N-CSRS false 0000754510 N-1A Fidelity Securities Fund 0000754510fmr:C000019687Member2025-07-312026-01-310000754510fmr:C000019687Member2026-01-310000754510fmr:C000019687Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000019687Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000019687Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000019687Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000019687Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000019687Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000019687Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000019687Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000019687Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000019687Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000019687Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000019687Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000019687Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000019687Membercountry:US2026-01-310000754510fmr:C000019687Membercountry:CA2026-01-310000754510fmr:C000019687Membercountry:BM2026-01-310000754510fmr:C000019687Membercountry:BR2026-01-310000754510fmr:C000019687Memberfmr:TH0Member2026-01-310000754510fmr:C000019687Memberfmr:TH1Member2026-01-310000754510fmr:C000019687Memberfmr:TH2Member2026-01-310000754510fmr:C000019687Memberfmr:TH3Member2026-01-310000754510fmr:C000019687Memberfmr:TH4Member2026-01-310000754510fmr:C000019687Memberfmr:TH5Member2026-01-310000754510fmr:C000019687Memberfmr:TH6Member2026-01-310000754510fmr:C000019687Memberfmr:TH7Member2026-01-310000754510fmr:C000019687Memberfmr:TH8Member2026-01-310000754510fmr:C000019687Memberfmr:TH9Member2026-01-310000754510fmr:C000205041Member2025-07-312026-01-310000754510fmr:C000205041Member2026-01-310000754510fmr:C000205041Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000205041Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000205041Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000205041Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000205041Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000205041Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000205041Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000205041Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000205041Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000205041Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000205041Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000205041Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000205041Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000205041Membercountry:US2026-01-310000754510fmr:C000205041Membercountry:CA2026-01-310000754510fmr:C000205041Membercountry:BM2026-01-310000754510fmr:C000205041Membercountry:BR2026-01-310000754510fmr:C000205041Memberfmr:TH0Member2026-01-310000754510fmr:C000205041Memberfmr:TH1Member2026-01-310000754510fmr:C000205041Memberfmr:TH2Member2026-01-310000754510fmr:C000205041Memberfmr:TH3Member2026-01-310000754510fmr:C000205041Memberfmr:TH4Member2026-01-310000754510fmr:C000205041Memberfmr:TH5Member2026-01-310000754510fmr:C000205041Memberfmr:TH6Member2026-01-310000754510fmr:C000205041Memberfmr:TH7Member2026-01-310000754510fmr:C000205041Memberfmr:TH8Member2026-01-310000754510fmr:C000205041Memberfmr:TH9Member2026-01-310000754510fmr:C000019691Member2025-07-312026-01-310000754510fmr:C000019691Member2026-01-310000754510fmr:C000019691Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000019691Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000019691Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000019691Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000019691Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000019691Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000019691Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000019691Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000019691Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000019691Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000019691Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000019691Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000019691Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000019691Membercountry:US2026-01-310000754510fmr:C000019691Membercountry:CA2026-01-310000754510fmr:C000019691Membercountry:BM2026-01-310000754510fmr:C000019691Membercountry:BR2026-01-310000754510fmr:C000019691Memberfmr:TH0Member2026-01-310000754510fmr:C000019691Memberfmr:TH1Member2026-01-310000754510fmr:C000019691Memberfmr:TH2Member2026-01-310000754510fmr:C000019691Memberfmr:TH3Member2026-01-310000754510fmr:C000019691Memberfmr:TH4Member2026-01-310000754510fmr:C000019691Memberfmr:TH5Member2026-01-310000754510fmr:C000019691Memberfmr:TH6Member2026-01-310000754510fmr:C000019691Memberfmr:TH7Member2026-01-310000754510fmr:C000019691Memberfmr:TH8Member2026-01-310000754510fmr:C000019691Memberfmr:TH9Member2026-01-310000754510fmr:C000019692Member2025-07-312026-01-310000754510fmr:C000019692Member2026-01-310000754510fmr:C000019692Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000019692Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000019692Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000019692Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000019692Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000019692Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000019692Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000019692Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000019692Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000019692Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000019692Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000019692Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000019692Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000019692Membercountry:US2026-01-310000754510fmr:C000019692Membercountry:CA2026-01-310000754510fmr:C000019692Membercountry:BM2026-01-310000754510fmr:C000019692Membercountry:BR2026-01-310000754510fmr:C000019692Memberfmr:TH0Member2026-01-310000754510fmr:C000019692Memberfmr:TH1Member2026-01-310000754510fmr:C000019692Memberfmr:TH2Member2026-01-310000754510fmr:C000019692Memberfmr:TH3Member2026-01-310000754510fmr:C000019692Memberfmr:TH4Member2026-01-310000754510fmr:C000019692Memberfmr:TH5Member2026-01-310000754510fmr:C000019692Memberfmr:TH6Member2026-01-310000754510fmr:C000019692Memberfmr:TH7Member2026-01-310000754510fmr:C000019692Memberfmr:TH8Member2026-01-310000754510fmr:C000019692Memberfmr:TH9Member2026-01-310000754510fmr:C000019690Member2025-07-312026-01-310000754510fmr:C000019690Member2026-01-310000754510fmr:C000019690Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000019690Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000019690Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000019690Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000019690Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000019690Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000019690Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000019690Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000019690Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000019690Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000019690Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000019690Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000019690Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000019690Membercountry:US2026-01-310000754510fmr:C000019690Membercountry:CA2026-01-310000754510fmr:C000019690Membercountry:BM2026-01-310000754510fmr:C000019690Membercountry:BR2026-01-310000754510fmr:C000019690Memberfmr:TH0Member2026-01-310000754510fmr:C000019690Memberfmr:TH1Member2026-01-310000754510fmr:C000019690Memberfmr:TH2Member2026-01-310000754510fmr:C000019690Memberfmr:TH3Member2026-01-310000754510fmr:C000019690Memberfmr:TH4Member2026-01-310000754510fmr:C000019690Memberfmr:TH5Member2026-01-310000754510fmr:C000019690Memberfmr:TH6Member2026-01-310000754510fmr:C000019690Memberfmr:TH7Member2026-01-310000754510fmr:C000019690Memberfmr:TH8Member2026-01-310000754510fmr:C000019690Memberfmr:TH9Member2026-01-310000754510fmr:C000019688Member2025-07-312026-01-310000754510fmr:C000019688Member2026-01-310000754510fmr:C000019688Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000019688Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000019688Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000019688Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000019688Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000019688Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000019688Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000019688Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000019688Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000019688Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000019688Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000019688Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000019688Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000019688Membercountry:US2026-01-310000754510fmr:C000019688Membercountry:CA2026-01-310000754510fmr:C000019688Membercountry:BM2026-01-310000754510fmr:C000019688Membercountry:BR2026-01-310000754510fmr:C000019688Memberfmr:TH0Member2026-01-310000754510fmr:C000019688Memberfmr:TH1Member2026-01-310000754510fmr:C000019688Memberfmr:TH2Member2026-01-310000754510fmr:C000019688Memberfmr:TH3Member2026-01-310000754510fmr:C000019688Memberfmr:TH4Member2026-01-310000754510fmr:C000019688Memberfmr:TH5Member2026-01-310000754510fmr:C000019688Memberfmr:TH6Member2026-01-310000754510fmr:C000019688Memberfmr:TH7Member2026-01-310000754510fmr:C000019688Memberfmr:TH8Member2026-01-310000754510fmr:C000019688Memberfmr:TH9Member2026-01-310000754510fmr:C000182861Member2025-07-312026-01-310000754510fmr:C000182861Member2026-01-310000754510fmr:C000182861Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000182861Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000182861Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000182861Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000182861Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000182861Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000182861Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000182861Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000182861Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000182861Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000182861Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000182861Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000182861Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000182861Memberfmr:AADomesticEquityFundsMember2026-01-310000754510fmr:C000182861Memberfmr:AABondsMember2026-01-310000754510fmr:C000182861Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000182861Membercountry:US2026-01-310000754510fmr:C000182861Membercountry:TH2026-01-310000754510fmr:C000182861Membercountry:CA2026-01-310000754510fmr:C000182861Membercountry:GB2026-01-310000754510fmr:C000182861Membercountry:IL2026-01-310000754510fmr:C000182861Membercountry:IT2026-01-310000754510fmr:C000182861Membercountry:NL2026-01-310000754510fmr:C000182861Membercountry:AU2026-01-310000754510fmr:C000182861Membercountry:TW2026-01-310000754510fmr:C000182861Memberfmr:OtherMember2026-01-310000754510fmr:C000182861Memberfmr:TH0Member2026-01-310000754510fmr:C000182861Memberfmr:TH1Member2026-01-310000754510fmr:C000182861Memberfmr:TH2Member2026-01-310000754510fmr:C000182861Memberfmr:TH3Member2026-01-310000754510fmr:C000182861Memberfmr:TH4Member2026-01-310000754510fmr:C000182861Memberfmr:TH5Member2026-01-310000754510fmr:C000182861Memberfmr:TH6Member2026-01-310000754510fmr:C000182861Memberfmr:TH7Member2026-01-310000754510fmr:C000182861Memberfmr:TH8Member2026-01-310000754510fmr:C000182861Memberfmr:TH9Member2026-01-310000754510fmr:C000019681Member2025-07-312026-01-310000754510fmr:C000019681Member2026-01-310000754510fmr:C000019681Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000019681Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000019681Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000019681Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000019681Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000019681Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000019681Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000019681Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000019681Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000019681Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000019681Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000019681Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000019681Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000019681Memberfmr:AABondsMember2026-01-310000754510fmr:C000019681Membercountry:US2026-01-310000754510fmr:C000019681Membercountry:TH2026-01-310000754510fmr:C000019681Membercountry:CA2026-01-310000754510fmr:C000019681Membercountry:GB2026-01-310000754510fmr:C000019681Membercountry:IL2026-01-310000754510fmr:C000019681Membercountry:IT2026-01-310000754510fmr:C000019681Membercountry:NL2026-01-310000754510fmr:C000019681Membercountry:AU2026-01-310000754510fmr:C000019681Membercountry:JP2026-01-310000754510fmr:C000019681Memberfmr:OtherMember2026-01-310000754510fmr:C000019681Memberfmr:TH0Member2026-01-310000754510fmr:C000019681Memberfmr:TH1Member2026-01-310000754510fmr:C000019681Memberfmr:TH2Member2026-01-310000754510fmr:C000019681Memberfmr:TH3Member2026-01-310000754510fmr:C000019681Memberfmr:TH4Member2026-01-310000754510fmr:C000019681Memberfmr:TH5Member2026-01-310000754510fmr:C000019681Memberfmr:TH6Member2026-01-310000754510fmr:C000019681Memberfmr:TH7Member2026-01-310000754510fmr:C000019681Memberfmr:TH8Member2026-01-310000754510fmr:C000019681Memberfmr:TH9Member2026-01-310000754510fmr:C000177524Member2025-07-312026-01-310000754510fmr:C000177524Member2026-01-310000754510fmr:C000177524Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000177524Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000177524Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000177524Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000177524Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000177524Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000177524Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000177524Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000177524Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000177524Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000177524Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000177524Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000177524Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000177524Memberfmr:AABondsMember2026-01-310000754510fmr:C000177524Membercountry:US2026-01-310000754510fmr:C000177524Membercountry:TH2026-01-310000754510fmr:C000177524Membercountry:CA2026-01-310000754510fmr:C000177524Membercountry:GB2026-01-310000754510fmr:C000177524Membercountry:IL2026-01-310000754510fmr:C000177524Membercountry:IT2026-01-310000754510fmr:C000177524Membercountry:NL2026-01-310000754510fmr:C000177524Membercountry:AU2026-01-310000754510fmr:C000177524Membercountry:JP2026-01-310000754510fmr:C000177524Memberfmr:OtherMember2026-01-310000754510fmr:C000177524Memberfmr:TH0Member2026-01-310000754510fmr:C000177524Memberfmr:TH1Member2026-01-310000754510fmr:C000177524Memberfmr:TH2Member2026-01-310000754510fmr:C000177524Memberfmr:TH3Member2026-01-310000754510fmr:C000177524Memberfmr:TH4Member2026-01-310000754510fmr:C000177524Memberfmr:TH5Member2026-01-310000754510fmr:C000177524Memberfmr:TH6Member2026-01-310000754510fmr:C000177524Memberfmr:TH7Member2026-01-310000754510fmr:C000177524Memberfmr:TH8Member2026-01-310000754510fmr:C000177524Memberfmr:TH9Member2026-01-310000754510fmr:C000019685Member2025-07-312026-01-310000754510fmr:C000019685Member2026-01-310000754510fmr:C000019685Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000019685Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000019685Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000019685Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000019685Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000019685Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000019685Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000019685Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000019685Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000019685Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000019685Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000019685Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000019685Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000019685Memberfmr:AABondsMember2026-01-310000754510fmr:C000019685Membercountry:US2026-01-310000754510fmr:C000019685Membercountry:TH2026-01-310000754510fmr:C000019685Membercountry:CA2026-01-310000754510fmr:C000019685Membercountry:GB2026-01-310000754510fmr:C000019685Membercountry:IL2026-01-310000754510fmr:C000019685Membercountry:IT2026-01-310000754510fmr:C000019685Membercountry:NL2026-01-310000754510fmr:C000019685Membercountry:AU2026-01-310000754510fmr:C000019685Membercountry:JP2026-01-310000754510fmr:C000019685Memberfmr:OtherMember2026-01-310000754510fmr:C000019685Memberfmr:TH0Member2026-01-310000754510fmr:C000019685Memberfmr:TH1Member2026-01-310000754510fmr:C000019685Memberfmr:TH2Member2026-01-310000754510fmr:C000019685Memberfmr:TH3Member2026-01-310000754510fmr:C000019685Memberfmr:TH4Member2026-01-310000754510fmr:C000019685Memberfmr:TH5Member2026-01-310000754510fmr:C000019685Memberfmr:TH6Member2026-01-310000754510fmr:C000019685Memberfmr:TH7Member2026-01-310000754510fmr:C000019685Memberfmr:TH8Member2026-01-310000754510fmr:C000019685Memberfmr:TH9Member2026-01-310000754510fmr:C000019686Member2025-07-312026-01-310000754510fmr:C000019686Member2026-01-310000754510fmr:C000019686Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000019686Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000019686Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000019686Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000019686Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000019686Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000019686Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000019686Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000019686Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000019686Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000019686Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000019686Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000019686Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000019686Memberfmr:AABondsMember2026-01-310000754510fmr:C000019686Membercountry:US2026-01-310000754510fmr:C000019686Membercountry:TH2026-01-310000754510fmr:C000019686Membercountry:CA2026-01-310000754510fmr:C000019686Membercountry:GB2026-01-310000754510fmr:C000019686Membercountry:IL2026-01-310000754510fmr:C000019686Membercountry:IT2026-01-310000754510fmr:C000019686Membercountry:NL2026-01-310000754510fmr:C000019686Membercountry:AU2026-01-310000754510fmr:C000019686Membercountry:JP2026-01-310000754510fmr:C000019686Memberfmr:OtherMember2026-01-310000754510fmr:C000019686Memberfmr:TH0Member2026-01-310000754510fmr:C000019686Memberfmr:TH1Member2026-01-310000754510fmr:C000019686Memberfmr:TH2Member2026-01-310000754510fmr:C000019686Memberfmr:TH3Member2026-01-310000754510fmr:C000019686Memberfmr:TH4Member2026-01-310000754510fmr:C000019686Memberfmr:TH5Member2026-01-310000754510fmr:C000019686Memberfmr:TH6Member2026-01-310000754510fmr:C000019686Memberfmr:TH7Member2026-01-310000754510fmr:C000019686Memberfmr:TH8Member2026-01-310000754510fmr:C000019686Memberfmr:TH9Member2026-01-310000754510fmr:C000019684Member2025-07-312026-01-310000754510fmr:C000019684Member2026-01-310000754510fmr:C000019684Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000019684Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000019684Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000019684Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000019684Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000019684Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000019684Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000019684Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000019684Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000019684Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000019684Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000019684Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000019684Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000019684Memberfmr:AABondsMember2026-01-310000754510fmr:C000019684Membercountry:US2026-01-310000754510fmr:C000019684Membercountry:TH2026-01-310000754510fmr:C000019684Membercountry:CA2026-01-310000754510fmr:C000019684Membercountry:GB2026-01-310000754510fmr:C000019684Membercountry:IL2026-01-310000754510fmr:C000019684Membercountry:IT2026-01-310000754510fmr:C000019684Membercountry:NL2026-01-310000754510fmr:C000019684Membercountry:AU2026-01-310000754510fmr:C000019684Membercountry:JP2026-01-310000754510fmr:C000019684Memberfmr:OtherMember2026-01-310000754510fmr:C000019684Memberfmr:TH0Member2026-01-310000754510fmr:C000019684Memberfmr:TH1Member2026-01-310000754510fmr:C000019684Memberfmr:TH2Member2026-01-310000754510fmr:C000019684Memberfmr:TH3Member2026-01-310000754510fmr:C000019684Memberfmr:TH4Member2026-01-310000754510fmr:C000019684Memberfmr:TH5Member2026-01-310000754510fmr:C000019684Memberfmr:TH6Member2026-01-310000754510fmr:C000019684Memberfmr:TH7Member2026-01-310000754510fmr:C000019684Memberfmr:TH8Member2026-01-310000754510fmr:C000019684Memberfmr:TH9Member2026-01-310000754510fmr:C000019682Member2025-07-312026-01-310000754510fmr:C000019682Member2026-01-310000754510fmr:C000019682Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000019682Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000019682Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000019682Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000019682Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000019682Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000019682Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000019682Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000019682Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000019682Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000019682Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000019682Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000019682Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000019682Memberfmr:AABondsMember2026-01-310000754510fmr:C000019682Membercountry:US2026-01-310000754510fmr:C000019682Membercountry:TH2026-01-310000754510fmr:C000019682Membercountry:CA2026-01-310000754510fmr:C000019682Membercountry:GB2026-01-310000754510fmr:C000019682Membercountry:IL2026-01-310000754510fmr:C000019682Membercountry:IT2026-01-310000754510fmr:C000019682Membercountry:NL2026-01-310000754510fmr:C000019682Membercountry:AU2026-01-310000754510fmr:C000019682Membercountry:JP2026-01-310000754510fmr:C000019682Memberfmr:OtherMember2026-01-310000754510fmr:C000019682Memberfmr:TH0Member2026-01-310000754510fmr:C000019682Memberfmr:TH1Member2026-01-310000754510fmr:C000019682Memberfmr:TH2Member2026-01-310000754510fmr:C000019682Memberfmr:TH3Member2026-01-310000754510fmr:C000019682Memberfmr:TH4Member2026-01-310000754510fmr:C000019682Memberfmr:TH5Member2026-01-310000754510fmr:C000019682Memberfmr:TH6Member2026-01-310000754510fmr:C000019682Memberfmr:TH7Member2026-01-310000754510fmr:C000019682Memberfmr:TH8Member2026-01-310000754510fmr:C000019682Memberfmr:TH9Member2026-01-310000754510fmr:C000042507Member2025-07-312026-01-310000754510fmr:C000042507Member2026-01-310000754510fmr:C000042507Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000042507Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000042507Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000042507Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000042507Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000042507Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000042507Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000042507Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000042507Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000042507Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000042507Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000042507Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000042507Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000042507Membercountry:US2026-01-310000754510fmr:C000042507Membercountry:CA2026-01-310000754510fmr:C000042507Membercountry:GB2026-01-310000754510fmr:C000042507Membercountry:TH2026-01-310000754510fmr:C000042507Membercountry:PR2026-01-310000754510fmr:C000042507Membercountry:JP2026-01-310000754510fmr:C000042507Membercountry:NL2026-01-310000754510fmr:C000042507Membercountry:CL2026-01-310000754510fmr:C000042507Membercountry:IL2026-01-310000754510fmr:C000042507Memberfmr:OtherMember2026-01-310000754510fmr:C000042507Memberfmr:TH0Member2026-01-310000754510fmr:C000042507Memberfmr:TH1Member2026-01-310000754510fmr:C000042507Memberfmr:TH2Member2026-01-310000754510fmr:C000042507Memberfmr:TH3Member2026-01-310000754510fmr:C000042507Memberfmr:TH4Member2026-01-310000754510fmr:C000042507Memberfmr:TH5Member2026-01-310000754510fmr:C000042507Memberfmr:TH6Member2026-01-310000754510fmr:C000042507Memberfmr:TH7Member2026-01-310000754510fmr:C000042507Memberfmr:TH8Member2026-01-310000754510fmr:C000042507Memberfmr:TH9Member2026-01-310000754510fmr:C000098199Member2025-07-312026-01-310000754510fmr:C000098199Member2026-01-310000754510fmr:C000098199Memberfmr:QDAAAMember2026-01-310000754510fmr:C000098199Memberfmr:QDAAMember2026-01-310000754510fmr:C000098199Memberfmr:QDAMember2026-01-310000754510fmr:C000098199Memberfmr:QDBBBMember2026-01-310000754510fmr:C000098199Memberfmr:QDBBMember2026-01-310000754510fmr:C000098199Memberfmr:QDBMember2026-01-310000754510fmr:C000098199Memberfmr:QDCCCCCCMember2026-01-310000754510fmr:C000098199Memberfmr:QDNotRatedMember2026-01-310000754510fmr:C000098199Memberfmr:QDEquitiesMember2026-01-310000754510fmr:C000098199Memberfmr:QDShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000098199Memberfmr:AACorporateBondsMember2026-01-310000754510fmr:C000098199Memberfmr:AACMOsandOtherMortgageRelatedSecuritiesMember2026-01-310000754510fmr:C000098199Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000098199Memberfmr:AAAssetBackedSecuritiesMember2026-01-310000754510fmr:C000098199Memberfmr:AABankLoanObligationsMember2026-01-310000754510fmr:C000098199Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000098199Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000098199Membercountry:US2026-01-310000754510fmr:C000098199Membercountry:GB2026-01-310000754510fmr:C000098199Membercountry:CA2026-01-310000754510fmr:C000098199Memberfmr:TH0Member2026-01-310000754510fmr:C000098199Memberfmr:TH1Member2026-01-310000754510fmr:C000098199Memberfmr:TH2Member2026-01-310000754510fmr:C000098199Memberfmr:TH3Member2026-01-310000754510fmr:C000098199Memberfmr:TH4Member2026-01-310000754510fmr:C000098199Memberfmr:TH5Member2026-01-310000754510fmr:C000098199Memberfmr:TH6Member2026-01-310000754510fmr:C000098199Memberfmr:TH7Member2026-01-310000754510fmr:C000098199Memberfmr:TH8Member2026-01-310000754510fmr:C000098199Memberfmr:TH9Member2026-01-310000754510fmr:C000131779Member2025-07-312026-01-310000754510fmr:C000131779Member2026-01-310000754510fmr:C000131779Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000131779Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000131779Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000131779Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000131779Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000131779Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000131779Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000131779Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000131779Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000131779Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000131779Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000131779Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000131779Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000131779Memberfmr:AABondsMember2026-01-310000754510fmr:C000131779Memberfmr:AAPreferredSecuritiesMember2026-01-310000754510fmr:C000131779Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000131779Membercountry:US2026-01-310000754510fmr:C000131779Membercountry:CA2026-01-310000754510fmr:C000131779Membercountry:TW2026-01-310000754510fmr:C000131779Membercountry:IN2026-01-310000754510fmr:C000131779Membercountry:FI2026-01-310000754510fmr:C000131779Membercountry:CN2026-01-310000754510fmr:C000131779Membercountry:NL2026-01-310000754510fmr:C000131779Membercountry:CH2026-01-310000754510fmr:C000131779Membercountry:DK2026-01-310000754510fmr:C000131779Memberfmr:OtherMember2026-01-310000754510fmr:C000131779Memberfmr:TH0Member2026-01-310000754510fmr:C000131779Memberfmr:TH1Member2026-01-310000754510fmr:C000131779Memberfmr:TH2Member2026-01-310000754510fmr:C000131779Memberfmr:TH3Member2026-01-310000754510fmr:C000131779Memberfmr:TH4Member2026-01-310000754510fmr:C000131779Memberfmr:TH5Member2026-01-310000754510fmr:C000131779Memberfmr:TH6Member2026-01-310000754510fmr:C000131779Memberfmr:TH7Member2026-01-310000754510fmr:C000131779Memberfmr:TH8Member2026-01-310000754510fmr:C000131779Memberfmr:TH9Member2026-01-310000754510fmr:C000019680Member2025-07-312026-01-310000754510fmr:C000019680Member2026-01-310000754510fmr:C000019680Memberfmr:QDAAAMember2026-01-310000754510fmr:C000019680Memberfmr:QDAAMember2026-01-310000754510fmr:C000019680Memberfmr:QDAMember2026-01-310000754510fmr:C000019680Memberfmr:QDBBBMember2026-01-310000754510fmr:C000019680Memberfmr:QDBBMember2026-01-310000754510fmr:C000019680Memberfmr:QDBMember2026-01-310000754510fmr:C000019680Memberfmr:QDCCCCCCMember2026-01-310000754510fmr:C000019680Memberfmr:QDNotRatedMember2026-01-310000754510fmr:C000019680Memberfmr:QDEquitiesMember2026-01-310000754510fmr:C000019680Memberfmr:QDShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000019680Memberfmr:AACorporateBondsMember2026-01-310000754510fmr:C000019680Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000019680Memberfmr:AACMOsandOtherMortgageRelatedSecuritiesMember2026-01-310000754510fmr:C000019680Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000019680Memberfmr:AAAssetBackedSecuritiesMember2026-01-310000754510fmr:C000019680Memberfmr:AABankLoanObligationsMember2026-01-310000754510fmr:C000019680Memberfmr:AAPreferredSecuritiesMember2026-01-310000754510fmr:C000019680Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000019680Membercountry:US2026-01-