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   811-04118


Fidelity Securities Fund

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, Massachusetts 02210

 (Address of principal executive offices)       (Zip code)


Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

July 31



Date of reporting period:

July 31, 2021




Item 1.

Reports to Stockholders





Fidelity® OTC Portfolio



Annual Report

July 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

Liquidity Risk Management Program


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. © 2021 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended July 31, 2021 Past 1 year Past 5 years Past 10 years 
Fidelity® OTC Portfolio 41.90% 26.68% 20.55% 
Class K 42.05% 26.82% 20.69% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® OTC Portfolio, a class of the fund, on July 31, 2011.

The chart shows how the value of your investment would have changed, and also shows how the Nasdaq Composite Index® performed over the same period.


Period Ending Values

$64,822Fidelity® OTC Portfolio

$59,552Nasdaq Composite Index®

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 36.45% for the 12 months ending July 31, 2021, as U.S. equities continued a historic rebound following a steep but brief decline due to the early-2020 outbreak and spread of COVID-19. A confluence of powerful forces propelled risk assets, returning the stock market to pre-pandemic highs by late August 2020. The rally slowed in September, when stocks began a two-month retreat amid Congress’s inability to reach a deal on additional fiscal stimulus, as well as uncertainty about the election. But as the calendar turned, investors grew hopeful. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. This backdrop fueled a sharp rotation, with small-cap value usurping leadership from large growth. As part of the “reopening” theme, investors moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap smaller companies that stood to benefit from a broad cyclical recovery. A flattish May reflected concerns about inflation and jobs, but the uptrend resumed through July, driven by corporate earnings. Notably, this leg saw momentum shift back to large growth, as easing rates and a hawkish Fed stymied the reflation trade. By sector, financials (+55%) led, driven by banks (+63%), whereas utilities (+12%) and consumer staples (+18%) notably lagged.

Comments from Portfolio Manager Christopher Lin:  For the fiscal year ending July 31, 2021, the fund's share classes gained about 42%, outperforming the 37.53% advance of the benchmark NASDAQ Composite Index. The primary contributor to performance versus the benchmark was our security selection in the consumer discretionary sector. Favorable investment choices and an overweighting in the communication services sector, especially picks among media & entertainment stocks, also lifted the fund's relative result. Also boosting the portfolio’s return was security selection in information technology. The biggest individual relative contributor was an overweight position in Alphabet (+81%), one of our biggest holdings the past 12 months. Also lifting performance was timely ownership of Tesla, which gained 140%. The company was among the fund’s largest holdings earlier in the period. However, we significantly reduced the position in the first quarter and sold out completely in Q2. Another notable relative contributor was an outsized stake in Marvell Technology (+28%), which changed its name from Marvell Technology Group after the company’s merger with Inphi on April 20. Conversely, the biggest detractor from performance versus the benchmark was subpar stock picking in energy. Weak investment choices in the health care sector also hindered relative performance. Our largest individual relative detractor was an out-of-benchmark stake in Reliance Industries (-1%), which was among the fund's biggest holdings. The fund's non-benchmark exposure to Tencent Holdings returned -10% and detracted from our relative result. Avoiding Moderna, a benchmark component that gained roughly 365%, also pressured relative performance this period. Notable changes in positioning include decreased exposure to the consumer discretionary sector and a higher allocation to communication services stocks.

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

Investment Summary (Unaudited)

Top Ten Stocks as of July 31, 2021

 % of fund's net assets 
Apple, Inc. 10.7 
Microsoft Corp. 10.5 
Alphabet, Inc. Class A 9.3 
Amazon.com, Inc. 6.8 
Facebook, Inc. Class A 5.1 
NVIDIA Corp. 3.0 
Alphabet, Inc. Class C 2.9 
Twitter, Inc. 2.2 
Marvell Technology, Inc. 2.0 
Reliance Industries Ltd. 1.6 
 54.1 

Top Five Market Sectors as of July 31, 2021

 % of fund's net assets 
Information Technology 42.7 
Communication Services 25.1 
Consumer Discretionary 15.4 
Health Care 7.0 
Industrials 3.0 

Asset Allocation (% of fund's net assets)

As of July 31, 2021* 
   Stocks 98.8% 
   Convertible Securities 0.8% 
   Other Investments 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.3% 


 * Foreign investments - 11.8%

Schedule of Investments July 31, 2021

Showing Percentage of Net Assets

Common Stocks - 98.7%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 25.1%   
Entertainment - 1.8%   
Activision Blizzard, Inc. 1,219,437 $101,969 
Electronic Arts, Inc. 2,347 338 
Live Nation Entertainment, Inc. (a) 483,163 38,117 
NetEase, Inc. ADR 14,751 1,508 
Netflix, Inc. (a) 469,940 243,227 
Spotify Technology SA (a) 56,733 12,973 
Take-Two Interactive Software, Inc. (a) 11,615 2,014 
The Walt Disney Co. (a) 856,703 150,797 
  550,943 
Interactive Media & Services - 23.3%   
Alphabet, Inc.:   
Class A (a) 1,043,537 2,811,842 
Class C (a) 320,016 865,458 
Facebook, Inc. Class A (a) 4,373,384 1,558,237 
IAC (a) 175,024 24,029 
Match Group, Inc. (a) 1,823,375 290,409 
Snap, Inc. Class A (a) 3,884,234 289,065 
Tencent Holdings Ltd. 181,733 10,960 
Tencent Holdings Ltd. sponsored ADR 5,328,805 326,123 
Twitter, Inc. (a) 9,734,271 678,965 
Vimeo, Inc. (a) 284,151 12,730 
Yandex NV Series A (a) 2,830,475 192,274 
  7,060,092 
Wireless Telecommunication Services - 0.0%   
T-Mobile U.S., Inc. (a) 63,030 9,078 
TOTAL COMMUNICATION SERVICES  7,620,113 
CONSUMER DISCRETIONARY - 14.7%   
Diversified Consumer Services - 0.0%   
Duolingo, Inc. 15,800 2,216 
Hotels, Restaurants & Leisure - 1.1%   
Airbnb, Inc. Class A 921,843 132,755 
Booking Holdings, Inc. (a) 12,178 26,527 
Caesars Entertainment, Inc. (a) 167,765 14,656 
Churchill Downs, Inc. 388,600 72,202 
Marriott International, Inc. Class A (a) 159,547 23,291 
Penn National Gaming, Inc. (a) 581,062 39,733 
Wynn Resorts Ltd. (a) 123,069 12,101 
  321,265 
Household Durables - 0.8%   
Lennar Corp. Class A 2,231,081 234,598 
Internet & Direct Marketing Retail - 9.3%   
Alibaba Group Holding Ltd. sponsored ADR (a) 658,729 128,577 
Amazon.com, Inc. (a) 619,513 2,061,485 
ContextLogic, Inc. (b) 148,391 1,475 
Deliveroo PLC 20,066,000 87,441 
Deliveroo PLC Class A (a)(b)(c) 1,937,626 8,888 
Etsy, Inc. (a) 258,105 47,365 
Farfetch Ltd. Class A (a) 1,944,300 97,448 
Global-e Online Ltd. (a) 1,083,088 75,426 
Meituan Class B (a)(c) 2,878,700 79,658 
MercadoLibre, Inc. (a) 80,095 125,645 
Pinduoduo, Inc. ADR (a) 869,600 79,664 
Porch Group, Inc. Class A (a) 1,584,805 29,366 
thredUP, Inc. (a) 87,470 2,087 
Zomato Ltd. (d) 7,745,200 11,822 
  2,836,347 
Multiline Retail - 0.1%   
Dollar Tree, Inc. (a) 290,411 28,980 
Specialty Retail - 1.4%   
Auto1 Group SE (c) 161,827 7,921 
Five Below, Inc. (a) 1,051,326 204,399 
Lowe's Companies, Inc. 1,077,895 207,700 
  420,020 
Textiles, Apparel & Luxury Goods - 2.0%   
Kontoor Brands, Inc. 5,880 326 
lululemon athletica, Inc. (a) 1,009,161 403,836 
LVMH Moet Hennessy Louis Vuitton SE 264,192 211,530 
  615,692 
TOTAL CONSUMER DISCRETIONARY  4,459,118 
CONSUMER STAPLES - 1.5%   
Beverages - 1.3%   
Diageo PLC 3,839,374 190,380 
Monster Beverage Corp. (a) 1,835,663 173,140 
PepsiCo, Inc. 132,963 20,869 
  384,389 
Food & Staples Retailing - 0.2%   
Costco Wholesale Corp. 122,030 52,439 
Personal Products - 0.0%   
The Honest Co., Inc. 159,105 2,058 
TOTAL CONSUMER STAPLES  438,886 
ENERGY - 2.0%   
Oil, Gas & Consumable Fuels - 2.0%   
Cenovus Energy, Inc. (Canada) 166,988 1,393 
EOG Resources, Inc. 13,848 1,009 
Reliance Industries Ltd. 17,985,973 492,401 
Reliance Industries Ltd. 998,144 18,936 
Reliance Industries Ltd. sponsored GDR (c) 1,797,826 99,420 
  613,159 
FINANCIALS - 2.6%   
Banks - 1.9%   
Fifth Third Bancorp 4,232,365 153,593 
Huntington Bancshares, Inc./Ohio 17,837,083 251,146 
PacWest Bancorp 524,581 20,889 
Signature Bank 572,346 129,905 
Wintrust Financial Corp. 327,441 23,379 
  578,912 
Capital Markets - 0.6%   
Coinbase Global, Inc. (a)(b) 192,068 45,439 
S&P Global, Inc. 335,858 143,989 
Wheels Up Experience, Inc. 810,464 5,835 
  195,263 
Diversified Financial Services - 0.1%   
Ant International Co. Ltd. Class C (a)(d)(e) 6,818,398 17,046 
TOTAL FINANCIALS  791,221 
HEALTH CARE - 7.0%   
Biotechnology - 2.4%   
Alnylam Pharmaceuticals, Inc. (a) 770,812 137,929 
Amgen, Inc. 155,014 37,442 
Arcutis Biotherapeutics, Inc. (a) 548,580 12,798 
Ascendis Pharma A/S sponsored ADR (a) 272,126 32,163 
ChemoCentryx, Inc. (a) 531,999 7,863 
GenSight Biologics SA (a)(b) 214,401 1,956 
Ionis Pharmaceuticals, Inc. (a) 32,004 1,189 
Neurocrine Biosciences, Inc. (a) 670,897 62,534 
Regeneron Pharmaceuticals, Inc. (a) 544,527 312,891 
Relay Therapeutics, Inc. (a) 974,390 31,609 
Sarepta Therapeutics, Inc. (a) 110,575 7,495 
Trevena, Inc. (a)(b) 450,653 599 
Vertex Pharmaceuticals, Inc. (a) 200,263 40,369 
Xencor, Inc. (a) 1,148,879 35,362 
  722,199 
Health Care Equipment & Supplies - 1.6%   
DexCom, Inc. (a) 427,365 220,311 
Figs, Inc. Class A (a) 45,549 1,658 
Insulet Corp. (a) 686,068 191,886 
Intuitive Surgical, Inc. (a) 52,580 52,131 
Neuronetics, Inc. (a) 38,986 517 
Outset Medical, Inc. 40,413 1,655 
Pulmonx Corp. 26,370 1,046 
Tandem Diabetes Care, Inc. (a) 193,592 21,038 
  490,242 
Health Care Providers & Services - 0.8%   
agilon health, Inc. (a)(b) 438,410 16,129 
Cigna Corp. 75,758 17,386 
Guardant Health, Inc. (a) 823,359 90,405 
Humana, Inc. 253,945 108,145 
  232,065 
Health Care Technology - 0.0%   
Castlight Health, Inc. Class B (a) 46,548 108 
Certara, Inc. 225,371 6,132 
  6,240 
Life Sciences Tools & Services - 1.9%   
10X Genomics, Inc. (a) 904,893 165,804 
Bruker Corp. 2,313,292 190,268 
Maravai LifeSciences Holdings, Inc. 453,230 19,929 
Nanostring Technologies, Inc. (a)(f) 2,443,088 151,325 
Olink Holding AB ADR (a) 941,700 35,191 
Seer, Inc. (b) 447,966 14,308 
  576,825 
Pharmaceuticals - 0.3%   
AstraZeneca PLC sponsored ADR 1,522,411 87,143 
Elanco Animal Health, Inc. (a) 89,636 3,269 
TherapeuticsMD, Inc. (a) 345,513 346 
  90,758 
TOTAL HEALTH CARE  2,118,329 
INDUSTRIALS - 2.8%   
Aerospace & Defense - 0.3%   
Space Exploration Technologies Corp.:   
Class A (a)(d)(e) 203,488 85,463 
Class C (a)(d)(e) 7,092 2,979 
  88,442 
Airlines - 0.3%   
Copa Holdings SA Class A (a)(b) 1,286,046 91,194 
Commercial Services & Supplies - 0.1%   
Copart, Inc. (a) 298,664 43,904 
Electrical Equipment - 0.0%   
Array Technologies, Inc. 186,016 2,519 
Professional Services - 0.8%   
Verisk Analytics, Inc. 1,220,145 231,754 
YourPeople, Inc. (a)(e) 1,005,815 
  231,762 
Road & Rail - 1.3%   
CSX Corp. 1,196,208 38,661 
Lyft, Inc. (a) 3,054,397 168,969 
Uber Technologies, Inc. (a) 4,189,101 182,058 
  389,688 
TOTAL INDUSTRIALS  847,509 
INFORMATION TECHNOLOGY - 42.6%   
Communications Equipment - 0.4%   
Cisco Systems, Inc. 2,061,195 114,128 
IT Services - 3.9%   
Gartner, Inc. (a) 1,151,113 304,734 
MasterCard, Inc. Class A 543,620 209,805 
MongoDB, Inc. Class A (a) 287,386 103,149 
PayPal Holdings, Inc. (a) 866,657 238,790 
Square, Inc. (a) 442,225 109,345 
Twilio, Inc. Class A (a) 52,244 19,518 
Visa, Inc. Class A 46,361 11,423 
Wix.com Ltd. (a) 596,005 177,991 
  1,174,755 
Semiconductors & Semiconductor Equipment - 9.2%   
Analog Devices, Inc. 447,570 74,932 
Applied Materials, Inc. 1,377,599 192,767 
ASML Holding NV 419,384 321,558 
Lam Research Corp. 372,401 237,372 
Marvell Technology, Inc. 10,156,991 614,600 
Micron Technology, Inc. 1,077,770 83,613 
NVIDIA Corp. 4,697,528 915,971 
NXP Semiconductors NV 852,683 175,985 
Skyworks Solutions, Inc. 94,149 17,371 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 1,472,819 171,790 
  2,805,959 
Software - 18.0%   
Adobe, Inc. (a) 639,206 397,350 
ANSYS, Inc. (a) 186,956 68,886 
Aspen Technology, Inc. (a) 1,205,044 176,250 
Atom Tickets LLC (a)(d)(e)(g) 516,103 263 
Autodesk, Inc. (a) 385,075 123,659 
Blend Labs, Inc. 179,100 3,235 
Cadence Design Systems, Inc. (a) 1,141,659 168,566 
Dropbox, Inc. Class A (a) 194,316 6,119 
Duck Creek Technologies, Inc. (a) 24,960 1,096 
Dynatrace, Inc. (a) 9,230 590 
Elastic NV (a) 1,234,102 182,721 
Epic Games, Inc. (d)(e) 77,600 68,676 
HIVE Blockchain Technologies Ltd. (a)(b) 2,535,549 6,605 
Intuit, Inc. 459,092 243,305 
Manhattan Associates, Inc. (a) 556,016 88,757 
Microsoft Corp. 11,195,444 3,189,694 
NICE Systems Ltd. sponsored ADR (a) 228,824 63,762 
Procore Technologies, Inc. (a)(b) 273,704 28,268 
Salesforce.com, Inc. (a) 1,144,506 276,890 
ServiceNow, Inc. (a) 28,600 16,814 
Stripe, Inc. Class B (a)(d)(e) 91,800 3,683 
Synopsys, Inc. (a) 714,295 205,710 
Taboola.com Ltd. 5,181,001 43,645 
Workday, Inc. Class A (a) 70,972 16,636 
Zoom Video Communications, Inc. Class A (a) 180,093 68,093 
  5,449,273 
Technology Hardware, Storage & Peripherals - 11.1%   
Apple, Inc. 22,217,912 3,240,700 
Samsung Electronics Co. Ltd. 1,702,570 115,941 
Western Digital Corp. (a) 287,927 18,695 
  3,375,336 
TOTAL INFORMATION TECHNOLOGY  12,919,451 
MATERIALS - 0.3%   
Paper & Forest Products - 0.3%   
Suzano Papel e Celulose SA (a) 8,933,800 92,747 
REAL ESTATE - 0.1%   
Equity Real Estate Investment Trusts (REITs) - 0.1%   
Equinix, Inc. 45,089 36,991 
TOTAL COMMON STOCKS   
(Cost $13,426,870)  29,937,524 
Preferred Stocks - 0.9%   
Convertible Preferred Stocks - 0.8%   
COMMUNICATION SERVICES - 0.0%   
Diversified Telecommunication Services - 0.0%   
Starry, Inc. Series B (a)(d)(e) 1,811,120 3,043 
CONSUMER DISCRETIONARY - 0.5%   
Internet & Direct Marketing Retail - 0.5%   
One Kings Lane, Inc. Series E (Escrow) (a)(d)(e) 648,635 259 
Reddit, Inc.:   
Series B (a)(d)(e) 1,337,584 82,655 
Series C (a)(d)(e) 300,673 18,580 
Series D (a)(d)(e) 929,200 57,419 
Series E (d)(e) 33,800 2,089 
  161,002 
INDUSTRIALS - 0.2%   
Aerospace & Defense - 0.2%   
Space Exploration Technologies Corp.:   
Series G (a)(d)(e) 62,037 26,055 
Series H (a)(d)(e) 65,670 27,581 
  53,636 
INFORMATION TECHNOLOGY - 0.1%   
IT Services - 0.1%   
AppNexus, Inc.:   
Series E (Escrow) (a)(d)(e) 1,416,796 44 
Series F (Escrow) (a)(d)(e) 90,913 25 
ByteDance Ltd. Series E1 (d)(e) 174,336 20,256 
  20,325 
Semiconductors & Semiconductor Equipment - 0.0%   
Tenstorrent, Inc. Series C1 (d)(e) 41,000 2,438 
Software - 0.0%   
Jet.Com, Inc. Series B1 (Escrow) (a)(d)(e) 4,896,249 
Stripe, Inc. Series H (d)(e) 39,000 1,565 
  1,565 
TOTAL INFORMATION TECHNOLOGY  24,328 
REAL ESTATE - 0.0%   
Real Estate Management & Development - 0.0%   
WeWork Companies, Inc.:   
Series E (a)(d) 190,230 1,585 
Series F (a)(d) 14,513 121 
  1,706 
TOTAL CONVERTIBLE PREFERRED STOCKS  243,715 
Nonconvertible Preferred Stocks - 0.1%   
CONSUMER DISCRETIONARY - 0.1%   
Automobiles - 0.1%   
Waymo LLC:   
Series A2 (a)(d)(e) 103,940 9,534 
Series B2 (d)(e) 178,470 16,370 
  25,904 
HEALTH CARE - 0.0%   
Pharmaceuticals - 0.0%   
Castle Creek Pharmaceutical Holdings, Inc. Series A4 (a)(d)(e) 30,303 19,854 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  45,758 
TOTAL PREFERRED STOCKS   
(Cost $125,807)  289,473 
 Principal Amount (000s) Value (000s) 
Preferred Securities - 0.1%   
CONSUMER DISCRETIONARY - 0.1%   
Internet & Direct Marketing Retail - 0.1%   
Circle Internet Financial Ltd. 0% (d)(e)(h) 20,654 20,654 
INFORMATION TECHNOLOGY - 0.0%   
Semiconductors & Semiconductor Equipment - 0.0%   
Tenstorrent, Inc. 0% (d)(e)(h) 2,280 2,280 
TOTAL PREFERRED SECURITIES   
(Cost $22,934)  22,934 
 Shares Value (000s) 
Money Market Funds - 0.8%   
Fidelity Cash Central Fund 0.06% (i) 177,401,100 177,437 
Fidelity Securities Lending Cash Central Fund 0.06% (i)(j) 78,870,024 78,878 
TOTAL MONEY MARKET FUNDS   
(Cost $256,315)  256,315 
TOTAL INVESTMENT IN SECURITIES - 100.5%   
(Cost $13,831,926)  30,506,246 
NET OTHER ASSETS (LIABILITIES) - (0.5)%  (161,880) 
NET ASSETS - 100%  $30,344,366 

Values shown as $0 in the Schedule of Investments may reflect amounts less than $500.

Legend

 (a) Non-income producing

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

 (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 $195,887,000 or 0.6% 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 $502,339,000 or 1.7% of net assets.

