690884 |
|  |  | 5017034 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Discord Inc Series I (a)(c)(d) | 300 | 74376 |
| TOTAL CONSUMER DISCRETIONARY |  | 5091410 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Tenstorrent Holdings Inc Series C1 (a)(c)(d) | 6595 | 489217 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Anduril Industries Inc Series F (c)(d) | 120963 | 4944968 |
| Anduril Industries Inc Series G (c)(d) | 30200 | 1234576 |
|  |  | 6179544 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Stripe Inc Series H (a)(c)(d) | 24206 | 859313 |
| TOTAL UNITED STATES |  | 12619484 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $11,081,343) |  | <br> **14058816** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Domestic Equity Funds - 4.8%** | &nbsp;&nbsp;**Domestic Equity Funds - 4.8%** | &nbsp;&nbsp;**Domestic Equity Funds - 4.8%** |
|  | Shares | Value ($)<br>|
| Invesco QQQ Trust ETF <br>(Cost $138,403,179)<br>| 243600 | **137636436** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (f) | 4.33 | 3809507 | 3810269 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.33 | 3001294 | 3001594 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $6,811,863) |  |  | **6811863** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.6%**<br> (Cost $1,556,412,608)<br>| <br>**2807649834** |
| **NET OTHER ASSETS (LIABILITIES) - 1.4%**  | **40920030** |
| **NET ASSETS - 100.0%** | **2848569864** |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) Non-income producing.

(b) Security or a portion of the security is on loan at period end.

(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 $25,001,332 or 0.9% 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 $28,240,369 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(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 | 6/16/25 | 130743 |
| Anduril Industries Inc Class C | 6/16/25 | 82 |
| Anduril Industries Inc Series F | 8/07/24 | 2629324 |
| Anduril Industries Inc Series G | 4/17/25 | 1234661 |
| ByteDance Ltd Series E1 | 11/18/20 | 672238 |
| Discord Inc Series I | 9/15/21 | 165187 |
| Epic Games Inc | 7/13/20 - 3/29/21 | 4292000 |
| Space Exploration Technologies Corp | 7/01/24 - 12/09/24 | 34260 |
| Space Exploration Technologies Corp Class C | 7/01/24 - 12/09/24 | 411740 |
| Stripe Inc Class B | 5/18/21 | 313001 |
| Stripe Inc Series H | 3/15/21 - 5/25/23 | 971266 |
| Tenstorrent Holdings Inc Series C1 | 4/23/21 | 392145 |
| Waymo LLC Series A2 | 5/08/20 | 211834 |
| Waymo LLC Series B2 | 6/11/21 | 1394174 |
| Waymo LLC Series C2 | 10/18/24 | 3410515 |
| X.Ai Holdings Corp Class A | 10/27/21 | 5743370 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Circle Internet Group Inc | 12/2/2025 |
| Figma Inc | 1/27/2026 |

---

**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 | 141731687 | 551248890 | 689170308 | 1008888 | - | - | 3810269 | 3809507 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 7702292 | 153849205 | 158549903 | 36671 | - | - | 3001594 | 3001294 | 0.0% |
| Total | 149433979 | 705098095 | 847720211 | 1045559 | - | - | 6811863 |  |  |

---

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 July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 495092197 | 491104993 | - | 3987204 |
| Consumer Discretionary | 273715393 | 273703635 | 11758 | - |
| Consumer Staples | 45745671 | 45745671 | - | - |
| Energy | 18217569 | 18217569 | - | - |
| Financials | 51407421 | 51407421 | - | - |
| Health Care | 252718850 | 252718800 | - | 50 |
| Industrials | 63366972 | 62557756 | - | 809216 |
| Information Technology | 1423190113 | 1392272197 | 24771820 | 6146096 |
| Materials | 2825877 | 2825877 | - | - |
| Real Estate | 6319832 | 6319832 | - | - |
| Utilities | 16542824 | 16542824 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 1439332 | - | - | 1439332 |
| Consumer Discretionary | 5091410 | - | - | 5091410 |
| Financials | 489217 | - | - | 489217 |
| Industrials | 6179544 | - | - | 6179544 |
| Information Technology | 859313 | - | - | 859313 |
|  **Domestic Equity Funds** | 137636436 | 137636436 | - | - |
|  **Money Market Funds** | 6811863 | 6811863 | - | - |
| **Total Investments in Securities:** | 2807649834 | 2757864874 | 24783578 | 25001382 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $2,832,303) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,549,600,745) | $2800837971 |  |
| Fidelity Central Funds (cost $6,811,863) | 6811863 |  |
| Total Investment in Securities (cost $1,556,412,608) |  | $2807649834 |
| Cash |  | 1 |
| Receivable for investments sold |  | 197686901 |
| Receivable for fund shares sold |  | 1404884 |
| Dividends receivable |  | 158834 |
| Distributions receivable from Fidelity Central Funds |  | 19241 |
| Other receivables |  | 128885 |
| **Total assets** |  | 3007048580 |
| **Liabilities** |  |  |
| Payable to custodian bank | $3 |  |
| Payable for investments purchased  | 152954366 |  |
| Payable for fund shares redeemed | 1363237 |  |
| Accrued management fee | 1159235 |  |
| Collateral on securities loaned | 3001875 |  |
| **Total liabilities** |  | 158478716 |
| Commitments and contingent liabilities (see Significant Accounting Policies note) |  |  |
| **Net Assets**  |  | $2848569864 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1583962998 |
| Total accumulated earnings (loss) |  | 1264606866 |
| **Net Assets** |  | $2848569864 |
| **Net Asset Value**, offering price and redemption price per share ($2,848,569,864 ÷ 101,584,184 shares) |  | $28.04 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $14075446 |
| Interest  |  | 234226 |
| Income from Fidelity Central Funds (including $36,671 from security lending)  |  | 1045559 |
| **Total income** |  | 15355231 |
| **Expenses** |  |  |
| Management fee | $13167214 |  |
| Independent trustees' fees and expenses | 10580 |  |
| Interest | 9644 |  |
| Total expenses before reductions | 13187438 |  |
| Expense reductions | (2327) |  |
| Total expenses after reductions |  | 13185111 |
| **Net Investment income (loss)** |  | 2170120 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 59110697 |  |
| Redemptions in-kind | 86321167 |  |
| Foreign currency transactions | (85532) |  |
| Total net realized gain (loss) |  | 145346332 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 321349725 |  |
| Assets and liabilities in foreign currencies | (6633) |  |
| Total change in net unrealized appreciation (depreciation) |  | 321343092 |
| **Net gain (loss)** |  | 466689424 |
| **Net increase (decrease) in net assets resulting from operations** |  | $468859544 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2170120 | $3470637 |
| &nbsp;&nbsp;Net realized gain (loss) | 145346332<br>| 200415253<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 321343092 | 346935463<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 468859544<br>| 550821353<br>|
| Distributions to shareholders | (87141804)<br>| (5362699)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 627479462 | 388050779 |
| Reinvestment of distributions | 87141804<br>| 5362699<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (776169770) | (521643391) |
| **Net increase (decrease) in net assets resulting from share transactions** | (61548504)<br>| (128229913)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 320169236<br>| 417228741<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2528400628 | 2111171887<br>|
| &nbsp;&nbsp;End of period | $2848569864 | $2528400628 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 25080298 | 18515596 |
| Issued in reinvestment of distributions | 3485222<br>| 286663<br>|
| &nbsp;&nbsp;Redeemed | (31572299) | (24953544) |
| &nbsp;&nbsp;Net increase (decrease) | (3006779) | (6151285) |

---

**Financial Highlights** 

**Fidelity® OTC K6 Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $24.17 | $19.06 | $15.63 | $20.36 | $14.29 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .02  | .03  | .05  | (.01)  | (.01)  |
| Net realized and unrealized gain (loss)  | 4.68  | 5.13  | 3.39  | (3.93)  | 6.15  |
| Total from investment operations  | 4.70  | 5.16  | 3.44  | (3.94)  | 6.14  |
| Distributions from net investment income  | (.05)  | (.05)  | (.01)  | -  | (.01)  |
| Distributions from net realized gain  | (.78)  | -  | -  | (.79)  | (.06)  |
| Total distributions  | (.83)  | (.05)  | (.01)  | (.79)  | (.07)  |
| Net asset value, end of period  | $28.04 | $24.17 | $19.06 | $15.63 | $20.36 |
| **Total Return** C | 19.88% <br>| 27.14%  | 22.03%  | (20.27)%  | 43.11%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .50%  | .50%  | .50%  | .50%  | .50%  |
| Expenses net of fee waivers, if any  | .50% <br>| .50%  | .50%  | .50%  | .50%  |
| Expenses net of all reductions, if any  | .50%  | .50%  | .50%  | .50%  | .50%  |
| Net investment income (loss)  | .08%  | .15%  | .34%  | (.05)%  | (.05)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2848570 | $2528401 | $2111172 | $1924349 | $2630559 |
| Portfolio turnover rate F | 64% G<br>| 41%  | 20% G | 39% G | 36% G |

---

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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

D*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.*

E*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.*

F*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.* 

G*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended July 31, 2025

**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 Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. 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 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**  | $1266966002 |
| **Gross unrealized depreciation**  | <u>(27388608)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$1239577394</u> |
| **Tax Cost**  | <u>$1568072440</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$845967</u> |
| **Undistributed long-term capital gain**  | <u>$50519744</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$1239571142</u> |

---

The Fund intends to elect to defer to its next fiscal year $26,329,988 of capital losses recognized during the period November 1, 2024 to July 31, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **July 31, 2025** | **July 31, 2024** |
| **Ordinary Income**  | $14430550 | $5362699 |
| **Long-term Capital Gains**  | <u>72711254</u> | <u>-</u> |
| **Total**  | <u>$87141804</u> | <u>$5362699</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.

**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 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 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** | Space Exploration Technologies Corp. Class A | 445200 | - |
| **Fidelity OTC K6 Portfolio** | Space Exploration Technologies Corp. Class C | 848000 | - |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity OTC K6 Portfolio** | 1673676325 | 1772616308 |

---

**Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity OTC K6 Portfolio** | 6333752 | 86321167 | 150055533 |

---

**Unaffiliated Exchanges In-Kind.** Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Total Proceeds ($)** |
| **Fidelity 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 Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity OTC K6 Portfolio** | 14771 |

---

**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 OTC K6 Portfolio** | Borrower | 6053182 | 5.21% | 9644 |

---

**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** | 92903996 | 104467216 | 15622024 |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**7. Security Lending.**

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity OTC K6 Portfolio** | 3856 | 81 | - |

---

**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 $2,327.

**9. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Securities Fund and the Shareholders of Fidelity OTC K6 Portfolio:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity OTC K6 Portfolio (the "Fund"), a fund of Fidelity Securities Fund, including the schedule of investments, as of July 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 11, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2025, $77,814,690, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $160,508 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 99% and 49% of the dividends distributed in September and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 99.18% and 57.89% of the dividends distributed in September and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 0.01% and 0.47% of the dividends distributed in September and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity OTC K6 Portfolio**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to funds and classes in the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img111434_4.jpg)<br>

1.9893897.106 OTC-K6-ANN-0925

**Fidelity® Leveraged Company Stock Fund**

**Annual Report**

**July 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img111439_1.jpg)

![](img111439_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_LSF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Leveraged Company Stock Fund](#Sub_Sec_Fund_289_LSF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements289_LSF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_LSF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_LSF-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_LSF-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_LSF-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_LSF-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_LSF-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Leveraged Company Stock Fund**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.9%** | &nbsp;&nbsp;**Common Stocks - 99.9%** | &nbsp;&nbsp;**Common Stocks - 99.9%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| IT Services - 0.8% |  |  |
| Shopify Inc Class A (b) | 246000 | 30070020 |
| CHINA - 0.7%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Automobiles - 0.7% |  |  |
| BYD Co Ltd H Shares  | 1851000 | 27026188 |
| HONG KONG - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Studio City International Holdings Ltd ADR (b) | 1090629 | 4995081 |
| Studio City International Holdings Ltd ADR (b)(c) | 993219 | 4548943 |
| TOTAL HONG KONG |  | 9544024 |
| NETHERLANDS - 1.0%  |  |  |
| Information Technology - 1.0% |  |  |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| ASML Holding NV depository receipt  | 11500 | 7989165 |
| NXP Semiconductors NV  | 144600 | 30911142 |
| TOTAL NETHERLANDS |  | 38900307 |
| TAIWAN - 1.4%  |  |  |
| Information Technology - 1.4% |  |  |
| Semiconductors & Semiconductor Equipment - 1.4% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 221300 | 53470506 |
| UNITED KINGDOM - 0.7%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Flutter Entertainment PLC (United Kingdom) (b) | 92000 | 28066454 |
| UNITED STATES - 95.1%  |  |  |
| Communication Services - 10.3% |  |  |
| Entertainment - 2.1% |  |  |
| Netflix Inc (b) | 69100 | 80114540 |
| Interactive Media & Services - 7.9% |  |  |
| Alphabet Inc Class A  | 424800 | 81519120 |
| Meta Platforms Inc Class A  | 294700 | 227932768 |
|  |  | 309451888 |
| Media - 0.3% |  |  |
| EchoStar Corp (d) | 320970 | 10460412 |
| TOTAL COMMUNICATION SERVICES |  | 400026840 |
| Consumer Discretionary - 10.7% |  |  |
| Broadline Retail - 2.4% |  |  |
| Amazon.com Inc (b) | 392700 | 91934997 |
| Hotels, Restaurants & Leisure - 3.1% |  |  |
| Booking Holdings Inc  | 4800 | 26419488 |
| Boyd Gaming Corp (e) | 642266 | 54528383 |
| New Cotai LLC / New Cotai Capital Corp (b)(d)(f) | 411029 | 168522 |
| Red Rock Resorts Inc Class A  | 642300 | 39405105 |
|  |  | 120521498 |
| Household Durables - 3.3% |  |  |
| DR Horton Inc  | 64200 | 9170328 |
| PulteGroup Inc  | 105900 | 11958228 |
| TopBuild Corp (b)(e) | 294300 | 109017550 |
|  |  | 130146106 |
| Specialty Retail - 1.9% |  |  |
| Dick's Sporting Goods Inc  | 248200 | 52496782 |
| Williams-Sonoma Inc  | 127408 | 23831666 |
|  |  | 76328448 |
| TOTAL CONSUMER DISCRETIONARY |  | 418931049 |
| Consumer Staples - 1.6% |  |  |
| Beverages - 0.3% |  |  |
| Celsius Holdings Inc (b) | 286500 | 12989910 |
| Consumer Staples Distribution & Retail - 1.3% |  |  |
| Performance Food Group Co (b) | 116400 | 11686560 |
| US Foods Holding Corp (b) | 458200 | 38181806 |
|  |  | 49868366 |
| TOTAL CONSUMER STAPLES |  | 62858276 |
| Energy - 0.9% |  |  |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| Antero Resources Corp (b) | 426500 | 14897645 |
| Energy Transfer LP  | 1091900 | 19697876 |
|  |  | 34595521 |
| Financials - 14.9% |  |  |
| Capital Markets - 2.8% |  |  |
| Ares Management Corp Class A  | 239800 | 44490094 |
| Blue Owl Capital Inc Class A  | 1478000 | 28599300 |
| Moody's Corp  | 73200 | 37751436 |
|  |  | 110840830 |
| Consumer Finance - 1.5% |  |  |
| OneMain Holdings Inc (e) | 1005000 | 58078950 |
| Financial Services - 7.5% |  |  |
| Apollo Global Management Inc  | 984200 | 143023944 |
| Block Inc Class A (b) | 667700 | 51586502 |
| Fiserv Inc (b) | 106200 | 14755428 |
| Mastercard Inc Class A  | 54100 | 30646027 |
| Visa Inc Class A  | 148700 | 51371389 |
|  |  | 291383290 |
| Insurance - 3.1% |  |  |
| Arthur J Gallagher & Co  | 421400 | 121047150 |
| TOTAL FINANCIALS |  | 581350220 |
| Health Care - 1.8% |  |  |
| Health Care Equipment & Supplies - 1.2% |  |  |
| Boston Scientific Corp (b) | 452200 | 47444824 |
| Health Care Providers & Services - 0.6% |  |  |
| Tenet Healthcare Corp (b) | 143709 | 23177388 |
| TOTAL HEALTH CARE |  | 70622212 |
| Industrials - 19.3% |  |  |
| Aerospace & Defense - 1.8% |  |  |
| ATI Inc (b) | 466200 | 35869428 |
| TransDigm Group Inc  | 22200 | 35707812 |
|  |  | 71577240 |
| Building Products - 2.6% |  |  |
| Builders FirstSource Inc (b) | 166503 | 21167526 |
| Carlisle Cos Inc  | 103600 | 36747956 |
| Trane Technologies PLC  | 102200 | 44771776 |
|  |  | 102687258 |
| Construction & Engineering - 6.5% |  |  |
| Comfort Systems USA Inc  | 189200 | 133064361 |
| EMCOR Group Inc  | 104800 | 65760952 |
| IES Holdings Inc (b) | 84500 | 29834415 |
| WillScot Holdings Corp  | 792900 | 23271615 |
|  |  | 251931343 |
| Electrical Equipment - 5.2% |  |  |
| Eaton Corp PLC  | 145200 | 55861344 |
| NEXTracker Inc Class A (b) | 150800 | 8785608 |
| nVent Electric PLC  | 515700 | 40441194 |
| Vertiv Holdings Co Class A  | 663800 | 96649280 |
|  |  | 201737426 |
| Ground Transportation - 0.9% |  |  |
| Uber Technologies Inc (b) | 383800 | 33678450 |
| Machinery - 1.8% |  |  |
| Allison Transmission Holdings Inc  | 25200 | 2269764 |
| Parker-Hannifin Corp  | 92900 | 67993510 |
|  |  | 70263274 |
| Marine Transportation - 0.0% |  |  |
| Genco Shipping & Trading Ltd  | 1493 | 23783 |
| Trading Companies & Distributors - 0.5% |  |  |
| Core & Main Inc Class A (b) | 318900 | 20294796 |
| TOTAL INDUSTRIALS |  | 752193570 |
| Information Technology - 23.4% |  |  |
| Communications Equipment - 1.3% |  |  |
| Arista Networks Inc  | 416500 | 51321130 |
| Semiconductors & Semiconductor Equipment - 14.4% |  |  |
| Broadcom Inc  | 394400 | 115835280 |
| KLA Corp  | 21100 | 18547533 |
| Lam Research Corp  | 471000 | 44669640 |
| Marvell Technology Inc  | 284500 | 22865265 |
| Microchip Technology Inc  | 174910 | 11822166 |
| Micron Technology Inc  | 313500 | 34215390 |
| MKS Inc  | 282900 | 26926422 |
| NVIDIA Corp  | 1279900 | 227655813 |
| ON Semiconductor Corp (b) | 989496 | 55767995 |
|  |  | 558305504 |
| Software - 6.9% |  |  |
| Adobe Inc (b) | 58800 | 21032172 |
| AppLovin Corp Class A (b) | 40900 | 15979630 |
| Figma Inc Class A  | 9500 | 1097250 |
| Gen Digital Inc  | 374200 | 11035158 |
| Microsoft Corp  | 217600 | 116089600 |
| Monday.com Ltd (b) | 121900 | 31973151 |
| Oracle Corp  | 284400 | 72172188 |
|  |  | 269379149 |
| Technology Hardware, Storage & Peripherals - 0.8% |  |  |
| Dell Technologies Inc Class C  | 249800 | 33145962 |
| TOTAL INFORMATION TECHNOLOGY |  | 912151745 |
| Materials - 3.3% |  |  |
| Chemicals - 0.3% |  |  |
| Chemours Co/The  | 817428 | 9792787 |
| Construction Materials - 2.6% |  |  |
| Eagle Materials Inc  | 197000 | 44185130 |
| James Hardie Industries PLC ADR (b) | 1260600 | 32699964 |
| Martin Marietta Materials Inc  | 45900 | 26386992 |
|  |  | 103272086 |
| Containers & Packaging - 0.4% |  |  |
| Graphic Packaging Holding CO (e) | 696100 | 15564796 |
| TOTAL MATERIALS |  | 128629669 |
| Utilities - 8.9% |  |  |
| Electric Utilities - 3.2% |  |  |
| Constellation Energy Corp  | 317600 | 110473984 |
| PG&E Corp  | 1220058 | 17105213 |
|  |  | 127579197 |
| Independent Power and Renewable Electricity Producers - 5.7% |  |  |
| Vistra Corp  | 1061900 | 221448626 |
| TOTAL UTILITIES |  | 349027823 |
| TOTAL UNITED STATES |  | 3710386925 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,133,622,871) |  | <br> **3897464424** |

---

---

| | | |
|:---|:---|:---|
| &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 (f)<br>(Cost $549,345)<br>| 557069 | **777445** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (g) | 4.33 | 7592240 | 7593759 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.33 | 18499575 | 18501425 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $26,095,184) |  |  | **26095184** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.6%**<br> (Cost $2,160,267,400)<br>| <br>**3924337053** |
| **NET OTHER ASSETS (LIABILITIES) - (0.6)%**  | **(22319597)** |
| **NET ASSETS - 100.0%** | **3902017456** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,548,943 or 0.1% of net assets.

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $10,628,934 or 0.3% of net assets.

(e) Security or a portion of the security is on loan at period end.

(f) Level 3 security

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(h) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| EchoStar Corp | 9/30/24 | 8999999 |
| New Cotai LLC / New Cotai Capital Corp | 9/11/20 | 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 | 17797476 | 368167822 | 378371539 | 571967 | 343 | (343) | 7593759 | 7592240 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 936312666 | 917811241 | 16843 | - | - | 18501425 | 18499575 | 0.1% |
| Total | 17797476 | 1304480488 | 1296182780 | 588810 | 343 | (343) | 26095184 |  |  |

---

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 July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 400026840 | 400026840 | - | - |
| Consumer Discretionary | 483567715 | 456373005 | 27026188 | 168522 |
| Consumer Staples | 62858276 | 62858276 | - | - |
| Energy | 34595521 | 34595521 | - | - |
| Financials | 581350220 | 581350220 | - | - |
| Health Care | 70622212 | 70622212 | - | - |
| Industrials | 752193570 | 752193570 | - | - |
| Information Technology | 1034592578 | 1034592578 | - | - |
| Materials | 128629669 | 128629669 | - | - |
| Utilities | 349027823 | 349027823 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Consumer Discretionary | 777445 | - | - | 777445 |
|  **Money Market Funds** | 26095184 | 26095184 | - | - |
| **Total Investments in Securities:** | 3924337053 | 3896364898 | 27026188 | 945967 |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $17,970,623) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,134,172,216) | $3898241869 |  |
| Fidelity Central Funds (cost $26,095,184) | 26095184 |  |
| Total Investment in Securities (cost $2,160,267,400) |  | $3924337053 |
| Receivable for fund shares sold |  | 944575 |
| Dividends receivable |  | 453965 |
| Interest receivable |  | 2863 |
| Distributions receivable from Fidelity Central Funds |  | 5298 |
| Prepaid expenses |  | 721 |
| Receivable from investment adviser for expense reductions |  | 8103 |
| **Total assets** |  | 3925752578 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $313500 |  |
| Payable for fund shares redeemed | 2447269 |  |
| Accrued management fee | 2168392 |  |
| Distribution and service plan fees payable | 230068 |  |
| Other payables and accrued expenses | 74468 |  |
| Collateral on securities loaned | 18501425 |  |
| **Total liabilities** |  | 23735122 |
| **Net Assets**  |  | $3902017456 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2063492030 |
| Total accumulated earnings (loss) |  | 1838525426 |
| **Net Assets** |  | $3902017456 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($602,267,203 ÷ 13,599,587 shares)(a) |  | $44.29 |
| Maximum offering price per share (100/94.25 of $44.29) |  | $46.99 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($227,538,639 ÷ 5,146,707 shares)(a) |  | $44.21 |
| Maximum offering price per share (100/96.50 of $44.21) |  | $45.81 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($16,965,551 ÷ 384,826 shares)(a) |  | $44.09 |
| **Leveraged Company Stock :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,530,147,777 ÷ 56,942,634 shares) |  | $44.43 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($175,072,946 ÷ 3,913,325 shares) |  | $44.74 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($301,210,202 ÷ 6,791,839 shares) |  | $44.35 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($48,815,138 ÷ 1,099,994 shares) |  | $44.38 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $26262102 |
| Interest  |  | 24031 |
| Income from Fidelity Central Funds (including $16,843 from security lending)  |  | 588810 |
| **Total income** |  | 26874943 |
| **Expenses** |  |  |
| Management fee | $22399377 |  |
| Distribution and service plan fees | 1996913 |  |
| Custodian fees and expenses | 42476 |  |
| Independent trustees' fees and expenses | 13319 |  |
| Registration fees | 161052 |  |
| Audit fees | 85299 |  |
| Legal | 12895 |  |
| Interest | 28465 |  |
| Miscellaneous | 3830 |  |
| Total expenses before reductions | 24743626 |  |
| Expense reductions | (87464) |  |
| Total expenses after reductions |  | 24656162 |
| **Net Investment income (loss)** |  | 2218781 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 198431934 |  |
| Fidelity Central Funds | 343 |  |
| Foreign currency transactions | 37883 |  |
| Total net realized gain (loss) |  | 198470160 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 508827142 |  |
| Fidelity Central Funds  | (343) |  |
| Assets and liabilities in foreign currencies | (1452) |  |
| Total change in net unrealized appreciation (depreciation) |  | 508825347 |
| **Net gain (loss)** |  | 707295507 |
| **Net increase (decrease) in net assets resulting from operations** |  | $709514288 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $2218781 | $7828277 |
| &nbsp;&nbsp;Net realized gain (loss) | 198470160<br>| 329021974<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 508825347 | 97256154<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 709514288<br>| 434106405<br>|
| Distributions to shareholders | (363152282)<br>| (234459677)<br>|
| Share transactions - net increase (decrease) | 887737837<br>| 396299458<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1234099843<br>| 595946186<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2667917613 | 2071971427<br>|
| &nbsp;&nbsp;End of period | $3902017456 | $2667917613 |

---

**Financial Highlights** 

**Fidelity Advisor® Leveraged Company Stock Fund Class A**<br>

---

| | |
|:---|:---|
| **Years ended July 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $39.90 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (.06)  |
| Net realized and unrealized gain (loss)  | 5.61  |
| Total from investment operations  | 5.55  |
| Distributions from net investment income  | (.08) D |
| Distributions from net realized gain  | (1.08) D |
| Total distributions  | (1.16)  |
| Net asset value, end of period  | $44.29 |
| **Total Return** E,F,G | 14.35% <br>|
| **Ratios to Average Net Assets** C,H,I |  |
| Expenses before reductions  | .98% J,K |
| Expenses net of fee waivers, if any  | .98% J,K<br>|
| Expenses net of all reductions, if any  | .98% J,K |
| Net investment income (loss)  | (.21)% J,K |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $602267 |
| Portfolio turnover rate L | 12% M<br>|

---

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*Audit fees 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® Leveraged Company Stock Fund Class M**<br>

---

| | |
|:---|:---|
| **Years ended July 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $39.90 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (.14)  |
| Net realized and unrealized gain (loss)  | 5.59  |
| Total from investment operations  | 5.45  |
| Distributions from net investment income  | (.06) D |
| Distributions from net realized gain  | (1.08) D |
| Total distributions  | (1.14)  |
| Net asset value, end of period  | $44.21 |
| **Total Return** E,F,G | 14.09% <br>|
| **Ratios to Average Net Assets** C,H,I |  |
| Expenses before reductions  | 1.23% J,K |
| Expenses net of fee waivers, if any  | 1.23% J,K<br>|
| Expenses net of all reductions, if any  | 1.23% J,K |
| Net investment income (loss)  | (.46)% J,K |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $227539 |
| Portfolio turnover rate L | 12% M<br>|

---

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*Audit fees 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® Leveraged Company Stock Fund Class C**<br>

---

| | |
|:---|:---|
| **Years ended July 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $39.90 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (.29)  |
| Net realized and unrealized gain (loss)  | 5.58  |
| Total from investment operations  | 5.29  |
| Distributions from net investment income  | (.02) D |
| Distributions from net realized gain  | (1.08) D |
| Total distributions  | (1.10)  |
| Net asset value, end of period  | $44.09 |
| **Total Return** E,F,G | 13.67% <br>|
| **Ratios to Average Net Assets** C,H,I |  |
| Expenses before reductions  | 1.73% J,K |
| Expenses net of fee waivers, if any  | 1.73% J,K<br>|
| Expenses net of all reductions, if any  | 1.73% J,K |
| Net investment income (loss)  | (.96)% J,K |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $16966 |
| Portfolio turnover rate L | 12% M<br>|

---

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*Audit fees 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® Leveraged Company Stock Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $40.88 | $37.87 | $39.65 | $48.37 | $30.88 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .06  | .13  | .30  | .17  | .03 C |
| Net realized and unrealized gain (loss)  | 9.05  | 7.13  | 3.69 D | (4.89)  | 17.50  |
| Total from investment operations  | 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  | (5.26) E | (4.04)  | (5.52)  | (3.89)  | -  |
| Total distributions  | (5.56)  | (4.25) F | (5.77)  | (4.00) F | (.04)  |
| Net asset value, end of period  | $44.43 | $40.88 | $37.87 | $39.65 | $48.37 |
| **Total Return** G | 25.52% <br>| 21.84%  | 12.01% D | (10.85)%  | 56.84%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |
| Expenses before reductions  | .69%  | .73%  | .75%  | .74%  | .75%  |
| Expenses net of fee waivers, if any  | .69% <br>| .72%  | .74%  | .74%  | .75%  |
| Expenses net of all reductions, if any  | .69%  | .72%  | .74%  | .74%  | .75%  |
| Net investment income (loss)  | .15%  | .35%  | .87%  | .38%  | .06% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2530148 | $2512446 | $1933517 | $1936630 | $2533725 |
| Portfolio turnover rate J | 12% K<br>| 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 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*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® Leveraged Company Stock Fund Class K**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $41.13 | $38.08 | $39.84 | $48.58 | $31.01 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .09  | .17  | .33  | .21  | .06 C |
| Net realized and unrealized gain (loss)  | 9.11  | 7.16  | 3.72 D | (4.91)  | 17.59  |
| Total from investment operations  | 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  | (5.26) E | (4.04)  | (5.52)  | (3.89)  | -  |
| Total distributions  | (5.59)  | (4.28)  | (5.81) F | (4.04) F | (.08)  |
| Net asset value, end of period  | $44.74 | $41.13 | $38.08 | $39.84 | $48.58 |
| **Total Return** G | 25.64% <br>| 21.95%  | 12.11% D | (10.77)%  | 57.00%  |
| **Ratios to Average Net Assets** B,H,I |  |  |  |  |  |
| Expenses before reductions  | .61%  | .63%  | .65%  | .65%  | .66%  |
| Expenses net of fee waivers, if any  | .61% <br>| .62%  | .65%  | .65%  | .66%  |
| Expenses net of all reductions, if any  | .61%  | .62%  | .65%  | .65%  | .66%  |
| Net investment income (loss)  | .23%  | .45%  | .96%  | .47%  | .15% C |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $175073 | $155472 | $138454 | $273742 | $362018 |
| Portfolio turnover rate J | 12% K<br>| 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 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*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® Leveraged Company Stock Fund Class I**<br>

---

| | |
|:---|:---|
| **Years ended July 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $39.90 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .01  |
| Net realized and unrealized gain (loss)  | 5.62  |
| Total from investment operations  | 5.63  |
| Distributions from net investment income  | (.10) D |
| Distributions from net realized gain  | (1.08) D |
| Total distributions  | (1.18)  |
| Net asset value, end of period  | $44.35 |
| **Total Return** E,F | 14.56% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | .73% I,J |
| Expenses net of fee waivers, if any  | .73% I,J<br>|
| Expenses net of all reductions, if any  | .73% I,J |
| Net investment income (loss)  | .04% I,J |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $301210 |
| Portfolio turnover rate K | 12% L<br>|

---

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*Audit fees are not annualized.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

L*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Leveraged Company Stock Fund Class Z**<br>

---

| | |
|:---|:---|
| **Years ended July 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $39.90 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .05  |
| Net realized and unrealized gain (loss)  | 5.62  |
| Total from investment operations  | 5.67  |
| Distributions from net investment income  | (.11) D |
| Distributions from net realized gain  | (1.08) D |
| Total distributions  | (1.19)  |
| Net asset value, end of period  | $44.38 |
| **Total Return** E,F | 14.67% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | .61% I,J |
| Expenses net of fee waivers, if any  | .61% I,J<br>|
| Expenses net of all reductions, if any  | .61% I,J |
| Net investment income (loss)  | .15% I,J |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $48815 |
| Portfolio turnover rate K | 12% L<br>|

---

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*Audit fees are not annualized.*

J*Annualized.*

K*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

L*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Notes to Financial Statements**

For the period ended July 31, 2025

**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 commenced sale of Class A, Class M, Class C, Class I and Class Z shares on October 18, 2024. The Fund offers Class A, Class M, Class C, Class I, Leveraged Company Stock, Class K 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 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 July 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon the 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. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences resulted in distribution reclassifications. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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**  | $1817704978 |
| **Gross unrealized depreciation**  | <u>(53521920)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$1764183058</u> |
| **Tax Cost**  | <u>$2160153995</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed long-term capital gain**  | <u>$78221444</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$1764181819</u> |