310000754510fmr:C000019680Membercountry:CA2026-01-310000754510fmr:C000019680Membercountry:GB2026-01-310000754510fmr:C000019680Memberfmr:GrandCaymanUKOverseasTerMember2026-01-310000754510fmr:C000019680Memberfmr:TH0Member2026-01-310000754510fmr:C000019680Memberfmr:TH1Member2026-01-310000754510fmr:C000019680Memberfmr:TH2Member2026-01-310000754510fmr:C000019680Memberfmr:TH3Member2026-01-310000754510fmr:C000019680Memberfmr:TH4Member2026-01-310000754510fmr:C000019680Memberfmr:TH5Member2026-01-310000754510fmr:C000019680Memberfmr:TH6Member2026-01-310000754510fmr:C000019680Memberfmr:TH7Member2026-01-310000754510fmr:C000019680Memberfmr:TH8Member2026-01-310000754510fmr:C000019680Memberfmr:TH9Member2026-01-310000754510fmr:C000205040Member2025-07-312026-01-310000754510fmr:C000205040Member2026-01-310000754510fmr:C000205040Memberfmr:QDAAAMember2026-01-310000754510fmr:C000205040Memberfmr:QDAAMember2026-01-310000754510fmr:C000205040Memberfmr:QDAMember2026-01-310000754510fmr:C000205040Memberfmr:QDBBBMember2026-01-310000754510fmr:C000205040Memberfmr:QDBBMember2026-01-310000754510fmr:C000205040Memberfmr:QDBMember2026-01-310000754510fmr:C000205040Memberfmr:QDCCCCCCMember2026-01-310000754510fmr:C000205040Memberfmr:QDNotRatedMember2026-01-310000754510fmr:C000205040Memberfmr:QDEquitiesMember2026-01-310000754510fmr:C000205040Memberfmr:QDShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000205040Memberfmr:AACorporateBondsMember2026-01-310000754510fmr:C000205040Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000205040Memberfmr:AACMOsandOtherMortgageRelatedSecuritiesMember2026-01-310000754510fmr:C000205040Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000205040Memberfmr:AAAssetBackedSecuritiesMember2026-01-310000754510fmr:C000205040Memberfmr:AABankLoanObligationsMember2026-01-310000754510fmr:C000205040Memberfmr:AAPreferredSecuritiesMember2026-01-310000754510fmr:C000205040Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000205040Membercountry:US2026-01-310000754510fmr:C000205040Membercountry:CA2026-01-310000754510fmr:C000205040Membercountry:GB2026-01-310000754510fmr:C000205040Memberfmr:GrandCaymanUKOverseasTerMember2026-01-310000754510fmr:C000205040Memberfmr:TH0Member2026-01-310000754510fmr:C000205040Memberfmr:TH1Member2026-01-310000754510fmr:C000205040Memberfmr:TH2Member2026-01-310000754510fmr:C000205040Memberfmr:TH3Member2026-01-310000754510fmr:C000205040Memberfmr:TH4Member2026-01-310000754510fmr:C000205040Memberfmr:TH5Member2026-01-310000754510fmr:C000205040Memberfmr:TH6Member2026-01-310000754510fmr:C000205040Memberfmr:TH7Member2026-01-310000754510fmr:C000205040Memberfmr:TH8Member2026-01-310000754510fmr:C000205040Memberfmr:TH9Member2026-01-310000754510fmr:C000087890Member2025-07-312026-01-310000754510fmr:C000087890Member2026-01-310000754510fmr:C000087890Memberfmr:QDAAAMember2026-01-310000754510fmr:C000087890Memberfmr:QDAAMember2026-01-310000754510fmr:C000087890Memberfmr:QDAMember2026-01-310000754510fmr:C000087890Memberfmr:QDBBBMember2026-01-310000754510fmr:C000087890Memberfmr:QDBBMember2026-01-310000754510fmr:C000087890Memberfmr:QDBMember2026-01-310000754510fmr:C000087890Memberfmr:QDCCCCCCMember2026-01-310000754510fmr:C000087890Memberfmr:QDNotRatedMember2026-01-310000754510fmr:C000087890Memberfmr:QDEquitiesMember2026-01-310000754510fmr:C000087890Memberfmr:QDShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000087890Memberfmr:AACorporateBondsMember2026-01-310000754510fmr:C000087890Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000087890Memberfmr:AACMOsandOtherMortgageRelatedSecuritiesMember2026-01-310000754510fmr:C000087890Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000087890Memberfmr:AAAssetBackedSecuritiesMember2026-01-310000754510fmr:C000087890Memberfmr:AABankLoanObligationsMember2026-01-310000754510fmr:C000087890Memberfmr:AAPreferredSecuritiesMember2026-01-310000754510fmr:C000087890Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000087890Membercountry:US2026-01-310000754510fmr:C000087890Membercountry:CA2026-01-310000754510fmr:C000087890Membercountry:GB2026-01-310000754510fmr:C000087890Memberfmr:GrandCaymanUKOverseasTerMember2026-01-310000754510fmr:C000087890Memberfmr:TH0Member2026-01-310000754510fmr:C000087890Memberfmr:TH1Member2026-01-310000754510fmr:C000087890Memberfmr:TH2Member2026-01-310000754510fmr:C000087890Memberfmr:TH3Member2026-01-310000754510fmr:C000087890Memberfmr:TH4Member2026-01-310000754510fmr:C000087890Memberfmr:TH5Member2026-01-310000754510fmr:C000087890Memberfmr:TH6Member2026-01-310000754510fmr:C000087890Memberfmr:TH7Member2026-01-310000754510fmr:C000087890Memberfmr:TH8Member2026-01-310000754510fmr:C000087890Memberfmr:TH9Member2026-01-310000754510fmr:C000087891Member2025-07-312026-01-310000754510fmr:C000087891Member2026-01-310000754510fmr:C000087891Memberfmr:QDAAAMember2026-01-310000754510fmr:C000087891Memberfmr:QDAAMember2026-01-310000754510fmr:C000087891Memberfmr:QDAMember2026-01-310000754510fmr:C000087891Memberfmr:QDBBBMember2026-01-310000754510fmr:C000087891Memberfmr:QDBBMember2026-01-310000754510fmr:C000087891Memberfmr:QDBMember2026-01-310000754510fmr:C000087891Memberfmr:QDCCCCCCMember2026-01-310000754510fmr:C000087891Memberfmr:QDNotRatedMember2026-01-310000754510fmr:C000087891Memberfmr:QDEquitiesMember2026-01-310000754510fmr:C000087891Memberfmr:QDShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000087891Memberfmr:AACorporateBondsMember2026-01-310000754510fmr:C000087891Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000087891Memberfmr:AACMOsandOtherMortgageRelatedSecuritiesMember2026-01-310000754510fmr:C000087891Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000087891Memberfmr:AAAssetBackedSecuritiesMember2026-01-310000754510fmr:C000087891Memberfmr:AABankLoanObligationsMember2026-01-310000754510fmr:C000087891Memberfmr:AAPreferredSecuritiesMember2026-01-310000754510fmr:C000087891Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000087891Membercountry:US2026-01-310000754510fmr:C000087891Membercountry:CA2026-01-310000754510fmr:C000087891Membercountry:GB2026-01-310000754510fmr:C000087891Memberfmr:GrandCaymanUKOverseasTerMember2026-01-310000754510fmr:C000087891Memberfmr:TH0Member2026-01-310000754510fmr:C000087891Memberfmr:TH1Member2026-01-310000754510fmr:C000087891Memberfmr:TH2Member2026-01-310000754510fmr:C000087891Memberfmr:TH3Member2026-01-310000754510fmr:C000087891Memberfmr:TH4Member2026-01-310000754510fmr:C000087891Memberfmr:TH5Member2026-01-310000754510fmr:C000087891Memberfmr:TH6Member2026-01-310000754510fmr:C000087891Memberfmr:TH7Member2026-01-310000754510fmr:C000087891Memberfmr:TH8Member2026-01-310000754510fmr:C000087891Memberfmr:TH9Member2026-01-310000754510fmr:C000087889Member2025-07-312026-01-310000754510fmr:C000087889Member2026-01-310000754510fmr:C000087889Memberfmr:QDAAAMember2026-01-310000754510fmr:C000087889Memberfmr:QDAAMember2026-01-310000754510fmr:C000087889Memberfmr:QDAMember2026-01-310000754510fmr:C000087889Memberfmr:QDBBBMember2026-01-310000754510fmr:C000087889Memberfmr:QDBBMember2026-01-310000754510fmr:C000087889Memberfmr:QDBMember2026-01-310000754510fmr:C000087889Memberfmr:QDCCCCCCMember2026-01-310000754510fmr:C000087889Memberfmr:QDNotRatedMember2026-01-310000754510fmr:C000087889Memberfmr:QDEquitiesMember2026-01-310000754510fmr:C000087889Memberfmr:QDShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000087889Memberfmr:AACorporateBondsMember2026-01-310000754510fmr:C000087889Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000087889Memberfmr:AACMOsandOtherMortgageRelatedSecuritiesMember2026-01-310000754510fmr:C000087889Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000087889Memberfmr:AAAssetBackedSecuritiesMember2026-01-310000754510fmr:C000087889Memberfmr:AABankLoanObligationsMember2026-01-310000754510fmr:C000087889Memberfmr:AAPreferredSecuritiesMember2026-01-310000754510fmr:C000087889Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000087889Membercountry:US2026-01-310000754510fmr:C000087889Membercountry:CA2026-01-310000754510fmr:C000087889Membercountry:GB2026-01-310000754510fmr:C000087889Memberfmr:GrandCaymanUKOverseasTerMember2026-01-310000754510fmr:C000087889Memberfmr:TH0Member2026-01-310000754510fmr:C000087889Memberfmr:TH1Member2026-01-310000754510fmr:C000087889Memberfmr:TH2Member2026-01-310000754510fmr:C000087889Memberfmr:TH3Member2026-01-310000754510fmr:C000087889Memberfmr:TH4Member2026-01-310000754510fmr:C000087889Memberfmr:TH5Member2026-01-310000754510fmr:C000087889Memberfmr:TH6Member2026-01-310000754510fmr:C000087889Memberfmr:TH7Member2026-01-310000754510fmr:C000087889Memberfmr:TH8Member2026-01-310000754510fmr:C000087889Memberfmr:TH9Member2026-01-310000754510fmr:C000087887Member2025-07-312026-01-310000754510fmr:C000087887Member2026-01-310000754510fmr:C000087887Memberfmr:QDAAAMember2026-01-310000754510fmr:C000087887Memberfmr:QDAAMember2026-01-310000754510fmr:C000087887Memberfmr:QDAMember2026-01-310000754510fmr:C000087887Memberfmr:QDBBBMember2026-01-310000754510fmr:C000087887Memberfmr:QDBBMember2026-01-310000754510fmr:C000087887Memberfmr:QDBMember2026-01-310000754510fmr:C000087887Memberfmr:QDCCCCCCMember2026-01-310000754510fmr:C000087887Memberfmr:QDNotRatedMember2026-01-310000754510fmr:C000087887Memberfmr:QDEquitiesMember2026-01-310000754510fmr:C000087887Memberfmr:QDShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000087887Memberfmr:AACorporateBondsMember2026-01-310000754510fmr:C000087887Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000087887Memberfmr:AACMOsandOtherMortgageRelatedSecuritiesMember2026-01-310000754510fmr:C000087887Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000087887Memberfmr:AAAssetBackedSecuritiesMember2026-01-310000754510fmr:C000087887Memberfmr:AABankLoanObligationsMember2026-01-310000754510fmr:C000087887Memberfmr:AAPreferredSecuritiesMember2026-01-310000754510fmr:C000087887Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000087887Membercountry:US2026-01-310000754510fmr:C000087887Membercountry:CA2026-01-310000754510fmr:C000087887Membercountry:GB2026-01-310000754510fmr:C000087887Memberfmr:GrandCaymanUKOverseasTerMember2026-01-310000754510fmr:C000087887Memberfmr:TH0Member2026-01-310000754510fmr:C000087887Memberfmr:TH1Member2026-01-310000754510fmr:C000087887Memberfmr:TH2Member2026-01-310000754510fmr:C000087887Memberfmr:TH3Member2026-01-310000754510fmr:C000087887Memberfmr:TH4Member2026-01-310000754510fmr:C000087887Memberfmr:TH5Member2026-01-310000754510fmr:C000087887Memberfmr:TH6Member2026-01-310000754510fmr:C000087887Memberfmr:TH7Member2026-01-310000754510fmr:C000087887Memberfmr:TH8Member2026-01-310000754510fmr:C000087887Memberfmr:TH9Member2026-01-310000754510fmr:C000019679Member2025-07-312026-01-310000754510fmr:C000019679Member2026-01-310000754510fmr:C000019679Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000019679Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000019679Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000019679Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000019679Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000019679Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000019679Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000019679Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000019679Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000019679Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000019679Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000019679Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000019679Memberfmr:AADomesticEquityFundsMember2026-01-310000754510fmr:C000019679Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000019679Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000019679Membercountry:US2026-01-310000754510fmr:C000019679Membercountry:TW2026-01-310000754510fmr:C000019679Membercountry:KR2026-01-310000754510fmr:C000019679Membercountry:NL2026-01-310000754510fmr:C000019679Membercountry:BE2026-01-310000754510fmr:C000019679Membercountry:GB2026-01-310000754510fmr:C000019679Membercountry:CA2026-01-310000754510fmr:C000019679Membercountry:BR2026-01-310000754510fmr:C000019679Membercountry:DK2026-01-310000754510fmr:C000019679Memberfmr:OtherMember2026-01-310000754510fmr:C000019679Memberfmr:TH0Member2026-01-310000754510fmr:C000019679Memberfmr:TH1Member2026-01-310000754510fmr:C000019679Memberfmr:TH2Member2026-01-310000754510fmr:C000019679Memberfmr:TH3Member2026-01-310000754510fmr:C000019679Memberfmr:TH4Member2026-01-310000754510fmr:C000019679Memberfmr:TH5Member2026-01-310000754510fmr:C000019679Memberfmr:TH6Member2026-01-310000754510fmr:C000019679Memberfmr:TH7Member2026-01-310000754510fmr:C000019679Memberfmr:TH8Member2026-01-310000754510fmr:C000019679Memberfmr:TH9Member2026-01-310000754510fmr:C000064268Member2025-07-312026-01-310000754510fmr:C000064268Member2026-01-310000754510fmr:C000064268Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000064268Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000064268Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000064268Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000064268Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000064268Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000064268Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000064268Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000064268Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000064268Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000064268Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000064268Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000064268Memberfmr:AADomesticEquityFundsMember2026-01-310000754510fmr:C000064268Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000064268Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000064268Membercountry:US2026-01-310000754510fmr:C000064268Membercountry:TW2026-01-310000754510fmr:C000064268Membercountry:KR2026-01-310000754510fmr:C000064268Membercountry:NL2026-01-310000754510fmr:C000064268Membercountry:BE2026-01-310000754510fmr:C000064268Membercountry:GB2026-01-310000754510fmr:C000064268Membercountry:CA2026-01-310000754510fmr:C000064268Membercountry:BR2026-01-310000754510fmr:C000064268Membercountry:DK2026-01-310000754510fmr:C000064268Memberfmr:OtherMember2026-01-310000754510fmr:C000064268Memberfmr:TH0Member2026-01-310000754510fmr:C000064268Memberfmr:TH1Member2026-01-310000754510fmr:C000064268Memberfmr:TH2Member2026-01-310000754510fmr:C000064268Memberfmr:TH3Member2026-01-310000754510fmr:C000064268Memberfmr:TH4Member2026-01-310000754510fmr:C000064268Memberfmr:TH5Member2026-01-310000754510fmr:C000064268Memberfmr:TH6Member2026-01-310000754510fmr:C000064268Memberfmr:TH7Member2026-01-310000754510fmr:C000064268Memberfmr:TH8Member2026-01-310000754510fmr:C000064268Memberfmr:TH9Member2026-01-310000754510fmr:C000212501Member2025-07-312026-01-310000754510fmr:C000212501Member2026-01-310000754510fmr:C000212501Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000212501Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000212501Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000212501Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000212501Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000212501Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000212501Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000212501Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000212501Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000212501Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000212501Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000212501Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000212501Memberfmr:AADomesticEquityFundsMember2026-01-310000754510fmr:C000212501Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000212501Membercountry:US2026-01-310000754510fmr:C000212501Membercountry:TW2026-01-310000754510fmr:C000212501Membercountry:KR2026-01-310000754510fmr:C000212501Membercountry:NL2026-01-310000754510fmr:C000212501Membercountry:BE2026-01-310000754510fmr:C000212501Membercountry:GB2026-01-310000754510fmr:C000212501Membercountry:CA2026-01-310000754510fmr:C000212501Membercountry:BR2026-01-310000754510fmr:C000212501Membercountry:DK2026-01-310000754510fmr:C000212501Memberfmr:OtherMember2026-01-310000754510fmr:C000212501Memberfmr:TH0Member2026-01-310000754510fmr:C000212501Memberfmr:TH1Member2026-01-310000754510fmr:C000212501Memberfmr:TH2Member2026-01-310000754510fmr:C000212501Memberfmr:TH3Member2026-01-310000754510fmr:C000212501Memberfmr:TH4Member2026-01-310000754510fmr:C000212501Memberfmr:TH5Member2026-01-310000754510fmr:C000212501Memberfmr:TH6Member2026-01-310000754510fmr:C000212501Memberfmr:TH7Member2026-01-310000754510fmr:C000212501Memberfmr:TH8Member2026-01-310000754510fmr:C000212501Memberfmr:TH9Member2026-01-310000754510fmr:C000019698Member2025-07-312026-01-310000754510fmr:C000019698Member2026-01-310000754510fmr:C000019698Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000019698Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000019698Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000019698Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000019698Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000019698Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000019698Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000019698Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000019698Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000019698Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000019698Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000019698Memberfmr:AABondsMember2026-01-310000754510fmr:C000019698Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000019698Membercountry:US2026-01-310000754510fmr:C000019698Membercountry:TW2026-01-310000754510fmr:C000019698Membercountry:CA2026-01-310000754510fmr:C000019698Membercountry:NL2026-01-310000754510fmr:C000019698Membercountry:CH2026-01-310000754510fmr:C000019698Membercountry:HK2026-01-310000754510fmr:C000019698Memberfmr:TH0Member2026-01-310000754510fmr:C000019698Memberfmr:TH1Member2026-01-310000754510fmr:C000019698Memberfmr:TH2Member2026-01-310000754510fmr:C000019698Memberfmr:TH3Member2026-01-310000754510fmr:C000019698Memberfmr:TH4Member2026-01-310000754510fmr:C000019698Memberfmr:TH5Member2026-01-310000754510fmr:C000019698Memberfmr:TH6Member2026-01-310000754510fmr:C000019698Memberfmr:TH7Member2026-01-310000754510fmr:C000019698Memberfmr:TH8Member2026-01-310000754510fmr:C000019698Memberfmr:TH9Member2026-01-310000754510fmr:C000064272Member2025-07-312026-01-310000754510fmr:C000064272Member2026-01-310000754510fmr:C000064272Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000064272Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000064272Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000064272Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000064272Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000064272Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000064272Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000064272Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000064272Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000064272Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000064272Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000064272Memberfmr:AABondsMember2026-01-310000754510fmr:C000064272Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000064272Membercountry:US2026-01-310000754510fmr:C000064272Membercountry:TW2026-01-310000754510fmr:C000064272Membercountry:CA2026-01-310000754510fmr:C000064272Membercountry:NL2026-01-310000754510fmr:C000064272Membercountry:CH2026-01-310000754510fmr:C000064272Membercountry:HK2026-01-310000754510fmr:C000064272Memberfmr:TH0Member2026-01-310000754510fmr:C000064272Memberfmr:TH1Member2026-01-310000754510fmr:C000064272Memberfmr:TH2Member2026-01-310000754510fmr:C000064272Memberfmr:TH3Member2026-01-310000754510fmr:C000064272Memberfmr:TH4Member2026-01-310000754510fmr:C000064272Memberfmr:TH5Member2026-01-310000754510fmr:C000064272Memberfmr:TH6Member2026-01-310000754510fmr:C000064272Memberfmr:TH7Member2026-01-310000754510fmr:C000064272Memberfmr:TH8Member2026-01-310000754510fmr:C000064272Memberfmr:TH9Member2026-01-310000754510fmr:C000019696Member2025-07-312026-01-310000754510fmr:C000019696Member2026-01-310000754510fmr:C000019696Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000019696Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000019696Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000019696Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000019696Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000019696Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000019696Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000019696Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000019696Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000019696Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000019696Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000019696Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000019696Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000019696Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000019696Membercountry:US2026-01-310000754510fmr:C000019696Membercountry:CA2026-01-310000754510fmr:C000019696Membercountry:GB2026-01-310000754510fmr:C000019696Membercountry:BE2026-01-310000754510fmr:C000019696Membercountry:TW2026-01-310000754510fmr:C000019696Membercountry:NL2026-01-310000754510fmr:C000019696Membercountry:DE2026-01-310000754510fmr:C000019696Membercountry:FR2026-01-310000754510fmr:C000019696Membercountry:ZM2026-01-310000754510fmr:C000019696Memberfmr:OtherMember2026-01-310000754510fmr:C000019696Memberfmr:TH0Member2026-01-310000754510fmr:C000019696Memberfmr:TH1Member2026-01-310000754510fmr:C000019696Memberfmr:TH2Member2026-01-310000754510fmr:C000019696Memberfmr:TH3Member2026-01-310000754510fmr:C000019696Memberfmr:TH4Member2026-01-310000754510fmr:C000019696Memberfmr:TH5Member2026-01-310000754510fmr:C000019696Memberfmr:TH6Member2026-01-310000754510fmr:C000019696Memberfmr:TH7Member2026-01-310000754510fmr:C000019696Memberfmr:TH8Member2026-01-310000754510fmr:C000019696Memberfmr:TH9Member2026-01-310000754510fmr:C000064271Member2025-07-312026-01-310000754510fmr:C000064271Member2026-01-310000754510fmr:C000064271Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000064271Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000064271Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000064271Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000064271Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000064271Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000064271Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000064271Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000064271Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000064271Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000064271Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000064271Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000064271Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000064271Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000064271Membercountry:US2026-01-310000754510fmr:C000064271Membercountry:CA2026-01-310000754510fmr:C000064271Membercountry:GB2026-01-310000754510fmr:C000064271Membercountry:BE2026-01-310000754510fmr:C000064271Membercountry:TW2026-01-310000754510fmr:C000064271Membercountry:NL2026-01-310000754510fmr:C000064271Membercountry:DE2026-01-310000754510fmr:C000064271Membercountry:FR2026-01-310000754510fmr:C000064271Membercountry:ZM2026-01-310000754510fmr:C000064271Memberfmr:OtherMember2026-01-310000754510fmr:C000064271Memberfmr:TH0Member2026-01-310000754510fmr:C000064271Memberfmr:TH1Member2026-01-310000754510fmr:C000064271Memberfmr:TH2Member2026-01-310000754510fmr:C000064271Memberfmr:TH3Member2026-01-310000754510fmr:C000064271Memberfmr:TH4Member2026-01-310000754510fmr:C000064271Memberfmr:TH5Member2026-01-310000754510fmr:C000064271Memberfmr:TH6Member2026-01-310000754510fmr:C000064271Memberfmr:TH7Member2026-01-310000754510fmr:C000064271Memberfmr:TH8Member2026-01-310000754510fmr:C000064271Memberfmr:TH9Member2026-01-310000754510fmr:C000019695Member2025-07-312026-01-310000754510fmr:C000019695Member2026-01-310000754510fmr:C000019695Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000019695Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000019695Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000019695Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000019695Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000019695Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000019695Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000019695Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000019695Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000019695Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000019695Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000019695Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000019695Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000019695Membercountry:US2026-01-310000754510fmr:C000019695Membercountry:CA2026-01-310000754510fmr:C000019695Membercountry:TW2026-01-310000754510fmr:C000019695Membercountry:GB2026-01-310000754510fmr:C000019695Membercountry:KR2026-01-310000754510fmr:C000019695Membercountry:NO2026-01-310000754510fmr:C000019695Membercountry:ZM2026-01-310000754510fmr:C000019695Membercountry:BR2026-01-310000754510fmr:C000019695Membercountry:DE2026-01-310000754510fmr:C000019695Memberfmr:OtherMember2026-01-310000754510fmr:C000019695Memberfmr:TH0Member2026-01-310000754510fmr:C000019695Memberfmr:TH1Member2026-01-310000754510fmr:C000019695Memberfmr:TH2Member2026-01-310000754510fmr:C000019695Memberfmr:TH3Member2026-01-310000754510fmr:C000019695Memberfmr:TH4Member2026-01-310000754510fmr:C000019695Memberfmr:TH5Member2026-01-310000754510fmr:C000019695Memberfmr:TH6Member2026-01-310000754510fmr:C000019695Memberfmr:TH7Member2026-01-310000754510fmr:C000019695Memberfmr:TH8Member2026-01-310000754510fmr:C000019695Memberfmr:TH9Member2026-01-310000754510fmr:C000064270Member2025-07-312026-01-310000754510fmr:C000064270Member2026-01-310000754510fmr:C000064270Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000064270Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000064270Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000064270Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000064270Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000064270Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000064270Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000064270Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000064270Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000064270Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000064270Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000064270Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000064270Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000064270Membercountry:US2026-01-310000754510fmr:C000064270Membercountry:CA2026-01-310000754510fmr:C000064270Membercountry:TW2026-01-310000754510fmr:C000064270Membercountry:GB2026-01-310000754510fmr:C000064270Membercountry:KR2026-01-310000754510fmr:C000064270Membercountry:NO2026-01-310000754510fmr:C000064270Membercountry:ZM2026-01-310000754510fmr:C000064270Membercountry:BR2026-01-310000754510fmr:C000064270Membercountry:DE2026-01-310000754510fmr:C000064270Memberfmr:OtherMember2026-01-310000754510fmr:C000064270Memberfmr:TH0Member2026-01-310000754510fmr:C000064270Memberfmr:TH1Member2026-01-310000754510fmr:C000064270Memberfmr:TH2Member2026-01-310000754510fmr:C000064270Memberfmr:TH3Member2026-01-310000754510fmr:C000064270Memberfmr:TH4Member2026-01-310000754510fmr:C000064270Memberfmr:TH5Member2026-01-310000754510fmr:C000064270Memberfmr:TH6Member2026-01-310000754510fmr:C000064270Memberfmr:TH7Member2026-01-310000754510fmr:C000064270Memberfmr:TH8Member2026-01-310000754510fmr:C000064270Memberfmr:TH9Member2026-01-310000754510fmr:C000019694Member2025-07-312026-01-310000754510fmr:C000019694Member2026-01-310000754510fmr:C000019694Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000019694Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000019694Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000019694Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000019694Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000019694Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000019694Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000019694Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000019694Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000019694Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000019694Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000019694Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000019694Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000019694Membercountry:US2026-01-310000754510fmr:C000019694Membercountry:TW2026-01-310000754510fmr:C000019694Membercountry:GB2026-01-310000754510fmr:C000019694Membercountry:CA2026-01-310000754510fmr:C000019694Memberfmr:TH0Member2026-01-310000754510fmr:C000019694Memberfmr:TH1Member2026-01-310000754510fmr:C000019694Memberfmr:TH2Member2026-01-310000754510fmr:C000019694Memberfmr:TH3Member2026-01-310000754510fmr:C000019694Memberfmr:TH4Member2026-01-310000754510fmr:C000019694Memberfmr:TH5Member2026-01-310000754510fmr:C000019694Memberfmr:TH6Member2026-01-310000754510fmr:C000019694Memberfmr:TH7Member2026-01-310000754510fmr:C000019694Memberfmr:TH8Member2026-01-310000754510fmr:C000019694Memberfmr:TH9Member2026-01-310000754510fmr:C000182860Member2025-07-312026-01-310000754510fmr:C000182860Member2026-01-310000754510fmr:C000182860Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000182860Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000182860Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000182860Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000182860Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000182860Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000182860Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000182860Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000182860Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000182860Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000182860Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000182860Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000182860Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000182860Memberfmr:AABondsMember2026-01-310000754510fmr:C000182860Memberfmr:AAPreferredSecuritiesMember2026-01-310000754510fmr:C000182860Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000182860Membercountry:US2026-01-310000754510fmr:C000182860Membercountry:CA2026-01-310000754510fmr:C000182860Membercountry:TW2026-01-310000754510fmr:C000182860Membercountry:IN2026-01-310000754510fmr:C000182860Membercountry:FI2026-01-310000754510fmr:C000182860Membercountry:CN2026-01-310000754510fmr:C000182860Membercountry:CH2026-01-310000754510fmr:C000182860Membercountry:NL2026-01-310000754510fmr:C000182860Membercountry:GB2026-01-310000754510fmr:C000182860Memberfmr:OtherMember2026-01-310000754510fmr:C000182860Memberfmr:TH0Member2026-01-310000754510fmr:C000182860Memberfmr:TH1Member2026-01-310000754510fmr:C000182860Memberfmr:TH2Member2026-01-310000754510fmr:C000182860Memberfmr:TH3Member2026-01-310000754510fmr:C000182860Memberfmr:TH4Member2026-01-310000754510fmr:C000182860Memberfmr:TH5Member2026-01-310000754510fmr:C000182860Memberfmr:TH6Member2026-01-310000754510fmr:C000182860Memberfmr:TH7Member2026-01-310000754510fmr:C000182860Memberfmr:TH8Member2026-01-310000754510fmr:C000182860Memberfmr:TH9Member2026-01-310000754510fmr:C000019693Member2025-07-312026-01-310000754510fmr:C000019693Member2026-01-310000754510fmr:C000019693Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000019693Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000019693Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000019693Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000019693Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000019693Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000019693Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000019693Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000019693Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000019693Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000019693Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000019693Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000019693Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000019693Memberfmr:AABondsMember2026-01-310000754510fmr:C000019693Memberfmr:AAPreferredSecuritiesMember2026-01-310000754510fmr:C000019693Membercountry:US2026-01-310000754510fmr:C000019693Membercountry:CA2026-01-310000754510fmr:C000019693Membercountry:TW2026-01-310000754510fmr:C000019693Membercountry:IN2026-01-310000754510fmr:C000019693Membercountry:FI2026-01-310000754510fmr:C000019693Membercountry:CN2026-01-310000754510fmr:C000019693Membercountry:NL2026-01-310000754510fmr:C000019693Membercountry:CH2026-01-310000754510fmr:C000019693Membercountry:DK2026-01-310000754510fmr:C000019693Memberfmr:OtherMember2026-01-310000754510fmr:C000019693Memberfmr:TH0Member2026-01-310000754510fmr:C000019693Memberfmr:TH1Member2026-01-310000754510fmr:C000019693Memberfmr:TH2Member2026-01-310000754510fmr:C000019693Memberfmr:TH3Member2026-01-310000754510fmr:C000019693Memberfmr:TH4Member2026-01-310000754510fmr:C000019693Memberfmr:TH5Member2026-01-310000754510fmr:C000019693Memberfmr:TH6Member2026-01-310000754510fmr:C000019693Memberfmr:TH7Member2026-01-310000754510fmr:C000019693Memberfmr:TH8Member2026-01-310000754510fmr:C000019693Memberfmr:TH9Member2026-01-310000754510fmr:C000064269Member2025-07-312026-01-310000754510fmr:C000064269Member2026-01-310000754510fmr:C000064269Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000064269Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000064269Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000064269Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000064269Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000064269Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000064269Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000064269Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000064269Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000064269Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000064269Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000064269Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000064269Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000064269Memberfmr:AABondsMember2026-01-310000754510fmr:C000064269Memberfmr:AAPreferredSecuritiesMember2026-01-310000754510fmr:C000064269Membercountry:US2026-01-310000754510fmr:C000064269Membercountry:CA2026-01-310000754510fmr:C000064269Membercountry:TW2026-01-310000754510fmr:C000064269Membercountry:IN2026-01-310000754510fmr:C000064269Membercountry:FI2026-01-310000754510fmr:C000064269Membercountry:CN2026-01-310000754510fmr:C000064269Membercountry:NL2026-01-310000754510fmr:C000064269Membercountry:CH2026-01-310000754510fmr:C000064269Membercountry:DK2026-01-310000754510fmr:C000064269Memberfmr:OtherMember2026-01-310000754510fmr:C000064269Memberfmr:TH0Member2026-01-310000754510fmr:C000064269Memberfmr:TH1Member2026-01-310000754510fmr:C000064269Memberfmr:TH2Member2026-01-310000754510fmr:C000064269Memberfmr:TH3Member2026-01-310000754510fmr:C000064269Memberfmr:TH4Member2026-01-310000754510fmr:C000064269Memberfmr:TH5Member2026-01-310000754510fmr:C000064269Memberfmr:TH6Member2026-01-310000754510fmr:C000064269Memberfmr:TH7Member2026-01-310000754510fmr:C000064269Memberfmr:TH8Member2026-01-310000754510fmr:C000064269Memberfmr:TH9Member2026-01-310000754510fmr:C000254546Member2025-07-312026-01-310000754510fmr:C000254546Member2026-01-310000754510fmr:C000254546Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000254546Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000254546Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000254546Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000254546Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000254546Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000254546Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000254546Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000254546Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000254546Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000254546Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000254546Memberfmr:AABondsMember2026-01-310000754510fmr:C000254546Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000254546Membercountry:US2026-01-310000754510fmr:C000254546Membercountry:TW2026-01-310000754510fmr:C000254546Membercountry:CA2026-01-310000754510fmr:C000254546Membercountry:NL2026-01-310000754510fmr:C000254546Membercountry:CH2026-01-310000754510fmr:C000254546Membercountry:HK2026-01-310000754510fmr:C000254546Memberfmr:TH0Member2026-01-310000754510fmr:C000254546Memberfmr:TH1Member2026-01-310000754510fmr:C000254546Memberfmr:TH2Member2026-01-310000754510fmr:C000254546Memberfmr:TH3Member2026-01-310000754510fmr:C000254546Memberfmr:TH4Member2026-01-310000754510fmr:C000254546Memberfmr:TH5Member2026-01-310000754510fmr:C000254546Memberfmr:TH6Member2026-01-310000754510fmr:C000254546Memberfmr:TH7Member2026-01-310000754510fmr:C000254546Memberfmr:TH8Member2026-01-310000754510fmr:C000254546Memberfmr:TH9Member2026-01-310000754510fmr:C000254547Member2025-07-312026-01-310000754510fmr:C000254547Member2026-01-310000754510fmr:C000254547Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000254547Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000254547Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000254547Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000254547Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000254547Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000254547Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000254547Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000254547Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000254547Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000254547Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000254547Memberfmr:AABondsMember2026-01-310000754510fmr:C000254547Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000254547Membercountry:US2026-01-310000754510fmr:C000254547Membercountry:TW2026-01-310000754510fmr:C000254547Membercountry:CA2026-01-310000754510fmr:C000254547Membercountry:NL2026-01-310000754510fmr:C000254547Membercountry:CH2026-01-310000754510fmr:C000254547Membercountry:HK2026-01-310000754510fmr:C000254547Memberfmr:TH0Member2026-01-310000754510fmr:C000254547Memberfmr:TH1Member2026-01-310000754510fmr:C000254547Memberfmr:TH2Member2026-01-310000754510fmr:C000254547Memberfmr:TH3Member2026-01-310000754510fmr:C000254547Memberfmr:TH4Member2026-01-310000754510fmr:C000254547Memberfmr:TH5Member2026-01-310000754510fmr:C000254547Memberfmr:TH6Member2026-01-310000754510fmr:C000254547Memberfmr:TH7Member2026-01-310000754510fmr:C000254547Memberfmr:TH8Member2026-01-310000754510fmr:C000254547Memberfmr:TH9Member2026-01-310000754510fmr:C000254548Member2025-07-312026-01-310000754510fmr:C000254548Member2026-01-310000754510fmr:C000254548Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000254548Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000254548Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000254548Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000254548Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000254548Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000254548Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000254548Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000254548Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000254548Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000254548Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000254548Memberfmr:AABondsMember2026-01-310000754510fmr:C000254548Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000254548Membercountry:US2026-01-310000754510fmr:C000254548Membercountry:TW2026-01-310000754510fmr:C000254548Membercountry:CA2026-01-310000754510fmr:C000254548Membercountry:NL2026-01-310000754510fmr:C000254548Membercountry:CH2026-01-310000754510fmr:C000254548Membercountry:HK2026-01-310000754510fmr:C000254548Memberfmr:TH0Member2026-01-310000754510fmr:C000254548Memberfmr:TH1Member2026-01-310000754510fmr:C000254548Memberfmr:TH2Member2026-01-310000754510fmr:C000254548Memberfmr:TH3Member2026-01-310000754510fmr:C000254548Memberfmr:TH4Member2026-01-310000754510fmr:C000254548Memberfmr:TH5Member2026-01-310000754510fmr:C000254548Memberfmr:TH6Member2026-01-310000754510fmr:C000254548Memberfmr:TH7Member2026-01-310000754510fmr:C000254548Memberfmr:TH8Member2026-01-310000754510fmr:C000254548Memberfmr:TH9Member2026-01-310000754510fmr:C000254545Member2025-07-312026-01-310000754510fmr:C000254545Member2026-01-310000754510fmr:C000254545Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000254545Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000254545Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000254545Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000254545Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000254545Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000254545Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000254545Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000254545Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000254545Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000254545Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000254545Memberfmr:AABondsMember2026-01-310000754510fmr:C000254545Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000254545Membercountry:US2026-01-310000754510fmr:C000254545Membercountry:TW2026-01-310000754510fmr:C000254545Membercountry:CA2026-01-310000754510fmr:C000254545Membercountry:NL2026-01-310000754510fmr:C000254545Membercountry:CH2026-01-310000754510fmr:C000254545Membercountry:HK2026-01-310000754510fmr:C000254545Memberfmr:TH0Member2026-01-310000754510fmr:C000254545Memberfmr:TH1Member2026-01-310000754510fmr:C000254545Memberfmr:TH2Member2026-01-310000754510fmr:C000254545Memberfmr:TH3Member2026-01-310000754510fmr:C000254545Memberfmr:TH4Member2026-01-310000754510fmr:C000254545Memberfmr:TH5Member2026-01-310000754510fmr:C000254545Memberfmr:TH6Member2026-01-310000754510fmr:C000254545Memberfmr:TH7Member2026-01-310000754510fmr:C000254545Memberfmr:TH8Member2026-01-310000754510fmr:C000254545Memberfmr:TH9Member2026-01-310000754510fmr:C000254544Member2025-07-312026-01-310000754510fmr:C000254544Member2026-01-310000754510fmr:C000254544Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000254544Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000254544Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000254544Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000254544Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000254544Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000254544Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000254544Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000254544Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000254544Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000254544Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000254544Memberfmr:AABondsMember2026-01-310000754510fmr:C000254544Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000254544Membercountry:US2026-01-310000754510fmr:C000254544Membercountry:TW2026-01-310000754510fmr:C000254544Membercountry:CA2026-01-310000754510fmr:C000254544Membercountry:NL2026-01-310000754510fmr:C000254544Membercountry:CH2026-01-310000754510fmr:C000254544Membercountry:HK2026-01-310000754510fmr:C000254544Memberfmr:TH0Member2026-01-310000754510fmr:C000254544Memberfmr:TH1Member2026-01-310000754510fmr:C000254544Memberfmr:TH2Member2026-01-310000754510fmr:C000254544Memberfmr:TH3Member2026-01-310000754510fmr:C000254544Memberfmr:TH4Member2026-01-310000754510fmr:C000254544Memberfmr:TH5Member2026-01-310000754510fmr:C000254544Memberfmr:TH6Member2026-01-310000754510fmr:C000254544Memberfmr:TH7Member2026-01-310000754510fmr:C000254544Memberfmr:TH8Member2026-01-310000754510fmr:C000254544Memberfmr:TH9Member2026-01-310000754510fmr:C000254558Member2025-07-312026-01-310000754510fmr:C000254558Member2026-01-310000754510fmr:C000254558Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000254558Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000254558Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000254558Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000254558Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000254558Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000254558Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000254558Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000254558Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000254558Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000254558Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000254558Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000254558Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000254558Memberfmr:AABondsMember2026-01-310000754510fmr:C000254558Memberfmr:AAPreferredSecuritiesMember2026-01-310000754510fmr:C000254558Membercountry:US2026-01-310000754510fmr:C000254558Membercountry:CA2026-01-310000754510fmr:C000254558Membercountry:TW2026-01-310000754510fmr:C000254558Membercountry:IN2026-01-310000754510fmr:C000254558Membercountry:FI2026-01-310000754510fmr:C000254558Membercountry:CN2026-01-310000754510fmr:C000254558Membercountry:NL2026-01-310000754510fmr:C000254558Membercountry:CH2026-01-310000754510fmr:C000254558Membercountry:DK2026-01-310000754510fmr:C000254558Memberfmr:OtherMember2026-01-310000754510fmr:C000254558Memberfmr:TH0Member2026-01-310000754510fmr:C000254558Memberfmr:TH1Member2026-01-310000754510fmr:C000254558Memberfmr:TH2Member2026-01-310000754510fmr:C000254558Memberfmr:TH3Member2026-01-310000754510fmr:C000254558Memberfmr:TH4Member2026-01-310000754510fmr:C000254558Memberfmr:TH5Member2026-01-310000754510fmr:C000254558Memberfmr:TH6Member2026-01-310000754510fmr:C000254558Memberfmr:TH7Member2026-01-310000754510fmr:C000254558Memberfmr:TH8Member2026-01-310000754510fmr:C000254558Memberfmr:TH9Member2026-01-310000754510fmr:C000254555Member2025-07-312026-01-310000754510fmr:C000254555Member2026-01-310000754510fmr:C000254555Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000254555Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000254555Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000254555Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000254555Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000254555Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000254555Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000254555Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000254555Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000254555Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000254555Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000254555Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000254555Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000254555Memberfmr:AABondsMember2026-01-310000754510fmr:C000254555Memberfmr:AAPreferredSecuritiesMember2026-01-310000754510fmr:C000254555Membercountry:US2026-01-310000754510fmr:C000254555Membercountry:CA2026-01-310000754510fmr:C000254555Membercountry:TW2026-01-310000754510fmr:C000254555Membercountry:IN2026-01-310000754510fmr:C000254555Membercountry:FI2026-01-310000754510fmr:C000254555Membercountry:CN2026-01-310000754510fmr:C000254555Membercountry:NL2026-01-310000754510fmr:C000254555Membercountry:CH2026-01-310000754510fmr:C000254555Membercountry:DK2026-01-310000754510fmr:C000254555Memberfmr:OtherMember2026-01-310000754510fmr:C000254555Memberfmr:TH0Member2026-01-310000754510fmr:C000254555Memberfmr:TH1Member2026-01-310000754510fmr:C000254555Memberfmr:TH2Member2026-01-310000754510fmr:C000254555Memberfmr:TH3Member2026-01-310000754510fmr:C000254555Memberfmr:TH4Member2026-01-310000754510fmr:C000254555Memberfmr:TH5Member2026-01-310000754510fmr:C000254555Memberfmr:TH6Member2026-01-310000754510fmr:C000254555Memberfmr:TH7Member2026-01-310000754510fmr:C000254555Memberfmr:TH8Member2026-01-310000754510fmr:C000254555Memberfmr:TH9Member2026-01-310000754510fmr:C000254554Member2025-07-312026-01-310000754510fmr:C000254554Member2026-01-310000754510fmr:C000254554Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000254554Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000254554Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000254554Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000254554Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000254554Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000254554Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000254554Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000254554Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000254554Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000254554Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000254554Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000254554Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000254554Memberfmr:AABondsMember2026-01-310000754510fmr:C000254554Memberfmr:AAPreferredSecuritiesMember2026-01-310000754510fmr:C000254554Membercountry:US2026-01-310000754510fmr:C000254554Membercountry:CA2026-01-310000754510fmr:C000254554Membercountry:TW2026-01-310000754510fmr:C000254554Membercountry:IN2026-01-310000754510fmr:C000254554Membercountry:FI2026-01-310000754510fmr:C000254554Membercountry:CN2026-01-310000754510fmr:C000254554Membercountry:NL2026-01-310000754510fmr:C000254554Membercountry:CH2026-01-310000754510fmr:C000254554Membercountry:DK2026-01-310000754510fmr:C000254554Memberfmr:OtherMember2026-01-310000754510fmr:C000254554Memberfmr:TH0Member2026-01-310000754510fmr:C000254554Memberfmr:TH1Member2026-01-310000754510fmr:C000254554Memberfmr:TH2Member2026-01-310000754510fmr:C000254554Memberfmr:TH3Member2026-01-310000754510fmr:C000254554Memberfmr:TH4Member2026-01-310000754510fmr:C000254554Memberfmr:TH5Member2026-01-310000754510fmr:C000254554Memberfmr:TH6Member2026-01-310000754510fmr:C000254554Memberfmr:TH7Member2026-01-310000754510fmr:C000254554Memberfmr:TH8Member2026-01-310000754510fmr:C000254554Memberfmr:TH9Member2026-01-310000754510fmr:C000254556Member2025-07-312026-01-310000754510fmr:C000254556Member2026-01-310000754510fmr:C000254556Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000254556Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000254556Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000254556Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000254556Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000254556Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000254556Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000254556Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000254556Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000254556Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000254556Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000254556Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000254556Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000254556Memberfmr:AABondsMember2026-01-310000754510fmr:C000254556Memberfmr:AAPreferredSecuritiesMember2026-01-310000754510fmr:C000254556Membercountry:US2026-01-310000754510fmr:C000254556Membercountry:CA2026-01-310000754510fmr:C000254556Membercountry:TW2026-01-310000754510fmr:C000254556Membercountry:IN2026-01-310000754510fmr:C000254556Membercountry:FI2026-01-310000754510fmr:C000254556Membercountry:CN2026-01-310000754510fmr:C000254556Membercountry:NL2026-01-310000754510fmr:C000254556Membercountry:CH2026-01-310000754510fmr:C000254556Membercountry:DK2026-01-310000754510fmr:C000254556Memberfmr:OtherMember2026-01-310000754510fmr:C000254556Memberfmr:TH0Member2026-01-310000754510fmr:C000254556Memberfmr:TH1Member2026-01-310000754510fmr:C000254556Memberfmr:TH2Member2026-01-310000754510fmr:C000254556Memberfmr:TH3Member2026-01-310000754510fmr:C000254556Memberfmr:TH4Member2026-01-310000754510fmr:C000254556Memberfmr:TH5Member2026-01-310000754510fmr:C000254556Memberfmr:TH6Member2026-01-310000754510fmr:C000254556Memberfmr:TH7Member2026-01-310000754510fmr:C000254556Memberfmr:TH8Member2026-01-310000754510fmr:C000254556Memberfmr:TH9Member2026-01-310000754510fmr:C000254557Member2025-07-312026-01-310000754510fmr:C000254557Member2026-01-310000754510fmr:C000254557Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000254557Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000254557Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000254557Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000254557Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000254557Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000254557Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000254557Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000254557Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000254557Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000254557Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000254557Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000254557Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000254557Memberfmr:AABondsMember2026-01-310000754510fmr:C000254557Memberfmr:AAPreferredSecuritiesMember2026-01-310000754510fmr:C000254557Membercountry:US2026-01-310000754510fmr:C000254557Membercountry:CA2026-01-310000754510fmr:C000254557Membercountry:TW2026-01-310000754510fmr:C000254557Membercountry:IN2026-01-310000754510fmr:C000254557Membercountry:FI2026-01-310000754510fmr:C000254557Membercountry:CN2026-01-310000754510fmr:C000254557Membercountry:NL2026-01-310000754510fmr:C000254557Membercountry:CH2026-01-310000754510fmr:C000254557Membercountry:DK2026-01-310000754510fmr:C000254557Memberfmr:OtherMember2026-01-310000754510fmr:C000254557Memberfmr:TH0Member2026-01-310000754510fmr:C000254557Memberfmr:TH1Member2026-01-310000754510fmr:C000254557Memberfmr:TH2Member2026-01-310000754510fmr:C000254557Memberfmr:TH3Member2026-01-310000754510fmr:C000254557Memberfmr:TH4Member2026-01-310000754510fmr:C000254557Memberfmr:TH5Member2026-01-310000754510fmr:C000254557Memberfmr:TH6Member2026-01-310000754510fmr:C000254557Memberfmr:TH7Member2026-01-310000754510fmr:C000254557Memberfmr:TH8Member2026-01-310000754510fmr:C000254557Memberfmr:TH9Member2026-01-310000754510fmr:C000254551Member2025-07-312026-01-310000754510fmr:C000254551Member2026-01-310000754510fmr:C000254551Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000254551Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000254551Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000254551Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000254551Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000254551Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000254551Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000254551Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000254551Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000254551Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000254551Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000254551Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000254551Memberfmr:AADomesticEquityFundsMember2026-01-310000754510fmr:C000254551Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000254551Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000254551Membercountry:US2026-01-310000754510fmr:C000254551Membercountry:TW2026-01-310000754510fmr:C000254551Membercountry:KR2026-01-310000754510fmr:C000254551Membercountry:NL2026-01-310000754510fmr:C000254551Membercountry:BE2026-01-310000754510fmr:C000254551Membercountry:GB2026-01-310000754510fmr:C000254551Membercountry:CA2026-01-310000754510fmr:C000254551Membercountry:BR2026-01-310000754510fmr:C000254551Membercountry:DK2026-01-310000754510fmr:C000254551Memberfmr:OtherMember2026-01-310000754510fmr:C000254551Memberfmr:TH0Member2026-01-310000754510fmr:C000254551Memberfmr:TH1Member2026-01-310000754510fmr:C000254551Memberfmr:TH2Member2026-01-310000754510fmr:C000254551Memberfmr:TH3Member2026-01-310000754510fmr:C000254551Memberfmr:TH4Member2026-01-310000754510fmr:C000254551Memberfmr:TH5Member2026-01-310000754510fmr:C000254551Memberfmr:TH6Member2026-01-310000754510fmr:C000254551Memberfmr:TH7Member2026-01-310000754510fmr:C000254551Memberfmr:TH8Member2026-01-310000754510fmr:C000254551Memberfmr:TH9Member2026-01-310000754510fmr:C000254552Member2025-07-312026-01-310000754510fmr:C000254552Member2026-01-310000754510fmr:C000254552Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000254552Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000254552Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000254552Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000254552Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000254552Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000254552Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000254552Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000254552Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000254552Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000254552Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000254552Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000254552Memberfmr:AADomesticEquityFundsMember2026-01-310000754510fmr:C000254552Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000254552Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000254552Membercountry:US2026-01-310000754510fmr:C000254552Membercountry:TW2026-01-310000754510fmr:C000254552Membercountry:KR2026-01-310000754510fmr:C000254552Membercountry:NL2026-01-310000754510fmr:C000254552Membercountry:BE2026-01-310000754510fmr:C000254552Membercountry:GB2026-01-310000754510fmr:C000254552Membercountry:CA2026-01-310000754510fmr:C000254552Membercountry:BR2026-01-310000754510fmr:C000254552Membercountry:DK2026-01-310000754510fmr:C000254552Memberfmr:OtherMember2026-01-310000754510fmr:C000254552Memberfmr:TH0Member2026-01-310000754510fmr:C000254552Memberfmr:TH1Member2026-01-310000754510fmr:C000254552Memberfmr:TH2Member2026-01-310000754510fmr:C000254552Memberfmr:TH3Member2026-01-310000754510fmr:C000254552Memberfmr:TH4Member2026-01-310000754510fmr:C000254552Memberfmr:TH5Member2026-01-310000754510fmr:C000254552Memberfmr:TH6Member2026-01-310000754510fmr:C000254552Memberfmr:TH7Member2026-01-310000754510fmr:C000254552Memberfmr:TH8Member2026-01-310000754510fmr:C000254552Memberfmr:TH9Member2026-01-310000754510fmr:C000254550Member2025-07-312026-01-310000754510fmr:C000254550Member2026-01-310000754510fmr:C000254550Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000254550Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000254550Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000254550Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000254550Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000254550Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000254550Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000254550Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000254550Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000254550Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000254550Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000254550Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000254550Memberfmr:AADomesticEquityFundsMember2026-01-310000754510fmr:C000254550Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000254550Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000254550Membercountry:US2026-01-310000754510fmr:C000254550Membercountry:TW2026-01-310000754510fmr:C000254550Membercountry:KR2026-01-310000754510fmr:C000254550Membercountry:NL2026-01-310000754510fmr:C000254550Membercountry:BE2026-01-310000754510fmr:C000254550Membercountry:GB2026-01-310000754510fmr:C000254550Membercountry:CA2026-01-310000754510fmr:C000254550Membercountry:BR2026-01-310000754510fmr:C000254550Membercountry:DK2026-01-310000754510fmr:C000254550Memberfmr:OtherMember2026-01-310000754510fmr:C000254550Memberfmr:TH0Member2026-01-310000754510fmr:C000254550Memberfmr:TH1Member2026-01-310000754510fmr:C000254550Memberfmr:TH2Member2026-01-310000754510fmr:C000254550Memberfmr:TH3Member2026-01-310000754510fmr:C000254550Memberfmr:TH4Member2026-01-310000754510fmr:C000254550Memberfmr:TH5Member2026-01-310000754510fmr:C000254550Memberfmr:TH6Member2026-01-310000754510fmr:C000254550Memberfmr:TH7Member2026-01-310000754510fmr:C000254550Memberfmr:TH8Member2026-01-310000754510fmr:C000254550Memberfmr:TH9Member2026-01-310000754510fmr:C000254553Member2025-07-312026-01-310000754510fmr:C000254553Member2026-01-310000754510fmr:C000254553Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000254553Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000254553Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000254553Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000254553Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000254553Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000254553Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000254553Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000254553Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000254553Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000254553Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000254553Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000254553Memberfmr:AADomesticEquityFundsMember2026-01-310000754510fmr:C000254553Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000254553Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000254553Membercountry:US2026-01-310000754510fmr:C000254553Membercountry:TW2026-01-310000754510fmr:C000254553Membercountry:KR2026-01-310000754510fmr:C000254553Membercountry:NL2026-01-310000754510fmr:C000254553Membercountry:BE2026-01-310000754510fmr:C000254553Membercountry:GB2026-01-310000754510fmr:C000254553Membercountry:CA2026-01-310000754510fmr:C000254553Membercountry:BR2026-01-310000754510fmr:C000254553Membercountry:DK2026-01-310000754510fmr:C000254553Memberfmr:OtherMember2026-01-310000754510fmr:C000254553Memberfmr:TH0Member2026-01-310000754510fmr:C000254553Memberfmr:TH1Member2026-01-310000754510fmr:C000254553Memberfmr:TH2Member2026-01-310000754510fmr:C000254553Memberfmr:TH3Member2026-01-310000754510fmr:C000254553Memberfmr:TH4Member2026-01-310000754510fmr:C000254553Memberfmr:TH5Member2026-01-310000754510fmr:C000254553Memberfmr:TH6Member2026-01-310000754510fmr:C000254553Memberfmr:TH7Member2026-01-310000754510fmr:C000254553Memberfmr:TH8Member2026-01-310000754510fmr:C000254553Memberfmr:TH9Member2026-01-310000754510fmr:C000254549Member2025-07-312026-01-310000754510fmr:C000254549Member2026-01-310000754510fmr:C000254549Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000254549Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000254549Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000254549Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000254549Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000254549Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000254549Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000254549Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000254549Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000254549Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000254549Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000254549Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000254549Memberfmr:AADomesticEquityFundsMember2026-01-310000754510fmr:C000254549Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000254549Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000254549Membercountry:US2026-01-310000754510fmr:C000254549Membercountry:TW2026-01-310000754510fmr:C000254549Membercountry:KR2026-01-310000754510fmr:C000254549Membercountry:NL2026-01-310000754510fmr:C000254549Membercountry:BE2026-01-310000754510fmr:C000254549Membercountry:GB2026-01-310000754510fmr:C000254549Membercountry:CA2026-01-310000754510fmr:C000254549Membercountry:BR2026-01-310000754510fmr:C000254549Membercountry:DK2026-01-310000754510fmr:C000254549Memberfmr:OtherMember2026-01-310000754510fmr:C000254549Memberfmr:TH0Member2026-01-310000754510fmr:C000254549Memberfmr:TH1Member2026-01-310000754510fmr:C000254549Memberfmr:TH2Member2026-01-310000754510fmr:C000254549Memberfmr:TH3Member2026-01-310000754510fmr:C000254549Memberfmr:TH4Member2026-01-310000754510fmr:C000254549Memberfmr:TH5Member2026-01-310000754510fmr:C000254549Memberfmr:TH6Member2026-01-310000754510fmr:C000254549Memberfmr:TH7Member2026-01-310000754510fmr:C000254549Memberfmr:TH8Member2026-01-310000754510fmr:C000254549Memberfmr:TH9Member2026-01-310000754510fmr:C000256791Member2025-07-312026-01-310000754510fmr:C000256791Member2026-01-310000754510fmr:C000256791Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000256791Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000256791Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000256791Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000256791Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000256791Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000256791Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000256791Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000256791Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000256791Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000256791Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000256791Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000256791Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000256791Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000256791Membercountry:US2026-01-310000754510fmr:C000256791Membercountry:CA2026-01-310000754510fmr:C000256791Membercountry:GB2026-01-310000754510fmr:C000256791Membercountry:BE2026-01-310000754510fmr:C000256791Membercountry:TW2026-01-310000754510fmr:C000256791Membercountry:NL2026-01-310000754510fmr:C000256791Membercountry:DE2026-01-310000754510fmr:C000256791Membercountry:FR2026-01-310000754510fmr:C000256791Membercountry:ZM2026-01-310000754510fmr:C000256791Memberfmr:OtherMember2026-01-310000754510fmr:C000256791Memberfmr:TH0Member2026-01-310000754510fmr:C000256791Memberfmr:TH1Member2026-01-310000754510fmr:C000256791Memberfmr:TH2Member2026-01-310000754510fmr:C000256791Memberfmr:TH3Member2026-01-310000754510fmr:C000256791Memberfmr:TH4Member2026-01-310000754510fmr:C000256791Memberfmr:TH5Member2026-01-310000754510fmr:C000256791Memberfmr:TH6Member2026-01-310000754510fmr:C000256791Memberfmr:TH7Member2026-01-310000754510fmr:C000256791Memberfmr:TH8Member2026-01-310000754510fmr:C000256791Memberfmr:TH9Member2026-01-310000754510fmr:C000256788Member2025-07-312026-01-310000754510fmr:C000256788Member2026-01-310000754510fmr:C000256788Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000256788Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000256788Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000256788Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000256788Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000256788Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000256788Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000256788Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000256788Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000256788Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000256788Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000256788Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000256788Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000256788Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000256788Membercountry:US2026-01-310000754510fmr:C000256788Membercountry:CA2026-01-310000754510fmr:C000256788Membercountry:GB2026-01-310000754510fmr:C000256788Membercountry:BE2026-01-310000754510fmr:C000256788Membercountry:TW2026-01-310000754510fmr:C000256788Membercountry:NL2026-01-310000754510fmr:C000256788Membercountry:DE2026-01-310000754510fmr:C000256788Membercountry:FR2026-01-310000754510fmr:C000256788Membercountry:ZM2026-01-310000754510fmr:C000256788Memberfmr:OtherMember2026-01-310000754510fmr:C000256788Memberfmr:TH0Member2026-01-310000754510fmr:C000256788Memberfmr:TH1Member2026-01-310000754510fmr:C000256788Memberfmr:TH2Member2026-01-310000754510fmr:C000256788Memberfmr:TH3Member2026-01-310000754510fmr:C000256788Memberfmr:TH4Member2026-01-310000754510fmr:C000256788Memberfmr:TH5Member2026-01-310000754510fmr:C000256788Memberfmr:TH6Member2026-01-310000754510fmr:C000256788Memberfmr:TH7Member2026-01-310000754510fmr:C000256788Memberfmr:TH8Member2026-01-310000754510fmr:C000256788Memberfmr:TH9Member2026-01-310000754510fmr:C000256787Member2025-07-312026-01-310000754510fmr:C000256787Member2026-01-310000754510fmr:C000256787Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000256787Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000256787Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000256787Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000256787Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000256787Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000256787Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000256787Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000256787Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000256787Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000256787Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000256787Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000256787Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000256787Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000256787Membercountry:US2026-01-310000754510fmr:C000256787Membercountry:CA2026-01-310000754510fmr:C000256787Membercountry:GB2026-01-310000754510fmr:C000256787Membercountry:BE2026-01-310000754510fmr:C000256787Membercountry:TW2026-01-310000754510fmr:C000256787Membercountry:NL2026-01-310000754510fmr:C000256787Membercountry:DE2026-01-310000754510fmr:C000256787Membercountry:FR2026-01-310000754510fmr:C000256787Membercountry:ZM2026-01-310000754510fmr:C000256787Memberfmr:OtherMember2026-01-310000754510fmr:C000256787Memberfmr:TH0Member2026-01-310000754510fmr:C000256787Memberfmr:TH1Member2026-01-310000754510fmr:C000256787Memberfmr:TH2Member2026-01-310000754510fmr:C000256787Memberfmr:TH3Member2026-01-310000754510fmr:C000256787Memberfmr:TH4Member2026-01-310000754510fmr:C000256787Memberfmr:TH5Member2026-01-310000754510fmr:C000256787Memberfmr:TH6Member2026-01-310000754510fmr:C000256787Memberfmr:TH7Member2026-01-310000754510fmr:C000256787Memberfmr:TH8Member2026-01-310000754510fmr:C000256787Memberfmr:TH9Member2026-01-310000754510fmr:C000256789Member2025-07-312026-01-310000754510fmr:C000256789Member2026-01-310000754510fmr:C000256789Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000256789Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000256789Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000256789Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000256789Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000256789Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000256789Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000256789Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000256789Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000256789Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000256789Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000256789Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000256789Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000256789Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000256789Membercountry:US2026-01-310000754510fmr:C000256789Membercountry:CA2026-01-310000754510fmr:C000256789Membercountry:GB2026-01-310000754510fmr:C000256789Membercountry:BE2026-01-310000754510fmr:C000256789Membercountry:TW2026-01-310000754510fmr:C000256789Membercountry:NL2026-01-310000754510fmr:C000256789Membercountry:DE2026-01-310000754510fmr:C000256789Membercountry:FR2026-01-310000754510fmr:C000256789Membercountry:ZM2026-01-310000754510fmr:C000256789Memberfmr:OtherMember2026-01-310000754510fmr:C000256789Memberfmr:TH0Member2026-01-310000754510fmr:C000256789Memberfmr:TH1Member2026-01-310000754510fmr:C000256789Memberfmr:TH2Member2026-01-310000754510fmr:C000256789Memberfmr:TH3Member2026-01-310000754510fmr:C000256789Memberfmr:TH4Member2026-01-310000754510fmr:C000256789Memberfmr:TH5Member2026-01-310000754510fmr:C000256789Memberfmr:TH6Member2026-01-310000754510fmr:C000256789Memberfmr:TH7Member2026-01-310000754510fmr:C000256789Memberfmr:TH8Member2026-01-310000754510fmr:C000256789Memberfmr:TH9Member2026-01-310000754510fmr:C000256790Member2025-07-312026-01-310000754510fmr:C000256790Member2026-01-310000754510fmr:C000256790Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000256790Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000256790Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000256790Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000256790Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000256790Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000256790Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000256790Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000256790Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000256790Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000256790Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000256790Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000256790Memberfmr:AAPreferredStocksMember2026-01-310000754510fmr:C000256790Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000256790Membercountry:US2026-01-310000754510fmr:C000256790Membercountry:CA2026-01-310000754510fmr:C000256790Membercountry:GB2026-01-310000754510fmr:C000256790Membercountry:BE2026-01-310000754510fmr:C000256790Membercountry:TW2026-01-310000754510fmr:C000256790Membercountry:NL2026-01-310000754510fmr:C000256790Membercountry:DE2026-01-310000754510fmr:C000256790Membercountry:FR2026-01-310000754510fmr:C000256790Membercountry:ZM2026-01-310000754510fmr:C000256790Memberfmr:OtherMember2026-01-310000754510fmr:C000256790Memberfmr:TH0Member2026-01-310000754510fmr:C000256790Memberfmr:TH1Member2026-01-310000754510fmr:C000256790Memberfmr:TH2Member2026-01-310000754510fmr:C000256790Memberfmr:TH3Member2026-01-310000754510fmr:C000256790Memberfmr:TH4Member2026-01-310000754510fmr:C000256790Memberfmr:TH5Member2026-01-310000754510fmr:C000256790Memberfmr:TH6Member2026-01-310000754510fmr:C000256790Memberfmr:TH7Member2026-01-310000754510fmr:C000256790Memberfmr:TH8Member2026-01-310000754510fmr:C000256790Memberfmr:TH9Member2026-01-310000754510fmr:C000257439Member2025-07-312026-01-310000754510fmr:C000257439Member2026-01-310000754510fmr:C000257439Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000257439Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000257439Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000257439Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000257439Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000257439Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000257439Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000257439Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000257439Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000257439Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000257439Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000257439Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000257439Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000257439Membercountry:US2026-01-310000754510fmr:C000257439Membercountry:CA2026-01-310000754510fmr:C000257439Membercountry:TW2026-01-310000754510fmr:C000257439Membercountry:GB2026-01-310000754510fmr:C000257439Membercountry:KR2026-01-310000754510fmr:C000257439Membercountry:NO2026-01-310000754510fmr:C000257439Membercountry:ZM2026-01-310000754510fmr:C000257439Membercountry:BR2026-01-310000754510fmr:C000257439Membercountry:DE2026-01-310000754510fmr:C000257439Memberfmr:OtherMember2026-01-310000754510fmr:C000257439Memberfmr:TH0Member2026-01-310000754510fmr:C000257439Memberfmr:TH1Member2026-01-310000754510fmr:C000257439Memberfmr:TH2Member2026-01-310000754510fmr:C000257439Memberfmr:TH3Member2026-01-310000754510fmr:C000257439Memberfmr:TH4Member2026-01-310000754510fmr:C000257439Memberfmr:TH5Member2026-01-310000754510fmr:C000257439Memberfmr:TH6Member2026-01-310000754510fmr:C000257439Memberfmr:TH7Member2026-01-310000754510fmr:C000257439Memberfmr:TH8Member2026-01-310000754510fmr:C000257439Memberfmr:TH9Member2026-01-310000754510fmr:C000257440Member2025-07-312026-01-310000754510fmr:C000257440Member2026-01-310000754510fmr:C000257440Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000257440Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000257440Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000257440Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000257440Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000257440Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000257440Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000257440Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000257440Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000257440Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000257440Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000257440Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000257440Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000257440Membercountry:US2026-01-310000754510fmr:C000257440Membercountry:CA2026-01-310000754510fmr:C000257440Membercountry:TW2026-01-310000754510fmr:C000257440Membercountry:GB2026-01-310000754510fmr:C000257440Membercountry:KR2026-01-310000754510fmr:C000257440Membercountry:NO2026-01-310000754510fmr:C000257440Membercountry:ZM2026-01-310000754510fmr:C000257440Membercountry:BR2026-01-310000754510fmr:C000257440Membercountry:DE2026-01-310000754510fmr:C000257440Memberfmr:OtherMember2026-01-310000754510fmr:C000257440Memberfmr:TH0Member2026-01-310000754510fmr:C000257440Memberfmr:TH1Member2026-01-310000754510fmr:C000257440Memberfmr:TH2Member2026-01-310000754510fmr:C000257440Memberfmr:TH3Member2026-01-310000754510fmr:C000257440Memberfmr:TH4Member2026-01-310000754510fmr:C000257440Memberfmr:TH5Member2026-01-310000754510fmr:C000257440Memberfmr:TH6Member2026-01-310000754510fmr:C000257440Memberfmr:TH7Member2026-01-310000754510fmr:C000257440Memberfmr:TH8Member2026-01-310000754510fmr:C000257440Memberfmr:TH9Member2026-01-310000754510fmr:C000257436Member2025-07-312026-01-310000754510fmr:C000257436Member2026-01-310000754510fmr:C000257436Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000257436Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000257436Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000257436Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000257436Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000257436Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000257436Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000257436Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000257436Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000257436Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000257436Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000257436Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000257436Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000257436Membercountry:US2026-01-310000754510fmr:C000257436Membercountry:CA2026-01-310000754510fmr:C000257436Membercountry:TW2026-01-310000754510fmr:C000257436Membercountry:GB2026-01-310000754510fmr:C000257436Membercountry:KR2026-01-310000754510fmr:C000257436Membercountry:NO2026-01-310000754510fmr:C000257436Membercountry:ZM2026-01-310000754510fmr:C000257436Membercountry:BR2026-01-310000754510fmr:C000257436Membercountry:DE2026-01-310000754510fmr:C000257436Memberfmr:OtherMember2026-01-310000754510fmr:C000257436Memberfmr:TH0Member2026-01-310000754510fmr:C000257436Memberfmr:TH1Member2026-01-310000754510fmr:C000257436Memberfmr:TH2Member2026-01-310000754510fmr:C000257436Memberfmr:TH3Member2026-01-310000754510fmr:C000257436Memberfmr:TH4Member2026-01-310000754510fmr:C000257436Memberfmr:TH5Member2026-01-310000754510fmr:C000257436Memberfmr:TH6Member2026-01-310000754510fmr:C000257436Memberfmr:TH7Member2026-01-310000754510fmr:C000257436Memberfmr:TH8Member2026-01-310000754510fmr:C000257436Memberfmr:TH9Member2026-01-310000754510fmr:C000257437Member2025-07-312026-01-310000754510fmr:C000257437Member2026-01-310000754510fmr:C000257437Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000257437Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000257437Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000257437Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000257437Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000257437Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000257437Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000257437Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000257437Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000257437Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000257437Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000257437Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000257437Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000257437Membercountry:US2026-01-310000754510fmr:C000257437Membercountry:CA2026-01-310000754510fmr:C000257437Membercountry:TW2026-01-310000754510fmr:C000257437Membercountry:GB2026-01-310000754510fmr:C000257437Membercountry:KR2026-01-310000754510fmr:C000257437Membercountry:NO2026-01-310000754510fmr:C000257437Membercountry:ZM2026-01-310000754510fmr:C000257437Membercountry:BR2026-01-310000754510fmr:C000257437Membercountry:DE2026-01-310000754510fmr:C000257437Memberfmr:OtherMember2026-01-310000754510fmr:C000257437Memberfmr:TH0Member2026-01-310000754510fmr:C000257437Memberfmr:TH1Member2026-01-310000754510fmr:C000257437Memberfmr:TH2Member2026-01-310000754510fmr:C000257437Memberfmr:TH3Member2026-01-310000754510fmr:C000257437Memberfmr:TH4Member2026-01-310000754510fmr:C000257437Memberfmr:TH5Member2026-01-310000754510fmr:C000257437Memberfmr:TH6Member2026-01-310000754510fmr:C000257437Memberfmr:TH7Member2026-01-310000754510fmr:C000257437Memberfmr:TH8Member2026-01-310000754510fmr:C000257437Memberfmr:TH9Member2026-01-310000754510fmr:C000257438Member2025-07-312026-01-310000754510fmr:C000257438Member2026-01-310000754510fmr:C000257438Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000257438Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000257438Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000257438Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000257438Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000257438Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000257438Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000257438Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000257438Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000257438Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000257438Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000257438Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000257438Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000257438Membercountry:US2026-01-310000754510fmr:C000257438Membercountry:CA2026-01-310000754510fmr:C000257438Membercountry:TW2026-01-310000754510fmr:C000257438Membercountry:GB2026-01-310000754510fmr:C000257438Membercountry:KR2026-01-310000754510fmr:C000257438Membercountry:NO2026-01-310000754510fmr:C000257438Membercountry:ZM2026-01-310000754510fmr:C000257438Membercountry:BR2026-01-310000754510fmr:C000257438Membercountry:DE2026-01-310000754510fmr:C000257438Memberfmr:OtherMember2026-01-310000754510fmr:C000257438Memberfmr:TH0Member2026-01-310000754510fmr:C000257438Memberfmr:TH1Member2026-01-310000754510fmr:C000257438Memberfmr:TH2Member2026-01-310000754510fmr:C000257438Memberfmr:TH3Member2026-01-310000754510fmr:C000257438Memberfmr:TH4Member2026-01-310000754510fmr:C000257438Memberfmr:TH5Member2026-01-310000754510fmr:C000257438Memberfmr:TH6Member2026-01-310000754510fmr:C000257438Memberfmr:TH7Member2026-01-310000754510fmr:C000257438Memberfmr:TH8Member2026-01-310000754510fmr:C000257438Memberfmr:TH9Member2026-01-310000754510fmr:C000257435Member2025-07-312026-01-310000754510fmr:C000257435Member2026-01-310000754510fmr:C000257435Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000257435Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000257435Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000257435Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000257435Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000257435Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000257435Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000257435Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000257435Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000257435Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000257435Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000257435Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000257435Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000257435Membercountry:US2026-01-310000754510fmr:C000257435Membercountry:TW2026-01-310000754510fmr:C000257435Membercountry:GB2026-01-310000754510fmr:C000257435Membercountry:CA2026-01-310000754510fmr:C000257435Memberfmr:TH0Member2026-01-310000754510fmr:C000257435Memberfmr:TH1Member2026-01-310000754510fmr:C000257435Memberfmr:TH2Member2026-01-310000754510fmr:C000257435Memberfmr:TH3Member2026-01-310000754510fmr:C000257435Memberfmr:TH4Member2026-01-310000754510fmr:C000257435Memberfmr:TH5Member2026-01-310000754510fmr:C000257435Memberfmr:TH6Member2026-01-310000754510fmr:C000257435Memberfmr:TH7Member2026-01-310000754510fmr:C000257435Memberfmr:TH8Member2026-01-310000754510fmr:C000257435Memberfmr:TH9Member2026-01-310000754510fmr:C000257431Member2025-07-312026-01-310000754510fmr:C000257431Member2026-01-310000754510fmr:C000257431Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000257431Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000257431Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000257431Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000257431Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000257431Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000257431Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000257431Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000257431Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000257431Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000257431Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000257431Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000257431Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000257431Membercountry:US2026-01-310000754510fmr:C000257431Membercountry:TW2026-01-310000754510fmr:C000257431Membercountry:GB2026-01-310000754510fmr:C000257431Membercountry:CA2026-01-310000754510fmr:C000257431Memberfmr:TH0Member2026-01-310000754510fmr:C000257431Memberfmr:TH1Member2026-01-310000754510fmr:C000257431Memberfmr:TH2Member2026-01-310000754510fmr:C000257431Memberfmr:TH3Member2026-01-310000754510fmr:C000257431Memberfmr:TH4Member2026-01-310000754510fmr:C000257431Memberfmr:TH5Member2026-01-310000754510fmr:C000257431Memberfmr:TH6Member2026-01-310000754510fmr:C000257431Memberfmr:TH7Member2026-01-310000754510fmr:C000257431Memberfmr:TH8Member2026-01-310000754510fmr:C000257431Memberfmr:TH9Member2026-01-310000754510fmr:C000257432Member2025-07-312026-01-310000754510fmr:C000257432Member2026-01-310000754510fmr:C000257432Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000257432Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000257432Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000257432Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000257432Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000257432Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000257432Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000257432Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000257432Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000257432Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000257432Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000257432Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000257432Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000257432Membercountry:US2026-01-310000754510fmr:C000257432Membercountry:TW2026-01-310000754510fmr:C000257432Membercountry:GB2026-01-310000754510fmr:C000257432Membercountry:CA2026-01-310000754510fmr:C000257432Memberfmr:TH0Member2026-01-310000754510fmr:C000257432Memberfmr:TH1Member2026-01-310000754510fmr:C000257432Memberfmr:TH2Member2026-01-310000754510fmr:C000257432Memberfmr:TH3Member2026-01-310000754510fmr:C000257432Memberfmr:TH4Member2026-01-310000754510fmr:C000257432Memberfmr:TH5Member2026-01-310000754510fmr:C000257432Memberfmr:TH6Member2026-01-310000754510fmr:C000257432Memberfmr:TH7Member2026-01-310000754510fmr:C000257432Memberfmr:TH8Member2026-01-310000754510fmr:C000257432Memberfmr:TH9Member2026-01-310000754510fmr:C000257433Member2025-07-312026-01-310000754510fmr:C000257433Member2026-01-310000754510fmr:C000257433Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000257433Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000257433Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000257433Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000257433Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000257433Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000257433Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000257433Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000257433Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000257433Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000257433Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000257433Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000257433Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000257433Membercountry:US2026-01-310000754510fmr:C000257433Membercountry:TW2026-01-310000754510fmr:C000257433Membercountry:GB2026-01-310000754510fmr:C000257433Membercountry:CA2026-01-310000754510fmr:C000257433Memberfmr:TH0Member2026-01-310000754510fmr:C000257433Memberfmr:TH1Member2026-01-310000754510fmr:C000257433Memberfmr:TH2Member2026-01-310000754510fmr:C000257433Memberfmr:TH3Member2026-01-310000754510fmr:C000257433Memberfmr:TH4Member2026-01-310000754510fmr:C000257433Memberfmr:TH5Member2026-01-310000754510fmr:C000257433Memberfmr:TH6Member2026-01-310000754510fmr:C000257433Memberfmr:TH7Member2026-01-310000754510fmr:C000257433Memberfmr:TH8Member2026-01-310000754510fmr:C000257433Memberfmr:TH9Member2026-01-310000754510fmr:C000257434Member2025-07-312026-01-310000754510fmr:C000257434Member2026-01-310000754510fmr:C000257434Memberfmr:MSFinancialsSectorMember2026-01-310000754510fmr:C000257434Memberoef:IndustrialSectorMember2026-01-310000754510fmr:C000257434Memberus-gaap:HealthcareSectorMember2026-01-310000754510fmr:C000257434Memberoef:InformationTechnologySectorMember2026-01-310000754510fmr:C000257434Memberoef:CommunicationsSectorMember2026-01-310000754510fmr:C000257434Memberoef:ConsumerDiscretionarySectorMember2026-01-310000754510fmr:C000257434Memberus-gaap:EnergySectorMember2026-01-310000754510fmr:C000257434Memberoef:ConsumerStaplesSectorMember2026-01-310000754510fmr:C000257434Memberoef:MaterialsSectorMember2026-01-310000754510fmr:C000257434Memberus-gaap:RealEstateSectorMember2026-01-310000754510fmr:C000257434Memberoef:UtilitiesSectorMember2026-01-310000754510fmr:C000257434Memberfmr:AACommonStocksMember2026-01-310000754510fmr:C000257434Memberfmr:AAShortTermInvestmentsandNetOtherAssetsLiabilitiesMember2026-01-310000754510fmr:C000257434Membercountry:US2026-01-310000754510fmr:C000257434Membercountry:TW2026-01-310000754510fmr:C000257434Membercountry:GB2026-01-310000754510fmr:C000257434Membercountry:CA2026-01-310000754510fmr:C000257434Memberfmr:TH0Member2026-01-310000754510fmr:C000257434Memberfmr:TH1Member2026-01-310000754510fmr:C000257434Memberfmr:TH2Member2026-01-310000754510fmr:C000257434Memberfmr:TH3Member2026-01-310000754510fmr:C000257434Memberfmr:TH4Member2026-01-310000754510fmr:C000257434Memberfmr:TH5Member2026-01-310000754510fmr:C000257434Memberfmr:TH6Member2026-01-310000754510fmr:C000257434Memberfmr:TH7Member2026-01-310000754510fmr:C000257434Memberfmr:TH8Member2026-01-310000754510fmr:C000257434Memberfmr:TH9Member2026-01-3100007545102025-07-312026-01-31 iso4217:USD xbrli:pure xbrli:shares