 (e) Level 3 security

 (f) Affiliated company

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

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

 (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:

Security Acquisition Date Acquisition Cost (000s) 
Ant International Co. Ltd. Class C 5/16/18 $38,251 
AppNexus, Inc. Series E (Escrow) 8/1/14 - 9/17/14 $0 
AppNexus, Inc. Series F (Escrow) 8/23/16 $40 
Atom Tickets LLC 8/15/17 $3,000 
ByteDance Ltd. Series E1 11/18/20 $19,103 
Castle Creek Pharmaceutical Holdings, Inc. Series A4 9/29/16 $10,011 
Circle Internet Financial Ltd. 0% 5/11/21 $20,654 
Epic Games, Inc. 7/13/20 - 3/29/21 $61,546 
Jet.Com, Inc. Series B1 (Escrow) 3/19/18 $0 
One Kings Lane, Inc. Series E (Escrow) 1/29/14 $401 
Reddit, Inc. Series B 7/26/17 $18,989 
Reddit, Inc. Series C 7/24/17 $4,743 
Reddit, Inc. Series D 2/4/19 $20,151 
Reddit, Inc. Series E 5/18/21 $1,436 
Space Exploration Technologies Corp. Class A 10/16/15 - 9/11/17 $21,156 
Space Exploration Technologies Corp. Class C 9/11/17 $957 
Space Exploration Technologies Corp. Series G 1/20/15 $4,805 
Space Exploration Technologies Corp. Series H 8/4/17 $8,865 
Starry, Inc. Series B 12/1/16 $980 
Stripe, Inc. Class B 5/18/21 $3,684 
Stripe, Inc. Series H 3/15/21 $1,565 
Tenstorrent, Inc. Series C1 4/23/21 $2,438 
Tenstorrent, Inc. 0% 4/23/21 $2,280 
Waymo LLC Series A2 5/8/20 $8,925 
Waymo LLC Series B2 6/11/21 $16,370 
WeWork Companies, Inc. Series E 6/23/15 $6,257 
WeWork Companies, Inc. Series F 12/1/16 $728 
Zomato Ltd. 12/9/20 - 2/5/21 $4,734 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $48 
Fidelity Securities Lending Cash Central Fund 783 
Total $831 

Amounts in the 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. Amount 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 payments received for lending certain types of securities.

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

Fund (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $1 $2,728,701 $2,551,264 $(1) $-- $177,437 0.3% 
Fidelity Securities Lending Cash Central Fund 0.06% 101,061 2,544,009 2,566,192 -- -- 78,878 0.2% 
Total $101,062 $5,272,710 $5,117,456 $(1) $-- $256,315  

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 as follows:

Affiliate (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds(a) Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Nanostring Technologies, Inc. $69,485 $39,463 $6,437 $-- $3,656 $45,158 $151,325 
Total $69,485 $39,463 $6,437 $-- $3,656 $45,158 $151,325 

 (a) Includes the value of securities delivered through in-kind transactions, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2021, 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: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $7,623,156 $7,609,153 $10,960 $3,043 
Consumer Discretionary 4,646,024 4,068,667 390,451 186,906 
Consumer Staples 438,886 246,448 192,438 -- 
Energy 613,159 613,159 -- -- 
Financials 791,221 768,340 5,835 17,046 
Health Care 2,138,183 2,118,329 -- 19,854 
Industrials 901,145 759,059 -- 142,086 
Information Technology 12,943,779 12,803,184 43,645 96,950 
Materials 92,747 92,747 -- -- 
Real Estate 38,697 36,991 1,706 -- 
Preferred Securities 22,934 -- -- 22,934 
Money Market Funds 256,315 256,315 -- -- 
Total Investments in Securities: $30,506,246 $29,372,392 $645,035 $488,819 

The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value:

(Amounts in thousands)  
Investments in Securities:  
Beginning Balance $476,197 
Net Realized Gain (Loss) on Investment Securities (13,135) 
Net Unrealized Gain (Loss) on Investment Securities 56,416 
Cost of Purchases 115,884 
Proceeds of Sales (38,175) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (108,368) 
Ending Balance $488,819 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2021 $41,583 

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. 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. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 88.2% 
Netherlands 2.9% 
Cayman Islands 2.2% 
India 2.0% 
United Kingdom 1.2% 
Others (Individually Less Than 1%) 3.5% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  July 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $77,049) — See accompanying schedule:
Unaffiliated issuers (cost $13,476,466) 
$30,098,606  
Fidelity Central Funds (cost $256,315) 256,315  
Other affiliated issuers (cost $99,145) 151,325  
Total Investment in Securities (cost $13,831,926)  $30,506,246 
Receivable for investments sold  63,392 
Receivable for fund shares sold  15,206 
Dividends receivable  2,010 
Distributions receivable from Fidelity Central Funds  98 
Prepaid expenses  20 
Other receivables  942 
Total assets  30,587,914 
Liabilities   
Payable for investments purchased $110,827  
Payable for fund shares redeemed 10,071  
Accrued management fee 17,715  
Other affiliated payables 2,651  
Other payables and accrued expenses 23,430  
Collateral on securities loaned 78,854  
Total liabilities  243,548 
Net Assets  $30,344,366 
Net Assets consist of:   
Paid in capital  $11,188,024 
Total accumulated earnings (loss)  19,156,342 
Net Assets  $30,344,366 
Net Asset Value and Maximum Offering Price   
OTC:   
Net Asset Value, offering price and redemption price per share ($22,272,786 ÷ 1,077,312 shares)  $20.67 
Class K:   
Net Asset Value, offering price and redemption price per share ($8,071,580 ÷ 383,250 shares)  $21.06 

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


Statement of Operations

Amounts in thousands  Year ended July 31, 2021 
Investment Income   
Dividends  $124,206 
Income from Fidelity Central Funds (including $783 from security lending)  831 
Total income  125,037 
Expenses   
Management fee   
Basic fee $156,155  
Performance adjustment 22,286  
Transfer agent fees 28,214  
Accounting fees 1,940  
Custodian fees and expenses 778  
Independent trustees' fees and expenses 114  
Registration fees 290  
Audit 139  
Legal 42  
Interest 18  
Miscellaneous 129  
Total expenses before reductions 210,105  
Expense reductions (1,004)  
Total expenses after reductions  209,101 
Net investment income (loss)  (84,064) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $21) 3,910,756  
Fidelity Central Funds (1)  
Other affiliated issuers 3,656  
Foreign currency transactions 152  
Total net realized gain (loss)  3,914,563 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $7,107) 5,561,600  
Affiliated issuers 45,158  
Assets and liabilities in foreign currencies  
Total change in net unrealized appreciation (depreciation)  5,606,765 
Net gain (loss)  9,521,328 
Net increase (decrease) in net assets resulting from operations  $9,437,264 

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


Statement of Changes in Net Assets

Amounts in thousands Year ended July 31, 2021 Year ended July 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(84,064) $(7,474) 
Net realized gain (loss) 3,914,563 2,487,162 
Change in net unrealized appreciation (depreciation) 5,606,765 3,945,699 
Net increase (decrease) in net assets resulting from operations 9,437,264 6,425,387 
Distributions to shareholders (1,653,656) (1,522,641) 
Share transactions - net increase (decrease) (1,330,230) (929,542) 
Total increase (decrease) in net assets 6,453,378 3,973,204 
Net Assets   
Beginning of period 23,890,988 19,917,784 
End of period $30,344,366 $23,890,988 

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


Financial Highlights

Fidelity OTC Portfolio

Years ended July 31, 2021 2020 2019 2018 A 2017 A 
Selected Per–Share Data      
Net asset value, beginning of period $15.61 $12.45 $12.50 $10.57 $8.53 
Income from Investment Operations      
Net investment income (loss)B (.06) (.01) (.01) (.02) (.02) 
Net realized and unrealized gain (loss) 6.21 4.14 .75 2.48 2.33 
Total from investment operations 6.15 4.13 .74 2.46 2.31 
Distributions from net investment income (.01) – – – – 
Distributions from net realized gain (1.08) (.97) (.79) (.53) (.27) 
Total distributions (1.09) (.97) (.79) (.53) (.27) 
Net asset value, end of period $20.67 $15.61 $12.45 $12.50 $10.57 
Total ReturnC 41.90% 35.79% 6.43% 24.34% 27.97% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .80% .87% .88% .88% .81% 
Expenses net of fee waivers, if any .80% .87% .88% .88% .81% 
Expenses net of all reductions .80% .87% .88% .88% .81% 
Net investment income (loss) (.33)% (.07)% (.10)% (.17)% (.16)% 
Supplemental Data      
Net assets, end of period (in millions) $22,273 $16,817 $13,166 $13,340 $12,136 
Portfolio turnover rateF,G 28% 48% 34% 38% 71% 

 A Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on May 11, 2018.

 B Calculated based on average shares outstanding during the period.

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

 G Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

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


Fidelity OTC Portfolio Class K

Years ended July 31, 2021 2020 2019 2018 A 2017 A 
Selected Per–Share Data      
Net asset value, beginning of period $15.88 $12.64 $12.67 $10.70 $8.62 
Income from Investment Operations      
Net investment income (loss)B (.05) C C (.01) (.01) 
Net realized and unrealized gain (loss) 6.33 4.21 .76 2.52 2.36 
Total from investment operations 6.28 4.21 .76 2.51 2.35 
Distributions from net investment income (.01) C – – – 
Distributions from net realized gain (1.09) (.97) (.79) (.54) (.27) 
Total distributions (1.10) (.97) (.79) (.54) (.27) 
Net asset value, end of period $21.06 $15.88 $12.64 $12.67 $10.70 
Total ReturnD 42.05% 35.94% 6.50% 24.48% 28.12% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .72% .78% .79% .78% .70% 
Expenses net of fee waivers, if any .71% .78% .79% .78% .70% 
Expenses net of all reductions .71% .78% .78% .77% .70% 
Net investment income (loss) (.25)% .03% (.01)% (.07)% (.05)% 
Supplemental Data      
Net assets, end of period (in millions) $8,072 $7,074 $6,752 $7,288 $3,662 
Portfolio turnover rateG,H 28% 48% 34% 38% 71% 

 A Per share amounts have been adjusted to reflect the impact of the 10 for 1 share split that occurred on May 11, 2018.

 B Calculated based on average shares outstanding during the period.

 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 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).

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


Notes to Financial Statements

For the period ended July 31, 2021
(Amounts in thousands except percentages)

1. Organization.

Fidelity OTC Portfolio (the Fund) is a non-diversified fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers OTC 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 Ratio(a) 
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% to .01% 

 (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. 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 (ETFs) 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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 vendor 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, 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 vendors or from brokers who make markets in such securities. Preferred securities are valued by pricing vendors 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 vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $465,885 Market comparable Enterprise value/Sales multiple (EV/S) 2.3 - 6.5 / 2.7 Increase 
   Discount rate 57.1% - 75.0% / 57.1% Decrease 
   Price/Earnings multiple (P/E) 9.2 Increase 
   Premium rate 59.0% Increase 
   Discount for lack of marketability 15.0% Decrease 
  Recovery value Recovery value 0.0% Increase 
  Market approach Transaction price $1.68 - $885.00 / $330.14 Increase 
   Expected distribution $0.03 - $0.40 / $0.34 Increase 
   Premium rate 59.0% Increase 
Preferred Securities $22,934 Market approach Transaction price $100.00 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, 2021, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

Fidelity OTC Portfolio $693 

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, 2021, 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. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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

Capital accounts within the 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 in-kind transactions, foreign currency transactions, net operating loss, certain foreign taxes, passive foreign investment companies (PFIC), deferred trustees compensation, 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 $16,887,677 
Gross unrealized depreciation (235,460) 
Net unrealized appreciation (depreciation) $16,652,217 
Tax Cost $13,854,029 

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

Undistributed ordinary income $1,118,283 
Undistributed long-term capital gain $1,408,223 
Net unrealized appreciation (depreciation) on securities and other investments $16,652,191 

The tax character of distributions paid was as follows:

 July 31, 2021 July 31, 2020 
Ordinary Income $94,647 $ 2,175 
Long-term Capital Gains 1,559,009 1,520,466 
Total $1,653,656 $ 1,522,641 

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.

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

4. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity OTC Portfolio 7,533,235 9,330,346 

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 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
($) 
Total Proceeds
($) 
Participating classes 
Fidelity OTC Portfolio 69,813 901,736 1,292,840 OTC and Class K 

Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

 Shares Total net realized gain or loss
($) 
Total Proceeds
($) 
Participating classes 
Fidelity OTC Portfolio 67,944 518,791 904,757 OTC and Class K 

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 management fee is the sum of an individual fund fee rate that is based on an annual rate of .35% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of OTC as compared to its benchmark index, the Nasdaq Composite Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .66% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of OTC, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets 
OTC $24,970 .13 
Class K 3,244 .04 
 $28,214  

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

 % of Average Net Assets 
Fidelity OTC Portfolio .01 

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 Portfolio $103 

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 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 $18,999 .33% $18 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. 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 and are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity OTC Portfolio 922,756 435,499 

Prior Fiscal Year 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; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.

 Shares Total net realized gain or loss
($) 
Total Proceeds
($) 
Participating classes 
Fidelity OTC Portfolio 13,875 91,387 170,108 OTC and Class K 

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. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity OTC Portfolio $51 

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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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 $66 $19 $– 

8. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

 Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity OTC Portfolio $3,373 .59% $–(a) 

 (a) In the amount of less than five hundred dollars.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset expenses. This amount totaled $751 for the period.

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 $253.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
July 31, 2021 
Year ended
July 31, 2020 
Fidelity OTC Portfolio   
Distributions to shareholders   
OTC $1,174,209 $1,018,787 
Class K 479,447 503,854 
Total $1,653,656 $1,522,641 

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 July 31, 2021 Year ended July 31, 2020 Year ended July 31, 2021 Year ended July 31, 2020 
Fidelity OTC Portfolio     
OTC     
Shares sold 167,526 238,435 $2,960,401 $3,042,001 
Reinvestment of distributions 72,811 81,896 1,115,245 965,898 
Shares redeemed (240,686) (300,179) (4,251,031) (3,722,853) 
Net increase (decrease) (349) 20,152 $(175,385) $285,046 
Class K     
Shares sold 40,584 87,490 $730,836 $1,115,420 
Reinvestment of distributions 30,755 42,016 479,447 503,854 
Shares redeemed (133,642) (218,079) (2,365,128) (2,833,862) 
Net increase (decrease) (62,303) (88,573) $(1,154,845) $(1,214,588) 

12. Other.

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

13. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Securities Fund and Shareholders of Fidelity OTC Portfolio

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity OTC Portfolio (the "Fund"), a fund of Fidelity Securities Fund, including the schedule of investments, as of July 31, 2021, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. 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, 2021, 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, 2021, 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 13, 2021


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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Jonathan Chiel, each of the Trustees oversees 314 funds. Mr. Chiel oversees 176 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 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.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2021 to July 31, 2021).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
February 1, 2021 
Ending
Account Value
July 31, 2021 
Expenses Paid
During Period-B
February 1, 2021
to July 31, 2021 
Fidelity OTC Portfolio     
OTC .79%    
Actual  $1,000.00 $1,173.80 $4.26 
Hypothetical-C  $1,000.00 $1,020.88 $3.96 
Class K .71%    
Actual  $1,000.00 $1,174.60 $3.83 
Hypothetical-C  $1,000.00 $1,021.27 $3.56 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity OTC Portfolio voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities.

 Pay Date Record Date Capital Gains 
Fidelity OTC Portfolio    
OTC 09/13/21 09/10/21 $1.73 
Class K 09/13/21 09/10/21 $1.74 

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2021 $1,533,739,265 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.

OTC and Class K designate 100% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

OTC and Class K 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.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

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), votes on the renewal of the 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 has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, 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 2021 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 of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by 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.

In considering whether to renew the Advisory Contracts for the fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. 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.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also 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 global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.

Shareholder and Administrative Services.  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, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. 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 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, and the expanded availability of Fidelity Investor Centers.

The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there were portfolio management changes for the fund in January 2019. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management change.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about 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 considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific 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. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity OTC Portfolio


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

Based on its review, the Board concluded that the 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 the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps, and without giving effect to the fund's performance adjustment, relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure without taking into account performance adjustments, if any. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked and the impact of the fund's performance adjustment, is also included in the chart and was considered by the Board.

Fidelity OTC Portfolio


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.

The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

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.

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also 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. As part of its review, the Board also considered the current and historical total expense ratios of a representative class of the fund compared to competitive fund median expenses. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the representative class, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The Board noted that the total expense ratio of the retail class ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

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 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 and the full Board approves such changes.

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 mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. 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 also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.

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

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, 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 Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale 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: (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) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2019 through November 30, 2020. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

OTC-ANN-0921
1.536191.124


Fidelity® Growth & Income Portfolio



Annual Report

July 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

Liquidity Risk Management Program


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. © 2021 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended July 31, 2021 Past 1 year Past 5 years Past 10 years 
Fidelity® Growth & Income Portfolio 41.01% 14.29% 13.42% 
Class K 41.15% 14.41% 13.56% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Growth & Income Portfolio, a class of the fund, on July 31, 2011.

The chart shows how the value of your investment would have changed, and also shows how the S&P 500® Index performed over the same period.


Period Ending Values

$35,244Fidelity® Growth & Income Portfolio

$41,689S&P 500® Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 36.45% for the 12 months ending July 31, 2021, as U.S. equities continued a historic rebound following a steep but brief decline due to the early-2020 outbreak and spread of COVID-19. A confluence of powerful forces propelled risk assets, returning the stock market to pre-pandemic highs by late August 2020. The rally slowed in September, when stocks began a two-month retreat amid Congress’s inability to reach a deal on additional fiscal stimulus, as well as uncertainty about the election. But as the calendar turned, investors grew hopeful. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. This backdrop fueled a sharp rotation, with small-cap value usurping leadership from large growth. As part of the “reopening” theme, investors moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap smaller companies that stood to benefit from a broad cyclical recovery. A flattish May reflected concerns about inflation and jobs, but the uptrend resumed through July, driven by corporate earnings. Notably, this leg saw momentum shift back to large growth, as easing rates and a hawkish Fed stymied the reflation trade. By sector, financials (+55%) led, driven by banks (+63%), whereas utilities (+12%) and consumer staples (+18%) notably lagged.

Comments from Portfolio Manager Matt Fruhan:  For the fiscal year ending July 31, 2021, the fund's share classes gained roughly 41%, outperforming the 36.45% result of the benchmark S&P 500® index. The top contributors to performance versus the benchmark were stock selection and an overweight in the industrials sector, primarily driven by the capital goods industry. Stock picking and an overweight in the financials sector, especially within the banks industry, also helped. Also lifting the fund's relative result was an underweight and stock picks in the consumer discretionary sector, primarily driven by the retailing industry. The fund's biggest individual relative contributor was an overweight in General Electric, which gained 114% the past year. The company was among our largest holdings. Also bolstering performance was our outsized stake in Wells Fargo, which gained 92%. Wells Fargo was among our biggest holdings. Avoiding Amazon.com, a benchmark component that gained 5%, also helped relative performance. In contrast, the primary detractors from performance versus the benchmark were security selection and an underweight in information technology. Stock picking and an overweight in the health care sector, primarily within the pharmaceuticals, biotechnology & life sciences industry, also hindered the fund's relative performance. Also hampering the fund's relative result were stock picks and an underweight in the communication services sector, especially within the media & entertainment industry. Not owning Alphabet, a benchmark component that gained about 82%, was the largest individual relative detractor. The fund's non-benchmark stake in SAP returned approximately -8%. Another key detractor was our out-of-benchmark position in Bayer (-6%). Lastly, our stake in cash detracted in a strong market. Notable changes in positioning include increased exposure to the industrials sector and a lower allocation to health care.

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

Investment Summary (Unaudited)

Top Ten Stocks as of July 31, 2021

 % of fund's net assets 
Microsoft Corp. 6.5 
General Electric Co. 5.9 
Wells Fargo & Co. 4.8 
Exxon Mobil Corp. 4.3 
Comcast Corp. Class A 3.3 
Bank of America Corp.(a) 3.3 
Apple, Inc. 3.3 
Altria Group, Inc. 2.8 
Bristol-Myers Squibb Co. 1.9 
Qualcomm, Inc. 1.9 
 38.0 

 (a) Security or a portion of the security is pledged as collateral for call options written.

Top Five Market Sectors as of July 31, 2021

 % of fund's net assets 
Information Technology 20.3 
Financials 18.0 
Industrials 17.3 
Health Care 14.6 
Energy 7.6 

Asset Allocation (% of fund's net assets)

As of July 31, 2021*,** 
   Stocks 99.3% 
   Convertible Securities 0.4% 
   Other Investments 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.2% 


 * Foreign investments - 13.4%

 ** Written options - (0.0)%

Percentages shown as 0.0% may reflect amounts less than 0.05%.

