Prospectus - Investment Objective

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 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)

Nicole Macarchuk, 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, 2025

Item 1.

Reports to Stockholders


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Small Cap Value Fund Fidelity® Small Cap Value Fund : FCPVX

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

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

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

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

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

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

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

Visit www.fidelity.com for more recent performance information.

The Fund's past performance is not a good predictor of the Fund's future performance. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$4,398,762,117
Number of Holdings	97
Total Advisory Fee	$42,471,933
Portfolio Turnover	96%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

TOP HOLDINGS (% of Fund's net assets)
Insight Enterprises Inc	2.4
Old National Bancorp/IN	2.4
Brookfield Infrastructure Corp (United States)	2.3
KB Home	2.3
Eastern Bankshares Inc	2.2
REV Group Inc	2.2
Cadence Bank	2.1
UMB Financial Corp	2.0
Blue Bird Corp	2.0
Primerica Inc	1.9
	21.8

How has the Fund changed?

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

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

Management fee
Operating expenses
Performance adjustment fee
Expense reductions

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


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

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

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

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 2, 2018 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

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

A From October 2, 2018

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$4,398,762,117
Number of Holdings	97
Total Advisory Fee	$42,471,933
Portfolio Turnover	96%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

TOP HOLDINGS (% of Fund's net assets)
Insight Enterprises Inc	2.4
Old National Bancorp/IN	2.4
Brookfield Infrastructure Corp (United States)	2.3
KB Home	2.3
Eastern Bankshares Inc	2.2
REV Group Inc	2.2
Cadence Bank	2.1
UMB Financial Corp	2.0
Blue Bird Corp	2.0
Primerica Inc	1.9
	21.8

How has the Fund changed?

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

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

Management fee
Operating expenses
Performance adjustment fee
Expense reductions

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


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

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

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

AVERAGE ANNUAL TOTAL RETURNS:

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

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$4,398,762,117
Number of Holdings	97
Total Advisory Fee	$42,471,933
Portfolio Turnover	96%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

TOP HOLDINGS (% of Fund's net assets)
Insight Enterprises Inc	2.4
Old National Bancorp/IN	2.4
Brookfield Infrastructure Corp (United States)	2.3
KB Home	2.3
Eastern Bankshares Inc	2.2
REV Group Inc	2.2
Cadence Bank	2.1
UMB Financial Corp	2.0
Blue Bird Corp	2.0
Primerica Inc	1.9
	21.8

How has the Fund changed?

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

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

Management fee
Operating expenses
Performance adjustment fee
Expense reductions

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


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

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Class I	-2.40%	15.63%	8.62%
Russell 2000® Value Index	-4.27%	12.41%	7.20%
Russell 3000® Index	15.68%	15.19%	13.02%

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$4,398,762,117
Number of Holdings	97
Total Advisory Fee	$42,471,933
Portfolio Turnover	96%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

TOP HOLDINGS (% of Fund's net assets)
Insight Enterprises Inc	2.4
Old National Bancorp/IN	2.4
Brookfield Infrastructure Corp (United States)	2.3
KB Home	2.3
Eastern Bankshares Inc	2.2
REV Group Inc	2.2
Cadence Bank	2.1
UMB Financial Corp	2.0
Blue Bird Corp	2.0
Primerica Inc	1.9
	21.8

How has the Fund changed?

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

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

Management fee
Operating expenses
Performance adjustment fee
Expense reductions

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


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

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

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

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$4,398,762,117
Number of Holdings	97
Total Advisory Fee	$42,471,933
Portfolio Turnover	96%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

TOP HOLDINGS (% of Fund's net assets)
Insight Enterprises Inc	2.4
Old National Bancorp/IN	2.4
Brookfield Infrastructure Corp (United States)	2.3
KB Home	2.3
Eastern Bankshares Inc	2.2
REV Group Inc	2.2
Cadence Bank	2.1
UMB Financial Corp	2.0
Blue Bird Corp	2.0
Primerica Inc	1.9
	21.8

How has the Fund changed?

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

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

Management fee
Operating expenses
Performance adjustment fee
Expense reductions

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


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

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

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

AVERAGE ANNUAL TOTAL RETURNS:

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

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$4,398,762,117
Number of Holdings	97
Total Advisory Fee	$42,471,933
Portfolio Turnover	96%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

TOP HOLDINGS (% of Fund's net assets)
Insight Enterprises Inc	2.4
Old National Bancorp/IN	2.4
Brookfield Infrastructure Corp (United States)	2.3
KB Home	2.3
Eastern Bankshares Inc	2.2
REV Group Inc	2.2
Cadence Bank	2.1
UMB Financial Corp	2.0
Blue Bird Corp	2.0
Primerica Inc	1.9
	21.8

How has the Fund changed?

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

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

Management fee
Operating expenses
Performance adjustment fee
Expense reductions

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


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

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

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

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

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

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

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

May 25, 2017 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	Life of Fund A
Fidelity® Small Cap Growth K6 Fund	3.24%	9.90%	11.86%
Russell 2000® Growth Index	3.15%	7.06%	7.97%
Russell 3000® Index	15.68%	15.19%	13.77%

A From May 25, 2017

Visit www.401k.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$3,598,204,878
Number of Holdings	310
Total Advisory Fee	$20,531,843
Portfolio Turnover	81%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 91.5
	Canada - 1.8
	Thailand - 1.4
	Japan - 1.0
	United Kingdom - 1.0
	Italy - 0.8
	Netherlands - 0.6
	Israel - 0.5
	Australia - 0.5
	Others - 0.9

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

How has the Fund changed?

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

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

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


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Small Cap Growth Fund Fidelity® Small Cap Growth Fund : FCPGX

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

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

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

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

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Fidelity® Small Cap Growth Fund	2.97%	9.57%	10.73%
Russell 2000® Growth Index	3.15%	7.06%	7.27%
Russell 3000® Index	15.68%	15.19%	13.02%

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$7,226,574,084
Number of Holdings	306
Total Advisory Fee	$63,330,692
Portfolio Turnover	77%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

TOP HOLDINGS (% of Fund's net assets)
Fabrinet	1.5
OSI Systems Inc	1.3
Credo Technology Group Holding Ltd	1.2
Sterling Infrastructure Inc	1.0
Ensign Group Inc/The	1.0
AZZ Inc	1.0
Cheesecake Factory Inc/The	1.0
Stifel Financial Corp	0.9
Brinker International Inc	0.9
Gogo Inc	0.8
	10.6

How has the Fund changed?

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

Management fee
Operating expenses
Performance adjustment fee
Expense reductions

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

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


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

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

February 1, 2017 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	Life of Fund A
Class Z	3.05%	9.69%	12.15%
Russell 2000® Growth Index	3.15%	7.06%	8.34%
Russell 3000® Index	15.68%	15.19%	14.03%

A From February 1, 2017

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$7,226,574,084
Number of Holdings	306
Total Advisory Fee	$63,330,692
Portfolio Turnover	77%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

TOP HOLDINGS (% of Fund's net assets)
Fabrinet	1.5
OSI Systems Inc	1.3
Credo Technology Group Holding Ltd	1.2
Sterling Infrastructure Inc	1.0
Ensign Group Inc/The	1.0
AZZ Inc	1.0
Cheesecake Factory Inc/The	1.0
Stifel Financial Corp	0.9
Brinker International Inc	0.9
Gogo Inc	0.8
	10.6

How has the Fund changed?

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

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

Management fee
Operating expenses
Performance adjustment fee
Expense reductions

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

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


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

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

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

AVERAGE ANNUAL TOTAL RETURNS:

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

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$7,226,574,084
Number of Holdings	306
Total Advisory Fee	$63,330,692
Portfolio Turnover	77%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

TOP HOLDINGS (% of Fund's net assets)
Fabrinet	1.5
OSI Systems Inc	1.3
Credo Technology Group Holding Ltd	1.2
Sterling Infrastructure Inc	1.0
Ensign Group Inc/The	1.0
AZZ Inc	1.0
Cheesecake Factory Inc/The	1.0
Stifel Financial Corp	0.9
Brinker International Inc	0.9
Gogo Inc	0.8
	10.6

How has the Fund changed?

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

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

Management fee
Operating expenses
Performance adjustment fee
Expense reductions

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

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


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

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Class I	2.92%	9.54%	10.72%
Russell 2000® Growth Index	3.15%	7.06%	7.27%
Russell 3000® Index	15.68%	15.19%	13.02%

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$7,226,574,084
Number of Holdings	306
Total Advisory Fee	$63,330,692
Portfolio Turnover	77%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

TOP HOLDINGS (% of Fund's net assets)
Fabrinet	1.5
OSI Systems Inc	1.3
Credo Technology Group Holding Ltd	1.2
Sterling Infrastructure Inc	1.0
Ensign Group Inc/The	1.0
AZZ Inc	1.0
Cheesecake Factory Inc/The	1.0
Stifel Financial Corp	0.9
Brinker International Inc	0.9
Gogo Inc	0.8
	10.6

How has the Fund changed?

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

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

Management fee
Operating expenses
Performance adjustment fee
Expense reductions

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

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


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

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

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

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$7,226,574,084
Number of Holdings	306
Total Advisory Fee	$63,330,692
Portfolio Turnover	77%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

TOP HOLDINGS (% of Fund's net assets)
Fabrinet	1.5
OSI Systems Inc	1.3
Credo Technology Group Holding Ltd	1.2
Sterling Infrastructure Inc	1.0
Ensign Group Inc/The	1.0
AZZ Inc	1.0
Cheesecake Factory Inc/The	1.0
Stifel Financial Corp	0.9
Brinker International Inc	0.9
Gogo Inc	0.8
	10.6

How has the Fund changed?

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

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

Management fee
Operating expenses
Performance adjustment fee
Expense reductions

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

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


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

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

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

AVERAGE ANNUAL TOTAL RETURNS:

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

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$7,226,574,084
Number of Holdings	306
Total Advisory Fee	$63,330,692
Portfolio Turnover	77%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

TOP HOLDINGS (% of Fund's net assets)
Fabrinet	1.5
OSI Systems Inc	1.3
Credo Technology Group Holding Ltd	1.2
Sterling Infrastructure Inc	1.0
Ensign Group Inc/The	1.0
AZZ Inc	1.0
Cheesecake Factory Inc/The	1.0
Stifel Financial Corp	0.9
Brinker International Inc	0.9
Gogo Inc	0.8
	10.6

How has the Fund changed?

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

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

Management fee
Operating expenses
Performance adjustment fee
Expense reductions

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

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


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

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

A Amount represents less than $.50

B Amount represents less than 0.005%

What affected the Fund's performance this period?

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

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

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

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

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

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

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$4,365,549,486
Number of Holdings	225
Total Advisory Fee	$0
Portfolio Turnover	43%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

TOP HOLDINGS (% of Fund's net assets)
IES Holdings Inc	2.1
Fabrinet	1.6
Sanmina Corp	1.4
FirstCash Holdings Inc	1.3
Advanced Energy Industries Inc	1.2
First BanCorp/Puerto Rico	1.2
Academy Sports & Outdoors Inc	1.2
Primerica Inc	1.1
Southwest Gas Holdings Inc	1.0
SkyWest Inc	1.0
	13.1

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


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

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

A Amount represents less than $.50

B Amount represents less than 0.005%

What affected the Fund's performance this period?

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

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

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

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

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

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

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

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$276,816,441
Number of Holdings	289
Total Advisory Fee	$0
Portfolio Turnover	9%

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

QUALITY DIVERSIFICATION (% of Fund's net assets)

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

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

ASSET ALLOCATION (% of Fund's net assets)

	Corporate Bonds - 43.7
	Preferred Stocks - 21.4
	CMOs and Other Mortgage Related Securities - 20.0
	Asset-Backed Securities - 1.5
	Bank Loan Obligations - 1.4
	Common Stocks - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 12.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 99.5
	United Kingdom - 0.3
	Canada - 0.2

TOP HOLDINGS (% of Fund's net assets)
American Tower Corp	3.8
Crown Castle Inc	2.7
Prologis LP	2.7
American Homes 4 Rent LP	2.2
Simon Property Group LP	2.2
Extra Space Storage LP	2.1
BX Trust 2019-OC11	1.9
Invitation Homes Operating Partnership LP	1.8
Equinix Inc	1.6
MPT Operating Partnership LP / MPT Finance Corp	1.6
	22.6

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913514.101 2277-TSRA-0925


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

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

A Amount represents less than $.50

B Amount represents less than 0.005%

What affected the Fund's performance this period?

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

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

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

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

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Fidelity® Series Blue Chip Growth Fund	24.54%	18.71%	18.85%
Russell 1000® Growth Index	23.75%	17.27%	17.06%
Russell 1000® Index	16.54%	15.49%	13.38%

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$13,784,565,027
Number of Holdings	343
Total Advisory Fee	$0
Portfolio Turnover	50%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	16.7
Microsoft Corp	10.1
Amazon.com Inc	8.6
Apple Inc	7.8
Meta Platforms Inc Class A	5.4
Alphabet Inc Class A	4.8
Broadcom Inc	3.0
Netflix Inc	2.9
Eli Lilly & Co	2.0
Marvell Technology Inc	1.8
	63.1

How has the Fund changed?

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

Operating expenses

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


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025
	Fidelity® Real Estate Income Fund Fidelity® Real Estate Income Fund : FRIFX

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

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

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

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

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

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

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$5,279,618,025
Number of Holdings	537
Total Advisory Fee	$31,232,455
Portfolio Turnover	24%

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

QUALITY DIVERSIFICATION (% of Fund's net assets)

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

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

ASSET ALLOCATION (% of Fund's net assets)

	Corporate Bonds - 30.2
	CMOs and Other Mortgage Related Securities - 21.6
	Common Stocks - 20.7
	Preferred Stocks - 13.5
	Bank Loan Obligations - 1.5
	Asset-Backed Securities - 1.5
	Preferred Securities - 0.1
	Short-Term Investments and Net Other Assets (Liabilities) - 10.9

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

TOP HOLDINGS (% of Fund's net assets)
American Tower Corp	2.7
Crown Castle Inc	2.1
Prologis Inc	1.6
American Homes 4 Rent LP	1.5
Welltower Inc	1.4
Equity LifeStyle Properties Inc	1.4
GLP Capital LP / GLP Financing II Inc	1.3
Equinix Inc	1.3
Invitation Homes Operating Partnership LP	1.3
American Tower Corp	1.2
	15.8

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


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

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

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

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

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

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 2, 2018 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

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

A From October 2, 2018

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$5,279,618,025
Number of Holdings	537
Total Advisory Fee	$31,232,455
Portfolio Turnover	24%

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

QUALITY DIVERSIFICATION (% of Fund's net assets)

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

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

ASSET ALLOCATION (% of Fund's net assets)

	Corporate Bonds - 30.2
	CMOs and Other Mortgage Related Securities - 21.6
	Common Stocks - 20.7
	Preferred Stocks - 13.5
	Bank Loan Obligations - 1.5
	Asset-Backed Securities - 1.5
	Preferred Securities - 0.1
	Short-Term Investments and Net Other Assets (Liabilities) - 10.9

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

TOP HOLDINGS (% of Fund's net assets)
American Tower Corp	2.7
Crown Castle Inc	2.1
Prologis Inc	1.6
American Homes 4 Rent LP	1.5
Welltower Inc	1.4
Equity LifeStyle Properties Inc	1.4
GLP Capital LP / GLP Financing II Inc	1.3
Equinix Inc	1.3
Invitation Homes Operating Partnership LP	1.3
American Tower Corp	1.2
	15.8

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


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

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

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

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

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

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

AVERAGE ANNUAL TOTAL RETURNS:

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

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$5,279,618,025
Number of Holdings	537
Total Advisory Fee	$31,232,455
Portfolio Turnover	24%

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

QUALITY DIVERSIFICATION (% of Fund's net assets)

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

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

ASSET ALLOCATION (% of Fund's net assets)

	Corporate Bonds - 30.2
	CMOs and Other Mortgage Related Securities - 21.6
	Common Stocks - 20.7
	Preferred Stocks - 13.5
	Bank Loan Obligations - 1.5
	Asset-Backed Securities - 1.5
	Preferred Securities - 0.1
	Short-Term Investments and Net Other Assets (Liabilities) - 10.9

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

TOP HOLDINGS (% of Fund's net assets)
American Tower Corp	2.7
Crown Castle Inc	2.1
Prologis Inc	1.6
American Homes 4 Rent LP	1.5
Welltower Inc	1.4
Equity LifeStyle Properties Inc	1.4
GLP Capital LP / GLP Financing II Inc	1.3
Equinix Inc	1.3
Invitation Homes Operating Partnership LP	1.3
American Tower Corp	1.2
	15.8

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


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

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

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

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

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

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

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$5,279,618,025
Number of Holdings	537
Total Advisory Fee	$31,232,455
Portfolio Turnover	24%

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

QUALITY DIVERSIFICATION (% of Fund's net assets)

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

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

ASSET ALLOCATION (% of Fund's net assets)

	Corporate Bonds - 30.2
	CMOs and Other Mortgage Related Securities - 21.6
	Common Stocks - 20.7
	Preferred Stocks - 13.5
	Bank Loan Obligations - 1.5
	Asset-Backed Securities - 1.5
	Preferred Securities - 0.1
	Short-Term Investments and Net Other Assets (Liabilities) - 10.9

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

TOP HOLDINGS (% of Fund's net assets)
American Tower Corp	2.7
Crown Castle Inc	2.1
Prologis Inc	1.6
American Homes 4 Rent LP	1.5
Welltower Inc	1.4
Equity LifeStyle Properties Inc	1.4
GLP Capital LP / GLP Financing II Inc	1.3
Equinix Inc	1.3
Invitation Homes Operating Partnership LP	1.3
American Tower Corp	1.2
	15.8

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


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

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

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

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

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

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

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$5,279,618,025
Number of Holdings	537
Total Advisory Fee	$31,232,455
Portfolio Turnover	24%

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

QUALITY DIVERSIFICATION (% of Fund's net assets)

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

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

ASSET ALLOCATION (% of Fund's net assets)

	Corporate Bonds - 30.2
	CMOs and Other Mortgage Related Securities - 21.6
	Common Stocks - 20.7
	Preferred Stocks - 13.5
	Bank Loan Obligations - 1.5
	Asset-Backed Securities - 1.5
	Preferred Securities - 0.1
	Short-Term Investments and Net Other Assets (Liabilities) - 10.9

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

TOP HOLDINGS (% of Fund's net assets)
American Tower Corp	2.7
Crown Castle Inc	2.1
Prologis Inc	1.6
American Homes 4 Rent LP	1.5
Welltower Inc	1.4
Equity LifeStyle Properties Inc	1.4
GLP Capital LP / GLP Financing II Inc	1.3
Equinix Inc	1.3
Invitation Homes Operating Partnership LP	1.3
American Tower Corp	1.2
	15.8

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


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

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

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

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

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

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

AVERAGE ANNUAL TOTAL RETURNS:

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

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$5,279,618,025
Number of Holdings	537
Total Advisory Fee	$31,232,455
Portfolio Turnover	24%

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

QUALITY DIVERSIFICATION (% of Fund's net assets)

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

We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

ASSET ALLOCATION (% of Fund's net assets)

	Corporate Bonds - 30.2
	CMOs and Other Mortgage Related Securities - 21.6
	Common Stocks - 20.7
	Preferred Stocks - 13.5
	Bank Loan Obligations - 1.5
	Asset-Backed Securities - 1.5
	Preferred Securities - 0.1
	Short-Term Investments and Net Other Assets (Liabilities) - 10.9

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

TOP HOLDINGS (% of Fund's net assets)
American Tower Corp	2.7
Crown Castle Inc	2.1
Prologis Inc	1.6
American Homes 4 Rent LP	1.5
Welltower Inc	1.4
Equity LifeStyle Properties Inc	1.4
GLP Capital LP / GLP Financing II Inc	1.3
Equinix Inc	1.3
Invitation Homes Operating Partnership LP	1.3
American Tower Corp	1.2
	15.8

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


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025
	Fidelity® OTC Portfolio Fidelity® OTC Portfolio : FOCPX

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

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

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

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

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Fidelity® OTC Portfolio	21.19%	16.24%	17.60%
Nasdaq Composite Index®	20.86%	15.34%	16.29%
S&P 500® Index	16.33%	15.88%	13.66%

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$32,809,438,777
Number of Holdings	161
Total Advisory Fee	$216,631,906
Portfolio Turnover	53%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

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


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025
	Fidelity® OTC Portfolio Fidelity® OTC Portfolio Class K : FOCKX

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Class K	21.29%	16.34%	17.71%
Nasdaq Composite Index®	20.86%	15.34%	16.29%
S&P 500® Index	16.33%	15.88%	13.66%

Visit www.401k.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$32,809,438,777
Number of Holdings	161
Total Advisory Fee	$216,631,906
Portfolio Turnover	53%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

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


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025
	Fidelity® OTC K6 Portfolio Fidelity® OTC K6 Portfolio : FOKFX

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

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

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

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

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

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

June 13, 2019 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

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

A From June 13, 2019

Visit www.401k.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$2,848,569,864
Number of Holdings	153
Total Advisory Fee	$13,167,214
Portfolio Turnover	64%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

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


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Leveraged Company Stock Fund Fidelity® Leveraged Company Stock Fund : FLVCX

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

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

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

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

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

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

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$3,902,017,456
Number of Holdings	86
Total Advisory Fee	$22,391,274
Portfolio Turnover	12%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 95.2
	Taiwan - 1.4
	Netherlands - 1.0
	Canada - 0.8
	United Kingdom - 0.7
	China - 0.7
	Hong Kong - 0.2

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

How has the Fund changed?

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

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


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

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

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

Visit www.401k.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$3,902,017,456
Number of Holdings	86
Total Advisory Fee	$22,391,274
Portfolio Turnover	12%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 95.2
	Taiwan - 1.4
	Netherlands - 1.0
	Canada - 0.8
	United Kingdom - 0.7
	China - 0.7
	Hong Kong - 0.2

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

How has the Fund changed?

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

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

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


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

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

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

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

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

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Fidelity® Growth & Income Portfolio	18.36%	18.25%	12.43%
S&P 500® Index	16.33%	15.88%	13.66%

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$12,598,565,070
Number of Holdings	171
Total Advisory Fee	$58,489,796
Portfolio Turnover	15%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

How has the Fund changed?