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, MA 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:

January 31, 2026


Item 1.

Reports to Stockholders




 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Small Cap Value Fund
Fidelity® Small Cap Value Fund :  FCPVX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Small Cap Value Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Small Cap Value Fund 
$ 44 
0.82%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$4,680,745,076
 
Number of Holdings
106
 
Portfolio Turnover
123%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
22.4
 
Industrials
17.6
 
Consumer Discretionary
10.4
 
Health Care
9.8
 
Real Estate
9.6
 
Information Technology
8.2
 
Materials
6.2
 
Energy
5.8
 
Consumer Staples
4.7
 
Utilities
4.0
 
Communication Services
0.6
 
 
Common Stocks
99.3
Short-Term Investments and Net Other Assets (Liabilities)
0.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.3                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.7
 
United States
95.1
Canada
2.7
Bermuda
1.9
Brazil
0.3
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 95.1                    
 
Canada - 2.7                            
 
Bermuda - 1.9                           
 
Brazil - 0.3                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Old National Bancorp/IN
2.7
 
Axis Capital Holdings Ltd
2.2
 
Compass Inc Class A
2.2
 
UMB Financial Corp
2.2
 
BJ's Wholesale Club Holdings Inc
2.1
 
Sunoco LP
2.0
 
Signet Jewelers Ltd
2.0
 
CareTrust REIT Inc
2.0
 
Bank of Nt Butterfield & Son Ltd/The (United States)
1.9
 
Parsons Corp
1.9
 
 
21.2
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915271.101    1389-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Small Cap Value Fund
Fidelity Advisor® Small Cap Value Fund Class Z :  FIKNX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Small Cap Value Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class Z 
$ 40 
0.74%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$4,680,745,076
 
Number of Holdings
106
 
Portfolio Turnover
123%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
22.4
 
Industrials
17.6
 
Consumer Discretionary
10.4
 
Health Care
9.8
 
Real Estate
9.6
 
Information Technology
8.2
 
Materials
6.2
 
Energy
5.8
 
Consumer Staples
4.7
 
Utilities
4.0
 
Communication Services
0.6
 
 
Common Stocks
99.3
Short-Term Investments and Net Other Assets (Liabilities)
0.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.3                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.7
 
United States
95.1
Canada
2.7
Bermuda
1.9
Brazil
0.3
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 95.1                    
 
Canada - 2.7                            
 
Bermuda - 1.9                           
 
Brazil - 0.3                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Old National Bancorp/IN
2.7
 
Axis Capital Holdings Ltd
2.2
 
Compass Inc Class A
2.2
 
UMB Financial Corp
2.2
 
BJ's Wholesale Club Holdings Inc
2.1
 
Sunoco LP
2.0
 
Signet Jewelers Ltd
2.0
 
CareTrust REIT Inc
2.0
 
Bank of Nt Butterfield & Son Ltd/The (United States)
1.9
 
Parsons Corp
1.9
 
 
21.2
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915272.101    3303-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Small Cap Value Fund
Fidelity Advisor® Small Cap Value Fund Class M :  FCVTX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Small Cap Value Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class M 
$ 73 
1.36%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$4,680,745,076
 
Number of Holdings
106
 
Portfolio Turnover
123%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
22.4
 
Industrials
17.6
 
Consumer Discretionary
10.4
 
Health Care
9.8
 
Real Estate
9.6
 
Information Technology
8.2
 
Materials
6.2
 
Energy
5.8
 
Consumer Staples
4.7
 
Utilities
4.0
 
Communication Services
0.6
 
 
Common Stocks
99.3
Short-Term Investments and Net Other Assets (Liabilities)
0.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.3                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.7
 
United States
95.1
Canada
2.7
Bermuda
1.9
Brazil
0.3
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 95.1                    
 
Canada - 2.7                            
 
Bermuda - 1.9                           
 
Brazil - 0.3                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Old National Bancorp/IN
2.7
 
Axis Capital Holdings Ltd
2.2
 
Compass Inc Class A
2.2
 
UMB Financial Corp
2.2
 
BJ's Wholesale Club Holdings Inc
2.1
 
Sunoco LP
2.0
 
Signet Jewelers Ltd
2.0
 
CareTrust REIT Inc
2.0
 
Bank of Nt Butterfield & Son Ltd/The (United States)
1.9
 
Parsons Corp
1.9
 
 
21.2
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915269.101    1386-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Small Cap Value Fund
Fidelity Advisor® Small Cap Value Fund Class I :  FCVIX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Small Cap Value Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class I 
$ 46 
0.86%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$4,680,745,076
 
Number of Holdings
106
 
Portfolio Turnover
123%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
22.4
 
Industrials
17.6
 
Consumer Discretionary
10.4
 
Health Care
9.8
 
Real Estate
9.6
 
Information Technology
8.2
 
Materials
6.2
 
Energy
5.8
 
Consumer Staples
4.7
 
Utilities
4.0
 
Communication Services
0.6
 
 
Common Stocks
99.3
Short-Term Investments and Net Other Assets (Liabilities)
0.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.3                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.7
 
United States
95.1
Canada
2.7
Bermuda
1.9
Brazil
0.3
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 95.1                    
 
Canada - 2.7                            
 
Bermuda - 1.9                           
 
Brazil - 0.3                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Old National Bancorp/IN
2.7
 
Axis Capital Holdings Ltd
2.2
 
Compass Inc Class A
2.2
 
UMB Financial Corp
2.2
 
BJ's Wholesale Club Holdings Inc
2.1
 
Sunoco LP
2.0
 
Signet Jewelers Ltd
2.0
 
CareTrust REIT Inc
2.0
 
Bank of Nt Butterfield & Son Ltd/The (United States)
1.9
 
Parsons Corp
1.9
 
 
21.2
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915270.101    1387-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Small Cap Value Fund
Fidelity Advisor® Small Cap Value Fund Class C :  FCVCX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Small Cap Value Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class C 
$ 100 
1.86%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$4,680,745,076
 
Number of Holdings
106
 
Portfolio Turnover
123%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
22.4
 
Industrials
17.6
 
Consumer Discretionary
10.4
 
Health Care
9.8
 
Real Estate
9.6
 
Information Technology
8.2
 
Materials
6.2
 
Energy
5.8
 
Consumer Staples
4.7
 
Utilities
4.0
 
Communication Services
0.6
 
 
Common Stocks
99.3
Short-Term Investments and Net Other Assets (Liabilities)
0.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.3                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.7
 
United States
95.1
Canada
2.7
Bermuda
1.9
Brazil
0.3
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 95.1                    
 
Canada - 2.7                            
 
Bermuda - 1.9                           
 
Brazil - 0.3                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Old National Bancorp/IN
2.7
 
Axis Capital Holdings Ltd
2.2
 
Compass Inc Class A
2.2
 
UMB Financial Corp
2.2
 
BJ's Wholesale Club Holdings Inc
2.1
 
Sunoco LP
2.0
 
Signet Jewelers Ltd
2.0
 
CareTrust REIT Inc
2.0
 
Bank of Nt Butterfield & Son Ltd/The (United States)
1.9
 
Parsons Corp
1.9
 
 
21.2
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915268.101    1385-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Small Cap Value Fund
Fidelity Advisor® Small Cap Value Fund Class A :  FCVAX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Small Cap Value Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class A 
$ 60 
1.11%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$4,680,745,076
 
Number of Holdings
106
 
Portfolio Turnover
123%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
22.4
 
Industrials
17.6
 
Consumer Discretionary
10.4
 
Health Care
9.8
 
Real Estate
9.6
 
Information Technology
8.2
 
Materials
6.2
 
Energy
5.8
 
Consumer Staples
4.7
 
Utilities
4.0
 
Communication Services
0.6
 
 
Common Stocks
99.3
Short-Term Investments and Net Other Assets (Liabilities)
0.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.3                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.7
 
United States
95.1
Canada
2.7
Bermuda
1.9
Brazil
0.3
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 95.1                    
 
Canada - 2.7                            
 
Bermuda - 1.9                           
 
Brazil - 0.3                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Old National Bancorp/IN
2.7
 