Schedule of Investments July 31, 2021

Showing Percentage of Net Assets

Common Stocks - 99.3%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 7.4%   
Diversified Telecommunication Services - 0.8%   
Elisa Corp. (A Shares) 113,800 $7,314 
Verizon Communications, Inc. 973,174 54,284 
  61,598 
Entertainment - 2.5%   
Activision Blizzard, Inc. 348,850 29,171 
Nintendo Co. Ltd. ADR 268,700 17,264 
The Walt Disney Co. (a) 517,490 91,089 
Vivendi SA 1,840,300 62,177 
  199,701 
Media - 4.1%   
Comcast Corp. Class A 4,635,312 272,695 
Interpublic Group of Companies, Inc. 1,786,731 63,179 
  335,874 
TOTAL COMMUNICATION SERVICES  597,173 
CONSUMER DISCRETIONARY - 3.3%   
Auto Components - 0.7%   
BorgWarner, Inc. 1,164,352 57,030 
Automobiles - 0.1%   
Harley-Davidson, Inc. 297,600 11,791 
Hotels, Restaurants & Leisure - 0.4%   
Churchill Downs, Inc. 51,000 9,476 
Marriott International, Inc. Class A (a) 40,923 5,974 
Starbucks Corp. 112,860 13,705 
  29,155 
Household Durables - 0.8%   
Sony Group Corp. sponsored ADR 135,714 14,155 
Whirlpool Corp. 220,694 48,893 
  63,048 
Specialty Retail - 1.2%   
Lowe's Companies, Inc. 494,114 95,211 
Textiles, Apparel & Luxury Goods - 0.1%   
Puma AG 76,854 9,436 
Tapestry, Inc. (a) 3,700 157 
  9,593 
TOTAL CONSUMER DISCRETIONARY  265,828 
CONSUMER STAPLES - 6.9%   
Beverages - 2.3%   
Anheuser-Busch InBev SA NV ADR (b) 145,861 9,186 
Diageo PLC sponsored ADR 208,011 41,230 
Keurig Dr. Pepper, Inc. 763,200 26,872 
Pernod Ricard SA 70,100 15,475 
Remy Cointreau SA 41,114 9,032 
The Coca-Cola Co. 1,434,310 81,799 
  183,594 
Food & Staples Retailing - 0.7%   
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 49,800 2,007 
Costco Wholesale Corp. 6,000 2,578 
Sysco Corp. 651,936 48,374 
Walmart, Inc. 18,100 2,580 
  55,539 
Food Products - 0.2%   
Lamb Weston Holdings, Inc. 241,960 16,156 
Household Products - 0.4%   
Colgate-Palmolive Co. 80,500 6,400 
Energizer Holdings, Inc. 96,000 4,114 
Procter & Gamble Co. 30,800 4,381 
Spectrum Brands Holdings, Inc. 237,183 20,718 
  35,613 
Tobacco - 3.3%   
Altria Group, Inc. 4,635,467 222,688 
British American Tobacco PLC sponsored ADR 744,500 27,882 
Swedish Match Co. AB 1,743,100 15,609 
  266,179 
TOTAL CONSUMER STAPLES  557,081 
ENERGY - 7.5%   
Energy Equipment & Services - 0.0%   
Subsea 7 SA 197,600 1,586 
Oil, Gas & Consumable Fuels - 7.5%   
Canadian Natural Resources Ltd. 458,615 15,134 
Cenovus Energy, Inc. 37,200 310 
Cenovus Energy, Inc. (Canada) 7,141,673 59,590 
Exxon Mobil Corp. 6,061,999 348,989 
Hess Corp. 1,365,164 104,353 
Imperial Oil Ltd. (b) 398,926 10,929 
Kosmos Energy Ltd. (a) 4,723,975 10,912 
Magellan Midstream Partners LP 442,657 20,628 
Phillips 66 Co. 465,487 34,181 
  605,026 
TOTAL ENERGY  606,612 
FINANCIALS - 18.0%   
Banks - 12.4%   
Bank of America Corp. (c) 7,041,536 270,113 
JPMorgan Chase & Co. 564,775 85,722 
M&T Bank Corp. 125,994 16,864 
PNC Financial Services Group, Inc. 573,501 104,612 
Truist Financial Corp. 1,483,332 80,738 
U.S. Bancorp 1,092,437 60,674 
Wells Fargo & Co. 8,365,470 384,310 
  1,003,033 
Capital Markets - 3.8%   
Brookfield Asset Management, Inc. Class A 317,102 17,120 
KKR & Co. LP 565,852 36,079 
Morgan Stanley 378,351 36,314 
Northern Trust Corp. 870,258 98,209 
Raymond James Financial, Inc. 285,380 36,951 
S&P Global, Inc. 1,100 472 
State Street Corp. (c) 878,591 76,560 
  301,705 
Consumer Finance - 0.5%   
Discover Financial Services 325,968 40,524 
Insurance - 0.9%   
American Financial Group, Inc. 46,000 5,819 
Brookfield Asset Management Reinsurance Partners Ltd. (a) 2,186 118 
Chubb Ltd. 142,056 23,971 
Marsh & McLennan Companies, Inc. 175,870 25,892 
Old Republic International Corp. 207,900 5,127 
The Travelers Companies, Inc. 95,127 14,166 
  75,093 
Thrifts & Mortgage Finance - 0.4%   
Essent Group Ltd. 267,623 12,089 
Radian Group, Inc. 889,068 20,075 
  32,164 
TOTAL FINANCIALS  1,452,519 
HEALTH CARE - 14.2%   
Biotechnology - 0.3%   
AbbVie, Inc. 143,737 16,717 
Intercept Pharmaceuticals, Inc. (a) 230,704 3,987 
  20,704 
Health Care Equipment & Supplies - 1.7%   
Abbott Laboratories 53,900 6,521 
Becton, Dickinson & Co. 104,886 26,825 
Boston Scientific Corp. (a) 1,283,296 58,518 
Danaher Corp. 34,203 10,175 
GN Store Nord A/S 54,000 4,733 
Koninklijke Philips Electronics NV (depositary receipt) (NY Reg.) 355,745 16,378 
Sonova Holding AG Class B 26,112 10,259 
  133,409 
Health Care Providers & Services - 5.7%   
AmerisourceBergen Corp. (c) 154,600 18,887 
Cardinal Health, Inc. 833,311 49,482 
Cigna Corp. 387,254 88,871 
CVS Health Corp. 1,215,012 100,068 
Humana, Inc. 12,900 5,494 
McKesson Corp. 432,734 88,204 
UDG Healthcare PLC (United Kingdom) 202,900 3,040 
UnitedHealth Group, Inc. 265,087 109,274 
  463,320 
Pharmaceuticals - 6.5%   
Bayer AG 1,343,935 80,070 
Bristol-Myers Squibb Co. 2,327,436 157,963 
Eli Lilly & Co. 90,048 21,927 
GlaxoSmithKline PLC sponsored ADR 2,172,811 87,217 
Johnson & Johnson 777,889 133,952 
Sanofi SA sponsored ADR 372,897 19,227 
UCB SA 234,700 25,391 
Viatris, Inc. 97,600 1,373 
  527,120 
TOTAL HEALTH CARE  1,144,553 
INDUSTRIALS - 17.3%   
Aerospace & Defense - 2.4%   
Airbus Group NV (a) 197,500 27,091 
General Dynamics Corp. 145,861 28,593 
Huntington Ingalls Industries, Inc. 112,884 23,156 
MTU Aero Engines AG 47,800 11,970 
Raytheon Technologies Corp. 199,525 17,349 
Safran SA 97,900 12,813 
The Boeing Co. (a) 331,700 75,123 
  196,095 
Air Freight & Logistics - 2.3%   
DSV Panalpina A/S 27,100 6,603 
Expeditors International of Washington, Inc. 9,200 1,180 
FedEx Corp. (c) 105,274 29,471 
United Parcel Service, Inc. Class B 783,899 150,007 
  187,261 
Airlines - 0.0%   
Copa Holdings SA Class A (a) 1,200 85 
Building Products - 0.4%   
A.O. Smith Corp. 73,200 5,148 
Johnson Controls International PLC 408,411 29,169 
  34,317 
Commercial Services & Supplies - 0.4%   
Healthcare Services Group, Inc. 773,698 20,194 
HNI Corp. 109,336 4,078 
Interface, Inc. 491,174 7,083 
Ritchie Bros. Auctioneers, Inc. 17,500 1,045 
  32,400 
Electrical Equipment - 1.3%   
Acuity Brands, Inc. 132,415 23,223 
Hubbell, Inc. Class B 139,672 27,999 
Rockwell Automation, Inc. 19,518 6,000 
Vertiv Holdings Co. 1,720,200 48,234 
  105,456 
Industrial Conglomerates - 6.3%   
3M Co. 145,566 28,813 
General Electric Co. 36,821,689 476,841 
  505,654 
Machinery - 2.2%   
Allison Transmission Holdings, Inc. 275,100 10,979 
Caterpillar, Inc. 52,723 10,900 
Cummins, Inc. 57,076 13,247 
Donaldson Co., Inc. 608,812 40,297 
Epiroc AB (A Shares) 238,400 5,553 
Flowserve Corp. 354,678 14,928 
Fortive Corp. 240,988 17,510 
Kardex AG 7,390 1,986 
Nordson Corp. 102,427 23,162 
Otis Worldwide Corp. 89,073 7,976 
Stanley Black & Decker, Inc. 63,418 12,497 
Westinghouse Air Brake Co. 190,647 16,180 
  175,215 
Professional Services - 0.6%   
Equifax, Inc. 67,223 17,518 
RELX PLC (London Stock Exchange) 859,891 25,268 
Robert Half International, Inc. 11,300 1,110 
  43,896 
Road & Rail - 0.5%   
Knight-Swift Transportation Holdings, Inc. Class A 881,509 43,802 
Trading Companies & Distributors - 0.9%   
Brenntag AG 39,400 3,935 
Fastenal Co. 133,776 7,327 
MSC Industrial Direct Co., Inc. Class A 8,600 767 
Watsco, Inc. 210,091 59,338 
  71,367 
TOTAL INDUSTRIALS  1,395,548 
INFORMATION TECHNOLOGY - 20.3%   
Electronic Equipment & Components - 0.3%   
CDW Corp. 110,664 20,290 
Vontier Corp. 192,300 6,221 
  26,511 
IT Services - 4.5%   
Amadeus IT Holding SA Class A (a) 586,400 38,426 
DXC Technology Co. (a) 126,300 5,049 
Edenred SA 475,700 27,639 
Fidelity National Information Services, Inc. 456,332 68,016 
Genpact Ltd. 578,371 28,809 
IBM Corp. 206,742 29,142 
MasterCard, Inc. Class A 26,967 10,408 
Unisys Corp. (a) 848,430 18,962 
Visa, Inc. Class A 557,475 137,356 
  363,807 
Semiconductors & Semiconductor Equipment - 4.1%   
Analog Devices, Inc. 156,008 26,119 
Applied Materials, Inc. 149,200 20,878 
Intel Corp. 736,916 39,587 
Lam Research Corp. 22,830 14,552 
Marvell Technology, Inc. 374,100 22,637 
NXP Semiconductors NV 219,426 45,287 
Qualcomm, Inc. 1,048,372 157,046 
  326,106 
Software - 7.9%   
Microsoft Corp. 1,845,182 525,713 
Open Text Corp. 166,728 8,660 
SAP SE sponsored ADR (b) 589,245 84,686 
Temenos Group AG 131,190 20,855 
  639,914 
Technology Hardware, Storage & Peripherals - 3.5%   
Apple, Inc. 1,823,912 266,036 
FUJIFILM Holdings Corp. 55,700 3,997 
Samsung Electronics Co. Ltd. 185,220 12,613 
  282,646 
TOTAL INFORMATION TECHNOLOGY  1,638,984 
MATERIALS - 2.3%   
Chemicals - 0.9%   
DuPont de Nemours, Inc. 773,698 58,066 
PPG Industries, Inc. 91,322 14,933 
  72,999 
Metals & Mining - 1.4%   
Anglo American PLC (United Kingdom) 88,000 3,900 
BHP Group Ltd. sponsored ADR (b) 572,211 44,953 
First Quantum Minerals Ltd. 705,500 15,110 
Freeport-McMoRan, Inc. 1,147,212 43,709 
Lundin Mining Corp. 413,100 3,765 
  111,437 
TOTAL MATERIALS  184,436 
REAL ESTATE - 1.2%   
Equity Real Estate Investment Trusts (REITs) - 1.2%   
American Tower Corp. 133,178 37,663 
CoreSite Realty Corp. 87,600 12,107 
Equinix, Inc. 1,100 902 
Public Storage 3,000 937 
Simon Property Group, Inc. 376,560 47,642 
  99,251 
UTILITIES - 0.9%   
Electric Utilities - 0.7%   
Duke Energy Corp. 123,121 12,941 
Entergy Corp. 141,463 14,559 
Exelon Corp. 144,740 6,774 
Southern Co. (c) 374,166 23,898 
  58,172 
Multi-Utilities - 0.2%   
CenterPoint Energy, Inc. 264,780 6,741 
Sempra Energy 72,296 9,445 
  16,186 
TOTAL UTILITIES  74,358 
TOTAL COMMON STOCKS   
(Cost $5,293,425)  8,016,343 
Convertible Preferred Stocks - 0.3%   
HEALTH CARE - 0.3%   
Health Care Equipment & Supplies - 0.3%   
Becton, Dickinson & Co. 6.50% 175,300 9,827 
Boston Scientific Corp. Series A, 5.50% 104,800 12,780 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $19,254)  22,607 
 Principal Amount (000s) Value (000s) 
Convertible Bonds - 0.1%   
HEALTH CARE - 0.1%   
Biotechnology - 0.1%   
Intercept Pharmaceuticals, Inc. 2% 5/15/26
(Cost $11,059) 
14,007 9,423 
 Shares Value (000s) 
Other - 0.1%   
ENERGY - 0.1%   
Oil, Gas & Consumable Fuels – 0.1%   
Utica Shale Drilling Program (non-operating revenue interest) (d)(e)(f)   
(Cost $18,052) 18,052,449 9,411 
Money Market Funds - 1.5%   
Fidelity Cash Central Fund 0.06% (g) 13,013,442 13,016 
Fidelity Securities Lending Cash Central Fund 0.06% (g)(h) 105,341,164 105,352 
TOTAL MONEY MARKET FUNDS   
(Cost $118,368)  118,368 
TOTAL INVESTMENT IN SECURITIES - 101.3%   
(Cost $5,460,158)  8,176,152 
NET OTHER ASSETS (LIABILITIES) - (1.3)%  (107,008) 
NET ASSETS - 100%  $8,069,144 

Written Options       
 Counterparty Number of Contracts Notional Amount (000s) Exercise Price Expiration Date Value (000s) 
Call Options       
AmerisourceBergen Corp. Chicago Board Options Exchange 772 $9,432 $125.00 8/20/21 $(139) 
AmerisourceBergen Corp. Chicago Board Options Exchange 772 9,432 130.00 8/20/21 (58) 
Bank of America Corp. Chicago Board Options Exchange 7,366 28,256 46.00 8/20/21 (11) 
FedEx Corp. Chicago Board Options Exchange 382 10,694 350.00 8/20/21 (5) 
Southern Co. Chicago Board Options Exchange 386 2,465 70.00 8/20/21 (1) 
State Street Corp. Chicago Board Options Exchange 2,304 20,077 95.00 8/20/21 (46) 
TOTAL WRITTEN OPTIONS      $(260) 

Legend

 (a) Non-income producing

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

 (c) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $80,356,000.

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

 (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 $9,411,000 or 0.1% of net assets.

 (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:

Security Acquisition Date Acquisition Cost (000s) 
Utica Shale Drilling Program (non-operating revenue interest) 10/5/16 - 9/1/17 $18,052 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $26 
Fidelity Securities Lending Cash Central Fund 590 
Total $616 

Amounts in the 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. Amount 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 payments received for lending certain types of securities.

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

Fund (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $152,722 $440,066 $579,761 $9 $(20) $13,016 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% 123,358 1,065,012 1,083,018 -- -- 105,352 0.3% 
Total $276,080 $1,505,078 $1,662,779 $9 $(20) $118,368  

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2021, 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: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $597,173 $534,996 $62,177 $-- 
Consumer Discretionary 265,828 265,828 -- -- 
Consumer Staples 557,081 541,472 15,609 -- 
Energy 606,612 606,612 -- -- 
Financials 1,452,519 1,452,519 -- -- 
Health Care 1,167,160 1,064,483 102,677 -- 
Industrials 1,395,548 1,350,091 45,457 -- 
Information Technology 1,638,984 1,634,987 3,997 -- 
Materials 184,436 180,536 3,900 -- 
Real Estate 99,251 99,251 -- -- 
Utilities 74,358 74,358 -- -- 
Corporate Bonds 9,423 -- 9,423 -- 
Other 9,411 -- -- 9,411 
Money Market Funds 118,368 118,368 -- -- 
Total Investments in Securities: $8,176,152 $7,923,501 $243,240 $9,411 
Derivative Instruments:     
Liabilities     
Written Options $(260) $(260) $-- $-- 
Total Liabilities $(260) $(260) $-- $-- 
Total Derivative Instruments: $(260) $(260) $-- $-- 

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, 2021. 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 Value 
 Asset Liability 
(Amounts in thousands)   
Equity Risk   
Written Options(a) $0 $(260) 
Total Equity Risk (260) 
Total Value of Derivatives $0 $(260) 

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

Other Information

Distribution of investments by country or territory of incorporation, as a percentage of Total Net Assets, is as follows (Unaudited):

United States of America 86.6% 
Germany 2.3% 
United Kingdom 2.3% 
France 1.8% 
Canada 1.6% 
Netherlands 1.1% 
Others (Individually Less Than 1%) 4.3% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  July 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $101,729) — See accompanying schedule:
Unaffiliated issuers (cost $5,341,790) 
$8,057,784  
Fidelity Central Funds (cost $118,368) 118,368  
Total Investment in Securities (cost $5,460,158)  $8,176,152 
Restricted cash  149 
Foreign currency held at value (cost $1,334)  1,332 
Receivable for investments sold  11,288 
Receivable for fund shares sold  4,400 
Dividends receivable  7,668 
Interest receivable  59 
Distributions receivable from Fidelity Central Funds  49 
Prepaid expenses  
Other receivables  772 
Total assets  8,201,875 
Liabilities   
Payable for investments purchased $14,366  
Payable for fund shares redeemed 8,166  
Accrued management fee 2,849  
Written options, at value (premium received $2,154) 260  
Other affiliated payables 917  
Other payables and accrued expenses 822  
Collateral on securities loaned 105,351  
Total liabilities  132,731 
Net Assets  $8,069,144 
Net Assets consist of:   
Paid in capital  $5,141,417 
Total accumulated earnings (loss)  2,927,727 
Net Assets  $8,069,144 
Net Asset Value and Maximum Offering Price   
Growth and Income:   
Net Asset Value, offering price and redemption price per share ($7,218,934 ÷ 139,183 shares)  $51.87 
Class K:   
Net Asset Value, offering price and redemption price per share ($850,210 ÷ 16,406 shares)  $51.82 

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


Statement of Operations

Amounts in thousands  Year ended July 31, 2021 
Investment Income   
Dividends  $170,547 
Interest  261 
Income from Fidelity Central Funds (including $590 from security lending)  616 
Total income  171,424 
Expenses   
Management fee $31,930  
Transfer agent fees 9,182  
Accounting fees 1,183  
Custodian fees and expenses 141  
Independent trustees' fees and expenses 31  
Registration fees 76  
Audit 88  
Legal 14  
Interest  
Miscellaneous 35  
Total expenses before reductions 42,687  
Expense reductions (264)  
Total expenses after reductions  42,423 
Net investment income (loss)  129,001 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $141) 273,627  
Fidelity Central Funds  
Foreign currency transactions (10)  
Written options 9,311  
Total net realized gain (loss)  282,937 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of decrease in deferred foreign taxes of $6) 2,123,845  
Fidelity Central Funds (20)  
Assets and liabilities in foreign currencies (4)  
Written options 2,930  
Total change in net unrealized appreciation (depreciation)  2,126,751 
Net gain (loss)  2,409,688 
Net increase (decrease) in net assets resulting from operations  $2,538,689 

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


Statement of Changes in Net Assets

Amounts in thousands Year ended July 31, 2021 Year ended July 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $129,001 $137,303 
Net realized gain (loss) 282,937 114,216 
Change in net unrealized appreciation (depreciation) 2,126,751 (165,164) 
Net increase (decrease) in net assets resulting from operations 2,538,689 86,355 
Distributions to shareholders (256,518) (213,226) 
Share transactions - net increase (decrease) (684,045) 173,918 
Total increase (decrease) in net assets 1,598,126 47,047 
Net Assets   
Beginning of period 6,471,018 6,423,971 
End of period $8,069,144 $6,471,018 

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


Financial Highlights

Fidelity Growth & Income Portfolio

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $38.15 $38.98 $39.34 $35.31 $30.48 
Income from Investment Operations      
Net investment income (loss)A .78 .83 .87 .65 .61 
Net realized and unrealized gain (loss) 14.49 (.37) (.05)B 4.12 4.68 
Total from investment operations 15.27 .46 .82 4.77 5.29 
Distributions from net investment income (.79) (.84) (.77) (.74) (.46) 
Distributions from net realized gain (.75) (.46) (.42) – – 
Total distributions (1.55)C (1.29)C (1.18)C (.74) (.46) 
Net asset value, end of period $51.87 $38.15 $38.98 $39.34 $35.31 
Total ReturnD 41.01% 1.27% 2.26%B 13.66% 17.48% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .58% .60% .61% .61% .63% 
Expenses net of fee waivers, if any .58% .60% .61% .61% .63% 
Expenses net of all reductions .58% .60% .61% .61% .63% 
Net investment income (loss) 1.71% 2.18% 2.31% 1.76% 1.84% 
Supplemental Data      
Net assets, end of period (in millions) $7,219 $5,451 $5,927 $6,280 $6,356 
Portfolio turnover rateG 16% 32% 36% 38% 37% 

 A Calculated based on average shares outstanding during the period.