---

The Fund intends to elect to defer to its next fiscal year $3,877,838 of ordinary losses recognized during the period January 1, 2025 to July 31, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **July 31, 2025** | **July 31, 2024** |
| **Ordinary Income**  | $20133818 | $12060300 |
| **Long-term Capital Gains**  | <u>343018464</u> | <u>222399377</u> |
| **Total**  | <u>$363152282</u> | <u>$234459677</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, securities acquired in the reorganization and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Leveraged Company Stock Fund** | 382386414 | 981851145 |

---

**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** | .75 |
| **Class M** | .74 |
| **Class C** | .77 |
| **Leveraged Company Stock** | .70 |
| **Class K** | .61 |
| **Class I** | .74 |
| **Class Z** | .61 |

---

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** | .72 |
| **Class M** | .72 |
| **Class C** | .72 |
| **Leveraged Company Stock** | .68 |
| **Class K** | .60 |
| **Class I** | .72 |
| **Class Z** | .60 |

---

**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% | 1057449 | 5076 |
| **Class M** | .25% | .25% | 809332 | 172 |
| **Class C** | .75% | .25% | <u>130132</u> | <u>6897</u> |
|  |  |  | <u>1996913</u> | <u>12145</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** | 16822 |
| **Class M** | 1393 |
| **Class C**A | <u>196</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>18411</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 Leveraged Company Stock Fund** | 10350 |

---

**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 Leveraged Company Stock Fund**. | Borrower | 16912273 | 5.51% | 28465 |

---

**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 Leveraged Company Stock Fund** | 15195220 | 81603213 | 12854288 |

---

**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 Leveraged Company Stock Fund** | 3517 |

---

**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 Leveraged Company Stock Fund** | 1879 | - | - |

---

**8. Expense Reductions.** 

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $8,103 and a portion of class-level operating expenses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Class A** | 12420 |
| **Class M** | 4819 |
| **Class C** | 409 |
| **Growth & Income** | 51113 |
| **Class K** | 3550 |
| **Class I** | 6109 |
| **Class Z** | 941 |

---

**9. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **July 31, 2025A** | **Year ended**<br> **July 31, 2024** |
| **Fidelity Leveraged Company Stock Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $16723230 | $- |
| Class M | 6369794 | - |
| Class C | 514151 | - |
| Leveraged Company Stock | 308869134 | 218850758 |
| Class K | 21027914 | 15608919 |
| Class I | 8339469 | - |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1308590</u> | <u>-</u> |
| Total  | <u>$363152282</u> | <u>$234459677</u> |

---

*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.*

**10. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **July 31, 2025**  | **Year ended**<br> **July 31, 2024** | **Year ended** <br> **July 31, 2025**  | **Year ended**<br> **July 31, 2024** |
| **Fidelity Leveraged Company Stock Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 504798 | - | $19392780 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 14597554 | - | 571640793 | - |
| Reinvestment of distributions | 411663 | - | 15886060 | - |
| Shares redeemed | <u>(1914428)</u> | <u>-</u> | <u>(73829090)</u> | <u>-</u> |
| Net increase (decrease) | <u>13599587</u> | <u>-</u> | <u>$533090543</u> | <u>$</u> <u>-</u> |
| **Class M** |  |  |  |  |
| Shares sold | 314906 | - | $12109161 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 5710958 | - | 223583900 | - |
| Reinvestment of distributions | 162794 | - | 6280609 | - |
| Shares redeemed | <u>(1041951)</u> | <u>-</u> | <u>(39752043)</u> | <u>-</u> |
| Net increase (decrease) | <u>5146707</u> | <u>-</u> | <u>$202221627</u> | <u>$</u> <u>-</u> |
| **Class C** |  |  |  |  |
| Shares sold | 18438 | - | $709295 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 485364 | - | 19002045 | - |
| Reinvestment of distributions | 13202 | - | 509447 | - |
| Shares redeemed | <u>(132178)</u> | <u>-</u> | <u>(5060661)</u> | <u>-</u> |
| Net increase (decrease) | <u>384826</u> | <u>-</u> | <u>$15160126</u> | <u>$</u> <u>-</u> |
| **Leveraged Company Stock** |  |  |  |  |
| Shares sold | 2819212 | 11676170 | $112289544 | $458184112 |
| Reinvestment of distributions | 7916289 | 6073720 | 290942748 | 205661213 |
| Shares redeemed | <u>(15253703)</u> | <u>(7348262)</u> | <u>(581215258)</u> | <u>(272157532)</u> |
| Net increase (decrease) | <u>(4518202)</u> | <u>10401628</u> | <u>$(177982966)</u> | <u>$391687793</u> |
| **Class K** |  |  |  |  |
| Shares sold | 872885 | 758613 | $34859975 | $29116354 |
| Reinvestment of distributions | 568340 | 458518 | 21027914 | 15608918 |
| Shares redeemed | <u>(1308040)</u> | <u>(1073291)</u> | <u>(50271182)</u> | <u>(40113607)</u> |
| Net increase (decrease) | <u>133185</u> | <u>143840</u> | <u>$5616707</u> | <u>$4611665</u> |
| **Class I** |  |  |  |  |
| Shares sold | 723022 | - | $27831489 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 7245789 | - | 283745005 | - |
| Reinvestment of distributions | 200470 | - | 7736154 | - |
| Shares redeemed | <u>(1377442)</u> | <u>-</u> | <u>(52865199)</u> | <u>-</u> |
| Net increase (decrease) | <u>6791839</u> | <u>-</u> | <u>$266447449</u> | <u>$</u> <u>-</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 254132 | - | $9997927 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 1069229 | - | 41870977 | - |
| Reinvestment of distributions | 27215 | - | 1049943 | - |
| Shares redeemed | <u>(250582)</u> | <u>-</u> | <u>(9734496)</u> | <u>-</u> |
| Net increase (decrease) | <u>1099994</u> | <u>-</u> | <u>$43184351</u> | <u>$</u> <u>-</u> |

---

*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.*

**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 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 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring Fund** | **Net Assets $** | **Total net assets after the acquisition $** |
| **Fidelity Leveraged Company Stock Fund** | 2512421176 | &nbsp;&nbsp;&nbsp;&nbsp; 3652263895 |

---

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 accompanying Statement of Operations since October 25, 2024.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Securities Fund and Shareholders of Fidelity Leveraged Company Stock Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Leveraged Company Stock Fund (one of the funds constituting Fidelity Securities Fund, referred to hereafter as the "Fund") as of July 31, 2025, the related statement of operations for the year ended July 31, 2025, the statement of changes in net assets for each of the two years in the period ended July 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2025 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

September 11, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

Fidelity Leveraged Company Stock Fund (Acquiring Fund) hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2025, $183,210,088, or, if subsequently determined to be different, the net capital gain of such year.

Fidelity Advisor Leveraged Company Stock Fund (Target Fund) hereby designates as a capital gain dividend with respect to the taxable year ended October 25, 2024, $17,551,115, or, if subsequently determined to be different, the net capital gain of such year.

Fidelity Leveraged Company Stock Fund (Acquiring Fund) designates $995,627 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

Fidelity Advisor Leveraged Company Stock Fund (Target Fund) designates $135,111 of distributions paid during the fiscal year ended October 2024 as qualifying to be taxed as section 163(j) interest dividends.

Fidelity Leveraged Company Stock Fund (Acquiring Fund): Class A designates 0% and 100%; Class M designates 0% and 100%; Class C designates 0% and 100%; Leveraged Company Stock Fund designates 83% and 100%; Class K designates 76% and 100%; Class I designates 0% and 100%; and Class Z designates 0% and 93% of the dividends distributed in September and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Fidelity Advisor Leveraged Company Stock Fund (Target Fund): Class A designates 100%; Class M designates 100%; Class C designates 100%; Class I designates 88%; and Class Z designates 77% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Fidelity Leveraged Company Stock Fund (Acquiring Fund): Class A designates 0% and 100%; Class M designates 0%, and 100%; Class C designates 0% and 100%; Leveraged Company Stock Fund designates 99.08% and 100%; Class K designates 90.77% and 100%; Class I designates 0% and 100%; and Class Z designates 0% and 99.40% of the dividends distributed in September and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Fidelity Advisor Leveraged Company Stock Fund (Target Fund): Class A designates 100%; Class M designates 100%; Class C designates 100%; Class I designates 97.24%; and Class Z designates 84.27% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Leveraged Company Stock Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered the effective management fee rate for the retail class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. The Board considered that the fund has a variable unified management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board further considered that, when compared to the total expenses of its competitors, the fund ranked below its competitive medians.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion**. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img111439_4.jpg)<br>

1.762413.124 LSF-ANN-0925

**Fidelity® Growth & Income Portfolio**

**Annual Report**

**July 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img111441_1.jpg)

![](img111441_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_GAI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Growth & Income Portfolio](#Sub_Sec_Fund_127_GAI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements127_GAI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_GAI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_GAI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_GAI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_GAI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_GAI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_GAI-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Growth & Income Portfolio**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.6%** | &nbsp;&nbsp;**Common Stocks - 95.6%** | &nbsp;&nbsp;**Common Stocks - 95.6%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 1.0%  |  |  |
| Health Care - 1.0% |  |  |
| Pharmaceuticals - 1.0% |  |  |
| UCB SA  | 576000 | 125188727 |
| CANADA - 2.0%  |  |  |
| Energy - 1.7% |  |  |
| Oil, Gas & Consumable Fuels - 1.7% |  |  |
| Imperial Oil Ltd (a) | 2396726 | 199836717 |
| South Bow Corp  | 369700 | 9709428 |
|  |  | 209546145 |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| Brookfield Corp Class A (United States)  | 682703 | 45775236 |
| TOTAL CANADA |  | 255321381 |
| DENMARK - 0.2%  |  |  |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Novo Nordisk A/S Class B ADR (a) | 647500 | 30477825 |
| FRANCE - 0.8%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Kering SA  | 9600 | 2357236 |
| Consumer Staples - 0.4% |  |  |
| Beverages - 0.4% |  |  |
| Pernod Ricard SA  | 402200 | 41474395 |
| Remy Cointreau SA (a) | 79991 | 4769679 |
| Remy Cointreau SA rights (a)(b)(c) | 79991 | 45643 |
|  |  | 46289717 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Airbus SE  | 271000 | 54485947 |
| TOTAL FRANCE |  | 103132900 |
| GERMANY - 1.2%  |  |  |
| Information Technology - 1.2% |  |  |
| Software - 1.2% |  |  |
| SAP SE ADR  | 506445 | 145197782 |
| ITALY - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Davide Campari-Milano NV (a) | 2923800 | 20220042 |
| NETHERLANDS - 0.8%  |  |  |
| Communication Services - 0.4% |  |  |
| Entertainment - 0.4% |  |  |
| Universal Music Group NV  | 1829900 | 52640593 |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| ASML Holding NV depository receipt  | 16300 | 11323773 |
| BE Semiconductor Industries NV  | 251400 | 34169514 |
|  |  | 45493287 |
| TOTAL NETHERLANDS |  | 98133880 |
| SPAIN - 0.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Cellnex Telecom SA (d)(e) | 1076100 | 38069405 |
| SWITZERLAND - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Galderma Group AG  | 11490 | 1803601 |
| TAIWAN - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 405000 | 97856100 |
| UNITED KINGDOM - 1.2%  |  |  |
| Consumer Staples - 0.6% |  |  |
| Beverages - 0.3% |  |  |
| Diageo PLC ADR  | 341511 | 33451002 |
| Tobacco - 0.3% |  |  |
| British American Tobacco PLC ADR  | 728800 | 39121984 |
| TOTAL CONSUMER STAPLES |  | 72572986 |
| Financials - 0.2% |  |  |
| Capital Markets - 0.2% |  |  |
| 3i Group PLC  | 552900 | 30211656 |
| Industrials - 0.4% |  |  |
| Professional Services - 0.4% |  |  |
| RELX PLC  | 985839 | 51225268 |
| TOTAL UNITED KINGDOM |  | 154009910 |
| UNITED STATES - 86.3%  |  |  |
| Communication Services - 4.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Verizon Communications Inc  | 471783 | 20173441 |
| Entertainment - 0.5% |  |  |
| Walt Disney Co/The  | 448990 | 53479199 |
| Warner Music Group Corp Class A  | 383300 | 11215358 |
|  |  | 64694557 |
| Interactive Media & Services - 2.4% |  |  |
| Alphabet Inc Class A  | 514800 | 98790120 |
| Alphabet Inc Class C  | 433440 | 83593238 |
| Meta Platforms Inc Class A  | 154400 | 119419136 |
|  |  | 301802494 |
| Media - 1.1% |  |  |
| Comcast Corp Class A  | 4247470 | 141143428 |
| TOTAL COMMUNICATION SERVICES |  | 527813920 |
| Consumer Discretionary - 2.0% |  |  |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Churchill Downs Inc  | 59900 | 6411696 |
| Domino's Pizza Inc  | 27700 | 12830917 |
| Marriott International Inc/MD Class A1  | 72923 | 19239275 |
| Starbucks Corp  | 348860 | 31104358 |
|  |  | 69586246 |
| Household Durables - 0.6% |  |  |
| Somnigroup International Inc  | 796155 | 57625699 |
| Whirlpool Corp (a) | 202594 | 16823406 |
|  |  | 74449105 |
| Specialty Retail - 0.7% |  |  |
| Home Depot Inc/The  | 6700 | 2462317 |
| Lowe's Cos Inc  | 376171 | 84100550 |
|  |  | 86562867 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| NIKE Inc Class B  | 299100 | 22339779 |
| TOTAL CONSUMER DISCRETIONARY |  | 252937997 |
| Consumer Staples - 4.4% |  |  |
| Beverages - 1.8% |  |  |
| Brown-Forman Corp Class B (a) | 689800 | 19900730 |
| Coca-Cola Co/The  | 1664694 | 113016076 |
| Keurig Dr Pepper Inc  | 2664300 | 86989395 |
| PepsiCo Inc  | 23900 | 3296288 |
|  |  | 223202489 |
| Consumer Staples Distribution & Retail - 0.8% |  |  |
| Sysco Corp  | 412036 | 32798066 |
| Target Corp  | 521000 | 52360500 |
| Walmart Inc  | 184300 | 18057714 |
|  |  | 103216280 |
| Food Products - 0.0% |  |  |
| Lamb Weston Holdings Inc  | 114300 | 6523100 |
| Household Products - 0.2% |  |  |
| Colgate-Palmolive Co  | 69100 | 5794035 |
| Procter & Gamble Co/The  | 101000 | 15197470 |
| Reynolds Consumer Products Inc  | 97500 | 2192775 |
|  |  | 23184280 |
| Personal Care Products - 1.0% |  |  |
| Estee Lauder Cos Inc/The Class A  | 443600 | 41405624 |
| Kenvue Inc  | 3918115 | 84004386 |
|  |  | 125410010 |
| Tobacco - 0.6% |  |  |
| Philip Morris International Inc  | 451600 | 74084980 |
| TOTAL CONSUMER STAPLES |  | 555621139 |
| Energy - 7.7% |  |  |
| Oil, Gas & Consumable Fuels - 7.7% |  |  |
| ConocoPhillips  | 291100 | 27753474 |
| Exxon Mobil Corp  | 5984663 | 668127777 |
| Shell PLC ADR  | 3820700 | 275892747 |
|  |  | 971773998 |
| Financials - 18.8% |  |  |
| Banks - 12.8% |  |  |
| Bank of America Corp  | 8132378 | 384417508 |
| JPMorgan Chase & Co  | 115918 | 34339548 |
| M&T Bank Corp  | 411494 | 77648918 |
| PNC Financial Services Group Inc/The  | 816817 | 155415771 |
| Truist Financial Corp  | 404400 | 17676324 |
| US Bancorp  | 2623367 | 117946580 |
| Wells Fargo & Co (f) | 10091441 | 813672888 |
|  |  | 1601117537 |
| Capital Markets - 2.2% |  |  |
| Charles Schwab Corp/The  | 246000 | 24041580 |
| Intercontinental Exchange Inc  | 13700 | 2532171 |
| KKR & Co Inc Class A  | 661165 | 96913566 |
| Moody's Corp  | 26600 | 13718418 |
| Morgan Stanley  | 49981 | 7120293 |
| MSCI Inc  | 2100 | 1178856 |
| Northern Trust Corp  | 860558 | 111872540 |
| Raymond James Financial Inc  | 142820 | 23869507 |
|  |  | 281246931 |
| Financial Services - 2.5% |  |  |
| Apollo Global Management Inc  | 113100 | 16435692 |
| Global Payments Inc  | 217000 | 17349150 |
| Mastercard Inc Class A  | 74067 | 41956733 |
| Visa Inc Class A  | 688115 | 237723090 |
|  |  | 313464665 |
| Insurance - 1.3% |  |  |
| American Financial Group Inc/OH  | 26500 | 3309850 |
| Arthur J Gallagher & Co  | 144200 | 41421450 |
| Brown & Brown Inc  | 450700 | 41180459 |
| Chubb Ltd  | 99156 | 26379462 |
| Marsh & McLennan Cos Inc  | 170136 | 33891091 |
| The Travelers Companies, Inc.  | 56427 | 14684562 |
|  |  | 160866874 |
| TOTAL FINANCIALS |  | 2356696007 |
| Health Care - 8.5% |  |  |
| Biotechnology - 0.1% |  |  |
| Gilead Sciences Inc  | 89900 | 10094871 |
| Health Care Equipment & Supplies - 1.4% |  |  |
| Abbott Laboratories  | 205900 | 25982521 |
| Baxter International Inc  | 806300 | 17545088 |
| Becton Dickinson & Co  | 151604 | 27023413 |
| Boston Scientific Corp (b)(f) | 1053642 | 110548119 |
|  |  | 181099141 |
| Health Care Providers & Services - 2.9% |  |  |
| Cardinal Health Inc  | 233511 | 36245577 |
| Cigna Group/The  | 327154 | 87474437 |
| Humana Inc  | 172400 | 43077588 |
| McKesson Corp  | 101667 | 70510131 |
| UnitedHealth Group Inc  | 530187 | 132313468 |
|  |  | 369621201 |
| Life Sciences Tools & Services - 0.9% |  |  |
| Bruker Corp  | 424200 | 16302006 |
| Danaher Corp  | 311803 | 61475079 |
| Thermo Fisher Scientific Inc  | 88200 | 41249376 |
|  |  | 119026461 |
| Pharmaceuticals - 3.2% |  |  |
| Eli Lilly & Co  | 77248 | 57168927 |
| GSK PLC ADR  | 3150775 | 117051292 |
| Haleon PLC ADR  | 8889020 | 83823459 |
| Johnson & Johnson  | 417741 | 68818652 |
| Merck & Co Inc  | 581200 | 45403344 |
| Royalty Pharma PLC Class A  | 608500 | 22392800 |
| Zoetis Inc Class A  | 15400 | 2245166 |
|  |  | 396903640 |
| TOTAL HEALTH CARE |  | 1076745314 |
| Industrials - 16.5% |  |  |
| Aerospace & Defense - 8.2% |  |  |
| Boeing Co (b) | 1384330 | 307099767 |
| GE Aerospace (f) | 2116047 | 573618021 |
| General Dynamics Corp  | 171561 | 53460123 |
| Howmet Aerospace Inc  | 97250 | 17482633 |
| Huntington Ingalls Industries Inc  | 200484 | 55906968 |
| RTX Corp  | 52000 | 8193640 |
| Textron Inc  | 205500 | 15981735 |
|  |  | 1031742887 |
| Air Freight & Logistics - 1.0% |  |  |
| United Parcel Service Inc Class B  | 1414478 | 121871424 |
| Building Products - 0.2% |  |  |
| A O Smith Corp  | 279200 | 19764568 |
| AAON Inc  | 79892 | 6670982 |
|  |  | 26435550 |
| Commercial Services & Supplies - 0.5% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 1152300 | 58030813 |
| Veralto Corp  | 89934 | 9427781 |
|  |  | 67458594 |
| Electrical Equipment - 3.9% |  |  |
| AMETEK Inc  | 40000 | 7394000 |
| Emerson Electric Co  | 47400 | 6897174 |
| GE Vernova Inc (f) | 727461 | 480335224 |
|  |  | 494626398 |
| Ground Transportation - 0.2% |  |  |
| Knight-Swift Transportation Holdings Inc  | 661809 | 28126883 |
| Machinery - 1.6% |  |  |
| Allison Transmission Holdings Inc  | 385900 | 34758013 |
| Cummins Inc  | 64676 | 23776191 |
| Deere & Co  | 29400 | 15416478 |
| Donaldson Co Inc  | 957712 | 68926533 |
| Nordson Corp  | 160127 | 34300805 |
| Otis Worldwide Corp  | 161438 | 13833622 |
| Stanley Black & Decker Inc  | 82128 | 5555959 |
| Westinghouse Air Brake Technologies Corp  | 31200 | 5991960 |
|  |  | 202559561 |
| Trading Companies & Distributors - 0.9% |  |  |
| Watsco Inc  | 197455 | 89028510 |
| Wesco International Inc  | 99400 | 20571824 |
|  |  | 109600334 |
| TOTAL INDUSTRIALS |  | 2082421631 |
| Information Technology - 19.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| CDW Corp/DE  | 67864 | 11834123 |
| IT Services - 0.2% |  |  |
| Amdocs Ltd  | 303400 | 25898224 |
| Semiconductors & Semiconductor Equipment - 8.0% |  |  |
| Analog Devices Inc  | 68708 | 15433878 |
| Applied Materials Inc  | 198495 | 35741010 |
| Broadcom Inc  | 807500 | 237162750 |
| Lam Research Corp  | 432500 | 41018300 |
| Marvell Technology Inc  | 1440289 | 115756027 |
| Microchip Technology Inc  | 63100 | 4264929 |
| Micron Technology Inc  | 283500 | 30941190 |
| NVIDIA Corp  | 2891900 | 514382253 |
| Teradyne Inc  | 134900 | 14492307 |
|  |  | 1009192644 |
| Software - 9.0% |  |  |
| Intuit Inc  | 81800 | 64223634 |
| Microsoft Corp (f) | 1989565 | 1061432928 |
|  |  | 1125656562 |
| Technology Hardware, Storage & Peripherals - 2.5% |  |  |
| Apple Inc  | 1492994 | 309900765 |
| TOTAL INFORMATION TECHNOLOGY |  | 2482482318 |
| Materials - 0.7% |  |  |
| Chemicals - 0.7% |  |  |
| Air Products and Chemicals Inc  | 63000 | 18136440 |
| Mosaic Co/The  | 1250200 | 45019702 |
| PPG Industries Inc  | 60322 | 6363971 |
| Scotts Miracle-Gro Co/The  | 283900 | 17789174 |
| Sherwin-Williams Co/The  | 16000 | 5294080 |
|  |  | 92603367 |
| Real Estate - 1.3% |  |  |
| Industrial REITs - 0.0% |  |  |
| Terreno Realty Corp  | 100300 | 5565647 |
| Residential REITs - 0.2% |  |  |
| Sun Communities Inc  | 170900 | 21196727 |
| Specialized REITs - 1.1% |  |  |
| American Tower Corp  | 365878 | 76245316 |
| Crown Castle Inc  | 562700 | 59134143 |
| Public Storage Operating Co  | 2600 | 707044 |
|  |  | 136086503 |
| TOTAL REAL ESTATE |  | 162848877 |
| Utilities - 2.4% |  |  |
| Electric Utilities - 2.2% |  |  |
| Constellation Energy Corp  | 21813 | 7587434 |
| Duke Energy Corp  | 223921 | 27237750 |
| Edison International  | 252500 | 13160300 |
| Entergy Corp  | 316526 | 28623446 |
| Eversource Energy  | 366600 | 24232260 |
| Exelon Corp  | 174240 | 7830346 |
| FirstEnergy Corp  | 140000 | 5979400 |
| NextEra Energy Inc  | 60000 | 4263600 |
| PG&E Corp  | 301400 | 4225628 |
| Southern Co/The  | 1695166 | 160159284 |
|  |  | 283299448 |
| Multi-Utilities - 0.2% |  |  |
| Sempra  | 265092 | 21652714 |
| TOTAL UTILITIES |  | 304952162 |
| TOTAL UNITED STATES |  | 10866896730 |
| ZAMBIA - 0.9%  |  |  |
| Materials - 0.9% |  |  |
| Metals & Mining - 0.9% |  |  |
| First Quantum Minerals Ltd (b) | 6503400 | 109313067 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $6,411,800,530) |  | <br> **12045621350** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 1.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.3%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.3%** |
|  | Shares | Value ($)<br>|
| UNITED STATES - 1.3%  |  |  |
| Industrials - 1.3% |  |  |
| Aerospace & Defense - 1.3% |  |  |
| Boeing Co Series A, 6% <br>(Cost $123,905,042)<br>| 2366400 | **167754096** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.7%** | &nbsp;&nbsp;**Money Market Funds - 4.7%** | &nbsp;&nbsp;**Money Market Funds - 4.7%** | &nbsp;&nbsp;**Money Market Funds - 4.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.33 | 365434720 | 365507807 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.33 | 226430487 | 226453130 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $591,960,937) |  |  | **591960937** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.6%**<br> (Cost $7,127,666,509)<br>| <br>**12805336383** |
| **NET OTHER ASSETS (LIABILITIES) - (1.6)%**  | **(206771313)** |
| **NET ASSETS - 100.0%** | **12598565070** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 |  |  |  |  |  |  |
| Boston Scientific Corp | Chicago Board Options Exchange | 1562 | 16388504 | 110.00 | 09/19/25 | (206965) |
| GE Aerospace | Chicago Board Options Exchange | 562 | 15234696 | 300.00 | 09/19/25 | (143591) |
| GE Vernova Inc | Chicago Board Options Exchange | 413 | 27269977 | 650.00 | 09/19/25 | (2081520) |
| GE Vernova Inc | Chicago Board Options Exchange | 330 | 21789570 | 740.00 | 09/19/25 | (524700) |
| Microsoft Corp | Chicago Board Options Exchange | 990 | 52816500 | 525.00 | 09/19/25 | (2197800) |
| Wells Fargo & Co | Chicago Board Options Exchange | 5028 | 40540764 | 90.00 | 09/19/25 | (138270) |
|  |  |  |  |  |  | (5292846) |
| **TOTAL WRITTEN OPTIONS** |  |  |  |  |  | **(5292846)** |

---

**Legend**

(a) Security or a portion of the security is on loan at period end.

(b) Non-income producing.

(c) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(d) 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 $38,069,405 or 0.3% of net assets.

(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 $38,069,405 or 0.3% of net assets.

(f) Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $174,040,011.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(h) Investment made with cash collateral received from securities on loan.

**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 | 160733873 | 1653228132 | 1491445304 | 12333184 | - | - | 365507807 | 365434720 | 0.6% |
| Fidelity Securities Lending Cash Central Fund | 16822980 | 1056110058 | 846479908 | 241427 | - | - | 226453130 | 226430487 | 0.8% |
| Total | 177556853 | 2709338190 | 2337925212 | 12574611 | - | - | 591960937 |  |  |

---

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 July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 618523918 | 565883325 | 52640593 | - |
| Consumer Discretionary | 255295233 | 252937997 | 2357236 | - |
| Consumer Staples | 694703884 | 694703884 | - | - |
| Energy | 1181320143 | 1181320143 | - | - |
| Financials | 2432682899 | 2402471243 | 30211656 | - |
| Health Care | 1234215467 | 1234215467 | - | - |
| Industrials | 2188132846 | 2082421631 | 105711215 | - |
| Information Technology | 2771029487 | 2771029487 | - | - |
| Materials | 201916434 | 201916434 | - | - |
| Real Estate | 162848877 | 162848877 | - | - |
| Utilities | 304952162 | 304952162 | - | - |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Industrials | 167754096 | - | 167754096 | - |
|  **Money Market Funds** | 591960937 | 591960937 | - | - |
| **Total Investments in Securities:** | 12805336383 | 12446661587 | 358674796 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Written Options | (5292846) | (5292846) | - | - |
| Total Liabilities | (5292846) | (5292846) | - | - |
| **Total Derivative Instruments:** | (5292846) | (5292846) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of July 31, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Written Options (a)  | 0 | (5292846) |
| **Total Equity Risk**  | 0 | (5292846) |
| **Total Value of Derivatives** | 0 | (5292846) |

---

(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $213,195,439) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $6,535,705,572) | $12213375446 |  |
| Fidelity Central Funds (cost $591,960,937) | 591960937 |  |
| Total Investment in Securities (cost $7,127,666,509) |  | $12805336383 |
| Cash |  | 737407 |
| Foreign currency held at value (cost $40) |  | 40 |
| Receivable for investments sold |  | 50898056 |
| Receivable for fund shares sold |  | 2409431 |
| Dividends receivable |  | 6563654 |
| Distributions receivable from Fidelity Central Funds |  | 1224814 |
| Prepaid expenses |  | 2182 |
| Receivable from investment adviser for expense reductions |  | 7614 |
| Other receivables |  | 84625 |
| **Total assets** |  | 12867264206 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $26428063 |  |
| Delayed delivery | 45643 |  |
| Payable for fund shares redeemed | 4549349 |  |
| Accrued management fee | 5474469 |  |
| Distribution and service plan fees payable | 292073 |  |
| Written options, at value (premium received $2,756,741) | 5292846 |  |
| Other payables and accrued expenses | 163563 |  |
| Collateral on securities loaned | 226453130 |  |
| **Total liabilities** |  | 268699136 |
| **Net Assets**  |  | $12598565070 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $6107831222 |
| Total accumulated earnings (loss) |  | 6490733848 |
| **Net Assets** |  | $12598565070 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($668,893,537 ÷ 9,629,785 shares)(a) |  | $69.46 |
| Maximum offering price per share (100/94.25 of $69.46) |  | $73.70 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($232,932,227 ÷ 3,354,422 shares)(a) |  | $69.44 |
| Maximum offering price per share (100/96.50 of $69.44) |  | $71.96 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($67,496,537 ÷ 972,842 shares)(a) |  | $69.38 |
| **Growth and Income :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($10,506,099,658 ÷ 151,176,135 shares) |  | $69.50 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($687,568,642 ÷ 9,898,882 shares) |  | $69.46 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($248,604,930 ÷ 3,577,291 shares) |  | $69.50 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($186,969,539 ÷ 2,690,584 shares) |  | $69.49 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $198448793 |
| Interest  |  | 1919758 |
| Income from Fidelity Central Funds (including $241,427 from security lending)  |  | 12574611 |
| **Total income** |  | 212943162 |
| **Expenses** |  |  |
| Management fee | $58497410 |  |
| Distribution and service plan fees | 1095557 |  |
| Custodian fees and expenses | 368169 |  |
| Independent trustees' fees and expenses | 45066 |  |
| Registration fees | 203786 |  |
| Audit fees | 105590 |  |
| Legal | 12958 |  |
| Interest | 10140 |  |
| Miscellaneous | 38613 |  |
| Total expenses before reductions | 60377289 |  |
| Expense reductions | (115653) |  |
| Total expenses after reductions |  | 60261636 |
| **Net Investment income (loss)** |  | 152681526 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1090145287 |  |
| Foreign currency transactions | (109948) |  |
| Written options | 5430480 |  |
| Total net realized gain (loss) |  | 1095465819 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 757473022 |  |
| Assets and liabilities in foreign currencies | 60862 |  |
| Written options | (3687878) |  |
| Total change in net unrealized appreciation (depreciation) |  | 753846006 |
| **Net gain (loss)** |  | 1849311825 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2001993351 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $152681526 | $149007941 |
| &nbsp;&nbsp;Net realized gain (loss) | 1095465819<br>| 499594591<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 753846006 | 1234252892<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2001993351<br>| 1882855424<br>|
| Distributions to shareholders | (728201156)<br>| (367129629)<br>|
| Share transactions - net increase (decrease) | 567743618<br>| (115748114)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1841535813<br>| 1399977681<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 10757029257 | 9357051576<br>|
| &nbsp;&nbsp;End of period | $12598565070 | $10757029257 |

---

**Financial Highlights** 

**Fidelity Advisor® Growth & Income Fund Class A**<br>

---

| | |
|:---|:---|
| **Years ended July 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $62.51 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .24  |
| Net realized and unrealized gain (loss)  | 7.08  |
| Total from investment operations  | 7.32  |
| Distributions from net investment income  | (.36)  |
| Distributions from net realized gain  | - D |
| Total distributions  | (.37) E |
| Net asset value, end of period  | $69.46 |
| **Total Return** F,G | 11.78% <br>|
| **Ratios to Average Net Assets** C,H,I |  |
| Expenses before reductions  | .82% J |
| Expenses net of fee waivers, if any  | .82% J<br>|
| Expenses net of all reductions, if any  | .82% J |
| Net investment income (loss)  | 1.04% J |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $668894 |
| Portfolio turnover rate K | 15% L<br>|

---

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*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 M**<br>

---

| | |
|:---|:---|
| **Years ended July 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $62.51 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .18  |
| Net realized and unrealized gain (loss)  | 7.08  |
| Total from investment operations  | 7.26  |
| Distributions from net investment income  | (.33)  |
| Distributions from net realized gain  | - D |
| Total distributions  | (.33)  |
| Net asset value, end of period  | $69.44 |
| **Total Return** E,F | 11.69% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | 1.07% I |
| Expenses net of fee waivers, if any  | 1.07% I<br>|
| Expenses net of all reductions, if any  | 1.07% I |
| Net investment income (loss)  | .79% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $232932 |
| Portfolio turnover rate J | 15% K<br>|