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Management fee Operating expenses Expense reductions	Fidelity Advisor® Growth & Income Fund merged into Fidelity® Growth & Income Portfolio on March 28, 2025.
Effective October 25, 2024, the fund's investment objective became a fundamental policy.

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


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

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Class K	18.46%	18.36%	12.54%
S&P 500® Index	16.33%	15.88%	13.66%

Visit www.401k.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$12,598,565,070
Number of Holdings	171
Total Advisory Fee	$58,489,796
Portfolio Turnover	15%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

How has the Fund changed?

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

Fidelity Advisor® Growth & Income Fund merged into Fidelity® Growth & Income Portfolio on March 28, 2025.

Effective October 25, 2024, the fund's investment objective became a fundamental policy.

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


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025
	Fidelity® Dividend Growth Fund Fidelity® Dividend Growth Fund : FDGFX

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

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

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

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

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Fidelity® Dividend Growth Fund	17.62%	17.85%	11.20%
Morningstar® US Dividend Growth Index℠	9.72%	13.19%	12.10%
S&P 500® Index	16.33%	15.88%	13.66%

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$8,035,399,535
Number of Holdings	130
Total Advisory Fee	$49,879,165
Portfolio Turnover	81%

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

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

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 100.5
Short-Term Investments and Net Other Assets (Liabilities) - (0.5)%

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	8.7
Microsoft Corp	6.5
Meta Platforms Inc Class A	5.0
Alphabet Inc Class A	4.5
Boeing Co	3.6
Broadcom Inc	2.7
Brookfield Corp Class A (United States)	2.5
GE Vernova Inc	2.4
Wells Fargo & Co	2.0
Taiwan Semiconductor Manufacturing Co Ltd ADR	2.0
	39.9

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


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

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

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

What affected the Fund's performance this period?

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

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Class K	17.68%	17.95%	11.31%
Morningstar® US Dividend Growth Index℠	9.72%	13.19%	12.10%
S&P 500® Index	16.33%	15.88%	13.66%

Visit www.401k.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$8,035,399,535
Number of Holdings	130
Total Advisory Fee	$49,879,165
Portfolio Turnover	81%

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

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

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 100.5
Short-Term Investments and Net Other Assets (Liabilities) - (0.5)%

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	8.7
Microsoft Corp	6.5
Meta Platforms Inc Class A	5.0
Alphabet Inc Class A	4.5
Boeing Co	3.6
Broadcom Inc	2.7
Brookfield Corp Class A (United States)	2.5
GE Vernova Inc	2.4
Wells Fargo & Co	2.0
Taiwan Semiconductor Manufacturing Co Ltd ADR	2.0
	39.9

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913439.101 2083-TSRA-0925


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Blue Chip Value Fund Fidelity® Blue Chip Value Fund : FBCVX

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® Blue Chip Value Fund	$ 55	0.56%

What affected the Fund's performance this period?

•Against this backdrop, security selection was the primary detractor from the fund's performance versus the Russell 1000 Value Index for the fiscal year, especially within the health care sector, where our picks in health care equipment & services hurt most. Investment choices in utilities and communication services pressured performance as well.

•The largest individual relative detractor was our stake in Centene (-55%) a stock we sold prior to period end. The company was among the fund's largest holdings the past 12 months. A stake in UnitedHealth Group (-47%), which we also sold before July 31, hurt as well. Here again, the firm was one of our biggest holdings this period. Another notable relative detractor was an overweight in Cigna (-21%), the fund's largest holding this period.

•In contrast, the biggest contributor to performance versus the benchmark was an overweight in communication services. Stock picking and an underweight in materials also boosted relative performance. Investment choices in industrials, primarily within the capital goods industry, also helped.

•The top individual relative contributor was an overweight in Deere (+44%), one of the fund's largest holdings at period end. Outsized exposure to Wells Fargo (+39%), another of our biggest positions on July 31, also helped. An overweight in Ferguson Enterprises (+14%), a position we established the past 12 months and one of our biggest holdings at period end, further bolstered performance.

•Notable changes in positioning include higher allocations to the materials and industrials sectors.

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Fidelity® Blue Chip Value Fund	-3.28%	10.87%	6.21%
Russell 1000® Value Index	8.79%	13.18%	9.20%
Russell 1000® Index	16.54%	15.49%	13.38%

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$559,010,716
Number of Holdings	42
Total Advisory Fee	$3,500,303
Portfolio Turnover	53%

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

MARKET SECTORS (% of Fund's net assets)
Financials	24.0
Industrials	14.5
Energy	11.1
Communication Services	9.4
Consumer Discretionary	8.4
Health Care	8.2
Consumer Staples	7.4
Information Technology	5.7
Materials	4.7
Utilities	2.4

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 95.8
	Short-Term Investments and Net Other Assets (Liabilities) - 4.2

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 92.0
	United Kingdom - 5.4
	Canada - 2.6

TOP HOLDINGS (% of Fund's net assets)
Shell PLC ADR	6.0
Alphabet Inc Class A	5.2
Exxon Mobil Corp	5.1
Bank of America Corp	4.2
Ferguson Enterprises Inc	3.9
Wells Fargo & Co	3.9
Gen Digital Inc	3.9
Keurig Dr Pepper Inc	3.9
Deere & Co	3.9
PNC Financial Services Group Inc/The	3.7
	43.7

How has the Fund changed?

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

Management fee
Operating expenses
Performance adjustment fee
Expense reductions

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913453.101 1271-TSRA-0925


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025
	Fidelity® Blue Chip Growth K6 Fund Fidelity® Blue Chip Growth K6 Fund : FBCGX

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® Blue Chip Growth K6 Fund	$ 51	0.45%

What affected the Fund's performance this period?

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

•The top individual relative contributor was an underweight in Apple (-6%). The stock was one of the fund's biggest holdings. A second notable relative contributor was an overweight in Nvidia (+52%). The stock was the fund's top holding. Another notable relative contributor was an overweight in AppLovin (+412%). This period we increased our stake in AppLovin.

•In contrast, the biggest detractor from performance versus the benchmark was stock picking in consumer discretionary. Stock selection and an overweight in health care also hampered the fund's result. Also hurting our result was an underweight in information technology, primarily within the software & services industry.

•The largest individual relative detractor was an underweight in Palantir Technologies (+489%). A second notable relative detractor was our non-benchmark stake in Snap (-29%). An overweight in lululemon athletica (-22%) also detracted.

•Notable changes in positioning include decreased exposure to the health care sector.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

May 25, 2017 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	Life of Fund A
Fidelity® Blue Chip Growth K6 Fund	25.38%	18.21%	20.15%
Russell 1000® Growth Index	23.75%	17.27%	18.52%
Russell 1000® Index	16.54%	15.49%	14.19%

A From May 25, 2017

Visit www.401k.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$17,198,586,659
Number of Holdings	379
Total Advisory Fee	$72,727,759
Portfolio Turnover	34%

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

MARKET SECTORS (% of Fund's net assets)
Information Technology	45.2
Communication Services	17.6
Consumer Discretionary	16.3
Industrials	6.1
Health Care	5.4
Financials	4.5
Consumer Staples	2.3
Materials	1.0
Real Estate	0.5
Energy	0.3
Utilities	0.2

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 97.8
	Preferred Stocks - 1.6
	Bonds - 0.0
	Preferred Securities - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 0.6

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 93.8
	Canada - 1.3
	India - 1.0
	Taiwan - 1.0
	Netherlands - 0.9
	United Kingdom - 0.4
	China - 0.3
	Japan - 0.3
	Finland - 0.3
	Others - 0.7

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	16.8
Meta Platforms Inc Class A	6.3
Microsoft Corp	6.0
Amazon.com Inc	5.9
Alphabet Inc Class A	5.0
Broadcom Inc	4.6
Apple Inc	4.4
Netflix Inc	3.3
Eli Lilly & Co	2.2
Marvell Technology Inc	2.0
	56.5

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913548.101 2945-TSRA-0925


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Blue Chip Growth Fund Fidelity® Blue Chip Growth Fund : FBGRX

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Fidelity® Blue Chip Growth Fund	$ 68	0.61%

What affected the Fund's performance this period?

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

•The top individual relative contributor was an overweight in Nvidia (+52%). The stock was the fund's largest holding. The second-largest relative contributor was an overweight in AppLovin (+412%). This period we increased our investment in AppLovin. Another notable relative contributor was an overweight in Netflix (+84%). The stock was one of our largest holdings.

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

•The biggest individual relative detractor was an underweight in Palantir Technologies (+489%). This period we increased our stake in Palantir Technologies. A non-benchmark stake in Snap returned roughly -29% and was a second notable relative detractor. An underweight in Broadcom (+85%) also hurt. This period we increased our stake in Broadcom. The stock was among the fund's largest holdings.

•Notable changes in positioning include decreased exposure to the health care sector.

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Fidelity® Blue Chip Growth Fund	23.78%	17.75%	17.99%
Russell 1000® Growth Index	23.75%	17.27%	17.06%
Russell 1000® Index	16.54%	15.49%	13.38%

Visit www.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$79,777,622,105
Number of Holdings	395
Total Advisory Fee	$419,162,456
Portfolio Turnover	34%

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

MARKET SECTORS (% of Fund's net assets)
Information Technology	47.2
Consumer Discretionary	18.4
Communication Services	16.3
Industrials	5.5
Health Care	5.1
Financials	4.1
Consumer Staples	1.4
Materials	0.9
Real Estate	0.5
Energy	0.4
Utilities	0.2

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.0
	Preferred Stocks - 1.9
	Bonds - 0.1
	Preferred Securities - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 93.9
	Canada - 1.2
	India - 1.2
	Taiwan - 0.8
	Netherlands - 0.8
	China - 0.4
	United Kingdom - 0.3
	Japan - 0.3
	Finland - 0.3
	Others - 0.8

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	16.5
Amazon.com Inc	8.6
Microsoft Corp	8.4
Apple Inc	7.7
Meta Platforms Inc Class A	5.5
Alphabet Inc Class A	4.8
Netflix Inc	3.0
Broadcom Inc	2.7
Eli Lilly & Co	2.0
Marvell Technology Inc	1.8
	61.0

How has the Fund changed?

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

Management fee
Operating expenses
Performance adjustment fee
Expense reductions

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913433.101 312-TSRA-0925


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Blue Chip Growth Fund Fidelity® Blue Chip Growth Fund Class K : FBGKX

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

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class K	$ 60	0.54%

What affected the Fund's performance this period?

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

•Notable changes in positioning include decreased exposure to the health care sector.

How did the Fund perform over the past 10 years?

CUMULATIVE PERFORMANCE

July 31, 2015 through July 31, 2025.

Initial investment of $10,000.

AVERAGE ANNUAL TOTAL RETURNS:

	1 Year	5 Year	10 Year
Class K	23.87%	17.85%	18.10%
Russell 1000® Growth Index	23.75%	17.27%	17.06%
Russell 1000® Index	16.54%	15.49%	13.38%

Visit www.401k.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$79,777,622,105
Number of Holdings	395
Total Advisory Fee	$419,162,456
Portfolio Turnover	34%

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

MARKET SECTORS (% of Fund's net assets)
Information Technology	47.2
Consumer Discretionary	18.4
Communication Services	16.3
Industrials	5.5
Health Care	5.1
Financials	4.1
Consumer Staples	1.4
Materials	0.9
Real Estate	0.5
Energy	0.4
Utilities	0.2

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.0
	Preferred Stocks - 1.9
	Bonds - 0.1
	Preferred Securities - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 93.9
	Canada - 1.2
	India - 1.2
	Taiwan - 0.8
	Netherlands - 0.8
	China - 0.4
	United Kingdom - 0.3
	Japan - 0.3
	Finland - 0.3
	Others - 0.8

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	16.5
Amazon.com Inc	8.6
Microsoft Corp	8.4
Apple Inc	7.7
Meta Platforms Inc Class A	5.5
Alphabet Inc Class A	4.8
Netflix Inc	3.0
Broadcom Inc	2.7
Eli Lilly & Co	2.0
Marvell Technology Inc	1.8
	61.0

How has the Fund changed?

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

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

Management fee
Operating expenses
Performance adjustment fee
Expense reductions

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9913432.101 2078-TSRA-0925


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Leveraged Company Stock Fund Fidelity Advisor® Leveraged Company Stock Fund Class A : FLEJX

This annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period October 18, 2024 to July 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A A	$ 82	0.98%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

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

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 18, 2024 through July 31, 2025.

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

Visit institutional.fidelity.com for more recent performance information.

The Fund's past performance is not a good predictor of the Fund's future performance. The graph does not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$3,902,017,456
Number of Holdings	86
Total Advisory Fee	$22,391,274
Portfolio Turnover	12%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 95.2
	Taiwan - 1.4
	Netherlands - 1.0
	Canada - 0.8
	United Kingdom - 0.7
	China - 0.7
	Hong Kong - 0.2

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

How has the Fund changed?

This is a summary of certain changes to the Fund since October 18, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9918397.100 7776-TSRA-0925


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Leveraged Company Stock Fund Fidelity Advisor® Leveraged Company Stock Fund Class M : FLELX

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class M A	$ 103	1.23%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

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

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 18, 2024 through July 31, 2025.

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

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$3,902,017,456
Number of Holdings	86
Total Advisory Fee	$22,391,274
Portfolio Turnover	12%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 95.2
	Taiwan - 1.4
	Netherlands - 1.0
	Canada - 0.8
	United Kingdom - 0.7
	China - 0.7
	Hong Kong - 0.2

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

How has the Fund changed?

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9918401.100 7805-TSRA-0925


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Leveraged Company Stock Fund Fidelity Advisor® Leveraged Company Stock Fund Class C : FLEMX

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C A	$ 145	1.73%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

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

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 18, 2024 through July 31, 2025.

Initial investment of $10,000. Share class performance includes contingent deferred sales charges in the past one year.

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$3,902,017,456
Number of Holdings	86
Total Advisory Fee	$22,391,274
Portfolio Turnover	12%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 95.2
	Taiwan - 1.4
	Netherlands - 1.0
	Canada - 0.8
	United Kingdom - 0.7
	China - 0.7
	Hong Kong - 0.2

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

How has the Fund changed?

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9918399.100 7806-TSRA-0925


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Leveraged Company Stock Fund Fidelity Advisor® Leveraged Company Stock Fund Class I : FLENX

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I A	$ 61	0.73%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

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

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 18, 2024 through July 31, 2025.

Initial investment of $10,000.

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$3,902,017,456
Number of Holdings	86
Total Advisory Fee	$22,391,274
Portfolio Turnover	12%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 95.2
	Taiwan - 1.4
	Netherlands - 1.0
	Canada - 0.8
	United Kingdom - 0.7
	China - 0.7
	Hong Kong - 0.2

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

How has the Fund changed?

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9918403.100 7807-TSRA-0925


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Leveraged Company Stock Fund Fidelity Advisor® Leveraged Company Stock Fund Class Z : FLEOX

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z A	$ 51	0.61%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

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

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 18, 2024 through July 31, 2025.

Initial investment of $10,000.

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$3,902,017,456
Number of Holdings	86
Total Advisory Fee	$22,391,274
Portfolio Turnover	12%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 95.2
	Taiwan - 1.4
	Netherlands - 1.0
	Canada - 0.8
	United Kingdom - 0.7
	China - 0.7
	Hong Kong - 0.2

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

How has the Fund changed?

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9918405.100 7808-TSRA-0925


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025
	Fidelity® Blue Chip Growth Fund Fidelity Advisor® Blue Chip Growth Fund Class A : FBCCX

This annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period October 8, 2024 to July 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A A	$ 86	0.97%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

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

•Notable changes in positioning include decreased exposure to the health care sector.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 8, 2024 through July 31, 2025.

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

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$79,777,622,105
Number of Holdings	395
Total Advisory Fee	$419,162,456
Portfolio Turnover	34%

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

MARKET SECTORS (% of Fund's net assets)
Information Technology	47.2
Consumer Discretionary	18.4
Communication Services	16.3
Industrials	5.5
Health Care	5.1
Financials	4.1
Consumer Staples	1.4
Materials	0.9
Real Estate	0.5
Energy	0.4
Utilities	0.2

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.0
	Preferred Stocks - 1.9
	Bonds - 0.1
	Preferred Securities - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 93.9
	Canada - 1.2
	India - 1.2
	Taiwan - 0.8
	Netherlands - 0.8
	China - 0.4
	United Kingdom - 0.3
	Japan - 0.3
	Finland - 0.3
	Others - 0.8

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	16.5
Amazon.com Inc	8.6
Microsoft Corp	8.4
Apple Inc	7.7
Meta Platforms Inc Class A	5.5
Alphabet Inc Class A	4.8
Netflix Inc	3.0
Broadcom Inc	2.7
Eli Lilly & Co	2.0
Marvell Technology Inc	1.8
	61.0

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9918458.100 7819-TSRA-0925


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025
	Fidelity® Blue Chip Growth Fund Fidelity Advisor® Blue Chip Growth Fund Class M : FBCEX

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class M A	$ 107	1.21%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

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

•Notable changes in positioning include decreased exposure to the health care sector.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 8, 2024 through July 31, 2025.

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

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$79,777,622,105
Number of Holdings	395
Total Advisory Fee	$419,162,456
Portfolio Turnover	34%

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

MARKET SECTORS (% of Fund's net assets)
Information Technology	47.2
Consumer Discretionary	18.4
Communication Services	16.3
Industrials	5.5
Health Care	5.1
Financials	4.1
Consumer Staples	1.4
Materials	0.9
Real Estate	0.5
Energy	0.4
Utilities	0.2

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.0
	Preferred Stocks - 1.9
	Bonds - 0.1
	Preferred Securities - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 93.9
	Canada - 1.2
	India - 1.2
	Taiwan - 0.8
	Netherlands - 0.8
	China - 0.4
	United Kingdom - 0.3
	Japan - 0.3
	Finland - 0.3
	Others - 0.8

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	16.5
Amazon.com Inc	8.6
Microsoft Corp	8.4
Apple Inc	7.7
Meta Platforms Inc Class A	5.5
Alphabet Inc Class A	4.8
Netflix Inc	3.0
Broadcom Inc	2.7
Eli Lilly & Co	2.0
Marvell Technology Inc	1.8
	61.0

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9918462.100 7820-TSRA-0925


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025
	Fidelity® Blue Chip Growth Fund Fidelity Advisor® Blue Chip Growth Fund Class C : FBCHX

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C A	$ 152	1.72%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

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

•Notable changes in positioning include decreased exposure to the health care sector.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 8, 2024 through July 31, 2025.

Initial investment of $10,000. Share class performance includes contingent deferred sales charges in the past one year.

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$79,777,622,105
Number of Holdings	395
Total Advisory Fee	$419,162,456
Portfolio Turnover	34%

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

MARKET SECTORS (% of Fund's net assets)
Information Technology	47.2
Consumer Discretionary	18.4
Communication Services	16.3
Industrials	5.5
Health Care	5.1
Financials	4.1
Consumer Staples	1.4
Materials	0.9
Real Estate	0.5
Energy	0.4
Utilities	0.2

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.0
	Preferred Stocks - 1.9
	Bonds - 0.1
	Preferred Securities - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 93.9
	Canada - 1.2
	India - 1.2
	Taiwan - 0.8
	Netherlands - 0.8
	China - 0.4
	United Kingdom - 0.3
	Japan - 0.3
	Finland - 0.3
	Others - 0.8

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	16.5
Amazon.com Inc	8.6
Microsoft Corp	8.4
Apple Inc	7.7
Meta Platforms Inc Class A	5.5
Alphabet Inc Class A	4.8
Netflix Inc	3.0
Broadcom Inc	2.7
Eli Lilly & Co	2.0
Marvell Technology Inc	1.8
	61.0

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9918460.100 7821-TSRA-0925


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025
	Fidelity® Blue Chip Growth Fund Fidelity Advisor® Blue Chip Growth Fund Class I : FBCJX

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I A	$ 64	0.72%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

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

•Notable changes in positioning include decreased exposure to the health care sector.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 8, 2024 through July 31, 2025.

Initial investment of $10,000.

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$79,777,622,105
Number of Holdings	395
Total Advisory Fee	$419,162,456
Portfolio Turnover	34%

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

MARKET SECTORS (% of Fund's net assets)
Information Technology	47.2
Consumer Discretionary	18.4
Communication Services	16.3
Industrials	5.5
Health Care	5.1
Financials	4.1
Consumer Staples	1.4
Materials	0.9
Real Estate	0.5
Energy	0.4
Utilities	0.2

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.0
	Preferred Stocks - 1.9
	Bonds - 0.1
	Preferred Securities - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 93.9
	Canada - 1.2
	India - 1.2
	Taiwan - 0.8
	Netherlands - 0.8
	China - 0.4
	United Kingdom - 0.3
	Japan - 0.3
	Finland - 0.3
	Others - 0.8

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	16.5
Amazon.com Inc	8.6
Microsoft Corp	8.4
Apple Inc	7.7
Meta Platforms Inc Class A	5.5
Alphabet Inc Class A	4.8
Netflix Inc	3.0
Broadcom Inc	2.7
Eli Lilly & Co	2.0
Marvell Technology Inc	1.8
	61.0

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9918464.100 7822-TSRA-0925


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025
	Fidelity® Blue Chip Growth Fund Fidelity Advisor® Blue Chip Growth Fund Class Z : FBCKX

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z A	$ 54	0.61%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

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

•Notable changes in positioning include decreased exposure to the health care sector.

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 8, 2024 through July 31, 2025.

Initial investment of $10,000.