Axis Capital Holdings Ltd
2.2
 
Compass Inc Class A
2.2
 
UMB Financial Corp
2.2
 
BJ's Wholesale Club Holdings Inc
2.1
 
Sunoco LP
2.0
 
Signet Jewelers Ltd
2.0
 
CareTrust REIT Inc
2.0
 
Bank of Nt Butterfield & Son Ltd/The (United States)
1.9
 
Parsons Corp
1.9
 
 
21.2
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915267.101    1383-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Small Cap Growth K6 Fund
Fidelity® Small Cap Growth K6 Fund :  FOCSX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Small Cap Growth K6 Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Small Cap Growth K6 Fund 
$ 33 
0.60%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$3,957,843,440
 
Number of Holdings
328
 
Portfolio Turnover
93%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Health Care
28.3
 
Industrials
26.6
 
Information Technology
17.4
 
Consumer Discretionary
9.8
 
Financials
7.3
 
Energy
2.6
 
Materials
2.1
 
Consumer Staples
1.7
 
Real Estate
1.6
 
Communication Services
1.1
 
Utilities
0.5
 
 
Common Stocks
98.1
Preferred Stocks
0.9
Domestic Equity Funds
0.6
Bonds
0.0
Short-Term Investments and Net Other Assets (Liabilities)
0.4
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.1                    
 
Preferred Stocks - 0.9                  
 
Domestic Equity Funds - 0.6             
 
Bonds - 0.0                             
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.4
 
United States
91.7
Thailand
1.5
Canada
1.2
United Kingdom
1.1
Israel
1.1
Italy
0.9
Netherlands
0.7
Australia
0.5
Taiwan
0.3
Others
1.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 91.7                    
 
Thailand - 1.5                          
 
Canada - 1.2                            
 
United Kingdom - 1.1                    
 
Israel - 1.1                            
 
Italy - 0.9                             
 
Netherlands - 0.7                       
 
Australia - 0.5                         
 
Taiwan - 0.3                            
 
Others - 1.0                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Bloom Energy Corp Class A
2.2
 
Nextpower Inc Class A
1.5
 
Fabrinet
1.5
 
BrightSpring Health Services Inc
1.5
 
OSI Systems Inc
1.2
 
Cogent Biosciences Inc
1.2
 
MACOM Technology Solutions Holdings Inc
1.1
 
Ensign Group Inc/The
1.1
 
Credo Technology Group Holding Ltd
1.0
 
Advanced Energy Industries Inc
1.0
 
 
13.3
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915351.101    2957-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Small Cap Growth Fund
Fidelity® Small Cap Growth Fund :  FCPGX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Small Cap Growth Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Small Cap Growth Fund 
$ 46 
0.84%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$7,841,087,249
 
Number of Holdings
325
 
Portfolio Turnover
89%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Health Care
28.9
 
Industrials
26.7
 
Information Technology
17.3
 
Consumer Discretionary
10.1
 
Financials
7.6
 
Energy
2.5
 
Materials
2.1
 
Consumer Staples
1.7
 
Real Estate
1.6
 
Communication Services
1.1
 
Utilities
0.5
 
 
Common Stocks
99.1
Preferred Stocks
1.0
Bonds
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.1                    
 
Preferred Stocks - 1.0                  
 
Bonds - 0.0                             
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
 
United States
91.6
Thailand
1.5
Canada
1.2
United Kingdom
1.2
Israel
1.1
Italy
0.9
Netherlands
0.8
Australia
0.6
Japan
0.3
Others
0.8
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 91.6                    
 
Thailand - 1.5                          
 
Canada - 1.2                            
 
United Kingdom - 1.2                    
 
Israel - 1.1                            
 
Italy - 0.9                             
 
Netherlands - 0.8                       
 
Australia - 0.6                         
 
Japan - 0.3                             
 
Others - 0.8                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Bloom Energy Corp Class A
2.3
 
Nextpower Inc Class A
1.5
 
Fabrinet
1.5
 
BrightSpring Health Services Inc
1.4
 
Cogent Biosciences Inc
1.2
 
MACOM Technology Solutions Holdings Inc
1.2
 
Ensign Group Inc/The
1.1
 
OSI Systems Inc
1.0
 
Credo Technology Group Holding Ltd
1.0
 
Advanced Energy Industries Inc
1.0
 
 
13.2
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915265.101    1388-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Small Cap Growth Fund
Fidelity Advisor® Small Cap Growth Fund Class Z :  FIDGX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Small Cap Growth Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class Z 
$ 42 
0.77%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$7,841,087,249
 
Number of Holdings
325
 
Portfolio Turnover
89%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Health Care
28.9
 
Industrials
26.7
 
Information Technology
17.3
 
Consumer Discretionary
10.1
 
Financials
7.6
 
Energy
2.5
 
Materials
2.1
 
Consumer Staples
1.7
 
Real Estate
1.6
 
Communication Services
1.1
 
Utilities
0.5
 
 
Common Stocks
99.1
Preferred Stocks
1.0
Bonds
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.1                    
 
Preferred Stocks - 1.0                  
 
Bonds - 0.0                             
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
 
United States
91.6
Thailand
1.5
Canada
1.2
United Kingdom
1.2
Israel
1.1
Italy
0.9
Netherlands
0.8
Australia
0.6
Japan
0.3
Others
0.8
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 91.6                    
 
Thailand - 1.5                          
 
Canada - 1.2                            
 
United Kingdom - 1.2                    
 
Israel - 1.1                            
 
Italy - 0.9                             
 
Netherlands - 0.8                       
 
Australia - 0.6                         
 
Japan - 0.3                             
 
Others - 0.8                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Bloom Energy Corp Class A
2.3
 
Nextpower Inc Class A
1.5
 
Fabrinet
1.5
 
BrightSpring Health Services Inc
1.4
 
Cogent Biosciences Inc
1.2
 
MACOM Technology Solutions Holdings Inc
1.2
 
Ensign Group Inc/The
1.1
 
OSI Systems Inc
1.0
 
Credo Technology Group Holding Ltd
1.0
 
Advanced Energy Industries Inc
1.0
 
 
13.2
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915266.101    2891-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Small Cap Growth Fund
Fidelity Advisor® Small Cap Growth Fund Class M :  FCTGX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Small Cap Growth Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class M 
$ 75 
1.38%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$7,841,087,249
 
Number of Holdings
325
 
Portfolio Turnover
89%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Health Care
28.9
 
Industrials
26.7
 
Information Technology
17.3
 
Consumer Discretionary
10.1
 
Financials
7.6
 
Energy
2.5
 
Materials
2.1
 
Consumer Staples
1.7
 
Real Estate
1.6
 
Communication Services
1.1
 
Utilities
0.5
 
 
Common Stocks
99.1
Preferred Stocks
1.0
Bonds
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.1                    
 
Preferred Stocks - 1.0                  
 
Bonds - 0.0                             
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
 
United States
91.6
Thailand
1.5
Canada
1.2
United Kingdom
1.2
Israel
1.1
Italy
0.9
Netherlands
0.8
Australia
0.6
Japan
0.3
Others
0.8
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 91.6                    
 
Thailand - 1.5                          
 
Canada - 1.2                            
 
United Kingdom - 1.2                    
 
Israel - 1.1                            
 
Italy - 0.9                             
 
Netherlands - 0.8                       
 
Australia - 0.6                         
 
Japan - 0.3                             
 
Others - 0.8                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Bloom Energy Corp Class A
2.3
 
Nextpower Inc Class A
1.5
 
Fabrinet
1.5
 
BrightSpring Health Services Inc
1.4
 
Cogent Biosciences Inc
1.2
 
MACOM Technology Solutions Holdings Inc
1.2
 
Ensign Group Inc/The
1.1
 
OSI Systems Inc
1.0
 
Credo Technology Group Holding Ltd
1.0
 
Advanced Energy Industries Inc
1.0
 
 
13.2
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915263.101    1381-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Small Cap Growth Fund
Fidelity Advisor® Small Cap Growth Fund Class I :  FCIGX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Small Cap Growth Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class I 
$ 48 
0.89%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$7,841,087,249
 
Number of Holdings
325
 
Portfolio Turnover
89%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Health Care
28.9
 
Industrials
26.7
 
Information Technology
17.3
 
Consumer Discretionary
10.1
 
Financials
7.6
 
Energy
2.5
 
Materials
2.1
 
Consumer Staples
1.7
 
Real Estate
1.6
 
Communication Services
1.1
 
Utilities
0.5
 
 
Common Stocks
99.1
Preferred Stocks
1.0
Bonds
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.1                    
 
Preferred Stocks - 1.0                  
 
Bonds - 0.0                             
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
 
United States
91.6
Thailand
1.5
Canada
1.2
United Kingdom
1.2
Israel
1.1
Italy
0.9
Netherlands
0.8
Australia
0.6
Japan
0.3
Others
0.8
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 91.6                    
 
Thailand - 1.5                          
 
Canada - 1.2                            
 
United Kingdom - 1.2                    
 
Israel - 1.1                            
 
Italy - 0.9                             
 
Netherlands - 0.8                       
 
Australia - 0.6                         
 
Japan - 0.3                             
 
Others - 0.8                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Bloom Energy Corp Class A
2.3
 
Nextpower Inc Class A
1.5
 
Fabrinet
1.5
 
BrightSpring Health Services Inc
1.4
 
Cogent Biosciences Inc
1.2
 
MACOM Technology Solutions Holdings Inc
1.2
 
Ensign Group Inc/The
1.1
 
OSI Systems Inc
1.0
 
Credo Technology Group Holding Ltd
1.0
 
Advanced Energy Industries Inc
1.0
 
 
13.2
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915264.101    1382-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Small Cap Growth Fund
Fidelity Advisor® Small Cap Growth Fund Class C :  FCCGX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Small Cap Growth Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class C 
$ 102 
1.88%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$7,841,087,249
 
Number of Holdings
325
 
Portfolio Turnover
89%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Health Care
28.9
 
Industrials
26.7
 
Information Technology
17.3
 
Consumer Discretionary
10.1
 
Financials
7.6
 
Energy
2.5
 
Materials
2.1
 
Consumer Staples
1.7
 
Real Estate
1.6
 
Communication Services
1.1
 
Utilities
0.5
 
 
Common Stocks
99.1
Preferred Stocks
1.0
Bonds
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.1                    
 
Preferred Stocks - 1.0                  
 
Bonds - 0.0                             
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
 
United States
91.6
Thailand
1.5
Canada
1.2
United Kingdom
1.2
Israel
1.1
Italy
0.9
Netherlands
0.8
Australia
0.6
Japan
0.3
Others
0.8
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 91.6                    
 
Thailand - 1.5                          
 
Canada - 1.2                            
 
United Kingdom - 1.2                    
 
Israel - 1.1                            
 
Italy - 0.9                             
 
Netherlands - 0.8                       
 
Australia - 0.6                         
 
Japan - 0.3                             
 
Others - 0.8                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Bloom Energy Corp Class A
2.3
 
Nextpower Inc Class A
1.5
 
Fabrinet
1.5
 
BrightSpring Health Services Inc
1.4
 
Cogent Biosciences Inc
1.2
 
MACOM Technology Solutions Holdings Inc
1.2
 
Ensign Group Inc/The
1.1
 
OSI Systems Inc
1.0
 
Credo Technology Group Holding Ltd
1.0
 
Advanced Energy Industries Inc
1.0
 
 
13.2
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915262.101    1379-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Small Cap Growth Fund
Fidelity Advisor® Small Cap Growth Fund Class A :  FCAGX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Small Cap Growth Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class A 
$ 62 
1.13%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$7,841,087,249
 
Number of Holdings
325
 
Portfolio Turnover
89%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Health Care
28.9
 
Industrials
26.7
 
Information Technology
17.3
 
Consumer Discretionary
10.1
 
Financials
7.6
 
Energy
2.5
 
Materials
2.1
 
Consumer Staples
1.7
 
Real Estate
1.6
 
Communication Services
1.1
 
Utilities
0.5
 
 
Common Stocks
99.1
Preferred Stocks
1.0
Bonds
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.1                    
 
Preferred Stocks - 1.0                  
 
Bonds - 0.0                             
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
 
United States
91.6
Thailand
1.5
Canada
1.2
United Kingdom
1.2
Israel
1.1
Italy
0.9
Netherlands
0.8
Australia
0.6
Japan
0.3
Others
0.8
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 91.6                    
 
Thailand - 1.5                          
 
Canada - 1.2                            
 
United Kingdom - 1.2                    
 
Israel - 1.1                            
 
Italy - 0.9                             
 
Netherlands - 0.8                       
 
Australia - 0.6                         
 
Japan - 0.3                             
 
Others - 0.8                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Bloom Energy Corp Class A
2.3
 
Nextpower Inc Class A
1.5
 
Fabrinet
1.5
 
BrightSpring Health Services Inc
1.4
 
Cogent Biosciences Inc
1.2
 
MACOM Technology Solutions Holdings Inc
1.2
 
Ensign Group Inc/The
1.1
 
OSI Systems Inc
1.0
 
Credo Technology Group Holding Ltd
1.0
 
Advanced Energy Industries Inc
1.0
 
 
13.2
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915261.101    1377-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Series Small Cap Opportunities Fund
Fidelity® Series Small Cap Opportunities Fund :  FSOPX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Series Small Cap Opportunities Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Series Small Cap Opportunities Fund 
$ 0 A
0.00%B
 
A Amount represents less than $.50
B Amount represents less than 0.005%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$4,728,147,115
 
Number of Holdings
231
 
Portfolio Turnover
35%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Industrials
20.0
 
Health Care
17.4
 
Financials
17.3
 
Information Technology
14.1
 
Consumer Discretionary
11.2
 
Energy
5.1
 
Materials
4.8
 
Real Estate
4.6
 
Utilities
2.4
 
Consumer Staples
1.9
 
Communication Services
0.5
 
 
Common Stocks
99.3
Short-Term Investments and Net Other Assets (Liabilities)
0.7
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.3                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.7
 
United States
87.7
Canada
4.1
United Kingdom
1.6
Thailand
1.6
Puerto Rico
1.1
Japan
0.9
Netherlands
0.9
Chile
0.7
Israel
0.6
Others
0.8
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 87.7                    
 
Canada - 4.1                            
 
United Kingdom - 1.6                    
 
Thailand - 1.6                          
 
Puerto Rico - 1.1                       
 
Japan - 0.9                             
 
Netherlands - 0.9                       
 
Chile - 0.7                             
 
Israel - 0.6                            
 
Others - 0.8                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Advanced Energy Industries Inc
1.8
 
Fabrinet
1.6
 
IES Holdings Inc
1.6
 
FirstCash Holdings Inc
1.5
 
Sanmina Corp
1.4
 
Nextpower Inc Class A
1.2
 
Academy Sports & Outdoors Inc
1.1
 
First BanCorp/Puerto Rico
1.1
 
Laureate Education Inc
1.1
 
Pathward Financial Inc
1.1
 
 
13.5
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915273.101    1799-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Series Real Estate Income Fund
Fidelity® Series Real Estate Income Fund :  FSREX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Series Real Estate Income Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Series Real Estate Income Fund 
$ 0 A
0.00%B
 
A Amount represents less than $.50
B Amount represents less than 0.005%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$290,287,843
 
Number of Holdings
310
 
Portfolio Turnover
13%
 
What did the Fund invest in?
(as of January 31, 2026)
 
AAA
0.6
AA
0.8
A
9.5
BBB
28.6
BB
10.2
B
5.3
CCC,CC,C
4.6
Not Rated
9.7
Equities
18.4
Short-Term Investments and Net Other Assets (Liabilities)
12.3
QUALITY DIVERSIFICATION (% of Fund's net assets)
 
 
AAA - 0.6                               
 
AA - 0.8                                
 
A - 9.5                                 
 
BBB - 28.6                              
 
BB - 10.2                               
 
B - 5.3                                 
 
CCC,CC,C - 4.6                          
 
Not Rated - 9.7                         
 
Equities - 18.4                         
 
Short-Term Investments and Net Other Assets (Liabilities) - 12.3
 
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
 
 
 
Corporate Bonds
46.4
CMOs and Other Mortgage Related Securities
20.0
Preferred Stocks
18.4
Asset-Backed Securities
1.5
Bank Loan Obligations
1.4
Common Stocks
0.0
Short-Term Investments and Net Other Assets (Liabilities)
12.3
ASSET ALLOCATION (% of Fund's net assets)
 
 
Corporate Bonds - 46.4                  
 
CMOs and Other Mortgage Related Securities - 20.0
 
Preferred Stocks - 18.4                 
 
Asset-Backed Securities - 1.5           
 
Bank Loan Obligations - 1.4             
 
Common Stocks - 0.0                     
 
Short-Term Investments and Net Other Assets (Liabilities) - 12.3
 
United States
99.5
United Kingdom
0.3
Canada
0.2
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
3.6
 
Crown Castle Inc
2.9
 
Prologis LP
2.6
 
American Homes 4 Rent LP
2.2
 
Extra Space Storage LP
2.1
 
Simon Property Group LP
2.1
 
BX Trust 2019-OC11
1.9
 
GLP Capital LP / GLP Financing II Inc
1.8
 
Invitation Homes Operating Partnership LP
1.7
 
MPT Operating Partnership LP / MPT Finance Corp
1.7
 
 
22.6
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915315.101    2277-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Series Blue Chip Growth Fund
Fidelity® Series Blue Chip Growth Fund :  FSBDX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Series Blue Chip Growth Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Series Blue Chip Growth Fund 
$ 0 A
0.00%B
 
A Amount represents less than $.50
B Amount represents less than 0.005%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$15,364,325,439
 
Number of Holdings
345
 
Portfolio Turnover
38%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
48.2
 
Communication Services
16.4
 
Consumer Discretionary
16.2
 
Industrials
7.1
 
Health Care
6.3
 
Financials
3.0
 
Consumer Staples
0.6
 
Real Estate
0.5
 
Materials
0.3
 
Energy
0.2
 
Utilities
0.2
 
 
Common Stocks
97.2
Preferred Stocks
1.8
Bonds
0.0
Preferred Securities
0.0
Short-Term Investments and Net Other Assets (Liabilities)
1.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 97.2                    
 
Preferred Stocks - 1.8                  
 
Bonds - 0.0                             
 
Preferred Securities - 0.0              
 
Short-Term Investments and Net Other Assets (Liabilities) - 1.0
 
United States
95.3
Canada
1.4
Taiwan
1.0
India
0.6
Finland
0.3
China
0.3
Netherlands
0.2
Switzerland
0.2
Denmark
0.2
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 95.3                    
 
Canada - 1.4                            
 
Taiwan - 1.0                            
 
India - 0.6                             
 
Finland - 0.3                           
 
China - 0.3                             
 
Netherlands - 0.2                       
 
Switzerland - 0.2                       
 
Denmark - 0.2                           
 
Others - 0.5                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
15.5
 
Apple Inc
9.3
 
Alphabet Inc Class A
8.4
 
Amazon.com Inc
7.6
 
Microsoft Corp
6.6
 
Meta Platforms Inc Class A
4.7
 
Broadcom Inc
3.4
 
Eli Lilly & Co
2.7
 
Space Exploration Technologies Corp
2.5
 
Netflix Inc
2.0
 
 
62.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915329.101    2611-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Real Estate Income Fund
Fidelity® Real Estate Income Fund :  FRIFX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Real Estate Income Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Real Estate Income Fund 
$ 33 
0.65%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$5,846,606,992
 
Number of Holdings
564
 
Portfolio Turnover
10%
 
What did the Fund invest in?
(as of January 31, 2026)
 
AAA
0.7
AA
1.5
A
4.4
BBB
21.8
BB
11.7
B
3.7
CCC,CC,C
2.3
Not Rated
10.8
Equities
35.8
Short-Term Investments and Net Other Assets (Liabilities)
7.3
QUALITY DIVERSIFICATION (% of Fund's net assets)
 
 
AAA - 0.7                               
 
AA - 1.5                                
 
A - 4.4                                 
 
BBB - 21.8                              
 
BB - 11.7                               
 
B - 3.7                                 
 
CCC,CC,C - 2.3                          
 
Not Rated - 10.8                        
 
Equities - 35.8                         
 
Short-Term Investments and Net Other Assets (Liabilities) - 7.3
 
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
 
 
 
Corporate Bonds
34.7
Common Stocks
24.5
CMOs and Other Mortgage Related Securities
19.0
Preferred Stocks
11.3
Asset-Backed Securities
1.6
Bank Loan Obligations
1.5
Preferred Securities
0.1
Short-Term Investments and Net Other Assets (Liabilities)
7.3
ASSET ALLOCATION (% of Fund's net assets)
 
 
Corporate Bonds - 34.7                  
 
Common Stocks - 24.5                    
 
CMOs and Other Mortgage Related Securities - 19.0
 
Preferred Stocks - 11.3                 
 
Asset-Backed Securities - 1.6           
 
Bank Loan Obligations - 1.5             
 
Preferred Securities - 0.1              
 
Short-Term Investments and Net Other Assets (Liabilities) - 7.3
 
United States
99.6
Canada
0.2
United Kingdom
0.2
Grand Cayman (UK Overseas Ter)
0.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 99.6                    
 
Canada - 0.2                            
 
United Kingdom - 0.2                    
 
Grand Cayman (UK Overseas Ter) - 0.0    
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Crown Castle Inc
2.9
 
American Tower Corp
2.4
 
Equinix Inc
2.0
 
American Tower Corp
1.9
 
GLP Capital LP / GLP Financing II Inc
1.7
 
Prologis Inc
1.7
 
VICI Properties LP
1.7
 
American Homes 4 Rent LP
1.6
 
Welltower Inc
1.5
 
Equity LifeStyle Properties Inc
1.3
 
 
18.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915279.101    833-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Real Estate Income Fund
Fidelity Advisor® Real Estate Income Fund Class Z :  FIKMX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Real Estate Income Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class Z 
$ 29 
0.57%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$5,846,606,992
 
Number of Holdings
564
 
Portfolio Turnover
10%
 
What did the Fund invest in?
(as of January 31, 2026)
 
AAA
0.7
AA
1.5
A
4.4
BBB
21.8
BB
11.7
B
3.7
CCC,CC,C
2.3
Not Rated
10.8
Equities
35.8
Short-Term Investments and Net Other Assets (Liabilities)
7.3
QUALITY DIVERSIFICATION (% of Fund's net assets)
 
 
AAA - 0.7                               
 
AA - 1.5                                
 
A - 4.4                                 
 
BBB - 21.8                              
 
BB - 11.7                               
 
B - 3.7                                 
 
CCC,CC,C - 2.3                          
 
Not Rated - 10.8                        
 
Equities - 35.8                         
 
Short-Term Investments and Net Other Assets (Liabilities) - 7.3
 
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
 
 
 