---

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 C**<br>

---

| | |
|:---|:---|
| **Years ended July 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $62.51 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .07  |
| Net realized and unrealized gain (loss)  | 7.06  |
| Total from investment operations  | 7.13  |
| Distributions from net investment income  | (.26)  |
| Distributions from net realized gain  | - D |
| Total distributions  | (.26)  |
| Net asset value, end of period  | $69.38 |
| **Total Return** E,F | 11.48% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | 1.57% I |
| Expenses net of fee waivers, if any  | 1.57% I<br>|
| Expenses net of all reductions, if any  | 1.57% I |
| Net investment income (loss)  | .28% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $67497 |
| Portfolio turnover rate J | 15% K<br>|

---

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® Growth & Income Portfolio** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $62.78 | $54.20 | $48.92 | $51.87 | $38.15 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .87  | .85  | .84  | .76  | .78  |
| Net realized and unrealized gain (loss)  | 10.05  | 9.84  | 6.13  | (.61)  | 14.49  |
| Total from investment operations  | 10.92  | 10.69  | 6.97  | .15  | 15.27  |
| Distributions from net investment income  | (.88)  | (.84)  | (.86)  | (1.06)  | (.79)  |
| Distributions from net realized gain  | (3.32)  | (1.27)  | (.83)  | (2.05)  | (.75)  |
| Total distributions  | (4.20)  | (2.11)  | (1.69)  | (3.10) C | (1.55) C |
| Net asset value, end of period  | $69.50 | $62.78 | $54.20 | $48.92 | $51.87 |
| **Total Return** D | 18.36% <br>| 20.41%  | 14.77%  | .26%  | 41.01%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .53%  | .56%  | .58%  | .57%  | .58%  |
| Expenses net of fee waivers, if any  | .53% <br>| .56%  | .58%  | .57%  | .58%  |
| Expenses net of all reductions, if any  | .53%  | .56%  | .58%  | .57%  | .58%  |
| Net investment income (loss)  | 1.36%  | 1.52%  | 1.71%  | 1.51%  | 1.71%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $10506100 | $9390438 | $8277107 | $7360433 | $7218934 |
| Portfolio turnover rate G | 15% H<br>| 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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

H*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity® Growth & Income Portfolio Class K**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $62.71 | $54.14 | $48.86 | $51.82 | $38.11 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .91  | .90  | .89  | .81  | .81  |
| Net realized and unrealized gain (loss)  | 10.06  | 9.83  | 6.13  | (.62)  | 14.48  |
| Total from investment operations  | 10.97  | 10.73  | 7.02  | .19  | 15.29  |
| Distributions from net investment income  | (.89)  | (.89)  | (.91)  | (1.10)  | (.83)  |
| Distributions from net realized gain  | (3.32)  | (1.27)  | (.83)  | (2.05)  | (.75)  |
| Total distributions  | (4.22) C | (2.16)  | (1.74)  | (3.15)  | (1.58)  |
| Net asset value, end of period  | $69.46 | $62.71 | $54.14 | $48.86 | $51.82 |
| **Total Return** D | 18.46% <br>| 20.52%  | 14.89%  | .33%  | 41.15%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .46%  | .47%  | .49%  | .49%  | .49%  |
| Expenses net of fee waivers, if any  | .46% <br>| .47%  | .48%  | .48%  | .49%  |
| Expenses net of all reductions, if any  | .45%  | .47%  | .48%  | .48%  | .49%  |
| Net investment income (loss)  | 1.43%  | 1.61%  | 1.80%  | 1.60%  | 1.80%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $687569 | $1366591 | $1079945 | $323298 | $850210 |
| Portfolio turnover rate G | 15% H<br>| 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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

H*The portfolio turnover rate does not include the assets acquired in the reorganization.*

**Fidelity Advisor® Growth & Income Fund Class I**<br>

---

| | |
|:---|:---|
| **Years ended July 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $62.51 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .30  |
| Net realized and unrealized gain (loss)  | 7.09  |
| Total from investment operations  | 7.39  |
| Distributions from net investment income  | (.40)  |
| Distributions from net realized gain  | - D |
| Total distributions  | (.40)  |
| Net asset value, end of period  | $69.50 |
| **Total Return** E,F | 11.90% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | .57% I |
| Expenses net of fee waivers, if any  | .57% I<br>|
| Expenses net of all reductions, if any  | .57% I |
| Net investment income (loss)  | 1.29% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $248605 |
| Portfolio turnover rate J | 15% K<br>|

---

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>

---

| | |
|:---|:---|
| **Years ended July 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $62.51 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .32  |
| Net realized and unrealized gain (loss)  | 7.08  |
| Total from investment operations  | 7.40  |
| Distributions from net investment income  | (.42)  |
| Distributions from net realized gain  | - D |
| Total distributions  | (.42)  |
| Net asset value, end of period  | $69.49 |
| **Total Return** E,F | 11.92% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | .46% I |
| Expenses net of fee waivers, if any  | .45% I<br>|
| Expenses net of all reductions, if any  | .45% I |
| Net investment income (loss)  | 1.39% I |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $186970 |
| Portfolio turnover rate J | 15% K<br>|

---

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**

For the period ended July 31, 2025

**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 commenced sale of Class A, Class M, Class C, Class I and Class Z shares on March 20, 2025. 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.

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 July 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. 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. 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 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 financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Growth & Income Portfolio** | $84219 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), 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**  | $5928168935 |
| **Gross unrealized depreciation**  | <u>(299830810)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$5628338125</u> |
| **Tax Cost**  | <u>$7171705412</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$24780868</u> |
| **Undistributed long-term capital gain**  | <u>$839130942</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$5626822037</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **July 31, 2025** | **July 31, 2024** |
| **Ordinary Income**  | $189592549 | $161083972 |
| **Long-term Capital Gains**  | <u>538608607</u> | <u>206045657</u> |
| **Total**  | <u>$728201156</u> | <u>$367129629</u> |

---

**Delayed Delivery Transactions and When-Issued Securities.** During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.<br>|

---

Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

**Options.** Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.

Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

Upon entering into a written options contract, a fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities, securities acquired in the reorganization and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Growth & Income Portfolio** | 1619566674 | 2962371022 |

---

**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** | .56 |
| **Class M** | .56 |
| **Class C** | .57 |
| **Growth and Income** | .53 |
| **Class K** | .45 |
| **Class I** | .57 |
| **Class Z** | .45 |

---

**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% | 519091 | 62 |
| **Class M** | .25% | .25% | 366470 | - |
| **Class C** | .75% | .25% | <u>209996</u> | <u>39930</u> |
|  |  |  | <u>1095557</u> | <u>39992</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** | 67409 |
| **Class M** | 3243 |
| **Class C**A | <u>235</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>70887</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 Growth & Income Portfolio** | 29282 |

---

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Growth & Income Portfolio** | Borrower | 26538000 | 4.59% | 10140 |

---

**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** | 114862178 | 133864124 | 46109182 |

---

**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** | 12217 |

---

**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** | 25906 | - | - |

---

**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 $26,178.

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 $7,614 and a portion of class-level operating expenses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Class A** | 4194 |
| **Class M** | 1487 |
| **Class C** | 424 |
| **Growth & Income** | 66778 |
| **Class K** | 6268 |
| **Class I** | 1569 |
| **Class Z** | 1141 |

---

**10. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **July 31, 2025A** | **Year ended**<br> **July 31, 2024** |
| **Fidelity Growth & Income Portfolio** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $3520397 | $- |
| Class M | 1115703 | - |
| Class C | 256334 | - |
| Growth and Income | 631747017 | 319193522 |
| Class K | 89048772 | 47936107 |
| Class I | 1489563 | - |
| Class Z | <u>1023370</u> | <u>-</u> |
| Total  | <u>$728201156</u> | <u>$367129629</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** |
|  | **Year ended** <br> **July 31, 2025**  | **Year ended**<br> **July 31, 2024** | **Year ended** <br> **July 31, 2025**  | **Year ended**<br> **July 31, 2024** |
| **Fidelity Growth & Income Portfolio** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 437926 | - | $28088010 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 9556781 | - | 586499971 | - |
| Reinvestment of distributions | 55050 | - | 3386803 | - |
| Shares redeemed | <u>(419972)</u> | <u>-</u> | <u>(26604761)</u> | <u>-</u> |
| Net increase (decrease) | <u>9629785</u> | <u>-</u> | <u>$591370023</u> | <u>$</u> <u>-</u> |
| **Class M** |  |  |  |  |
| Shares sold | 117610 | - | $7341688 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 3353383 | - | 205797269 | - |
| Reinvestment of distributions | 18035 | - | 1094526 | - |
| Shares redeemed | <u>(134606)</u> | <u>-</u> | <u>(8504158)</u> | <u>-</u> |
| Net increase (decrease) | <u>3354422</u> | <u>-</u> | <u>$205729325</u> | <u>$</u> <u>-</u> |
| **Class C** |  |  |  |  |
| Shares sold | 78012 | - | $5030571 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 985180 | - | 60450580 | - |
| Reinvestment of distributions | 4090 | - | 240625 | - |
| Shares redeemed | <u>(94440)</u> | <u>-</u> | <u>(5895471)</u> | <u>-</u> |
| Net increase (decrease) | <u>972842</u> | <u>-</u> | <u>$59826305</u> | <u>$</u> <u>-</u> |
| **Growth and Income** |  |  |  |  |
| Shares sold | 11304041 | 8417930 | $719735117 | $472938094 |
| Reinvestment of distributions | 9353428 | 5440339 | 580207770 | 293666836 |
| Shares redeemed | <u>(19061067)</u> | <u>(17002654)</u> | <u>(1205234270)</u> | <u>(945060182)</u> |
| Net increase (decrease) | <u>1596402</u> | <u>(3144385)</u> | <u>$94708617</u> | <u>$(178455252)</u> |
| **Class K** |  |  |  |  |
| Shares sold | 2660510 | 7673564 | $169715018 | $401664662 |
| Reinvestment of distributions | 1438734 | 886296 | 89048772 | 47936107 |
| Shares redeemed | <u>(15991869)</u> | <u>(6715091)</u> | <u>(1027556696)</u> | <u>(386893631)</u> |
| Net increase (decrease) | <u>(11892625)</u> | <u>1844769</u> | <u>$(768792906)</u> | <u>$62707138</u> |
| **Class I** |  |  |  |  |
| Shares sold | 276945 | - | $17659752 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 3856664 | - | 236722041 | - |
| Reinvestment of distributions | 22699 | - | 1404015 | - |
| Shares redeemed | <u>(579017)</u> | <u>-</u> | <u>(35016560)</u> | <u>-</u> |
| Net increase (decrease) | <u>3577291</u> | <u>-</u> | <u>$220769248</u> | <u>$</u> <u>-</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 768143 | - | $46582529 | $- |
| Issued in exchange for the shares of the Acquired Fund(s) | 2100705 | - | 128941199 | - |
| Reinvestment of distributions | 14880 | - | 938105 | - |
| Shares redeemed | <u>(193144)</u> | <u>-</u> | <u>(12328827)</u> | <u>-</u> |
| Net increase (decrease) | <u>2690584</u> | <u>-</u> | <u>$164133006</u> | <u>$</u> <u>-</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. 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** | **Investments $** | **Unrealized appreciation (depreciation) $** | **Net Assets $** | **Shares Exchanged** | **Shares Exchanged Ratio** |
| **Fidelity Advisor Growth & Income Fund**<br>| 1217804274 | 455899046 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  | 586499971 | 14700013 | 0.6501205801 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class M** |  |  | 205797269 | 5142382<br>| 0.6521068926 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  | 60450580 | 1665753<br>| 0.5914325293 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class I** |  |  | 236722041 | 5754284<br>| 0.6702248289 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class Z** |  |  | 128941199 | 3127108 | 0.6717725644 |

---

---

| | | |
|:---|:---|:---|
| **Acquiring Fund** | **Net Assets $** | **Total net assets after the acquisition $** |
| **Fidelity Advisor Growth and Income Fund** | 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 accompanying Statement of Operations since March 28, 2025.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Securities Fund and Shareholders of Fidelity Growth & Income Portfolio

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Growth & Income Portfolio (one of the funds constituting Fidelity Securities Fund, referred to hereafter as the "Fund") as of July 31, 2025, the related statement of operations for the year ended July 31, 2025, the statement of changes in net assets for each of the two years in the period ended July 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2025 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

September 12, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

Fidelity Growth & Income Portfolio (Acquiring Fund) hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2025, $1,019,266,939, or, if subsequently determined to be different, the net capital gain of such year.

Fidelity Advisor Growth & Income Fund (Target Fund) hereby designates as a capital gain dividend with respect to the taxable year ended March 29, 2025, $19,466,870, or, if subsequently determined to be different, the net capital gain of such year.

Fidelity Growth & Income Portfolio (Acquiring Fund): a total of 1.38% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

Fidelity Growth & Income Portfolio (Acquiring Fund) designates 100% of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

Fidelity Growth & Income Portfolio (Acquiring Fund) designates $5,878,570 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Fidelity Growth & Income Portfolio (Acquiring Fund): Class A designates 0%, 0%, 100% and 100%; Class M designates 0%, 0%, 100% and 100%; Class C designates 0%, 0%, 100% and 100%; Growth & Income Portfolio designates 80%, 69%, 100% and 100%; Class K designates 76%, 67%, 100% and 100%; Class I designates 0%, 0%, 100% and 100% and Class Z designates 0%, 0%, 100% and 100% of the dividends distributed in October, December, April and July, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Fidelity Advisor Growth & Income Fund (Target Fund): Class A, Class M, Class C, Class I, and Class Z designate 100% of dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Fidelity Growth & Income Portfolio (Acquiring Fund): Class A designates 0%, 0%, 100% and 100%; Class M designates 0%, 0%, 100% and 100%; Class C designates 0%, 0%, 100% and 100%; Growth & Income Portfolio designates 85.84%, 77.97%,100% and 100%; Class K designates 81.36%, 75.48%, 100% and 100%; Class I designates 0%, 0%, 100% and 100% and Class Z designates 0%, 0%, 100% and 100% of the dividends distributed in October, December, April and July, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Fidelity Advisor Growth & Income Fund (Target Fund): Class A, Class M, Class C, Class I, and Class Z designate 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Fidelity Growth & Income Portfolio (Acquiring Fund): Growth & Income Portfolio designates 1.58% and 2.39% and Class K designates 1.50% and 2.31% of the dividends distributed in October and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Growth & Income Portfolio**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered the effective management fee rate for the retail class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

Based on its review, the Board concluded that the management fee of each class of the fund is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion**. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img111441_4.jpg)<br>

1.536189.128 GAI-ANN-0925

**Fidelity® Dividend Growth Fund**

**Annual Report**

**July 31, 2025**

![](img111444_1.jpg)

![](img111444_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_DGF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Dividend Growth Fund](#Sub_Sec_Fund_330_DGF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements330_DGF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_DGF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_DGF-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_DGF-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_DGF-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_DGF-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_DGF-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Dividend Growth Fund**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 100.5%** | &nbsp;&nbsp;**Common Stocks - 100.5%** | &nbsp;&nbsp;**Common Stocks - 100.5%** |
|  | Shares | Value ($)<br>|
| BERMUDA - 0.3%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Cool Company Ltd (a) | 1115436 | 8339850 |
| Industrials - 0.2% |  |  |
| Marine Transportation - 0.2% |  |  |
| Himalaya Shipping Ltd  | 411353 | 2824926 |
| Himalaya Shipping Ltd (United States) (a) | 1333100 | 9091742 |
|  |  | 11916668 |
| TOTAL BERMUDA |  | 20256518 |
| BRAZIL - 0.5%  |  |  |
| Materials - 0.5% |  |  |
| Metals & Mining - 0.5% |  |  |
| Wheaton Precious Metals Corp  | 409100 | 37414226 |
| CANADA - 3.8%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Restaurant Brands International Inc (United States) (a) | 292300 | 19835478 |
| Energy - 1.1% |  |  |
| Oil, Gas & Consumable Fuels - 1.1% |  |  |
| Imperial Oil Ltd  | 308900 | 25755786 |
| Parkland Corp  | 557977 | 15749481 |
| Teekay Tankers Ltd Class A  | 1122523 | 47538849 |
|  |  | 89044116 |
| Financials - 2.5% |  |  |
| Capital Markets - 2.5% |  |  |
| Brookfield Corp Class A (United States) (a) | 2940200 | 197140410 |
| TOTAL CANADA |  | 306020004 |
| DENMARK - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Novo Nordisk A/S Class B ADR (a) | 475100 | 22362957 |
| GERMANY - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| SAP SE  | 55900 | 15984929 |
| INDIA - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Hindustan Aeronautics Ltd (b) | 66000 | 3399679 |
| KOREA (SOUTH) - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| SK Hynix Inc  | 167840 | 32332135 |
| MEXICO - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Borr Drilling Ltd (a) | 2948049 | 5984539 |
| NETHERLANDS - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| ASML Holding NV depository receipt  | 11100 | 7711281 |
| BE Semiconductor Industries NV  | 170200 | 23133060 |
| TOTAL NETHERLANDS |  | 30844341 |
| NORWAY - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Marine Transportation - 0.5% |  |  |
| 2020 Bulkers Ltd (a)(c) | 1271181 | 15738068 |
| Stolt-Nielsen Ltd  | 892600 | 26202918 |
| TOTAL NORWAY |  | 41940986 |
| TAIWAN - 2.2%  |  |  |
| Information Technology - 2.2% |  |  |
| Semiconductors & Semiconductor Equipment - 2.2% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 417000 | 16017978 |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 659600 | 159372552 |
| TOTAL TAIWAN |  | 175390530 |
| UNITED KINGDOM - 1.7%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Household Durables - 0.2% |  |  |
| Vistry Group PLC (d) | 2518617 | 19405118 |
| Consumer Staples - 1.5% |  |  |
| Tobacco - 1.5% |  |  |
| British American Tobacco PLC  | 2209334 | 118370274 |
| TOTAL UNITED KINGDOM |  | 137775392 |
| UNITED STATES - 89.8%  |  |  |
| Communication Services - 10.9% |  |  |
| Interactive Media & Services - 9.5% |  |  |
| Alphabet Inc Class A  | 1904900 | 365550310 |
| Meta Platforms Inc Class A  | 514200 | 397702848 |
|  |  | 763253158 |
| Media - 0.8% |  |  |
| Comcast Corp Class A  | 1167992 | 38812374 |
| New York Times Co/The Class A  | 511500 | 26541735 |
|  |  | 65354109 |
| Wireless Telecommunication Services - 0.6% |  |  |
| T-Mobile US Inc  | 197100 | 46990611 |
| TOTAL COMMUNICATION SERVICES |  | 875597878 |
| Consumer Discretionary - 3.4% |  |  |
| Distributors - 0.3% |  |  |
| A-Mark Precious Metals Inc  | 991300 | 21094864 |
| Diversified Consumer Services - 0.6% |  |  |
| Service Corp International/US  | 584000 | 44565040 |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| Hilton Worldwide Holdings Inc  | 59100 | 15843528 |
| Marriott International Inc/MD Class A1  | 24500 | 6463835 |
| Starbucks Corp  | 800 | 71328 |
| Vail Resorts Inc (a) | 270400 | 40630304 |
| Wyndham Hotels & Resorts Inc  | 47300 | 4067800 |
|  |  | 67076795 |
| Household Durables - 1.7% |  |  |
| DR Horton Inc  | 68500 | 9784540 |
| PulteGroup Inc  | 64200 | 7249464 |
| Somnigroup International Inc (a) | 1652900 | 119636902 |
|  |  | 136670906 |
| TOTAL CONSUMER DISCRETIONARY |  | 269407605 |
| Consumer Staples - 3.0% |  |  |
| Beverages - 1.1% |  |  |
| Constellation Brands Inc Class A  | 223700 | 37366848 |
| Keurig Dr Pepper Inc  | 1637800 | 53474170 |
|  |  | 90841018 |
| Food Products - 0.0% |  |  |
| JM Smucker Co  | 16000 | 1717440 |
| Household Products - 0.4% |  |  |
| Reynolds Consumer Products Inc  | 1416400 | 31854836 |
| Tobacco - 1.5% |  |  |
| Altria Group Inc  | 126900 | 7860186 |
| Philip Morris International Inc  | 639600 | 104926380 |
|  |  | 112786566 |
| TOTAL CONSUMER STAPLES |  | 237199860 |
| Energy - 6.9% |  |  |
| Energy Equipment & Services - 0.5% |  |  |
| Archrock Inc  | 955700 | 22325152 |
| Kodiak Gas Services Inc  | 584900 | 18909817 |
|  |  | 41234969 |
| Oil, Gas & Consumable Fuels - 6.4% |  |  |
| Cheniere Energy Inc  | 63800 | 15049144 |
| Core Natural Resources Inc  | 101488 | 7490829 |
| DHT Holdings Inc  | 1489800 | 16521882 |
| Energy Transfer LP  | 5706800 | 102950672 |
| Enterprise Products Partners LP  | 2987100 | 92570229 |
| Exxon Mobil Corp  | 1171597 | 130797089 |
| MPLX LP  | 1088100 | 57125250 |
| Shell PLC ADR  | 1235000 | 89179350 |
|  |  | 511684445 |
| TOTAL ENERGY |  | 552919414 |
| Financials - 14.8% |  |  |
| Banks - 3.9% |  |  |
| Bank of America Corp  | 3281900 | 155135413 |
| Wells Fargo & Co  | 2003393 | 161533578 |
|  |  | 316668991 |
| Capital Markets - 5.0% |  |  |
| Ares Capital Corp (a) | 1735505 | 39274478 |
| Blue Owl Capital Corp  | 9496311 | 135607321 |
| Blue Owl Capital Inc Class A  | 2158400 | 41765040 |
| Cboe Global Markets Inc  | 266300 | 64188952 |
| Jefferies Financial Group Inc  | 318300 | 18353178 |
| KKR & Co Inc Class A  | 223200 | 32716656 |
| LPL Financial Holdings Inc  | 101400 | 40127022 |
| Raymond James Financial Inc  | 136600 | 22829958 |
|  |  | 394862605 |
| Consumer Finance - 0.2% |  |  |
| FirstCash Holdings Inc  | 147200 | 19620288 |
| Financial Services - 4.0% |  |  |
| Apollo Global Management Inc  | 869900 | 126413868 |
| Mastercard Inc Class A  | 121400 | 68769458 |
| UWM Holdings Corp Class A (a) | 2507800 | 10081356 |
| Visa Inc Class A  | 338993 | 117111912 |
|  |  | 322376594 |
| Insurance - 1.7% |  |  |
| Arthur J Gallagher & Co  | 110400 | 31712400 |
| Chubb Ltd  | 180900 | 48126636 |
| Marsh & McLennan Cos Inc  | 129900 | 25876080 |
| The Travelers Companies, Inc.  | 123800 | 32217712 |
|  |  | 137932828 |
| TOTAL FINANCIALS |  | 1191461306 |
| Health Care - 4.9% |  |  |
| Health Care Providers & Services - 2.0% |  |  |
| Cigna Group/The  | 143000 | 38235340 |
| Elevance Health Inc  | 36700 | 10389036 |
| Humana Inc  | 148700 | 37155669 |
| UnitedHealth Group Inc  | 273206 | 68181289 |
|  |  | 153961334 |
| Life Sciences Tools & Services - 1.2% |  |  |
| Bruker Corp  | 658300 | 25298469 |
| Danaher Corp  | 113800 | 22436808 |
| Thermo Fisher Scientific Inc  | 107200 | 50135296 |
|  |  | 97870573 |
| Pharmaceuticals - 1.7% |  |  |
| Eli Lilly & Co  | 12900 | 9546903 |
| Merck & Co Inc  | 370300 | 28927836 |
| Royalty Pharma PLC Class A  | 2756900 | 101453920 |
|  |  | 139928659 |
| TOTAL HEALTH CARE |  | 391760566 |
| Industrials - 18.0% |  |  |
| Aerospace & Defense - 4.5% |  |  |
| Boeing Co (d) | 1273900 | 282601976 |
| GE Aerospace  | 123350 | 33437718 |
| General Dynamics Corp  | 17600 | 5484336 |
| Howmet Aerospace Inc  | 39100 | 7029007 |
| Huntington Ingalls Industries Inc  | 95000 | 26491700 |
|  |  | 355044737 |
| Commercial Services & Supplies - 0.1% |  |  |
| Brink's Co/The  | 113475 | 9910907 |
| Construction & Engineering - 2.6% |  |  |
| Comfort Systems USA Inc  | 64700 | 45503510 |
| EMCOR Group Inc  | 212300 | 133216127 |
| Quanta Services Inc  | 75300 | 30581589 |
|  |  | 209301226 |
| Electrical Equipment - 3.9% |  |  |
| GE Vernova Inc  | 291587 | 192531980 |
| Regal Rexnord Corp  | 156100 | 23864568 |
| Vertiv Holdings Co Class A  | 650400 | 94698240 |
|  |  | 311094788 |
| Machinery - 3.7% |  |  |
| Allison Transmission Holdings Inc  | 1313559 | 118312259 |
| Cummins Inc  | 42300 | 15550326 |
| PACCAR Inc  | 434000 | 42861840 |
| Westinghouse Air Brake Technologies Corp  | 639100 | 122739155 |
|  |  | 299463580 |
| Professional Services - 3.0% |  |  |
| Paycom Software Inc  | 510100 | 118108554 |
| SS&C Technologies Holdings Inc  | 1463700 | 125117076 |
|  |  | 243225630 |
| Trading Companies & Distributors - 0.2% |  |  |
| Applied Industrial Technologies Inc  | 70400 | 19113600 |
| TOTAL INDUSTRIALS |  | 1447154468 |
| Information Technology - 22.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Corning Inc  | 303200 | 19174368 |
| Vontier Corp  | 6702 | 277932 |
|  |  | 19452300 |
| Semiconductors & Semiconductor Equipment - 12.3% |  |  |
| Amkor Technology Inc  | 337300 | 7609488 |
| Broadcom Inc  | 747400 | 219511380 |
| Marvell Technology Inc  | 449105 | 36094569 |
| Microchip Technology Inc  | 79200 | 5353128 |
| NVIDIA Corp  | 3899800 | 693657426 |
| Teradyne Inc  | 209200 | 22474356 |
|  |  | 984700347 |
| Software - 7.8% |  |  |
| Intuit Inc  | 68000 | 53388840 |
| Microsoft Corp  | 972000 | 518562000 |
| Salesforce Inc  | 222700 | 57530091 |
|  |  | 629480931 |
| Technology Hardware, Storage & Peripherals - 1.9% |  |  |
| Apple Inc  | 407472 | 84578963 |
| Dell Technologies Inc Class C  | 37400 | 4962606 |
| Seagate Technology Holdings PLC  | 185500 | 29125355 |
| Western Digital Corp  | 409500 | 32223555 |
|  |  | 150890479 |
| TOTAL INFORMATION TECHNOLOGY |  | 1784524057 |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Freeport-McMoRan Inc  | 123400 | 4965616 |
| Royal Gold Inc  | 169600 | 25680832 |
|  |  | 30646448 |
| Real Estate - 2.3% |  |  |
| Health Care REITs - 0.9% |  |  |
| Ventas Inc  | 1065600 | 71587008 |
| Industrial REITs - 0.0% |  |  |
| Rexford Industrial Realty Inc  | 82300 | 3006419 |
| Real Estate Management & Development - 0.4% |  |  |
| St Joe Co/The (a) | 588800 | 29734400 |
| Retail REITs - 0.4% |  |  |
| Simon Property Group Inc  | 178500 | 29236515 |
| Specialized REITs - 0.6% |  |  |
| Millrose Properties Inc Class A  | 1589700 | 47675103 |
| TOTAL REAL ESTATE |  | 181239445 |
| Utilities - 3.1% |  |  |
| Electric Utilities - 3.1% |  |  |
| Edison International  | 230100 | 11992812 |
| Exelon Corp  | 525330 | 23608330 |
| FirstEnergy Corp  | 1710300 | 73046913 |
| NextEra Energy Inc  | 1987600 | 141238856 |
|  |  | 249886911 |
| TOTAL UNITED STATES |  | 7211797958 |
| ZAMBIA - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| First Quantum Minerals Ltd (d) | 1781400 | 29942845 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,672,413,870) |  | <br> **8071447039** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** | &nbsp;&nbsp;**Money Market Funds - 1.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.33 | 4018808 | 4019611 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.33 | 101622524 | 101632686 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $105,652,297) |  |  | **105652297** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.8%**<br> (Cost $5,778,066,167)<br>| <br>**8177099336** |
| **NET OTHER ASSETS (LIABILITIES) - (1.8)%**  | **(141699801)** |
| **NET ASSETS - 100.0%** | **8035399535** |

---

**Legend**

(a) Security or a portion of the security is on loan at period end.

(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 $3,399,679 or 0.0% of net assets.

(c) Affiliated company

(d) Non-income producing.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(f) Investment made with cash collateral received from securities on loan.

**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 | 55877197 | 1997446704 | 2049304290 | 1559209 | - | - | 4019611 | 4018808 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 85660077 | 2428269343 | 2412296734 | 417461 | - | - | 101632686 | 101622524 | 0.4% |
| Total | 141537274 | 4425716047 | 4461601024 | 1976670 | - | - | 105652297 |  |  |

---

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  |
| 2020 Bulkers Ltd | 17371463 | - | - | 1334740 | - | (1633395) | 15738068 | 1271181 |
| Total | 17371463 | - | - | 1334740 | - | (1633395) | 15738068 |  |

---

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 July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 875597878 | 875597878 | - | - |
| Consumer Discretionary | 308648201 | 308648201 | - | - |
| Consumer Staples | 355570134 | 237199860 | 118370274 | - |
| Energy | 656287919 | 656287919 | - | - |
| Financials | 1388601716 | 1388601716 | - | - |
| Health Care | 414123523 | 414123523 | - | - |
| Industrials | 1504411801 | 1501012122 | 3399679 | - |
| Information Technology | 2039075992 | 1974740950 | 64335042 | - |
| Materials | 98003519 | 98003519 | - | - |
| Real Estate | 181239445 | 181239445 | - | - |
| Utilities | 249886911 | 249886911 | - | - |
|  **Money Market Funds** | 105652297 | 105652297 | - | - |
| **Total Investments in Securities:** | 8177099336 | 7990994341 | 186104995 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $97,301,463) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,657,586,226) | $8055708971 |  |
| Fidelity Central Funds (cost $105,652,297) | 105652297 |  |
| Other affiliated issuers (cost $14,827,644) | 15738068 |  |
| Total Investment in Securities (cost $5,778,066,167) |  | $8177099336 |
| Foreign currency held at value (cost $99) |  | 303 |
| Receivable for investments sold |  | 25685123 |
| Receivable for fund shares sold |  | 2127834 |
| Dividends receivable |  | 6463025 |
| Distributions receivable from Fidelity Central Funds |  | 122382 |
| Prepaid expenses |  | 1212 |
| Other receivables |  | 50406 |
| **Total assets** |  | 8211549621 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $67517309 |  |
| Payable for fund shares redeemed | 2514551 |  |
| Accrued management fee | 4368418 |  |
| Other payables and accrued expenses | 121994 |  |
| Collateral on securities loaned | 101627814 |  |
| **Total liabilities** |  | 176150086 |
| **Net Assets**  |  | $8035399535 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5149483708 |
| Total accumulated earnings (loss) |  | 2885915827 |
| **Net Assets** |  | $8035399535 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Dividend Growth :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($7,560,394,875 ÷ 177,984,438 shares) |  | $42.48 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($475,004,660 ÷ 11,198,031 shares) |  | $42.42 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends (including $1,334,740 earned from affiliated issuers) |  | $116559711 |
| Interest  |  | 5164 |
| Income from Fidelity Central Funds (including $417,461 from security lending)  |  | 1976670 |
| **Total income** |  | 118541545 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $46511695 |  |
| Performance adjustment | 3370620 |  |
| Custodian fees and expenses | 80780 |  |
| Independent trustees' fees and expenses | 30895 |  |
| Registration fees | 107911 |  |
| Audit fees | 95418 |  |
| Legal | 7683 |  |
| Interest | 66010 |  |
| Miscellaneous | 27165 |  |
| Total expenses before reductions | 50298177 |  |
| Expense reductions | (5888) |  |
| Total expenses after reductions |  | 50292289 |
| **Net Investment income (loss)** |  | 68249256 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $3,442,204)  | 745351844 |  |
| Redemptions in-kind | 199320043 |  |
| Foreign currency transactions | (424730) |  |
| Futures contracts | 1976803 |  |
| Total net realized gain (loss) |  | 946223960 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $660,496)  | 238182462 |  |
| Affiliated issuers  | (1633395) |  |
| Assets and liabilities in foreign currencies | 30710 |  |
| Total change in net unrealized appreciation (depreciation) |  | 236579777 |
| **Net gain (loss)** |  | 1182803737 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1251052993 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $68249256 | $71987648 |
| &nbsp;&nbsp;Net realized gain (loss) | 946223960<br>| 560423103<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 236579777 | 1026608738<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1251052993<br>| 1659019489<br>|
| Distributions to shareholders | (736239547)<br>| (220828148)<br>|
| Share transactions - net increase (decrease) | (459304731)<br>| 321191294<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 55508715<br>| 1759382635<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 7979890820 | 6220508185<br>|
| &nbsp;&nbsp;End of period | $8035399535 | $7979890820 |

---

**Financial Highlights** 

**Fidelity® Dividend Growth Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.71 | $32.22 | $32.82 | $36.80 | $26.38 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .35  | .37  | .47  | .44  | .42  |
| Net realized and unrealized gain (loss)  | 6.12  | 8.26  | 2.26  | (1.37)  | 10.59  |
| Total from investment operations  | 6.47  | 8.63  | 2.73  | (.93)  | 11.01  |
| Distributions from net investment income  | (.35)  | (.47)  | (.47)  | (.55)  | (.59)  |
| Distributions from net realized gain  | (3.35)  | (.67)  | (2.85)  | (2.50)  | -  |
| Total distributions  | (3.70)  | (1.14)  | (3.33) C | (3.05)  | (.59)  |
| Net asset value, end of period  | $42.48 | $39.71 | $32.22 | $32.82 | $36.80 |
| **Total Return** D | 17.62% <br>| 27.66%  | 9.39%  | (2.83)%  | 42.42%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .67%  | .71%  | .58%  | .48%  | .49%  |
| Expenses net of fee waivers, if any  | .67% <br>| .70%  | .58%  | .47%  | .49%  |
| Expenses net of all reductions, if any  | .67%  | .70%  | .58%  | .47%  | .48%  |
| Net investment income (loss)  | .89%  | 1.07%  | 1.57%  | 1.27%  | 1.31%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7560395 | $6859493 | $5711207 | $5660951 | $6114159 |
| Portfolio turnover rate G | 81% H<br>| 70%  | 66% H | 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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Fidelity® Dividend Growth Fund Class K**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $39.65 | $32.17 | $32.77 | $36.76 | $26.36 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .38  | .41  | .50  | .47  | .44  |
| Net realized and unrealized gain (loss)  | 6.10  | 8.25  | 2.26  | (1.37)  | 10.57  |
| Total from investment operations  | 6.48  | 8.66  | 2.76  | (.90)  | 11.01  |
| Distributions from net investment income  | (.36)  | (.50)  | (.50)  | (.59)  | (.61)  |
| Distributions from net realized gain  | (3.35)  | (.67)  | (2.85)  | (2.50)  | -  |
| Total distributions  | (3.71)  | (1.18) C | (3.36) C | (3.09)  | (.61)  |
| Net asset value, end of period  | $42.42 | $39.65 | $32.17 | $32.77 | $36.76 |
| **Total Return** D | 17.68% <br>| 27.79%  | 9.51%  | (2.75)%  | 42.53%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .59%  | .62%  | .49%  | .38%  | .39%  |
| Expenses net of fee waivers, if any  | .59% <br>| .61%  | .48%  | .38%  | .39%  |
| Expenses net of all reductions, if any  | .59%  | .61%  | .48%  | .38%  | .38%  |
| Net investment income (loss)  | .97%  | 1.16%  | 1.67%  | 1.36%  | 1.41%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $475005 | $1120398 | $509301 | $542465 | $807076 |
| Portfolio turnover rate G | 81% H<br>| 70%  | 66% H | 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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Financial Statements**

For the period ended July 31, 2025

**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 offers Dividend Growth and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense 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 July 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. 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. 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 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 financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity Dividend Growth Fund** | $50374 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. 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 declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the 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**  | $2578369752 |
| **Gross unrealized depreciation**  | <u>(224665732)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$2353704020</u> |
| **Tax Cost**  | <u>$5823395316</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$50006635</u> |
| **Undistributed long-term capital gain**  | <u>$527761104</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$2326257475</u> |

---

The Fund intends to elect to defer to its next fiscal year $18,109,387 of capital losses recognized during the period November 1, 2024 to July 31, 2025.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **July 31, 2025** | **July 31, 2024** |
| **Ordinary Income**  | $185379217 | $91693593 |
| **Long-term Capital Gains**  | <u>550860330</u> | <u>129134555</u> |
| **Total**  | <u>$736239547</u> | <u>$220828148</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. 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.