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$79,777,622,105
Number of Holdings	395
Total Advisory Fee	$419,162,456
Portfolio Turnover	34%

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

MARKET SECTORS (% of Fund's net assets)
Information Technology	47.2
Consumer Discretionary	18.4
Communication Services	16.3
Industrials	5.5
Health Care	5.1
Financials	4.1
Consumer Staples	1.4
Materials	0.9
Real Estate	0.5
Energy	0.4
Utilities	0.2

ASSET ALLOCATION (% of Fund's net assets)

	Common Stocks - 98.0
	Preferred Stocks - 1.9
	Bonds - 0.1
	Preferred Securities - 0.0
	Short-Term Investments and Net Other Assets (Liabilities) - 0.0

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

	United States - 93.9
	Canada - 1.2
	India - 1.2
	Taiwan - 0.8
	Netherlands - 0.8
	China - 0.4
	United Kingdom - 0.3
	Japan - 0.3
	Finland - 0.3
	Others - 0.8

TOP HOLDINGS (% of Fund's net assets)
NVIDIA Corp	16.5
Amazon.com Inc	8.6
Microsoft Corp	8.4
Apple Inc	7.7
Meta Platforms Inc Class A	5.5
Alphabet Inc Class A	4.8
Netflix Inc	3.0
Broadcom Inc	2.7
Eli Lilly & Co	2.0
Marvell Technology Inc	1.8
	61.0

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9918466.100 7823-TSRA-0925


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025
	Fidelity® OTC Portfolio Fidelity Advisor® OTC Fund Class A : FOTDX

This annual shareholder report contains information about Fidelity® OTC Portfolio for the period October 8, 2024 to July 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A A	$ 93	1.05%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

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

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 8, 2024 through July 31, 2025.

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

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$32,809,438,777
Number of Holdings	161
Total Advisory Fee	$216,631,906
Portfolio Turnover	53%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9918488.100 7814-TSRA-0925


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025
	Fidelity® OTC Portfolio Fidelity Advisor® OTC Fund Class M : FOTEX

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class M A	$ 114	1.30%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

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

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 8, 2024 through July 31, 2025.

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

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$32,809,438,777
Number of Holdings	161
Total Advisory Fee	$216,631,906
Portfolio Turnover	53%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9918492.100 7815-TSRA-0925


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025
	Fidelity® OTC Portfolio Fidelity Advisor® OTC Fund Class C : FOTGX

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C A	$ 157	1.79%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

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

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 8, 2024 through July 31, 2025.

Initial investment of $10,000. Share class performance includes contingent deferred sales charges in the past one year.

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$32,809,438,777
Number of Holdings	161
Total Advisory Fee	$216,631,906
Portfolio Turnover	53%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9918490.100 7816-TSRA-0925


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025
	Fidelity® OTC Portfolio Fidelity Advisor® OTC Fund Class I : FOTHX

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I A	$ 70	0.79%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

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

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 8, 2024 through July 31, 2025.

Initial investment of $10,000.

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$32,809,438,777
Number of Holdings	161
Total Advisory Fee	$216,631,906
Portfolio Turnover	53%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9918494.100 7817-TSRA-0925


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025
	Fidelity® OTC Portfolio Fidelity Advisor® OTC Fund Class Z : FOTJX

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z A	$ 61	0.69%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

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

How did the Fund perform over the life of Fund?

CUMULATIVE PERFORMANCE

October 8, 2024 through July 31, 2025.

Initial investment of $10,000.

Visit institutional.fidelity.com for more recent performance information.

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$32,809,438,777
Number of Holdings	161
Total Advisory Fee	$216,631,906
Portfolio Turnover	53%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9918496.100 7818-TSRA-0925


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Growth & Income Portfolio Fidelity Advisor® Growth & Income Fund Class A : FGIDX

This annual shareholder report contains information about Fidelity® Growth & Income Portfolio for the period March 20, 2025 to July 31, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A A	$ 32	0.82%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

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

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$12,598,565,070
Number of Holdings	171
Total Advisory Fee	$58,489,796
Portfolio Turnover	15%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

How has the Fund changed?

This is a summary of certain changes to the Fund since March 20, 2025. For more complete information, you may review the Fund's next prospectus, which we expect to be available by September 27, 2025 at fundresearch.fidelity.com/prospectus/sec or upon request at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

Fidelity Advisor® Growth & Income Fund merged into Fidelity® Growth & Income Portfolio on March 28, 2025.

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9919311.100 8997-TSRA-0925


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Growth & Income Portfolio Fidelity Advisor® Growth & Income Fund Class M : FGIEX

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class M A	$ 42	1.07%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

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

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$12,598,565,070
Number of Holdings	171
Total Advisory Fee	$58,489,796
Portfolio Turnover	15%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

How has the Fund changed?

Fidelity Advisor® Growth & Income Fund merged into Fidelity® Growth & Income Portfolio on March 28, 2025.

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9919313.100 8998-TSRA-0925


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Growth & Income Portfolio Fidelity Advisor® Growth & Income Fund Class C : FGIJX

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C A	$ 61	1.57%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

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

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$12,598,565,070
Number of Holdings	171
Total Advisory Fee	$58,489,796
Portfolio Turnover	15%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

How has the Fund changed?

Fidelity Advisor® Growth & Income Fund merged into Fidelity® Growth & Income Portfolio on March 28, 2025.

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9919315.100 8999-TSRA-0925


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Growth & Income Portfolio Fidelity Advisor® Growth & Income Fund Class I : FGJDX

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I A	$ 22	0.57%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

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

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$12,598,565,070
Number of Holdings	171
Total Advisory Fee	$58,489,796
Portfolio Turnover	15%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

How has the Fund changed?

Fidelity Advisor® Growth & Income Fund merged into Fidelity® Growth & Income Portfolio on March 28, 2025.

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9919317.100 9000-TSRA-0925


	ANNUAL SHAREHOLDER REPORT \| AS OF JULY 31, 2025	This report describes changes to the Fund that occurred during the reporting period.
	Fidelity® Growth & Income Portfolio Fidelity Advisor® Growth & Income Fund Class Z : FGJEX

What were your Fund costs for the last year?

(based on hypothetical $10,000 investment)

FUND COST (PREVIOUS YEAR)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Z A	$ 18	0.45%

AExpenses for the full reporting period would be higher.

What affected the Fund's performance this period?

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

Key Fund Statistics

(as of July 31, 2025)

KEY FACTS
Fund Size	$12,598,565,070
Number of Holdings	171
Total Advisory Fee	$58,489,796
Portfolio Turnover	15%

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

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

ASSET ALLOCATION (% of Fund's net assets)

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

GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)

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

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

How has the Fund changed?

Fidelity Advisor® Growth & Income Fund merged into Fidelity® Growth & Income Portfolio on March 28, 2025.

Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
		For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit fundresearch.fidelity.com/prospectus/sec 1.9919319.100 9001-TSRA-0925

Item 2.

Code of Ethics

As of the end of the period, July 31, 2025, Fidelity Securities Fund (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

Audit Committee Financial Expert

The Board of Trustees of the trust has determined that Donald F. Donahue is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Donahue is independent for purposes of Item 3 of Form N-CSR.

Item 4.

Principal Accountant Fees and Services

Fees and Services

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Blue Chip Growth Fund, Fidelity Blue Chip Growth K6 Fund, Fidelity OTC K6 Portfolio, Fidelity OTC Portfolio, Fidelity Real Estate Income Fund, Fidelity Series Blue Chip Growth Fund, Fidelity Series Real Estate Income Fund and Fidelity Series Small Cap Opportunities Fund (the “Funds”):

Services Billed by Deloitte Entities

July 31, 2025 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Blue Chip Growth Fund	$91,500	$-	$7,700	$1,200
Fidelity Blue Chip Growth K6 Fund	$65,200	$-	$4,000	$800
Fidelity OTC K6 Portfolio	$65,500	$-	$6,700	$1,100
Fidelity OTC Portfolio	$75,000	$-	$9,200	$1,200
Fidelity Real Estate Income Fund	$85,500	$-	$9,000	$1,400
Fidelity Series Blue Chip Growth Fund	$68,000	$-	$7,700	$1,100
Fidelity Series Real Estate Income Fund	$74,700	$-	$9,000	$1,300
Fidelity Series Small Cap Opportunities Fund	$41,100	$-	$7,500	$700

July 31, 2024 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Blue Chip Growth Fund	$83,300	$-	$10,400	$1,600
Fidelity Blue Chip Growth K6 Fund	$55,200	$-	$6,900	$1,100
Fidelity OTC K6 Portfolio	$68,900	$-	$9,900	$1,500
Fidelity OTC Portfolio	$70,000	$-	$9,900	$1,600
Fidelity Real Estate Income Fund	$81,900	$-	$13,100	$1,900
Fidelity Series Blue Chip Growth Fund	$65,400	$-	$8,400	$1,600
Fidelity Series Real Estate Income Fund	$71,900	$-	$9,700	$1,700
Fidelity Series Small Cap Opportunities Fund	$39,500	$-	$8,400	$1,000

^AAmounts may reflect rounding.

The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity Blue Chip Value Fund, Fidelity Dividend Growth Fund, Fidelity Growth & Income Portfolio, Fidelity Leveraged Company Stock Fund, Fidelity Small Cap Growth Fund, Fidelity Small Cap Growth K6 Fund and Fidelity Small Cap Value Fund (the “Funds”):

Services Billed by PwC

July 31, 2025 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Blue Chip Value Fund	$54,200	$3,900	$9,100	$1,300
Fidelity Dividend Growth Fund	$60,300	$4,500	$9,100	$1,500
Fidelity Growth & Income Portfolio	$63,000	$5,200	$11,300	$1,700
Fidelity Leveraged Company Stock Fund	$55,200	$4,300	$11,400	$1,400
Fidelity Small Cap Growth Fund	$52,700	$3,700	$14,300	$1,200
Fidelity Small Cap Growth K6 Fund	$48,700	$3,100	$5,700	$1,000
Fidelity Small Cap Value Fund	$48,400	$4,000	$9,100	$1,300

July 31, 2024 Fees^A


	Audit Fees	Audit-Related Fees	Tax Fees	All Other Fees
Fidelity Blue Chip Value Fund	$44,200	$4,100	$8,800	$1,400
Fidelity Dividend Growth Fund	$53,200	$4,800	$11,400	$1,600
Fidelity Growth & Income Portfolio	$60,400	$5,500	$11,000	$1,900
Fidelity Leveraged Company Stock Fund	$44,200	$4,300	$11,100	$1,500
Fidelity Small Cap Growth Fund	$42,400	$4,000	$16,600	$1,400
Fidelity Small Cap Growth K6 Fund	$39,500	$3,700	$10,600	$1,200
Fidelity Small Cap Value Fund	$45,900	$4,200	$8,800	$1,400

^AAmounts may reflect rounding.

The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):

Services Billed by Deloitte Entities


	July 31, 2025^A	July 31, 2024^A
Audit-Related Fees	$125,000	$200,000
Tax Fees	$-	$-
All Other Fees	$2,970,400	$1,929,500

^A Amounts may reflect rounding.

Services Billed by PwC


	July 31, 2025^A	July 31, 2024^A
Audit-Related Fees	$9,680,100	$9,437,800
Tax Fees	$1,000	$61,000
All Other Fees	$-	$35,000

^A Amounts may reflect rounding.

“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.

“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.

“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.

Assurance services must be performed by an independent public accountant.

* * *

The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:


Billed By	July 31, 2025^A	July 31, 2024^A
Deloitte Entities	$3,501,800	$5,037,200
PwC	$14,745,700	$15,127,700

^A Amounts may reflect rounding.

The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.

Audit Committee Pre-Approval Policies and Procedures

The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.

The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.

All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.

Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.

Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)

There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).

The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.

Item 5.

Audit Committee of Listed Registrants

Not applicable.

Item 6.

Investments

(a)

Not applicable.

(b)

Not applicable.

Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies

Fidelity® Small Cap Value Fund

Annual Report

July 31, 2025

Includes Fidelity and Fidelity Advisor share classes

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)

Fidelity® Small Cap Value Fund

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Distributions

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)

Fidelity® Small Cap Value Fund

Schedule of Investments July 31, 2025

Showing Percentage of Net Assets

Common Stocks - 98.9%
	Shares	Value ($)
BERMUDA - 1.8%
Financials - 1.8%
Banks - 1.8%
Bank of Nt Butterfield & Son Ltd/The (United States)	1,760,000	80,097,600
CANADA - 3.5%
Energy - 0.7%
Energy Equipment & Services - 0.7%
CES Energy Solutions Corp (a)	6,250,000	32,702,439
Financials - 0.5%
Financial Services - 0.5%
ECN Capital Corp (a)	10,243,751	22,474,742
Utilities - 2.3%
Gas Utilities - 2.3%
Brookfield Infrastructure Corp (United States) (a)	2,585,750	100,947,681
TOTAL CANADA		156,124,862
NETHERLANDS - 0.2%
Health Care - 0.2%
Biotechnology - 0.2%
Merus NV (b)	138,301	9,161,058
UNITED STATES - 93.4%
Consumer Discretionary - 12.1%
Diversified Consumer Services - 0.7%
KinderCare Learning Cos Inc (a)(b)	3,389,146	32,569,693
Hotels, Restaurants & Leisure - 1.1%
Wyndham Hotels & Resorts Inc	560,000	48,160,000
Household Durables - 3.6%
Installed Building Products Inc (a)	87,604	17,721,413
KB Home	1,818,130	100,469,864
Taylor Morrison Home Corp (b)	705,900	41,845,752
		160,037,029
Specialty Retail - 4.5%
American Eagle Outfitters Inc (a)	6,000,258	64,802,786
Murphy USA Inc	170,848	61,928,983
Signet Jewelers Ltd (a)	865,000	68,421,500
		195,153,269
Textiles, Apparel & Luxury Goods - 2.2%
Capri Holdings Ltd (b)	519,601	9,451,542
PVH Corp	897,382	65,885,787
Under Armour Inc Class A (a)(b)	3,197,650	21,232,396
		96,569,725
TOTAL CONSUMER DISCRETIONARY		532,489,716

Consumer Staples - 0.6%
Food Products - 0.6%
J & J Snack Foods Corp	227,139	25,641,721
Energy - 4.5%
Energy Equipment & Services - 2.3%
Atlas Energy Solutions Inc (a)	2,295,000	29,835,000
Cactus Inc Class A	730,148	30,892,562
Kodiak Gas Services Inc (a)	1,258,121	40,675,052
		101,402,614
Oil, Gas & Consumable Fuels - 2.2%
Chord Energy Corp	310,000	34,202,300
Core Natural Resources Inc	820,000	60,524,200
		94,726,500
TOTAL ENERGY		196,129,114

Financials - 27.8%
Banks - 15.5%
Axos Financial Inc (b)	324,671	28,035,341
BOK Financial Corp	588,837	59,784,621
Cadence Bank	2,660,326	92,712,361
Eastern Bankshares Inc	6,177,339	95,439,888
First Bancorp/Southern Pines NC	63,380	3,174,704
Old National Bancorp/IN	4,768,286	100,658,517
SouthState Corp	668,746	62,975,811
Synovus Financial Corp	330,992	15,636,062
TriCo Bancshares	673,716	27,703,202
UMB Financial Corp	815,477	89,694,315
Webster Financial Corp	539,700	31,113,705
Wintrust Financial Corp	549,803	70,363,788
		677,292,315
Capital Markets - 2.2%
AllianceBernstein Holding LP (a)	1,133,857	46,250,027
Lazard Inc	989,895	51,454,742
		97,704,769
Consumer Finance - 1.5%
FirstCash Holdings Inc	504,780	67,282,126
Financial Services - 2.0%
Federal Agricultural Mortgage Corp Class C	145,000	24,979,150
HA Sustainable Infrastructure Capital Inc (a)	2,440,205	63,372,124
		88,351,274
Insurance - 6.6%
Axis Capital Holdings Ltd	695,000	65,218,800
Baldwin Insurance Group Inc/The Class A (a)(b)	1,911,599	70,423,307
Old Republic International Corp	1,912,281	69,167,204
Primerica Inc	317,615	84,368,072
		289,177,383
TOTAL FINANCIALS		1,219,807,867

Health Care - 5.8%
Biotechnology - 1.5%
CG oncology Inc (b)	205,905	5,495,604
Cogent Biosciences Inc (b)	375,000	4,282,500
Cytokinetics Inc (b)	500,853	18,852,107
Disc Medicine Inc (b)	124,424	7,435,578
Soleno Therapeutics Inc (b)	74,300	6,424,721
Spyre Therapeutics Inc (a)(b)	340,564	5,779,371
Vaxcyte Inc (b)	581,133	19,729,466
		67,999,347
Health Care Providers & Services - 2.9%
AMN Healthcare Services Inc (b)	1,830,849	33,577,771
BrightSpring Health Services Inc (a)(b)	2,560,380	52,871,847
Pediatrix Medical Group Inc (a)(b)	1,971,387	24,149,491
Pennant Group Inc/The (b)	822,212	18,228,440
		128,827,549
Health Care Technology - 0.6%
Evolent Health Inc Class A (b)	2,544,086	25,568,064
Pharmaceuticals - 0.8%
Enliven Therapeutics Inc (a)(b)	273,477	5,144,102
Ligand Pharmaceuticals Inc (b)	215,000	28,289,700
		33,433,802
TOTAL HEALTH CARE		255,828,762

Industrials - 18.6%
Building Products - 0.6%
Masterbrand Inc (b)	2,312,239	25,503,996
Construction & Engineering - 1.2%
IES Holdings Inc (b)	152,913	53,988,993
Ground Transportation - 2.4%
ArcBest Corp	350,080	25,601,350
Knight-Swift Transportation Holdings Inc	1,254,600	53,320,500
Saia Inc (b)	90,000	27,201,600
		106,123,450
Machinery - 6.7%
Atmus Filtration Technologies Inc	930,000	36,186,300
Blue Bird Corp (a)(b)(c)	1,977,811	88,586,155
Enpro Inc	185,086	39,314,117
JBT Marel Corp	266,618	36,739,960
REV Group Inc (a)	1,877,420	93,026,162
		293,852,694
Professional Services - 5.7%
Genpact Ltd	1,432,957	63,121,756
KBR Inc	1,304,038	60,950,736
Parsons Corp (a)(b)	870,000	64,554,000
Science Applications International Corp	557,256	62,122,899
		250,749,391
Trading Companies & Distributors - 2.0%
DXP Enterprises Inc/TX (b)	405,250	45,898,615
Herc Holdings Inc (a)	367,500	42,927,675
		88,826,290
TOTAL INDUSTRIALS		819,044,814

Information Technology - 8.6%
Electronic Equipment, Instruments & Components - 5.2%
Bel Fuse Inc Class B	223,799	29,102,822
Insight Enterprises Inc (b)	886,510	105,122,356
Sanmina Corp (b)	603,578	70,039,191
Vontier Corp	565,000	23,430,550
		227,694,919
IT Services - 1.3%
Kyndryl Holdings Inc (b)	1,545,240	58,363,715
Semiconductors & Semiconductor Equipment - 2.1%
Onto Innovation Inc (b)	440,000	41,690,000
Penguin Solutions Inc (a)(b)	2,150,000	50,675,500
		92,365,500
TOTAL INFORMATION TECHNOLOGY		378,424,134

Materials - 3.7%
Construction Materials - 2.6%
Eagle Materials Inc	246,000	55,175,340
Knife River Corp (a)(b)	725,000	59,798,000
		114,973,340
Containers & Packaging - 1.1%
Graphic Packaging Holding CO (a)	2,110,000	47,179,600
TOTAL MATERIALS		162,152,940

Real Estate - 10.5%
Health Care REITs - 1.8%
American Healthcare REIT Inc	59,634	2,304,258
CareTrust REIT Inc	2,391,581	76,052,276
		78,356,534
Office REITs - 1.1%
Douglas Emmett Inc	3,205,028	48,588,224
Real Estate Management & Development - 2.5%
Compass Inc Class A (b)	9,480,000	75,271,200
Cushman & Wakefield PLC (b)	2,976,225	36,280,183
		111,551,383
Retail REITs - 3.5%
Acadia Realty Trust	2,769,400	51,843,168
Curbline Properties Corp	1,318,892	29,147,513
Macerich Co/The	2,901,800	48,489,078
SITE Centers Corp	2,441,270	26,292,478
		155,772,237
Specialized REITs - 1.6%
National Storage Affiliates Trust	819,000	24,127,740
Outfront Media Inc	2,526,168	44,283,725
		68,411,465
TOTAL REAL ESTATE		462,679,843

Utilities - 1.2%
Water Utilities - 1.2%
California Water Service Group (a)	1,144,961	52,061,377
TOTAL UNITED STATES		4,104,260,288
TOTAL COMMON STOCKS (Cost $4,006,600,866)		4,349,643,808

Money Market Funds - 5.9%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (d)	4.33	53,250,311	53,260,961
Fidelity Securities Lending Cash Central Fund (d)(e)	4.33	207,717,212	207,737,983
TOTAL MONEY MARKET FUNDS (Cost $260,998,944)			260,998,944

TOTAL INVESTMENT IN SECURITIES - 104.8% (Cost $4,267,599,810)	4,610,642,752
NET OTHER ASSETS (LIABILITIES) - (4.8)%	(211,880,635)
NET ASSETS - 100.0%	4,398,762,117

Legend

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

(b)	Non-income producing.