 B Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.05 per share. Excluding these litigation proceeds, the total return would have been 2.14%

 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).

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


Fidelity Growth & Income Portfolio Class K

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $38.11 $38.94 $39.31 $35.28 $30.46 
Income from Investment Operations      
Net investment income (loss)A .81 .86 .91 .69 .65 
Net realized and unrealized gain (loss) 14.48 (.35) (.06)B 4.12 4.67 
Total from investment operations 15.29 .51 .85 4.81 5.32 
Distributions from net investment income (.83) (.88) (.81) (.78) (.50) 
Distributions from net realized gain (.75) (.46) (.42) – – 
Total distributions (1.58) (1.34) (1.22)C (.78) (.50) 
Net asset value, end of period $51.82 $38.11 $38.94 $39.31 $35.28 
Total ReturnD 41.15% 1.39% 2.35%B 13.79% 17.60% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .49% .50% .51% .51% .52% 
Expenses net of fee waivers, if any .49% .50% .51% .51% .52% 
Expenses net of all reductions .49% .50% .50% .50% .52% 
Net investment income (loss) 1.80% 2.28% 2.41% 1.86% 1.95% 
Supplemental Data      
Net assets, end of period (in millions) $850 $1,020 $497 $591 $890 
Portfolio turnover rateG 16% 32% 36% 38% 37% 

 A Calculated based on average shares outstanding during the period.

 B Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.05 per share. Excluding these litigation proceeds, the total return would have been 2.23%

 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).

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


Notes to Financial Statements

For the period ended July 31, 2021
(Amounts in thousands except percentages)

1. Organization.

Fidelity Growth & Income Portfolio (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Growth & Income Portfolio 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 Ratio(a) 
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% to .01% 

 (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. 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 (ETFs) 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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 vendor 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, 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 vendors or from brokers who make markets in such securities. Corporate bonds are valued by pricing vendors 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 vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2021 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. 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.

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 $704 

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, 2021, 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, partnerships, passive foreign investment companies (PFIC), deferred trustees compensation, 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 $2,978,301 
Gross unrealized depreciation (278,058) 
Net unrealized appreciation (depreciation) $2,700,243 
Tax Cost $5,475,649 

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

Undistributed ordinary income $48,120 
Undistributed long-term capital gain $179,816 
Net unrealized appreciation (depreciation) on securities and other investments $ 2,700,288 

The tax character of distributions paid was as follows:

 July 31, 2021 July 31, 2020 
Ordinary Income $135,840 $ 139,095 
Long-term Capital Gains 120,678 74,131 
Total $256,518 $ 213,226 

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.

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

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

 $ Amount % of Net Assets 
Fidelity Growth & Income Portfolio 9,560 .12 

The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the 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 Statement of Assets and Liabilities, if applicable.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, 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.

The Fund used derivatives 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 Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

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.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the 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 the Fund. Counterparty credit risk related to exchange-traded options 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.

The Fund used exchange-traded written covered call options to manage its exposure to the market. When the Fund writes a covered call option, the 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, the 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 on 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 the Fund will realize a gain or loss depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

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

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

5. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Growth & Income Portfolio 1,202,947 1,863,169 

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 management fee is the sum of an individual fund fee rate that is based on an annual rate of .20% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .43% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Growth & Income Portfolio, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets 
Growth and Income $8,708 .14 
Class K 474 .04 
 $9,182  

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

 % of Average Net Assets 
Fidelity Growth & Income Portfolio .02 

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 $27 

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 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 $10,960 .30% $6 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. 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 and are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Growth & Income Portfolio 93,269 142,652 

Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:

 Amount ($) 
Fidelity Growth & Income Portfolio 14 

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. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Growth & Income Portfolio $14 

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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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 $67 $– $– 

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 Growth & Income Portfolio $1,332 .57% $1 

10. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset expenses. This amount totaled $193 for the period.

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 $71.

11. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
July 31, 2021 
Year ended
July 31, 2020 
Fidelity Growth & Income Portfolio   
Distributions to shareholders   
Growth and Income $217,556 $191,327 
Class K 38,962 21,899 
Total $256,518 $213,226 

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 July 31, 2021 Year ended July 31, 2020 Year ended July 31, 2021 Year ended July 31, 2020 
Fidelity Growth & Income Portfolio     
Growth and Income     
Shares sold 6,082 4,929 $285,882 $187,774 
Reinvestment of distributions 4,876 4,774 205,315 180,310 
Shares redeemed (14,649) (18,889) (650,432) (708,521) 
Net increase (decrease) (3,691) (9,186) $(159,235) $(340,437) 
Class K     
Shares sold 4,151 17,497 $182,762 $646,482 
Reinvestment of distributions 937 590 38,962 21,899 
Shares redeemed (15,439) (4,100) (746,534) (154,026) 
Net increase (decrease) (10,351) 13,987 $(524,810) $514,355 

13. Other.

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

14. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

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, 2021, the related statement of operations for the year ended July 31, 2021, the statement of changes in net assets for each of the two years in the period ended July 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended July 31, 2021 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, 2021 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 14, 2021



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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Jonathan Chiel, each of the Trustees oversees 314 funds. Mr. Chiel oversees 176 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 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.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2021 to July 31, 2021).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
February 1, 2021 
Ending
Account Value
July 31, 2021 
Expenses Paid
During Period-B
February 1, 2021
to July 31, 2021 
Fidelity Growth & Income Portfolio     
Growth and Income .58%    
Actual  $1,000.00 $1,201.00 $3.17 
Hypothetical-C  $1,000.00 $1,021.92 $2.91 
Class K .49%    
Actual  $1,000.00 $1,201.40 $2.67 
Hypothetical-C  $1,000.00 $1,022.36 $2.46 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity Growth & Income Portfolio voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:

 Pay Date Record Date Capital Gains 
Fidelity Growth & Income Portfolio    
Growth & Income 09/07/21 09/03/21 $1.424 
Class K 09/07/21 09/03/21 $1.424 

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2021, $190,195,334, or, if subsequently determined to be different, the net capital gain of such year.

A total of 0.01% 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 December during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

Growth & Income designates 100%, 100%, 100%, and 100%; and Class K designates 97%, 96%, 100%, 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.

Growth & Income and Class K 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.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

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), votes on the renewal of the 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 has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, 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 2021 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 of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by 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.

In considering whether to renew the Advisory Contracts for the fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. 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.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also 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 global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.

Shareholder and Administrative Services.  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, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. 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 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, and the expanded availability of Fidelity Investor Centers.

The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about 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 considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific 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. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Growth & Income Portfolio


The Board considered the fund's underperformance for different time periods ended September 30, 2020 and for different time periods ended December 31, 2020 (which periods are not reflected in the chart above). The Board's discussions with FMR regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; and attribution reports on contributors to the fund's underperformance. The Board engages with FMR on steps that might be taken to address a fund's underperformance.

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 the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

Fidelity Growth & Income Portfolio


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020.

The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

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.

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also 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. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the representative class, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The Board noted that the total expense ratio of the retail class ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

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 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 and the full Board approves such changes.

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 mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. 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 also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.

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

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, 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 Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale 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: (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) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2019 through November 30, 2020. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

GAI-ANN-0921
1.536189.124


Fidelity® Leveraged Company Stock Fund



Annual Report

July 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

Liquidity Risk Management Program


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. © 2021 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended July 31, 2021 Past 1 year Past 5 years Past 10 years 
Fidelity® Leveraged Company Stock Fund 56.84% 16.54% 12.82% 
Class K 57.00% 16.67% 12.95% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Leveraged Company Stock Fund, a class of the fund, on July 31, 2011.

The chart shows how the value of your investment would have changed, and also shows how the Russell Midcap® Index performed over the same period.


Period Ending Values

$33,399Fidelity® Leveraged Company Stock Fund

$36,241Russell Midcap® Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 36.45% for the 12 months ending July 31, 2021, as U.S. equities continued a historic rebound following a steep but brief decline due to the early-2020 outbreak and spread of COVID-19. A confluence of powerful forces propelled risk assets, returning the stock market to pre-pandemic highs by late August 2020. The rally slowed in September, when stocks began a two-month retreat amid Congress’s inability to reach a deal on additional fiscal stimulus, as well as uncertainty about the election. But as the calendar turned, investors grew hopeful. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. This backdrop fueled a sharp rotation, with small-cap value usurping leadership from large growth. As part of the “reopening” theme, investors moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap smaller companies that stood to benefit from a broad cyclical recovery. A flattish May reflected concerns about inflation and jobs, but the uptrend resumed through July, driven by corporate earnings. Notably, this leg saw momentum shift back to large growth, as easing rates and a hawkish Fed stymied the reflation trade. By sector, financials (+55%) led, driven by banks (+63%), whereas utilities (+12%) and consumer staples (+18%) notably lagged.

Comments from Co-Managers Brian Chang and Mark Notkin:  For the fiscal year ending July 31, 2021, the fund's share classes gained roughly 57%, outperforming the 42.78% advance of the Fidelity U.S. Leveraged Stock Linked Index, as well as the Russell MidCap® Index. Versus the benchmark, security selection was the primary contributor, especially in the consumer discretionary sector, where the consumer services industry was a standout. Strong picks in information technology also helped. Also boosting performance was stock selection in the consumer staples sector, primarily driven by the food, beverage & tobacco industry. The fund's top individual relative contributor was an outsized stake in Caesars Entertainment, which gained 181% the past year. It was the fund's largest holding as of July 31. Another key contributor was our out-of-benchmark position in Tesla (+142%). Another notable relative contributor was an overweighting in Penn National Gaming (+101%), which was the fund's biggest holding the past 12 months. In contrast, the primary detractor from performance versus the benchmark was an underweighting in the financials sector, primarily within the diversified financials industry. Picks in the communication services sector, especially within the media & entertainment industry, also hindered the fund's relative performance. Also hindering the fund's relative result was an underweighting in real estate. Our non-benchmark stake in Alibaba Group Holding was the fund's largest individual relative detractor, due to its approximate -22% result. Another notable relative detractor was an out-of-benchmark stake in Global Payments (+9%). Also holding back performance was our outsized stake in PG&E, which returned -6%. We added to our position the past 12 months. Notable changes in positioning include increased exposure to the consumer discretionary sector and a lower allocation to information technology and industrials.

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

Investment Summary (Unaudited)

Top Ten Stocks as of July 31, 2021

 % of fund's net assets 
Caesars Entertainment, Inc. 3.7 
Alphabet, Inc. Class A 3.6 
Adobe, Inc. 3.5 
Microsoft Corp. 3.4 
T-Mobile U.S., Inc. 3.3 
IQVIA Holdings, Inc. 3.2 
Facebook, Inc. Class A 2.9 
Lam Research Corp. 2.9 
Boyd Gaming Corp. 2.9 
Penn National Gaming, Inc. 2.8 
 32.2 

Top Five Market Sectors as of July 31, 2021

 % of fund's net assets 
Information Technology 28.8 
Consumer Discretionary 19.9 
Communication Services 13.8 
Health Care 11.7 
Materials 5.3 

Asset Allocation (% of fund's net assets)

As of July 31, 2021 * 
   Stocks 97.3% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.7% 


 * Foreign investments - 6.2%

Schedule of Investments July 31, 2021

Showing Percentage of Net Assets

Common Stocks - 97.3%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 13.8%   
Interactive Media & Services - 7.2%   
Alphabet, Inc. Class A (a) 38,800 $104,548 
Facebook, Inc. Class A (a) 240,300 85,619 
Tencent Holdings Ltd. sponsored ADR 313,000 19,156 
  209,323 
Media - 3.3%   
Altice U.S.A., Inc. Class A (a) 1,427,600 43,870 
Nexstar Broadcasting Group, Inc. Class A 347,798 51,151 
  95,021 
Wireless Telecommunication Services - 3.3%   
T-Mobile U.S., Inc. (a) 653,000 94,045 
TOTAL COMMUNICATION SERVICES  398,389 
CONSUMER DISCRETIONARY - 19.9%   
Automobiles - 2.2%   
Tesla, Inc. (a) 92,300 63,429 
Hotels, Restaurants & Leisure - 9.6%   
Airbnb, Inc. Class A 7,700 1,109 
Boyd Gaming Corp. (a) 1,482,700 84,514 
Caesars Entertainment, Inc. (a) 1,217,480 106,357 
Penn National Gaming, Inc. (a) 1,168,970 79,934 
Studio City International Holdings Ltd. ADR (a) 695,700 6,807 
  278,721 
Household Durables - 3.7%   
Lennar Corp. Class A 137,000 14,406 
PulteGroup, Inc. 235,900 12,944 
Tempur Sealy International, Inc. 1,526,200 66,039 
Whirlpool Corp. 58,300 12,916 
  106,305 
Internet & Direct Marketing Retail - 2.1%   
Alibaba Group Holding Ltd. sponsored ADR (a) 127,400 24,867 
Amazon.com, Inc. (a) 6,400 21,297 
eBay, Inc. 209,000 14,256 
  60,420 
Specialty Retail - 2.3%   
Bath & Body Works, Inc. 192,600 15,421 
Lowe's Companies, Inc. 192,100 37,016 
RH (a) 22,900 15,207 
  67,644 
TOTAL CONSUMER DISCRETIONARY  576,519 
CONSUMER STAPLES - 3.9%   
Food & Staples Retailing - 0.1%   
BJ's Wholesale Club Holdings, Inc. (a) 72,127 3,653 
Food Products - 3.8%   
Darling Ingredients, Inc. (a) 586,083 40,481 
JBS SA 11,023,700 67,837 
  108,318 
TOTAL CONSUMER STAPLES  111,971 
ENERGY - 2.8%   
Oil, Gas & Consumable Fuels - 2.8%   
Cheniere Energy, Inc. (a) 338,100 28,715 
Chesapeake Energy Corp. (b) 377,900 20,425 
Denbury, Inc. (a) 285,900 18,786 
Renewable Energy Group, Inc. (a) 215,500 13,199 
  81,125 
FINANCIALS - 4.3%   
Banks - 1.9%   
Bank of America Corp. 652,399 25,026 
JPMorgan Chase & Co. 199,700 30,310 
  55,336 
Consumer Finance - 1.7%   
OneMain Holdings, Inc. 788,900 48,123 
Insurance - 0.7%   
Arthur J. Gallagher & Co. 156,900 21,858 
TOTAL FINANCIALS  125,317 
HEALTH CARE - 11.7%   
Biotechnology - 0.5%   
Regeneron Pharmaceuticals, Inc. (a) 25,000 14,365 
Health Care Providers & Services - 4.2%   
HCA Holdings, Inc. 114,900 28,518 
Humana, Inc. 90,400 38,498 
UnitedHealth Group, Inc. 133,500 55,031 
  122,047 
Life Sciences Tools & Services - 6.0%   
Charles River Laboratories International, Inc. (a) 58,900 23,968 
IQVIA Holdings, Inc. (a) 370,100 91,674 
Thermo Fisher Scientific, Inc. 107,500 58,051 
  173,693 
Pharmaceuticals - 1.0%   
AstraZeneca PLC sponsored ADR 267,874 15,333 
Bristol-Myers Squibb Co. 208,000 14,117 
  29,450 
TOTAL HEALTH CARE  339,555 
INDUSTRIALS - 3.9%   
Air Freight & Logistics - 0.5%   
XPO Logistics, Inc. (a) 111,600 15,478 
Airlines - 0.3%   
Air Canada (a) 441,800 8,846 
Building Products - 1.1%   
Carrier Global Corp. 570,200 31,504 
Commercial Services & Supplies - 0.0%   
Novus Holdings Ltd. 46,866 
Electrical Equipment - 0.0%   
Array Technologies, Inc. 45,100 611 
Machinery - 0.3%   
Allison Transmission Holdings, Inc. 231,300 9,231 
Marine - 0.0%   
Genco Shipping & Trading Ltd. 831 15 
Professional Services - 0.6%   
ASGN, Inc. (a) 162,500 16,434 
Trading Companies & Distributors - 1.1%   
United Rentals, Inc. (a) 93,200 30,714 
TOTAL INDUSTRIALS  112,842 
INFORMATION TECHNOLOGY - 28.8%   
Electronic Equipment & Components - 2.9%   
CDW Corp. 138,400 25,376 
Zebra Technologies Corp. Class A (a) 107,800 59,557 
  84,933 
IT Services - 10.4%   
EPAM Systems, Inc. (a) 112,700 63,089 
Global Payments, Inc. 271,900 52,588 
GoDaddy, Inc. (a) 261,600 21,935 
MasterCard, Inc. Class A 118,000 45,541 
PayPal Holdings, Inc. (a) 261,000 71,913 
Visa, Inc. Class A 182,600 44,991 
  300,057 
Semiconductors & Semiconductor Equipment - 5.9%   
Lam Research Corp. 132,600 84,521 
Microchip Technology, Inc. 254,500 36,424 
Micron Technology, Inc. 285,500 22,149 
ON Semiconductor Corp. (a) 723,500 28,260 
  171,354 
Software - 9.6%   
Adobe, Inc. (a) 163,400 101,574 
Microsoft Corp. 346,200 98,636 
Palo Alto Networks, Inc. (a) 108,300 43,217 
SS&C Technologies Holdings, Inc. 438,297 34,358 
  277,785 
TOTAL INFORMATION TECHNOLOGY  834,129 
MATERIALS - 5.3%   
Chemicals - 2.0%   
CF Industries Holdings, Inc. 433,900 20,502 
The Chemours Co. LLC 1,129,328 37,550 
  58,052 
Containers & Packaging - 2.1%   
Berry Global Group, Inc. (a) 407,300 26,185 
WestRock Co. 659,700 32,464 
  58,649 
Metals & Mining - 1.2%   
First Quantum Minerals Ltd. 1,634,200 35,000 
TOTAL MATERIALS  151,701 
UTILITIES - 2.9%   
Electric Utilities - 2.1%   
NRG Energy, Inc. 805,800 33,231 
PG&E Corp. (a) 3,342,402 29,380 
  62,611 
Independent Power and Renewable Electricity Producers - 0.8%   
Vistra Corp. 1,162,965 22,271 
TOTAL UTILITIES  84,882 
TOTAL COMMON STOCKS   
(Cost $1,396,946)  2,816,430 
Money Market Funds - 3.2%   
Fidelity Cash Central Fund 0.06% (c) 81,357,519 81,374 
Fidelity Securities Lending Cash Central Fund 0.06% (c)(d) 12,632,137 12,633 
TOTAL MONEY MARKET FUNDS   
(Cost $94,004)  94,007 
TOTAL INVESTMENT IN SECURITIES - 100.5%   
(Cost $1,490,950)  2,910,437 
NET OTHER ASSETS (LIABILITIES) - (0.5)%  (14,694) 
NET ASSETS - 100%  $2,895,743 

Legend

 (a) Non-income producing

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

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

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $47 
Fidelity Securities Lending Cash Central Fund 27 
Total $74 

Amounts in the 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. Amount 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 payments received for lending certain types of securities.