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 Dividend Growth Fund** | 6150572773 | 6740777595 |

---

**Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Dividend Growth Fund** | 10425311 | 199320043 | 402521265 |

---

**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 %** |
| **Dividend Growth** | .64 |
| **Class K** | .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 %** |
| **Dividend Growth** | .62 |
| **Class K** | .54 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity 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 annual performance adjustment was .04%.

**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** | 144174 |

---

**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 Dividend Growth Fund** | Borrower | 8909759 | 4.83% | 64561 |

---

**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** | 453712240 | 436822132 | 65539089 |

---

**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 Dividend Growth Fund** | 8605 |

---

**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 Dividend Growth Fund** | 43468 | 600 | - |

---

**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 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 Dividend Growth Fund** | 2568000 | 5.08% | 1449 |

---

**10. 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 $2,738.

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 $3,150.

**11. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Fidelity Dividend Growth Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Dividend Growth | $647245301 | $201197766 |
| Class K | <u>88994246</u> | <u>19630382</u> |
| Total  | <u>$736239547</u> | <u>$220828148</u> |

---

**12. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **July 31, 2025**  | **Year ended**<br> **July 31, 2024** | **Year ended** <br> **July 31, 2025**  | **Year ended**<br> **July 31, 2024** |
| **Fidelity Dividend Growth Fund** |  |  |  |  |
| **Dividend Growth** |  |  |  |  |
| Shares sold | 22536616 | 8680718 | $872369212 | $310821591 |
| Reinvestment of distributions | 16043805 | 5889377 | 611000572 | 190224048 |
| Shares redeemed | <u>(33321298)</u> | <u>(19111178)</u> | <u>(1284097584)</u> | <u>(659172223)</u> |
| Net increase (decrease) | <u>5259123</u> | <u>(4541083)</u> | <u>$199272200</u> | <u>$(158126584)</u> |
| **Class K** |  |  |  |  |
| Shares sold | 2674552 | 15987255 | $103589988 | $599252128 |
| Reinvestment of distributions | 2352752 | 599733 | 88994246 | 19630382 |
| Shares redeemed | <u>(22089276)</u> | <u>(4159717)</u> | <u>(851161165)</u> | <u>(139564632)</u> |
| Net increase (decrease) | <u>(17061972)</u> | <u>12427271</u> | <u>$(658576931)</u> | <u>$479317878</u> |

---

**13. 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.

**14. 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.

**15. Reorganization Information.**

The Board of Trustees of Fidelity Advisor Dividend Growth Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Advisor Dividend Growth Fund. The Agreement provided for the transfer of all the assets and the assumption of all the liabilities of Fidelity Advisor Dividend Growth Fund in exchange for corresponding shares of the Fund equal in value to the net assets of the Fund on the day the reorganization was effective.

The Fund's shareholders approved the reorganization that became effective on August 8, 2025. The reorganization qualified as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Securities Fund and Shareholders of Fidelity Dividend Growth Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Dividend Growth Fund (one of the funds constituting Fidelity Securities Fund, referred to hereafter as the "Fund") as of July 31, 2025, the related statement of operations for the year ended July 31, 2025, the statement of changes in net assets for each of the two years in the period ended July 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2025 and the financial highlights for each of the five years in the period ended July 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

September 10, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2025, $774,725,911, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.13% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax.

The fund designates 100% of the short-term capital gain dividends distributed in September, respectively during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The fund designates $584,936 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Dividend Growth designates 4%, 58%, 100%, 100%, and 100%; and Class K designates 4%, 55%, 100%, 100% and 100%; of the dividends distributed in September, October, December, April, and July, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Dividend Growth designates 16.81%, 63.91%, 100%, 100% and 100%; and Class K designates 16.81%, 60.20%, 100%, 100% and 100%; of the dividends distributed in September, October, December, April, and July, respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Dividend Growth designates 1.18%, and 0.53%; and Class K designates 1.18%, and 0.50%; of the dividends distributed in September and October 2024, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Dividend Growth Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered the effective management fee rate for the retail class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) of the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. The Board considered that the fund has a variable unified management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board further considered that, when compared to the total expenses of its competitors, the fund ranked below its competitive medians.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.

Based on its review, the Board concluded that the management fee of each class of the fund, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion**. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img111444_4.jpg)<br>

1.536090.128 DGF-ANN-0925

**Fidelity® Blue Chip Value Fund**

**Annual Report**

**July 31, 2025**

![](img111447_1.jpg)

![](img111447_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_BCV-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Blue Chip Value Fund](#Sub_Sec_Fund_1271_BCV-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements1271_BCV-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_BCV-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_BCV-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_BCV-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_BCV-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_BCV-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_BCV-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Blue Chip Value Fund**

**Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 95.8%** | &nbsp;&nbsp;**Common Stocks - 95.8%** | &nbsp;&nbsp;**Common Stocks - 95.8%** |
|  | Shares | Value ($)<br>|
| CANADA - 2.6%  |  |  |
| Consumer Staples - 1.2% |  |  |
| Consumer Staples Distribution & Retail - 1.2% |  |  |
| Alimentation Couche-Tard Inc  | 132000 | 6859122 |
| Materials - 1.4% |  |  |
| Chemicals - 1.4% |  |  |
| Nutrien Ltd (United States) (a) | 133600 | 7925152 |
| TOTAL CANADA |  | 14784274 |
| UNITED KINGDOM - 5.4%  |  |  |
| Health Care - 3.0% |  |  |
| Pharmaceuticals - 3.0% |  |  |
| Astrazeneca PLC ADR  | 232767 | 17012940 |
| Utilities - 2.4% |  |  |
| Multi-Utilities - 2.4% |  |  |
| National Grid PLC  | 937800 | 13178045 |
| TOTAL UNITED KINGDOM |  | 30190985 |
| UNITED STATES - 87.8%  |  |  |
| Communication Services - 9.4% |  |  |
| Entertainment - 2.0% |  |  |
| Walt Disney Co/The  | 95800 | 11410738 |
| Interactive Media & Services - 6.3% |  |  |
| Alphabet Inc Class A  | 149300 | 28650670 |
| Alphabet Inc Class C  | 33300 | 6422238 |
|  |  | 35072908 |
| Media - 1.1% |  |  |
| Comcast Corp Class A  | 183100 | 6084413 |
| TOTAL COMMUNICATION SERVICES |  | 52568059 |
| Consumer Discretionary - 8.4% |  |  |
| Broadline Retail - 2.3% |  |  |
| Amazon.com Inc (b) | 53900 | 12618529 |
| Diversified Consumer Services - 2.7% |  |  |
| H&R Block Inc  | 274220 | 14901115 |
| Household Durables - 2.2% |  |  |
| Lennar Corp Class A  | 65600 | 7359008 |
| Mohawk Industries Inc (b) | 41700 | 4775067 |
|  |  | 12134075 |
| Specialty Retail - 1.2% |  |  |
| Lowe's Cos Inc  | 32500 | 7266025 |
| TOTAL CONSUMER DISCRETIONARY |  | 46919744 |
| Consumer Staples - 6.2% |  |  |
| Beverages - 3.9% |  |  |
| Keurig Dr Pepper Inc  | 664700 | 21702455 |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Kroger Co/The  | 31452 | 2204785 |
| Food Products - 1.9% |  |  |
| Mondelez International Inc  | 162200 | 10492718 |
| TOTAL CONSUMER STAPLES |  | 34399958 |
| Energy - 11.1% |  |  |
| Oil, Gas & Consumable Fuels - 11.1% |  |  |
| Exxon Mobil Corp  | 253500 | 28300740 |
| Shell PLC ADR  | 464200 | 33519882 |
|  |  | 61820622 |
| Financials - 24.0% |  |  |
| Banks - 14.6% |  |  |
| Bank of America Corp  | 496300 | 23460102 |
| PNC Financial Services Group Inc/The  | 107800 | 20511106 |
| US Bancorp  | 352100 | 15830416 |
| Wells Fargo & Co  | 271300 | 21874919 |
|  |  | 81676543 |
| Capital Markets - 1.1% |  |  |
| Bank of New York Mellon Corp/The  | 65200 | 6614540 |
| Consumer Finance - 1.8% |  |  |
| Capital One Financial Corp  | 46500 | 9997500 |
| Insurance - 6.5% |  |  |
| Chubb Ltd  | 62800 | 16707312 |
| The Travelers Companies, Inc.  | 74400 | 19361856 |
|  |  | 36069168 |
| TOTAL FINANCIALS |  | 134357751 |
| Health Care - 5.2% |  |  |
| Health Care Providers & Services - 3.2% |  |  |
| Cigna Group/The  | 66800 | 17860984 |
| Pharmaceuticals - 2.0% |  |  |
| Merck & Co Inc  | 145100 | 11335212 |
| TOTAL HEALTH CARE |  | 29196196 |
| Industrials - 14.5% |  |  |
| Air Freight & Logistics - 2.5% |  |  |
| FedEx Corp  | 45600 | 10191144 |
| United Parcel Service Inc Class B  | 45300 | 3903048 |
|  |  | 14094192 |
| Building Products - 0.5% |  |  |
| Johnson Controls International plc  | 24700 | 2593500 |
| Electrical Equipment - 1.7% |  |  |
| Regal Rexnord Corp  | 61900 | 9463272 |
| Ground Transportation - 1.0% |  |  |
| Knight-Swift Transportation Holdings Inc  | 131700 | 5597250 |
| Machinery - 4.9% |  |  |
| Deere & Co  | 41300 | 21656481 |
| Dover Corp  | 32400 | 5868936 |
|  |  | 27525417 |
| Trading Companies & Distributors - 3.9% |  |  |
| Ferguson Enterprises Inc  | 98700 | 22042671 |
| TOTAL INDUSTRIALS |  | 81316302 |
| Information Technology - 5.7% |  |  |
| Semiconductors & Semiconductor Equipment - 1.8% |  |  |
| Micron Technology Inc  | 90600 | 9888084 |
| Software - 3.9% |  |  |
| Gen Digital Inc  | 739700 | 21813753 |
| TOTAL INFORMATION TECHNOLOGY |  | 31701837 |
| Materials - 3.3% |  |  |
| Chemicals - 1.6% |  |  |
| Mosaic Co/The  | 246000 | 8858460 |
| Construction Materials - 1.7% |  |  |
| CRH PLC  | 100200 | 9564090 |
| TOTAL MATERIALS |  | 18422550 |
| TOTAL UNITED STATES |  | 490703019 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $427,547,784) |  | <br> **535678278** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.6%** | &nbsp;&nbsp;**Money Market Funds - 4.6%** | &nbsp;&nbsp;**Money Market Funds - 4.6%** | &nbsp;&nbsp;**Money Market Funds - 4.6%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (c) | 4.33 | 22471136 | 22475630 |
| Fidelity Securities Lending Cash Central Fund (c)(d) | 4.33 | 3310544 | 3310875 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $25,786,505) |  |  | **25786505** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.4%**<br> (Cost $453,334,289)<br>| <br>**561464783** |
| **NET OTHER ASSETS (LIABILITIES) - (0.4)%**  | **(2454067)** |
| **NET ASSETS - 100.0%** | **559010716** |

---

**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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(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 | 10247856 | 231179967 | 218952193 | 671817 | - | - | 22475630 | 22471136 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 178648600 | 175337725 | 13302 | - | - | 3310875 | 3310544 | 0.0% |
| Total | 10247856 | 409828567 | 394289918 | 685119 | - | - | 25786505 |  |  |

---

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 July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 52568059 | 52568059 | - | - |
| Consumer Discretionary | 46919744 | 46919744 | - | - |
| Consumer Staples | 41259080 | 41259080 | - | - |
| Energy | 61820622 | 61820622 | - | - |
| Financials | 134357751 | 134357751 | - | - |
| Health Care | 46209136 | 46209136 | - | - |
| Industrials | 81316302 | 81316302 | - | - |
| Information Technology | 31701837 | 31701837 | - | - |
| Materials | 26347702 | 26347702 | - | - |
| Utilities | 13178045 | - | 13178045 | - |
|  **Money Market Funds** | 25786505 | 25786505 | - | - |
| **Total Investments in Securities:** | 561464783 | 548286738 | 13178045 | - |

---

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $3,232,940) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $427,547,784) | $535678278 |  |
| Fidelity Central Funds (cost $25,786,505) | 25786505 |  |
| Total Investment in Securities (cost $453,334,289) |  | $561464783 |
| Foreign currency held at value (cost $104,040) |  | 104023 |
| Receivable for investments sold |  | 2947056 |
| Receivable for fund shares sold |  | 59334 |
| Dividends receivable |  | 405643 |
| Reclaims receivable |  | 290913 |
| Distributions receivable from Fidelity Central Funds |  | 69527 |
| Prepaid expenses |  | 73 |
| Receivable from investment adviser for expense reductions |  | 3150 |
| Other receivables |  | 4 |
| **Total assets** |  | 565344506 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $2250595 |  |
| Payable for fund shares redeemed | 519529 |  |
| Accrued management fee | 199823 |  |
| Other payables and accrued expenses | 52968 |  |
| Collateral on securities loaned | 3310875 |  |
| **Total liabilities** |  | 6333790 |
| **Net Assets**  |  | $559010716 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $447071493 |
| Total accumulated earnings (loss) |  | 111939223 |
| **Net Assets** |  | $559010716 |
| **Net Asset Value**, offering price and redemption price per share ($559,010,716 ÷ 23,346,904 shares) |  | $23.94 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $15121474 |
| Income from Fidelity Central Funds (including $13,302 from security lending)  |  | 685119 |
| **Total income** |  | 15806593 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $4343345 |  |
| Performance adjustment | (839892) |  |
| Custodian fees and expenses | 10685 |  |
| Independent trustees' fees and expenses | 2722 |  |
| Registration fees | 29972 |  |
| Audit fees | 73474 |  |
| Legal | 1492 |  |
| Miscellaneous | 922 |  |
| Total expenses before reductions | 3622720 |  |
| Expense reductions | (3150) |  |
| Total expenses after reductions |  | 3619570 |
| **Net Investment income (loss)** |  | 12187023 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 15209288 |  |
| Foreign currency transactions | 35383 |  |
| Total net realized gain (loss) |  | 15244671 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (50138212) |  |
| Assets and liabilities in foreign currencies | 8137 |  |
| Total change in net unrealized appreciation (depreciation) |  | (50130075) |
| **Net gain (loss)** |  | (34885404) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(22698381) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $12187023 | $11003700 |
| &nbsp;&nbsp;Net realized gain (loss) | 15244671<br>| 50440884<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (50130075) | 15159413<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (22698381)<br>| 76603997<br>|
| Distributions to shareholders | (60188463)<br>| (26427278)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 59469783 | 121817314 |
| Reinvestment of distributions | 38173107<br>| 16188102<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (199575282) | (196908578) |
| **Net increase (decrease) in net assets resulting from share transactions** | (101932392)<br>| (58903162)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (184819236)<br>| (8726443)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 743829952 | 752556395<br>|
| &nbsp;&nbsp;End of period | $559010716 | $743829952 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 2403387 | 4927367 |
| Issued in reinvestment of distributions | 1527961<br>| 666826<br>|
| &nbsp;&nbsp;Redeemed | (8135049) | (7943369) |
| &nbsp;&nbsp;Net increase (decrease) | (4203701) | (2349176) |

---

**Financial Highlights** 

**Fidelity® Blue Chip Value Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $27.00 | $25.17 | $23.79 | $23.11 | $17.02 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .47  | .38  | .31  | .33  | .27  |
| Net realized and unrealized gain (loss)  | (1.30)  | 2.36  | 1.69  | .66  | 6.03  |
| Total from investment operations  | (.83)  | 2.74  | 2.00  | .99  | 6.30  |
| Distributions from net investment income  | (.42)  | (.38)  | (.26)  | (.31)  | (.21)  |
| Distributions from net realized gain  | (1.80)  | (.53)  | (.37)  | -  | -  |
| Total distributions  | (2.23) C | (.91)  | (.62) C | (.31)  | (.21)  |
| Net asset value, end of period  | $23.94 | $27.00 | $25.17 | $23.79 | $23.11 |
| **Total Return** D | (3.28)% <br>| 11.31%  | 8.61%  | 4.28%  | 37.36%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |
| Expenses before reductions  | .56%  | .85%  | .80%  | .63%  | .58%  |
| Expenses net of fee waivers, if any  | .56% <br>| .85%  | .79%  | .63%  | .58%  |
| Expenses net of all reductions, if any  | .56%  | .85%  | .79%  | .63%  | .58%  |
| Net investment income (loss)  | 1.88%  | 1.52%  | 1.32%  | 1.38%  | 1.35%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $559011 | $743830 | $752556 | $740985 | $525809 |
| Portfolio turnover rate G | 53% <br>| 39%  | 32%  | 41%  | 52%  |

---

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*Total distributions per share do not sum due to rounding.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements**

For the period ended July 31, 2025

**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. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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 July 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. 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. 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 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 financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions 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**  | $111168298 |
| **Gross unrealized depreciation**  | <u>(3158407)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$108009891</u> |
| **Tax Cost**  | <u>$453454892</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$3914620</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$108024604</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **July 31, 2025** | **July 31, 2024** |
| **Ordinary Income**  | $11420620 | $14423903 |
| **Long-term Capital Gains**  | <u>48767843</u> | <u>12003375</u> |
| **Total**  | <u>$60188463</u> | <u>$26427278</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Blue Chip Value Fund** | 335407238 | 497632033 |

---

**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.

Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Fidelity Blue Chip Value Fund** | .68 |

---

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Fidelity Blue Chip Value Fund** | .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 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 the Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was (.13)%.

**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** | 6902 |

---

**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** | 14439775 | 19793096 | 1164069 |

---

**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** | 760 |

---

**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** | 1408 | - | - |

---

**8. Expense Reductions.** 

During the period, the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $3,150.

**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.

**11. Proposed Reoganization.**

The Board of Trustees of the Fund approved an Agreement and Plan of Reorganization (the Agreement) between the Fund and Fidelity Advisor Value Leaders Fund. Pursuant to the Agreement the Fund will acquire all the assets and assume all the liabilities of the Fidelity Advisor Value Leaders Fund. The reorganization will be accomplished by an exchange of corresponding shares of the Fund for shares of Fidelity Advisor Value Leaders Fund at their net asset value on the date the reorganization is effective. The reorganization provides shareholders of Fidelity Advisor Value Leaders Fund access to a larger portfolio with a similar investment objective.

The Fidelity Advisor Value Leaders Fund shareholders approved the reorganization which is expected to become effective during September 2025. The reorganization is expected to qualify as a tax-free transaction for federal income tax purposes with no gain or loss recognized by the funds or their shareholders.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Securities Fund and Shareholders of Fidelity Blue Chip Value Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Blue Chip Value Fund (one of the funds constituting Fidelity Securities Fund, referred to hereafter as the "Fund") as of July 31, 2025, the related statement of operations for the year ended July 31, 2025, the statement of changes in net assets for each of the two years in the period ended July 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2025 and the financial highlights for each of the five years in the period ended July 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

September 12, 2025

We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2025, $14,689,451, or, if subsequently determined to be different, the net capital gain of such year.

The fund $371,329 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 100% and 82% of the dividends distributed in September and December respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Blue Chip Value Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance. The fund underperformed its benchmark and peers for the one- and three-year periods ended February 28, 2025, and as a result, the Board continues to engage in discussions with FMR about the steps it is taking to address the fund's performance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered the effective management fee rate for the retail class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) of the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee rate of the retail class ranked the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.

Based on its review, the Board concluded that the management fee of each class of the fund, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img111447_4.jpg)<br>

1.788861.122 BCV-ANN-0925

**Fidelity® Blue Chip Growth K6 Fund**

**Annual Report**

**July 31, 2025**

![](img111448_1.jpg)

![](img111448_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7Consolidated_BCFK6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Blue Chip Growth K6 Fund](#Sub_Sec_Fund_2945_BCFK6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements2945_BCFK6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_BCFK6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_BCFK6-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_BCFK6-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_BCFK6-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_BCFK6-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_BCFK6-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Blue Chip Growth K6 Fund**