Corporate Bonds
34.7
Common Stocks
24.5
CMOs and Other Mortgage Related Securities
19.0
Preferred Stocks
11.3
Asset-Backed Securities
1.6
Bank Loan Obligations
1.5
Preferred Securities
0.1
Short-Term Investments and Net Other Assets (Liabilities)
7.3
ASSET ALLOCATION (% of Fund's net assets)
 
 
Corporate Bonds - 34.7                  
 
Common Stocks - 24.5                    
 
CMOs and Other Mortgage Related Securities - 19.0
 
Preferred Stocks - 11.3                 
 
Asset-Backed Securities - 1.6           
 
Bank Loan Obligations - 1.5             
 
Preferred Securities - 0.1              
 
Short-Term Investments and Net Other Assets (Liabilities) - 7.3
 
United States
99.6
Canada
0.2
United Kingdom
0.2
Grand Cayman (UK Overseas Ter)
0.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 99.6                    
 
Canada - 0.2                            
 
United Kingdom - 0.2                    
 
Grand Cayman (UK Overseas Ter) - 0.0    
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Crown Castle Inc
2.9
 
American Tower Corp
2.4
 
Equinix Inc
2.0
 
American Tower Corp
1.9
 
GLP Capital LP / GLP Financing II Inc
1.7
 
Prologis Inc
1.7
 
VICI Properties LP
1.7
 
American Homes 4 Rent LP
1.6
 
Welltower Inc
1.5
 
Equity LifeStyle Properties Inc
1.3
 
 
18.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915278.101    3302-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Real Estate Income Fund
Fidelity Advisor® Real Estate Income Fund Class M :  FRIQX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Real Estate Income Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class M 
$ 48 
0.94%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$5,846,606,992
 
Number of Holdings
564
 
Portfolio Turnover
10%
 
What did the Fund invest in?
(as of January 31, 2026)
 
AAA
0.7
AA
1.5
A
4.4
BBB
21.8
BB
11.7
B
3.7
CCC,CC,C
2.3
Not Rated
10.8
Equities
35.8
Short-Term Investments and Net Other Assets (Liabilities)
7.3
QUALITY DIVERSIFICATION (% of Fund's net assets)
 
 
AAA - 0.7                               
 
AA - 1.5                                
 
A - 4.4                                 
 
BBB - 21.8                              
 
BB - 11.7                               
 
B - 3.7                                 
 
CCC,CC,C - 2.3                          
 
Not Rated - 10.8                        
 
Equities - 35.8                         
 
Short-Term Investments and Net Other Assets (Liabilities) - 7.3
 
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
 
 
 
Corporate Bonds
34.7
Common Stocks
24.5
CMOs and Other Mortgage Related Securities
19.0
Preferred Stocks
11.3
Asset-Backed Securities
1.6
Bank Loan Obligations
1.5
Preferred Securities
0.1
Short-Term Investments and Net Other Assets (Liabilities)
7.3
ASSET ALLOCATION (% of Fund's net assets)
 
 
Corporate Bonds - 34.7                  
 
Common Stocks - 24.5                    
 
CMOs and Other Mortgage Related Securities - 19.0
 
Preferred Stocks - 11.3                 
 
Asset-Backed Securities - 1.6           
 
Bank Loan Obligations - 1.5             
 
Preferred Securities - 0.1              
 
Short-Term Investments and Net Other Assets (Liabilities) - 7.3
 
United States
99.6
Canada
0.2
United Kingdom
0.2
Grand Cayman (UK Overseas Ter)
0.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 99.6                    
 
Canada - 0.2                            
 
United Kingdom - 0.2                    
 
Grand Cayman (UK Overseas Ter) - 0.0    
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Crown Castle Inc
2.9
 
American Tower Corp
2.4
 
Equinix Inc
2.0
 
American Tower Corp
1.9
 
GLP Capital LP / GLP Financing II Inc
1.7
 
Prologis Inc
1.7
 
VICI Properties LP
1.7
 
American Homes 4 Rent LP
1.6
 
Welltower Inc
1.5
 
Equity LifeStyle Properties Inc
1.3
 
 
18.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915276.101    2225-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Real Estate Income Fund
Fidelity Advisor® Real Estate Income Fund Class I :  FRIRX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Real Estate Income Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class I 
$ 35 
0.69%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$5,846,606,992
 
Number of Holdings
564
 
Portfolio Turnover
10%
 
What did the Fund invest in?
(as of January 31, 2026)
 
AAA
0.7
AA
1.5
A
4.4
BBB
21.8
BB
11.7
B
3.7
CCC,CC,C
2.3
Not Rated
10.8
Equities
35.8
Short-Term Investments and Net Other Assets (Liabilities)
7.3
QUALITY DIVERSIFICATION (% of Fund's net assets)
 
 
AAA - 0.7                               
 
AA - 1.5                                
 
A - 4.4                                 
 
BBB - 21.8                              
 
BB - 11.7                               
 
B - 3.7                                 
 
CCC,CC,C - 2.3                          
 
Not Rated - 10.8                        
 
Equities - 35.8                         
 
Short-Term Investments and Net Other Assets (Liabilities) - 7.3
 
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
 
 
 
Corporate Bonds
34.7
Common Stocks
24.5
CMOs and Other Mortgage Related Securities
19.0
Preferred Stocks
11.3
Asset-Backed Securities
1.6
Bank Loan Obligations
1.5
Preferred Securities
0.1
Short-Term Investments and Net Other Assets (Liabilities)
7.3
ASSET ALLOCATION (% of Fund's net assets)
 
 
Corporate Bonds - 34.7                  
 
Common Stocks - 24.5                    
 
CMOs and Other Mortgage Related Securities - 19.0
 
Preferred Stocks - 11.3                 
 
Asset-Backed Securities - 1.6           
 
Bank Loan Obligations - 1.5             
 
Preferred Securities - 0.1              
 
Short-Term Investments and Net Other Assets (Liabilities) - 7.3
 
United States
99.6
Canada
0.2
United Kingdom
0.2
Grand Cayman (UK Overseas Ter)
0.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 99.6                    
 
Canada - 0.2                            
 
United Kingdom - 0.2                    
 
Grand Cayman (UK Overseas Ter) - 0.0    
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Crown Castle Inc
2.9
 
American Tower Corp
2.4
 
Equinix Inc
2.0
 
American Tower Corp
1.9
 
GLP Capital LP / GLP Financing II Inc
1.7
 
Prologis Inc
1.7
 
VICI Properties LP
1.7
 
American Homes 4 Rent LP
1.6
 
Welltower Inc
1.5
 
Equity LifeStyle Properties Inc
1.3
 
 
18.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915277.101    2227-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Real Estate Income Fund
Fidelity Advisor® Real Estate Income Fund Class C :  FRIOX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Real Estate Income Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class C 
$ 87 
1.69%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$5,846,606,992
 
Number of Holdings
564
 
Portfolio Turnover
10%
 
What did the Fund invest in?
(as of January 31, 2026)
 
AAA
0.7
AA
1.5
A
4.4
BBB
21.8
BB
11.7
B
3.7
CCC,CC,C
2.3
Not Rated
10.8
Equities
35.8
Short-Term Investments and Net Other Assets (Liabilities)
7.3
QUALITY DIVERSIFICATION (% of Fund's net assets)
 
 
AAA - 0.7                               
 
AA - 1.5                                
 
A - 4.4                                 
 
BBB - 21.8                              
 
BB - 11.7                               
 
B - 3.7                                 
 
CCC,CC,C - 2.3                          
 
Not Rated - 10.8                        
 
Equities - 35.8                         
 
Short-Term Investments and Net Other Assets (Liabilities) - 7.3
 
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
 
 
 
Corporate Bonds
34.7
Common Stocks
24.5
CMOs and Other Mortgage Related Securities
19.0
Preferred Stocks
11.3
Asset-Backed Securities
1.6
Bank Loan Obligations
1.5
Preferred Securities
0.1
Short-Term Investments and Net Other Assets (Liabilities)
7.3
ASSET ALLOCATION (% of Fund's net assets)
 
 
Corporate Bonds - 34.7                  
 
Common Stocks - 24.5                    
 
CMOs and Other Mortgage Related Securities - 19.0
 
Preferred Stocks - 11.3                 
 
Asset-Backed Securities - 1.6           
 
Bank Loan Obligations - 1.5             
 
Preferred Securities - 0.1              
 
Short-Term Investments and Net Other Assets (Liabilities) - 7.3
 
United States
99.6
Canada
0.2
United Kingdom
0.2
Grand Cayman (UK Overseas Ter)
0.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 99.6                    
 
Canada - 0.2                            
 
United Kingdom - 0.2                    
 
Grand Cayman (UK Overseas Ter) - 0.0    
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Crown Castle Inc
2.9
 
American Tower Corp
2.4
 
Equinix Inc
2.0
 
American Tower Corp
1.9
 
GLP Capital LP / GLP Financing II Inc
1.7
 
Prologis Inc
1.7
 
VICI Properties LP
1.7
 
American Homes 4 Rent LP
1.6
 
Welltower Inc
1.5
 
Equity LifeStyle Properties Inc
1.3
 
 
18.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915275.101    2224-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Real Estate Income Fund
Fidelity Advisor® Real Estate Income Fund Class A :  FRINX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Real Estate Income Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class A 
$ 48 
0.94%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$5,846,606,992
 
Number of Holdings
564
 
Portfolio Turnover
10%
 
What did the Fund invest in?
(as of January 31, 2026)
 
AAA
0.7
AA
1.5
A
4.4
BBB
21.8
BB
11.7
B
3.7
CCC,CC,C
2.3
Not Rated
10.8
Equities
35.8
Short-Term Investments and Net Other Assets (Liabilities)
7.3
QUALITY DIVERSIFICATION (% of Fund's net assets)
 
 
AAA - 0.7                               
 
AA - 1.5                                
 
A - 4.4                                 
 
BBB - 21.8                              
 
BB - 11.7                               
 
B - 3.7                                 
 
CCC,CC,C - 2.3                          
 
Not Rated - 10.8                        
 
Equities - 35.8                         
 
Short-Term Investments and Net Other Assets (Liabilities) - 7.3
 
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.
 
 
 
 
Corporate Bonds
34.7
Common Stocks
24.5
CMOs and Other Mortgage Related Securities
19.0
Preferred Stocks
11.3
Asset-Backed Securities
1.6
Bank Loan Obligations
1.5
Preferred Securities
0.1
Short-Term Investments and Net Other Assets (Liabilities)
7.3
ASSET ALLOCATION (% of Fund's net assets)
 
 
Corporate Bonds - 34.7                  
 
Common Stocks - 24.5                    
 
CMOs and Other Mortgage Related Securities - 19.0
 
Preferred Stocks - 11.3                 
 
Asset-Backed Securities - 1.6           
 
Bank Loan Obligations - 1.5             
 
Preferred Securities - 0.1              
 
Short-Term Investments and Net Other Assets (Liabilities) - 7.3
 
United States
99.6
Canada
0.2
United Kingdom
0.2
Grand Cayman (UK Overseas Ter)
0.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 99.6                    
 
Canada - 0.2                            
 
United Kingdom - 0.2                    
 
Grand Cayman (UK Overseas Ter) - 0.0    
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Crown Castle Inc
2.9
 
American Tower Corp
2.4
 
Equinix Inc
2.0
 
American Tower Corp
1.9
 
GLP Capital LP / GLP Financing II Inc
1.7
 
Prologis Inc
1.7
 
VICI Properties LP
1.7
 
American Homes 4 Rent LP
1.6
 
Welltower Inc
1.5
 
Equity LifeStyle Properties Inc
1.3
 
 
18.7
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915274.101    2221-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® OTC Portfolio
Fidelity® OTC Portfolio :  FOCPX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® OTC Portfolio for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® OTC Portfolio 
$ 42 
0.78%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$36,411,075,761
 
Number of Holdings
156
 
Portfolio Turnover
55%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
48.2
 
Communication Services
21.9
 
Consumer Discretionary
9.1
 
Health Care
8.5
 
Industrials
6.6
 
Utilities
1.1
 
Consumer Staples
0.7
 
Materials
0.3
 
Real Estate
0.2
 
Financials
0.1
 
Energy
0.0
 
 
Common Stocks
95.9
Domestic Equity Funds
3.3
Preferred Stocks
0.8
Short-Term Investments and Net Other Assets (Liabilities)
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 95.9                    
 
Domestic Equity Funds - 3.3             
 
Preferred Stocks - 0.8                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
 
United States
90.1
Taiwan
4.5
Korea (South)
1.7
Netherlands
1.7
Belgium
0.5
United Kingdom
0.4
Canada
0.4
Brazil
0.2
Denmark
0.2
Others
0.3
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 90.1                    
 
Taiwan - 4.5                            
 
Korea (South) - 1.7                     
 
Netherlands - 1.7                       
 
Belgium - 0.5                           
 
United Kingdom - 0.4                    
 
Canada - 0.4                            
 
Brazil - 0.2                            
 
Denmark - 0.2                           
 
Others - 0.3                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
13.2
 
Alphabet Inc Class A
10.2
 
Apple Inc
9.1
 
Microsoft Corp
6.8
 
Amazon.com Inc
6.3
 
Meta Platforms Inc Class A
4.5
 
Alphabet Inc Class C
4.1
 
Space Exploration Technologies Corp
3.9
 
Invesco QQQ Trust ETF
3.3
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
2.9
 
 
64.3
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915185.101    93-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® OTC Portfolio
Fidelity® OTC Portfolio Class K :  FOCKX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® OTC Portfolio for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class K 
$ 38 
0.71%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$36,411,075,761
 
Number of Holdings
156
 
Portfolio Turnover
55%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
48.2
 
Communication Services
21.9
 
Consumer Discretionary
9.1
 
Health Care
8.5
 
Industrials
6.6
 
Utilities
1.1
 
Consumer Staples
0.7
 
Materials
0.3
 
Real Estate
0.2
 
Financials
0.1
 
Energy
0.0
 
 
Common Stocks
95.9
Domestic Equity Funds
3.3
Preferred Stocks
0.8
Short-Term Investments and Net Other Assets (Liabilities)
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 95.9                    
 
Domestic Equity Funds - 3.3             
 
Preferred Stocks - 0.8                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
 
United States
90.1
Taiwan
4.5
Korea (South)
1.7
Netherlands
1.7
Belgium
0.5
United Kingdom
0.4
Canada
0.4
Brazil
0.2
Denmark
0.2
Others
0.3
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 90.1                    
 
Taiwan - 4.5                            
 
Korea (South) - 1.7                     
 
Netherlands - 1.7                       
 
Belgium - 0.5                           
 
United Kingdom - 0.4                    
 
Canada - 0.4                            
 
Brazil - 0.2                            
 
Denmark - 0.2                           
 
Others - 0.3                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
13.2
 
Alphabet Inc Class A
10.2
 
Apple Inc
9.1
 
Microsoft Corp
6.8
 
Amazon.com Inc
6.3
 
Meta Platforms Inc Class A
4.5
 
Alphabet Inc Class C
4.1
 
Space Exploration Technologies Corp
3.9
 
Invesco QQQ Trust ETF
3.3
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
2.9
 
 
64.3
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915184.101    2098-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® OTC K6 Portfolio
Fidelity® OTC K6 Portfolio :  FOKFX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® OTC K6 Portfolio for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® OTC K6 Portfolio 
$ 27 
0.50%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$2,883,383,660
 
Number of Holdings
150
 
Portfolio Turnover
61%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
52.5
 
Communication Services
23.8
 
Health Care
8.8
 
Consumer Discretionary
7.6
 
Industrials
3.0
 
Utilities
1.1
 
Consumer Staples
0.7
 
Materials
0.3
 
Real Estate
0.2
 
Financials
0.1
 
Energy
0.0
 
 
Common Stocks
97.1
Domestic Equity Funds
2.1
Preferred Stocks
1.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 97.1                    
 
Domestic Equity Funds - 2.1             
 
Preferred Stocks - 1.0                  
Short-Term Investments and Net Other Assets (Liabilities) - (0.2)%
 
United States
89.8
Taiwan
4.8
Korea (South)
1.7
Netherlands
1.7
Belgium
0.6
United Kingdom
0.4
Canada
0.3
Brazil
0.2
Denmark
0.2
Others
0.3
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 89.8                    
 
Taiwan - 4.8                            
 
Korea (South) - 1.7                     
 
Netherlands - 1.7                       
 
Belgium - 0.6                           
 
United Kingdom - 0.4                    
 
Canada - 0.3                            
 
Brazil - 0.2                            
 
Denmark - 0.2                           
 
Others - 0.3                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
15.0
 
Alphabet Inc Class A
11.2
 
Apple Inc
9.9
 
Microsoft Corp
8.0
 
Amazon.com Inc
4.8
 
Meta Platforms Inc Class A
4.7
 
Alphabet Inc Class C
4.6
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
3.1
 
Broadcom Inc
2.8
 
Invesco QQQ Trust ETF
2.1
 
 
66.2
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915355.101    3407-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Leveraged Company Stock Fund
Fidelity® Leveraged Company Stock Fund :  FLVCX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Leveraged Company Stock Fund 
$ 35 
0.67%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$3,851,991,401
 
Number of Holdings
75
 
Portfolio Turnover
30%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
26.7
 
Industrials
22.6
 
Financials
15.6
 
Communication Services
12.4
 
Consumer Discretionary
8.9
 
Utilities
6.7
 
Health Care
2.9
 
Materials
2.4
 
Consumer Staples
1.5
 
Energy
0.3
 
 
Common Stocks
100.0
Bonds
0.0
Short-Term Investments and Net Other Assets (Liabilities)
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 100.0                   
 
Bonds - 0.0                             
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
 
United States
94.7
Taiwan
3.9
Canada
0.6
Netherlands
0.4
Switzerland
0.3
Hong Kong
0.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 94.7                    
 
Taiwan - 3.9                            
 
Canada - 0.6                            
 
Netherlands - 0.4                       
 
Switzerland - 0.3                       
 
Hong Kong - 0.1                         
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
6.4
 
Meta Platforms Inc Class A
5.5
 
Alphabet Inc Class A
4.9
 
Vistra Corp
4.4
 
Comfort Systems USA Inc
4.2
 
Apollo Global Management Inc
4.1
 
Arthur J Gallagher & Co
3.9
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
3.9
 
Vertiv Holdings Co Class A
3.8
 
TopBuild Corp
3.7
 
 
44.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915230.101    122-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Leveraged Company Stock Fund
Fidelity® Leveraged Company Stock Fund Class K :  FLCKX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class K 
$ 31 
0.60%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$3,851,991,401
 
Number of Holdings
75
 
Portfolio Turnover
30%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
26.7
 
Industrials
22.6
 
Financials
15.6
 
Communication Services
12.4
 
Consumer Discretionary
8.9
 
Utilities
6.7
 
Health Care
2.9
 
Materials
2.4
 
Consumer Staples
1.5
 
Energy
0.3
 
 
Common Stocks
100.0
Bonds
0.0
Short-Term Investments and Net Other Assets (Liabilities)
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 100.0                   
 
Bonds - 0.0                             
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
 
United States
94.7
Taiwan
3.9
Canada
0.6
Netherlands
0.4
Switzerland
0.3
Hong Kong
0.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 94.7                    
 
Taiwan - 3.9                            
 
Canada - 0.6                            
 
Netherlands - 0.4                       
 
Switzerland - 0.3                       
 
Hong Kong - 0.1                         
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
6.4
 
Meta Platforms Inc Class A
5.5
 
Alphabet Inc Class A
4.9
 
Vistra Corp
4.4
 
Comfort Systems USA Inc
4.2
 
Apollo Global Management Inc
4.1
 
Arthur J Gallagher & Co
3.9
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
3.9
 
Vertiv Holdings Co Class A
3.8
 
TopBuild Corp
3.7
 
 
44.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915231.101    2094-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Growth & Income Portfolio
Fidelity® Growth & Income Portfolio :  FGRIX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Growth & Income Portfolio for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Growth & Income Portfolio 
$ 28 
0.52%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$14,445,258,650
 
Number of Holdings
193
 
Portfolio Turnover
18%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
20.7
 
Industrials
18.7
 
Financials
17.3
 
Health Care
10.7
 
Energy
10.4
 
Consumer Staples
6.4
 
Communication Services
5.6
 
Consumer Discretionary
2.7
 
Utilities
2.1
 
Materials
1.1
 
Real Estate
0.8
 
 
Common Stocks
94.5
Preferred Stocks
2.0
Short-Term Investments and Net Other Assets (Liabilities)
3.5
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 94.5                    
 
Preferred Stocks - 2.0                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.5
 
United States
91.2
Canada
2.2
United Kingdom
1.3
Belgium
1.3
Taiwan
1.0
Netherlands
0.8
Germany
0.7
France
0.6
Zambia
0.4
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 91.2                    
 
Canada - 2.2                            
 
United Kingdom - 1.3                    
 
Belgium - 1.3                           
 
Taiwan - 1.0                            
 
Netherlands - 0.8                       
 
Germany - 0.7                           
 
France - 0.6                            
 
Zambia - 0.4                            
 
Others - 0.5                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Wells Fargo & Co
6.2
 
Microsoft Corp
6.0
 
Exxon Mobil Corp
5.4
 
GE Aerospace
4.1
 
NVIDIA Corp
4.1
 
GE Vernova Inc
3.6
 
Bank of America Corp
3.0
 
Apple Inc
2.9
 
Boeing Co
2.5
 
Shell PLC ADR
2.2
 
 
40.0
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915187.101    27-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Growth & Income Portfolio
Fidelity® Growth & Income Portfolio Class K :  FGIKX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Growth & Income Portfolio for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class K 
$ 24 
0.45%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$14,445,258,650
 
Number of Holdings
193
 
Portfolio Turnover
18%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
20.7
 
Industrials
18.7
 
Financials
17.3
 
Health Care
10.7
 
Energy
10.4
 
Consumer Staples
6.4
 
Communication Services
5.6
 
Consumer Discretionary
2.7
 
Utilities
2.1
 
Materials
1.1
 
Real Estate
0.8
 
 
Common Stocks
94.5
Preferred Stocks
2.0
Short-Term Investments and Net Other Assets (Liabilities)
3.5
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 94.5                    
 
Preferred Stocks - 2.0                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.5
 
United States
91.2
Canada
2.2
United Kingdom
1.3
Belgium
1.3
Taiwan
1.0
Netherlands
0.8
Germany
0.7
France
0.6
Zambia
0.4
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 91.2                    
 
Canada - 2.2                            
 
United Kingdom - 1.3                    
 
Belgium - 1.3                           
 
Taiwan - 1.0                            
 
Netherlands - 0.8                       
 
Germany - 0.7                           
 
France - 0.6                            
 
Zambia - 0.4                            
 
Others - 0.5                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Wells Fargo & Co
6.2
 