(c)	Affiliated company

(d)

Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

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

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period	% ownership, end of period
Fidelity Cash Central Fund	74,491,302	1,924,568,202	1,945,798,543	2,433,048	-	-	53,260,961	53,250,311	0.1%
Fidelity Securities Lending Cash Central Fund	321,942,029	1,911,664,919	2,025,868,965	1,791,711	-	-	207,737,983	207,717,212	0.8%
Total	396,433,331	3,836,233,121	3,971,667,508	4,224,759	-	-	260,998,944

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) and Shares end of period columns means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
AMN Healthcare Serices Inc	97,147,693	65,567,842	47,817,083	-	(55,883,559)	(25,437,122)	-	-
Blue Bird Corp	32,705,300	61,373,788	1,507,099	-	(718,733)	(3,267,101)	88,586,155	1,977,811
Owens & Minor Inc	81,344,368	6,140,060	50,062,157	-	(107,404,502)	69,982,231	-	-
REV Group Inc	85,366,148	11,459,208	47,764,242	525,504	8,754,796	35,210,251	-	-
Total	296,563,509	144,540,898	147,150,581	525,504	(155,251,998)	76,488,259	88,586,155

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks
Consumer Discretionary	532,489,716	532,489,716	-	-
Consumer Staples	25,641,721	25,641,721	-	-
Energy	228,831,553	228,831,553	-	-
Financials	1,322,380,209	1,322,380,209	-	-
Health Care	264,989,820	264,989,820	-	-
Industrials	819,044,814	819,044,814	-	-
Information Technology	378,424,134	378,424,134	-	-
Materials	162,152,940	162,152,940	-	-
Real Estate	462,679,843	462,679,843	-	-
Utilities	153,009,058	153,009,058	-	-

Money Market Funds	260,998,944	260,998,944	-	-
Total Investments in Securities:	4,610,642,752	4,610,642,752	-	-

Financial Statements

Statement of Assets and Liabilities
As of July 31, 2025
Assets
Investment in securities, at value (including securities loaned of $231,314,857) - See accompanying schedule:
Unaffiliated issuers (cost $3,913,519,452)	$	4,261,057,653
Fidelity Central Funds (cost $260,998,944)		260,998,944
Other affiliated issuers (cost $93,081,414)		88,586,155


Total Investment in Securities (cost $4,267,599,810)			$	4,610,642,752
Foreign currency held at value (cost $382,125)				402,902
Receivable for investments sold				27,855,944
Receivable for fund shares sold				1,937,338
Dividends receivable				956,514
Distributions receivable from Fidelity Central Funds				149,215
Prepaid expenses				660
Total assets				4,641,945,325
Liabilities
Payable for investments purchased	$	26,669,418
Payable for fund shares redeemed		5,159,932
Accrued management fee		3,440,420
Distribution and service plan fees payable		120,065
Other payables and accrued expenses		60,971
Collateral on securities loaned		207,732,402
Total liabilities				243,183,208
Net Assets			$	4,398,762,117
Net Assets consist of:
Paid in capital			$	3,786,770,276
Total accumulated earnings (loss)				611,991,841
Net Assets			$	4,398,762,117

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($232,664,404 ÷ 11,932,284 shares)(a)			$	19.50
Maximum offering price per share (100/94.25 of $19.50)			$	20.69
Class M :
Net Asset Value and redemption price per share ($97,536,241 ÷ 5,259,847 shares)(a)			$	18.54
Maximum offering price per share (100/96.50 of $18.54)			$	19.21
Class C :
Net Asset Value and offering price per share ($33,268,697 ÷ 2,090,505 shares)(a)			$	15.91
Small Cap Value :
Net Asset Value, offering price and redemption price per share ($2,402,747,934 ÷ 118,626,502 shares)			$	20.25
Class I :
Net Asset Value, offering price and redemption price per share ($908,375,064 ÷ 44,850,486 shares)			$	20.25
Class Z :
Net Asset Value, offering price and redemption price per share ($724,169,777 ÷ 35,713,745 shares)			$	20.28
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Statement of Operations
Year ended July 31, 2025
Investment Income
Dividends			$	79,967,683
Income from Fidelity Central Funds (including $1,791,711 from security lending)				4,224,759
Total income				84,192,442
Expenses
Management fee
Basic fee	$	35,940,716
Performance adjustment		6,531,217
Distribution and service plan fees		1,489,924
Custodian fees and expenses		49,894
Independent trustees' fees and expenses		19,269
Registration fees		166,648
Audit fees		66,827
Legal		5,237
Interest		13,364
Miscellaneous		121,870
Total expenses				44,404,966
Net Investment income (loss)				39,787,476
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		498,601,962
Affiliated issuers		(155,251,998)
Foreign currency transactions		30,327
Total net realized gain (loss)				343,380,291
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(595,567,996)
Affiliated issuers		76,488,259
Assets and liabilities in foreign currencies		55,243
Total change in net unrealized appreciation (depreciation)				(519,024,494)
Net gain (loss)				(175,644,203)
Net increase (decrease) in net assets resulting from operations			$	(135,856,727)

Statement of Changes in Net Assets

		Year ended July 31, 2025		Year ended July 31, 2024
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	39,787,476	$	34,583,779
Net realized gain (loss)		343,380,291		250,757,337
Change in net unrealized appreciation (depreciation)		(519,024,494)		425,535,071
Net increase (decrease) in net assets resulting from operations		(135,856,727)		710,876,187
Distributions to shareholders		(290,185,441)		(251,816,868)

Share transactions - net increase (decrease)		(303,727,803)		(238,811,656)
Total increase (decrease) in net assets		(729,769,971)		220,247,663

Net Assets
Beginning of period		5,128,532,088		4,908,284,425
End of period	$	4,398,762,117	$	5,128,532,088

Financial Highlights

Fidelity Advisor® Small Cap Value Fund Class A

Years ended July 31,		2025		2024		2023		2022		2021
Selected Per-Share Data
Net asset value, beginning of period	$	21.25	$	19.35	$	19.13	$	21.03	$	12.33
Income from Investment Operations
Net investment income (loss) A,B		.11		.09		.09		.18 C		.09 D
Net realized and unrealized gain (loss)		(.67)		2.80		1.18		(.41)		8.66
Total from investment operations		(.56)		2.89		1.27		(.23)		8.75
Distributions from net investment income		(.07)		(.09)		-		(.39)		(.05)
Distributions from net realized gain		(1.13)		(.90)		(1.05)		(1.28)		-
Total distributions		(1.19) E		(.99)		(1.05)		(1.67)		(.05)
Net asset value, end of period	$	19.50	$	21.25	$	19.35	$	19.13	$	21.03
Total Return F,G		(2.62) %		16.03%		7.17%		(1.50)%		71.07%
Ratios to Average Net Assets B,H,I
Expenses before reductions		1.20%		1.30%		1.30%		1.26%		1.24%
Expenses net of fee waivers, if any		1.20 %		1.29%		1.29%		1.25%		1.24%
Expenses net of all reductions, if any		1.20%		1.29%		1.29%		1.25%		1.23%
Net investment income (loss)		.59%		.50%		.51%		.90% C		.50% D
Supplemental Data
Net assets, end of period (000 omitted)	$	232,664	$	275,800	$	270,455	$	267,854	$	232,920
Portfolio turnover rate J		96 %		63%		29%		40%		54%

ACalculated based on average shares outstanding during the period.

BNet investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.

CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.16 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .14%.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.07 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .13%.

ETotal distributions per share do not sum due to rounding.

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

GTotal returns do not include the effect of the sales charges.

HFees 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.

IExpense 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.

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

Fidelity Advisor® Small Cap Value Fund Class M

Years ended July 31,		2025		2024		2023		2022		2021
Selected Per-Share Data
Net asset value, beginning of period	$	20.29	$	18.55	$	18.42	$	20.31	$	11.93
Income from Investment Operations
Net investment income (loss) A,B		.06		.04		.04		.13 C		.05 D
Net realized and unrealized gain (loss)		(.65)		2.68		1.14		(.40)		8.37
Total from investment operations		(.59)		2.72		1.18		(.27)		8.42
Distributions from net investment income		(.05)		(.08)		-		(.35)		(.04)
Distributions from net realized gain		(1.12)		(.90)		(1.05)		(1.28)		-
Total distributions		(1.16) E		(.98)		(1.05)		(1.62) E		(.04)
Net asset value, end of period	$	18.54	$	20.29	$	18.55	$	18.42	$	20.31
Total Return F,G		(2.92) %		15.75%		6.95%		(1.74)%		70.63%
Ratios to Average Net Assets B,H,I
Expenses before reductions		1.45%		1.55%		1.54%		1.50%		1.48%
Expenses net of fee waivers, if any		1.45 %		1.55%		1.54%		1.49%		1.48%
Expenses net of all reductions, if any		1.45%		1.55%		1.54%		1.49%		1.47%
Net investment income (loss)		.34%		.24%		.26%		.66% C		.26% D
Supplemental Data
Net assets, end of period (000 omitted)	$	97,536	$	106,502	$	94,205	$	81,790	$	80,182
Portfolio turnover rate J		96 %		63%		29%		40%		54%

ACalculated based on average shares outstanding during the period.

CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.15 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.10)%.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.06 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.11)%.

ETotal distributions per share do not sum due to rounding.

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

GTotal returns do not include the effect of the sales charges.

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

Fidelity Advisor® Small Cap Value Fund Class C

Years ended July 31,		2025		2024		2023		2022		2021
Selected Per-Share Data
Net asset value, beginning of period	$	17.60	$	16.28	$	16.38	$	18.25	$	10.76
Income from Investment Operations
Net investment income (loss) A,B		(.03)		(.04)		(.04)		.03 C		(.04) D
Net realized and unrealized gain (loss)		(.56)		2.31		.99		(.36)		7.55
Total from investment operations		(.59)		2.27		.95		(.33)		7.51
Distributions from net investment income		(.03)		(.05)		-		(.31)		(.02)
Distributions from net realized gain		(1.08)		(.90)		(1.05)		(1.24)		-
Total distributions		(1.10) E		(.95)		(1.05)		(1.54) E		(.02)
Net asset value, end of period	$	15.91	$	17.60	$	16.28	$	16.38	$	18.25
Total Return F,G		(3.39) %		15.15%		6.38%		(2.27)%		69.84%
Ratios to Average Net Assets B,H,I
Expenses before reductions		1.95%		2.06%		2.06%		2.02%		2.01%
Expenses net of fee waivers, if any		1.95 %		2.05%		2.05%		2.01%		2.01%
Expenses net of all reductions, if any		1.95%		2.05%		2.05%		2.01%		2.00%
Net investment income (loss)		(.17)%		(.27)%		(.26)%		.14% C		(.26)% D
Supplemental Data
Net assets, end of period (000 omitted)	$	33,269	$	39,363	$	38,077	$	38,832	$	32,469
Portfolio turnover rate J		96 %		63%		29%		40%		54%

ACalculated based on average shares outstanding during the period.

CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.13 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.62)%.

ETotal distributions per share do not sum due to rounding.

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

GTotal returns do not include the effect of the contingent deferred sales charge.

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

Fidelity® Small Cap Value Fund

Years ended July 31,		2025		2024		2023		2022		2021
Selected Per-Share Data
Net asset value, beginning of period	$	22.02	$	20.00	$	19.69	$	21.59	$	12.64
Income from Investment Operations
Net investment income (loss) A,B		.18		.15		.14		.24 C		.14 D
Net realized and unrealized gain (loss)		(.70)		2.90		1.22		(.42)		8.89
Total from investment operations		(.52)		3.05		1.36		(.18)		9.03
Distributions from net investment income		(.12)		(.13)		-		(.44)		(.08)
Distributions from net realized gain		(1.13)		(.90)		(1.05)		(1.28)		-
Total distributions		(1.25)		(1.03)		(1.05)		(1.72)		(.08)
Net asset value, end of period	$	20.25	$	22.02	$	20.00	$	19.69	$	21.59
Total Return E		(2.36) %		16.33%		7.44%		(1.23)%		71.64%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.91%		1.03%		1.04%		.99%		.97%
Expenses net of fee waivers, if any		.91 %		1.02%		1.03%		.98%		.97%
Expenses net of all reductions, if any		.91%		1.02%		1.03%		.98%		.96%
Net investment income (loss)		.88%		.76%		.77%		1.17% C		.77% D
Supplemental Data
Net assets, end of period (000 omitted)	$	2,402,748	$	2,806,717	$	2,696,316	$	2,691,063	$	2,715,703
Portfolio turnover rate H		96 %		63%		29%		40%		54%

ACalculated based on average shares outstanding during the period.

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

FFees 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.

GExpense 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.

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

Fidelity Advisor® Small Cap Value Fund Class I

Years ended July 31,		2025		2024		2023		2022		2021
Selected Per-Share Data
Net asset value, beginning of period	$	22.02	$	20.00	$	19.69	$	21.59	$	12.65
Income from Investment Operations
Net investment income (loss) A,B		.17		.15		.14		.24 C		.15 D
Net realized and unrealized gain (loss)		(.70)		2.90		1.22		(.42)		8.87
Total from investment operations		(.53)		3.05		1.36		(.18)		9.02
Distributions from net investment income		(.11)		(.13)		-		(.44)		(.08)
Distributions from net realized gain		(1.13)		(.90)		(1.05)		(1.28)		-
Total distributions		(1.24)		(1.03)		(1.05)		(1.72)		(.08)
Net asset value, end of period	$	20.25	$	22.02	$	20.00	$	19.69	$	21.59
Total Return E		(2.40) %		16.32%		7.44%		(1.22)%		71.55%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.95%		1.03%		1.03%		.99%		.97%
Expenses net of fee waivers, if any		.95 %		1.03%		1.03%		.99%		.97%
Expenses net of all reductions, if any		.95%		1.03%		1.03%		.99%		.96%
Net investment income (loss)		.84%		.76%		.77%		1.17% C		.77% D
Supplemental Data
Net assets, end of period (000 omitted)	$	908,375	$	1,085,761	$	1,169,580	$	1,319,154	$	845,012
Portfolio turnover rate H		96 %		63%		29%		40%		54%

ACalculated based on average shares outstanding during the period.

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

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

Fidelity Advisor® Small Cap Value Fund Class Z

Years ended July 31,		2025		2024		2023		2022		2021
Selected Per-Share Data
Net asset value, beginning of period	$	22.05	$	20.03	$	19.69	$	21.59	$	12.65
Income from Investment Operations
Net investment income (loss) A,B		.19		.17		.16		.27 C		.17 D
Net realized and unrealized gain (loss)		(.69)		2.90		1.23		(.43)		8.87
Total from investment operations		(.50)		3.07		1.39		(.16)		9.04
Distributions from net investment income		(.15)		(.15)		-		(.47)		(.10)
Distributions from net realized gain		(1.13)		(.90)		(1.05)		(1.28)		-
Total distributions		(1.27) E		(1.05)		(1.05)		(1.74) E		(.10)
Net asset value, end of period	$	20.28	$	22.05	$	20.03	$	19.69	$	21.59
Total Return F		(2.25) %		16.46%		7.60%		(1.11)%		71.75%
Ratios to Average Net Assets B,G,H
Expenses before reductions		.84%		.93%		.90%		.86%		.84%
Expenses net of fee waivers, if any		.84 %		.93%		.90%		.86%		.84%
Expenses net of all reductions, if any		.84%		.93%		.90%		.86%		.83%
Net investment income (loss)		.95%		.86%		.90%		1.30% C		.90% D
Supplemental Data
Net assets, end of period (000 omitted)	$	724,170	$	814,390	$	639,652	$	540,854	$	364,564
Portfolio turnover rate I		96 %		63%		29%		40%		54%

ACalculated based on average shares outstanding during the period.

ETotal distributions per share do not sum due to rounding.

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

GFees 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.

HExpense 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.

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

Notes to Financial Statements

For the period ended July 31, 2025

1. Organization.

Fidelity Small Cap Value Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Small Cap Value, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, certain corporate actions and losses deferred due to wash sales.

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

Gross unrealized appreciation	$581,625,266
Gross unrealized depreciation	(274,304,081)
Net unrealized appreciation (depreciation)	$307,321,185
Tax Cost	$4,303,321,567

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

Undistributed ordinary income	$20,573,659
Undistributed long-term capital gain	$284,067,812
Net unrealized appreciation (depreciation) on securities and other investments	$307,350,372

The tax character of distributions paid was as follows:

	July 31, 2025	July 31, 2024
Ordinary Income	$107,703,862	$ 30,670,625
Long-term Capital Gains	182,481,579	221,146,243
Total	$290,185,441	$ 251,816,868

New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Small Cap Value Fund	4,483,586,743	4,924,441,756

5. Fees and Other Transactions with Affiliates.

The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

	Maximum Management Fee Rate %
Class A	.85
Class M	.84
Class C	.86
Small Cap Value	.84
Class I	.84
Class Z	.70

One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

	Total Management Fee Rate %
Class A	.80
Class M	.80
Class C	.80
Small Cap Value	.76
Class I	.80
Class Z	.69

The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.

	Performance Adjustment Index
Fidelity Small Cap Value Fund	Russell 2000 Value Index

For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Small Cap Value. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annual performance adjustment was .14%.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

	Distribution Fee	Service Fee	Total Fees ($)	Retained by FDC ($)
Class A	- %	.25%	625,961	13,989
Class M	.25%	.25%	503,354	1,580
Class C	.75%	.25%	360,609	52,176
			1,489,924	67,745

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

	Retained by FDC ($)
Class A	44,084
Class M	2,145
Class CA	308
	46,537

A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

	Amount ($)
Fidelity Small Cap Value Fund	168,288

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

	Borrower or Lender	Average Loan Balance ($)	Weighted Average Interest Rate	Interest Expense ($)
Fidelity Small Cap Value Fund	Borrower	21,040,600	4.57%	13,364

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Small Cap Value Fund	195,679,152	474,550,729	52,774,638

6. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

	Amount ($)
Fidelity Small Cap Value Fund	5,418

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
Fidelity Small Cap Value Fund	193,260	23	-

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

	Amount ($)
Fidelity Small Cap Value Fund	31,344,652

8. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

	Year ended July 31, 2025	Year ended July 31, 2024
Fidelity Small Cap Value Fund
Distributions to shareholders
Class A	$15,326,126	$13,808,522
Class M	6,155,268	4,979,529
Class C	2,467,954	2,221,061
Small Cap Value	158,216,919	137,976,781
Class I	60,676,292	58,310,982
Class Z	47,342,882	34,519,993
Total	$290,185,441	$251,816,868

9. Share Transactions.

Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

	Shares	Shares	Dollars	Dollars
	Year ended July 31, 2025	Year ended July 31, 2024	Year ended July 31, 2025	Year ended July 31, 2024
Fidelity Small Cap Value Fund
Class A
Shares sold	1,696,151	1,839,641	$33,464,402	$34,270,736
Reinvestment of distributions	758,416	757,603	14,962,279	13,430,863
Shares redeemed	(3,499,161)	(3,595,356)	(68,355,471)	(66,634,723)
Net increase (decrease)	(1,044,594)	(998,112)	$(19,928,790)	$(18,933,124)
Class M
Shares sold	767,048	1,020,584	$14,304,287	$18,462,632
Reinvestment of distributions	324,837	291,157	6,105,558	4,934,489
Shares redeemed	(1,081,679)	(1,140,591)	(20,075,729)	(20,371,563)
Net increase (decrease)	10,206	171,150	$334,116	$3,025,558
Class C
Shares sold	316,078	483,222	$5,116,349	$7,604,784
Reinvestment of distributions	143,154	142,897	2,319,743	2,106,132
Shares redeemed	(605,034)	(728,461)	(9,659,398)	(11,288,315)
Net increase (decrease)	(145,802)	(102,342)	$(2,223,306)	$(1,577,399)
Small Cap Value
Shares sold	18,034,076	24,020,538	$370,052,614	$465,397,362
Reinvestment of distributions	7,352,182	7,107,269	150,366,933	130,465,039
Shares redeemed	(34,193,578)	(38,489,919)	(692,040,981)	(737,973,559)
Net increase (decrease)	(8,807,320)	(7,362,112)	$(171,621,434)	$(142,111,158)
Class I
Shares sold	11,941,511	14,976,802	$242,381,596	$288,232,544
Reinvestment of distributions	2,854,514	2,998,337	58,385,991	55,002,406
Shares redeemed	(19,247,886)	(27,145,630)	(388,280,431)	(522,188,250)
Net increase (decrease)	(4,451,861)	(9,170,491)	$(87,512,844)	$(178,953,300)
Class Z
Shares sold	12,196,015	15,740,824	$252,286,868	$308,536,262
Reinvestment of distributions	2,168,003	1,701,801	44,384,521	31,276,569
Shares redeemed	(15,575,806)	(12,447,667)	(319,446,934)	(240,075,064)
Net increase (decrease)	(1,211,788)	4,994,958	$(22,775,545)	$99,737,767

10. Other.

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

11. Risk and Uncertainties.

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Securities Fund and Shareholders of Fidelity Small Cap Value Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Small Cap Value Fund (one of the funds constituting Fidelity Securities Fund, referred to hereafter as the "Fund") as of July 31, 2025, the related statement of operations for the year ended July 31, 2025, the statement of changes in net assets for each of the two years in the period ended July 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended July 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2025 and the financial highlights for each of the five years in the period ended July 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

September 12, 2025

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

Distributions

(Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2025, $358,931,092 or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 100% of the short-term capital gain dividends distributed during the fiscal year as qualifying to be taxed as short-term capital gain dividends for nonresident alien shareholders.

The fund designates $1,325,673 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

Class A designates 30% and 100%; Class M designates 32% and 100%; Class C designates 36%, and 100%; Small Cap Value designates 28% and 93%; Class I designates 28% and 98%; and Class Z designates 27% and 86%; of the dividends distributed in September and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class A designates 42.13% and 100%; Class M designates 44.41% and 100%; Class C designates 50.30% and 100%; Small Cap Value designates 38.71% and 100%; Class I designates 39.23% and 100%; and Class Z designates 37.16% and 100%; of the dividends distributed in September and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

Class A designates 2.92%; Class M designates 3.08%; Class C designates 3.49%; Small Cap Value designates 2.69%; Class I designates 2.72%; and Class Z designates 2.58% of the dividend distributed in September during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

(Unaudited)

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

(Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Small Cap Value Fund

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

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

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

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

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

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

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

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

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

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

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

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

Competitiveness of Management Fee and Total Expense Ratio. The Board was provided with information regarding industry trends in management fees and expenses. The Board considered that, effective March 1, 2024, the fund has class-level management fees based on tiered schedules and subject to a maximum class-level rate (the management fee). The Board also considered that in exchange for the variable management fee, each class of the fund receives investment advisory, management, administrative, transfer agent, and pricing and bookkeeping services. In its review of the management fee and total expense ratio of the retail class, the Board considered the effective management fee rate for the retail class from March 2024 to September 2024, as well as other third-party fund expenses, as applicable, such as custodial, legal, and audit fees and any fund-paid 12b-1 fees. The Board noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The Board also considered information about the impact of the fund's performance adjustment.

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

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

The Board noted that a different variable management fee rate is applicable to each class of the fund. The Board considered that the difference in management fee rates between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses and not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class.

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

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

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

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

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

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

The Board 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 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's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

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

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 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's consideration of these matters was informed by the recent findings of the committee.