**Consolidated Schedule of Investments July 31, 2025**

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>|
| BELGIUM - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| UCB SA  | 44100 | 9584762 |
| BRAZIL - 0.1%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (b) | 235700 | 2880254 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Wheaton Precious Metals Corp (United States)  | 132519 | 12126814 |
| TOTAL BRAZIL |  | 15007068 |
| CANADA - 1.3%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Specialty Retail - 0.2% |  |  |
| Aritzia Inc Subordinate Voting Shares (b) | 702688 | 37715724 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Cameco Corp  | 180036 | 13516993 |
| Information Technology - 0.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Celestica Inc (United States) (b) | 487114 | 97354604 |
| IT Services - 0.3% |  |  |
| Shopify Inc Class A (b) | 487076 | 59538151 |
| TOTAL INFORMATION TECHNOLOGY |  | 156892755 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Franco-Nevada Corp (United States)  | 64936 | 10346252 |
| TOTAL CANADA |  | 218471724 |
| CHINA - 0.3%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Tencent Holdings Ltd  | 316200 | 22137871 |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.0% |  |  |
| Hesai Group ADR (b) | 188600 | 3583400 |
| WeRide Inc ADR (c) | 411620 | 3778672 |
|  |  | 7362072 |
| Automobiles - 0.1% |  |  |
| BYD Co Ltd H Shares  | 615000 | 8979528 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Luckin Coffee Inc ADR (b) | 91200 | 3352511 |
| TOTAL CONSUMER DISCRETIONARY |  | 19694111 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Ant International Co Ltd Class C (d)(e) | 201988 | 381757 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Zhejiang Sanhua Intelligent Controls Co Ltd H Shares  | 970500 | 3207076 |
| Trading Companies & Distributors - 0.0% |  |  |
| ZKH Group Ltd Class A (b) | 30 | 3 |
| TOTAL INDUSTRIALS |  | 3207079 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Pony AI Inc ADR (c) | 419242 | 5634612 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Xiaomi Corp Class B ADR (b)(c) | 106500 | 3586920 |
| TOTAL INFORMATION TECHNOLOGY |  | 9221532 |
| TOTAL CHINA |  | 54642350 |
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Ascendis Pharma A/S ADR (b) | 69036 | 11977746 |
| FINLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Amer Sports Inc (b) | 1095962 | 41142413 |
| FRANCE - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Hermes International SCA  | 3255 | 7990118 |
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (b)(c) | 73161 | 3664634 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| SAP SE ADR  | 63408 | 18179074 |
| TOTAL GERMANY |  | 21843708 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Accelerant Holdings Class A (b) | 51000 | 1404540 |
| HONG KONG - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Futu Holdings Ltd Class A ADR  | 11300 | 1736584 |
| INDIA - 0.9%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| Bharti Airtel Ltd  | 300300 | 6542897 |
| Vodafone Idea Ltd (b) | 110777732 | 8704903 |
|  |  | 15247800 |
| Consumer Discretionary - 0.4% |  |  |
| Broadline Retail - 0.1% |  |  |
| Lenskart Solutions Pvt Ltd (d)(e) | 2451712 | 8727992 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Eternal Ltd (b) | 6997600 | 24443412 |
| MakeMyTrip Ltd (b) | 119001 | 11137304 |
|  |  | 35580716 |
| Specialty Retail - 0.1% |  |  |
| Aditya Birla Fashion and Retail Ltd (f) | 5515446 | 4559886 |
| Aditya Birla Lifestyle Brands Ltd  | 5515446 | 8979602 |
|  |  | 13539488 |
| TOTAL CONSUMER DISCRETIONARY |  | 57848196 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Patanjali Foods Ltd  | 326500 | 6955810 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Reliance Industries Ltd  | 1577982 | 24941702 |
| Reliance Industries Ltd GDR (g) | 38060 | 2397780 |
|  |  | 27339482 |
| Financials - 0.2% |  |  |
| Banks - 0.1% |  |  |
| HDFC Bank Ltd/Gandhinagar  | 109468 | 2514266 |
| HDFC Bank Ltd/Gandhinagar ADR  | 103921 | 7978016 |
| ICICI Bank Ltd ADR  | 225536 | 7600563 |
| Kotak Mahindra Bank Ltd  | 56600 | 1276314 |
|  |  | 19369159 |
| Capital Markets - 0.1% |  |  |
| Authum Investment & Infrastucture Ltd  | 486724 | 15351313 |
| Consumer Finance - 0.0% |  |  |
| Bajaj Finance Ltd  | 137000 | 1372188 |
| Financial Services - 0.0% |  |  |
| Jio Financial Services Ltd (b) | 747491 | 2797667 |
| TOTAL FINANCIALS |  | 38890327 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Hindustan Aeronautics Ltd (h) | 30100 | 1550459 |
| Passenger Airlines - 0.0% |  |  |
| InterGlobe Aviation Ltd (b)(g)(h) | 50000 | 3358306 |
| Transportation Infrastructure - 0.0% |  |  |
| JSW Infrastructure Ltd  | 451700 | 1560721 |
| TOTAL INDUSTRIALS |  | 6469486 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Pine Labs Ltd/India (d)(e) | 141040 | 506770 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Welspun Corp Ltd  | 738000 | 7843262 |
| TOTAL INDIA |  | 161101133 |
| ISRAEL - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd warrants 7/24/2032 (b)(e) | 78355 | 107346 |
| ITALY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Lottomatica Group Spa  | 485000 | 13084315 |
| JAPAN - 0.3%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.2% |  |  |
| Nintendo Co Ltd  | 472957 | 39529249 |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| Timee Inc (b) | 248529 | 3312083 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Allegro MicroSystems Inc (b) | 321581 | 10100859 |
| TOTAL JAPAN |  | 52942191 |
| LUXEMBOURG - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| CVC Capital Partners PLC (g)(h) | 312374 | 6028097 |
| NETHERLANDS - 0.9%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Adyen NV (b)(g)(h) | 3200 | 5488486 |
| Information Technology - 0.9% |  |  |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| NXP Semiconductors NV  | 667375 | 142664754 |
| TOTAL NETHERLANDS |  | 148153240 |
| SWITZERLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| On Holding AG Class A (b) | 611734 | 29711920 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Galderma Group AG  | 60055 | 9426916 |
| TOTAL SWITZERLAND |  | 39138836 |
| TAIWAN - 1.0%  |  |  |
| Information Technology - 1.0% |  |  |
| Semiconductors & Semiconductor Equipment - 1.0% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 691032 | 166967152 |
| UNITED KINGDOM - 0.4%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Flutter Entertainment PLC (b) | 69034 | 20866217 |
| Flutter Entertainment PLC (United Kingdom) (b) | 51372 | 15672064 |
|  |  | 36538281 |
| Consumer Staples - 0.1% |  |  |
| Tobacco - 0.1% |  |  |
| British American Tobacco PLC ADR  | 186449 | 10008582 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| 3i Group PLC  | 200751 | 10969470 |
| Financial Services - 0.0% |  |  |
| Revolut Group Holdings Ltd (d)(e) | 3207 | 3343586 |
| TOTAL FINANCIALS |  | 14313056 |
| TOTAL UNITED KINGDOM |  | 60859919 |
| UNITED STATES - 91.8%  |  |  |
| Communication Services - 17.2% |  |  |
| Entertainment - 4.8% |  |  |
| Cinemark Holdings Inc (c) | 294600 | 7915902 |
| Netflix Inc (b) | 483717 | 560821491 |
| ROBLOX Corp Class A (b) | 1262474 | 173956292 |
| Spotify Technology SA (b) | 86808 | 54388684 |
| Take-Two Interactive Software Inc (b) | 130939 | 29164043 |
| Walt Disney Co/The  | 13600 | 1619896 |
|  |  | 827866308 |
| Interactive Media & Services - 12.4% |  |  |
| Alphabet Inc Class A  | 4419461 | 848094566 |
| Epic Games Inc (b)(d)(e) | 607 | 465429 |
| Meta Platforms Inc Class A  | 1381510 | 1068515095 |
| Reddit Inc Class A (b) | 150191 | 24119173 |
| Reddit Inc Class B (b) | 30951 | 4970421 |
| Snap Inc Class A (b)(c) | 17120075 | 161442307 |
|  |  | 2107606991 |
| Media - 0.0% |  |  |
| MNTN Inc (f) | 62139 | 1749834 |
| TOTAL COMMUNICATION SERVICES |  | 2937223133 |
| Consumer Discretionary - 14.8% |  |  |
| Automobiles - 1.6% |  |  |
| Neutron Holdings Inc (b)(d)(e) | 491550 | 34163 |
| Rad Power Bikes Inc (b)(d)(e) | 101681 | 5084 |
| Rad Power Bikes Inc warrants 10/6/2033 (b)(d)(e) | 110642 | 9958 |
| Rivian Automotive Inc Class A (b)(c) | 1186700 | 15272829 |
| Tesla Inc (b) | 827163 | 254989538 |
|  |  | 270311572 |
| Broadline Retail - 5.9% |  |  |
| Amazon.com Inc (b) | 4337322 | 1015410453 |
| Diversified Consumer Services - 0.0% |  |  |
| Bright Horizons Family Solutions Inc (b) | 44043 | 4981263 |
| Hotels, Restaurants & Leisure - 2.0% |  |  |
| BJ's Restaurants Inc (b) | 41900 | 1484517 |
| Brinker International Inc (b)(c) | 131303 | 20693353 |
| Cava Group Inc (b) | 101430 | 8926854 |
| Chipotle Mexican Grill Inc (b) | 1787526 | 76649115 |
| DoorDash Inc Class A (b) | 66200 | 16566550 |
| DraftKings Inc Class A (b) | 998703 | 44981583 |
| Dutch Bros Inc Class A (b) | 70672 | 4188729 |
| Planet Fitness Inc Class A (b) | 124457 | 13589460 |
| Royal Caribbean Cruises Ltd  | 42381 | 13471648 |
| Sonder Holdings Inc Stage 1 rights (b)(e) | 1448 | 0 |
| Sonder Holdings Inc Stage 2 rights (b)(e) | 1447 | 0 |
| Sonder Holdings Inc Stage 3 rights (b)(e) | 1447 | 0 |
| Sonder Holdings Inc Stage 4 rights (b)(e) | 1447 | 0 |
| Sonder Holdings Inc Stage 5 rights (b)(e) | 1447 | 0 |
| Sonder Holdings Inc Stage 5 rights (b)(e) | 1447 | 0 |
| Sportradar Holding AG Class A (b) | 112800 | 3335496 |
| Starbucks Corp  | 1292254 | 115217367 |
| Sweetgreen Inc Class A (b)(c) | 624964 | 8049536 |
| Yum! Brands Inc  | 96090 | 13851374 |
|  |  | 341005582 |
| Household Durables - 1.0% |  |  |
| DR Horton Inc  | 66811 | 9543283 |
| Lennar Corp Class A  | 45796 | 5137395 |
| PulteGroup Inc  | 79480 | 8974882 |
| SharkNinja Inc (b)(c) | 1140144 | 132370719 |
| Somnigroup International Inc  | 197650 | 14305907 |
| Toll Brothers Inc  | 30200 | 3574472 |
|  |  | 173906658 |
| Leisure Products - 0.1% |  |  |
| Peloton Interactive Inc Class A (b)(c) | 2701059 | 19285561 |
| Specialty Retail - 2.6% |  |  |
| Abercrombie & Fitch Co Class A (b) | 233737 | 22443427 |
| Bath & Body Works Inc  | 334497 | 9687033 |
| Burlington Stores Inc (b) | 42161 | 11508267 |
| Carvana Co Class A (b) | 241962 | 94406314 |
| Fanatics Inc Class A (b)(d)(e) | 225366 | 13724789 |
| Five Below Inc (b) | 255170 | 34835808 |
| Home Depot Inc/The  | 56689 | 20833774 |
| Lowe's Cos Inc  | 396898 | 88734486 |
| O'Reilly Automotive Inc (b) | 16305 | 1603108 |
| Restoration Hardware Inc (b)(c) | 266391 | 54775317 |
| TJX Cos Inc/The  | 591675 | 73681288 |
| Urban Outfitters Inc (b) | 69300 | 5216904 |
| Warby Parker Inc Class A (b) | 60900 | 1458555 |
| Wayfair Inc Class A (b) | 312347 | 20502457 |
|  |  | 453411527 |
| Textiles, Apparel & Luxury Goods - 1.6% |  |  |
| Capri Holdings Ltd (b) | 1267042 | 23047494 |
| Deckers Outdoor Corp (b) | 721909 | 76645079 |
| Levi Strauss & Co Class A  | 120400 | 2370676 |
| Lululemon Athletica Inc (b) | 493576 | 98976795 |
| NIKE Inc Class B  | 657952 | 49142435 |
| Tapestry Inc  | 66900 | 7227207 |
| Under Armour Inc Class A (b)(c) | 2289533 | 15202499 |
|  |  | 272612185 |
| TOTAL CONSUMER DISCRETIONARY |  | 2550924801 |
| Consumer Staples - 2.2% |  |  |
| Beverages - 0.2% |  |  |
| Celsius Holdings Inc (b) | 147269 | 6677176 |
| Coca-Cola Co/The  | 507776 | 34472913 |
|  |  | 41150089 |
| Consumer Staples Distribution & Retail - 1.5% |  |  |
| Costco Wholesale Corp  | 115145 | 108194849 |
| Dollar General Corp  | 192000 | 20140800 |
| Dollar Tree Inc (b) | 237966 | 27021039 |
| Kroger Co/The  | 50600 | 3547060 |
| Walmart Inc  | 1084280 | 106237754 |
|  |  | 265141502 |
| Food Products - 0.1% |  |  |
| Freshpet Inc (b) | 130018 | 8882830 |
| Real Good Food Co LLC /The Class B (b)(e) | 11626 | 0 |
| Real Good Food Co LLC /The Class B unit (b)(g) | 11626 | 1162 |
|  |  | 8883992 |
| Tobacco - 0.4% |  |  |
| JUUL Labs Inc Class A (b)(d)(e) | 6987609 | 9573024 |
| Philip Morris International Inc  | 370212 | 60733279 |
|  |  | 70306303 |
| TOTAL CONSUMER STAPLES |  | 385481886 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Cheniere Energy Inc  | 22560 | 5321452 |
| Financials - 4.2% |  |  |
| Capital Markets - 1.8% |  |  |
| Ares Management Corp Class A  | 124127 | 23029282 |
| Blue Owl Capital Inc Class A  | 1591897 | 30803207 |
| Charles Schwab Corp/The  | 246851 | 24124748 |
| Coinbase Global Inc Class A (b) | 29400 | 11106144 |
| Galaxy Digital Inc Class A (c) | 159700 | 4537876 |
| Goldman Sachs Group Inc/The  | 85350 | 61758407 |
| KKR & Co Inc Class A  | 190056 | 27858408 |
| Moody's Corp  | 44618 | 23010841 |
| Morgan Stanley  | 188838 | 26901861 |
| Robinhood Markets Inc Class A (b) | 676177 | 69680040 |
|  |  | 302810814 |
| Consumer Finance - 0.0% |  |  |
| American Express Co  | 25152 | 7528245 |
| Financial Services - 2.4% |  |  |
| Affirm Holdings Inc Class A (b) | 635398 | 43562887 |
| Apollo Global Management Inc  | 255016 | 37058925 |
| Mastercard Inc Class A  | 388305 | 219963134 |
| Mr Cooper Group Inc (b) | 2500 | 389300 |
| Rocket Cos Inc Class A (c) | 421543 | 6226190 |
| Toast Inc Class A (b) | 374585 | 18294731 |
| Visa Inc Class A  | 235226 | 81263527 |
|  |  | 406758694 |
| Insurance - 0.0% |  |  |
| Slide Insurance Holdings Inc  | 126600 | 2380080 |
| TOTAL FINANCIALS |  | 719477833 |
| Health Care - 5.1% |  |  |
| Biotechnology - 1.1% |  |  |
| AbbVie Inc  | 143216 | 27070688 |
| Alnylam Pharmaceuticals Inc (b) | 93351 | 36615996 |
| Apogee Therapeutics Inc (b) | 58508 | 2238516 |
| Arcellx Inc (b) | 20373 | 1454428 |
| Avidity Biosciences Inc (b) | 51113 | 1876358 |
| Caris Life Sciences Inc (b) | 28300 | 794664 |
| Cibus Inc Class A (b) | 8124 | 12024 |
| Gilead Sciences Inc  | 775183 | 87045300 |
| Janux Therapeutics Inc (b) | 52683 | 1265182 |
| Legend Biotech Corp ADR (b) | 112467 | 4394086 |
| Moderna Inc (b) | 207716 | 6140085 |
| MoonLake Immunotherapeutics Class A (b) | 70924 | 3577407 |
| Natera Inc (b) | 25296 | 3381063 |
| Scholar Rock Holding Corp (b) | 94810 | 3512711 |
| Soleno Therapeutics Inc (b) | 45700 | 3951679 |
| Viking Therapeutics Inc (b) | 138818 | 4521302 |
|  |  | 187851489 |
| Health Care Equipment & Supplies - 1.3% |  |  |
| Blink Health LLC Class A1 (b)(d)(e) | 7044 | 256331 |
| Boston Scientific Corp (b) | 1617982 | 169758672 |
| GE HealthCare Technologies Inc  | 22900 | 1633228 |
| Glaukos Corp (b) | 52111 | 4486236 |
| Insulet Corp (b) | 82498 | 23792423 |
| Kestra Medical Technologies Ltd  | 98264 | 1621356 |
| Stryker Corp  | 61810 | 24274641 |
|  |  | 225822887 |
| Health Care Providers & Services - 0.4% |  |  |
| Cardinal Health Inc  | 166479 | 25840870 |
| Cencora Inc  | 56123 | 16055668 |
| McKesson Corp  | 36768 | 25500079 |
|  |  | 67396617 |
| Health Care Technology - 0.1% |  |  |
| Claritev Corp warrants (b) | 13856 | 0 |
| Veeva Systems Inc Class A (b) | 30000 | 8526000 |
| Waystar Holding Corp (b) | 202113 | 7474139 |
|  |  | 16000139 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Thermo Fisher Scientific Inc  | 15200 | 7108736 |
| Veterinary Emergency Group (b)(d)(e)(i) | 62379 | 5031490 |
|  |  | 12140226 |
| Pharmaceuticals - 2.2% |  |  |
| Eli Lilly & Co  | 503585 | 372688151 |
| Structure Therapeutics Inc ADR (b) | 70600 | 1256680 |
|  |  | 373944831 |
| TOTAL HEALTH CARE |  | 883156189 |
| Industrials - 5.5% |  |  |
| Aerospace & Defense - 2.7% |  |  |
| Anduril Industries Inc Class B (d)(e) | 6297 | 257421 |
| Anduril Industries Inc Class C (d)(e) | 3 | 123 |
| Axon Enterprise Inc (b) | 57004 | 43065952 |
| Boeing Co (b) | 558068 | 123801805 |
| GE Aerospace  | 337804 | 91571908 |
| Howmet Aerospace Inc  | 270824 | 48686030 |
| Relativity Space Inc (b)(e) | 3833 | 4063 |
| Space Exploration Technologies Corp (b)(d)(e) | 519625 | 110160501 |
| Space Exploration Technologies Corp Class C (b)(d)(e) | 162357 | 34419684 |
| StandardAero Inc  | 45645 | 1303165 |
|  |  | 453270652 |
| Building Products - 0.1% |  |  |
| Builders FirstSource Inc (b) | 88100 | 11200153 |
| Carrier Global Corp  | 49400 | 3389828 |
| Lennox International Inc  | 2700 | 1644300 |
| Trex Co Inc (b)(c) | 81889 | 5260549 |
|  |  | 21494830 |
| Construction & Engineering - 0.0% |  |  |
| Comfort Systems USA Inc  | 9300 | 6540690 |
| Fluor Corp (b) | 30400 | 1725808 |
|  |  | 8266498 |
| Electrical Equipment - 0.7% |  |  |
| Emerson Electric Co  | 37300 | 5427523 |
| GE Vernova Inc  | 159763 | 105489911 |
| Vertiv Holdings Co Class A  | 30300 | 4411680 |
|  |  | 115329114 |
| Ground Transportation - 1.1% |  |  |
| Knight-Swift Transportation Holdings Inc  | 72200 | 3068499 |
| Lyft Inc Class A (b) | 1210046 | 17013247 |
| Uber Technologies Inc (b) | 1801862 | 158113391 |
|  |  | 178195137 |
| Industrial Conglomerates - 0.0% |  |  |
| 3M Co  | 31017 | 4628357 |
| Machinery - 0.0% |  |  |
| PACCAR Inc  | 33700 | 3328212 |
| RBC Bearings Inc (b) | 11900 | 4609346 |
|  |  | 7937558 |
| Passenger Airlines - 0.3% |  |  |
| Alaska Air Group Inc (b) | 164096 | 8690524 |
| Delta Air Lines Inc  | 336896 | 17926236 |
| United Airlines Holdings Inc (b) | 297695 | 26289446 |
|  |  | 52906206 |
| Trading Companies & Distributors - 0.6% |  |  |
| Ferguson Enterprises Inc  | 45818 | 10232534 |
| FTAI Aviation Ltd (c) | 687924 | 94665222 |
|  |  | 104897756 |
| TOTAL INDUSTRIALS |  | 946926108 |
| Information Technology - 41.3% |  |  |
| Communications Equipment - 0.1% |  |  |
| Lumentum Holdings Inc (b) | 219897 | 24206261 |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Amphenol Corp Class A  | 432397 | 46054605 |
| Coherent Corp (b) | 270052 | 29057595 |
| Corning Inc  | 39100 | 2472684 |
|  |  | 77584884 |
| IT Services - 1.3% |  |  |
| Cloudflare Inc Class A (b) | 101317 | 21041515 |
| CoreWeave Inc Class A (f) | 616760 | 70390819 |
| CoreWeave Inc Class A (e)(f) | 40036 | 4569308 |
| IBM Corporation  | 24400 | 6176860 |
| MongoDB Inc Class A (b) | 21100 | 5019479 |
| Snowflake Inc (b) | 277206 | 61955541 |
| Twilio Inc Class A (b) | 323100 | 41679900 |
| X.Ai Holdings Corp Class A (d)(e) | 127494 | 4661181 |
|  |  | 215494603 |
| Semiconductors & Semiconductor Equipment - 25.0% |  |  |
| Astera Labs Inc (b) | 695288 | 95066728 |
| Broadcom Inc  | 2694482 | 791369363 |
| GlobalFoundries Inc (b) | 821128 | 30701976 |
| Impinj Inc (b) | 56116 | 8674411 |
| Marvell Technology Inc  | 4212277 | 338540702 |
| Monolithic Power Systems Inc  | 157319 | 111891566 |
| NVIDIA Corp  | 16262435 | 2892599314 |
| ON Semiconductor Corp (b) | 380647 | 21453265 |
|  |  | 4290297325 |
| Software - 10.0% |  |  |
| Applied Intuition Inc Class A (b)(d)(e) | 7903 | 1077021 |
| AppLovin Corp Class A (b) | 616885 | 241016970 |
| Celestial AI Inc (d)(e) | 10310 | 175167 |
| Circle Internet Group Inc (f) | 137547 | 25242625 |
| Crowdstrike Holdings Inc Class A (b) | 31597 | 14363048 |
| Figma Inc (f) | 60051 | 6935891 |
| Figma Inc Class A  | 41800 | 4827900 |
| Microsoft Corp  | 1941336 | 1035702757 |
| MicroStrategy Inc Class A (b) | 48410 | 19454043 |
| Monday.com Ltd (b) | 40111 | 10520714 |
| OpenAI Global LLC rights (b)(d)(e) | 6979271 | 10259528 |
| OpenAI Global LLC rights (b)(d)(e) | 1350877 | 1350877 |
| Oracle Corp  | 671437 | 170390567 |
| Palantir Technologies Inc Class A (b) | 348980 | 55260983 |
| Servicenow Inc (b) | 121095 | 114207116 |
| Stripe Inc Class B (b)(d)(e) | 19200 | 681600 |
| Unity Software Inc (b) | 210000 | 7005600 |
| Zscaler Inc (b) | 6100 | 1741916 |
|  |  | 1720214323 |
| Technology Hardware, Storage & Peripherals - 4.4% |  |  |
| Apple Inc  | 3614279 | 750215892 |
| Sandisk Corp/DE  | 66091 | 2836626 |
| Super Micro Computer Inc (b)(c) | 110800 | 6533876 |
|  |  | 759586394 |
| TOTAL INFORMATION TECHNOLOGY |  | 7087383790 |
| Materials - 0.8% |  |  |
| Chemicals - 0.2% |  |  |
| Sherwin-Williams Co/The  | 123477 | 40856070 |
| Construction Materials - 0.4% |  |  |
| CRH PLC  | 67882 | 6479336 |
| James Hardie Industries PLC ADR (b) | 521323 | 13523119 |
| Martin Marietta Materials Inc  | 26594 | 15288359 |
| Vulcan Materials Co  | 61746 | 16959774 |
|  |  | 52250588 |
| Metals & Mining - 0.2% |  |  |
| Carpenter Technology Corp  | 144113 | 35940341 |
| TOTAL MATERIALS |  | 129046999 |
| Real Estate - 0.5% |  |  |
| Health Care REITs - 0.5% |  |  |
| Welltower Inc  | 469344 | 77474614 |
| Real Estate Management & Development - 0.0% |  |  |
| Zillow Group Inc Class C (b) | 191838 | 15260713 |
| TOTAL REAL ESTATE |  | 92735327 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.1% |  |  |
| Entergy Corp  | 57900 | 5235896 |
| NRG Energy Inc  | 53700 | 8978640 |
|  |  | 14214536 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Vistra Corp  | 69400 | 14472676 |
| TOTAL UTILITIES |  | 28687212 |
| TOTAL UNITED STATES |  | 15766364730 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $7,990,345,913) |  | <br> **16798547972** |

---

---

| | | |
|:---|:---|:---|
| &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 (d)(e) | 237400 | 750801 |
| Neutron Holdings Inc 4% 6/12/2027 (d)(e) | 64200 | 203039 |
| Neutron Holdings Inc 8% 10/29/2026 (d)(e)(j) | 2901461 | 3939604 |
|  |  | 4893444 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 10% 5/12/2199 (d)(e) | 20586 | 14458 |
| TOTAL UNITED STATES |  | 4907902 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $3,223,647) |  | <br> **4907902** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Convertible Preferred Stocks - 1.6%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.6%** | &nbsp;&nbsp;**Convertible Preferred Stocks - 1.6%** |
|  | Shares | Value ($)<br>|
| CANADA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Taalas Inc Series B (d)(e) | 38100 | 2099690 |
| CHINA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| ByteDance Ltd Series E1 (b)(d)(e) | 31950 | 7495790 |
| ESTONIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Bolt Technology OU Series E (b)(d)(e) | 20165 | 4292254 |
| FINLAND - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Health Care Technology - 0.1% |  |  |
| Oura Health Oy Series D (d)(e) | 215427 | 9571422 |
| INDIA - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Meesho Series D-2 (d)(e) | 2792940 | 4105622 |
| Meesho Series E (d)(e) | 465240 | 683903 |
| Meesho Series E-1 (d)(e) | 278940 | 410041 |
| Meesho Series F (d)(e) | 4321710 | 6352914 |
|  |  | 11552480 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Pine Labs Ltd/India Series 1 (d)(e) | 337275 | 1211860 |
| Pine Labs Ltd/India Series A (d)(e) | 84319 | 302966 |
| Pine Labs Ltd/India Series B (d)(e) | 91695 | 329469 |
| Pine Labs Ltd/India Series B2 (d)(e) | 74144 | 266406 |
| Pine Labs Ltd/India Series C (d)(e) | 137988 | 495804 |
| Pine Labs Ltd/India Series C1 (d)(e) | 28996 | 104185 |
| Pine Labs Ltd/India Series D (d)(e) | 31031 | 111497 |
|  |  | 2822187 |
| TOTAL INDIA |  | 14374667 |
| ISRAEL - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Element Labs Inc Series A (d)(e) | 216700 | 1711930 |
| Element Labs Inc Series B (d)(e) | 144300 | 1265511 |
|  |  | 2977441 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd Series D (b)(d)(e) | 130900 | 168861 |
| Xsight Labs Ltd Series F (d)(e) | 261182 | 1099576 |
|  |  | 1268437 |
| TOTAL ISRAEL |  | 4245878 |
| UNITED STATES - 1.4%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Neutron Holdings Inc Series 1C (b)(d)(e) | 3178083 | 220877 |
| Neutron Holdings Inc Series 1D (b)(d)(e) | 5904173 | 410340 |
| Rad Power Bikes Inc Series A (b)(d)(e) | 13256 | 662 |
| Rad Power Bikes Inc Series C (b)(d)(e) | 52162 | 4695 |
| Rad Power Bikes Inc Series D (b)(d)(e) | 102800 | 14392 |
| Waymo LLC Series A2 (b)(d)(e) | 7817 | 570094 |
| Waymo LLC Series C2 (d)(e) | 35524 | 3006396 |
|  |  | 4227456 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Discord Inc Series I (b)(d)(e) | 700 | 173544 |
| TOTAL CONSUMER DISCRETIONARY |  | 4401000 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| GoBrands Inc Series G (b)(d)(e) | 18300 | 686250 |
| GoBrands Inc Series H (b)(d)(e) | 11467 | 551104 |
|  |  | 1237354 |
| Food Products - 0.0% |  |  |
| AgBiome LLC Series C (b)(d)(e) | 68700 | 1 |
| Tobacco - 0.0% |  |  |
| JUUL Labs Inc Series E (b)(d)(e) | 12508 | 17136 |
| TOTAL CONSUMER STAPLES |  | 1254491 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Akeana Series C (b)(d)(e) | 85300 | 1122548 |
| Tenstorrent Holdings Inc Series C1 (b)(d)(e) | 16673 | 1236803 |
| Tenstorrent Holdings Inc Series D1 (b)(d)(e) | 26748 | 2101858 |
| Tenstorrent Holdings Inc Series D2 (b)(d)(e) | 7862 | 596175 |
|  |  | 5057384 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Neurona Therapeutics Inc Series F (d)(e) | 438700 | 903722 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Blink Health LLC Series C (b)(d)(e) | 16970 | 617538 |
| Blink Health LLC Series D (b)(d)(e) | 3936 | 143231 |
|  |  | 760769 |
| TOTAL HEALTH CARE |  | 1664491 |
| Industrials - 0.6% |  |  |
| Aerospace & Defense - 0.6% |  |  |
| ABL Space Systems Co Series A10 (d)(e) | 183227 | 76955 |
| ABL Space Systems Co Series A8 (d)(e) | 33728 | 14166 |
| ABL Space Systems Co Series A9 (d)(e) | 19187 | 8059 |
| Anduril Industries Inc Series F (d)(e) | 129683 | 5301441 |
| Anduril Industries Inc Series G (d)(e) | 59000 | 2411920 |
| Space Exploration Technologies Corp Series G (b)(d)(e) | 4374 | 9272880 |
| Space Exploration Technologies Corp Series J (b)(d)(e) | 29526 | 62595120 |
| Space Exploration Technologies Corp Series N (b)(d)(e) | 8141 | 17258920 |
|  |  | 96939461 |
| Air Freight & Logistics - 0.0% |  |  |
| Zipline International Inc Series G (b)(d)(e) | 65890 | 2725210 |
| Construction & Engineering - 0.0% |  |  |
| Beta Technologies Inc Series A (b)(d)(e) | 11104 | 1271075 |
| Beta Technologies Inc Series C, 6% (d)(e) | 6055 | 721998 |
|  |  | 1993073 |
| Electrical Equipment - 0.0% |  |  |
| Empower Semiconductor Inc Series D (d)(e) | 270300 | 2165103 |
| TOTAL INDUSTRIALS |  | 103822847 |
| Information Technology - 0.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Cellink Corp Series D (b)(d)(e) | 92760 | 333936 |
| Enevate Corp Series E (b)(d)(e) | 1325513 | 410909 |
| Frore Systems Inc Series C (b)(d)(e) | 85893 | 1400056 |
| Menlo Microsystems Inc Series C (b)(d)(e) | 560500 | 308275 |
|  |  | 2453176 |
| IT Services - 0.3% |  |  |
| Gupshup Inc (b)(d)(e) | 78911 | 373249 |
| X.Ai Holdings Corp Series B (d)(e) | 872295 | 31891106 |
| X.Ai Holdings Corp Series C (d)(e) | 160442 | 5865760 |
| Yanka Industries Inc Series F (b)(d)(e) | 55991 | 240761 |
|  |  | 38370876 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Alif Semiconductor Series C (b)(d)(e) | 47598 | 1258015 |
| Alif Semiconductor Series D (d)(e) | 50000 | 1406500 |
| Danger Devices Inc Series B (d)(e) | 1028200 | 925380 |
| Retym Inc Series C (b)(d)(e) | 154149 | 1607774 |
| Retym Inc Series D (d)(e) | 45360 | 498506 |
| SiMa Technologies Inc Series B (b)(d)(e) | 313000 | 1949990 |
| SiMa Technologies Inc Series B1 (b)(d)(e) | 20966 | 153052 |
|  |  | 7799217 |
| Software - 0.4% |  |  |
| Algolia Inc Series D (b)(d)(e) | 30436 | 593502 |
| Anthropic PBC Series D (b)(d)(e) | 92022 | 14185192 |
| Anthropic PBC Series E (d)(e) | 9200 | 1356908 |
| Applied Intuition Inc Series A2 (b)(d)(e) | 10287 | 1401912 |
| Applied Intuition Inc Series B2 (b)(d)(e) | 4960 | 675949 |
| Celestial AI Inc Series A (d)(e) | 65737 | 1116872 |
| Celestial AI Inc Series B (d)(e) | 49465 | 840410 |
| Celestial AI Inc Series C1 (d)(e) | 198147 | 3366518 |
| Crusoe Energy Systems LLC Series D (d)(e) | 70763 | 2155441 |
| Databricks Inc Series G (b)(d)(e) | 48000 | 5589120 |
| Databricks Inc Series H (b)(d)(e) | 31572 | 3676244 |
| Databricks Inc Series I (b)(d)(e) | 1359 | 158242 |
| Databricks Inc Series J (d)(e) | 44987 | 5238286 |
| Lyte Ai Inc Series B (d)(e) | 165469 | 1871454 |
| MOLOCO Inc Series A (b)(d)(e) | 20180 | 1422892 |
| Nuro Inc/CA Series E (d)(e) | 107458 | 1375462 |
| Runway AI Inc Series D (d)(e) | 129200 | 1621460 |
| Skyryse Inc Series B (b)(d)(e) | 67400 | 1769924 |
| Stripe Inc Series H (b)(d)(e) | 8086 | 287053 |
| Stripe Inc Series I (b)(d)(e) | 124536 | 4421028 |
|  |  | 53123869 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Lightmatter Inc Series C1 (b)(d)(e) | 70909 | 4694176 |
| Lightmatter Inc Series C2 (b)(d)(e) | 11138 | 750701 |
| Lightmatter Inc Series D (d)(e) | 86242 | 7023548 |
|  |  | 12468425 |
| TOTAL INFORMATION TECHNOLOGY |  | 114215563 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Diamond Foundry Inc Series C (b)(d)(e) | 249802 | 6589777 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Redwood Materials Series C (b)(d)(e) | 37990 | 1158695 |
| Redwood Materials Series D (b)(d)(e) | 10886 | 332023 |
|  |  | 1490718 |
| TOTAL UNITED STATES |  | 238496271 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $177,871,560) |  | <br> **280575972** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rad Power Bikes Inc 8% 12/31/2025 (d)(e) | 110642 | 66116 |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| HeartFlow Inc 0% (d)(e)(k) | 1613600 | 1805780 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 6% (d)(e)(k) | 73664 | 38860 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc 10% 12/31/2027 (d)(e) | 341002 | 354757 |
| Software - 0.0% |  |  |
| Skyryse Inc 0% 2/5/2027 (d)(e) | 159357 | 210256 |
| TOTAL INFORMATION TECHNOLOGY |  | 603873 |
| TOTAL UNITED STATES |  | 2475769 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $2,298,265) |  | <br> **2475769** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (l) | 4.33 | 111302844 | 111325104 |
| Fidelity Securities Lending Cash Central Fund (l)(m) | 4.33 | 132897774 | 132911064 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $244,236,168) |  |  | **244236168** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.8%**<br> (Cost $8,417,975,553)<br>| <br>**17330743783** |
| **NET OTHER ASSETS (LIABILITIES) - (0.8)%**  | **(132157124)** |
| **NET ASSETS - 100.0%** | **17198586659** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

(c) Security or a portion of the security is on loan at period end.

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $493,063,119 or 2.9% of net assets.

(e) Level 3 security

(f) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $113,448,363 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(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 $17,273,831 or 0.1% of net assets.

(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 $16,425,348 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 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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(m) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| ABL Space Systems Co Series A10 | 12/14/23 | 313081 |
| ABL Space Systems Co Series A8 | 3/24/21 | 1338638 |
| ABL Space Systems Co Series A9 | 10/22/21 | 1166473 |
| AgBiome LLC Series C | 6/29/18 | 435125 |
| Akeana Series C | 1/23/24 | 1088496 |
| Algolia Inc Series D | 7/23/21 | 890102 |
| Alif Semiconductor Series C | 3/08/22 | 966170 |
| Alif Semiconductor Series D | 4/11/25 | 1350855 |
| Anduril Industries Inc Class B | 6/16/25 | 257439 |
| Anduril Industries Inc Class C | 6/16/25 | 123 |
| Anduril Industries Inc Series F | 8/07/24 | 2818868 |
| Anduril Industries Inc Series G | 4/17/25 | 2412085 |
| Ant International Co Ltd Class C | 5/16/18 | 769853 |
| Anthropic PBC Series D | 5/31/24 | 2761074 |
| Anthropic PBC Series E | 2/14/25 | 515996 |
| Applied Intuition Inc Class A | 7/02/24 | 471769 |
| Applied Intuition Inc Series A2 | 7/02/24 | 614081 |
| Applied Intuition Inc Series B2 | 7/02/24 | 296087 |
| Beta Technologies Inc Series A | 4/09/21 | 813590 |
| Beta Technologies Inc Series C, 6% | 10/24/24 | 693116 |
| Blink Health LLC Class A1 | 12/30/20 - 6/17/24 | 199200 |
| Blink Health LLC Series C | 11/07/19 - 7/14/21 | 647847 |
| Blink Health LLC Series D | 6/17/24 - 6/25/24 | 165312 |
| Bolt Technology OU Series E | 1/03/22 | 5238796 |
| ByteDance Ltd Series E1 | 11/18/20 | 3500895 |
| Celestial AI Inc | 2/25/25 | 152750 |
| Celestial AI Inc Series A | 2/25/25 | 973940 |
| Celestial AI Inc Series B | 2/25/25 | 732859 |
| Celestial AI Inc Series C1 | 2/25/25 | 3453742 |
| Cellink Corp Series D | 1/20/22 | 1931625 |
| Crusoe Energy Systems LLC Series D | 12/10/24 | 2064287 |
| Danger Devices Inc Series B | 3/05/25 | 925894 |
| Databricks Inc Series G | 2/01/21 | 2837886 |
| Databricks Inc Series H | 8/31/21 | 2320041 |
| Databricks Inc Series I | 9/14/23 | 99887 |
| Databricks Inc Series J | 12/17/24 | 4161298 |
| Diamond Foundry Inc Series C | 3/15/21 | 5995248 |
| Discord Inc Series I | 9/15/21 | 385437 |
| Element Labs Inc Series A | 2/11/25 | 799319 |
| Element Labs Inc Series B | 6/27/25 | 1266795 |
| Empower Semiconductor Inc Series D | 6/27/25 | 2169374 |
| Enevate Corp 10% 5/12/2199 | 11/12/24 | 20586 |
| Enevate Corp 6% | 11/02/23 - 10/31/24 | 73664 |
| Enevate Corp Series E | 1/29/21 | 1469576 |
| Epic Games Inc | 7/30/20 | 349025 |
| Fanatics Inc Class A | 8/13/20 - 10/24/22 | 10009624 |
| Frore Systems Inc Series C | 5/10/24 | 1380335 |
| GoBrands Inc Series G | 3/02/21 | 4569827 |
| GoBrands Inc Series H | 7/22/21 | 4454821 |
| Gupshup Inc | 6/08/21 | 1804316 |
| HeartFlow Inc 0% | 3/26/25 | 1613600 |
| JUUL Labs Inc Class A | 12/20/17 - 2/23/24 | 7714318 |
| JUUL Labs Inc Series E | 12/20/17 - 7/06/18 | 342963 |
| Lenskart Solutions Pvt Ltd | 4/30/24 | 6756455 |
| Lightmatter Inc Series C1 | 5/19/23 | 1166935 |
| Lightmatter Inc Series C2 | 12/18/23 | 289608 |
| Lightmatter Inc Series D | 10/11/24 | 6919239 |
| Lyte Ai Inc Series B | 8/13/24 | 2099156 |
| Meesho Series D-2 | 7/15/24 | 2606744 |
| Meesho Series E | 7/15/24 | 434224 |
| Meesho Series E-1 | 4/18/24 | 260344 |
| Meesho Series F | 9/21/21 - 7/15/24 | 5279390 |
| Menlo Microsystems Inc Series C | 2/09/22 | 742943 |
| MOLOCO Inc Series A | 6/26/23 | 1210800 |
| Neurona Therapeutics Inc Series F | 3/28/25 | 903722 |
| Neutron Holdings Inc | 2/04/21 | 4916 |
| Neutron Holdings Inc 4% 5/22/2027 | 6/04/20 | 237400 |
| Neutron Holdings Inc 4% 6/12/2027 | 6/12/20 | 64200 |
| Neutron Holdings Inc 8% 10/29/2026 | 10/29/21 - 4/27/25 | 2901461 |
| Neutron Holdings Inc Series 1C | 7/03/18 | 581081 |
| Neutron Holdings Inc Series 1D | 1/25/19 | 1431762 |
| Nuro Inc/CA Series E | 4/01/25 | 1374763 |
| OpenAI Global LLC rights | 9/30/24 | 6979271 |
| OpenAI Global LLC rights | 4/11/25 | 1350877 |
| Oura Health Oy Series D | 12/18/24 | 5534320 |
| Pine Labs Ltd/India | 6/30/21 | 413750 |
| Pine Labs Ltd/India Series 1 | 6/30/21 | 989073 |
| Pine Labs Ltd/India Series A | 6/30/21 | 247454 |
| Pine Labs Ltd/India Series B | 6/30/21 | 269080 |
| Pine Labs Ltd/India Series B2 | 6/30/21 | 217626 |
| Pine Labs Ltd/India Series C | 6/30/21 | 404801 |
| Pine Labs Ltd/India Series C1 | 6/30/21 | 85260 |
| Pine Labs Ltd/India Series D | 6/30/21 | 91226 |
| Rad Power Bikes Inc | 1/21/21 | 490493 |
| Rad Power Bikes Inc 8% 12/31/2025 | 10/06/23 | 110642 |
| Rad Power Bikes Inc Series A | 1/21/21 | 63945 |
| Rad Power Bikes Inc Series C | 1/21/21 | 251621 |
| Rad Power Bikes Inc Series D | 9/17/21 | 985215 |
| Rad Power Bikes Inc warrants 10/6/2033 | 10/06/23 | 0 |
| Redwood Materials Series C | 5/28/21 | 1800858 |
| Redwood Materials Series D | 6/02/23 | 519653 |
| Retym Inc Series C | 5/17/23 - 6/20/23 | 1199557 |
| Retym Inc Series D | 1/29/25 | 480226 |
| Revolut Group Holdings Ltd | 12/27/24 | 2789311 |
| Runway AI Inc Series D | 9/06/24 | 1400758 |
| SiMa Technologies Inc 10% 12/31/2027 | 4/08/24 - 7/05/25 | 341002 |
| SiMa Technologies Inc Series B | 5/10/21 | 1604876 |
| SiMa Technologies Inc Series B1 | 4/25/22 | 148668 |
| Skyryse Inc 0% 2/5/2027 | 8/13/24 | 159357 |
| Skyryse Inc Series B | 10/21/21 | 1663430 |
| Space Exploration Technologies Corp | 2/16/21 - 8/30/24 | 45684309 |
| Space Exploration Technologies Corp Class C | 12/15/22 - 7/01/24 | 14499349 |
| Space Exploration Technologies Corp Series G | 9/07/23 | 3542940 |
| Space Exploration Technologies Corp Series J | 9/07/23 | 23916060 |
| Space Exploration Technologies Corp Series N | 8/04/20 | 2198070 |
| Stripe Inc Class B | 5/18/21 | 770465 |
| Stripe Inc Series H | 3/15/21 | 324451 |
| Stripe Inc Series I | 3/20/23 - 5/12/23 | 2507425 |
| Taalas Inc Series B | 2/19/25 | 2092201 |
| Tenstorrent Holdings Inc Series C1 | 4/23/21 | 991307 |
| Tenstorrent Holdings Inc Series D1 | 7/16/24 - 1/15/25 | 2108450 |
| Tenstorrent Holdings Inc Series D2 | 7/17/24 | 597355 |
| Veterinary Emergency Group | 9/16/21 - 3/17/22 | 2585288 |
| Waymo LLC Series A2 | 5/08/20 | 671224 |
| Waymo LLC Series C2 | 10/18/24 | 2778023 |
| X.Ai Holdings Corp Class A | 10/25/22 - 7/18/25 | 4624384 |
| X.Ai Holdings Corp Series B | 5/13/24 | 10441371 |
| X.Ai Holdings Corp Series C | 11/22/24 | 3473569 |
| Xsight Labs Ltd Series D | 2/16/21 | 1046676 |
| Xsight Labs Ltd Series F | 1/11/24 - 12/30/24 | 1209269 |
| Yanka Industries Inc Series F | 4/08/21 | 1784814 |
| Zipline International Inc Series G | 6/07/24 | 2763842 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Aditya Birla Fashion and Retail Ltd | 9/15/2025 |
| Circle Internet Group Inc | 12/2/2025 |
| CoreWeave Inc Class A | 9/24/2025 |
| CoreWeave Inc Class A | 9/24/2025 |
| Figma Inc | 1/27/2026 |
| MNTN Inc | 11/18/2025 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 922479635 | 2167030776 | 2978185307 | 21485903 | - | - | 111325104 | 111302844 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 49444822 | 1235786379 | 1152320137 | 841561 | - | - | 132911064 | 132897774 | 0.5% |
| Total | 971924457 | 3402817155 | 4130505444 | 22327464 | - | - | 244236168 |  |  |

---

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 July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 3014138053 | 2936757704 | 76914920 | 465429 |
| Consumer Discretionary | 2798314513 | 2728850099 | 46962428 | 22501986 |
| Consumer Staples | 402446278 | 385917444 | 6955810 | 9573024 |
| Energy | 46177927 | 21236225 | 24941702 | - |
| Financials | 790600934 | 747105887 | 39769704 | 3725343 |
| Health Care | 914145613 | 908857792 | - | 5287821 |
| Industrials | 959914756 | 802084319 | 12988645 | 144841792 |
| Information Technology | 7592024032 | 7568635234 | - | 23388798 |
| Materials | 159363327 | 151520065 | 7843262 | - |
| Real Estate | 92735327 | 92735327 | - | - |
| Utilities | 28687212 | 28687212 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Consumer Discretionary | 4893444 | - | - | 4893444 |
| Information Technology | 14458 | - | - | 14458 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 7495790 | - | - | 7495790 |
| Consumer Discretionary | 15953480 | - | - | 15953480 |
| Consumer Staples | 1254491 | - | - | 1254491 |
| Financials | 5057384 | - | - | 5057384 |
| Health Care | 11235913 | - | - | 11235913 |
| Industrials | 106800288 | - | - | 106800288 |
| Information Technology | 124698131 | - | - | 124698131 |
| Materials | 6589777 | - | - | 6589777 |
| Utilities | 1490718 | - | - | 1490718 |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 66116 | - | - | 66116 |
| Health Care | 1805780 | - | - | 1805780 |
| Information Technology | 603873 | - | - | 603873 |
|  **Money Market Funds** | 244236168 | 244236168 | - | - |
| **Total Investments in Securities:** | 17330743783 | 16616623476 | 216376471 | 497743836 |

---

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 ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2025 ($)** |
| **Common Stocks** | 128158374 | (1974107) | 70273110 | 29392046 | (16065230) | - | - | - | 209784193 | 82972572 |
| **Convertible Preferred Stocks** | 135279096 | - | 102152238 | 76941425 | (33796787) | - | - | - | 280575972 | 98198805 |
| **Convertible Corporate Bonds** | 3100896 | - | 1593520 | 213486 | - | - | - | - | 4907902 | 1593520 |
| **Preferred Securities** | 553186 | - | 114525 | 2149060 | (341002) | - | - | - | 2475769 | 117736 |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. |  |  |  |

---

**Consolidated Financial Statements**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $133,700,307) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $8,173,739,385) | $17086507615 |  |
| Fidelity Central Funds (cost $244,236,168) | 244236168 |  |
| Total Investment in Securities (cost $8,417,975,553) |  | $17330743783 |
| Restricted cash |  | 226 |
| Foreign currency held at value (cost $68,137) |  | 67708 |
| Receivable for investments sold |  | 27131594 |
| Receivable for fund shares sold |  | 11918419 |
| Dividends receivable |  | 1846002 |
| Interest receivable |  | 124526 |
| Distributions receivable from Fidelity Central Funds |  | 177779 |
| Other receivables |  | 164194 |
| **Total assets** |  | 17372174231 |
| **Liabilities** |  |  |
| Payable to custodian bank | $34 |  |
| Payable for investments purchased  | 11925233 |  |
| Payable for fund shares redeemed | 17420175 |  |
| Accrued management fee | 6266702 |  |
| Other payables and accrued expenses | 5061636 |  |
| Collateral on securities loaned | 132913792 |  |
| **Total liabilities** |  | 173587572 |
| **Net Assets**  |  | $17198586659 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $8205077632 |
| Total accumulated earnings (loss) |  | 8993509027 |
| **Net Assets** |  | $17198586659 |
| **Net Asset Value**, offering price and redemption price per share ($17,198,586,659 ÷ 422,133,232 shares) |  | $40.74 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $71442310 |
| Interest  |  | 1292565 |
| Income from Fidelity Central Funds (including $841,561 from security lending)  |  | 22327464 |
| **Total income** |  | 95062339 |
| **Expenses** |  |  |
| Management fee | $72727759 |  |
| Independent trustees' fees and expenses | 65022 |  |
| Interest | 79164 |  |
| Total expenses before reductions | 72871945 |  |
| Expense reductions | (11579) |  |
| Total expenses after reductions |  | 72860366 |
| **Net Investment income (loss)** |  | 22201973 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $136,014)  | 211361190 |  |
| Redemptions in-kind | 349420316 |  |
| Foreign currency transactions | (473494) |  |
| Futures contracts | 29107864 |  |
| Total net realized gain (loss) |  | 589415876 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $402,573)  | 2982088508 |  |
| Unfunded commitments | (17285) |  |
| Assets and liabilities in foreign currencies | 2343 |  |
| Futures contracts | 9611735 |  |
| Total change in net unrealized appreciation (depreciation) |  | 2991685301 |
| **Net gain (loss)** |  | 3581101177 |
| **Net increase (decrease) in net assets resulting from operations** |  | $3603303150 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $22201973 | $54789623 |
| &nbsp;&nbsp;Net realized gain (loss) | 589415876<br>| 838841628<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 2991685301 | 2571255998<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 3603303150<br>| 3464887249<br>|
| Distributions to shareholders | (107111324)<br>| (28694920)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 3649025767 | 5483488662 |
| Reinvestment of distributions | 106831062<br>| 28606071<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (5506938052) | (3383723047) |
| **Net increase (decrease) in net assets resulting from share transactions** | (1751081223)<br>| 2128371686<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1745110603<br>| 5564564015<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 15453476056 | 9888912041<br>|
| &nbsp;&nbsp;End of period | $17198586659 | $15453476056 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 103008293 | 197114419 |
| Issued in reinvestment of distributions | 3133661<br>| 1142603<br>|
| &nbsp;&nbsp;Redeemed | (156451624) | (116394378) |
| &nbsp;&nbsp;Net increase (decrease) | (50309670) | 81862644 |

---

**Consolidated Financial Highlights** 

**Fidelity® Blue Chip Growth K6 Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $32.71 | $25.32 | $20.19 | $27.89 | $19.32 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .05  | .12  | .05  | - C | (.03)  |
| Net realized and unrealized gain (loss)  | 8.21  | 7.34  | 5.10  | (5.83)  | 8.91  |
| Total from investment operations  | 8.26  | 7.46  | 5.15  | (5.83)  | 8.88  |
| Distributions from net investment income  | (.23)  | (.07)  | (.02)  | -  | (.02)  |
| Distributions from net realized gain  | -  | -  | -  | (1.87)  | (.29)  |
| Total distributions  | (.23)  | (.07)  | (.02)  | (1.87)  | (.31)  |
| Net asset value, end of period  | $40.74 | $32.71 | $25.32 | $20.19 | $27.89 |
| **Total Return** D | 25.38% <br>| 29.54%  | 25.55%  | (22.62)%  | 46.28%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .45%  | .45%  | .45%  | .45%  | .45%  |
| Expenses net of fee waivers, if any  | .45% <br>| .45%  | .45%  | .45%  | .45%  |
| Expenses net of all reductions, if any  | .45%  | .45%  | .45%  | .45%  | .45%  |
| Net investment income (loss)  | .14%  | .43%  | .23%  | .01%  | (.10)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $17198587 | $15453476 | $9888912 | $6821284 | $6455689 |
| Portfolio turnover rate G,H | 34% <br>| 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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Consolidated Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

H*Portfolio turnover rate excludes securities received or delivered in-kind.*

**Notes to Consolidated Financial Statements**

For the period ended July 31, 2025

**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 | $209784193 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.7 - 38.2 / 13.4 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA) | 35.8 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI) | 16.8 | Increase |
|  |  | Book value | Book value multiple | 1.7 | Increase |
|  |  | Market approach | Transaction price | $4.63 | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Volatility | 50.0% - 80.0% / 50.5% | Increase |
|  |  |  | Discount rate | 3.8% - 4.0% / 3.9% | Increase |
|  |  |  | Term | 2.1 - 5.0 / 3.0 | Increase |
| Convertible Corporate Bonds | $4907902 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 3.0 | 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% - 50.0% / 25.0% | Increase |
|  |  | Black scholes | Volatility | 75.0% - 100.0% / 75.1% | Increase |
|  |  |  | Discount rate | 4.4% - 4.9% / 4.4% | Increase |
|  |  |  | Term | 0.4 | Increase |
| Convertible Preferred Stocks | $280575972 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.7 - 38.2 / 19.4 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA) | 35.8 | Increase |
|  |  |  | Enterprise value/Gross profit multiple (EV/GP) | 16.5 | Increase |
|  |  | Market approach | Transaction price | $0.90 - $78.20 / $28.75 | Increase |
|  |  |  | Discount rate | 65.0% - 80.0% / 73.6% | Decrease |
|  |  |  | Premium rate | 5.0% - 45.0% / 19.4% | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Volatility | 40.0% - 100.0% / 65.2% | Increase |
|  |  |  | Discount rate | 3.8% - 4.0% / 3.9% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 3.2 | Increase |
| Preferred Securities | $2475769 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.7 - 14.0 / 7.2 | Increase |
|  |  |  | Discount rate | 15.5% - 23.1% / 22.3% | Decrease |
|  |  |  | Probability rate | 0.0% - 100.0% / 31.4% | Increase |
|  |  | Market approach | Transaction price | $100.00 | Increase |
|  |  |  | Discount rate | 35.4% - 37.9% / 37.6% | Decrease |
|  |  |  | Probability rate | 0.0% - 50.0% / 35.3% | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Volatility | 50.0% - 100.0% / 58.3% | Increase |
|  |  |  | Discount rate | 3.9% - 4.9% / 4.2% | Increase |
|  |  |  | Term | 0.1 - 2.1 / 0.8 | 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 July 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable. 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. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the consolidated financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Consolidated Statement of Assets and Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to 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**  | $9132961516 |
| **Gross unrealized depreciation**  | <u>(290990653)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$8841970863</u> |
| **Tax Cost**  | <u>$8488772920</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$2506632</u> |
| **Undistributed long-term capital gain**  | <u>$154090675</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$8841973388</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **July 31, 2025** | **July 31, 2024** |
| **Ordinary Income**  | $107111324 | $28694920 |

---

**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 Net Assets** |
| **Fidelity Blue Chip Growth K6 Fund** | 5031716 | .03 |

---

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the consolidated financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |

---

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 K6 Fund** | 5286982723 | 5665942824 |

---

**Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Consolidated Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Blue Chip Growth K6 Fund** | 17234936 | 349420316 | 575938420 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Blue Chip Growth K6 Fund** | 30604532 | 507463162 | 914880637 |

---

**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 K6 Fund** | 9377884 | 299672435 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

**Brokerage Commissions.** A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Blue Chip Growth K6 Fund** | 120321 |

---

**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 | 9927567 | 4.58% | 75824 |

---

**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** | 389914949 | 274476637 | 13228751 |

---

**Other.** During the period, the investment adviser reimbursed the Fund for certain losses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Blue Chip Growth K6 Fund** | 10490 |

---

**7. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**8. Security Lending.** 

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Blue Chip Growth K6 Fund** | 90672 | 4168 | - |

---

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** | 6176186 |

---

**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 K6 Fund** | 1915077 | 4.83% | 3340 |

---

**10. 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 $11,579.

**11. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Securities Fund and the Shareholders of Fidelity Blue Chip Growth K6 Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying consolidated statement of assets and liabilities of Fidelity Blue Chip Growth K6 Fund and subsidiary (the "Fund"), a fund of Fidelity Securities Fund, including the consolidated schedule of investments, as of July 31, 2025, the related consolidated statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 10, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2025, $154,090,675, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $22,384,784 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 46% and 94% of the dividends distributed in September and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 60.35% and 100.00% of the dividends distributed in September and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 0.20% of the dividend distributed in September during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Blue Chip Growth K6 Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials, and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) relative to funds and classes in the total peer group; (ii) gross management fee comparisons relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to funds and classes in the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to funds and classes in the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img111448_4.jpg)<br>

1.9884007.108 BCFK6-ANN-0925

**Fidelity® Blue Chip Growth Fund**

**Annual Report**

**July 31, 2025**

Includes Fidelity and Fidelity Advisor share classes

![](img111449_1.jpg)

![](img111449_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7Consolidated_BCF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Blue Chip Growth Fund](#Sub_Sec_Fund_312_BCF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#Sub_Sec_NotestoFinancialStatements312_BCF-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_BCF-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_BCF-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_BCF-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_BCF-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_BCF-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_BCF-ANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you're an individual investing directly with Fidelity, call 1-800-835-5092 if you're a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you're an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)**

**Fidelity® Blue Chip Growth Fund**

**Consolidated Schedule of Investments July 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.0%** | &nbsp;&nbsp;**Common Stocks - 98.0%** | &nbsp;&nbsp;**Common Stocks - 98.0%** |
|  | Shares | Value ($)<br>|
| BELGIUM - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| UCB SA  | 188200 | 40903678 |
| BRAZIL - 0.1%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| NU Holdings Ltd/Cayman Islands Class A (b) | 1052623 | 12863053 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Wheaton Precious Metals Corp (United States) (c) | 591193 | 54100071 |
| TOTAL BRAZIL |  | 66963124 |
| CANADA - 1.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Specialty Retail - 0.2% |  |  |
| Aritzia Inc Subordinate Voting Shares (b) | 3336870 | 179101488 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Cameco Corp  | 670066 | 50308145 |
| Information Technology - 0.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Celestica Inc (United States) (b)(c) | 2101564 | 420018582 |
| IT Services - 0.3% |  |  |
| Shopify Inc Class A (b) | 2080117 | 254264879 |
| TOTAL INFORMATION TECHNOLOGY |  | 674283461 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Franco-Nevada Corp (United States)  | 289980 | 46202513 |
| TOTAL CANADA |  | 949895607 |
| CHINA - 0.3%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| Tencent Holdings Ltd  | 1415300 | 99088323 |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.0% |  |  |
| Hesai Group ADR (b) | 859775 | 16335725 |
| WeRide Inc ADR (c) | 1865833 | 17128347 |
|  |  | 33464072 |
| Automobiles - 0.1% |  |  |
| BYD Co Ltd H Shares  | 2667000 | 38940488 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Luckin Coffee Inc ADR (b) | 422900 | 15545804 |
| TOTAL CONSUMER DISCRETIONARY |  | 87950364 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Ant International Co Ltd Class C (d)(e) | 3214400 | 6075216 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Zhejiang Sanhua Intelligent Controls Co Ltd H Shares  | 4546400 | 15023854 |
| Trading Companies & Distributors - 0.0% |  |  |
| ZKH Group Ltd Class A (b) | 15 | 1 |
| TOTAL INDUSTRIALS |  | 15023855 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Pony AI Inc ADR (c) | 1921873 | 25829973 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Xiaomi Corp Class B ADR (b) | 497300 | 16749064 |
| TOTAL INFORMATION TECHNOLOGY |  | 42579037 |
| TOTAL CHINA |  | 250716795 |
| DENMARK - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Ascendis Pharma A/S ADR (b) | 416896 | 72331456 |
| FINLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Amer Sports Inc (b) | 4743158 | 178058151 |
| FRANCE - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Hermes International SCA  | 18638 | 45751094 |
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Birkenstock Holding Plc (b) | 326789 | 16368861 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| SAP SE ADR  | 278097 | 79730410 |
| TOTAL GERMANY |  | 96099271 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Accelerant Holdings Class A (b)(c) | 237500 | 6540750 |
| HONG KONG - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Futu Holdings Ltd Class A ADR  | 52600 | 8083568 |
| INDIA - 1.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| Bharti Airtel Ltd  | 1317900 | 28714231 |
| Vodafone Idea Ltd (b) | 469252105 | 36873784 |
|  |  | 65588015 |
| Consumer Discretionary - 0.4% |  |  |
| Broadline Retail - 0.0% |  |  |
| Lenskart Solutions Pvt Ltd (d)(e) | 10406170 | 37045530 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Eternal Ltd (b) | 30091068 | 105111517 |
| MakeMyTrip Ltd (b) | 544768 | 50984837 |
|  |  | 156096354 |
| Specialty Retail - 0.1% |  |  |
| Aditya Birla Fashion and Retail Ltd (f) | 23720498 | 19610883 |
| Aditya Birla Lifestyle Brands Ltd  | 23720498 | 38618933 |
|  |  | 58229816 |
| TOTAL CONSUMER DISCRETIONARY |  | 251371700 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Patanjali Foods Ltd  | 1555012 | 33128234 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Reliance Industries Ltd  | 13034986 | 206031971 |
| Reliance Industries Ltd GDR (g) | 218794 | 13784022 |
|  |  | 219815993 |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| HDFC Bank Ltd/Gandhinagar  | 1172172 | 26922496 |
| HDFC Bank Ltd/Gandhinagar ADR  | 464410 | 35652756 |
| ICICI Bank Ltd ADR  | 1008159 | 33974958 |
| Kotak Mahindra Bank Ltd  | 249800 | 5632919 |
|  |  | 102183129 |
| Capital Markets - 0.1% |  |  |
| Authum Investment & Infrastucture Ltd  | 2267200 | 71507667 |
| Consumer Finance - 0.0% |  |  |
| Bajaj Finance Ltd  | 606000 | 6069680 |
| Financial Services - 0.0% |  |  |
| Jio Financial Services Ltd (b) | 6689593 | 25037430 |
| TOTAL FINANCIALS |  | 204797906 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Hindustan Aeronautics Ltd (h) | 131100 | 6752999 |
| Passenger Airlines - 0.0% |  |  |
| InterGlobe Aviation Ltd (b)(g)(h) | 232400 | 15609405 |
| Transportation Infrastructure - 0.0% |  |  |
| JSW Infrastructure Ltd  | 1932200 | 6676167 |
| TOTAL INDUSTRIALS |  | 29038571 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Pine Labs Ltd/India (d)(e) | 1260583 | 4529390 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Welspun Corp Ltd  | 3147500 | 33450770 |
| TOTAL INDIA |  | 841720579 |
| ISRAEL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Rapyd Financial Network 2016 Ltd (b)(d)(e) | 204327 | 8348801 |
| Rapyd Financial Network 2016 Ltd warrants 3/5/2038 (b)(d)(e) | 4241 | 56872 |
|  |  | 8405673 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd warrants 7/24/2032 (b)(e) | 713512 | 977511 |
| TOTAL ISRAEL |  | 9383184 |
| ITALY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Lottomatica Group Spa  | 2262100 | 61026862 |
| JAPAN - 0.3%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.2% |  |  |
| Nintendo Co Ltd  | 2102447 | 175720310 |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| Timee Inc (b) | 1137054 | 15153229 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Allegro MicroSystems Inc (b) | 1712287 | 53782935 |
| TOTAL JAPAN |  | 244656474 |
| LUXEMBOURG - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| CVC Capital Partners PLC (g)(h) | 1342215 | 25901652 |
| NETHERLANDS - 0.8%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Adyen NV (b)(g)(h) | 14812 | 25404833 |
| Information Technology - 0.8% |  |  |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| NXP Semiconductors NV  | 2870008 | 613521610 |
| TOTAL NETHERLANDS |  | 638926443 |
| SWITZERLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| On Holding AG Class A (b) | 2679583 | 130147347 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Galderma Group AG  | 260151 | 40836260 |
| TOTAL SWITZERLAND |  | 170983607 |
| TAIWAN - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd ADR  | 2723827 | 658131080 |
| UNITED KINGDOM - 0.3%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Flutter Entertainment PLC (b) | 303672 | 91787899 |
| Flutter Entertainment PLC (United Kingdom) (b) | 231296 | 70561505 |
|  |  | 162349404 |
| Consumer Staples - 0.0% |  |  |
| Tobacco - 0.0% |  |  |
| British American Tobacco PLC ADR  | 846529 | 45441677 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| 3i Group PLC  | 859259 | 46951776 |
| Financial Services - 0.0% |  |  |
| Revolut Group Holdings Ltd (d)(e) | 13549 | 14126052 |
| TOTAL FINANCIALS |  | 61077828 |
| TOTAL UNITED KINGDOM |  | 268868909 |
| UNITED STATES - 92.2%  |  |  |
| Communication Services - 15.8% |  |  |
| Entertainment - 4.4% |  |  |
| Cinemark Holdings Inc (c) | 1376200 | 36978494 |
| Netflix Inc (b) | 2028639 | 2352004057 |
| ROBLOX Corp Class A (b) | 5598690 | 771443495 |
| Spotify Technology SA (b) | 379816 | 237969917 |
| Take-Two Interactive Software Inc (b) | 472165 | 105165310 |
| Walt Disney Co/The  | 63394 | 7550859 |
|  |  | 3511112132 |
| Interactive Media & Services - 11.4% |  |  |
| Alphabet Inc Class A  | 19974515 | 3833109429 |
| Epic Games Inc (b)(d)(e) | 6131 | 4701067 |
| Meta Platforms Inc Class A  | 5685722 | 4397564824 |
| Reddit Inc Class A (b) | 634102 | 101830440 |
| Reddit Inc Class B (b) | 566705 | 91007156 |
| Snap Inc Class A (b)(c) | 72778698 | 686303122 |
|  |  | 9114516038 |
| Media - 0.0% |  |  |
| MNTN Inc (f) | 524265 | 14763302 |
| TOTAL COMMUNICATION SERVICES |  | 12640391472 |
| Consumer Discretionary - 16.7% |  |  |
| Automobiles - 1.4% |  |  |
| Neutron Holdings Inc (b)(d)(e) | 7152433 | 497094 |
| Rad Power Bikes Inc (b)(d)(e) | 928091 | 46404 |
| Rad Power Bikes Inc warrants 10/6/2033 (b)(d)(e) | 980651 | 88259 |
| Rivian Automotive Inc Class A (b)(c) | 4947260 | 63671236 |
| Tesla Inc (b) | 3447158 | 1062655397 |
|  |  | 1126958390 |
| Broadline Retail - 8.6% |  |  |
| Amazon.com Inc (b) | 29262286 | 6850593775 |
| Diversified Consumer Services - 0.0% |  |  |
| Bright Horizons Family Solutions Inc (b) | 192288 | 21747772 |
| Hotels, Restaurants & Leisure - 1.8% |  |  |
| BJ's Restaurants Inc (b) | 195000 | 6908850 |
| Brinker International Inc (b) | 562962 | 88722811 |
| Cava Group Inc (b)(c) | 441547 | 38860551 |
| Chipotle Mexican Grill Inc (b) | 7330408 | 314327896 |
| DoorDash Inc Class A (b) | 303253 | 75889063 |
| DraftKings Inc Class A (b) | 4336183 | 195301682 |
| Dutch Bros Inc Class A (b)(c) | 313143 | 18559986 |
| Planet Fitness Inc Class A (b) | 543596 | 59355247 |
| Royal Caribbean Cruises Ltd  | 181368 | 57651446 |
| Sonder Holdings Inc Stage 1 rights (b)(e) | 16222 | 0 |
| Sonder Holdings Inc Stage 2 rights (b)(e) | 16221 | 0 |
| Sonder Holdings Inc Stage 3 rights (b)(e) | 16222 | 0 |
| Sonder Holdings Inc Stage 4 rights (b)(e) | 16221 | 0 |
| Sonder Holdings Inc Stage 5 rights (b)(e) | 16221 | 1 |
| Sonder Holdings Inc Stage 5 rights (b)(e) | 16221 | 0 |
| Sportradar Holding AG Class A (b) | 506446 | 14975608 |
| Starbucks Corp  | 5269577 | 469835486 |
| Sweetgreen Inc Class A (b)(c) | 2132944 | 27472319 |
| Yum! Brands Inc  | 428794 | 61810655 |
|  |  | 1429671601 |
| Household Durables - 1.0% |  |  |
| DR Horton Inc  | 303018 | 43283091 |
| Lennar Corp Class A  | 210687 | 23634868 |
| PulteGroup Inc  | 359854 | 40634714 |
| SharkNinja Inc (b) | 5013300 | 582044130 |
| Somnigroup International Inc  | 876985 | 63476174 |
| Toll Brothers Inc  | 141300 | 16724268 |
|  |  | 769797245 |
| Leisure Products - 0.1% |  |  |
| Peloton Interactive Inc Class A (b)(c) | 11938469 | 85240669 |
| Specialty Retail - 2.4% |  |  |
| Abercrombie & Fitch Co Class A (b) | 792403 | 76086536 |
| Bath & Body Works Inc  | 1516771 | 43925688 |
| Burlington Stores Inc (b) | 187565 | 51197742 |
| Carvana Co Class A (b) | 960809 | 374878849 |
| Fanatics Inc Class A (b)(d)(e) | 1938909 | 118079558 |
| Five Below Inc (b) | 992954 | 135558080 |
| Home Depot Inc/The  | 247934 | 91118224 |
| Lowe's Cos Inc  | 1649897 | 368867472 |
| O'Reilly Automotive Inc (b) | 70710 | 6952207 |
| Restoration Hardware Inc (b)(c)(i) | 1138122 | 234020646 |
| TJX Cos Inc/The  | 2236466 | 278507111 |
| Urban Outfitters Inc (b) | 322900 | 24307912 |
| Warby Parker Inc Class A (b) | 277722 | 6651442 |
| Wayfair Inc Class A (b) | 1632467 | 107155134 |
|  |  | 1917306601 |
| Textiles, Apparel & Luxury Goods - 1.4% |  |  |
| Capri Holdings Ltd (b) | 5565723 | 101240501 |
| Deckers Outdoor Corp (b) | 2736366 | 290519978 |
| Levi Strauss & Co Class A  | 562500 | 11075625 |
| Lululemon Athletica Inc (b) | 2040561 | 409193698 |
| NIKE Inc Class B  | 2351222 | 175612771 |
| Tapestry Inc  | 311900 | 33694557 |
| Tory Burch LLC Class A (b)(d)(e)(j) | 293611 | 11838396 |
| Under Armour Inc Class A (b)(c) | 9946041 | 66041712 |
|  |  | 1099217238 |
| TOTAL CONSUMER DISCRETIONARY |  | 13300533291 |
| Consumer Staples - 1.4% |  |  |
| Beverages - 0.2% |  |  |
| Celsius Holdings Inc (b)(c) | 654965 | 29696113 |
| Coca-Cola Co/The  | 2258767 | 153347692 |
|  |  | 183043805 |
| Consumer Staples Distribution & Retail - 0.9% |  |  |
| Costco Wholesale Corp  | 155523 | 146135632 |
| Dollar General Corp  | 893996 | 93780180 |
| Dollar Tree Inc (b) | 1068491 | 121327153 |
| Kroger Co/The  | 228508 | 16018411 |
| Walmart Inc  | 2773292 | 271727150 |
|  |  | 648988526 |
| Food Products - 0.0% |  |  |
| Freshpet Inc (b)(c) | 577438 | 39450564 |
| Real Good Food Co LLC /The Class B (b)(e) | 105172 | 1 |
| Real Good Food Co LLC /The Class B unit (b)(g) | 105172 | 10517 |
|  |  | 39461082 |
| Tobacco - 0.3% |  |  |
| JUUL Labs Inc Class A (b)(d)(e) | 29210272 | 40018073 |
| JUUL Labs Inc Class B (b)(d)(e) | 6625 | 9076 |
| Philip Morris International Inc  | 1348513 | 221223558 |
|  |  | 261250707 |
| TOTAL CONSUMER STAPLES |  | 1132744120 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Cheniere Energy Inc  | 99402 | 23446943 |
| Financials - 3.7% |  |  |
| Capital Markets - 1.7% |  |  |
| Ares Management Corp Class A  | 536855 | 99602708 |
| Blue Owl Capital Inc Class A  | 6790341 | 131393098 |
| Charles Schwab Corp/The  | 1094996 | 107013959 |
| Coinbase Global Inc Class A (b) | 137000 | 51753120 |
| Galaxy Digital Inc Class A (c) | 743360 | 21122574 |
| Goldman Sachs Group Inc/The  | 363985 | 263375907 |
| KKR & Co Inc Class A  | 805741 | 118105516 |
| Moody's Corp  | 196254 | 101214075 |
| Morgan Stanley  | 833320 | 118714767 |
| Robinhood Markets Inc Class A (b) | 2999107 | 309057977 |
|  |  | 1321353701 |
| Consumer Finance - 0.0% |  |  |
| American Express Co  | 120104 | 35948328 |
| Financial Services - 2.0% |  |  |
| Affirm Holdings Inc Class A (b) | 2695598 | 184810199 |
| Apollo Global Management Inc  | 1094639 | 159072939 |
| Mastercard Inc Class A  | 1528363 | 865771789 |
| Mr Cooper Group Inc (b) | 11234 | 1749358 |
| Rocket Cos Inc Class A (c) | 1881084 | 27783611 |
| Toast Inc Class A (b) | 1620083 | 79124854 |
| Visa Inc Class A  | 743749 | 256942967 |
|  |  | 1575255717 |
| Insurance - 0.0% |  |  |
| Slide Insurance Holdings Inc  | 591600 | 11122080 |
| TOTAL FINANCIALS |  | 2943679826 |
| Health Care - 4.8% |  |  |
| Biotechnology - 1.0% |  |  |
| AbbVie Inc  | 634187 | 119874027 |
| Alnylam Pharmaceuticals Inc (b) | 388756 | 152485654 |
| Apogee Therapeutics Inc (b) | 307324 | 11758216 |
| Arcellx Inc (b) | 87461 | 6243841 |
| Avidity Biosciences Inc (b) | 218741 | 8029982 |
| Caris Life Sciences Inc (b) | 132300 | 3714984 |
| Cibus Inc Class A (b) | 153600 | 227328 |
| Gilead Sciences Inc  | 3438777 | 386140270 |
| Janux Therapeutics Inc (b) | 232662 | 5587378 |
| Legend Biotech Corp ADR (b) | 488003 | 19066277 |
| Moderna Inc (b) | 918488 | 27150505 |
| MoonLake Immunotherapeutics Class A (b) | 393978 | 19872250 |
| Natera Inc (b) | 104802 | 14007835 |
| Scholar Rock Holding Corp (b) | 413385 | 15315914 |
| Soleno Therapeutics Inc (b) | 213900 | 18495933 |
| Viking Therapeutics Inc (b) | 603379 | 19652054 |
|  |  | 827622448 |
| Health Care Equipment & Supplies - 1.2% |  |  |
| Blink Health LLC Class A1 (b)(d)(e) | 63681 | 2317351 |
| Boston Scientific Corp (b) | 6519721 | 684049127 |
| GE HealthCare Technologies Inc  | 102011 | 7275425 |
| Glaukos Corp (b) | 173074 | 14899941 |
| Insulet Corp (b) | 362107 | 104431659 |
| Kestra Medical Technologies Ltd  | 436803 | 7207249 |
| Stryker Corp  | 280948 | 110336708 |
|  |  | 930517460 |
| Health Care Providers & Services - 0.4% |  |  |
| Cardinal Health Inc  | 745400 | 115700988 |
| Cencora Inc  | 251364 | 71910213 |
| McKesson Corp  | 165443 | 114741338 |
|  |  | 302352539 |
| Health Care Technology - 0.1% |  |  |
| Claritev Corp warrants (b) | 138859 | 1 |
| Veeva Systems Inc Class A (b) | 138070 | 39239494 |
| Waystar Holding Corp (b) | 898016 | 33208632 |
|  |  | 72448127 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Thermo Fisher Scientific Inc  | 70900 | 33158512 |
| Veterinary Emergency Group (b)(d)(e)(j) | 524494 | 42305686 |
|  |  | 75464198 |
| Pharmaceuticals - 2.0% |  |  |
| Eli Lilly & Co  | 2163896 | 1601434513 |
| Structure Therapeutics Inc ADR (b) | 315266 | 5611735 |
|  |  | 1607046248 |
| TOTAL HEALTH CARE |  | 3815451020 |
| Industrials - 4.8% |  |  |
| Aerospace & Defense - 2.4% |  |  |
| Anduril Industries Inc Class B (d)(e) | 27087 | 1107317 |
| Anduril Industries Inc Class C (d)(e) | 13 | 531 |
| Axon Enterprise Inc (b) | 250472 | 189229091 |
| Boeing Co (b) | 2223671 | 493299175 |
| GE Aerospace  | 989987 | 268365676 |
| Howmet Aerospace Inc  | 1195667 | 214945057 |
| Relativity Space Inc (b)(e) | 34452 | 36518 |
| Space Exploration Technologies Corp (b)(d)(e) | 3006587 | 637396444 |
| Space Exploration Technologies Corp Class C (b)(d)(e) | 104067 | 22062204 |
| StandardAero Inc  | 191307 | 5461815 |
|  |  | 1831903828 |
| Building Products - 0.1% |  |  |
| Builders FirstSource Inc (b) | 390687 | 49668038 |
| Carrier Global Corp  | 230100 | 15789462 |
| Lennox International Inc  | 12600 | 7673400 |
| Trex Co Inc (b)(c) | 365912 | 23506187 |
|  |  | 96637087 |
| Construction & Engineering - 0.0% |  |  |
| Comfort Systems USA Inc  | 43500 | 30593550 |
| Fluor Corp (b) | 140900 | 7998893 |
|  |  | 38592443 |
| Electrical Equipment - 0.5% |  |  |
| Emerson Electric Co  | 174000 | 25318740 |
| GE Vernova Inc  | 542709 | 358345326 |
| Vertiv Holdings Co Class A  | 141500 | 20602400 |
|  |  | 404266466 |
| Ground Transportation - 1.0% |  |  |
| Knight-Swift Transportation Holdings Inc  | 337500 | 14343750 |
| Lyft Inc Class A (b)(c) | 4672252 | 65691863 |
| Uber Technologies Inc (b) | 7324455 | 642720926 |
|  |  | 722756539 |
| Industrial Conglomerates - 0.0% |  |  |
| 3M Co  | 133218 | 19878790 |
| Machinery - 0.0% |  |  |
| PACCAR Inc  | 157000 | 15505320 |
| RBC Bearings Inc (b) | 56175 | 21758825 |
|  |  | 37264145 |
| Passenger Airlines - 0.3% |  |  |
| Alaska Air Group Inc (b) | 725318 | 38412841 |
| Delta Air Lines Inc  | 1520204 | 80890055 |
| United Airlines Holdings Inc (b) | 1326397 | 117134119 |
|  |  | 236437015 |
| Trading Companies & Distributors - 0.5% |  |  |
| Ferguson Enterprises Inc  | 210325 | 46971882 |
| FTAI Aviation Ltd  | 2745435 | 377799311 |
|  |  | 424771193 |
| TOTAL INDUSTRIALS |  | 3812507506 |
| Information Technology - 43.7% |  |  |
| Communications Equipment - 0.1% |  |  |
| Lumentum Holdings Inc (b) | 985487 | 108482409 |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Amphenol Corp Class A  | 1904291 | 202826034 |
| Coherent Corp (b) | 1186616 | 127679882 |
| Corning Inc  | 181500 | 11478060 |
|  |  | 341983976 |
| IT Services - 1.3% |  |  |
| Cloudflare Inc Class A (b) | 448655 | 93176670 |
| CoreWeave Inc Class A (f) | 2961220 | 337964040 |
| CoreWeave Inc Class A (e)(f) | 192249 | 21941378 |
| IBM Corporation  | 113600 | 28757840 |
| MongoDB Inc Class A (b) | 98000 | 23313220 |
| Snowflake Inc (b) | 1254896 | 280469256 |
| Twilio Inc Class A (b) | 1493769 | 192696201 |
| X.Ai Holdings Corp Class A (d)(e) | 820861 | 30010678 |
|  |  | 1008329283 |
| Semiconductors & Semiconductor Equipment - 22.4% |  |  |
| Advanced Micro Devices Inc (b) | 134400 | 23696064 |
| Astera Labs Inc (b) | 3118070 | 426333711 |
| Broadcom Inc  | 7371728 | 2165076514 |
| GlobalFoundries Inc (b) | 3036908 | 113549990 |
| Impinj Inc (b) | 306224 | 47336106 |
| Marvell Technology Inc  | 17947840 | 1442467901 |
| Monolithic Power Systems Inc  | 641756 | 456442537 |
| NVIDIA Corp  | 73446195 | 13063874705 |
| ON Semiconductor Corp (b) | 1074417 | 60554142 |
|  |  | 17799331670 |
| Software - 11.8% |  |  |
| Applied Intuition Inc Class A (b)(d)(e) | 33762 | 4601085 |
| AppLovin Corp Class A (b) | 2648460 | 1034753322 |
| Atom Tickets LLC (b)(d)(e)(j) | 1204239 | 12 |
| Celestial AI Inc (d)(e) | 44508 | 756191 |
| Circle Internet Group Inc (f) | 1244183 | 228332464 |
| Crowdstrike Holdings Inc Class A (b) | 139926 | 63606162 |
| Figma Inc (f) | 253830 | 29317365 |
| Figma Inc Class A  | 193700 | 22372350 |
| Microsoft Corp  | 12594510 | 6719171086 |
| MicroStrategy Inc Class A (b)(c) | 216700 | 87083062 |
| Monday.com Ltd (b) | 175925 | 46143368 |
| OpenAI Global LLC rights (b)(d)(e) | 29421124 | 43249052 |
| OpenAI Global LLC rights (b)(d)(e) | 5849403 | 5849403 |
| Oracle Corp  | 2151793 | 546060510 |
| Palantir Technologies Inc Class A (b) | 1648806 | 261088430 |
| Servicenow Inc (b) | 326829 | 308238966 |
| Stripe Inc Class B (b)(d)(e) | 173600 | 6162800 |
| Tanium Inc Class B (b)(d)(e) | 554900 | 5293746 |
| Unity Software Inc (b) | 979100 | 32662776 |
| Zscaler Inc (b) | 28386 | 8105906 |
|  |  | 9452848056 |
| Technology Hardware, Storage & Peripherals - 7.7% |  |  |
| Apple Inc  | 29548023 | 6133283134 |
| Sandisk Corp/DE  | 285725 | 12263317 |
| Super Micro Computer Inc (b)(c) | 518000 | 30546460 |
|  |  | 6176092911 |
| TOTAL INFORMATION TECHNOLOGY |  | 34887068305 |
| Materials - 0.6% |  |  |
| Chemicals - 0.1% |  |  |
| Sherwin-Williams Co/The  | 154651 | 51170923 |
| Construction Materials - 0.3% |  |  |
| CRH PLC  | 294492 | 28109261 |
| James Hardie Industries PLC ADR (b) | 2331534 | 60479992 |
| Martin Marietta Materials Inc  | 118151 | 67922647 |
| Vulcan Materials Co  | 274211 | 75317536 |
|  |  | 231829436 |
| Metals & Mining - 0.2% |  |  |
| Carpenter Technology Corp  | 643191 | 160405403 |
| TOTAL MATERIALS |  | 443405762 |
| Real Estate - 0.5% |  |  |
| Health Care REITs - 0.4% |  |  |
| Welltower Inc  | 1987857 | 328135555 |
| Real Estate Management & Development - 0.1% |  |  |
| Zillow Group Inc Class C (b) | 993512 | 79033880 |
| TOTAL REAL ESTATE |  | 407169435 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.1% |  |  |
| Entergy Corp  | 269500 | 24370885 |
| NRG Energy Inc  | 249875 | 41779100 |
|  |  | 66149985 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Vistra Corp  | 322956 | 67349244 |
| TOTAL UTILITIES |  | 133499229 |
| TOTAL UNITED STATES |  | 73539896909 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $28,066,479,419) |  | <br> **78174839193** |