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

Fund (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $28,239 $435,921 $382,783 $-- $(3) $81,374 0.1% 
Fidelity Securities Lending Cash Central Fund 0.06% 6,551 140,305 134,223 -- -- 12,633 0.0% 
Total $34,790 $576,226 $517,006 $-- $(3) $94,007  

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2021, 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: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $398,389 $398,389 $-- $-- 
Consumer Discretionary 576,519 576,519 -- -- 
Consumer Staples 111,971 111,971 -- -- 
Energy 81,125 81,125 -- -- 
Financials 125,317 125,317 -- -- 
Health Care 339,555 339,555 -- -- 
Industrials 112,842 112,842 -- -- 
Information Technology 834,129 834,129 -- -- 
Materials 151,701 151,701 -- -- 
Utilities 84,882 84,882 -- -- 
Money Market Funds 94,007 94,007 -- -- 
Total Investments in Securities: $2,910,437 $2,910,437 $-- $-- 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  July 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $12,086) — See accompanying schedule:
Unaffiliated issuers (cost $1,396,946) 
$2,816,430  
Fidelity Central Funds (cost $94,004) 94,007  
Total Investment in Securities (cost $1,490,950)  $2,910,437 
Receivable for fund shares sold  418 
Dividends receivable  852 
Distributions receivable from Fidelity Central Funds  
Prepaid expenses  
Other receivables  
Total assets  2,911,717 
Liabilities   
Payable for investments purchased $411  
Payable for fund shares redeemed 1,122  
Accrued management fee 1,386  
Other affiliated payables 358  
Other payables and accrued expenses 64  
Collateral on securities loaned 12,633  
Total liabilities  15,974 
Net Assets  $2,895,743 
Net Assets consist of:   
Paid in capital  $1,336,028 
Total accumulated earnings (loss)  1,559,715 
Net Assets  $2,895,743 
Net Asset Value and Maximum Offering Price   
Leveraged Company Stock:   
Net Asset Value, offering price and redemption price per share ($2,533,725 ÷ 52,381 shares)  $48.37 
Class K:   
Net Asset Value, offering price and redemption price per share ($362,018 ÷ 7,452 shares)  $48.58 

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


Statement of Operations

Amounts in thousands  Year ended July 31, 2021 
Investment Income   
Dividends  $17,618 
Special dividends  2,761 
Income from Fidelity Central Funds (including $27 from security lending)  74 
Total income  20,453 
Expenses   
Management fee $14,549  
Transfer agent fees 3,116  
Accounting fees 750  
Custodian fees and expenses 42  
Independent trustees' fees and expenses 10  
Registration fees 80  
Audit 58  
Legal  
Miscellaneous 11  
Total expenses before reductions 18,624  
Expense reductions (45)  
Total expenses after reductions  18,579 
Net investment income (loss)  1,874 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 206,395  
Foreign currency transactions (13)  
Total net realized gain (loss)  206,382 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 856,335  
Fidelity Central Funds (3)  
Total change in net unrealized appreciation (depreciation)  856,332 
Net gain (loss)  1,062,714 
Net increase (decrease) in net assets resulting from operations  $1,064,588 

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


Statement of Changes in Net Assets

Amounts in thousands Year ended July 31, 2021 Year ended July 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $1,874 $5,800 
Net realized gain (loss) 206,382 (17,577) 
Change in net unrealized appreciation (depreciation) 856,332 48,341 
Net increase (decrease) in net assets resulting from operations 1,064,588 36,564 
Distributions to shareholders (3,020) (2,522) 
Share transactions - net increase (decrease) (81,410) (410,304) 
Total increase (decrease) in net assets 980,158 (376,262) 
Net Assets   
Beginning of period 1,915,585 2,291,847 
End of period $2,895,743 $1,915,585 

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


Financial Highlights

Fidelity Leveraged Company Stock Fund

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $30.88 $29.94 $34.31 $37.25 $40.68 
Income from Investment Operations      
Net investment income (loss)A .03B .08C (.02) .02 .19 
Net realized and unrealized gain (loss) 17.50 .89 .42 3.42D 5.53 
Total from investment operations 17.53 .97 .40 3.44 5.72 
Distributions from net investment income (.04) (.03) – (.07) (.37) 
Distributions from net realized gain – – (4.77) (6.32) (8.78) 
Total distributions (.04) (.03) (4.77) (6.38)E (9.15) 
Redemption fees added to paid in capitalA – – – – F 
Net asset value, end of period $48.37 $30.88 $29.94 $34.31 $37.25 
Total ReturnG 56.84% 3.24% 1.93% 10.91%D 17.45% 
Ratios to Average Net AssetsH,I      
Expenses before reductions .75% .78% .78% .78% .80% 
Expenses net of fee waivers, if any .75% .78% .78% .78% .79% 
Expenses net of all reductions .75% .77% .78% .77% .78% 
Net investment income (loss) .06%B .27%C (.06)% .07% .51% 
Supplemental Data      
Net assets, end of period (in millions) $2,534 $1,631 $1,945 $2,372 $2,644 
Portfolio turnover rateJ 15% 31% 53% 67% 100% 

 A Calculated based on average shares outstanding during the period.

 B 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) %.

 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 .16%. These amounts have been revised from previously reported amounts of $.08 per share and 1.03%.

 D Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.06 per share. Excluding this reimbursement, the total return would have been 10.73%.

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

 F Amount represents less than $.005 per share.

 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).

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


Fidelity Leveraged Company Stock Fund Class K

Years ended July 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $31.01 $30.04 $34.40 $37.34 $40.76 
Income from Investment Operations      
Net investment income (loss)A .06B .11C .01 .06 .23 
Net realized and unrealized gain (loss) 17.59 .91 .42 3.42D 5.55 
Total from investment operations 17.65 1.02 .43 3.48 5.78 
Distributions from net investment income (.08) (.05) – (.11) (.42) 
Distributions from net realized gain – – (4.79) (6.32) (8.78) 
Total distributions (.08) (.05) (4.79) (6.42)E (9.20) 
Redemption fees added to paid in capitalA – – – – F 
Net asset value, end of period $48.58 $31.01 $30.04 $34.40 $37.34 
Total ReturnG 57.00% 3.38% 2.03% 11.01%D 17.60% 
Ratios to Average Net AssetsH,I      
Expenses before reductions .66% .67% .67% .67% .68% 
Expenses net of fee waivers, if any .66% .67% .67% .67% .68% 
Expenses net of all reductions .66% .66% .67% .66% .67% 
Net investment income (loss) .15%B .38%C .05% .18% .63% 
Supplemental Data      
Net assets, end of period (in millions) $362 $285 $347 $431 $489 
Portfolio turnover rateJ 15% 31% 53% 67% 100% 

 A Calculated based on average shares outstanding during the period.

 B 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%.

 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 .27%. These amounts have been revised from previously reported amounts of $.08 per share and 1.17%.

 D Amount includes a reimbursement from the investment adviser for an operational error which amounted to less than $.06 per share. Excluding this reimbursement, the total return would have been 10.83%.

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

 F Amount represents less than $.005 per share.

 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).

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


Notes to Financial Statements

For the period ended July 31, 2021
(Amounts in thousands except percentages)

1. Organization.

Fidelity Leveraged Company Stock Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Leveraged Company Stock 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 Ratio(a) 
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% to .01% 

 (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. 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 (ETFs) 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 delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

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 vendor 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, and ETFs 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, 2021 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. 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. Large, non-recurring dividends recognized by the Fund are presented separately on the Statement of Operations as "Special Dividends" and the impact of these dividends is presented in the Financial Highlights. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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, 2021, 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, 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 $1,448,931 
Gross unrealized depreciation (29,940) 
Net unrealized appreciation (depreciation) $1,418,991 
Tax Cost $1,491,446 

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

Undistributed ordinary income $1,037 
Undistributed long-term capital gain $139,686 
Net unrealized appreciation (depreciation) on securities and other investments $1,418,991 

The tax character of distributions paid was as follows:

 July 31, 2021 July 31, 2020 
Ordinary Income $3,020 $ 2,522 
Total $3,020 $ 2,522 

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 Leveraged Company Stock Fund 365,697 493,359 

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 management fee is the sum of an individual fund fee rate that is based on an annual rate of .35% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annual management fee rate was .58% of the Fund's average net assets.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Leveraged Company Stock, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

For the period, transfer agent fees for each class were as follows:

 Amount % of Class-Level Average Net Assets 
Leveraged Company Stock $2,975 .14 
Class K 141 .04 
 $3,116  

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annual rates:

 % of Average Net Assets 
Fidelity Leveraged Company Stock Fund .03 

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 $5 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. 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 and are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Leveraged Company Stock Fund 46,851 47,915 

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. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity Leveraged Company Stock Fund $5 

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, a fund receives 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 market value of the loaned securities during the period of the loan. The market 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. 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 and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. 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 $3 $– $– 

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset expenses. This amount totaled $29 for the period.

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 $16.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Year ended
July 31, 2021 
Year ended
July 31, 2020 
Fidelity Leveraged Company Stock Fund   
Distributions to shareholders   
Leveraged Company Stock $2,357 $2,012 
Class K 663 510 
Total $3,020 $2,522 

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 July 31, 2021 Year ended July 31, 2020 Year ended July 31, 2021 Year ended July 31, 2020 
Fidelity Leveraged Company Stock Fund     
Leveraged Company Stock     
Shares sold 7,227 2,131 $292,008 $60,081 
Reinvestment of distributions 65 59 2,241 1,907 
Shares redeemed (7,729) (14,344) (312,433) (405,183) 
Net increase (decrease) (437) (12,154) $(18,184) $(343,195) 
Class K     
Shares sold 1,225 871 $52,765 $25,731 
Reinvestment of distributions 19 16 663 510 
Shares redeemed (2,968) (3,258) (116,654) (93,350) 
Net increase (decrease) (1,724) (2,371) $(63,226) $(67,109) 

11. Other.

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

12. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

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, 2021, the related statement of operations for the year ended July 31, 2021, the statement of changes in net assets for each of the two years in the period ended July 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2021 (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, 2021, 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, 2021 and the financial highlights for each of the five years in the period ended July 31, 2021 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, 2021 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 13, 2021



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

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Jonathan Chiel, each of the Trustees oversees 314 funds. Mr. Chiel oversees 176 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 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.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Robert A. Lawrence is an interested person and currently serves as Acting Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. David M. Thomas serves as Lead Independent Trustee and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's high income and certain equity funds, and other Boards oversee Fidelity's investment-grade bond, money market, asset allocation, and other equity funds. The asset allocation funds may invest in Fidelity® funds overseen by the fund's Board. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations, Audit, and Compliance Committees.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.

Bettina Doulton (1964)

Year of Election or Appointment: 2021

Trustee

Ms. Doulton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Doulton served in a variety of positions at Fidelity Investments, including as a managing director of research (2006-2007), portfolio manager to certain Fidelity® funds (1993-2005), equity analyst and portfolio assistant (1990-1993), and research assistant (1987-1990). Ms. Doulton currently owns and operates Phi Builders + Architects and Cellardoor Winery. Previously, Ms. Doulton served as a member of the Board of Brown Capital Management, LLC (2014-2018).

Robert A. Lawrence (1952)

Year of Election or Appointment: 2020

Trustee

Acting Chairman of the Board of Trustees

Mr. Lawrence also serves as Trustee of other funds. Previously, Mr. Lawrence served as a Member of the Advisory Board of certain funds. Prior to his retirement in 2008, Mr. Lawrence served as Vice President of certain Fidelity® funds (2006-2008), Senior Vice President, Head of High Income Division of Fidelity Management & Research Company (investment adviser firm, 2006-2008), and President of Fidelity Strategic Investments (investment adviser firm, 2002-2005).

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Thomas P. Bostick (1956)

Year of Election or Appointment: 2021

Trustee

Lieutenant General Bostick also serves as Trustee of other Fidelity® funds. Prior to his retirement, General Bostick (United States Army, Retired) held a variety of positions within the U.S. Army, including Commanding General and Chief of Engineers, U.S. Army Corps of Engineers (2012-2016) and Deputy Chief of Staff and Director of Human Resources, U.S. Army (2009-2012). General Bostick currently serves as a member of the Board and Finance and Governance Committees of CSX Corporation (transportation, 2020-present) and a member of the Board and Corporate Governance and Nominating Committee of Perma-Fix Environmental Services, Inc. (nuclear waste management, 2020-present). General Bostick serves as Chief Executive Officer of Bostick Global Strategies, LLC (consulting, 2016-present) and Managing Partner, Sustainability, of Ridge-Lane Limited Partners (strategic advisory and venture development, 2016-present). Previously, General Bostick served as a Member of the Advisory Board of certain Fidelity® funds (2021), President, Intrexon Bioengineering (2018-2020) and Chief Operating Officer (2017-2020) and Senior Vice President of the Environment Sector (2016-2017) of Intrexon Corporation (biopharmaceutical company).

Dennis J. Dirks (1948)

Year of Election or Appointment: 2005

Trustee

Mr. Dirks also serves as Trustee of other Fidelity® funds. Prior to his retirement in May 2003, Mr. Dirks served as Chief Operating Officer and as a member of the Board of The Depository Trust & Clearing Corporation (financial markets infrastructure), President, Chief Operating Officer and a member of the Board of The Depository Trust Company (DTC), President and a member of the Board of the National Securities Clearing Corporation (NSCC), Chief Executive Officer and a member of the Board of the Government Securities Clearing Corporation and Chief Executive Officer and a member of the Board of the Mortgage-Backed Securities Clearing Corporation. Mr. Dirks currently serves as a member of the Finance Committee (2016-present) and Board (2017-present) and is Treasurer (2018-present) of the Asolo Repertory Theatre.

Donald F. Donahue (1950)

Year of Election or Appointment: 2018

Trustee

Mr. Donahue also serves as Trustee of other Fidelity® funds. Mr. Donahue serves as President and Chief Executive Officer of Miranda Partners, LLC (risk consulting for the financial services industry, 2012-present). Previously, Mr. Donahue served as Chief Executive Officer (2006-2012), Chief Operating Officer (2003-2006) and Managing Director, Customer Marketing and Development (1999-2003) of The Depository Trust & Clearing Corporation (financial markets infrastructure). Mr. Donahue currently serves as a member (2007-present) and Co-Chairman (2016-present) of the Board of United Way of New York and a member of the Board of NYC Leadership Academy (2012-present). Mr. Donahue previously served as a member of the Advisory Board of certain Fidelity® funds (2015-2018).

Vicki L. Fuller (1957)

Year of Election or Appointment: 2020

Trustee

Ms. Fuller also serves as Trustee of other Fidelity® funds. Previously, Ms. Fuller served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chief Investment Officer of the New York State Common Retirement Fund (2012-2018) and held a variety of positions at AllianceBernstein L.P. (global asset management, 1985-2012), including Managing Director (2006-2012) and Senior Vice President and Senior Portfolio Manager (2001-2006). Ms. Fuller currently serves as a member of the Board, Audit Committee and Nominating and Governance Committee of The Williams Companies, Inc. (natural gas infrastructure, 2018-present), as a member of the Board, Audit Committee and Nominating and Governance Committee of two Blackstone business development companies (2020-present) and as a member of the Board of Treliant, LLC (consulting, 2019-present).

Patricia L. Kampling (1959)

Year of Election or Appointment: 2020

Trustee

Ms. Kampling also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Kampling served as Chairman of the Board and Chief Executive Officer (2012-2019), President and Chief Operating Officer (2011-2012) and Executive Vice President and Chief Financial Officer (2010-2011) of Alliant Energy Corporation. Ms. Kampling currently serves as a member of the Board, Finance Committee and Governance, Compensation and Nominating Committee of Xcel Energy Inc. (utilities company, 2020-present) and as a member of the Board, Audit, Finance and Risk Committee and Safety, Environmental, Technology and Operations Committee of American Water Works Company, Inc. (utilities company, 2019-present). In addition, Ms. Kampling currently serves as a member of the Board of the Nature Conservancy, Wisconsin Chapter (2019-present). Previously, Ms. Kampling served as a Member of the Advisory Board of certain Fidelity® funds (2020), a member of the Board, Compensation Committee and Executive Committee and Chair of the Audit Committee of Briggs & Stratton Corporation (manufacturing, 2011-2021), a member of the Board of Interstate Power and Light Company (2012-2019) and Wisconsin Power and Light Company (2012-2019) (each a subsidiary of Alliant Energy Corporation) and as a member of the Board and Workforce Development Committee of the Business Roundtable (2018-2019).

Thomas A. Kennedy (1955)

Year of Election or Appointment: 2021

Trustee

Mr. Kennedy also serves as Trustee of other Fidelity® funds. Previously, Mr. Kennedy served as a Member of the Advisory Board of certain Fidelity® funds (2020) and held a variety of positions at Raytheon Company (aerospace and defense, 1983-2020), including Chairman and Chief Executive Officer (2014-2020) and Executive Vice President and Chief Operating Officer (2013-2014). Mr. Kennedy currently serves as Executive Chairman of the Board of Directors of Raytheon Technologies Corporation (aerospace and defense, 2020-present). He is also a member of the Rutgers School of Engineering Industry Advisory Board (2011-present) and a member of the UCLA Engineering Dean’s Executive Board (2016-present).

Oscar Munoz (1959)

Year of Election or Appointment: 2021

Trustee

Mr. Munoz also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Munoz served as Executive Chairman (2020-2021), Chief Executive Officer (2015-2020), President (2015-2016) and a member of the Board (2010-2021) of United Airlines Holdings, Inc. Mr. Munoz currently serves as a member of the Board of CBRE Group, Inc. (commercial real estate, 2020-present), a member of the Board of Univision Communications, Inc. (Hispanic media, 2020-present) and a member of the Advisory Board of Salesforce.com, Inc. (cloud-based software, 2020-present). Previously, Mr. Munoz served as a Member of the Advisory Board of certain Fidelity® funds (2021).

Garnett A. Smith (1947)

Year of Election or Appointment: 2018

Trustee

Mr. Smith also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Smith served as Chairman and Chief Executive Officer (1990-1997) and President (1986-1990) of Inbrand Corp. (manufacturer of personal absorbent products). Prior to his employment with Inbrand Corp., he was employed by a retail fabric chain and North Carolina National Bank (now Bank of America). Mr. Smith previously served as a member of the Advisory Board of certain Fidelity® funds (2012-2013).

David M. Thomas (1949)

Year of Election or Appointment: 2008

Trustee

Lead Independent Trustee

Mr. Thomas also serves as Trustee of other Fidelity® funds. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). Mr. Thomas currently serves as a member of the Board of Fortune Brands Home and Security (home and security products, 2004-present) and Presiding Director (2013-present) of Interpublic Group of Companies, Inc. (marketing communication).

Susan Tomasky (1953)

Year of Election or Appointment: 2020

Trustee

Ms. Tomasky also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Tomasky served in various executive officer positions at American Electric Power Company, Inc. (1998-2011), including most recently as President of AEP Transmission (2007-2011). Ms. Tomasky currently serves as a member of the Board and Sustainability Committee and as Chair of the Audit Committee of Marathon Petroleum Corporation (2018-present) and as a member of the Board, Corporate Governance Committee and Organization and Compensation Committee and as Chair of the Audit Committee of Public Service Enterprise Group, Inc. (utilities company, 2012-present). In addition, Ms. Tomasky currently serves as a member (2009-present) and President (2020-present) of the Board of the Royal Shakespeare Company – America (2009-present), as a member of the Board of the Columbus Association for the Performing Arts (2011-present) and as a member of the Board and Investment Committee of Kenyon College (2016-present). Previously, Ms. Tomasky served as a Member of the Advisory Board of certain Fidelity® funds (2020), as a member of the Board of the Columbus Regional Airport Authority (2007-2020), as a member of the Board (2011-2018) and Lead Independent Director (2015-2018) of Andeavor Corporation (previously Tesoro Corporation) (independent oil refiner and marketer) and as a member of the Board of Summit Midstream Partners LP (energy, 2012-2018).

Michael E. Wiley (1950)

Year of Election or Appointment: 2020

Trustee

Mr. Wiley also serves as Trustee of other Fidelity® funds. Previously, Mr. Wiley served as a member of the Advisory Board of certain Fidelity® funds (2018-2020), Chairman, President and CEO of Baker Hughes, Inc. (oilfield services, 2000-2004). Mr. Wiley also previously served as a member of the Board of Andeavor Corporation (independent oil refiner and marketer, 2005-2018), a member of the Board of Andeavor Logistics LP (natural resources logistics, 2015-2018) and a member of the Board of High Point Resources (exploration and production, 2005-2020).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for a Member of the Advisory Board (if any) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.  Correspondence intended for an officer or Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Peter S. Lynch (1944)

Year of Election or Appointment: 2003

Member of the Advisory Board

Mr. Lynch also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Lynch is Vice Chairman and a Director of Fidelity Management & Research Company LLC (investment adviser firm). In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served as Vice Chairman and a Director of FMR Co., Inc. (investment adviser firm) and on the Special Olympics International Board of Directors (1997-2006).

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

William C. Coffey (1969)

Year of Election or Appointment: 2019

Assistant Secretary

Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Secretary and CLO of certain funds (2018-2019); CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company and FMR Co., Inc. (investment adviser firms, 2018-2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2018-2019); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2018-2019); and Assistant Secretary of certain funds (2009-2018).

Timothy M. Cohen (1969)

Year of Election or Appointment: 2018

Vice President

Mr. Cohen also serves as Vice President of other funds. Mr. Cohen serves as Co-Head of Equity (2018-present), a Director of Fidelity Management & Research (Japan) Limited (investment adviser firm, 2016-present), and is an employee of Fidelity Investments. Previously, Mr. Cohen served as Executive Vice President of Fidelity SelectCo, LLC (2019), Head of Global Equity Research (2016-2018), Chief Investment Officer - Equity and a Director of Fidelity Management & Research (U.K.) Inc. (investment adviser firm, 2013-2015) and as a Director of Fidelity Management & Research (Hong Kong) Limited (investment adviser firm, 2017).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

Assistant Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2020

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Pamela R. Holding (1964)

Year of Election or Appointment: 2018

Vice President

Ms. Holding also serves as Vice President of other funds. Ms. Holding serves as Co-Head of Equity (2018-present) and is an employee of Fidelity Investments (2013-present). Previously, Ms. Holding served as Executive Vice President of Fidelity SelectCo, LLC (2019) and as Chief Investment Officer of Fidelity Institutional Asset Management (2013-2018).