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

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

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

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

1.803706.120

SCV-ANN-0925

Fidelity® Small Cap Growth K6 Fund

Annual Report

July 31, 2025

Contents

Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)

Fidelity® Small Cap Growth K6 Fund

Notes to Consolidated Financial Statements

Report of Independent Registered Public Accounting Firm

Distributions

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)

Fidelity® Small Cap Growth K6 Fund

Consolidated Schedule of Investments July 31, 2025

Showing Percentage of Net Assets

Common Stocks - 97.7%
	Shares	Value ($)
AUSTRALIA - 0.5%
Industrials - 0.4%
Aerospace & Defense - 0.4%
DroneShield Ltd (b)(c)	6,125,951	14,643,567
Information Technology - 0.1%
Electronic Equipment, Instruments & Components - 0.1%
Elsight Ltd (b)	3,007,846	3,359,057
TOTAL AUSTRALIA		18,002,624
BAHAMAS (NASSAU) - 0.4%
Consumer Discretionary - 0.4%
Diversified Consumer Services - 0.4%
OneSpaWorld Holdings Ltd	577,888	12,782,883
BELGIUM - 0.0%
Health Care - 0.0%
Health Care Equipment & Supplies - 0.0%
Nyxoah SA (United States) (b)(d)	228,259	1,702,811
CANADA - 1.8%
Consumer Discretionary - 0.3%
Specialty Retail - 0.3%
Aritzia Inc Subordinate Voting Shares (b)	224,053	12,025,708
Energy - 0.2%
Energy Equipment & Services - 0.2%
CES Energy Solutions Corp	1,321,152	6,912,783
Health Care - 0.3%
Biotechnology - 0.2%
Xenon Pharmaceuticals Inc (b)	214,133	6,539,622
Health Care Providers & Services - 0.1%
dentalcorp Holdings Ltd Subordinate Voting Shares	742,795	4,326,180
TOTAL HEALTH CARE		10,865,802

Information Technology - 0.6%
Electronic Equipment, Instruments & Components - 0.1%
Kraken Robotics Inc (b)	1,678,220	4,142,258
Software - 0.5%
Lumine Group Inc Subordinate Voting Shares (b)(c)	201,400	7,812,680
TECSYS Inc	300,107	7,972,676
		15,785,356
TOTAL INFORMATION TECHNOLOGY		19,927,614

Materials - 0.4%
Metals & Mining - 0.4%
G Mining Ventures Corp (b)	351,860	4,123,994
Orla Mining Ltd (b)	480,263	4,471,271
Torex Gold Resources Inc (b)	170,700	4,808,329
		13,403,594
TOTAL CANADA		63,135,501
DENMARK - 0.3%
Health Care - 0.3%
Biotechnology - 0.3%
Ascendis Pharma A/S ADR (b)	62,587	10,858,845
ISRAEL - 0.5%
Information Technology - 0.5%
Semiconductors & Semiconductor Equipment - 0.3%
Nova Ltd (b)	39,080	10,262,018
Software - 0.2%
Cellebrite DI Ltd (b)	660,376	9,232,056
TOTAL ISRAEL		19,494,074
ITALY - 0.8%
Consumer Discretionary - 0.3%
Hotels, Restaurants & Leisure - 0.3%
Lottomatica Group Spa	337,291	9,099,426
Leisure Products - 0.0%
Sanlorenzo SpA/Ameglia	71,289	2,408,108
TOTAL CONSUMER DISCRETIONARY		11,507,534

Industrials - 0.5%
Electrical Equipment - 0.5%
Prysmian SpA	200,535	16,015,430
TOTAL ITALY		27,522,964
JAPAN - 1.0%
Industrials - 0.5%
Professional Services - 0.5%
BayCurrent Inc	312,200	17,926,539
Information Technology - 0.5%
Semiconductors & Semiconductor Equipment - 0.5%
Allegro MicroSystems Inc (b)	569,213	17,878,980
TOTAL JAPAN		35,805,519
NETHERLANDS - 0.6%
Health Care - 0.6%
Biotechnology - 0.5%
Merus NV (b)	250,241	16,575,964
Pharmaceuticals - 0.1%
Pharvaris NV (b)	294,460	5,853,865
TOTAL NETHERLANDS		22,429,829
SWEDEN - 0.1%
Industrials - 0.1%
Trading Companies & Distributors - 0.1%
Alligo AB B Shares	404,452	4,338,173
TAIWAN - 0.1%
Information Technology - 0.1%
Semiconductors & Semiconductor Equipment - 0.1%
Silicon Motion Technology Corp ADR	56,871	4,352,906
THAILAND - 1.4%
Information Technology - 1.4%
Electronic Equipment, Instruments & Components - 1.4%
Fabrinet (b)	157,341	50,936,002
UNITED KINGDOM - 1.0%
Consumer Discretionary - 0.5%
Leisure Products - 0.5%
Games Workshop Group PLC	80,617	17,343,448
Energy - 0.5%
Energy Equipment & Services - 0.5%
TechnipFMC PLC	455,988	16,584,284
Financials - 0.0%
Banks - 0.0%
Starling Bank Ltd (e)	431,700	1,436,714
TOTAL UNITED KINGDOM		35,364,446
UNITED STATES - 89.2%
Communication Services - 2.8%
Entertainment - 0.3%
IMAX Corp (b)(d)	465,739	12,011,409
Interactive Media & Services - 0.4%
Cars.com Inc (b)	566,708	7,293,532
ZoomInfo Technologies Inc (b)	695,046	7,527,348
		14,820,880
Media - 1.3%
Magnite Inc (b)	1,100,725	25,327,682
MNTN Inc (f)	140,383	3,953,185
MNTN Inc Class A (d)	516,304	14,539,121
		43,819,988
Wireless Telecommunication Services - 0.8%
Gogo Inc (b)(d)	1,921,163	30,469,645
TOTAL COMMUNICATION SERVICES		101,121,922

Consumer Discretionary - 10.9%
Automobile Components - 0.8%
Modine Manufacturing Co (b)(d)	222,560	29,947,674
Diversified Consumer Services - 1.5%
Adtalem Global Education Inc (b)	200,181	22,874,683
Grand Canyon Education Inc (b)	74,983	12,644,383
Stride Inc (b)	45,735	5,864,599
Universal Technical Institute Inc (b)	393,490	12,678,248
		54,061,913
Hotels, Restaurants & Leisure - 4.3%
Boyd Gaming Corp	166,362	14,124,134
Brinker International Inc (b)	197,939	31,195,186
Cava Group Inc (b)	87,711	7,719,445
Cheesecake Factory Inc/The (d)	535,252	34,207,956
Dutch Bros Inc Class A (b)	138,222	8,192,418
Kura Sushi USA Inc Class A (b)(d)	118,345	10,383,590
Life Time Group Holdings Inc (b)	243,772	7,001,132
Planet Fitness Inc Class A (b)	69,858	7,627,795
Red Rock Resorts Inc Class A	158,097	9,699,251
Sportradar Holding AG Class A (b)(d)	656,695	19,418,471
Wyndham Hotels & Resorts Inc	79,059	6,799,074
		156,368,452
Household Durables - 0.6%
Champion Homes Inc (b)	147,874	9,005,527
Somnigroup International Inc	188,316	13,630,312
		22,635,839
Leisure Products - 0.1%
Peloton Interactive Inc Class A (b)	476,595	3,402,887
Specialty Retail - 3.2%
BARK Inc warrants 6/1/2026 (b)	54	0
Boot Barn Holdings Inc (b)	155,971	26,811,416
Chewy Inc Class A (b)	630,957	23,156,122
Fanatics Inc Class A (b)(e)(g)	163,048	9,929,623
Group 1 Automotive Inc	46,923	19,339,314
ThredUp Inc Class A (b)	183,469	1,515,454
Urban Outfitters Inc (b)	100,446	7,561,575
Warby Parker Inc Class A (b)	1,045,237	25,033,426
		113,346,930
Textiles, Apparel & Luxury Goods - 0.4%
Crocs Inc (b)	138,677	13,830,257
TOTAL CONSUMER DISCRETIONARY		393,593,952

Consumer Staples - 2.1%
Beverages - 0.8%
Primo Brands Corp Class A	327,898	9,053,264
Vita Coco Co Inc/The (b)	499,789	17,622,560
		26,675,824
Consumer Staples Distribution & Retail - 0.5%
US Foods Holding Corp (b)	232,006	19,333,060
Food Products - 0.4%
Simply Good Foods Co/The (b)	456,036	13,890,856
Tobacco - 0.4%
Turning Point Brands Inc	183,252	15,198,921
TOTAL CONSUMER STAPLES		75,098,661

Energy - 1.4%
Energy Equipment & Services - 0.4%
Cactus Inc Class A	358,151	15,153,369
Oil, Gas & Consumable Fuels - 1.0%
Antero Resources Corp (b)	384,494	13,430,375
Centrus Energy Corp Class A (b)(d)	71,700	15,444,181
Northern Oil & Gas Inc	257,396	7,248,271
		36,122,827
TOTAL ENERGY		51,276,196

Financials - 8.6%
Banks - 1.7%
East West Bancorp Inc	150,849	15,122,612
Eastern Bankshares Inc	888,054	13,720,434
First Bancorp/Southern Pines NC	220,696	11,054,663
Hancock Whitney Corp	119,318	7,125,671
Pathward Financial Inc	45,286	3,424,754
SouthState Corp	99,690	9,387,807
		59,835,941
Capital Markets - 4.1%
Houlihan Lokey Inc Class A	98,457	18,771,812
P10 Inc Class A	906,244	11,146,801
Perella Weinberg Partners (g)	457,262	9,117,804
Perella Weinberg Partners Class A	681,560	13,590,307
Piper Sandler Cos	84,523	26,651,792
PJT Partners Inc Class A (d)	72,240	12,903,509
StepStone Group Inc Class A	295,265	17,526,931
StepStone Group Inc rights 12/31/2038 (b)(e)	6,434	422,263
Stifel Financial Corp	269,894	30,800,303
WisdomTree Inc (d)	475,252	6,306,594
		147,238,116
Consumer Finance - 1.0%
FirstCash Holdings Inc	163,765	21,828,237
SLM Corp	444,683	14,140,919
		35,969,156
Financial Services - 0.7%
HA Sustainable Infrastructure Capital Inc	317,331	8,241,086
Mr Cooper Group Inc (b)	63,124	9,829,669
Remitly Global Inc (b)	667,972	11,021,538
		29,092,293
Insurance - 1.1%
Baldwin Insurance Group Inc/The Class A (b)	269,841	9,940,942
Stewart Information Services Corp	161,095	10,459,898
Trupanion Inc (b)(d)	378,649	17,951,750
		38,352,590
TOTAL FINANCIALS		310,488,096

Health Care - 21.2%
Biotechnology - 9.3%
ADMA Biologics Inc (b)	435,816	8,149,759
Annexon Inc (b)	551,500	1,323,600
Apogee Therapeutics Inc (b)	110,338	4,221,532
Arcellx Inc (b)	244,468	17,452,571
ARS Pharmaceuticals Inc (b)(d)	204,935	3,623,251
Astria Therapeutics Inc (b)	603,428	4,175,722
Avidity Biosciences Inc (b)	222,453	8,166,250
Bicara Therapeutics Inc (b)(d)	211,505	2,349,821
Blueprint Medicines Corp rights (b)(e)	62,502	28,750
Boundless Bio Inc (b)	79,997	94,795
Bridgebio Pharma Inc (b)	103,152	4,875,995
Caris Life Sciences Inc (f)	61,900	1,738,152
Caris Life Sciences Inc (b)	7,645	214,672
Celldex Therapeutics Inc (b)	213,605	4,695,038
CG oncology Inc (b)(d)	467,529	12,478,349
Cogent Biosciences Inc (b)	1,446,485	16,518,859
Crescent Biopharma Inc (g)	37,807	469,563
Crinetics Pharmaceuticals Inc (b)	396,632	11,339,709
Cytokinetics Inc (b)	295,014	11,104,327
Day One Biopharmaceuticals Inc (b)	837,079	5,616,800
Denali Therapeutics Inc (b)	273,942	3,788,618
Disc Medicine Inc (b)	134,381	8,030,609
Insmed Inc (b)	139,847	15,002,786
Jade Biosciences Inc	147,158	1,058,066
Janux Therapeutics Inc (b)	266,317	6,395,603
Kiniksa Pharmaceuticals International Plc Class A (b)	226,112	6,842,149
Korro Bio Inc (b)(d)	21,152	316,433
Legend Biotech Corp ADR (b)	217,681	8,504,797
Madrigal Pharmaceuticals Inc (b)(d)	78,069	23,616,653
MoonLake Immunotherapeutics Class A (b)	119,375	6,021,275
Neurogene Inc (b)(d)	122,079	2,657,660
Nurix Therapeutics Inc (b)	426,558	4,803,043
Nuvalent Inc Class A (b)	228,081	17,870,146
Oruka Therapeutics Inc	229,754	3,122,357
Perspective Therapeutics Inc (b)	495,900	1,904,256
Revolution Medicines Inc (b)	142,392	5,306,950
Rhythm Pharmaceuticals Inc (b)	301,452	25,692,754
Scholar Rock Holding Corp (b)	20,841	772,159
Soleno Therapeutics Inc (b)	249,883	21,607,383
Spyre Therapeutics Inc (b)	204,773	3,474,998
Ultragenyx Pharmaceutical Inc (b)	191,930	5,243,528
Upstream Bio Inc	546,268	8,363,363
Veracyte Inc (b)	360,270	8,469,948
Vericel Corp (b)	355,750	12,429,905
Viking Therapeutics Inc (b)(d)	142,264	4,633,538
Viridian Therapeutics Inc (b)	480,677	8,421,461
Zenas Biopharma Inc	199,314	3,131,223
		336,119,176
Health Care Equipment & Supplies - 4.2%
Artivion Inc (b)	238,068	7,358,682
Ceribell Inc	675,645	9,729,288
Glaukos Corp (b)	63,617	5,476,788
Insulet Corp (b)	48,944	14,115,450
Integer Holdings Corp (b)	96,714	10,494,436
Lantheus Holdings Inc (b)(d)	268,643	19,124,695
Masimo Corp (b)	107,999	16,609,166
NeuroPace Inc (b)(d)	207,012	1,761,672
Penumbra Inc (b)	85,649	21,606,673
PROCEPT BioRobotics Corp (b)	246,815	11,972,996
Pulmonx Corp (b)	621,318	1,143,225
Shoulder Innovations Inc (f)(g)	330,302	4,971,045
Shoulder Innovations Inc	60,819	915,326
TransMedics Group Inc (b)(d)	231,831	27,580,934
		152,860,376
Health Care Providers & Services - 5.3%
Alignment Healthcare Inc (b)	792,459	10,920,085
BrightSpring Health Services Inc (b)	1,520,272	31,393,617
Ensign Group Inc/The	260,896	39,134,400
GeneDx Holdings Corp Class A (b)	10,600	1,080,670
Guardant Health Inc (b)	111,028	4,549,927
HealthEquity Inc (b)	252,988	24,539,836
Hims & Hers Health Inc Class A (b)(d)	266,817	17,657,949
LifeStance Health Group Inc (b)	2,059,236	8,195,759
Pennant Group Inc/The (b)	415,262	9,206,359
Privia Health Group Inc (b)	739,152	14,428,247
Progyny Inc (b)	855,801	20,119,882
Surgery Partners Inc (b)	381,539	8,374,781
		189,601,512
Health Care Technology - 0.6%
Doximity Inc Class A (b)	90,733	5,330,564
Schrodinger Inc/United States (b)(d)	51,265	1,042,217
Waystar Holding Corp (b)	367,580	13,593,109
		19,965,890
Life Sciences Tools & Services - 0.4%
Charles River Laboratories International Inc (b)	50,219	8,519,151
Veterinary Emergency Group (b)(e)(g)(h)	68,413	5,518,193
		14,037,344
Pharmaceuticals - 1.4%
Amylyx Pharmaceuticals Inc (b)	580,889	4,664,539
Axsome Therapeutics Inc (b)	150,005	15,207,507
Corcept Therapeutics Inc (b)(d)	155,637	10,454,137
Enliven Therapeutics Inc (b)	518,304	9,749,299
Enliven Therapeutics Inc (b)(g)	100,587	1,892,041
Liquidia Corp (b)(d)	294,541	5,504,971
Structure Therapeutics Inc ADR (b)	216,312	3,850,353
		51,322,847
TOTAL HEALTH CARE		763,907,145

Industrials - 22.6%
Aerospace & Defense - 3.4%
AeroVironment Inc (b)	35,960	9,624,334
ATI Inc (b)	208,229	16,021,139
BWX Technologies Inc	102,775	15,614,606
Karman Holdings Inc	323,998	16,750,697
Leonardo DRS Inc	239,008	9,942,733
Mercury Systems Inc (b)(d)	321,428	16,903,899
Redwire Corp Class A (b)(d)	406,571	5,809,900
V2X Inc (b)	264,369	12,525,803
Woodward Inc	71,268	18,321,577
		121,514,688
Building Products - 2.3%
Armstrong World Industries Inc	40,950	7,705,562
AZZ Inc	337,630	36,970,485
Simpson Manufacturing Co Inc	40,290	7,229,234
Tecnoglass Inc	387,941	30,271,036
		82,176,317
Commercial Services & Supplies - 1.2%
ACV Auctions Inc Class A (b)	887,512	12,611,546
GEO Group Inc/The (b)	438,982	11,378,413
HNI Corp	165,286	8,502,312
Montrose Environmental Group Inc (b)(d)	23,598	535,438
OPENLANE Inc (b)	439,893	10,838,964
		43,866,673
Construction & Engineering - 4.5%
Comfort Systems USA Inc	26,657	18,747,868
Construction Partners Inc Class A (b)	144,398	14,562,538
Dycom Industries Inc (b)	62,365	16,764,336
Fluor Corp (b)	534,131	30,322,617
Granite Construction Inc	60,421	5,707,972
IES Holdings Inc (b)	61,247	21,624,478
Sterling Infrastructure Inc (b)	140,617	37,627,704
Valmont Industries Inc	41,386	15,062,435
		160,419,948
Electrical Equipment - 1.3%
Acuity Inc	47,220	14,701,947
NEXTracker Inc Class A (b)	421,097	24,533,111
NuScale Power Corp Class A (b)(d)	127,152	6,384,302
		45,619,360
Machinery - 4.1%
Crane Co	69,544	13,614,629
Esab Corp	138,599	18,595,828
Federal Signal Corp	106,151	13,435,532
Gates Industrial Corp PLC (b)	642,334	15,929,883
ITT Inc	130,939	22,254,393
JBT Marel Corp (d)	141,990	19,566,222
Mueller Industries Inc	158,168	13,502,802
RBC Bearings Inc (b)	37,046	14,349,398
REV Group Inc	344,697	17,079,736
		148,328,423
Passenger Airlines - 0.5%
Alaska Air Group Inc (b)	330,044	17,479,130
Professional Services - 3.8%
CACI International Inc (b)	23,863	10,990,582
Cbiz Inc (b)	216,827	13,252,466
ExlService Holdings Inc (b)	296,754	12,888,026
First Advantage Corp (b)(d)	462,281	7,992,838
FTI Consulting Inc (b)	86,153	14,331,552
Huron Consulting Group Inc (b)	173,700	22,942,296
KBR Inc	179,445	8,387,259
Paycom Software Inc	73,777	17,082,327
Paylocity Holding Corp (b)	36,175	6,688,034
UL Solutions Inc Class A	112,555	8,230,022
Verra Mobility Corp Class A (b)	517,616	13,074,980
		135,860,382
Trading Companies & Distributors - 1.5%
Applied Industrial Technologies Inc	60,966	16,552,269
Herc Holdings Inc (d)	98,915	11,554,261
Xometry Inc Class A (b)(d)	786,708	25,442,137
		53,548,667
TOTAL INDUSTRIALS		808,813,588

Information Technology - 16.1%
Communications Equipment - 0.5%
Lumentum Holdings Inc (b)	164,309	18,087,135
Electronic Equipment, Instruments & Components - 5.2%
Advanced Energy Industries Inc	163,895	22,768,293
Badger Meter Inc	33,658	6,353,284
Belden Inc	187,150	23,141,098
Mirion Technologies Inc Class A (b)(d)	415,735	9,291,677
Novanta Inc (b)	62,533	7,692,810
OSI Systems Inc (b)	206,032	45,535,132
PAR Technology Corp (b)(d)	201,187	12,228,146
Sanmina Corp (b)	97,728	11,340,357
TD SYNNEX Corp	159,915	23,090,127
TTM Technologies Inc (b)	311,229	14,705,570
Vontier Corp	251,979	10,449,569
		186,596,063
IT Services - 0.8%
Kyndryl Holdings Inc (b)	767,403	28,984,811
Semiconductors & Semiconductor Equipment - 3.7%
Aehr Test Systems (b)(d)	424,679	7,177,075
Credo Technology Group Holding Ltd (b)	363,788	40,580,552
Impinj Inc (b)	54,285	8,391,375
MACOM Technology Solutions Holdings Inc (b)	195,543	26,816,768
Rambus Inc (b)	346,339	25,604,842
Rigetti Computing Inc Class A (b)(d)	207,520	3,009,040
SiTime Corp (b)	80,791	16,388,454
Veeco Instruments Inc (b)(d)	173,067	3,596,332
		131,564,438
Software - 5.8%
Algolia Inc (b)(e)(g)	43,269	843,746
Alkami Technology Inc (b)(d)	351,044	7,824,771
Clearwater Analytics Holdings Inc Class A (b)	259,448	5,256,416
Commvault Systems Inc (b)	125,594	23,856,580
Figma Inc Class A	500	57,750
Intapp Inc (b)	334,700	13,404,735
InterDigital Inc (d)	62,912	16,243,878
Life360 Inc (b)(d)	156,117	11,957,001
Monday.com Ltd (b)	109,644	28,758,526
nCino Inc (b)(d)	648,983	18,122,850
Pegasystems Inc	175,361	10,295,444
Plaid Inc/CA Class A (e)(g)	29,415	6,254,217
Q2 Holdings Inc (b)	206,278	16,749,774
SPS Commerce Inc (b)	87,070	9,478,876
Tenable Holdings Inc (b)	278,566	8,721,901
Varonis Systems Inc (b)	176,150	9,834,455
Weave Communications Inc (b)	1,383,497	10,099,528
Workiva Inc Class A (b)	117,959	7,529,323
Zeta Global Holdings Corp Class A (b)	203,165	3,179,532
		208,469,303
Technology Hardware, Storage & Peripherals - 0.1%
IonQ Inc (b)(d)	169,165	6,744,608
TOTAL INFORMATION TECHNOLOGY		580,446,358

Materials - 1.8%
Chemicals - 0.5%
Axalta Coating Systems Ltd (b)	281,044	7,959,166
Element Solutions Inc	412,353	9,731,531
		17,690,697
Metals & Mining - 0.8%
Carpenter Technology Corp	109,416	27,287,256
Paper & Forest Products - 0.5%
Louisiana-Pacific Corp	199,005	17,992,042
TOTAL MATERIALS		62,969,995