---

---

| | | |
|:---|:---|:---|
| &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 (d)(e) | 2432800 | 7693973 |
| Neutron Holdings Inc 4% 6/12/2027 (d)(e) | 647200 | 2046835 |
| Neutron Holdings Inc 8% 10/29/2026 (d)(e)(k) | 23930515 | 32492853 |
|  |  | 42233661 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 10% 5/12/2199 (d)(e) | 187681 | 131808 |
| TOTAL UNITED STATES |  | 42365469 |
| <br> **TOTAL CONVERTIBLE CORPORATE BONDS**<br> (Cost $27,198,196) |  | <br> **42365469** |

---

---

| | | |
|:---|:---|:---|
| &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 (d)(e) | 164500 | 9065595 |
| CHINA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| ByteDance Ltd Series E1 (b)(d)(e) | 293038 | 68749645 |
| ESTONIA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Bolt Technology OU Series E (b)(d)(e) | 170267 | 36242459 |
| FINLAND - 0.1%  |  |  |
| Health Care - 0.1% |  |  |
| Health Care Technology - 0.1% |  |  |
| Oura Health Oy Series D (d)(e) | 913194 | 40573209 |
| INDIA - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Meesho Series D-2 (d)(e) | 11962020 | 17584169 |
| Meesho Series E (d)(e) | 1992540 | 2929034 |
| Meesho Series E-1 (d)(e) | 2397060 | 3523678 |
| Meesho Series F (d)(e) | 35247425 | 51813715 |
|  |  | 75850596 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Pine Labs Ltd/India Series 1 (d)(e) | 3012708 | 10824937 |
| Pine Labs Ltd/India Series A (d)(e) | 752891 | 2705207 |
| Pine Labs Ltd/India Series B (d)(e) | 819023 | 2942825 |
| Pine Labs Ltd/India Series B2 (d)(e) | 662468 | 2380309 |
| Pine Labs Ltd/India Series C (d)(e) | 1232350 | 4427947 |
| Pine Labs Ltd/India Series C1 (d)(e) | 259569 | 932655 |
| Pine Labs Ltd/India Series D (d)(e) | 277628 | 997543 |
|  |  | 25211423 |
| TOTAL INDIA |  | 101062019 |
| ISRAEL - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Rapyd Financial Network 2016 Ltd Series F (d)(e) | 14138 | 556472 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Element Labs Inc Series A (d)(e) | 932003 | 7362824 |
| Element Labs Inc Series B (d)(e) | 674000 | 5910980 |
|  |  | 13273804 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Xsight Labs Ltd Series D (b)(d)(e) | 1192000 | 1537680 |
| Xsight Labs Ltd Series F (d)(e) | 2378372 | 10012946 |
|  |  | 11550626 |
| TOTAL ISRAEL |  | 25380902 |
| UNITED STATES - 1.6%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Neutron Holdings Inc Series 1C (b)(d)(e) | 50654200 | 3520467 |
| Neutron Holdings Inc Series 1D (b)(d)(e) | 85315542 | 5929430 |
| Rad Power Bikes Inc Series A (b)(d)(e) | 120997 | 6050 |
| Rad Power Bikes Inc Series C (b)(d)(e) | 476111 | 42850 |
| Rad Power Bikes Inc Series D (b)(d)(e) | 867000 | 121380 |
| Waymo LLC Series A2 (b)(d)(e) | 81316 | 5930376 |
| Waymo LLC Series C2 (d)(e) | 149427 | 12646007 |
|  |  | 28196560 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Discord Inc Series I (b)(d)(e) | 6100 | 1512312 |
| TOTAL CONSUMER DISCRETIONARY |  | 29708872 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| GoBrands Inc Series G (b)(d)(e) | 166200 | 6232500 |
| GoBrands Inc Series H (b)(d)(e) | 104029 | 4999634 |
|  |  | 11232134 |
| Food Products - 0.0% |  |  |
| AgBiome LLC Series C (b)(d)(e) | 1091300 | 10 |
| Tobacco - 0.0% |  |  |
| JUUL Labs Inc Series C (b)(d)(e) | 2570575 | 3521688 |
| JUUL Labs Inc Series D (b)(d)(e) | 13822 | 18936 |
| JUUL Labs Inc Series E (b)(d)(e) | 14959 | 20494 |
|  |  | 3561118 |
| TOTAL CONSUMER STAPLES |  | 14793262 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Akeana Series C (b)(d)(e) | 363100 | 4778396 |
| Tenstorrent Holdings Inc Series C1 (b)(d)(e) | 150460 | 11161123 |
| Tenstorrent Holdings Inc Series D1 (b)(d)(e) | 112771 | 8861545 |
| Tenstorrent Holdings Inc Series D2 (b)(d)(e) | 47443 | 3597603 |
|  |  | 28398667 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Castle Creek Biosciences Inc Series B (b)(d)(e) | 3301 | 648910 |
| Castle Creek Biosciences Inc Series D2 (b)(d)(e) | 5347 | 990639 |
| Neurona Therapeutics Inc Series F (d)(e) | 1902800 | 3919768 |
|  |  | 5559317 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Blink Health LLC Series C (b)(d)(e) | 170685 | 6211227 |
| Blink Health LLC Series D (b)(d)(e) | 38410 | 1397740 |
|  |  | 7608967 |
| TOTAL HEALTH CARE |  | 13168284 |
| Industrials - 0.7% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| ABL Space Systems Co Series A10 (d)(e) | 789444 | 331567 |
| ABL Space Systems Co Series A8 (d)(e) | 306520 | 128738 |
| ABL Space Systems Co Series A9 (d)(e) | 158338 | 66502 |
| Anduril Industries Inc Series F (d)(e) | 544932 | 22276820 |
| Anduril Industries Inc Series G (d)(e) | 254700 | 10412136 |
| Space Exploration Technologies Corp Series G (b)(d)(e) | 98074 | 207916880 |
| Space Exploration Technologies Corp Series H (b)(d)(e) | 25767 | 54626040 |
| Space Exploration Technologies Corp Series J (b)(d)(e) | 5376 | 11397120 |
| Space Exploration Technologies Corp Series N (b)(d)(e) | 79406 | 168340720 |
|  |  | 475496523 |
| Air Freight & Logistics - 0.0% |  |  |
| Zipline International Inc Series G (b)(d)(e) | 281500 | 11642840 |
| Construction & Engineering - 0.0% |  |  |
| Beta Technologies Inc Series A (b)(d)(e) | 101010 | 11562615 |
| Beta Technologies Inc Series C, 6% (d)(e) | 25529 | 3044078 |
|  |  | 14606693 |
| Electrical Equipment - 0.0% |  |  |
| Empower Semiconductor Inc Series D (d)(e) | 1263700 | 10122237 |
| TOTAL INDUSTRIALS |  | 511868293 |
| Information Technology - 0.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Cellink Corp Series D (b)(d)(e) | 771513 | 2777447 |
| Enevate Corp Series E (b)(d)(e) | 12084432 | 3746174 |
| Frore Systems Inc Series C (b)(d)(e) | 366694 | 5977112 |
| Menlo Microsystems Inc Series C (b)(d)(e) | 4680700 | 2574384 |
|  |  | 15075117 |
| IT Services - 0.2% |  |  |
| Gupshup Inc (b)(d)(e) | 709497 | 3355921 |
| X.Ai Holdings Corp Series B (d)(e) | 3688585 | 134854668 |
| X.Ai Holdings Corp Series C (d)(e) | 674457 | 24658148 |
| Yanka Industries Inc Series F (b)(d)(e) | 508854 | 2188072 |
|  |  | 165056809 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Alif Semiconductor Series C (b)(d)(e) | 391847 | 10356516 |
| Alif Semiconductor Series D (d)(e) | 217800 | 6126714 |
| Danger Devices Inc Series B (d)(e) | 4462000 | 4015800 |
| Retym Inc Series C (b)(d)(e) | 810037 | 8448686 |
| Retym Inc Series D (d)(e) | 194389 | 2136335 |
| SiMa Technologies Inc Series B (b)(d)(e) | 2821200 | 17576077 |
| SiMa Technologies Inc Series B1 (b)(d)(e) | 188978 | 1379539 |
|  |  | 50039667 |
| Software - 0.4% |  |  |
| Algolia Inc Series D (b)(d)(e) | 276495 | 5391652 |
| Anthropic PBC Series D (b)(d)(e) | 393051 | 60588812 |
| Anthropic PBC Series E (d)(e) | 39600 | 5840604 |
| Applied Intuition Inc Series A2 (b)(d)(e) | 43948 | 5989233 |
| Applied Intuition Inc Series B2 (b)(d)(e) | 21192 | 2888046 |
| Celestial AI Inc Series A (d)(e) | 283807 | 4821881 |
| Celestial AI Inc Series B (d)(e) | 213558 | 3628350 |
| Celestial AI Inc Series C1 (d)(e) | 855468 | 14534402 |
| Crusoe Energy Systems LLC Series D (d)(e) | 300371 | 9149301 |
| Databricks Inc Series G (b)(d)(e) | 437958 | 50995830 |
| Databricks Inc Series H (b)(d)(e) | 273924 | 31895711 |
| Databricks Inc Series I (b)(d)(e) | 6675 | 777236 |
| Databricks Inc Series J (d)(e) | 190149 | 22140950 |
| Dataminr Inc Series D, 8% (b)(d)(e) | 277250 | 2966574 |
| Lyte Ai Inc Series B (d)(e) | 692307 | 7829992 |
| MOLOCO Inc Series A (b)(d)(e) | 103822 | 7320489 |
| Nuro Inc/CA Series E (d)(e) | 465136 | 5953741 |
| Runway AI Inc Series D (d)(e) | 540130 | 6778632 |
| Skyryse Inc Series B (b)(d)(e) | 560000 | 14705600 |
| Stripe Inc Series H (b)(d)(e) | 73100 | 2595050 |
| Stripe Inc Series I (b)(d)(e) | 1129819 | 40108575 |
|  |  | 306900661 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Lightmatter Inc Series C1 (b)(d)(e) | 372617 | 24667245 |
| Lightmatter Inc Series C2 (b)(d)(e) | 58528 | 3944787 |
| Lightmatter Inc Series D (d)(e) | 363511 | 29604336 |
|  |  | 58216368 |
| TOTAL INFORMATION TECHNOLOGY |  | 595288622 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Diamond Foundry Inc Series C (b)(d)(e) | 2271329 | 59917659 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Redwood Materials Series C (b)(d)(e) | 341408 | 10412944 |
| Redwood Materials Series D (b)(d)(e) | 97832 | 2983876 |
|  |  | 13396820 |
| TOTAL UNITED STATES |  | 1266540479 |
| <br> **TOTAL CONVERTIBLE PREFERRED STOCKS**<br> (Cost $1,004,619,390) |  | <br> **1547614308** |

---

---

| | | |
|:---|:---|:---|
| &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)(d)(e)<br>(Cost $9,830,736)<br>| 29758 | **6064085** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** | &nbsp;&nbsp;**Preferred Securities - 0.0%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| UNITED STATES - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Rad Power Bikes Inc 8% 12/31/2025 (d)(e) | 980651 | 586200 |
| Health Care - 0.0% |  |  |
| Health Care Technology - 0.0% |  |  |
| HeartFlow Inc 0% (d)(e)(l) | 6999700 | 7833364 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Enevate Corp 6% (d)(e)(l) | 671584 | 354372 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SiMa Technologies Inc 10% 12/31/2027 (d)(e) | 3073600 | 3606017 |
| SiMa Technologies Inc 7.5% 12/31/2027 (d)(e) | 2189200 | 2195129 |
|  |  | 5801146 |
| Software - 0.0% |  |  |
| Skyryse Inc 0% 2/5/2027 (d)(e) | 1324031 | 1746927 |
| TOTAL INFORMATION TECHNOLOGY |  | 7902445 |
| TOTAL UNITED STATES |  | 16322009 |
| <br> **TOTAL PREFERRED SECURITIES**<br> (Cost $15,238,766) |  | <br> **16322009** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** | &nbsp;&nbsp;**Money Market Funds - 0.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (m) | 4.33 | 15394878 | 15397957 |
| Fidelity Securities Lending Cash Central Fund (m)(n) | 4.33 | 289867208 | 289896195 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $305,294,152) |  |  | **305294152** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.4%**<br> (Cost $29,428,660,659)<br>| <br>**80092499216** |
| **NET OTHER ASSETS (LIABILITIES) - (0.4)%**  | **(314877111)** |
| **NET ASSETS - 100.0%** | **79777622105** |

---

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Non-income producing.

(c) Security or a portion of the security is on loan at period end.

(d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,658,938,159 or 3.3% of net assets.

(e) Level 3 security

(f) Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $651,929,432 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(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 $80,710,429 or 0.1% of net assets.

(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 $73,668,889 or 0.1% of net assets.

(i) Affiliated company

(j) Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(n) Investment made with cash collateral received from securities on loan.

---

| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Acquisition Cost ($)<br>|
| ABL Space Systems Co Series A10 | 12/14/23 | 1348925 |
| ABL Space Systems Co Series A8 | 3/24/21 | 12165467 |
| ABL Space Systems Co Series A9 | 10/22/21 | 9626140 |
| AgBiome LLC Series C | 6/29/18 | 6911967 |
| Akeana Series C | 1/23/24 | 4633446 |
| Algolia Inc Series D | 7/23/21 | 8086110 |
| Alif Semiconductor Series C | 3/08/22 | 7953922 |
| Alif Semiconductor Series D | 4/11/25 | 5884324 |
| Anduril Industries Inc Class B | 6/16/25 | 1107392 |
| Anduril Industries Inc Class C | 6/16/25 | 531 |
| Anduril Industries Inc Series F | 8/07/24 | 11844969 |
| Anduril Industries Inc Series G | 4/17/25 | 10412849 |
| Ant International Co Ltd Class C | 5/16/18 | 12251284 |
| Anthropic PBC Series D | 5/31/24 | 11793299 |
| Anthropic PBC Series E | 2/14/25 | 2221025 |
| Applied Intuition Inc Class A | 7/02/24 | 2015419 |
| Applied Intuition Inc Series A2 | 7/02/24 | 2623471 |
| Applied Intuition Inc Series B2 | 7/02/24 | 1265054 |
| Atom Tickets LLC | 8/15/17 | 7000000 |
| Beta Technologies Inc Series A | 4/09/21 | 7401003 |
| Beta Technologies Inc Series C, 6% | 10/24/24 | 2922305 |
| Blink Health LLC Class A1 | 12/30/20 - 6/17/24 | 1806910 |
| Blink Health LLC Series C | 11/07/19 - 7/14/21 | 6516071 |
| Blink Health LLC Series D | 6/17/24 - 6/25/24 | 1613220 |
| Bolt Technology OU Series E | 1/03/22 | 44234771 |
| ByteDance Ltd Series E1 | 11/18/20 | 32109399 |
| Castle Creek Biosciences Inc Series A4 | 9/29/16 | 9830736 |
| Castle Creek Biosciences Inc Series B | 10/09/18 | 1359517 |
| Castle Creek Biosciences Inc Series D2 | 6/28/21 | 916700 |
| Celestial AI Inc | 2/25/25 | 659417 |
| Celestial AI Inc Series A | 2/25/25 | 4204799 |
| Celestial AI Inc Series B | 2/25/25 | 3164011 |
| Celestial AI Inc Series C1 | 2/25/25 | 14910978 |
| Cellink Corp Series D | 1/20/22 | 16065910 |
| Crusoe Energy Systems LLC Series D | 12/10/24 | 8762375 |
| Danger Devices Inc Series B | 3/05/25 | 4018031 |
| Databricks Inc Series G | 2/01/21 | 25893230 |
| Databricks Inc Series H | 8/31/21 | 20129068 |
| Databricks Inc Series I | 9/14/23 | 490613 |
| Databricks Inc Series J | 12/17/24 | 17588783 |
| Dataminr Inc Series D, 8% | 3/06/15 | 3534938 |
| Diamond Foundry Inc Series C | 3/15/21 | 54511896 |
| Discord Inc Series I | 9/15/21 | 3358809 |
| Element Labs Inc Series A | 2/11/25 | 3437784 |
| Element Labs Inc Series B | 6/27/25 | 5916979 |
| Empower Semiconductor Inc Series D | 6/27/25 | 10142203 |
| Enevate Corp 10% 5/12/2199 | 11/12/24 | 187681 |
| Enevate Corp 6% | 11/02/23 - 10/31/24 | 671584 |
| Enevate Corp Series E | 1/29/21 | 13397828 |
| Epic Games Inc | 7/30/20 | 3525325 |
| Fanatics Inc Class A | 8/13/20 - 10/24/22 | 78989836 |
| Frore Systems Inc Series C | 5/10/24 | 5892919 |
| GoBrands Inc Series G | 3/02/21 | 41503015 |
| GoBrands Inc Series H | 7/22/21 | 40414287 |
| Gupshup Inc | 6/08/21 | 16222791 |
| HeartFlow Inc 0% | 3/26/25 | 6999700 |
| JUUL Labs Inc Class A | 12/20/17 - 2/23/24 | 30079410 |
| JUUL Labs Inc Class B | 11/21/17 | 0 |
| JUUL Labs Inc Series C | 5/22/15 - 7/06/18 | 0 |
| JUUL Labs Inc Series D | 6/25/18 - 7/06/18 | 0 |
| JUUL Labs Inc Series E | 12/20/17 | 320665 |
| Lenskart Solutions Pvt Ltd | 6/04/25 | 27871127 |
| Lightmatter Inc Series C1 | 5/19/23 | 6132083 |
| Lightmatter Inc Series C2 | 12/18/23 | 1521833 |
| Lightmatter Inc Series D | 10/11/24 | 29164669 |
| Lyte Ai Inc Series B | 8/13/24 | 8782676 |
| Meesho Series D-2 | 6/17/25 | 11164552 |
| Meesho Series E | 6/17/25 | 1859704 |
| Meesho Series E-1 | 6/17/25 | 2237256 |
| Meesho Series F | 6/17/25 | 43634380 |
| Menlo Microsystems Inc Series C | 2/09/22 | 6204268 |
| MOLOCO Inc Series A | 6/26/23 | 6229320 |
| Neurona Therapeutics Inc Series F | 3/28/25 | 3919768 |
| Neutron Holdings Inc | 2/04/21 | 71531 |
| Neutron Holdings Inc 4% 5/22/2027 | 6/04/20 | 2432800 |
| Neutron Holdings Inc 4% 6/12/2027 | 6/12/20 | 647200 |
| Neutron Holdings Inc 8% 10/29/2026 | 10/29/21 - 4/27/25 | 23930515 |
| Neutron Holdings Inc Series 1C | 7/03/18 | 9261614 |
| Neutron Holdings Inc Series 1D | 1/25/19 | 20689019 |
| Nuro Inc/CA Series E | 4/01/25 | 5950713 |
| OpenAI Global LLC rights | 9/30/24 | 29421124 |
| OpenAI Global LLC rights | 4/11/25 | 5849403 |
| Oura Health Oy Series D | 12/18/24 | 23459954 |
| Pine Labs Ltd/India | 6/30/21 | 3696224 |
| Pine Labs Ltd/India Series 1 | 6/30/21 | 8833117 |
| Pine Labs Ltd/India Series A | 6/30/21 | 2207767 |
| Pine Labs Ltd/India Series B | 6/30/21 | 2401655 |
| Pine Labs Ltd/India Series B2 | 6/30/21 | 1942664 |
| Pine Labs Ltd/India Series C | 6/30/21 | 3613450 |
| Pine Labs Ltd/India Series C1 | 6/30/21 | 761443 |
| Pine Labs Ltd/India Series D | 6/30/21 | 814390 |
| Rad Power Bikes Inc | 1/21/21 | 4476962 |
| Rad Power Bikes Inc 8% 12/31/2025 | 10/06/23 | 980651 |
| Rad Power Bikes Inc Series A | 1/21/21 | 583670 |
| Rad Power Bikes Inc Series C | 1/21/21 | 2296683 |
| Rad Power Bikes Inc Series D | 9/17/21 | 8309155 |
| Rad Power Bikes Inc warrants 10/6/2033 | 10/06/23 | 1 |
| Rapyd Financial Network 2016 Ltd | 3/30/21 | 14999992 |
| Rapyd Financial Network 2016 Ltd Series F | 3/06/25 | 618931 |
| Rapyd Financial Network 2016 Ltd warrants 3/5/2038 | 3/06/25 | 0 |
| Redwood Materials Series C | 5/28/21 | 16183924 |
| Redwood Materials Series D | 6/02/23 | 4670095 |
| Retym Inc Series C | 5/17/23 - 6/20/23 | 6303546 |
| Retym Inc Series D | 1/29/25 | 2057996 |
| Revolut Group Holdings Ltd | 12/27/24 | 11784207 |
| Runway AI Inc Series D | 9/06/24 | 5855969 |
| SiMa Technologies Inc 10% 12/31/2027 | 4/08/24 - 7/05/25 | 3073600 |
| SiMa Technologies Inc 7.5% 12/31/2027 | 7/18/25 | 2189200 |
| SiMa Technologies Inc Series B | 5/10/21 | 14465421 |
| SiMa Technologies Inc Series B1 | 4/25/22 | 1340024 |
| Skyryse Inc 0% 2/5/2027 | 8/13/24 | 1324031 |
| Skyryse Inc Series B | 10/21/21 | 13820783 |
| Space Exploration Technologies Corp | 10/16/15 - 12/09/24 | 60518403 |
| Space Exploration Technologies Corp Class C | 9/11/17 - 12/09/24 | 11127463 |
| Space Exploration Technologies Corp Series G | 1/20/15 - 9/07/23 | 8180646 |
| Space Exploration Technologies Corp Series H | 8/04/17 | 3478545 |
| Space Exploration Technologies Corp Series J | 9/07/23 | 4354560 |
| Space Exploration Technologies Corp Series N | 8/04/20 | 21439620 |
| Stripe Inc Class B | 5/18/21 | 6966287 |
| Stripe Inc Series H | 3/15/21 | 2933138 |
| Stripe Inc Series I | 3/20/23 - 5/12/23 | 22747934 |
| Taalas Inc Series B | 2/19/25 | 9033254 |
| Tanium Inc Class B | 4/21/17 | 2754690 |
| Tenstorrent Holdings Inc Series C1 | 4/23/21 | 8945545 |
| Tenstorrent Holdings Inc Series D1 | 7/16/24 - 1/15/25 | 8889338 |
| Tenstorrent Holdings Inc Series D2 | 7/17/24 | 3604719 |
| Tory Burch LLC Class A | 5/14/15 | 20890423 |
| Veterinary Emergency Group | 9/16/21 - 3/17/22 | 21635527 |
| Waymo LLC Series A2 | 5/08/20 | 6982377 |
| Waymo LLC Series C2 | 10/18/24 | 11685386 |
| X.Ai Holdings Corp Class A | 10/25/22 - 7/18/25 | 29717656 |
| X.Ai Holdings Corp Series B | 5/13/24 | 44152362 |
| X.Ai Holdings Corp Series C | 11/22/24 | 14601994 |
| Xsight Labs Ltd Series D | 2/16/21 | 9531232 |
| Xsight Labs Ltd Series F | 1/11/24 - 12/30/24 | 11011865 |
| Yanka Industries Inc Series F | 4/08/21 | 16220637 |
| Zipline International Inc Series G | 6/07/24 | 11807883 |

---

---

| | |
|:---|:---|
| Additional information on each lock-up restriction is as follows: | Additional information on each lock-up restriction is as follows: |
| Security | Restriction Expiration Date |
| Aditya Birla Fashion and Retail Ltd | 9/15/2025 |
| Circle Internet Group Inc | 12/2/2025 |
| CoreWeave Inc Class A | 8/14/2025 |
| CoreWeave Inc Class A | 9/24/2025 |
| Figma Inc | 1/27/2026 |
| MNTN Inc | 11/18/2025 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 34919537 | 3154345836 | 3173867416 | 2233443 | - | - | 15397957 | 15394878 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 200820844 | 2451362738 | 2362287387 | 4320822 | - | - | 289896195 | 289867208 | 1.1% |
| Total | 235740381 | 5605708574 | 5536154803 | 6554265 | - | - | 305294152 |  |  |