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); and CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2020

Deputy Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jason P. Pogorelec (1975)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Pogorelec also serves as Chief Compliance Officer of other funds. Mr. Pogorelec is a senior Vice President of Asset Management Compliance for Fidelity Investments and is an employee of Fidelity Investments (2006-present). Previously, Mr. Pogorelec served as Vice President, Associate General Counsel for Fidelity Investments (2010-2020) and Assistant Secretary of certain Fidelity funds (2015-2020).

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2016

President and Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Marc L. Spector (1972)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Spector also serves as an officer of other funds. Mr. Spector serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2016-present). Prior to joining Fidelity Investments, Mr. Spector served as Director at the Siegfried Group (accounting firm, 2013-2016), and prior to Siegfried Group as audit senior manager at Deloitte & Touche LLP (accounting firm, 2005-2013).

Jim Wegmann (1979)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present).

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2021 to July 31, 2021).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
February 1, 2021 
Ending
Account Value
July 31, 2021 
Expenses Paid
During Period-B
February 1, 2021
to July 31, 2021 
Fidelity Leveraged Company Stock Fund     
Leveraged Company Stock .74%    
Actual  $1,000.00 $1,179.50 $4.00 
Hypothetical-C  $1,000.00 $1,021.12 $3.71 
Class K .65%    
Actual  $1,000.00 $1,180.00 $3.51 
Hypothetical-C  $1,000.00 $1,021.57 $3.26 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Leveraged Company Stock voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities and dividends derived from net investment income:

 Pay Date Record Date Dividends Capital Gains 
Fidelity Leveraged Company Stock Fund     
Leveraged Company Stock 09/13/21 09/10/21 $0.015 $2.356 
Class K 09/13/21 09/10/21 $0.039 $2.356 

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2021, $143,256,764, or, if subsequently determined to be different, the net capital gain of such year.

Leveraged Company Stock and Class K designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

Leveraged Company Stock and Class K designates 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 2022 of amounts for use in preparing 2021 income tax returns.

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), votes on the renewal of the 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 has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, 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 2021 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 of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by 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.

In considering whether to renew the Advisory Contracts for the fund, 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. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. 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.

Resources Dedicated to Investment Management and Support Services.  The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also 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 global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process. The Board also considered Fidelity's investments in business continuity planning, and its success in continuously providing services to the fund notwithstanding the severe disruptions caused by the COVID-19 pandemic.

Shareholder and Administrative Services.  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, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. 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 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, and the expanded availability of Fidelity Investor Centers.

The Board noted that, in the past, it and the boards of certain other Fidelity funds had formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits 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 mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest, and to the support of the senior management team that oversees asset management; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) approving the reduction in the holding period for the Class C to Class A conversion policy; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there was a portfolio management change for the fund in October 2019. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management change.

The Board took into account discussions that occur at Board meetings throughout the year with representatives of the Investment Advisers about 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 considers annualized return information for the fund for different time periods, measured against an appropriate securities market index (benchmark index) and an appropriate peer group of funds with similar objectives (peer group). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific 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. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing fund share classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods that may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; and fund cash flows and other factors.

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended September 30, 2020, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Leveraged Company Stock 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 the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods ended September 30 (June 30 for periods ended 2019 and 2018 and December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

Fidelity Leveraged Company Stock Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended September 30, 2020.

The Board noted that, in the past, it and the boards of other Fidelity funds had formed an ad hoc Committee on Group Fee to conduct an in-depth review of the "group fee" component of the management fee of funds with such management fee structures. The Committee's focus included the mechanics of the group fee, the competitive landscape of group fee structures, Fidelity funds with no group fee component and investment products not included in group fee assets. The Board also considered that, for funds subject to the group fee, FMR agreed to voluntarily waive fees over a specified period of time in amounts designed to account for assets converted from certain funds to certain collective investment trusts.

The Board also noted that, in 2013, the ad hoc Committee on Management Fees was formed to conduct an in-depth review of the management fee rates of Fidelity's active equity mutual funds. The Committee focused on the following areas: (i) standard fee structures; (ii) research consumption and trading evolution; (iii) management fee competitiveness/profitability by category; and (iv) factors that drive institutional pricing.

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.

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also 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. As part of its review, the Board also considered the current and historical total expense ratios of a representative class of the fund compared to competitive fund median expenses. The fund's representative class is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure (SLTG). The Board also considered a total expense ASPG comparison for the representative class, which focuses on the total expenses of the representative class relative to a subset of non-Fidelity funds within the total expense SLTG. The total expense ASPG is limited to 15 larger and 15 smaller classes in fund average assets for a total of 30 classes, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures.

The Board noted that the total expense ratio of the retail class ranked below the SLTG competitive median and below the ASPG competitive median for the 12-month period ended September 30, 2020.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

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 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 and the full Board approves such changes.

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 mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. 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 also reviewed Fidelity's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board also considered that in 2019 a joint ad hoc committee created by it and the boards of other Fidelity funds evaluated potential fall-out benefits (PFOB Committee). The Board noted that it considered the PFOB Committee's findings in connection with its consideration of the renewal of the Advisory Contracts.

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

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total "group assets" increase, and for higher group fee rates as total "group assets" decrease ("group assets" as defined in the management contract). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, 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 Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board further considered that Fidelity agreed to impose a temporary fee waiver in the form of additional breakpoints to the current breakpoint schedule. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as "group assets" increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale 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: (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) consideration of expanding the use of performance fees for additional funds; (iii) Fidelity's pricing philosophy compared to competitors; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee and expense comparisons; (vi) the expense structures for different funds and classes and information about the differences between various expense structures; (vii) group fee breakpoints; (viii) information regarding other accounts managed by Fidelity and sub-advisory arrangements; and (ix) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.

Liquidity Risk Management Program

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940 (the Liquidity Rule) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Fund has adopted and implemented a liquidity risk management program pursuant to the Liquidity Rule (the Program) effective December 1, 2018. The Program is reasonably designed to assess and manage the Fund’s liquidity risk and to comply with the requirements of the Liquidity Rule. The Fund’s Board of Trustees (the Board) has designated the Fund’s investment adviser as administrator of the Program. The Fidelity advisers have established a Liquidity Risk Management Committee (the LRM Committee) to manage the Program for each of the Fidelity Funds. The LRM Committee monitors the adequacy and effectiveness of implementation of the Program and on a periodic basis assesses each Fund’s liquidity risk based on a variety of factors including (1) the Fund’s investment strategy, (2) portfolio liquidity and cash flow projections during normal and reasonably foreseeable stressed conditions, (3) shareholder redemptions, (4) borrowings and other funding sources and (5) in the case of exchange-traded funds, certain additional factors including the effect of the Fund’s prices and spreads, market participants, and basket compositions on the overall liquidity of the Fund’s portfolio, as applicable.

In accordance with the Program, each of the Fund’s portfolio investments is classified into one of four liquidity categories described below based on a determination of a reasonable expectation for how long it would take to convert the investment to cash (or sell or dispose of the investment) without significantly changing its market value.

Liquidity classification determinations take into account a variety of factors including various market, trading and investment-specific considerations, as well as market depth, and generally utilize analysis from a third-party liquidity metrics service.

The Liquidity Rule places a 15% limit on a fund’s illiquid investments and requires funds that do not primarily hold assets that are highly liquid investments to determine and maintain a minimum percentage of the fund’s net assets to be invested in highly liquid investments (highly liquid investment minimum or HLIM). The Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the HLIM requirement as applicable.

At a recent meeting of the Fund’s Board of Trustees, the LRM Committee provided a written report to the Board pertaining to the operation, adequacy, and effectiveness of implementation of the Program for the annual period from December 1, 2019 through November 30, 2020. The report concluded that the Program has been implemented and is operating effectively and is reasonably designed to assess and manage the Fund’s liquidity risk.





Fidelity Investments

LSF-ANN-0921
1.762413.120


Fidelity® Blue Chip Growth Fund



Annual Report

July 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees

Liquidity Risk Management Program


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. © 2021 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.



Note to Shareholders:

Early in 2020, the outbreak and spread of a new coronavirus emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and the outlook for corporate earnings. The virus causes a respiratory disease known as COVID-19. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread.

In the weeks following, as the crisis worsened, we witnessed an escalating human tragedy with wide-scale social and economic consequences from coronavirus-containment measures. The outbreak of COVID-19 prompted a number of measures to limit the spread, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. Amid the turmoil, global governments and central banks took unprecedented action to help support consumers, businesses, and the broader economies, and to limit disruption to financial systems.

The situation continues to unfold, and the extent and duration of its impact on financial markets and the economy remain highly uncertain. Extreme events such as the coronavirus crisis are “exogenous shocks” that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets.

Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we’re taking extra steps to be responsive to customer needs. We encourage you to visit our websites, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended July 31, 2021 Past 1 year Past 5 years Past 10 years 
Fidelity® Blue Chip Growth Fund 45.70% 28.14% 20.39% 
Class K 45.83% 28.26% 20.53% 

 The initial offering of Class K shares took place on May 9, 2008. Returns prior to May 9, 2008 are those of Fidelity® Blue Chip Growth Fund, the original class of the fund. 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Blue Chip Growth Fund, a class of the fund, on July 31, 2011.

The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Growth Index performed over the same period.

See above for additional information regarding the performance of Fidelity® Blue Chip Growth Fund.


Period Ending Values

$63,978Fidelity® Blue Chip Growth Fund

$53,995Russell 1000® Growth Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 36.45% for the 12 months ending July 31, 2021, as U.S. equities continued a historic rebound following a steep but brief decline due to the early-2020 outbreak and spread of COVID-19. A confluence of powerful forces propelled risk assets, returning the stock market to pre-pandemic highs by late August 2020. The rally slowed in September, when stocks began a two-month retreat amid Congress’s inability to reach a deal on additional fiscal stimulus, as well as uncertainty about the election. But as the calendar turned, investors grew hopeful. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. This backdrop fueled a sharp rotation, with small-cap value usurping leadership from large growth. As part of the “reopening” theme, investors moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap smaller companies that stood to benefit from a broad cyclical recovery. A flattish May reflected concerns about inflation and jobs, but the uptrend resumed through July, driven by corporate earnings. Notably, this leg saw momentum shift back to large growth, as easing rates and a hawkish Fed stymied the reflation trade. By sector, financials (+55%) led, driven by banks (+63%), whereas utilities (+12%) and consumer staples (+18%) notably lagged.

Comments from Portfolio Manager Sonu Kalra:  For the fiscal year ending July 31, 2021, the fund's share classes gained roughly 46%, outperforming the 36.68% result of the benchmark, the Russell 1000® Growth Index. Security selection drove the fund’s result versus the benchmark, especially in the consumer discretionary sector. Strong picks in the information technology and industrials sectors also helped. Among individual stocks, an outsized stake in electric vehicle maker Tesla (+140%) added more value than any other fund holding. Overweighting graphics chipmaker Nvidia (+84%) and owning a non-benchmark stake in Singapore-based technology conglomerate Sea (+125%) also added value. I reduced the fund’s stake in Tesla and Sea and added more shares of Nvidia by period end. Conversely, stock selection in consumer staples, health care and energy detracted from the fund’s relative performance. Owning a stake in e-cigarette company Juul Labs hurt more than any other fund position. The fund still held a stake in this company at period end. Our non-benchmark stake in Alibaba Group Holding (-9%) also detracted notably. I reduced the fund’s stake in Alibaba as of July 31. Notable changes in positioning included increased exposure to the industrials sector and a lower allocation to health care.

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

Investment Summary (Unaudited)

Top Ten Stocks as of July 31, 2021

 % of fund's net assets 
Apple, Inc. 8.7 
Amazon.com, Inc. 6.9 
Alphabet, Inc. Class A 6.4 
Microsoft Corp. 6.3 
Facebook, Inc. Class A 4.9 
NVIDIA Corp. 4.3 
Marvell Technology, Inc. 2.9 
Tesla, Inc. 2.1 
Lyft, Inc. 1.8 
Salesforce.com, Inc. 1.7 
 46.0 

Top Five Market Sectors as of July 31, 2021

 % of fund's net assets 
Information Technology 35.7 
Consumer Discretionary 27.9 
Communication Services 16.7 
Health Care 7.8 
Industrials 6.1 

Asset Allocation (% of fund's net assets)

As of July 31, 2021* 
   Stocks 98.0% 
   Convertible Securities 2.0% 
   Other Investments 0.1% 
 Short-Term Investments and Net Other Assets (Liabilities)** (0.1)% 