Real Estate - 1.5%
Hotel & Resort REITs - 0.3%
Ryman Hospitality Properties Inc	96,792	9,201,047
Industrial REITs - 0.3%
Terreno Realty Corp	209,934	11,649,238
Real Estate Management & Development - 0.9%
Compass Inc Class A (b)	2,643,788	20,991,677
Landbridge Co LLC Class A (d)	182,306	10,333,104
		31,324,781
TOTAL REAL ESTATE		52,175,066

Utilities - 0.2%
Electric Utilities - 0.2%
IDACORP Inc (d)	66,893	8,383,700
TOTAL UNITED STATES		3,208,274,679
TOTAL COMMON STOCKS (Cost $2,885,730,249)		3,515,001,256

Convertible Corporate Bonds - 0.0%
	Principal Amount (a)	Value ($)
UNITED STATES - 0.0%
Health Care - 0.0%
Health Care Technology - 0.0%
Wugen Inc 10% 12/31/2199 (e)(g) (Cost $253,458)	253,458	301,691

Convertible Preferred Stocks - 0.6%
	Shares	Value ($)
UNITED STATES - 0.6%
Health Care - 0.1%
Biotechnology - 0.1%
Bright Peak Therapeutics Inc. Series B (b)(e)(g)	199,331	304,976
Bright Peak Therapeutics Inc. Series C (b)(e)(g)	1,323,335	1,442,436
Endeavor BioMedicines Inc Series C (b)(e)(g)	210,174	1,097,108
LifeMine Therapeutics Inc Series C (b)(e)(g)	402,743	475,237
Sonoma Biotherapeutics Inc Series B (b)(e)(g)	438,013	1,112,553
Sonoma Biotherapeutics Inc Series B1 (b)(e)(g)	233,603	679,785
T-Knife Therapeutics Inc Series B (b)(e)(g)	201,583	274,153
Treeline Biosciences Series A (b)(e)(g)	21,246	126,625
		5,512,873
Health Care Technology - 0.0%
Wugen Inc Series B (b)(e)(g)	59,982	89,973
TOTAL HEALTH CARE		5,602,846

Industrials - 0.3%
Construction & Engineering - 0.3%
Beta Technologies Inc Series A (b)(e)(g)	62,752	7,183,222
Beta Technologies Inc Series B, 6% (b)(e)(g)	11,821	1,641,110
Beta Technologies Inc Series C, 6% (e)(g)	4,600	548,504
		9,372,836
Information Technology - 0.2%
Communications Equipment - 0.2%
Astranis Space Technologies Corp Series C (b)(e)(g)	125,912	1,494,575
Astranis Space Technologies Corp Series C (b)(e)(g)	26,805	318,175
Astranis Space Technologies Corp Series D (b)(e)(g)	503,082	4,160,489
		5,973,239
IT Services - 0.0%
Yanka Industries Inc Series E (b)(e)(g)	191,029	511,958
Yanka Industries Inc Series F (b)(e)(g)	28,989	124,652
		636,610
Software - 0.0%
Algolia Inc Series D (b)(e)(g)	9,900	193,050
Lyte Ai Inc Series B (e)(g)	38,600	436,566
Skyryse Inc Series B (b)(e)(g)	12,000	315,120
		944,736
TOTAL INFORMATION TECHNOLOGY		7,554,585

TOTAL UNITED STATES		22,530,267
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $26,521,210)		22,530,267

Domestic Equity Funds - 1.6%
	Shares	Value ($)
iShares Russell 2000 Growth ETF (d) (Cost $41,944,249)	193,935	56,270,240

Money Market Funds - 8.8%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (i)	4.33	9,771,034	9,772,988
Fidelity Securities Lending Cash Central Fund (i)(j)	4.33	307,369,528	307,400,265
TOTAL MONEY MARKET FUNDS (Cost $317,173,253)			317,173,253

TOTAL INVESTMENT IN SECURITIES - 108.7% (Cost $3,271,622,419)	3,911,276,707
NET OTHER ASSETS (LIABILITIES) - (8.7)%	(313,071,829)
NET ASSETS - 100.0%	3,598,204,878

Security Type Abbreviations

ETF

EXCHANGE-TRADED FUND

Legend

(a)	Amount is stated in United States dollars unless otherwise noted.

(b)	Non-income producing.

(c)	Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $22,456,247 or 0.6% of net assets.

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

(e)	Level 3 security

(f)

Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $10,662,382 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(g)	Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $61,828,190 or 1.7% of net assets.

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

(i)

(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 ($)
Algolia Inc	10/27/21	1,265,404

Algolia Inc Series D	7/23/21	289,526

Astranis Space Technologies Corp Series C	3/19/21	2,760,108

Astranis Space Technologies Corp Series C	4/05/23	587,591

Astranis Space Technologies Corp Series D	4/25/24 - 12/06/24	4,699,993

Beta Technologies Inc Series A	4/09/21	4,597,839

Beta Technologies Inc Series B, 6%	4/04/22	1,219,573

Beta Technologies Inc Series C, 6%	10/24/24	526,562

Bright Peak Therapeutics Inc. Series B	5/14/21	778,587

Bright Peak Therapeutics Inc. Series C	5/07/24	1,500,000

Crescent Biopharma Inc	10/28/24	499,999

Endeavor BioMedicines Inc Series C	4/22/24	1,371,301

Enliven Therapeutics Inc	3/19/24	1,408,218

Fanatics Inc Class A	8/13/20 - 3/22/21	2,891,600

LifeMine Therapeutics Inc Series C	2/15/22	820,222

Lyte Ai Inc Series B	8/13/24	489,683

Perella Weinberg Partners	12/29/20	4,572,620

Plaid Inc/CA Class A	3/31/25	5,999,972

Shoulder Innovations Inc	7/18/25	4,701,100

Skyryse Inc Series B	10/21/21	296,160

Sonoma Biotherapeutics Inc Series B	7/26/21	865,645

Sonoma Biotherapeutics Inc Series B1	7/26/21	692,516

T-Knife Therapeutics Inc Series B	6/30/21	1,162,892

Treeline Biosciences Series A	7/30/21	166,303

Veterinary Emergency Group	9/16/21 - 10/31/23	3,598,868

Wugen Inc 10% 12/31/2199	6/14/24	253,458

Wugen Inc Series B	7/09/21	465,154

Yanka Industries Inc Series E	5/15/20	2,307,478

Yanka Industries Inc Series F	4/08/21	924,077

Additional information on each lock-up restriction is as follows:
Security	Restriction Expiration Date
Caris Life Sciences Inc	12/15/2025

MNTN Inc	11/18/2025

Shoulder Innovations Inc	1/27/2026

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period	% ownership, end of period
Fidelity Cash Central Fund	41,157,059	1,406,072,685	1,437,456,756	2,074,611	-	-	9,772,988	9,771,034	0.0%
Fidelity Securities Lending Cash Central Fund	167,889,010	1,497,850,062	1,358,338,807	1,139,176	-	-	307,400,265	307,369,528	1.1%
Total	209,046,069	2,903,922,747	2,795,795,563	3,213,787	-	-	317,173,253

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks
Communication Services	101,121,922	101,121,922	-	-
Consumer Discretionary	447,253,525	437,323,902	-	9,929,623
Consumer Staples	75,098,661	75,098,661	-	-
Energy	74,773,263	74,773,263	-	-
Financials	311,924,810	310,065,833	-	1,858,977
Health Care	809,764,432	804,217,489	-	5,546,943
Industrials	861,737,297	813,151,761	48,585,536	-
Information Technology	696,394,991	685,937,971	3,359,057	7,097,963
Materials	76,373,589	76,373,589	-	-
Real Estate	52,175,066	52,175,066	-	-
Utilities	8,383,700	8,383,700	-	-

Convertible Corporate Bonds
Health Care	301,691	-	-	301,691

Convertible Preferred Stocks
Health Care	5,602,846	-	-	5,602,846
Industrials	9,372,836	-	-	9,372,836
Information Technology	7,554,585	-	-	7,554,585

Domestic Equity Funds	56,270,240	56,270,240	-	-

Money Market Funds	317,173,253	317,173,253	-	-
Total Investments in Securities:	3,911,276,707	3,812,066,650	51,944,593	47,265,464

The following is a reconciliation of consolidated Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.

	Beginning Balance ($)	Net Realized Gain (Loss) on Investment Securities ($)	Net Unrealized Gain (Loss) on Investment Securities ($)	Cost of Purchases ($)	Proceeds of Sales ($)	Amortization/ Accretion ($)	Transfers into Level 3 ($)	Transfers out of Level 3 ($)	Ending Balance ($)	The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2025 ($)
Common Stocks	17,107,354	46,152	2,635,978	8,855,874	(4,211,852)	-	-	-	24,433,506	2,216,228
Convertible Preferred Stocks	22,839,519	(2,612,353)	2,680,713	4,016,249	(4,393,861)	-	-	-	22,530,267	(2,048,613)
Convertible Corporate Bonds	259,262	(84,195)	126,624	-	-	-	-	-	301,691	42,429
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations.

Consolidated Financial Statements

Consolidated Statement of Assets and Liabilities
As of July 31, 2025
Assets
Investment in securities, at value (including securities loaned of $299,587,940) - See accompanying schedule:
Unaffiliated issuers (cost $2,954,449,166)	$	3,594,103,454
Fidelity Central Funds (cost $317,173,253)		317,173,253


Total Investment in Securities (cost $3,271,622,419)			$	3,911,276,707
Foreign currency held at value (cost $48,757)				48,158
Receivable for investments sold				16,380,158
Receivable for fund shares sold				1,915,957
Dividends receivable				178,974
Interest receivable				28,661
Distributions receivable from Fidelity Central Funds				165,949
Other receivables				40
Total assets				3,929,994,604
Liabilities
Payable for investments purchased	$	20,084,307
Payable for fund shares redeemed		2,496,561
Accrued management fee		1,810,003
Collateral on securities loaned		307,398,855
Total liabilities				331,789,726
Net Assets			$	3,598,204,878
Net Assets consist of:
Paid in capital			$	2,951,110,545
Total accumulated earnings (loss)				647,094,333
Net Assets			$	3,598,204,878
Net Asset Value, offering price and redemption price per share ($3,598,204,878 ÷ 200,964,767 shares)			$	17.90

Consolidated Statement of Operations
Year ended July 31, 2025
Investment Income
Dividends			$	13,589,140
Interest				8,231
Income from Fidelity Central Funds (including $1,139,176 from security lending)				3,213,787
Total income				16,811,158
Expenses
Management fee	$	20,531,843
Independent trustees' fees and expenses		13,232
Interest		25,911
Miscellaneous		25,527
Total expenses before reductions		20,596,513
Expense reductions		(15,638)
Total expenses after reductions				20,580,875
Net Investment income (loss)				(3,769,717)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		59,123,193
Foreign currency transactions		20,328
Total net realized gain (loss)				59,143,521
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		31,681,167
Unfunded commitments		(946,702)
Assets and liabilities in foreign currencies		(1,067)
Total change in net unrealized appreciation (depreciation)				30,733,398
Net gain (loss)				89,876,919
Net increase (decrease) in net assets resulting from operations			$	86,107,202

Consolidated Statement of Changes in Net Assets

		Year ended July 31, 2025		Year ended July 31, 2024
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(3,769,717)	$	(652,596)
Net realized gain (loss)		59,143,521		137,658,409
Change in net unrealized appreciation (depreciation)		30,733,398		340,816,942
Net increase (decrease) in net assets resulting from operations		86,107,202		477,822,755
Distributions to shareholders		(70,800,445)		(4,542,314)

Share transactions
Proceeds from sales of shares		1,679,219,445		1,018,435,284
Reinvestment of distributions		70,297,823		4,525,279
Cost of shares redeemed		(1,071,977,154)		(485,070,208)

Net increase (decrease) in net assets resulting from share transactions		677,540,114		537,890,355
Total increase (decrease) in net assets		692,846,871		1,011,170,796

Net Assets
Beginning of period		2,905,358,007		1,894,187,211
End of period	$	3,598,204,878	$	2,905,358,007

Other Information
Shares
Sold		94,589,078		65,251,514
Issued in reinvestment of distributions		4,031,806		329,111
Redeemed		(61,393,374)		(31,765,326)
Net increase (decrease)		37,227,510		33,815,299

Consolidated Financial Highlights

Fidelity® Small Cap Growth K6 Fund

Years ended July 31,		2025		2024		2023		2022		2021
Selected Per-Share Data
Net asset value, beginning of period	$	17.74	$	14.58	$	13.22	$	21.55	$	15.32
Income from Investment Operations
Net investment income (loss) A,B		(.02)		- C		.01		.01		(.03) D
Net realized and unrealized gain (loss)		.58		3.20		1.36		(3.11)		6.81
Total from investment operations		.56		3.20		1.37		(3.10)		6.78
Distributions from net investment income		(.28)		(.04)		(.01)		-		-
Distributions from net realized gain		(.12)		-		-		(5.23)		(.55)
Total distributions		(.40)		(.04)		(.01)		(5.23)		(.55)
Net asset value, end of period	$	17.90	$	17.74	$	14.58	$	13.22	$	21.55
Total Return E		3.24 %		21.98%		10.34%		(20.31)%		44.76%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.60%		.60%		.60%		.60%		.60%
Expenses net of fee waivers, if any		.60 %		.60%		.60%		.60%		.60%
Expenses net of all reductions, if any		.60%		.60%		.60%		.60%		.59%
Net investment income (loss)		(.11)%		(.03)%		.04%		.09%		(.14)% D
Supplemental Data
Net assets, end of period (000 omitted)	$	3,598,205	$	2,905,358	$	1,894,187	$	1,265,226	$	1,154,380
Portfolio turnover rate H		81 % I		85% I		76% I		81% I		119%

ACalculated based on average shares outstanding during the period.

CAmount represents less than $.005 per share.

DNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.01 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.22)%.

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

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

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

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

Notes to Consolidated Financial Statements

For the period ended July 31, 2025

1. Organization.

Fidelity Small Cap Growth K6 Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Consolidated Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity. Effective the close of business on October 16, 2024, new positions in the Fund may no longer be opened with certain exceptions.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%

A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

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

Level 1 - unadjusted quoted prices in active markets for identical investments

Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)

Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

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

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

Asset Type	Fair Value	Valuation Technique(s)	Unobservable Input	Amount or Range/Weighted Average	Impact to Valuation from an Increase in InputA
Common Stocks	$24,433,506	Market comparable	Enterprise value/Revenue multiple (EV/R)	2.8 - 7.5 / 3.2	Increase
			Enterprise value/Net income (EV/NI)	16.5	Increase
			Enterprise value/Gross profit multiple (EV/GP)	17.3	Increase
		Market approach	Parity price	$0.46	Increase
		Discounted cash flow	Discount rate	8.6% - 9.3% / 8.9%	Decrease
Convertible Corporate Bonds	$301,691	Market approach	Transaction price	$100.00	Increase
			Discount rate	23.5%	Decrease
			Probability rate	0.0% - 100.0% / 50.0%	Increase
Convertible Preferred Stocks	$22,530,267	Market comparable	Enterprise value/Revenue multiple (EV/R)	1.7 - 14.0 / 5.2	Increase
		Market approach	Transaction price	$0.41 - $8.61 / $3.12	Increase
			Discount rate	5.0% - 80.0% / 16.9%	Decrease
		Black scholes	Volatility	50.0% - 110.0% / 79.2%	Increase
			Discount rate	3.8% - 3.9% / 3.9%	Increase
			Term	3.0	Increase

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2025, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2025, the Fund did not have any unrecognized tax benefits in the consolidated financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), losses deferred due to wash sales and excise tax regulations.

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

Gross unrealized appreciation	$844,532,527
Gross unrealized depreciation	(213,086,097)
Net unrealized appreciation (depreciation)	$631,446,430
Tax Cost	$3,279,830,277

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

Undistributed long-term capital gain	$29,079,603
Net unrealized appreciation (depreciation) on securities and other investments	$631,443,822

The Fund intends to elect to defer to its next fiscal year $13,429,092 of ordinary losses recognized during the period January 1, 2025 to July 31, 2025.

The tax character of distributions paid was as follows:

	July 31, 2025	July 31, 2024
Ordinary Income	$49,300,854	$ 4,542,314
Long-term Capital Gains	21,499,591	-
Total	$70,800,445	$ 4,542,314

Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Consolidated Schedule of Investments, if applicable.

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

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

	Amount ($)	% of Net Assets
Fidelity Small Cap Growth K6 Fund	5,518,193	.15

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

At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.

4. Purchases and Sales of Investments.

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

	Purchases ($)	Sales ($)
Fidelity Small Cap Growth K6 Fund	3,317,322,788	2,713,124,516

Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets.

	Shares	Total Proceeds ($)
Fidelity Small Cap Growth K6 Fund	2,217,519	38,462,188

Prior Year Unaffiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets.

	Shares	Total Proceeds ($)
Fidelity Small Cap Growth K6 Fund	2,235,792	34,928,214

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .60% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:

	Amount ($)
Fidelity Small Cap Growth K6 Fund	106,516

	Borrower or Lender	Average Loan Balance ($)	Weighted Average Interest Rate	Interest Expense ($)
Fidelity Small Cap Growth K6 Fund	Borrower	12,641,875	4.61%	25,911

	Purchases ($)	Sales ($)	Realized Gain (Loss) ($)
Fidelity Small Cap Growth K6 Fund	178,450,732	204,859,578	(320,974)

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

	Amount ($)
Fidelity Small Cap Growth K6 Fund	40,615

6. Committed Line of Credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

7. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

	Total Security Lending Fees Paid to NFS ($)	Security Lending Income From Securities Loaned to NFS ($)	Value of Securities Loaned to NFS at Period End ($)
Fidelity Small Cap Growth K6 Fund	121,060	29,778	-

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Consolidated Schedule of Investments or Consolidated Statement of Assets and Liabilities.

	Amount ($)
Fidelity Small Cap Growth K6 Fund	2,617,054

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $15,638.

9. Other.

10. Risk and Uncertainties.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Securities Fund and Shareholders of Fidelity Small Cap Growth K6 Fund

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities, including the consolidated schedule of investments, of Fidelity Small Cap Growth K6 Fund and its subsidiary (one of the funds constituting Fidelity Securities Fund, referred to hereafter as the "Fund") as of July 31, 2025, the related consolidated statement of operations for the year ended July 31, 2025, the consolidated statement of changes in net assets for each of the two years in the period ended July 31, 2025, including the related notes, and the consolidated financial highlights for each of the five years in the period ended July 31, 2025 (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2025 and the financial highlights for each of the five years in the period ended July 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our procedures included confirmation of securities owned as of July 31, 2025 by correspondence with the custodian, issuers of privately offered securities and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

September 12, 2025

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

Distributions

(Unaudited)

The dividend and capital gains distributions for the fund(s) are available on Fidelity.com or Institutional.Fidelity.com.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2025, $29,079,603, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $1,528,801 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 17% and 54% of the dividends distributed in September and December, respectively during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 20.09% and 60.43% of the dividends distributed in September and December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 1.19% and 4.97% of the dividends distributed in September and December, respectively during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 9: Proxy Disclosures for Open-End Management Investment Companies

(Unaudited)

Note: This is not applicable for any fund included in this document.

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

(Unaudited)

Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies.

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

(Unaudited)

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Small Cap Growth K6 Fund

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

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

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 and pricing and bookkeeping services for the fund; (ii) the nature and extent of Fidelity's supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted by Fidelity to, and the record of compliance with, the fund's compliance policies and procedures, including with respect to liquidity risk management. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services. The Board also considered the fund's securities lending activities and any payments made to Fidelity relating to securities lending under a separate agreement.

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

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

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

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

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 recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a 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's consideration of these matters was informed by the most recent findings of the committee.

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

1.9884011.108

SCPK6-ANN-0925

Fidelity® Small Cap Growth Fund

Annual Report

July 31, 2025

Includes Fidelity and Fidelity Advisor share classes

Contents

Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)

Fidelity® Small Cap Growth Fund

Notes to Consolidated Financial Statements

Report of Independent Registered Public Accounting Firm

Distributions

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

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.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.

Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Annual Report)

Fidelity® Small Cap Growth Fund

Consolidated Schedule of Investments July 31, 2025

Showing Percentage of Net Assets

Common Stocks - 98.5%
	Shares	Value ($)
AUSTRALIA - 0.5%
Industrials - 0.4%
Aerospace & Defense - 0.4%
DroneShield Ltd (b)(c)	12,142,544	29,025,723
Information Technology - 0.1%
Electronic Equipment, Instruments & Components - 0.1%
Elsight Ltd (b)	5,978,142	6,676,180
TOTAL AUSTRALIA		35,701,903
BAHAMAS (NASSAU) - 0.3%
Consumer Discretionary - 0.3%
Diversified Consumer Services - 0.3%
OneSpaWorld Holdings Ltd	1,137,860	25,169,463
BELGIUM - 0.0%
Health Care - 0.0%
Health Care Equipment & Supplies - 0.0%
Nyxoah SA (United States) (b)(d)	451,327	3,366,899
CANADA - 1.8%
Consumer Discretionary - 0.3%
Specialty Retail - 0.3%
Aritzia Inc Subordinate Voting Shares (b)	448,822	24,089,847
Energy - 0.1%
Energy Equipment & Services - 0.1%
CES Energy Solutions Corp	1,873,738	9,804,129
Health Care - 0.3%
Biotechnology - 0.2%
Xenon Pharmaceuticals Inc (b)	478,931	14,626,553
Health Care Providers & Services - 0.1%
dentalcorp Holdings Ltd Subordinate Voting Shares	1,736,675	10,114,728
TOTAL HEALTH CARE		24,741,281

Information Technology - 0.7%
Electronic Equipment, Instruments & Components - 0.2%
Kraken Robotics Inc (b)	3,316,220	8,185,243
Software - 0.5%
Lumine Group Inc Subordinate Voting Shares (b)(c)	413,700	16,048,193
TECSYS Inc	593,378	15,763,744
		31,811,937
TOTAL INFORMATION TECHNOLOGY		39,997,180

Materials - 0.4%
Metals & Mining - 0.4%
G Mining Ventures Corp (b)	698,340	8,184,932
Orla Mining Ltd (b)	953,487	8,877,008
Torex Gold Resources Inc (b)	338,880	9,545,674
		26,607,614
TOTAL CANADA		125,240,051
DENMARK - 0.5%
Health Care - 0.5%
Biotechnology - 0.5%
Ascendis Pharma A/S ADR (b)	197,760	34,311,360
ISRAEL - 0.5%
Information Technology - 0.5%
Semiconductors & Semiconductor Equipment - 0.3%
Nova Ltd (b)	77,599	20,376,721
Software - 0.2%
Cellebrite DI Ltd (b)	1,302,897	18,214,500
TOTAL ISRAEL		38,591,221
ITALY - 0.8%
Consumer Discretionary - 0.3%
Hotels, Restaurants & Leisure - 0.2%
Lottomatica Group Spa	666,879	17,991,040
Leisure Products - 0.1%
Sanlorenzo SpA/Ameglia	141,230	4,770,682
TOTAL CONSUMER DISCRETIONARY		22,761,722

Industrials - 0.5%
Electrical Equipment - 0.5%
Prysmian SpA	447,855	35,767,275
TOTAL ITALY		58,528,997
JAPAN - 1.1%
Industrials - 0.5%
Professional Services - 0.5%
BayCurrent Inc	627,868	36,052,210
Information Technology - 0.6%
Semiconductors & Semiconductor Equipment - 0.6%
Allegro MicroSystems Inc (b)	1,269,981	39,890,103
TOTAL JAPAN		75,942,313
NETHERLANDS - 0.7%
Health Care - 0.7%
Biotechnology - 0.5%
Merus NV (b)	549,203	36,379,207
Pharmaceuticals - 0.2%
Pharvaris NV (b)	755,317	15,015,702
TOTAL NETHERLANDS		51,394,909
SWEDEN - 0.1%
Industrials - 0.1%
Trading Companies & Distributors - 0.1%
Alligo AB B Shares	886,490	9,508,537
TAIWAN - 0.1%
Information Technology - 0.1%
Semiconductors & Semiconductor Equipment - 0.1%
Silicon Motion Technology Corp ADR	112,299	8,595,365
THAILAND - 1.5%
Information Technology - 1.5%
Electronic Equipment, Instruments & Components - 1.5%
Fabrinet (b)	311,232	100,755,136
UNITED KINGDOM - 1.0%
Consumer Discretionary - 0.5%
Leisure Products - 0.5%
Games Workshop Group PLC	164,673	35,426,742
Energy - 0.5%
Energy Equipment & Services - 0.5%
TechnipFMC PLC	913,005	33,205,992
Financials - 0.0%
Banks - 0.0%
Starling Bank Ltd (e)	1,942,800	6,465,712
TOTAL UNITED KINGDOM		75,098,446
UNITED STATES - 89.6%
Communication Services - 2.7%
Entertainment - 0.3%
IMAX Corp (b)	933,596	24,077,441
Interactive Media & Services - 0.4%
Cars.com Inc (b)	1,134,420	14,599,985
ZoomInfo Technologies Inc (b)	1,371,354	14,851,764
		29,451,749
Media - 1.2%
Magnite Inc (b)(d)	2,174,515	50,035,591
MNTN Inc (f)	729,676	20,547,676
MNTN Inc Class A (d)	418,676	11,789,916
		82,373,183
Wireless Telecommunication Services - 0.8%
Gogo Inc (b)(d)	3,796,833	60,217,771
TOTAL COMMUNICATION SERVICES		196,120,144

Consumer Discretionary - 11.1%
Automobile Components - 0.8%
Modine Manufacturing Co (b)	446,130	60,031,253
Diversified Consumer Services - 1.5%
Adtalem Global Education Inc (b)	396,789	45,341,079
Grand Canyon Education Inc (b)	147,609	24,891,306
Stride Inc (b)	89,895	11,527,236
Universal Technical Institute Inc (b)(d)	854,255	27,524,096
		109,283,717
Hotels, Restaurants & Leisure - 4.4%
Boyd Gaming Corp	329,078	27,938,722
Brinker International Inc (b)	391,228	61,657,533
Cava Group Inc (b)	173,296	15,251,781
Cheesecake Factory Inc/The (d)	1,058,178	67,628,156
Dutch Bros Inc Class A (b)	273,436	16,206,552
Kura Sushi USA Inc Class A (b)(d)	235,133	20,630,569
Life Time Group Holdings Inc (b)	481,998	13,842,983
Planet Fitness Inc Class A (b)	138,162	15,085,909
Red Rock Resorts Inc Class A	325,953	19,997,217
Sportradar Holding AG Class A (b)	1,296,969	38,351,373
Wyndham Hotels & Resorts Inc	155,741	13,393,725
		309,984,520
Household Durables - 0.6%
Champion Homes Inc (b)	291,892	17,776,223
Somnigroup International Inc	378,394	27,388,158
		45,164,381
Leisure Products - 0.1%
Peloton Interactive Inc Class A (b)	941,145	6,719,774
Specialty Retail - 3.3%
Boot Barn Holdings Inc (b)	311,017	53,463,823
Chewy Inc Class A (b)	1,168,133	42,870,481
Fanatics Inc Class A (b)(e)(g)	726,062	44,217,176
Group 1 Automotive Inc	94,288	38,860,799
ThredUp Inc Class A (b)	362,631	2,995,332
Urban Outfitters Inc (b)	198,494	14,942,628
Warby Parker Inc Class A (b)	1,789,163	42,850,454
		240,200,693
Textiles, Apparel & Luxury Goods - 0.4%
Crocs Inc (b)	277,993	27,724,242
TOTAL CONSUMER DISCRETIONARY		799,108,580

Consumer Staples - 2.1%
Beverages - 0.8%
Primo Brands Corp Class A	656,792	18,134,027
Vita Coco Co Inc/The (b)	1,002,531	35,349,244
		53,483,271
Consumer Staples Distribution & Retail - 0.5%
US Foods Holding Corp (b)	456,495	38,039,728
Food Products - 0.4%
Simply Good Foods Co/The (b)	913,414	27,822,590
Tobacco - 0.4%
Turning Point Brands Inc	373,438	30,972,948
TOTAL CONSUMER STAPLES		150,318,537

Energy - 1.4%
Energy Equipment & Services - 0.4%
Cactus Inc Class A	707,967	29,954,084
Oil, Gas & Consumable Fuels - 1.0%
Antero Resources Corp (b)	758,855	26,506,805
Centrus Energy Corp Class A (b)(d)	142,796	30,758,258
Northern Oil & Gas Inc	507,622	14,294,636
		71,559,699
TOTAL ENERGY		101,513,783

Financials - 8.8%
Banks - 1.7%
East West Bancorp Inc	298,051	29,879,613
Eastern Bankshares Inc	1,755,141	27,116,928
First Bancorp/Southern Pines NC	439,350	22,007,042
Hancock Whitney Corp	236,332	14,113,747
Pathward Financial Inc	88,612	6,701,282
SouthState Corp	227,250	21,400,133
		121,218,745
Capital Markets - 4.2%
Houlihan Lokey Inc Class A	194,716	37,124,553
P10 Inc Class A (d)	2,007,536	24,692,693
Perella Weinberg Partners (g)	2,039,500	40,667,630
Perella Weinberg Partners Class A	495,227	9,874,826
Piper Sandler Cos	167,207	52,723,711
PJT Partners Inc Class A (d)	159,140	28,425,587
StepStone Group Inc Class A	586,028	34,786,622
StepStone Group Inc rights 12/31/2038 (b)(e)	31,066	2,038,862
Stifel Financial Corp	541,361	61,780,117
WisdomTree Inc (d)	943,088	12,514,778
		304,629,379
Consumer Finance - 1.0%
FirstCash Holdings Inc	326,282	43,490,128
SLM Corp	888,202	28,244,823
		71,734,951
Financial Services - 0.8%
HA Sustainable Infrastructure Capital Inc	626,805	16,278,125
Mr Cooper Group Inc (b)	126,446	19,690,171
Remitly Global Inc (b)	1,319,748	21,775,842
		57,744,138
Insurance - 1.1%
Baldwin Insurance Group Inc/The Class A (b)	533,907	19,669,134
Stewart Information Services Corp	360,396	23,400,512
Trupanion Inc (b)(d)	748,901	35,505,397
		78,575,043
TOTAL FINANCIALS		633,902,256

Health Care - 21.7%
Biotechnology - 9.9%
ADMA Biologics Inc (b)	974,885	18,230,350
Annexon Inc (b)	1,327,839	3,186,814
Apogee Therapeutics Inc (b)	279,575	10,696,540
Arcellx Inc (b)	482,293	34,430,897
ARS Pharmaceuticals Inc (b)(d)	405,105	7,162,256
Astria Therapeutics Inc (b)	1,350,472	9,345,266
Avidity Biosciences Inc (b)	497,275	18,254,965
Bicara Therapeutics Inc (b)(d)	462,635	5,139,875
Blueprint Medicines Corp rights (b)(e)	124,518	57,277
Boundless Bio Inc (b)	294,995	349,569
Bridgebio Pharma Inc (b)	203,928	9,639,677
Caris Life Sciences Inc (f)	334,544	9,393,996
Caris Life Sciences Inc (b)	15,155	425,552
Celldex Therapeutics Inc (b)	473,857	10,415,377
CG oncology Inc (b)(d)	830,451	22,164,737
Cogent Biosciences Inc (b)	3,123,917	35,675,132
Crescent Biopharma Inc (g)	113,421	1,408,689
Crinetics Pharmaceuticals Inc (b)	889,192	25,421,999
Cytokinetics Inc (b)	583,307	21,955,675
Day One Biopharmaceuticals Inc (b)	1,582,811	10,620,662
Denali Therapeutics Inc (b)	613,005	8,477,859
Disc Medicine Inc (b)	278,179	16,623,977
Insmed Inc (b)	276,524	29,665,495
Jade Biosciences Inc	347,415	2,497,914
Janux Therapeutics Inc (b)	694,521	16,678,922
Kiniksa Pharmaceuticals International Plc Class A (b)	488,852	14,792,662
Korro Bio Inc (b)	51,448	769,662
Legend Biotech Corp ADR (b)	460,507	17,992,008
Madrigal Pharmaceuticals Inc (b)(d)	154,022	46,593,195
MoonLake Immunotherapeutics Class A (b)	236,975	11,953,019
Neurogene Inc (b)(d)	288,072	6,271,327
Nurix Therapeutics Inc (b)	948,302	10,677,881
Nuvalent Inc Class A (b)	511,204	40,052,833
Oruka Therapeutics Inc	553,410	7,520,842
Perspective Therapeutics Inc (b)	1,160,700	4,457,088
Revolution Medicines Inc (b)	281,417	10,488,412
Rhythm Pharmaceuticals Inc (b)	597,058	50,887,253
Scholar Rock Holding Corp (b)	47,759	1,769,471
Soleno Therapeutics Inc (b)	496,057	42,894,049
Spyre Therapeutics Inc (b)	503,397	8,542,647
Ultragenyx Pharmaceutical Inc (b)	379,630	10,371,492
Upstream Bio Inc	1,222,992	18,724,008
Veracyte Inc (b)	738,940	17,372,479
Vericel Corp (b)	713,958	24,945,693
Viking Therapeutics Inc (b)(d)	322,331	10,498,321
Viridian Therapeutics Inc (b)	1,077,273	18,873,823
Zenas Biopharma Inc (d)	479,086	7,526,441
		711,894,078
Health Care Equipment & Supplies - 4.3%
Artivion Inc (b)	479,327	14,815,998
Ceribell Inc	1,335,885	19,236,744
Glaukos Corp (b)	131,011	11,278,737
Insulet Corp (b)	103,136	29,744,422
Integer Holdings Corp (b)	214,392	23,263,676
Lantheus Holdings Inc (b)	533,789	38,000,439
Masimo Corp (b)	261,224	40,173,639
NeuroPace Inc (b)	409,862	3,487,926
Penumbra Inc (b)	157,391	39,705,028
PROCEPT BioRobotics Corp (b)(d)	487,442	23,645,811
Pulmonx Corp (b)	1,489,080	2,739,907
Shoulder Innovations Inc (f)(g)	661,616	9,957,321
Shoulder Innovations Inc	122,300	1,840,615
TransMedics Group Inc (b)(d)	458,951	54,601,400
		312,491,663
Health Care Providers & Services - 5.1%
Alignment Healthcare Inc (b)	1,496,277	20,618,697
BrightSpring Health Services Inc (b)	2,711,917	56,001,086
Ensign Group Inc/The	490,917	73,637,550
GeneDx Holdings Corp Class A (b)	21,384	2,180,099
Guardant Health Inc (b)	219,552	8,997,241
HealthEquity Inc (b)	499,374	48,439,278
Hims & Hers Health Inc Class A (b)(d)	527,543	34,912,796
LifeStance Health Group Inc (b)	4,168,989	16,592,576
Pennant Group Inc/The (b)	820,781	18,196,715
Privia Health Group Inc (b)	1,509,439	29,464,249
Progyny Inc (b)	1,722,369	40,492,895
Surgery Partners Inc (b)	788,318	17,303,580
		366,836,762
Health Care Technology - 0.6%
Doximity Inc Class A (b)	186,822	10,975,793
Schrodinger Inc/United States (b)	116,051	2,359,317
Waystar Holding Corp (b)	725,280	26,820,854
		40,155,964
Life Sciences Tools & Services - 0.4%
Charles River Laboratories International Inc (b)	101,401	17,201,666
Veterinary Emergency Group (b)(e)(g)(h)	190,561	15,370,650
		32,572,316
Pharmaceuticals - 1.4%
Amylyx Pharmaceuticals Inc (b)	1,148,861	9,225,354
Axsome Therapeutics Inc (b)	296,455	30,054,608
Corcept Therapeutics Inc (b)(d)	307,775	20,673,247
Enliven Therapeutics Inc (b)	1,072,854	20,180,384
Enliven Therapeutics Inc (b)(g)	266,907	5,020,520
Liquidia Corp (b)(d)	603,719	11,283,508
Structure Therapeutics Inc ADR (b)	427,449	7,608,592
		104,046,213
TOTAL HEALTH CARE		1,567,996,996

Industrials - 22.4%
Aerospace & Defense - 3.5%
AeroVironment Inc (b)(d)	70,990	18,999,764
ATI Inc (b)	526,953	40,543,765
BWX Technologies Inc	185,095	28,121,483
Karman Holdings Inc	643,602	33,274,223
Leonardo DRS Inc	534,842	22,249,427
Mercury Systems Inc (b)	616,232	32,407,641
Redwire Corp Class A (b)(d)	803,729	11,485,287
V2X Inc (b)	554,273	26,261,455
Woodward Inc	141,492	36,374,763
		249,717,808
Building Products - 2.2%
Armstrong World Industries Inc	82,070	15,443,112
AZZ Inc	669,202	73,277,619
Simpson Manufacturing Co Inc	80,640	14,469,235
Tecnoglass Inc	730,641	57,011,917
		160,201,883
Commercial Services & Supplies - 1.2%
ACV Auctions Inc Class A (b)	1,755,306	24,942,898
GEO Group Inc/The (b)	867,426	22,483,682
HNI Corp	331,179	17,035,848
Montrose Environmental Group Inc (b)	44,852	1,017,692
OPENLANE Inc (b)	883,567	21,771,091
		87,251,211
Construction & Engineering - 4.4%
Comfort Systems USA Inc	52,788	37,125,800
Construction Partners Inc Class A (b)	297,482	30,001,060
Dycom Industries Inc (b)	123,621	33,230,561
Fluor Corp (b)	1,055,715	59,932,941
Granite Construction Inc	119,149	11,256,006
IES Holdings Inc (b)	120,983	42,715,468
Sterling Infrastructure Inc (b)	279,097	74,683,566
Valmont Industries Inc	83,252	30,299,565
		319,244,967
Electrical Equipment - 1.3%
Acuity Inc	93,228	29,026,538
NEXTracker Inc Class A (b)	841,813	49,044,025
NuScale Power Corp Class A (b)(d)	251,358	12,620,685
		90,691,248
Machinery - 4.2%
Crane Co	137,631	26,944,021
Esab Corp	298,345	40,028,949
Federal Signal Corp	212,939	26,951,689
Gates Industrial Corp PLC (b)	1,268,724	31,464,355
ITT Inc	260,188	44,221,553
JBT Marel Corp	281,450	38,783,810
Mueller Industries Inc	312,720	26,696,906
RBC Bearings Inc (b)	73,244	28,370,331
REV Group Inc	816,258	40,445,584
		303,907,198
Passenger Airlines - 0.5%
Alaska Air Group Inc (b)	661,976	35,058,248
Professional Services - 3.6%
CACI International Inc (b)	52,944	24,384,418
Cbiz Inc (b)	430,077	26,286,306
ExlService Holdings Inc (b)	589,113	25,585,178
First Advantage Corp (b)(d)	916,769	15,850,936
FTI Consulting Inc (b)	130,017	21,628,328
Huron Consulting Group Inc (b)	342,310	45,212,305
KBR Inc	354,535	16,570,966
Paycom Software Inc	134,313	31,098,832
Paylocity Holding Corp (b)	79,585	14,713,675
UL Solutions Inc Class A	221,645	16,206,682
Verra Mobility Corp Class A (b)	1,023,284	25,848,154
		263,385,780
Trading Companies & Distributors - 1.5%
Applied Industrial Technologies Inc	120,480	32,710,320
Herc Holdings Inc	220,403	25,745,274
Xometry Inc Class A (b)(d)	1,552,416	50,205,134
		108,660,728
TOTAL INDUSTRIALS		1,618,119,071

Information Technology - 16.0%
Communications Equipment - 0.5%
Lumentum Holdings Inc (b)	324,771	35,750,792
Electronic Equipment, Instruments & Components - 5.1%
Advanced Energy Industries Inc	332,642	46,210,627
Badger Meter Inc	66,942	12,635,971
Belden Inc	345,604	42,733,935
Mirion Technologies Inc Class A (b)	832,905	18,615,427
Novanta Inc (b)	123,317	15,170,456
OSI Systems Inc (b)(d)	407,588	90,081,024
PAR Technology Corp (b)(d)	396,641	24,107,840
Sanmina Corp (b)	195,094	22,638,708
TD SYNNEX Corp	320,307	46,249,128
TTM Technologies Inc (b)	618,771	29,236,930
Vontier Corp	564,044	23,390,905
		371,070,951
IT Services - 0.8%
Kyndryl Holdings Inc (b)	1,468,569	55,467,851
Semiconductors & Semiconductor Equipment - 3.7%
Aehr Test Systems (b)(d)	897,421	15,166,415
Credo Technology Group Holding Ltd (b)	722,292	80,571,673
Impinj Inc (b)	130,615	20,190,467
MACOM Technology Solutions Holdings Inc (b)	391,489	53,688,801
Rambus Inc (b)	687,801	50,849,128
Rigetti Computing Inc Class A (b)(d)	412,780	5,985,310
SiTime Corp (b)(d)	159,779	32,411,170
Veeco Instruments Inc (b)(d)	341,613	7,098,718
		265,961,682
Software - 5.7%
Algolia Inc (b)(e)(g)	234,640	4,575,480
Alkami Technology Inc (b)(d)	693,121	15,449,667
Clearwater Analytics Holdings Inc Class A (b)	511,662	10,366,272
Commvault Systems Inc (b)	277,252	52,664,017
Figma Inc Class A	900	103,950
Intapp Inc (b)	690,152	27,640,588
InterDigital Inc (d)	126,108	32,561,086
Life360 Inc (b)(d)	308,755	23,647,545
Monday.com Ltd (b)	207,927	54,537,174
nCino Inc (b)(d)	1,280,599	35,760,727
Pegasystems Inc	347,889	20,424,563
Q2 Holdings Inc (b)	410,646	33,344,455
SPS Commerce Inc (b)	198,477	21,607,199
Tenable Holdings Inc (b)	551,033	17,252,843
Varonis Systems Inc (b)	394,426	22,020,804
Weave Communications Inc (b)	2,786,753	20,343,297
Workiva Inc Class A (b)	233,821	14,924,794
Zeta Global Holdings Corp Class A (b)	401,705	6,286,683
		413,511,144
Technology Hardware, Storage & Peripherals - 0.2%
IonQ Inc (b)(d)	334,235	13,325,949
TOTAL INFORMATION TECHNOLOGY		1,155,088,369

Materials - 1.8%
Chemicals - 0.5%
Axalta Coating Systems Ltd (b)	554,218	15,695,454
Element Solutions Inc	922,685	21,775,366
		37,470,820
Metals & Mining - 0.8%
Carpenter Technology Corp	216,228	53,925,101
Paper & Forest Products - 0.5%
Louisiana-Pacific Corp	406,325	36,735,843
TOTAL MATERIALS		128,131,764

Real Estate - 1.4%
Hotel & Resort REITs - 0.3%
Ryman Hospitality Properties Inc	237,306	22,558,308
Industrial REITs - 0.2%
Terreno Realty Corp	314,066	17,427,522
Real Estate Management & Development - 0.9%
Compass Inc Class A (b)	5,256,029	41,732,871
Landbridge Co LLC Class A (d)	372,248	21,099,017
		62,831,888
TOTAL REAL ESTATE		102,817,718

Utilities - 0.2%
Electric Utilities - 0.2%
IDACORP Inc (d)	133,127	16,684,807
TOTAL UNITED STATES		6,469,802,025
TOTAL COMMON STOCKS (Cost $5,680,476,783)		7,112,006,625

Convertible Corporate Bonds - 0.0%
	Principal Amount (a)	Value ($)
UNITED STATES - 0.0%
Health Care - 0.0%
Health Care Technology - 0.0%
Wugen Inc 10% 12/31/2199 (e)(g) (Cost $1,379,633)	1,379,633	1,642,177

Convertible Preferred Stocks - 1.2%
	Shares	Value ($)
UNITED STATES - 1.2%
Health Care - 0.3%
Biotechnology - 0.3%
Bright Peak Therapeutics Inc. Series B (b)(e)(g)	1,079,522	1,651,669
Bright Peak Therapeutics Inc. Series C (b)(e)(g)	2,205,558	2,404,058
Endeavor BioMedicines Inc Series C (b)(e)(g)	556,156	2,903,134
LifeMine Therapeutics Inc Series C (b)(e)(g)	2,048,403	2,417,116
Sonoma Biotherapeutics Inc Series B (b)(e)(g)	2,370,360	6,020,714
Sonoma Biotherapeutics Inc Series B1 (b)(e)(g)	1,264,171	3,678,738
T-Knife Therapeutics Inc Series B (b)(e)(g)	1,097,257	1,492,270
Treeline Biosciences Series A (b)(e)(g)	115,000	685,399
		21,253,098
Health Care Technology - 0.0%
Wugen Inc Series B (b)(e)(g)	326,496	489,744
TOTAL HEALTH CARE		21,742,842

Industrials - 0.6%
Construction & Engineering - 0.6%
Beta Technologies Inc Series A (b)(e)(g)	278,129	31,837,427
Beta Technologies Inc Series B, 6% (b)(e)(g)	85,106	11,815,266
		43,652,693
Information Technology - 0.3%
Communications Equipment - 0.2%
Astranis Space Technologies Corp Series C (b)(e)(g)	557,717	6,620,101
Astranis Space Technologies Corp Series C (b)(e)(g)	87,241	1,035,550
Astranis Space Technologies Corp Series D (b)(e)(g)	620,825	5,134,223
		12,789,874
IT Services - 0.0%
Yanka Industries Inc Series E (b)(e)(g)	869,641	2,330,638
Yanka Industries Inc Series F (b)(e)(g)	127,716	549,179
		2,879,817
Software - 0.1%
Algolia Inc Series D (b)(e)(g)	53,800	1,049,100
Lyte Ai Inc Series B (e)(g)	97,800	1,106,118
Skyryse Inc Series B (b)(e)(g)	62,100	1,630,746
		3,785,964
TOTAL INFORMATION TECHNOLOGY		19,455,655

TOTAL UNITED STATES		84,851,190
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $100,730,633)		84,851,190

Money Market Funds - 7.3%
	Yield (%)	Shares	Value ($)
Fidelity Cash Central Fund (i)	4.33	44,839,043	44,848,011
Fidelity Securities Lending Cash Central Fund (i)(j)	4.33	485,552,962	485,601,517
TOTAL MONEY MARKET FUNDS (Cost $530,449,528)			530,449,528

TOTAL INVESTMENT IN SECURITIES - 107.0% (Cost $6,313,036,577)	7,728,949,520
NET OTHER ASSETS (LIABILITIES) - (7.0)%	(502,375,436)
NET ASSETS - 100.0%	7,226,574,084

Legend

(a)	Amount is stated in United States dollars unless otherwise noted.