---

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  |
| Real Good Food Co LLC /The Class B | 13 | - | - | - | - | (12) | - | - |
| Real Good Food Co LLC /The Class B unit | 643657 | - | - | - | - | (633140) | - | - |
| Restoration Hardware Inc | 296338476 | 29808840 | - | - | - | (92126670) | 234020646 | 1138122 |
| Warby Parker Inc Class A | 88773876 | 5919055 | 100443967 | - | (49785554) | 62188032 | - | - |
| Total | 385756022 | 35727895 | 100443967 | - | (49785554) | (30571790) | 234020646 |  |

---

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 July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 12980788120 | 12635690405 | 340396648 | 4701067 |
| Consumer Discretionary | 14412658562 | 14042781499 | 202281821 | 167595242 |
| Consumer Staples | 1211314031 | 1138158647 | 33128234 | 40027150 |
| Energy | 293571081 | 87539110 | 206031971 | - |
| Financials | 3302830305 | 3066696563 | 207526801 | 28606941 |
| Health Care | 3969522414 | 3924899376 | 1 | 44623037 |
| Industrials | 3871723161 | 3151904493 | 59215654 | 660603014 |
| Information Technology | 37014603739 | 36891232493 | - | 123371246 |
| Materials | 577159116 | 543708346 | 33450770 | - |
| Real Estate | 407169435 | 407169435 | - | - |
| Utilities | 133499229 | 133499229 | - | - |
|  **Convertible Corporate Bonds** |  |  |  |  |
| Consumer Discretionary | 42233661 | - | - | 42233661 |
| Information Technology | 131808 | - | - | 131808 |
|  **Convertible Preferred Stocks** |  |  |  |  |
| Communication Services | 68749645 | - | - | 68749645 |
| Consumer Discretionary | 105559468 | - | - | 105559468 |
| Consumer Staples | 14793262 | - | - | 14793262 |
| Financials | 28955139 | - | - | 28955139 |
| Health Care | 53741493 | - | - | 53741493 |
| Industrials | 525142097 | - | - | 525142097 |
| Information Technology | 677358725 | - | - | 677358725 |
| Materials | 59917659 | - | - | 59917659 |
| Utilities | 13396820 | - | - | 13396820 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Health Care | 6064085 | - | - | 6064085 |
|  **Preferred Securities** |  |  |  |  |
| Consumer Discretionary | 586200 | - | - | 586200 |
| Health Care | 7833364 | - | - | 7833364 |
| Information Technology | 7902445 | - | - | 7902445 |
|  **Money Market Funds** | 305294152 | 305294152 | - | - |
| **Total Investments in Securities:** | 80092499216 | 76328573748 | 1082031900 | 2681893568 |

---

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 ($)** | **The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2025 ($)** |
| **Common Stocks** | 733238134 | (31615558) | 306732159 | 156487111 | (95314149) | - | - | - | 1069527697 | 347976996 |
| **Convertible Preferred Stocks** | 891038684 | - | 503759782 | 379147487 | (226331645) | - | - | - | 1547614308 | 469934298 |
| **Non-Convertible Preferred Stocks** | 6710131 | - | (646046) | - | - | - | - | - | 6064085 | (646046) |
| **Convertible Corporate Bonds** | 26330691 | - | 14256104 | 1778674 | - | - | - | - | 42365469 | 14256104 |
| **Preferred Securities** | 4969774 | - | 522433 | 10829802 | - | - | - | - | 16322009 | 522433 |
| <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. | <br> The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations. |  |  |  |

---

**Consolidated Financial Statements**

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** | **Consolidated Statement of Assets and Liabilities** |
| **As of July 31, 2025** | **As of July 31, 2025** | **As of July 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $278,040,905) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $28,926,708,962) | $79553184418 |  |
| Fidelity Central Funds (cost $305,294,152) | 305294152 |  |
| Other affiliated issuers (cost $196,657,545) | 234020646 |  |
| Total Investment in Securities (cost $29,428,660,659) |  | $80092499216 |
| Cash |  | 813720 |
| Restricted cash |  | 279384 |
| Foreign currency held at value (cost $1,727,851) |  | 1704458 |
| Receivable for investments sold |  | 163049378 |
| Receivable for fund shares sold |  | 38541082 |
| Dividends receivable |  | 9806541 |
| Interest receivable |  | 1149831 |
| Distributions receivable from Fidelity Central Funds |  | 215400 |
| Prepaid expenses |  | 13114 |
| Other receivables |  | 1945488 |
| **Total assets** |  | 80310017612 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $106245998 |  |
| Payable for fund shares redeemed | 47008032 |  |
| Accrued management fee | 46918972 |  |
| Distribution and service plan fees payable | 14112 |  |
| Deferred taxes | 41032527 |  |
| Other payables and accrued expenses | 1317433 |  |
| Collateral on securities loaned | 289858433 |  |
| **Total liabilities** |  | 532395507 |
| **Net Assets**  |  | $79777622105 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $28747040471 |
| Total accumulated earnings (loss) |  | 51030581634 |
| **Net Assets** |  | $79777622105 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Class A :** |  |  |
| **Net Asset Value** and redemption price per share ($38,766,880 ÷ 157,188 shares)(a) |  | $246.63 |
| Maximum offering price per share (100/94.25 of $246.63) |  | $261.68 |
| **Class M :** |  |  |
| **Net Asset Value** and redemption price per share ($5,260,796 ÷ 21,358 shares)(a) |  | $246.32 |
| Maximum offering price per share (100/96.50 of $246.32) |  | $255.25 |
| **Class C :** |  |  |
| **Net Asset Value** and offering price per share ($6,030,173 ÷ 24,592 shares)(a) |  | $245.21 |
| **Blue Chip Growth :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($67,405,447,632 ÷ 272,274,847 shares) |  | $247.56 |
| **Class K :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($6,714,259,283 ÷ 26,957,318 shares) |  | $249.07 |
| **Class I :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($11,056,820 ÷ 44,740 shares) |  | $247.14 |
| **Class Z :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($5,596,800,521 ÷ 22,635,200 shares) |  | $247.26 |
| *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* | *(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.* |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Operations** | **Consolidated Statement of Operations** | **Consolidated Statement of Operations** |
| <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** | <br> **Year ended July 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $294145740 |
| Interest  |  | 1860904 |
| Income from Fidelity Central Funds (including $4,320,822 from security lending)  |  | 6554265 |
| **Total income** |  | 302560909 |
| **Expenses** |  |  |
| Management fee |  |  |
| Basic fee | $412228859 |  |
| Performance adjustment | 6933597 |  |
| Distribution and service plan fees | 66544 |  |
| Custodian fees and expenses | 829184 |  |
| Independent trustees' fees and expenses | 279306 |  |
| Registration fees | 867332 |  |
| Audit fees | 161609 |  |
| Legal | 73462 |  |
| Interest | 526578 |  |
| Miscellaneous | 240383 |  |
| Total expenses before reductions | 422206854 |  |
| Expense reductions | (79287) |  |
| Total expenses after reductions |  | 422127567 |
| **Net Investment income (loss)** |  | (119566658) |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1685576801 |  |
| Redemptions in-kind | 242747794 |  |
| Affiliated issuers | (49785554) |  |
| Foreign currency transactions | (2163519) |  |
| Written options | 1838603 |  |
| Total net realized gain (loss) |  | 1878214125 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $9,164,670)  | 13644549174 |  |
| Affiliated issuers  | (30571790) |  |
| Unfunded commitments | (72442) |  |
| Assets and liabilities in foreign currencies | 117355 |  |
| Written options | 2628801 |  |
| Total change in net unrealized appreciation (depreciation) |  | 13616651098 |
| **Net gain (loss)** |  | 15494865223 |
| **Net increase (decrease) in net assets resulting from operations** |  | $15375298565 |

---

---

| | | |
|:---|:---|:---|
| **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** | **Consolidated Statement of Changes in Net Assets** |
|  | **Year ended**<br> **July 31, 2025** | **Year ended**<br> **July 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $(119566658) | $(12959514) |
| &nbsp;&nbsp;Net realized gain (loss) | 1878214125<br>| 4704479199<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 13616651098 | 10404473087<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 15375298565<br>| 15095992772<br>|
| Distributions to shareholders | (4175320825)<br>| (486357262)<br>|
| Share transactions - net increase (decrease) | 3337051589<br>| 886065068<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 14537029329<br>| 15495700578<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 65240592776 | 49744892198<br>|
| &nbsp;&nbsp;End of period | $79777622105 | $65240592776 |

---

**Consolidated Financial Highlights** 

**Fidelity Advisor® Blue Chip Growth Fund Class A**<br>

---

| | |
|:---|:---|
| **Years ended July 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $211.52 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (1.00)  |
| Net realized and unrealized gain (loss)  | 38.43  |
| Total from investment operations  | 37.43  |
| Distributions from net investment income  | (.40) D |
| Distributions from net realized gain  | (1.92) D |
| Total distributions  | (2.32)  |
| Net asset value, end of period  | $246.63 |
| **Total Return** E,F,G | 17.77% <br>|
| **Ratios to Average Net Assets** C,H,I |  |
| Expenses before reductions  | .97% J,K |
| Expenses net of fee waivers, if any  | .97% J,K<br>|
| Expenses net of all reductions, if any  | .97% J,K |
| Net investment income (loss)  | (.56)% J,K |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $38767 |
| Portfolio turnover rate L,M | 34% <br>|

---

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*Portfolio turnover rate excludes securities received or delivered in-kind.*

M*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Blue Chip Growth Fund Class M**<br>

---

| | |
|:---|:---|
| **Years ended July 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $211.52 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (1.41)  |
| Net realized and unrealized gain (loss)  | 38.36  |
| Total from investment operations  | 36.95  |
| Distributions from net investment income  | (.23) D |
| Distributions from net realized gain  | (1.92) D |
| Total distributions  | (2.15)  |
| Net asset value, end of period  | $246.32 |
| **Total Return** E,F,G | 17.54% <br>|
| **Ratios to Average Net Assets** C,H,I |  |
| Expenses before reductions  | 1.21% J,K |
| Expenses net of fee waivers, if any  | 1.21% J,K<br>|
| Expenses net of all reductions, if any  | 1.21% J,K |
| Net investment income (loss)  | (.79)% J,K |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $5261 |
| Portfolio turnover rate L,M | 34% <br>|

---

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*Portfolio turnover rate excludes securities received or delivered in-kind.*

M*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity Advisor® Blue Chip Growth Fund Class C**<br>

---

| | |
|:---|:---|
| **Years ended July 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $211.52 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (2.35)  |
| Net realized and unrealized gain (loss)  | 38.28  |
| Total from investment operations  | 35.93  |
| Distributions from net investment income  | (.32) D |
| Distributions from net realized gain  | (1.92) D |
| Total distributions  | (2.24)  |
| Net asset value, end of period  | $245.21 |
| **Total Return** E,F,G | 17.05% <br>|
| **Ratios to Average Net Assets** C,H,I |  |
| Expenses before reductions  | 1.72% J,K |
| Expenses net of fee waivers, if any  | 1.72% J,K<br>|
| Expenses net of all reductions, if any  | 1.72% J,K |
| Net investment income (loss)  | (1.32)% J,K |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $6030 |
| Portfolio turnover rate L,M | 34% <br>|

---

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 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 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*Portfolio turnover rate excludes securities received or delivered in-kind.*

M*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.*

**Fidelity® Blue Chip Growth Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $213.10 | $164.62 | $132.94 | $187.79 | $138.12 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.38)  | (.06)  | (.13)  | (.50)  | (.73)  |
| Net realized and unrealized gain (loss)  | 48.35  | 50.16  | 32.45  | (38.32)  | 60.84  |
| Total from investment operations  | 47.97  | 50.10  | 32.32  | (38.82)  | 60.11  |
| Distributions from net investment income  | (.51) C | -  | -  | -  | -  |
| Distributions from net realized gain  | (13.00) C | (1.62)  | (.64)  | (16.03)  | (10.44)  |
| Total distributions  | (13.51)  | (1.62)  | (.64)  | (16.03)  | (10.44)  |
| Net asset value, end of period  | $247.56 | $213.10 | $164.62 | $132.94 | $187.79 |
| **Total Return** D | 23.78% <br>| 30.74%  | 24.43%  | (22.85)%  | 45.70%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .61%  | .50%  | .69%  | .76%  | .79%  |
| Expenses net of fee waivers, if any  | .61% <br>| .49%  | .68%  | .76%  | .79%  |
| Expenses net of all reductions, if any  | .61%  | .49%  | .68%  | .76%  | .78%  |
| Net investment income (loss)  | (.17)%  | (.03)%  | (.10)%  | (.31)%  | (.44)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $67405448 | $59681817 | $45272122 | $36726496 | $48318328 |
| Portfolio turnover rate G,H | 34% <br>| 22%  | 19%  | 34%  | 41%  |

---

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 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*Portfolio turnover rate excludes securities received or delivered in-kind.*

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.*

**Fidelity® Blue Chip Growth Fund Class K**<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended July 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $214.37 | $165.45 | $133.48 | $188.45 | $138.50 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | (.23)  | .10  | (.01)  | (.37)  | (.60)  |
| Net realized and unrealized gain (loss)  | 48.64  | 50.44  | 32.62  | (38.45)  | 61.04  |
| Total from investment operations  | 48.41  | 50.54  | 32.61  | (38.82)  | 60.44  |
| Distributions from net investment income  | (.71) C | -  | -  | -  | -  |
| Distributions from net realized gain  | (13.00) C | (1.62)  | (.64)  | (16.15)  | (10.49)  |
| Total distributions  | (13.71)  | (1.62)  | (.64)  | (16.15)  | (10.49)  |
| Net asset value, end of period  | $249.07 | $214.37 | $165.45 | $133.48 | $188.45 |
| **Total Return** D | 23.87% <br>| 30.85%  | 24.55%  | (22.78)%  | 45.83%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .54%  | .42%  | .59%  | .68%  | .71%  |
| Expenses net of fee waivers, if any  | .54% <br>| .41%  | .59%  | .68%  | .71%  |
| Expenses net of all reductions, if any  | .54%  | .41%  | .59%  | .68%  | .70%  |
| Net investment income (loss)  | (.11)%  | .05%  | (.01)%  | (.23)%  | (.36)%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6714259 | $5558776 | $4472770 | $4380450 | $8634939 |
| Portfolio turnover rate G,H | 34% <br>| 22%  | 19%  | 34%  | 41%  |

---

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 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*Portfolio turnover rate excludes securities received or delivered in-kind.*

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.*

**Fidelity Advisor® Blue Chip Growth Fund Class I**<br>

---

| | |
|:---|:---|
| **Years ended July 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $211.52 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (.63)  |
| Net realized and unrealized gain (loss)  | 38.57  |
| Total from investment operations  | 37.94  |
| Distributions from net investment income  | (.40) D |
| Distributions from net realized gain  | (1.92) D |
| Total distributions  | (2.32)  |
| Net asset value, end of period  | $247.14 |
| **Total Return** E,F | 18.01% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | .72% I,J |
| Expenses net of fee waivers, if any  | .72% I,J<br>|
| Expenses net of all reductions, if any  | .72% I,J |
| Net investment income (loss)  | (.35)% I,J |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $11057 |
| Portfolio turnover rate K,L | 34% <br>|

---

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*Portfolio turnover rate excludes securities received or delivered in-kind.*

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® Blue Chip Growth Fund Class Z**<br>

---

| | |
|:---|:---|
| **Years ended July 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $211.52 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | (.36)  |
| Net realized and unrealized gain (loss)  | 38.51  |
| Total from investment operations  | 38.15  |
| Distributions from net investment income  | (.49) D |
| Distributions from net realized gain  | (1.92) D |
| Total distributions  | (2.41)  |
| Net asset value, end of period  | $247.26 |
| **Total Return** E,F | 18.12% <br>|
| **Ratios to Average Net Assets** C,G,H |  |
| Expenses before reductions  | .61% I,J |
| Expenses net of fee waivers, if any  | .61% I,J<br>|
| Expenses net of all reductions, if any  | .61% I,J |
| Net investment income (loss)  | (.20)% I,J |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $5596801 |
| Portfolio turnover rate K,L | 34% <br>|

---

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*Portfolio turnover rate excludes securities received or delivered in-kind.*

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.*

**Notes to Consolidated Financial Statements**

For the period ended July 31, 2025

**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 commenced sale of Class A, Class M, Class C, Class I and Class Z shares on October 8, 2024. 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 | $1069527697 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.7 - 38.2 / 11.3 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA) | 7.3 - 35.8 / 35.3 | Increase |
|  |  |  | Enterprise value/Net income (EV/NI) | 16.8 | Increase |
|  |  | Book value | Book value multiple | 1.7 | Increase |
|  |  | Market approach | Transaction price | $4.63 | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Volatility | 50.0% - 80.0% / 51.0% | Increase |
|  |  |  | Discount rate | 3.8% - 4.0% / 3.9% | Increase |
|  |  |  | Term | 2.1 - 5.0 / 2.9 | Increase |
| Convertible Corporate Bonds | $42365469 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 3.0 | 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% - 50.0% / 25.0% | Increase |
|  |  | Black scholes | Volatility | 75.0% - 100.0% / 75.1% | Increase |
|  |  |  | Discount rate | 4.4% - 4.9% / 4.4% | Increase |
|  |  |  | Term | 0.4 | Increase |
| Convertible Preferred Stocks | $1547614308 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.7 - 38.2 / 16.5 | Increase |
|  |  |  | Enterprise value/EBITDA multiple (EV/EBITDA) | 35.8 | Increase |
|  |  |  | Enterprise value/Gross profit multiple (EV/GP) | 16.5 | Increase |
|  |  | Market approach | Transaction price | $0.90 - $215.03 / $28.68 | Increase |
|  |  |  | Discount rate | 65.0% - 80.0% / 73.9% | Decrease |
|  |  |  | Premium rate | 5.0% - 45.0% / 22.5% | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Volatility | 40.0% - 100.0% / 65.0% | Increase |
|  |  |  | Discount rate | 3.8% - 4.0% / 3.9% | Increase |
|  |  |  | Term | 2.0 - 5.0 / 3.1 | Increase |
| Non-Convertible Preferred Stocks | $6064085 | Market approach | Transaction price | $215.03 | Increase |
|  |  | Black scholes | Volatility | 85.0% | Increase |
|  |  |  | Discount rate | 3.9% | Increase |
|  |  |  | Term | 3.0 | Increase |
| Preferred Securities | $16322009 | Market comparable | Enterprise value/Revenue multiple (EV/R) | 0.7 - 14.0 / 7.6 | Increase |
|  |  |  | Discount rate | 15.5% - 23.1% / 21.7% | Decrease |
|  |  |  | Probability rate | 0.0% - 100.0% / 32.6% | Increase |
|  |  | Market approach | Transaction price | $100.00 | Increase |
|  |  |  | Discount rate | 35.4% - 46.9% / 40.9% | Decrease |
|  |  |  | Probability rate | 0.0% - 50.0% / 36.2% | Increase |
|  |  | Recovery value | Recovery value | $0.00 | Increase |
|  |  | Black scholes | Volatility | 50.0% - 100.0% / 56.2% | Increase |
|  |  |  | Discount rate | 3.9% - 4.9% / 4.2% | Increase |
|  |  |  | Term | 0.1 - 2.1 / 0.8 | 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 July 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.

**Foreign Currency.** Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable. 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.

**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** | $1090023 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the consolidated financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to 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**  | $51603036635 |
| **Gross unrealized depreciation**  | <u>(1237361661)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$50365674974</u> |
| **Tax Cost**  | <u>$29726824242</u> |

---

The tax-based components of distributable earnings as of period end were as follows:

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$-</u> |
| **Undistributed long-term capital gain**  | <u>$1631770188</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$50359691785</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.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **July 31, 2025** | **July 31, 2024** |
| **Ordinary Income**  | $243784302 | $- |
| **Long-term Capital Gains** | <u>3931536523</u> | <u>486357262</u> |
| **Total**  | <u>$4175320825</u> | <u>$486357262</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.

**Consolidated Subsidiary.** The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, investments in Subsidiaries were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Net Assets** |
| **Fidelity Blue Chip Growth Fund** | 54423478 | .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 Fund included in the table below holds 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 Net Assets** |
| **Fidelity Blue Chip Growth Fund** | Fid FDI 312, LLC | 110773085 | .14 |

---

The financial statements have been consolidated to include the SPV accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the consolidated financial statements.

**4. Derivative Instruments.**

**Risk Exposures and the Use of Derivative Instruments.** The Fund's investment objectives allow for various types of derivative instruments, including options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.

Derivatives were used to increase or decrease exposure to the following risk(s):

---

| | |
|:---|:---|
| Equity Risk  | Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. |

---

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.

**Net Realized Gain (Loss) and Change in Net Unrealized Appreciation (Depreciation) on Derivatives.** The table below, which reflects the impacts of derivatives on the financial performance, summarizes the net realized gain (loss) and change in net unrealized appreciation (depreciation) for derivatives during the period as presented in the Consolidated Statement of Operations.

---

| | | |
|:---|:---|:---|
| **Primary Risk Exposure / Derivative Type** | **Net Realized Gain (Loss)($)** | **Change in Net Unrealized Appreciation (Depreciation)($)** |
| **Fidelity Blue Chip Growth Fund** |  |  |
| **Equity Risk** |  |  |
| Purchased Options | (3764056) | (3260056) |
| Written Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1838603</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2628801</u> |
| **Total Equity Risk** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(1925453)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(631255)</u> |
| **Totals** | &nbsp;&nbsp;&nbsp;&nbsp; <u>(1925453)</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(631255)</u> |

---

If there are any open positions at period end, a summary of the value of derivatives by primary risk exposure is included at the end of the Consolidated Schedule of Investments.

**Options.** Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.

Exchange-traded written covered call options were used to manage exposure to the market. When a fund writes a covered call option, a fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

Upon entering into a written options contract, a fund will receive a premium. Premiums received are reflected as a liability on the Consolidated Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Consolidated Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Consolidated Statement of Operations.

Writing call options tends to decrease exposure to the underlying instrument and risk of loss is the change in value in excess of the premium received.

Any open options at period end are presented in the Consolidated Schedule of Investments under the caption "Written Options", and are representative of volume of activity during the period.

**5. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Blue Chip Growth Fund** | 24283828798 | 25168220567 |

---

**Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Consolidated Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Blue Chip Growth Fund** | 1467936 | 242747794 | 335775699 |

---

**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 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity Blue Chip Growth Fund** | 5683941 | 939644350 | 1176165653 |

---

**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** | .64 |
| **Class M** | .64 |
| **Class C** | .63 |
| **Blue Chip Growth** | .59 |
| **Class K** | .52 |
| **Class I** | .63 |
| **Class Z** | .52 |

---

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

---

| | |
|:---|:---|
|  | **Performance Adjustment Index** |
| **Fidelity 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 annual 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% | 35803 | 6768 |
| **Class M** | .25% | .25% | 11440 | 304 |
| **Class C** | .75% | .25% | <u>19301</u> | <u>15646</u> |
|  |  |  | <u>66544</u> | <u>22718</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** | 75035 |
| **Class M** | 4640 |
| **Class C** A | <u>728</u> |
|  | <u>80403</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 Blue Chip Growth Fund** | 535722 |

---

**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 | 19931477 | 4.81% | 524558 |

---

**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** | 1691003408 | 1421117959 | 216795242 |

---

**Other.** During the period, the investment adviser reimbursed the Fund for certain losses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Blue Chip Growth Fund** | 33685 |

---

**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** | 77752 |

---

**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** | 455768 | 13635 | - |

---

**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** | 5017000 | 4.83% | 2020 |

---

**10. Expense Reductions.** 

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of class-level operating expenses as follows:

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Class A** | 5 |
| **Class M** | 2 |
| **Class C** | - |
| **Blue Chip Growth** | 72184 |
| **Class K** | 6805 |
| **Class I** | 1 |
| **Class Z** | <u>290</u> |
| **Total** | <u>79287</u> |

---

**11. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Year ended** <br> **July 31, 2025 A** | **Year ended**<br> **July 31, 2024** |
| **Fidelity Blue Chip Growth Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Class A | $70438 | $- |
| Class M | 17850 | - |
| Class C | 8569 | - |
| Blue Chip Growth | 3816391104 | 443550444 |
| Class K | 355175421 | 42806818 |
| Class I | 7119 | - |
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>3650324</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>-</u> |
| Total  | <u>$4175320825</u> | <u>$486357262</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.*

**12. Share Transactions.**

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Year ended** <br> **July 31, 2025 A**  | **Year ended**<br> **July 31, 2024** | **Year ended** <br> **July 31, 2025 A**  | **Year ended**<br> **July 31, 2024** |
| **Fidelity Blue Chip Growth Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| Shares sold | 170299 | - | $37757867 | $- |
| Reinvestment of distributions | 306 | - | 70438 | - |
| Shares redeemed | <u>(13417)</u> | <u>-</u> | <u>(2916799)</u> | <u>-</u> |
| Net increase (decrease) | <u>157188</u> | <u>-</u> | <u>$34911506</u> | <u>$</u> <u>-</u> |
| **Class M** |  |  |  |  |
| Shares sold | 25217 | - | $5603881 | $- |
| Reinvestment of distributions | 78 | - | 17850 | - |
| Shares redeemed | <u>(3937)</u> | <u>-</u> | <u>(860390)</u> | <u>-</u> |
| Net increase (decrease) | <u>21358</u> | <u>-</u> | <u>$4761341</u> | <u>$</u> <u>-</u> |
| **Class C** |  |  |  |  |
| Shares sold | 26703 | - | $5932854 | $- |
| Reinvestment of distributions | 37 | - | 8569 | - |
| Shares redeemed | <u>(2148)</u> | <u>-</u> | <u>(455391)</u> | <u>-</u> |
| Net increase (decrease) | <u>24592</u> | <u>-</u> | <u>$5486032</u> | <u>$</u> <u>-</u> |
| **Blue Chip Growth** |  |  |  |  |
| Shares sold | 49614739 | 48330093 | $10838630621 | $9118147077 |
| Reinvestment of distributions | 16660152 | 2483540 | 3462396207 | 405113832 |
| Shares redeemed | <u>(74061675)</u> | <u>(45753585)</u> | <u>(16128727864)</u> | <u>(8460461064)</u> |
| Net increase (decrease) | <u>(7786784)</u> | <u>5060048</u> | <u>$(1827701036)</u> | <u>$1062799845</u> |
| **Class K** |  |  |  |  |
| Shares sold | 7567043 | 7165576 | $1653307661 | $1367778120 |
| Reinvestment of distributions | 1697164 | 261158 | 355004226 | 42794789 |
| Shares redeemed | <u>(8237638)</u> | <u>(8529305)</u> | <u>(1745391174)</u> | <u>(1587307686)</u> |
| Net increase (decrease) | <u>1026569</u> | <u>(1102571)</u> | <u>$262920713</u> | <u>$(176734777)</u> |
| **Class I** |  |  |  |  |
| Shares sold | 53000 | - | $11976596 | $- |
| Reinvestment of distributions | 31 | - | 7119 | - |
| Shares redeemed | <u>(8291)</u> | <u>-</u> | <u>(1700738)</u> | <u>-</u> |
| Net increase (decrease) | <u>44740</u> | <u>-</u> | <u>$10282977</u> | <u>$</u> <u>-</u> |
| **Class Z** |  |  |  |  |
| Shares sold | 22958409 | - | $4918298465 | $- |
| Reinvestment of distributions | 13409 | - | 3088154 | - |
| Shares redeemed | <u>(336618)</u> | <u>-</u> | <u>(74996563)</u> | <u>-</u> |
| Net increase (decrease) | <u>22635200</u> | <u>-</u> | <u>$4846390056</u> | <u>$</u> <u>-</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.*

**13. 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.

**14. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Securities Fund and the Shareholders of Fidelity Blue Chip Growth Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying consolidated statement of assets and liabilities of Fidelity Blue Chip Growth Fund, and subsidiary (the "Fund"), a fund of Fidelity Securities Fund, including the consolidated schedule of investments, as of July 31, 2025, the related consolidated statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of July 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

September 11, 2025

We have served as the auditor of one or more of the Fidelity investment companies since 1999.

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2025, $2,366,653,990, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% of the short-term capital gain dividends distributed in December, respectively during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

Class A, Class M, Class C, Blue Chip Growth Fund, Class K, Class I and Class Z designate 100% of each dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A, Class M, Class C, Blue Chip Growth Fund, Class K, Class I and Class Z designate 100% of each dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Blue Chip Growth Fund**

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), considers the renewal of the fund's management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board, acting directly and through its Committees (each of which is composed of and chaired by Independent Trustees), requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its May 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and the total expense ratio of a representative class (the retail class, which was selected because it was the largest class without 12b-1 fees); (iii) the total costs of the services provided by and the profits realized by FMR and its affiliates (Fidelity) from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by different Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered staffing as it relates to the fund, including the backgrounds and experience of investment personnel of the Investment Advisers, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of the Investment Advisers' staff, such as size, education, experience, and resources, as well as the Investment Advisers' approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's analysts have extensive resources, tools, and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, and to transmit new information and research conclusions rapidly. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

<u>Shareholder and Administrative Services</u>. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, shareholder, transfer agency, and pricing and bookkeeping services performed by the Investment Advisers and their affiliates under the Advisory Contracts; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

<u>Investment in a Large Fund Family.</u> The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year, relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against an index that has characteristics relevant to the fund's investment strategies (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). The Board also considered information about performance attribution. In its ongoing evaluation of fund investment performance, the Board gives particular attention to information indicating changes in performance of the funds over different time periods and discussed with the Investment Advisers the reasons for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered the effective management fee rate for the retail class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar Categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps and without taking into account the fund's performance adjustment) of the retail class of the fund relative to funds and classes in the total peer group; (ii) gross management fee comparisons of the retail class of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the retail class of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the retail class of the fund relative to the asset-sized peer group. The asset-sized peer group comparisons exclude performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The information provided to the Board indicated that the management fee of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and above the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. Further, the information provided to the Board indicated that the total expense ratio of the retail class of the fund ranked below the competitive median of the total peer group for the 12-month period ended September 30, 2024 and below the competitive median of the asset-sized peer group for the 12-month period ended September 30, 2024. The Board considered that the fund has a variable unified management fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board further considered that, when compared to the total expenses of its competitors, the fund ranked below its competitive medians.

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

The Board also considered that the fund's management fee is subject to upward or downward adjustment depending upon whether, and to what extent, the fund's investment performance for the performance period (a rolling 36-month period) exceeds, or is exceeded by, a securities index, thus leading to a performance adjustment for the same period. The Board noted that the performance adjustment provides FMR with a strong economic incentive to seek to achieve superior long-term performance for the fund's shareholders and helps to more closely align the interests of FMR and the shareholders of the fund.

In connection with its consideration of the fund's performance adjustment, the Board noted that the performance of the retail class is used for purposes of determining the performance adjustment. The Board noted that to the extent the performance adjustment was based on the performance of a share class with higher total annual operating expenses, the fund would be subject to a smaller positive and larger negative performance adjustment. The Board considered the appropriateness of the use of the retail class as the basis for the performance adjustment. The Board noted that the retail class is typically the largest class (reflecting the actual investment experience for the plurality of shareholders), employs a standard expense structure, and does not include fund-paid 12b-1 fees, which Fidelity believes makes it a more appropriate measurement of Fidelity's investment skill.

Based on its review, the Board concluded that the management fee of each class of the fund, including the use of the retail class as the basis for the performance adjustment, is fair and reasonable in light of the services that the fund receives and the other factors considered. Further, based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

**Costs of the Services and Profitability.** The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each Fidelity fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's fund business. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board recognized that the fund's management contract incorporates a variable management fee structure, which provides breakpoints as a way to share, in part, any potential economies of scale that may exist (i) at the asset class level determined based on the total assets of specified Fidelity funds in the same asset class as the fund, and (ii) through a discount that considers both fund size and the total assets of a broader group of specified Fidelity funds. The Board considered that the variable management fee is designed to deliver the benefits of economies of scale to fund shareholders even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all funds subject to the variable management fee, and all such funds benefit if those costs can be allocated among more assets. The Board concluded that, given the variable management fee structure, fund shareholders will benefit from lower management fees due to the application of the breakpoints and discount, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including but not limited to: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) the operation of performance fees and the rationale for implementing performance fees on certain categories of funds but not others; (iii) Fidelity's pricing philosophy compared to competitors; (iv) fund profitability methodology and data; (v) evaluation of competitive fund data and peer group classifications and fee and expense comparisons, as well as the methodology used for fee and expense comparisons; (vi) the management fee and expense structures for different funds and classes and information about the differences between various fee and expense structures; and (vii) information regarding other accounts managed by Fidelity and the funds' sub-advisory arrangements.

**Conclusion**. Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through May 31, 2026.

![](img111449_4.jpg)<br>

1.536058.128 BCF-ANN-0925

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH](code.htm) .

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT](securities_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](securities_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; September 22, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &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; September 22, 2025 |

---

---

| | |
|:---|:---|
| &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; September 22, 2025 |

---

## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity 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:

September 22, 2025

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| |
|:---|
| &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp; Stacie M. Smith |
| &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |

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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:

September 22, 2025

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| |
|:---|
| &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp; Stephanie Caron |
| &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |

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## 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: September 22, 2025

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| |
|:---|
| &nbsp;&nbsp; <u>/s/Stacie M. Smith</u> |
| &nbsp;&nbsp; Stacie M. Smith |
| &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |

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Dated: September 22, 2025

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| |
|:---|
| &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp; Stephanie Caron |
| &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |

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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>