 * Foreign investments - 9.5%

 ** Short-Term Investments and Net Other Assets (Liabilities) are not included in the pie chart

Schedule of Investments July 31, 2021

Showing Percentage of Net Assets

Common Stocks - 97.7%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 16.6%   
Entertainment - 2.9%   
Activision Blizzard, Inc. 1,729,911 $144,655 
Endeavor Group Holdings, Inc. (a)(b) 602,092 15,444 
Endeavor Group Holdings, Inc. (a) 1,021,359 24,888 
Endeavor Group Holdings, Inc. Class A (c) 769,401 19,735 
Netflix, Inc. (a) 1,396,381 722,725 
Roku, Inc. Class A (a) 422,586 180,998 
Sea Ltd. ADR (a) 2,020,494 557,980 
  1,666,425 
Interactive Media & Services - 13.1%   
Alphabet, Inc. Class A (a) 1,342,462 3,617,304 
Bumble, Inc. (b) 402,923 20,501 
Facebook, Inc. Class A (a) 7,790,994 2,775,931 
Match Group, Inc. (a) 1,097,751 174,839 
Snap, Inc. Class A (a) 7,041,251 524,010 
Tencent Holdings Ltd. 3,414,084 205,897 
Twitter, Inc. (a) 1,048,945 73,164 
VerticalScope Holdings, Inc. 170,784 3,993 
Zillow Group, Inc. Class C (a)(b) 329,319 34,993 
  7,430,632 
Media - 0.3%   
Criteo SA sponsored ADR (a) 2,359,994 91,544 
DISH Network Corp. Class A (a) 1,988,676 83,306 
  174,850 
Wireless Telecommunication Services - 0.3%   
T-Mobile U.S., Inc. (a) 1,173,162 168,959 
TOTAL COMMUNICATION SERVICES  9,440,866 
CONSUMER DISCRETIONARY - 26.8%   
Automobiles - 2.8%   
Arrival SA (c) 734,236 9,450 
Daimler AG (Germany) 170,159 15,195 
Ford Motor Co. (a) 3,193,389 44,548 
General Motors Co. (a) 2,042,171 116,077 
Harley-Davidson, Inc. 335,417 13,289 
Hyundai Motor Co. 52,640 9,955 
Kia Corp. 159,670 11,580 
Lucid Motors, Inc. (c) 2,496,600 53,297 
Neutron Holdings, Inc. (a)(c)(d) 7,152,433 98 
Rad Power Bikes, Inc. (c)(d) 928,091 4,477 
Tesla, Inc. (a) 1,730,245 1,189,024 
XPeng, Inc.:   
ADR (a) 2,923,417 118,486 
Class A 485,103 9,314 
  1,594,790 
Diversified Consumer Services - 0.1%   
Duolingo, Inc. 51,000 7,153 
FSN E-Commerce Ventures Pvt Ltd. (c)(d) 6,140,430 29,643 
Mister Car Wash, Inc. (b) 648,202 13,509 
The Beachbody Co., Inc. (c) 742,455 6,334 
  56,639 
Hotels, Restaurants & Leisure - 4.0%   
Airbnb, Inc. Class A (b) 2,869,150 413,186 
Caesars Entertainment, Inc. (a) 3,749,185 327,529 
Chipotle Mexican Grill, Inc. (a) 139,842 260,587 
Churchill Downs, Inc. 449,173 83,456 
DraftKings, Inc. Class A (a)(b) 263,975 12,803 
Evolution AB (e) 349,994 60,970 
Expedia, Inc. (a) 1,020,299 164,136 
F45 Training Holdings, Inc. (b) 289,900 4,273 
Flutter Entertainment PLC (a) 46,034 7,870 
Hilton Worldwide Holdings, Inc. (a) 921,851 121,177 
Krispy Kreme, Inc. 589,410 9,407 
Marriott International, Inc. Class A (a) 1,216,782 177,626 
MGM Resorts International 2,212,579 83,038 
Penn National Gaming, Inc. (a) 6,442,231 440,520 
Planet Fitness, Inc. (a) 693,071 52,140 
Vail Resorts, Inc. (a) 210,820 64,342 
  2,283,060 
Household Durables - 0.8%   
D.R. Horton, Inc. 444,721 42,440 
KB Home 554,339 23,526 
Lennar Corp. Class A 610,591 64,204 
Matterport, Inc. (c) 500,000 6,953 
Meritage Homes Corp. (a) 158,480 17,208 
PulteGroup, Inc. 551,092 30,238 
Sonos, Inc. (a) 526,221 17,565 
Tempur Sealy International, Inc. 1,437,654 62,207 
Toll Brothers, Inc. 946,208 56,082 
Traeger, Inc. 559,000 12,415 
TRI Pointe Homes, Inc. (a) 2,419,003 58,346 
Tupperware Brands Corp. (a)(f) 4,392,147 91,752 
  482,936 
Internet & Direct Marketing Retail - 8.5%   
About You Holding AG 314,319 9,157 
Alibaba Group Holding Ltd. sponsored ADR (a) 183,000 35,720 
Amazon.com, Inc. (a) 1,185,610 3,945,224 
BHG Group AB (a) 651,024 10,043 
Chewy, Inc. (a)(b) 593,983 49,716 
Coupang, Inc. Class A (a)(b) 166,289 6,040 
Deliveroo PLC 10,728,200 46,750 
Deliveroo PLC Class A (a)(e) 6,165,036 28,279 
Delivery Hero AG (a)(e) 173,052 25,907 
eBay, Inc. 1,455,898 99,307 
Etsy, Inc. (a) 359,929 66,051 
Farfetch Ltd. Class A (a) 1,970,108 98,742 
Global-e Online Ltd. (a) 304,574 21,211 
JD Health International, Inc. (b)(e) 1,430,716 15,364 
JD.com, Inc. sponsored ADR (a) 258,800 18,344 
Pinduoduo, Inc. ADR (a) 731,336 66,998 
Poshmark, Inc. 172,800 6,781 
The Original BARK Co. Class A (a)(f) 1,954,127 15,731 
The RealReal, Inc. (a) 2,332,700 38,513 
thredUP, Inc. (a) 333,650 7,961 
Wayfair LLC Class A (a) 711,676 171,770 
Zomato Ltd. (c) 25,862,000 39,475 
  4,823,084 
Leisure Products - 0.2%   
Peloton Interactive, Inc. Class A (a) 984,237 116,189 
Multiline Retail - 0.5%   
Kohl's Corp. 682,347 34,663 
Nordstrom, Inc. (a) 2,978,982 98,604 
Ollie's Bargain Outlet Holdings, Inc. (a) 662,200 61,651 
Target Corp. 278,436 72,686 
  267,604 
Specialty Retail - 5.4%   
Academy Sports & Outdoors, Inc. 407,118 15,084 
American Eagle Outfitters, Inc. (b) 8,260,810 284,750 
Aritzia LP (a) 1,414,216 41,477 
Auto1 Group SE (e) 302,613 14,811 
Bath & Body Works, Inc. 1,176,757 94,223 
Burlington Stores, Inc. (a) 408,068 136,621 
Carvana Co. Class A (a)(b) 1,673,830 565,018 
Cazoo Holdings Ltd. (c) 331,522 10,180 
Citi Trends, Inc. (a) 299,564 23,890 
Dick's Sporting Goods, Inc. (b) 1,444,944 150,476 
Five Below, Inc. (a) 833,979 162,142 
Floor & Decor Holdings, Inc. Class A (a) 1,650,822 201,417 
Gap, Inc. 2,581,237 75,295 
JD Sports Fashion PLC 1,371,847 17,105 
Lowe's Companies, Inc. 3,840,382 740,003 
RH (a) 727,353 483,021 
The Home Depot, Inc. 234,164 76,850 
Torrid Holdings, Inc. 178,233 4,162 
  3,096,525 
Textiles, Apparel & Luxury Goods - 4.5%   
Allbirds, Inc. (a)(c)(d) 181,080 2,039 
Burberry Group PLC 975,839 27,996 
Capri Holdings Ltd. (a) 4,807,225 270,695 
Crocs, Inc. (a) 2,521,568 342,454 
Deckers Outdoor Corp. (a) 407,322 167,348 
Dr. Martens Ltd. (a) 2,332,660 14,040 
Hermes International SCA 12,202 18,658 
lululemon athletica, Inc. (a) 1,490,373 596,403 
LVMH Moet Hennessy Louis Vuitton SE 134,256 107,494 
Moncler SpA 893,834 61,498 
NIKE, Inc. Class B 2,961,915 496,150 
Prada SpA 817,169 6,383 
Puma AG 278,212 34,158 
PVH Corp. (a) 1,892,279 197,970 
Samsonite International SA (a)(e) 9,651,455 17,934 
Tapestry, Inc. (a) 2,587,503 109,451 
Tory Burch LLC (a)(c)(d)(g) 293,611 12,749 
Under Armour, Inc. Class A (sub. vtg.) (a) 3,521,649 72,018 
  2,555,438 
TOTAL CONSUMER DISCRETIONARY  15,276,265 
CONSUMER STAPLES - 0.9%   
Beverages - 0.6%   
Celsius Holdings, Inc. (a) 1,121,534 76,971 
Kweichow Moutai Co. Ltd. (A Shares) 14,700 3,820 
Monster Beverage Corp. (a) 955,620 90,134 
The Coca-Cola Co. 3,122,526 178,078 
  349,003 
Food & Staples Retailing - 0.0%   
Blink Health, Inc. Series A1 (c)(d) 51,117 1,952 
Sweetgreen, Inc. warrants 1/21/26 (a)(c)(d) 346,965 1,371 
Zur Rose Group AG (a) 23,843 8,870 
  12,193 
Food Products - 0.1%   
AppHarvest, Inc. (c) 1,824,864 21,752 
Darling Ingredients, Inc. (a) 451,649 31,195 
Freshpet, Inc. (a) 75,996 11,130 
  64,077 
Personal Products - 0.1%   
The Honest Co., Inc. 2,307,344 29,841 
Tobacco - 0.1%   
JUUL Labs, Inc.:   
Class A (a)(c)(d) 21,148 1,197 
Class B (a)(c)(d) 6,625 375 
Swedish Match Co. AB 2,799,854 25,073 
  26,645 
TOTAL CONSUMER STAPLES  481,759 
ENERGY - 1.0%   
Energy Equipment & Services - 0.1%   
Schlumberger Ltd. 1,245,435 35,906 
Oil, Gas & Consumable Fuels - 0.9%   
Antero Resources Corp. (a) 838,594 11,405 
APA Corp. 488,796 9,165 
Cheniere Energy, Inc. (a) 255,827 21,727 
ConocoPhillips Co. 676,240 37,910 
Devon Energy Corp. 612,280 15,821 
Diamondback Energy, Inc. 410,654 31,674 
EOG Resources, Inc. 904,166 65,878 
Hess Corp. 1,058,460 80,909 
Pioneer Natural Resources Co. 122,140 17,755 
Reliance Industries Ltd. 7,638,838 209,128 
Reliance Industries Ltd. 509,255 9,661 
Reliance Industries Ltd. sponsored GDR (e) 437,498 24,194 
Suncor Energy, Inc. 246,411 4,851 
Thungela Resources Ltd. (a) 41,639 129 
  540,207 
TOTAL ENERGY  576,113 
FINANCIALS - 1.5%   
Banks - 0.4%   
Bank of America Corp. 713,110 27,355 
Citigroup, Inc. 272,294 18,413 
Kotak Mahindra Bank Ltd. (a) 779,186 17,344 
Wells Fargo & Co. 3,882,826 178,377 
  241,489 
Capital Markets - 0.3%   
Charles Schwab Corp. 513,739 34,909 
Coinbase Global, Inc. (a)(b) 40,218 9,515 
Goldman Sachs Group, Inc. 171,988 64,475 
Morgan Stanley 815,206 78,243 
Wheels Up Experience, Inc. (c) 1,113,277 8,016 
  195,158 
Consumer Finance - 0.5%   
Ally Financial, Inc. 1,296,967 66,612 
American Express Co. 801,866 136,742 
Capital One Financial Corp. 450,716 72,881 
LendingClub Corp. (a) 592,800 14,464 
  290,699 
Diversified Financial Services - 0.2%   
Ant International Co. Ltd. Class C (a)(c)(d) 4,367,660 10,919 
BowX Acquisition Corp. (a) 1,761,135 18,615 
CCC Intelligent Solutions Holdings, Inc. (c) 428,742 3,573 
Cyxtera Technologies, Inc. (c) 1,114,254 9,517 
Horizon Acquisition Corp. Class A (a) 1,217,499 12,041 
Hyzon Motors, Inc. (c) 763,900 4,627 
Owlet, Inc. (c) 1,485,408 13,248 
Rapyd Financial Network 2016 Ltd. (c)(d) 204,327 15,000 
  87,540 
Insurance - 0.1%   
Goosehead Insurance 114,993 13,821 
Oscar Health, Inc. Class A 915,298 14,721 
  28,542 
Thrifts & Mortgage Finance - 0.0%   
Housing Development Finance Corp. Ltd. 697,722 22,910 
TOTAL FINANCIALS  866,338 
HEALTH CARE - 7.8%   
Biotechnology - 2.6%   
Absci Corp. 645,000 18,370 
Acceleron Pharma, Inc. (a) 423,645 52,981 
ADC Therapeutics SA (a) 398,460 8,384 
Aerovate Therapeutics, Inc. 371,912 4,779 
Agios Pharmaceuticals, Inc. (a) 362,247 17,420 
Akouos, Inc. (a) 240,368 2,613 
Allakos, Inc. (a) 77,085 6,133 
Alnylam Pharmaceuticals, Inc. (a) 778,158 139,244 
Annexon, Inc. (a) 457,790 9,641 
Arcutis Biotherapeutics, Inc. (a) 497,735 11,612 
Argenx SE ADR (a) 94,968 28,911 
Ascendis Pharma A/S sponsored ADR (a) 458,036 54,135 
Avidity Biosciences, Inc. (a) 203,016 3,920 
BeiGene Ltd. (a) 565,234 13,351 
BeiGene Ltd. ADR (a) 131,454 41,617 
BioAtla, Inc. 129,107 5,292 
Biomea Fusion, Inc. (a) 1,354 18 
Bolt Biotherapeutics, Inc. 281,146 3,135 
BridgeBio Pharma, Inc. (a)(b) 142,632 7,624 
Century Therapeutics, Inc. 283,676 8,269 
Cerevel Therapeutics Holdings (a) 647,702 15,959 
Cibus Corp.:   
Series C (a)(c)(d)(g) 3,045,600 5,361 
Series D (a)(c)(d)(g) 1,716,640 3,021 
Series E (c)(d)(g) 2,099,645 3,695 
Connect Biopharma Holdings Ltd. ADR (a) 426,469 9,387 
Cytokinetics, Inc. (a) 188,900 5,607 
CytomX Therapeutics, Inc. (a)(e) 378,621 2,048 
Day One Biopharmaceuticals, Inc. (a) 650,565 15,431 
Erasca, Inc. 334,600 7,027 
Forma Therapeutics Holdings, Inc. (a) 258,954 5,927 
Fusion Pharmaceuticals, Inc. (a) 269,087 2,193 
Generation Bio Co. (a) 847,002 18,414 
Graphite Bio, Inc. 324,101 6,923 
Horizon Therapeutics PLC (a) 1,464,064 146,436 
Icosavax, Inc. 55,480 1,379 
Imago BioSciences, Inc. 221,600 4,060 
Immunocore Holdings PLC 61,640 1,997 
Immunocore Holdings PLC ADR 197,723 6,469 
Instil Bio, Inc. (a) 571,540 8,602 
Intellia Therapeutics, Inc. (a) 74,961 10,633 
Janux Therapeutics, Inc. 277,786 9,009 
Karuna Therapeutics, Inc. (a) 181,204 20,697 
Kura Oncology, Inc. (a) 238,125 4,510 
Mirati Therapeutics, Inc. (a) 56,327 9,016 
Moderna, Inc. (a) 603,098 213,255 
Monte Rosa Therapeutics, Inc. 284,574 6,978 
Natera, Inc. (a) 95,400 10,925 
Novavax, Inc. (a)(b) 323,645 58,039 
Nuvalent, Inc. Class A 212,900 3,885 
Passage Bio, Inc. (a) 444,280 5,243 
Prelude Therapeutics, Inc. 254,393 8,151 
Protagonist Therapeutics, Inc. (a) 554,862 27,427 
Recursion Pharmaceuticals, Inc. (a)(b) 534,479 16,221 
Regeneron Pharmaceuticals, Inc. (a) 145,804 83,780 
Relay Therapeutics, Inc. (a) 280,461 9,098 
Revolution Medicines, Inc. (a) 445,729 12,766 
Scholar Rock Holding Corp. (a) 95,229 2,976 
Seagen, Inc. (a) 107,763 16,530 
Shattuck Labs, Inc. 188,391 4,152 
Silverback Therapeutics, Inc. 271,310 8,215 
Taysha Gene Therapies, Inc. 225,028 3,891 
Tenaya Therapeutics, Inc. 379,200 5,821 
TG Therapeutics, Inc. (a) 220,300 7,708 
Translate Bio, Inc. (a) 622,912 17,217 
Turning Point Therapeutics, Inc. (a) 463,698 29,593 
Twist Bioscience Corp. (a) 39,195 4,823 
Vaxcyte, Inc. (a) 380,058 8,240 
Verve Therapeutics, Inc. 490,094 29,126 
Xencor, Inc. (a) 394,387 12,139 
Zai Lab Ltd. ADR (a) 562,248 81,307 
  1,448,756 
Health Care Equipment & Supplies - 2.4%   
Axonics Modulation Technologies, Inc. (a) 757,355 51,462 
Boston Scientific Corp. (a) 621,683 28,349 
CryoPort, Inc. (a)(b) 139,286 8,597 
Danaher Corp. 494,923 147,235 
DexCom, Inc. (a) 636,346 328,043 
Figs, Inc. Class A (a)(b) 572,521 20,840 
InMode Ltd. (a)(b) 471,728 53,621 
Insulet Corp. (a) 330,361 92,399 
Intuitive Surgical, Inc. (a) 364,081 360,972 
Nevro Corp. (a) 65,037 10,081 
Outset Medical, Inc. 242,886 9,949 
Shockwave Medical, Inc. (a) 920,010 167,442 
Sight Sciences, Inc. 203,100 7,509 
Tandem Diabetes Care, Inc. (a) 734,877 79,859 
The Cooper Companies, Inc. 26,173 11,039 
  1,377,397 
Health Care Providers & Services - 0.8%   
1Life Healthcare, Inc. (a) 838,903 22,684 
agilon health, Inc. (a) 677,065 24,909 
Alignment Healthcare, Inc. (a) 528,815 11,015 
Alignment Healthcare, Inc. 434,814 8,604 
Cano Health, Inc. (a) 1,102,484 11,852 
Guardant Health, Inc. (a) 529,176 58,104 
HCA Holdings, Inc. 22,500 5,585 
Humana, Inc. 276,372 117,696 
LifeStance Health Group, Inc. 427,310 10,127 
Oak Street Health, Inc. (a) 714,294 45,029 
Owens & Minor, Inc. 364,770 16,871 
Signify Health, Inc. 108,673 2,860 
Surgery Partners, Inc. (a) 345,151 18,831 
UnitedHealth Group, Inc. 226,594 93,407 
  447,574 
Health Care Technology - 0.0%   
Certara, Inc. 404,556 11,008 
CM Life Sciences, Inc. (c) 518,000 5,259 
Medlive Technology Co. Ltd. 2,018,000 7,163 
MultiPlan Corp. warrants (a)(c) 138,859 304 
  23,734 
Life Sciences Tools & Services - 0.5%   
10X Genomics, Inc. (a) 337,524 61,845 
23andMe Holding Co. (c) 743,453 5,836 
23andMe Holding Co. Class B 1,837,210 12,980 
Avantor, Inc. (a) 1,553,395 58,377 
Bio-Rad Laboratories, Inc. Class A (a) 32,991 24,397 
Eurofins Scientific SA 94,009 11,245 
Joinn Laboratories China Co. Ltd. (H Shares) (e) 230,595 3,858 
Maravai LifeSciences Holdings, Inc. 779,620 34,280 
Nanostring Technologies, Inc. (a) 308,582 19,114 
Olink Holding AB ADR (a) 663,958 24,812 
Seer, Inc. 138,612 4,427 
Stevanato Group SpA 237,000 4,785 
Thermo Fisher Scientific, Inc. 10,800 5,832 
  271,788 
Pharmaceuticals - 1.5%   
Antengene Corp. (e) 6,358,838 11,701 
Arvinas Holding Co. LLC (a) 61,354 6,203 
Atea Pharmaceuticals, Inc. 314,264 7,869 
Chiasma, Inc. warrants 12/16/24 (a) 55,391 30 
Cyteir Therapeutics, Inc. 160,703 3,094 
Eli Lilly & Co. 1,497,958 364,753 
GH Research PLC 268,603 5,291 
Hansoh Pharmaceutical Group Co. Ltd. (e) 2,411,508 8,642 
Intra-Cellular Therapies, Inc. (a) 631,281 21,672 
Longboard Pharmaceuticals, Inc. (a) 549,086 4,942 
Nuvation Bio, Inc. (c) 1,101,428 9,516 
Nuvation Bio, Inc. 1,611,443 13,227 
OptiNose, Inc. (a) 1,108,972 3,149 
Pharvaris BV 234,255 4,163 
Zoetis, Inc. Class A 1,918,310 388,841 
  853,093 
TOTAL HEALTH CARE  4,422,342 
INDUSTRIALS - 5.8%   
Aerospace & Defense - 0.5%   
Airbus Group NV (a) 292,983 40,188 
Axon Enterprise, Inc. (a) 291,396 54,205 
Howmet Aerospace, Inc. 1,378,947 45,257 
Space Exploration Technologies Corp.:   
Class A (a)(c)(d) 262,745 110,350 
Class C (a)(c)(d) 2,783 1,169 
The Boeing Co. (a) 284,759 64,492 
  315,661 
Air Freight & Logistics - 0.3%   
FedEx Corp. 557,326 156,023 
Building Products - 0.3%   
Builders FirstSource, Inc. (a) 1,630,653 72,564 
Carrier Global Corp. 739,854 40,877 
The AZEK Co., Inc. (a) 1,472,344 53,549 
Trane Technologies PLC 57,415 11,690 
  178,680 
Commercial Services & Supplies - 0.1%   
ACV Auctions, Inc. 780,496 17,172 
ACV Auctions, Inc. Class A (a) 1,124,402 26,041 
  43,213 
Construction & Engineering - 0.1%   
Dycom Industries, Inc. (a) 367,352 25,494 
MasTec, Inc. (a) 322,856 32,683 
  58,177 
Electrical Equipment - 0.3%   
Acuity Brands, Inc. 593,300 104,053 
Freyr A/S (c) 742,364 5,940 
Generac Holdings, Inc. (a) 13,100 5,494 
Sunrun, Inc. (a) 1,261,719 66,833 
  182,320 
Industrial Conglomerates - 0.2%   
General Electric Co. 9,420,918 122,001 
Machinery - 0.3%   
Caterpillar, Inc. 119,571 24,721 
Crane Co. 107,647 10,467 
Deere & Co. 212,591 76,871 
Otis Worldwide Corp. 266,927 23,903 
Proterra, Inc. Class A (a) 1,560,162 17,209 
  153,171 
Marine - 0.0%   
Golden Ocean Group Ltd. 1,042,181 10,182 
Star Bulk Carriers Corp. 929,851 17,695 
  27,877 
Professional Services - 0.2%   
First Advantage Corp. 691,667 13,564 
KBR, Inc. 540,039 20,900 
Upwork, Inc. (a) 1,273,086 65,933 
YourPeople, Inc. (a)(d) 2,074,892 17 
  100,414 
Road & Rail - 3.5%   
Avis Budget Group, Inc. (a) 610,604 50,540 
Canadian Pacific Railway Ltd. 650,580 48,309 
Lyft, Inc. (a) 18,869,825 1,043,879 
TuSimple Holdings, Inc. (a) 1,016,195 37,396 
Uber Technologies, Inc. (a) 18,595,611 808,165 
  1,988,289 
TOTAL INDUSTRIALS  3,325,826 
INFORMATION TECHNOLOGY - 35.3%   
Electronic Equipment & Components - 0.0%   
Hon Hai Precision Industry Co. Ltd. (Foxconn) 3,665,000 14,497 
IT Services - 3.9%   
Adyen BV (a)(e) 4,492 12,174 
Afterpay Ltd. (a) 655,359 46,487 
Dlocal Ltd. 614,584 27,742 
Endava PLC ADR (a) 277,570 35,701 
Flywire Corp. (a) 178,530 5,670 
Marqeta, Inc. Class A 228,278 6,125 
MongoDB, Inc. Class A (a) 187,242 67,205 
Payfare, Inc. (a) 1,075,615 10,199 
Paymentus Holdings, Inc. (a) 98,577 2,859 
Payoneer Global, Inc. (c) 1,052,700 9,441 
PayPal Holdings, Inc. (a) 3,182,410 876,849 
Shopify, Inc. Class A (a) 236,145 354,520 
Snowflake Computing, Inc. (b) 145,955 38,783 
Square, Inc. (a) 1,510,136 373,396 
Squarespace, Inc. Class A (a) 283,270 14,342 
TaskUs, Inc. 263,875 8,035 
Twilio, Inc. Class A (a) 807,445 301,653 
  2,191,181 
Semiconductors & Semiconductor Equipment - 9.7%   
ASML Holding NV 92,247 70,729 
Cirrus Logic, Inc. (a) 651,943 53,844 
Enphase Energy, Inc. (a) 628,701 119,202 
Lam Research Corp. 145,622 92,821 
Marvell Technology, Inc. 27,432,516 1,659,942 
NVIDIA Corp. 12,686,300 2,473,702 
NXP Semiconductors NV 3,733,088 770,472 
ON Semiconductor Corp. (a) 1,514,917 59,173 
Silergy Corp. 53,000 7,198 
Synaptics, Inc. (a) 173,478 26,355 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 347,089 40,484 
Teradyne, Inc. 1,057,586 134,313 
  5,508,235 
Software - 13.0%   
Adobe, Inc. (a) 1,260,427 783,519 
Atlassian Corp. PLC (a) 88,595 28,804 
Atom Tickets LLC (a)(c)(d)(g) 1,204,239 614 
Autodesk, Inc. (a) 76,599 24,598 
Avalara, Inc. (a) 156,477 26,158 
Blend Labs, Inc. (b) 247,300 4,466 
Cadence Design Systems, Inc. (a) 423,289 62,499 
Cloudflare, Inc. (a) 288,844 34,266 
Confluent, Inc. (b) 137,546 5,390 
Coupa Software, Inc. (a) 317,218 68,836 
Crowdstrike Holdings, Inc. (a) 354,741 89,966 
DocuSign, Inc. (a) 479,590 142,937 
DoubleVerify Holdings, Inc. (a) 813,939 28,162 
DoubleVerify Holdings, Inc. 1,707,102 56,112 
Epic Games, Inc. (c)(d) 6,131 5,426 
Five9, Inc. (a) 156,908 31,584 
Freee KK (a) 50,520 4,329 
HubSpot, Inc. (a) 333,012 198,482 
Intuit, Inc. 231,774 122,833 
Lightspeed POS, Inc. (Canada) (a) 1,606,028 137,522 
Microsoft Corp. 12,592,739 3,587,797 
Monday.com Ltd. 20,263 4,484 
Pine Labs Private Ltd. (c)(d) 9,912 3,696 
Procore Technologies, Inc. (a)(b) 52,826 5,456 
RingCentral, Inc. (a) 484,371 129,458 
Riskified Ltd. 193,900 5,317 
Riskified Ltd.:   
Class A 462,112 11,404 
Class B 924,224 22,808 
Salesforce.com, Inc. (a) 4,011,496 970,501 
SentinelOne, Inc. 866,938 42,749 
ServiceNow, Inc. (a) 204,499 120,223 
Similarweb Ltd. (a) 458,695 11,000 
Sinch AB (a)(e) 266,108 5,376 
Stripe, Inc. Class B (a)(c)(d) 173,600 6,966 
Taboola.com Ltd. 1,714,679 14,444 
Taboola.com Ltd. (c) 741,714 6,595 
Tanium, Inc. Class B (a)(c)(d) 554,900 6,243 
Telos Corp. 412,533 11,559 
The Trade Desk, Inc. (a) 1,553,338 127,234 
UiPath, Inc. 499,500 29,686 
UiPath, Inc. Class A (a)(b) 319,853 20,010 
Volue A/S 2,620,105 13,657 
Workday, Inc. Class A (a) 397,082 93,076 
Zendesk, Inc. (a) 164,800 21,511 
Zoom Video Communications, Inc. Class A (a) 784,734 296,708 
  7,424,461 
Technology Hardware, Storage & Peripherals - 8.7%   
Apple, Inc. 34,077,675 4,970,562 
TOTAL INFORMATION TECHNOLOGY  20,108,936 
MATERIALS - 1.7%   
Chemicals - 0.7%   
Albemarle Corp. U.S. 107,191 22,086 
CF Industries Holdings, Inc. 76,095 3,595 
Corbion NV 86,939 4,763 
Corteva, Inc. 829,104 35,469 
Nutrien Ltd. 2,227,657 132,452 
Olin Corp. 893,103 42,003 
PPG Industries, Inc. 129,570 21,187 
The Chemours Co. LLC 2,796,755 92,992 
The Mosaic Co. 2,284,209 71,336 
  425,883 
Construction Materials - 0.1%   
Eagle Materials, Inc. 223,508 31,586 
Metals & Mining - 0.8%   
Allegheny Technologies, Inc. (a) 669,005 13,735 
Anglo American PLC (United Kingdom) 416,390 18,452 
ArcelorMittal SA Class A unit (b) 2,272,363 80,078 
First Quantum Minerals Ltd. 1,370,758 29,358 
Freeport-McMoRan, Inc. 5,932,330 226,022 
Gatos Silver, Inc. 1,306,689 17,823 
Vale SA sponsored ADR 4,195,343 88,186 
  473,654 
Paper & Forest Products - 0.1%   
West Fraser Timber Co. Ltd. 557,847 40,014 
TOTAL MATERIALS  971,137 
REAL ESTATE - 0.3%   
Equity Real Estate Investment Trusts (REITs) - 0.2%   
Lamar Advertising Co. Class A 100,072 10,668 
Simon Property Group, Inc. 663,102 83,896 
  94,564 
Real Estate Management & Development - 0.1%   
Compass, Inc. 545,559 7,080 
Realogy Holdings Corp. (a)(b) 545,172 9,660 
Redfin Corp. (a)(b) 981,182 57,468 
  74,208 
TOTAL REAL ESTATE  168,772 
UTILITIES - 0.0%   
Independent Power and Renewable Electricity Producers - 0.0%   
Brookfield Renewable Corp. 483,570 20,520 
TOTAL COMMON STOCKS   
(Cost $23,584,849)  55,658,874 
Preferred Stocks - 2.2%   
Convertible Preferred Stocks - 1.9%   
COMMUNICATION SERVICES - 0.1%   
Diversified Telecommunication Services - 0.1%   
Starry, Inc.:   
Series C (a)(c)(d) 5,833,836 9,801 
Series D (a)(c)(d) 6,810,656 11,442 
Series E3 (c)(d) 3,377,325 5,674 
  26,917 
CONSUMER DISCRETIONARY - 0.7%   
Automobiles - 0.3%   
Bird Rides, Inc. (c) 3,340,658 25,078 
Bird Rides, Inc.:   
Series C1 (c) 2,114,013 15,870 
Series D (c) 265,200 1,991 
Rad Power Bikes, Inc.:   
Series A (c)(d) 120,997 584 
Series C (c)(d) 476,111 2,297 
Rivian Automotive, Inc.:   
Series E (c)(d) 2,276,313 83,882 
Series F (c)(d) 1,007,008 37,108 
  166,810 
Hotels, Restaurants & Leisure - 0.0%   
MOD Super Fast Pizza Holdings LLC:   
Series 3 (a)(c)(d)(g) 68,723 15,795 
Series 4 (a)(c)(d)(g) 6,272 1,366 
Series 5 (a)(c)(d)(g) 25,187 5,190 
  22,351 
Internet & Direct Marketing Retail - 0.3%   
GoBrands, Inc.:   
Series G (c)(d) 166,200 64,567 
Series H (c)(d) 104,029 40,414 
Instacart, Inc.:   
Series H (c)(d) 245,379 30,672 
Series I (c)(d) 118,846 14,856 
Reddit, Inc.:   
Series B (a)(c)(d) 524,232 32,394 
Series E (c)(d) 43,813 2,707 
  185,610 
Specialty Retail - 0.1%   
Fanatics, Inc.:   
Series E (c)(d) 1,040,349 36,277 
Series F (c)(d) 60,574 2,112 
  38,389 
Textiles, Apparel & Luxury Goods - 0.0%   
Algolia SAS Series D (c)(d) 276,495 8,086 
Allbirds, Inc.:   
Series A (a)(c)(d) 71,465 805 
Series B (a)(c)(d) 12,560 141 
Series C (a)(c)(d) 119,995 1,351 
Series Seed (a)(c)(d) 38,400 432 
  10,815 
TOTAL CONSUMER DISCRETIONARY  423,975 
CONSUMER STAPLES - 0.4%   
Food & Staples Retailing - 0.1%   
Blink Health, Inc. Series C (a)(c)(d) 170,685 6,517 
Sweetgreen, Inc.:   
Series C (a)(c)(d) 15,004 197 
Series D (a)(c)(d) 241,354 3,174 
Series H (a)(c)(d) 3,242,523 42,639 
Series I (a)(c)(d) 568,842 7,480 
Series J (c)(d) 346,965 4,563 
  64,570 
Food Products - 0.0%   
Agbiome LLC Series C (a)(c)(d) 1,091,300 6,549 
Bowery Farming, Inc. Series C1 (c)(d) 161,262 9,716 
  16,265 
Tobacco - 0.3%   
JUUL Labs, Inc.:   
Series C (a)(c)(d) 2,570,575 145,520 
Series D (a)(c)(d) 13,822 782 
Series E (a)(c)(d) 14,959 847 
  147,149 
TOTAL CONSUMER STAPLES  227,984 
FINANCIALS - 0.0%   
Diversified Financial Services - 0.0%   
Sonder Holdings, Inc. Series D1 (c) 606,719 8,613 
HEALTH CARE - 0.0%   
Pharmaceuticals - 0.0%   
Castle Creek Pharmaceutical Holdings, Inc. Series B (a)(c)(d) 3,301 2,163 
INDUSTRIALS - 0.3%   
Aerospace & Defense - 0.3%   
ABL Space Systems Series B (c)(d) 270,130 12,165 
Relativity Space, Inc. Series E (c)(d) 2,480,614 56,645 
Space Exploration Technologies Corp.:   
Series G (a)(c)(d) 97,277 40,855 
Series H (a)(c)(d) 25,767 10,822 
Series N (c)(d) 79,406 33,350 
  153,837 
Construction & Engineering - 0.0%   
Beta Technologies, Inc. Series A (c)(d) 101,010 7,401 
Transportation Infrastructure - 0.0%   
Delhivery Pvt Ltd. Series H (c)(d) 24,696 11,844 
TOTAL INDUSTRIALS  173,082 
INFORMATION TECHNOLOGY - 0.3%   
Communications Equipment - 0.0%   
Xsight Labs Ltd. Series D (c)(d) 1,192,000 9,531 
Electronic Equipment & Components - 0.0%   
Enevate Corp. Series E (c)(d) 12,084,432 13,398 
IT Services - 0.1%   
AppNexus, Inc. Series E (Escrow) (a)(c)(d) 646,522 20 
ByteDance Ltd. Series E1 (c)(d) 293,038 34,048 
Yanka Industries, Inc. Series F (c)(d) 508,854 16,221 
  50,289 
Semiconductors & Semiconductor Equipment - 0.1%   
SiMa.ai Series B (c)(d) 2,821,200 14,465 
Tenstorrent, Inc. Series C1 (c)(d) 77,800 4,626 
  19,091 
Software - 0.1%   
Databricks, Inc. Series G (c)(d) 145,986 25,893 
Dataminr, Inc. Series D (a)(c)(d) 277,250 12,199 
Delphix Corp. Series D (a)(c)(d) 675,445 3,803 
Jet.Com, Inc. Series B1 (Escrow) (a)(c)(d) 2,928,086 
Malwarebytes Corp. Series B (a)(c)(d) 1,056,193 21,398 
Nuvia, Inc. Series B (c) 1,606,942 1,313 
Stripe, Inc. Series H (c)(d) 73,100 2,933 
  67,539 
TOTAL INFORMATION TECHNOLOGY  159,848 
MATERIALS - 0.1%   
Metals & Mining - 0.1%   
Diamond Foundry, Inc. Series C (c)(d) 2,271,329 54,512 
UTILITIES - 0.0%   
Independent Power and Renewable Electricity Producers - 0.0%   
Redwood Materials Series C (c)(d) 341,408 16,184 
TOTAL CONVERTIBLE PREFERRED STOCKS  1,093,278 
Nonconvertible Preferred Stocks - 0.3%   
CONSUMER DISCRETIONARY - 0.2%   
Automobiles - 0.1%   
Neutron Holdings, Inc.:   
Series 1C (a)(c)(d) 50,654,200 694 
Series 1D (a)(c)(d) 85,315,542 1,169 
Volkswagen AG 255,257 62,225 
Waymo LLC Series A2 (a)(c)(d) 81,316 7,458 
  71,546 
Specialty Retail - 0.1%   
Cazoo Holdings Ltd.:   
Series A (c) 10,823 332 
Series B (c) 189,488 5,818 
Series C (c) 3,846 118 
Series D (c) 676,921 20,786 
  27,054 
TOTAL CONSUMER DISCRETIONARY  98,600 
HEALTH CARE - 0.0%   
Pharmaceuticals - 0.0%   
Castle Creek Pharmaceutical Holdings, Inc. Series A4 (a)(c)(d) 29,758 19,497 
INFORMATION TECHNOLOGY - 0.1%   
IT Services - 0.0%   
Gupshup, Inc. (c)(d) 709,497 16,223 
Software - 0.1%   
Pine Labs Private Ltd.:   
Series 1 (c)(d) 23,689 8,833 
Series A (c)(d) 5,920 2,207 
Series B (c)(d) 6,440 2,401 
Series B2 (c)(d) 5,209 1,942 
Series C (c)(d) 9,690 3,613 
Series C1 (c)(d) 2,041 761 
Series D (c)(d) 2,183 814 
  20,571 
TOTAL INFORMATION TECHNOLOGY  36,794 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  154,891 
TOTAL PREFERRED STOCKS   
(Cost $870,793)  1,248,169 
 Principal Amount (000s) Value (000s) 
Convertible Bonds - 0.1%   
CONSUMER DISCRETIONARY - 0.1%   
Automobiles - 0.1%   
Neutron Holdings, Inc.:   
4% 5/22/27 (c)(d) 2,433 2,433 
4% 6/12/27 (c)(d) 647 647 
Rivian Automotive, Inc. 0% (c)(d)(h) 20,222 20,222 
  23,302 
CONSUMER STAPLES - 0.0%   
Food & Staples Retailing - 0.0%   
The Real Good Food Co. LLC 1% (c)(d)(h) 12,116 12,116 
FINANCIALS - 0.0%   
Diversified Financial Services - 0.0%   
Sonder Holdings, Inc. 0% (c)(d)(h) 4,056 4,056 
HEALTH CARE - 0.0%   
Pharmaceuticals - 0.0%   
Castle Creek Pharmaceutical Holdings, Inc. 0% (c)(d)(h) 917 917 
TOTAL CONVERTIBLE BONDS   
(Cost $40,391)  40,391 
Preferred Securities - 0.1%   
CONSUMER DISCRETIONARY - 0.1%   
Internet & Direct Marketing Retail - 0.1%   
Circle Internet Financial Ltd. 0% (c)(d)(h) 20,193 20,193 
INFORMATION TECHNOLOGY - 0.0%   
Electronic Equipment & Components - 0.0%   
Enevate Corp. 0% 1/29/23 (c)(d) 5,145 5,145 
Semiconductors & Semiconductor Equipment - 0.0%   
Tenstorrent, Inc. 0% (c)(d)(h) 4,320 4,320 
TOTAL INFORMATION TECHNOLOGY  9,465 
TOTAL PREFERRED SECURITIES   
(Cost $29,658)  29,658 
 Shares Value (000s) 
Money Market Funds - 1.3%   
Fidelity Cash Central Fund 0.06% (i) 21,832,865 21,837 
Fidelity Securities Lending Cash Central Fund 0.06% (i)(j) 726,679,581 726,752 
TOTAL MONEY MARKET FUNDS   
(Cost $748,589)  748,589 
TOTAL INVESTMENT IN SECURITIES - 101.4%   
(Cost $25,274,280)  57,725,681 
NET OTHER ASSETS (LIABILITIES) - (1.4)%  (772,414) 
NET ASSETS - 100%  $56,953,267 