(b)	Non-income producing.

(c)	Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $45,073,916 or 0.6% of net assets.

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

(e)	Level 3 security

(f)

Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $39,898,993 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.

(g)	Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $207,710,833 or 2.9% of net assets.

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

(i)

(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 ($)
Algolia Inc	10/27/21	6,862,059

Algolia Inc Series D	7/23/21	1,573,384

Astranis Space Technologies Corp Series C	3/19/21	12,225,675

Astranis Space Technologies Corp Series C	4/05/23	1,912,404

Astranis Space Technologies Corp Series D	4/25/24 - 12/06/24	5,799,995

Beta Technologies Inc Series A	4/09/21	20,378,512

Beta Technologies Inc Series B, 6%	4/04/22	8,780,386

Bright Peak Therapeutics Inc. Series B	5/14/21	4,216,613

Bright Peak Therapeutics Inc. Series C	5/07/24	2,500,000

Crescent Biopharma Inc	10/28/24	1,500,000

Endeavor BioMedicines Inc Series C	4/22/24	3,628,695

Enliven Therapeutics Inc	3/19/24	3,736,698

Fanatics Inc Class A	8/13/20 - 3/22/21	12,874,623

LifeMine Therapeutics Inc Series C	2/15/22	4,171,757

Lyte Ai Inc Series B	8/13/24	1,240,701

Perella Weinberg Partners	12/29/20	20,395,000

Shoulder Innovations Inc	7/18/25	9,416,600

Skyryse Inc Series B	10/21/21	1,532,626

Sonoma Biotherapeutics Inc Series B	7/26/21	4,684,542

Sonoma Biotherapeutics Inc Series B1	7/26/21	3,747,635

T-Knife Therapeutics Inc Series B	6/30/21	6,329,856

Treeline Biosciences Series A	7/30/21	900,163

Veterinary Emergency Group	9/16/21 - 3/17/22	9,329,011

Wugen Inc 10% 12/31/2199	6/14/24	1,379,633

Wugen Inc Series B	7/09/21	2,531,944

Yanka Industries Inc Series E	5/15/20	10,504,568

Yanka Industries Inc Series F	4/08/21	4,071,177

Additional information on each lock-up restriction is as follows:
Security	Restriction Expiration Date
Caris Life Sciences Inc	12/15/2025

MNTN Inc	11/18/2025

Shoulder Innovations Inc	1/27/2026

Affiliated Central Funds

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

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period	% ownership, end of period
Fidelity Cash Central Fund	52,503,286	1,714,914,763	1,722,570,038	1,153,019	-	-	44,848,011	44,839,043	0.1%
Fidelity Securities Lending Cash Central Fund	277,060,862	2,213,899,227	2,005,358,572	1,305,772	-	-	485,601,517	485,552,962	1.8%
Total	329,564,148	3,928,813,990	3,727,928,610	2,458,791	-	-	530,449,528

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Other Affiliated Issuers

Affiliate	Value, beginning of period ($)	Purchases ($)	Sales Proceeds ($)	Dividend Income ($)	Realized Gain (loss) ($)	Change in Unrealized appreciation (depreciation) ($)	Value, end of period ($)	Shares, end of period
Lovesac Co/The	32,890,851	-	28,922,093	-	(7,550,624)	3,581,866	-	-
Total	32,890,851	-	28,922,093	-	(7,550,624)	3,581,866	-

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Investment Valuation

Valuation Inputs at Reporting Date:
Description	Total ($)	Level 1 ($)	Level 2 ($)	Level 3 ($)
Investments in Securities:

Common Stocks
Communication Services	196,120,144	196,120,144	-	-
Consumer Discretionary	906,556,354	862,339,178	-	44,217,176
Consumer Staples	150,318,537	150,318,537	-	-
Energy	144,523,904	144,523,904	-	-
Financials	640,367,968	631,863,394	-	8,504,574
Health Care	1,681,811,445	1,666,383,518	-	15,427,927
Industrials	1,728,472,816	1,627,627,608	100,845,208	-
Information Technology	1,389,593,554	1,378,341,894	6,676,180	4,575,480
Materials	154,739,378	154,739,378	-	-
Real Estate	102,817,718	102,817,718	-	-
Utilities	16,684,807	16,684,807	-	-

Convertible Corporate Bonds
Health Care	1,642,177	-	-	1,642,177

Convertible Preferred Stocks
Health Care	21,742,842	-	-	21,742,842
Industrials	43,652,693	-	-	43,652,693
Information Technology	19,455,655	-	-	19,455,655

Money Market Funds	530,449,528	530,449,528	-	-
Total Investments in Securities:	7,728,949,520	7,462,209,608	107,521,388	159,218,524

	Beginning Balance ($)	Net Realized Gain (Loss) on Investment Securities ($)	Net Unrealized Gain (Loss) on Investment Securities ($)	Cost of Purchases ($)	Proceeds of Sales ($)	Amortization/ Accretion ($)	Transfers into Level 3 ($)	Transfers out of Level 3 ($)	Ending Balance ($)	The change in unrealized gain (loss) for the period attributable to Level 3 securities held at July 31, 2025 ($)
Common Stocks	70,452,235	222,842	5,844,550	7,938,248	(11,732,718)	-	-	-	72,725,157	6,388,228
Convertible Preferred Stocks	97,720,427	(12,368,032)	16,838,216	5,740,692	(23,080,113)	-	-	-	84,851,190	(6,693,412)
Convertible Corporate Bonds	1,411,227	(398,614)	629,564	-	-	-	-	-	1,642,177	230,951
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's consolidated Statement of Operations.

Consolidated Financial Statements

Consolidated Statement of Assets and Liabilities
As of July 31, 2025
Assets
Investment in securities, at value (including securities loaned of $469,015,517) - See accompanying schedule:
Unaffiliated issuers (cost $5,782,587,049)	$	7,198,499,992
Fidelity Central Funds (cost $530,449,528)		530,449,528


Total Investment in Securities (cost $6,313,036,577)			$	7,728,949,520
Foreign currency held at value (cost $60)				59
Receivable for investments sold				32,127,522
Receivable for fund shares sold				1,330,749
Dividends receivable				366,515
Interest receivable				156,007
Distributions receivable from Fidelity Central Funds				242,842
Prepaid expenses				1,171
Total assets				7,763,174,385
Liabilities
Payable for investments purchased	$	40,331,022
Payable for fund shares redeemed		5,144,990
Accrued management fee		5,257,781
Distribution and service plan fees payable		150,677
Other payables and accrued expenses		125,263
Collateral on securities loaned		485,590,568
Total liabilities				536,600,301
Net Assets			$	7,226,574,084
Net Assets consist of:
Paid in capital			$	5,564,616,699
Total accumulated earnings (loss)				1,661,957,385
Net Assets			$	7,226,574,084

Net Asset Value and Maximum Offering Price
Class A :
Net Asset Value and redemption price per share ($372,910,793 ÷ 12,003,174 shares)(a)			$	31.07
Maximum offering price per share (100/94.25 of $31.07)			$	32.97
Class M :
Net Asset Value and redemption price per share ($96,069,658 ÷ 3,294,905 shares)(a)			$	29.16
Maximum offering price per share (100/96.50 of $29.16)			$	30.22
Class C :
Net Asset Value and offering price per share ($37,545,265 ÷ 1,506,714 shares)(a)			$	24.92
Small Cap Growth :
Net Asset Value, offering price and redemption price per share ($2,910,591,387 ÷ 86,699,559 shares)			$	33.57
Class I :
Net Asset Value, offering price and redemption price per share ($1,142,931,764 ÷ 33,956,507 shares)			$	33.66
Class Z :
Net Asset Value, offering price and redemption price per share ($2,666,525,217 ÷ 78,551,516 shares)			$	33.95
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

Consolidated Statement of Operations
Year ended July 31, 2025
Investment Income
Dividends			$	28,920,165
Interest				57,337
Income from Fidelity Central Funds (including $1,305,772 from security lending)				2,458,791
Total income				31,436,293
Expenses
Management fee
Basic fee	$	55,037,719
Performance adjustment		8,292,973
Distribution and service plan fees		1,924,049
Custodian fees and expenses		195,800
Independent trustees' fees and expenses		30,027
Registration fees		194,349
Audit fees		87,704
Legal		10,296
Interest		159,334
Miscellaneous		82,686
Total expenses				66,014,937
Net Investment income (loss)				(34,578,644)
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment Securities:
Unaffiliated issuers		413,023,582
Redemptions in-kind		11,619,849
Affiliated issuers		(7,550,624)
Foreign currency transactions		64,549
Total net realized gain (loss)				417,157,356
Change in net unrealized appreciation (depreciation) on:
Investment Securities:
Unaffiliated issuers		(185,572,759)
Affiliated issuers		3,581,866
Unfunded commitments		(2,547,122)
Assets and liabilities in foreign currencies		(6,517)
Total change in net unrealized appreciation (depreciation)				(184,544,532)
Net gain (loss)				232,612,824
Net increase (decrease) in net assets resulting from operations			$	198,034,180

Consolidated Statement of Changes in Net Assets

		Year ended July 31, 2025		Year ended July 31, 2024
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(34,578,644)	$	(25,714,295)
Net realized gain (loss)		417,157,356		435,198,535
Change in net unrealized appreciation (depreciation)		(184,544,532)		807,823,915
Net increase (decrease) in net assets resulting from operations		198,034,180		1,217,308,155
Distributions to shareholders		(107,192,580)		-

Share transactions - net increase (decrease)		(353,846,785)		784,026,430
Total increase (decrease) in net assets		(263,005,185)		2,001,334,585

Net Assets
Beginning of period		7,489,579,269		5,488,244,684
End of period	$	7,226,574,084	$	7,489,579,269

Consolidated Financial Highlights

Fidelity Advisor® Small Cap Growth Fund Class A

Years ended July 31,		2025		2024		2023		2022		2021
Selected Per-Share Data
Net asset value, beginning of period	$	30.63	$	25.34	$	23.12	$	34.89	$	26.64
Income from Investment Operations
Net investment income (loss) A,B		(.23)		(.19)		(.17)		(.17)		(.26) C
Net realized and unrealized gain (loss)		1.04		5.48		2.39		(5.58)		11.27
Total from investment operations		.81		5.29		2.22		(5.75)		11.01
Distributions from net investment income		(.23)		-		-		-		-
Distributions from net realized gain		(.14)		-		-		(6.02)		(2.76)
Total distributions		(.37)		-		-		(6.02)		(2.76)
Net asset value, end of period	$	31.07	$	30.63	$	25.34	$	23.12	$	34.89
Total Return D,E		2.69 %		20.88%		9.60%		(20.62)%		44.21%
Ratios to Average Net Assets B,F,G
Expenses before reductions		1.17%		1.27%		1.32%		1.29%		1.29%
Expenses net of fee waivers, if any		1.17 %		1.26%		1.32%		1.29%		1.29%
Expenses net of all reductions, if any		1.17%		1.26%		1.32%		1.29%		1.28%
Net investment income (loss)		(.75)%		(.71)%		(.71)%		(.61)%		(.82)% C
Supplemental Data
Net assets, end of period (000 omitted)	$	372,911	$	388,894	$	295,801	$	287,905	$	387,793
Portfolio turnover rate H		77 % I		84% I		75% I		79% I		107%

ACalculated based on average shares outstanding during the period.

CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.91)%.

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

ETotal returns do not include the effect of the sales charges.

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

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

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

Fidelity Advisor® Small Cap Growth Fund Class M

Years ended July 31,		2025		2024		2023		2022		2021
Selected Per-Share Data
Net asset value, beginning of period	$	28.78	$	23.87	$	21.83	$	33.27	$	25.56
Income from Investment Operations
Net investment income (loss) A,B		(.28)		(.24)		(.21)		(.22)		(.33) C
Net realized and unrealized gain (loss)		.97		5.15		2.25		(5.28)		10.77
Total from investment operations		.69		4.91		2.04		(5.50)		10.44
Distributions from net investment income		(.17)		-		-		-		-
Distributions from net realized gain		(.14)		-		-		(5.94)		(2.73)
Total distributions		(.31)		-		-		(5.94)		(2.73)
Net asset value, end of period	$	29.16	$	28.78	$	23.87	$	21.83	$	33.27
Total Return D,E		2.44 %		20.57%		9.34%		(20.85)%		43.82%
Ratios to Average Net Assets B,F,G
Expenses before reductions		1.42%		1.52%		1.58%		1.54%		1.55%
Expenses net of fee waivers, if any		1.42 %		1.51%		1.57%		1.54%		1.55%
Expenses net of all reductions, if any		1.42%		1.51%		1.57%		1.54%		1.53%
Net investment income (loss)		(1.00)%		(.97)%		(.97)%		(.86)%		(1.08)% C
Supplemental Data
Net assets, end of period (000 omitted)	$	96,070	$	96,688	$	76,283	$	70,182	$	98,005
Portfolio turnover rate H		77 % I		84% I		75% I		79% I		107%

ACalculated based on average shares outstanding during the period.

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

ETotal returns do not include the effect of the sales charges.

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

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

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

Fidelity Advisor® Small Cap Growth Fund Class C

Years ended July 31,		2025		2024		2023		2022		2021
Selected Per-Share Data
Net asset value, beginning of period	$	24.67	$	20.56	$	18.90	$	29.58	$	23.07
Income from Investment Operations
Net investment income (loss) A,B		(.37)		(.31)		(.28)		(.31)		(.43) C
Net realized and unrealized gain (loss)		.84		4.42		1.94		(4.54)		9.62
Total from investment operations		.47		4.11		1.66		(4.85)		9.19
Distributions from net investment income		(.08)		-		-		-		-
Distributions from net realized gain		(.14)		-		-		(5.83)		(2.68)
Total distributions		(.22)		-		-		(5.83)		(2.68)
Net asset value, end of period	$	24.92	$	24.67	$	20.56	$	18.90	$	29.58
Total Return D,E		1.91 %		19.99%		8.78%		(21.24)%		43.07%
Ratios to Average Net Assets B,F,G
Expenses before reductions		1.92%		2.03%		2.08%		2.05%		2.06%
Expenses net of fee waivers, if any		1.92 %		2.02%		2.08%		2.05%		2.06%
Expenses net of all reductions, if any		1.92%		2.02%		2.08%		2.05%		2.05%
Net investment income (loss)		(1.50)%		(1.47)%		(1.48)%		(1.37)%		(1.59)% C
Supplemental Data
Net assets, end of period (000 omitted)	$	37,545	$	52,767	$	51,891	$	59,768	$	88,239
Portfolio turnover rate H		77 % I		84% I		75% I		79% I		107%

ACalculated based on average shares outstanding during the period.

CNet investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.02 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.68)%.

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

ETotal returns do not include the effect of the contingent deferred sales charge.

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

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

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

Fidelity® Small Cap Growth Fund

Years ended July 31,		2025		2024		2023		2022		2021
Selected Per-Share Data
Net asset value, beginning of period	$	33.06	$	27.27	$	24.81	$	37.02	$	28.07
Income from Investment Operations
Net investment income (loss) A,B		(.15)		(.12)		(.11)		(.10)		(.18) C
Net realized and unrealized gain (loss)		1.12		5.91		2.57		(6.00)		11.92
Total from investment operations		.97		5.79		2.46		(6.10)		11.74
Distributions from net investment income		(.32)		-		-		-		-
Distributions from net realized gain		(.14)		-		-		(6.11)		(2.79)
Total distributions		(.46)		-		-		(6.11)		(2.79)
Net asset value, end of period	$	33.57	$	33.06	$	27.27	$	24.81	$	37.02
Total Return D		2.97 %		21.23%		9.92%		(20.42)%		44.60%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.88%		.99%		1.05%		1.02%		1.00%
Expenses net of fee waivers, if any		.88 %		.98%		1.05%		1.01%		1.00%
Expenses net of all reductions, if any		.88%		.98%		1.05%		1.01%		.99%
Net investment income (loss)		(.46)%		(.43)%		(.44)%		(.33)%		(.53)% C
Supplemental Data
Net assets, end of period (000 omitted)	$	2,910,591	$	3,194,599	$	2,766,171	$	2,747,002	$	4,540,695
Portfolio turnover rate G		77 % H		84% H		75% H		79% H		107%

ACalculated based on average shares outstanding during the period.

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

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

FExpense 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.

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

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

Fidelity Advisor® Small Cap Growth Fund Class I

Years ended July 31,		2025		2024		2023		2022		2021
Selected Per-Share Data
Net asset value, beginning of period	$	33.16	$	27.36	$	24.90	$	37.13	$	28.15
Income from Investment Operations
Net investment income (loss) A,B		(.16)		(.13)		(.11)		(.10)		(.19) C
Net realized and unrealized gain (loss)		1.12		5.93		2.57		(6.03)		11.96
Total from investment operations		.96		5.80		2.46		(6.13)		11.77
Distributions from net investment income		(.32)		-		-		-		-
Distributions from net realized gain		(.14)		-		-		(6.10)		(2.79)
Total distributions		(.46)		-		-		(6.10)		(2.79)
Net asset value, end of period	$	33.66	$	33.16	$	27.36	$	24.90	$	37.13
Total Return D		2.92 %		21.20%		9.88%		(20.42)%		44.57%
Ratios to Average Net Assets B,E,F
Expenses before reductions		.92%		1.01%		1.07%		1.04%		1.04%
Expenses net of fee waivers, if any		.92 %		1.01%		1.06%		1.03%		1.04%
Expenses net of all reductions, if any		.92%		1.01%		1.06%		1.03%		1.03%
Net investment income (loss)		(.50)%		(.46)%		(.46)%		(.35)%		(.57)% C
Supplemental Data
Net assets, end of period (000 omitted)	$	1,142,932	$	1,228,751	$	660,166	$	606,422	$	775,746
Portfolio turnover rate G		77 % H		84% H		75% H		79% H		107%

ACalculated based on average shares outstanding during the period.

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

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

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

Fidelity Advisor® Small Cap Growth Fund Class Z

Years ended July 31,		2025		2024		2023		2022		2021
Selected Per-Share Data
Net asset value, beginning of period	$	33.45	$	27.56	$	25.04	$	37.32	$	28.26
Income from Investment Operations
Net investment income (loss) A,B		(.13)		(.09)		(.08)		(.06)		(.15) C
Net realized and unrealized gain (loss)		1.13		5.98		2.60		(6.06)		12.01
Total from investment operations		1.00		5.89		2.52		(6.12)		11.86
Distributions from net investment income		(.37)		-		-		-		-
Distributions from net realized gain		(.14)		-		-		(6.16)		(2.80)
Total distributions		(.50) D		-		-		(6.16)		(2.80)
Net asset value, end of period	$	33.95	$	33.45	$	27.56	$	25.04	$	37.32
Total Return E		3.05 %		21.37%		10.06%		(20.33)%		44.75%
Ratios to Average Net Assets B,F,G
Expenses before reductions		.80%		.88%		.93%		.90%		.90%
Expenses net of fee waivers, if any		.80 %		.88%		.92%		.90%		.90%
Expenses net of all reductions, if any		.80%		.88%		.92%		.90%		.89%
Net investment income (loss)		(.38)%		(.33)%		(.32)%		(.22)%		(.43)% C
Supplemental Data
Net assets, end of period (000 omitted)	$	2,666,525	$	2,527,880	$	1,637,933	$	1,465,312	$	366,620
Portfolio turnover rate H		77 % I		84% I		75% I		79% I		107%

ACalculated based on average shares outstanding during the period.

DTotal distributions per share do not sum due to rounding.

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

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

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

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

Notes to Consolidated Financial Statements

For the period ended July 31, 2025

1. Organization.

Fidelity Small Cap Growth Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Small Cap Growth, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Effective the close of business on October 16, 2024, new positions in the Fund may no longer be opened with certain exceptions.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Fidelity Central Fund	Investment Manager	Investment Objective	Investment Practices	Expense RatioA
Fidelity Money Market Central Funds	Fidelity Management & Research Company LLC (FMR)	Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.	Short-term Investments	Less than .005%