Legend

 (a) Non-income producing

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

 (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 $1,731,402,000 or 3.0% of net assets.

 (d) Level 3 security

 (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 $231,258,000 or 0.4% of net assets.

 (f) Affiliated company

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

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

 (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:

Security Acquisition Date Acquisition Cost (000s) 
23andMe Holding Co. 2/3/21 $7,435 
ABL Space Systems Series B 3/24/21 $12,165 
Agbiome LLC Series C 6/29/18 $6,912 
Algolia SAS Series D 7/23/21 $8,086 
Allbirds, Inc. 10/9/18 $1,986 
Allbirds, Inc. Series A 10/9/18 $784 
Allbirds, Inc. Series B 10/9/18 $138 
Allbirds, Inc. Series C 10/9/18 $1,316 
Allbirds, Inc. Series Seed 10/9/18 $421 
Ant International Co. Ltd. Class C 5/16/18 $24,503 
AppHarvest, Inc. 1/29/21 $18,249 
AppNexus, Inc. Series E (Escrow) 8/1/14 $0 
Arrival SA 3/24/21 $7,342 
Atom Tickets LLC 8/15/17 $7,000 
Beta Technologies, Inc. Series A 4/9/21 $7,401 
Bird Rides, Inc. 2/12/21 - 4/20/21 $17,209 
Bird Rides, Inc. Series C1 12/21/18 $24,830 
Bird Rides, Inc. Series D 9/30/19 $3,426 
Blink Health, Inc. Series A1 12/30/20 $1,385 
Blink Health, Inc. Series C 11/7/19 - 7/14/21 $6,515 
Bowery Farming, Inc. Series C1 5/18/21 $9,716 
ByteDance Ltd. Series E1 11/18/20 $32,109 
Castle Creek Pharmaceutical Holdings, Inc. Series A4 9/29/16 $9,831 
Castle Creek Pharmaceutical Holdings, Inc. Series B 10/9/18 $1,360 
Castle Creek Pharmaceutical Holdings, Inc. 0% 6/28/21 $917 
Cazoo Holdings Ltd. 9/30/20 $4,545 
Cazoo Holdings Ltd. Series A 9/30/20 $148 
Cazoo Holdings Ltd. Series B 9/30/20 $2,598 
Cazoo Holdings Ltd. Series C 9/30/20 $53 
Cazoo Holdings Ltd. Series D 9/30/20 $9,281 
CCC Intelligent Solutions Holdings, Inc. 2/2/21 $4,287 
Cibus Corp. Series C 2/16/18 $6,396 
Cibus Corp. Series D 5/10/19 $2,146 
Cibus Corp. Series E 6/23/21 $3,695 
Circle Internet Financial Ltd. 0% 5/11/21 $20,193 
CM Life Sciences, Inc. 2/9/21 $5,180 
Cyxtera Technologies, Inc. 2/21/21 $11,143 
Databricks, Inc. Series G 2/1/21 $25,893 
Dataminr, Inc. Series D 3/6/15 $3,535 
Delhivery Pvt Ltd. Series H 5/20/21 $12,055 
Delphix Corp. Series D 7/10/15 $6,079 
Diamond Foundry, Inc. Series C 3/15/21 $54,512 
Endeavor Group Holdings, Inc. Class A 3/29/21 $18,466 
Enevate Corp. Series E 1/29/21 $13,398 
Enevate Corp. 0% 1/29/23 1/29/21 $5,145 
Epic Games, Inc. 7/30/20 $3,525 
Fanatics, Inc. Series E 8/13/20 $17,988 
Fanatics, Inc. Series F 3/22/21 $2,112 
Freyr A/S 1/29/21 $7,424 
FSN E-Commerce Ventures Pvt Ltd. 10/7/20 - 10/26/20 $16,851 
GoBrands, Inc. Series G 3/2/21 $41,503 
GoBrands, Inc. Series H 7/22/21 $40,414 
Gupshup, Inc. 6/8/21 $16,223 
Hyzon Motors, Inc. 2/8/21 $7,639 
Instacart, Inc. Series H 11/13/20 $14,723 
Instacart, Inc. Series I 2/26/21 $14,856 
Jet.Com, Inc. Series B1 (Escrow) 3/19/18 $0 
JUUL Labs, Inc. Class A 12/20/17 $453 
JUUL Labs, Inc. Class B 11/21/17 $0 
JUUL Labs, Inc. Series C 5/22/15 - 7/6/18 $0 
JUUL Labs, Inc. Series D 6/25/18 - 7/6/18 $0 
JUUL Labs, Inc. Series E 12/20/17 $321 
Lucid Motors, Inc. 2/22/21 $37,449 
Malwarebytes Corp. Series B 12/21/15 $10,958 
Matterport, Inc. 2/8/21 $5,000 
MOD Super Fast Pizza Holdings LLC Series 3 11/3/16 $9,415 
MOD Super Fast Pizza Holdings LLC Series 4 12/14/17 $878 
MOD Super Fast Pizza Holdings LLC Series 5 5/15/19 $3,590 
MultiPlan Corp. warrants 10/8/20 $0 
Neutron Holdings, Inc. 2/4/21 $72 
Neutron Holdings, Inc. Series 1C 7/3/18 $9,262 
Neutron Holdings, Inc. Series 1D 1/25/19 $20,689 
Neutron Holdings, Inc. 4% 5/22/27 6/4/20 $2,433 
Neutron Holdings, Inc. 4% 6/12/27 6/12/20 $647 
Nuvation Bio, Inc. 2/10/21 $11,014 
Nuvia, Inc. Series B 3/16/21 $1,313 
Owlet, Inc. 2/15/21 $14,854 
Payoneer Global, Inc. 2/3/21 $10,527 
Pine Labs Private Ltd. 6/30/21 $3,696 
Pine Labs Private Ltd. Series 1 0.00% 6/30/21 $8,833 
Pine Labs Private Ltd. Series A 0.00% 6/30/21 $2,207 
Pine Labs Private Ltd. Series B 0.00% 6/30/21 $2,401 
Pine Labs Private Ltd. Series B2 0.00% 6/30/21 $1,942 
Pine Labs Private Ltd. Series C 0.00% 6/30/21 $3,613 
Pine Labs Private Ltd. Series C1 0.00% 6/30/21 $761 
Pine Labs Private Ltd. Series D 0.00% 6/30/21 $814 
Rad Power Bikes, Inc. 1/21/21 $4,477 
Rad Power Bikes, Inc. Series A 1/21/21 $584 
Rad Power Bikes, Inc. Series C 1/21/21 $2,297 
Rapyd Financial Network 2016 Ltd. 3/30/21 $15,000 
Reddit, Inc. Series B 7/26/17 $7,442 
Reddit, Inc. Series E 5/18/21 $1,861 
Redwood Materials Series C 5/28/21 $16,184 
Relativity Space, Inc. Series E 5/27/21 $56,645 
Rivian Automotive, Inc. Series E 7/10/20 $35,260 
Rivian Automotive, Inc. Series F 1/19/21 $37,108 
Rivian Automotive, Inc. 0% 7/23/21 $20,222 
SiMa.ai Series B 5/10/21 $14,465 
Sonder Holdings, Inc. Series D1 12/20/19 $6,368 
Sonder Holdings, Inc. 0% 3/18/21 $4,056 
Space Exploration Technologies Corp. Class A 10/16/15 - 2/16/21 $31,999 
Space Exploration Technologies Corp. Class C 9/11/17 $376 
Space Exploration Technologies Corp. Series G 1/20/15 $7,535 
Space Exploration Technologies Corp. Series H 8/4/17 $3,479 
Space Exploration Technologies Corp. Series N 8/4/20 $21,440 
Starry, Inc. Series C 12/8/17 $5,379 
Starry, Inc. Series D 3/6/19 - 7/30/20 $9,739 
Starry, Inc. Series E3 3/31/21 $5,674 
Stripe, Inc. Class B 5/18/21 $6,966 
Stripe, Inc. Series H 3/15/21 $2,933 
Sweetgreen, Inc. warrants 1/21/26 1/21/21 $0 
Sweetgreen, Inc. Series C 9/13/19 $257 
Sweetgreen, Inc. Series D 9/13/19 $4,127 
Sweetgreen, Inc. Series H 11/9/18 $42,282 
Sweetgreen, Inc. Series I 9/13/19 $9,727 
Sweetgreen, Inc. Series J 1/21/21 $5,933 
Taboola.com Ltd. 1/25/21 $7,417 
Tanium, Inc. Class B 4/21/17 $2,755 
Tenstorrent, Inc. Series C1 4/23/21 $4,626 
Tenstorrent, Inc. 0% 4/23/21 $4,320 
The Beachbody Co., Inc. 2/9/21 $7,425 
The Real Good Food Co. LLC 1% 5/7/21 $12,116 
Tory Burch LLC 5/14/15 $20,890 
Waymo LLC Series A2 5/8/20 $6,982 
Wheels Up Experience, Inc. 2/1/21 $11,133 
Xsight Labs Ltd. Series D 2/16/21 $9,531 
Yanka Industries, Inc. Series F 4/8/21 $16,221 
Zomato Ltd. 12/9/20 - 2/10/21 $18,138 

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $16 
Fidelity Securities Lending Cash Central Fund 5,171 
Total $5,187 

Amounts in the 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. Amount for F