Microsoft Corp
6.0
 
Exxon Mobil Corp
5.4
 
GE Aerospace
4.1
 
NVIDIA Corp
4.1
 
GE Vernova Inc
3.6
 
Bank of America Corp
3.0
 
Apple Inc
2.9
 
Boeing Co
2.5
 
Shell PLC ADR
2.2
 
 
40.0
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915186.101    2089-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Dividend Growth Fund
Fidelity® Dividend Growth Fund :  FDGFX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Dividend Growth Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Dividend Growth Fund 
$ 33 
0.61%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$10,786,723,741
 
Number of Holdings
132
 
Portfolio Turnover
43%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
25.3
 
Industrials
17.0
 
Financials
15.9
 
Communication Services
12.5
 
Energy
8.7
 
Health Care
6.1
 
Consumer Staples
3.9
 
Materials
3.6
 
Consumer Discretionary
3.6
 
Real Estate
2.4
 
Utilities
0.8
 
 
Common Stocks
99.8
Short-Term Investments and Net Other Assets (Liabilities)
0.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
 
United States
88.9
Canada
3.0
Taiwan
2.1
United Kingdom
1.7
Korea (South)
1.5
Norway
0.6
Zambia
0.5
Brazil
0.5
Germany
0.4
Others
0.8
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 88.9                    
 
Canada - 3.0                            
 
Taiwan - 2.1                            
 
United Kingdom - 1.7                    
 
Korea (South) - 1.5                     
 
Norway - 0.6                            
 
Zambia - 0.5                            
 
Brazil - 0.5                            
 
Germany - 0.4                           
 
Others - 0.8                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
8.6
 
Alphabet Inc Class A
7.8
 
Microsoft Corp
4.8
 
Meta Platforms Inc Class A
3.7
 
Boeing Co
2.9
 
Western Digital Corp
2.0
 
GE Vernova Inc
2.0
 
Broadcom Inc
1.9
 
Seagate Technology Holdings PLC
1.9
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
1.8
 
 
37.4
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915241.101    330-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Dividend Growth Fund
Fidelity® Dividend Growth Fund Class K :  FDGKX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Dividend Growth Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class K 
$ 30 
0.55%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$10,786,723,741
 
Number of Holdings
132
 
Portfolio Turnover
43%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
25.3
 
Industrials
17.0
 
Financials
15.9
 
Communication Services
12.5
 
Energy
8.7
 
Health Care
6.1
 
Consumer Staples
3.9
 
Materials
3.6
 
Consumer Discretionary
3.6
 
Real Estate
2.4
 
Utilities
0.8
 
 
Common Stocks
99.8
Short-Term Investments and Net Other Assets (Liabilities)
0.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
 
United States
88.9
Canada
3.0
Taiwan
2.1
United Kingdom
1.7
Korea (South)
1.5
Norway
0.6
Zambia
0.5
Brazil
0.5
Germany
0.4
Others
0.8
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 88.9                    
 
Canada - 3.0                            
 
Taiwan - 2.1                            
 
United Kingdom - 1.7                    
 
Korea (South) - 1.5                     
 
Norway - 0.6                            
 
Zambia - 0.5                            
 
Brazil - 0.5                            
 
Germany - 0.4                           
 
Others - 0.8                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
8.6
 
Alphabet Inc Class A
7.8
 
Microsoft Corp
4.8
 
Meta Platforms Inc Class A
3.7
 
Boeing Co
2.9
 
Western Digital Corp
2.0
 
GE Vernova Inc
2.0
 
Broadcom Inc
1.9
 
Seagate Technology Holdings PLC
1.9
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
1.8
 
 
37.4
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915240.101    2083-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Blue Chip Value Fund
Fidelity® Blue Chip Value Fund :  FBCVX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Blue Chip Value Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Blue Chip Value Fund 
$ 24 
0.45%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$603,904,138
 
Number of Holdings
82
 
Portfolio Turnover
126%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
18.9
 
Industrials
13.7
 
Health Care
13.3
 
Information Technology
12.4
 
Communication Services
10.2
 
Consumer Discretionary
8.0
 
Energy
6.3
 
Consumer Staples
5.5
 
Materials
4.3
 
Real Estate
4.2
 
Utilities
3.0
 
 
Common Stocks
99.8
Short-Term Investments and Net Other Assets (Liabilities)
0.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
 
United States
96.0
Taiwan
2.0
United Kingdom
1.1
Canada
0.9
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 96.0                    
 
Taiwan - 2.0                            
 
United Kingdom - 1.1                    
 
Canada - 0.9                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Alphabet Inc Class A
4.7
 
Wells Fargo & Co
3.9
 
Exxon Mobil Corp
3.4
 
Amazon.com Inc
3.4
 
US Bancorp
2.6
 
Merck & Co Inc
2.0
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
2.0
 
Cisco Systems Inc
2.0
 
Alphabet Inc Class C
1.9
 
Citigroup Inc
1.9
 
 
27.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915254.101    1271-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Blue Chip Growth K6 Fund
Fidelity® Blue Chip Growth K6 Fund :  FBCGX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Blue Chip Growth K6 Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Blue Chip Growth K6 Fund 
$ 24 
0.45%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$18,042,183,481
 
Number of Holdings
362
 
Portfolio Turnover
22%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
45.3
 
Communication Services
17.4
 
Consumer Discretionary
15.8
 
Industrials
8.3
 
Health Care
6.9
 
Financials
3.6
 
Consumer Staples
1.1
 
Real Estate
0.6
 
Materials
0.3
 
Energy
0.2
 
Utilities
0.2
 
 
Common Stocks
97.8
Preferred Stocks
1.9
Bonds
0.0
Preferred Securities
0.0
Short-Term Investments and Net Other Assets (Liabilities)
0.3
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 97.8                    
 
Preferred Stocks - 1.9                  
 
Bonds - 0.0                             
 
Preferred Securities - 0.0              
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.3
 
United States
95.2
Canada
1.5
Taiwan
1.2
India
0.7
Finland
0.3
China
0.2
Switzerland
0.2
Netherlands
0.2
United Kingdom
0.1
Others
0.4
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 95.2                    
 
Canada - 1.5                            
 
Taiwan - 1.2                            
 
India - 0.7                             
 
Finland - 0.3                           
 
China - 0.2                             
 
Switzerland - 0.2                       
 
Netherlands - 0.2                       
 
United Kingdom - 0.1                    
 
Others - 0.4                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
16.4
 
Alphabet Inc Class A
8.2
 
Amazon.com Inc
5.7
 
Meta Platforms Inc Class A
5.6
 
Apple Inc
5.5
 
Broadcom Inc
4.9
 
Microsoft Corp
4.6
 
Eli Lilly & Co
3.0
 
Netflix Inc
2.2
 
Space Exploration Technologies Corp
2.2
 
 
58.3
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915349.101    2945-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Blue Chip Growth Fund
Fidelity® Blue Chip Growth Fund :  FBGRX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Blue Chip Growth Fund 
$ 38 
0.72%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$89,272,974,868
 
Number of Holdings
387
 
Portfolio Turnover
26%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
48.4
 
Consumer Discretionary
16.7
 
Communication Services
16.6
 
Industrials
7.1
 
Health Care
6.3
 
Financials
3.0
 
Consumer Staples
0.6
 
Real Estate
0.5
 
Materials
0.4
 
Energy
0.3
 
Utilities
0.2
 
 
Common Stocks
97.0
Preferred Stocks
3.0
Bonds
0.1
Preferred Securities
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 97.0                    
 
Preferred Stocks - 3.0                  
 
Bonds - 0.1                             
 
Preferred Securities - 0.0              
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
 
United States
95.1
Canada
1.3
Taiwan
1.1
India
0.8
Finland
0.3
China
0.3
Netherlands
0.3
Switzerland
0.2
Denmark
0.1
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 95.1                    
 
Canada - 1.3                            
 
Taiwan - 1.1                            
 
India - 0.8                             
 
Finland - 0.3                           
 
China - 0.3                             
 
Netherlands - 0.3                       
 
Switzerland - 0.2                       
 
Denmark - 0.1                           
 
Others - 0.5                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
15.6
 
Apple Inc
9.5
 
Alphabet Inc Class A
8.4
 
Amazon.com Inc
7.7
 
Microsoft Corp
6.2
 
Meta Platforms Inc Class A
4.8
 
Broadcom Inc
3.3
 
Eli Lilly & Co
2.7
 
Netflix Inc
2.0
 
Tesla Inc
1.6
 
 
61.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915234.101    312-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Blue Chip Growth Fund
Fidelity® Blue Chip Growth Fund Class K :  FBGKX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-835-5092 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class K 
$ 35 
0.65%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$89,272,974,868
 
Number of Holdings
387
 
Portfolio Turnover
26%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
48.4
 
Consumer Discretionary
16.7
 
Communication Services
16.6
 
Industrials
7.1
 
Health Care
6.3
 
Financials
3.0
 
Consumer Staples
0.6
 
Real Estate
0.5
 
Materials
0.4
 
Energy
0.3
 
Utilities
0.2
 
 
Common Stocks
97.0
Preferred Stocks
3.0
Bonds
0.1
Preferred Securities
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 97.0                    
 
Preferred Stocks - 3.0                  
 
Bonds - 0.1                             
 
Preferred Securities - 0.0              
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
 
United States
95.1
Canada
1.3
Taiwan
1.1
India
0.8
Finland
0.3
China
0.3
Netherlands
0.3
Switzerland
0.2
Denmark
0.1
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 95.1                    
 
Canada - 1.3                            
 
Taiwan - 1.1                            
 
India - 0.8                             
 
Finland - 0.3                           
 
China - 0.3                             
 
Netherlands - 0.3                       
 
Switzerland - 0.2                       
 
Denmark - 0.1                           
 
Others - 0.5                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
15.6
 
Apple Inc
9.5
 
Alphabet Inc Class A
8.4
 
Amazon.com Inc
7.7
 
Microsoft Corp
6.2
 
Meta Platforms Inc Class A
4.8
 
Broadcom Inc
3.3
 
Eli Lilly & Co
2.7
 
Netflix Inc
2.0
 
Tesla Inc
1.6
 
 
61.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9915233.101    2078-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Leveraged Company Stock Fund
Fidelity Advisor® Leveraged Company Stock Fund Class A :  FLEJX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class A 
$ 50 
0.96%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$3,851,991,401
 
Number of Holdings
75
 
Portfolio Turnover
30%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
26.7
 
Industrials
22.6
 
Financials
15.6
 
Communication Services
12.4
 
Consumer Discretionary
8.9
 
Utilities
6.7
 
Health Care
2.9
 
Materials
2.4
 
Consumer Staples
1.5
 
Energy
0.3
 
 
Common Stocks
100.0
Bonds
0.0
Short-Term Investments and Net Other Assets (Liabilities)
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 100.0                   
 
Bonds - 0.0                             
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
 
United States
94.7
Taiwan
3.9
Canada
0.6
Netherlands
0.4
Switzerland
0.3
Hong Kong
0.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 94.7                    
 
Taiwan - 3.9                            
 
Canada - 0.6                            
 
Netherlands - 0.4                       
 
Switzerland - 0.3                       
 
Hong Kong - 0.1                         
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
6.4
 
Meta Platforms Inc Class A
5.5
 
Alphabet Inc Class A
4.9
 
Vistra Corp
4.4
 
Comfort Systems USA Inc
4.2
 
Apollo Global Management Inc
4.1
 
Arthur J Gallagher & Co
3.9
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
3.9
 
Vertiv Holdings Co Class A
3.8
 
TopBuild Corp
3.7
 
 
44.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9918398.101    7776-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Leveraged Company Stock Fund
Fidelity Advisor® Leveraged Company Stock Fund Class M :  FLELX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class M 
$ 63 
1.21%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$3,851,991,401
 
Number of Holdings
75
 
Portfolio Turnover
30%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
26.7
 
Industrials
22.6
 
Financials
15.6
 
Communication Services
12.4
 
Consumer Discretionary
8.9
 
Utilities
6.7
 
Health Care
2.9
 
Materials
2.4
 
Consumer Staples
1.5
 
Energy
0.3
 
 
Common Stocks
100.0
Bonds
0.0
Short-Term Investments and Net Other Assets (Liabilities)
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 100.0                   
 
Bonds - 0.0                             
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
 
United States
94.7
Taiwan
3.9
Canada
0.6
Netherlands
0.4
Switzerland
0.3
Hong Kong
0.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 94.7                    
 
Taiwan - 3.9                            
 
Canada - 0.6                            
 
Netherlands - 0.4                       
 
Switzerland - 0.3                       
 
Hong Kong - 0.1                         
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
6.4
 
Meta Platforms Inc Class A
5.5
 
Alphabet Inc Class A
4.9
 
Vistra Corp
4.4
 
Comfort Systems USA Inc
4.2
 
Apollo Global Management Inc
4.1
 
Arthur J Gallagher & Co
3.9
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
3.9
 
Vertiv Holdings Co Class A
3.8
 
TopBuild Corp
3.7
 
 
44.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9918402.101    7805-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Leveraged Company Stock Fund
Fidelity Advisor® Leveraged Company Stock Fund Class C :  FLEMX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class C 
$ 89 
1.71%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$3,851,991,401
 
Number of Holdings
75
 
Portfolio Turnover
30%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
26.7
 
Industrials
22.6
 
Financials
15.6
 
Communication Services
12.4
 
Consumer Discretionary
8.9
 
Utilities
6.7
 
Health Care
2.9
 
Materials
2.4
 
Consumer Staples
1.5
 
Energy
0.3
 
 
Common Stocks
100.0
Bonds
0.0
Short-Term Investments and Net Other Assets (Liabilities)
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 100.0                   
 
Bonds - 0.0                             
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
 
United States
94.7
Taiwan
3.9
Canada
0.6
Netherlands
0.4
Switzerland
0.3
Hong Kong
0.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 94.7                    
 
Taiwan - 3.9                            
 
Canada - 0.6                            
 
Netherlands - 0.4                       
 
Switzerland - 0.3                       
 
Hong Kong - 0.1                         
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
6.4
 
Meta Platforms Inc Class A
5.5
 
Alphabet Inc Class A
4.9
 
Vistra Corp
4.4
 
Comfort Systems USA Inc
4.2
 
Apollo Global Management Inc
4.1
 
Arthur J Gallagher & Co
3.9
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
3.9
 
Vertiv Holdings Co Class A
3.8
 
TopBuild Corp
3.7
 
 
44.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9918400.101    7806-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Leveraged Company Stock Fund
Fidelity Advisor® Leveraged Company Stock Fund Class I :  FLENX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class I 
$ 37 
0.71%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$3,851,991,401
 
Number of Holdings
75
 
Portfolio Turnover
30%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
26.7
 
Industrials
22.6
 
Financials
15.6
 
Communication Services
12.4
 
Consumer Discretionary
8.9
 
Utilities
6.7
 
Health Care
2.9
 
Materials
2.4
 
Consumer Staples
1.5
 
Energy
0.3
 
 
Common Stocks
100.0
Bonds
0.0
Short-Term Investments and Net Other Assets (Liabilities)
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 100.0                   
 
Bonds - 0.0                             
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
 
United States
94.7
Taiwan
3.9
Canada
0.6
Netherlands
0.4
Switzerland
0.3
Hong Kong
0.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 94.7                    
 
Taiwan - 3.9                            
 
Canada - 0.6                            
 
Netherlands - 0.4                       
 
Switzerland - 0.3                       
 
Hong Kong - 0.1                         
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
6.4
 
Meta Platforms Inc Class A
5.5
 
Alphabet Inc Class A
4.9
 
Vistra Corp
4.4
 
Comfort Systems USA Inc
4.2
 
Apollo Global Management Inc
4.1
 
Arthur J Gallagher & Co
3.9
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
3.9
 
Vertiv Holdings Co Class A
3.8
 
TopBuild Corp
3.7
 
 
44.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9918404.101    7807-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Leveraged Company Stock Fund
Fidelity Advisor® Leveraged Company Stock Fund Class Z :  FLEOX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Leveraged Company Stock Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class Z 
$ 31 
0.60%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$3,851,991,401
 
Number of Holdings
75
 
Portfolio Turnover
30%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
26.7
 
Industrials
22.6
 
Financials
15.6
 
Communication Services
12.4
 
Consumer Discretionary
8.9
 
Utilities
6.7
 
Health Care
2.9
 
Materials
2.4
 
Consumer Staples
1.5
 
Energy
0.3
 
 
Common Stocks
100.0
Bonds
0.0
Short-Term Investments and Net Other Assets (Liabilities)
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 100.0                   
 
Bonds - 0.0                             
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
 
United States
94.7
Taiwan
3.9
Canada
0.6
Netherlands
0.4
Switzerland
0.3
Hong Kong
0.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 94.7                    
 
Taiwan - 3.9                            
 
Canada - 0.6                            
 
Netherlands - 0.4                       
 
Switzerland - 0.3                       
 
Hong Kong - 0.1                         
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
6.4
 
Meta Platforms Inc Class A
5.5
 
Alphabet Inc Class A
4.9
 
Vistra Corp
4.4
 
Comfort Systems USA Inc
4.2
 
Apollo Global Management Inc
4.1
 
Arthur J Gallagher & Co
3.9
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
3.9
 
Vertiv Holdings Co Class A
3.8
 
TopBuild Corp
3.7
 
 
44.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9918406.101    7808-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Blue Chip Growth Fund
Fidelity Advisor® Blue Chip Growth Fund Class A :  FBCCX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class A 
$ 54 
1.02%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$89,272,974,868
 
Number of Holdings
387
 
Portfolio Turnover
26%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
48.4
 
Consumer Discretionary
16.7
 
Communication Services
16.6
 
Industrials
7.1
 
Health Care
6.3
 
Financials
3.0
 
Consumer Staples
0.6
 
Real Estate
0.5
 
Materials
0.4
 
Energy
0.3
 
Utilities
0.2
 
 
Common Stocks
97.0
Preferred Stocks
3.0
Bonds
0.1
Preferred Securities
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 97.0                    
 
Preferred Stocks - 3.0                  
 
Bonds - 0.1                             
 
Preferred Securities - 0.0              
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
 
United States
95.1
Canada
1.3
Taiwan
1.1
India
0.8
Finland
0.3
China
0.3
Netherlands
0.3
Switzerland
0.2
Denmark
0.1
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 95.1                    
 
Canada - 1.3                            
 
Taiwan - 1.1                            
 
India - 0.8                             
 
Finland - 0.3                           
 
China - 0.3                             
 
Netherlands - 0.3                       
 
Switzerland - 0.2                       
 
Denmark - 0.1                           
 
Others - 0.5                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
15.6
 
Apple Inc
9.5
 
Alphabet Inc Class A
8.4
 
Amazon.com Inc
7.7
 
Microsoft Corp
6.2
 
Meta Platforms Inc Class A
4.8
 
Broadcom Inc
3.3
 
Eli Lilly & Co
2.7
 
Netflix Inc
2.0
 
Tesla Inc
1.6
 
 
61.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9918459.101    7819-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Blue Chip Growth Fund
Fidelity Advisor® Blue Chip Growth Fund Class M :  FBCEX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class M 
$ 67 
1.27%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$89,272,974,868
 
Number of Holdings
387
 
Portfolio Turnover
26%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
48.4
 
Consumer Discretionary
16.7
 
Communication Services
16.6
 
Industrials
7.1
 
Health Care
6.3
 
Financials
3.0
 
Consumer Staples
0.6
 
Real Estate
0.5
 
Materials
0.4
 
Energy
0.3
 
Utilities
0.2
 
 
Common Stocks
97.0
Preferred Stocks
3.0
Bonds
0.1
Preferred Securities
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 97.0                    
 
Preferred Stocks - 3.0                  
 
Bonds - 0.1                             
 
Preferred Securities - 0.0              
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
 
United States
95.1
Canada
1.3
Taiwan
1.1
India
0.8
Finland
0.3
China
0.3
Netherlands
0.3
Switzerland
0.2
Denmark
0.1
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 95.1                    
 
Canada - 1.3                            
 
Taiwan - 1.1                            
 
India - 0.8                             
 
Finland - 0.3                           
 
China - 0.3                             
 
Netherlands - 0.3                       
 
Switzerland - 0.2                       
 
Denmark - 0.1                           
 
Others - 0.5                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
15.6
 
Apple Inc
9.5
 
Alphabet Inc Class A
8.4
 
Amazon.com Inc
7.7
 
Microsoft Corp
6.2
 
Meta Platforms Inc Class A
4.8
 
Broadcom Inc
3.3
 
Eli Lilly & Co
2.7
 
Netflix Inc
2.0
 
Tesla Inc
1.6
 
 
61.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9918463.101    7820-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Blue Chip Growth Fund
Fidelity Advisor® Blue Chip Growth Fund Class C :  FBCHX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class C 
$ 93 
1.77%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$89,272,974,868
 
Number of Holdings
387
 
Portfolio Turnover
26%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
48.4
 
Consumer Discretionary
16.7
 
Communication Services
16.6
 
Industrials
7.1
 
Health Care
6.3
 
Financials
3.0
 
Consumer Staples
0.6
 
Real Estate
0.5
 
Materials
0.4
 
Energy
0.3
 
Utilities
0.2
 
 
Common Stocks
97.0
Preferred Stocks
3.0
Bonds
0.1
Preferred Securities
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 97.0                    
 
Preferred Stocks - 3.0                  
 
Bonds - 0.1                             
 
Preferred Securities - 0.0              
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
 
United States
95.1
Canada
1.3
Taiwan
1.1
India
0.8
Finland
0.3
China
0.3
Netherlands
0.3
Switzerland
0.2
Denmark
0.1
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 95.1                    
 
Canada - 1.3                            
 
Taiwan - 1.1                            
 
India - 0.8                             
 
Finland - 0.3                           
 
China - 0.3                             
 
Netherlands - 0.3                       
 
Switzerland - 0.2                       
 
Denmark - 0.1                           
 
Others - 0.5                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
15.6
 
Apple Inc
9.5
 
Alphabet Inc Class A
8.4
 
Amazon.com Inc
7.7
 
Microsoft Corp
6.2
 
Meta Platforms Inc Class A
4.8
 
Broadcom Inc
3.3
 
Eli Lilly & Co
2.7
 
Netflix Inc
2.0
 
Tesla Inc
1.6
 
 
61.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9918461.101    7821-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Blue Chip Growth Fund
Fidelity Advisor® Blue Chip Growth Fund Class I :  FBCJX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class I 
$ 40 
0.77%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$89,272,974,868
 
Number of Holdings
387
 
Portfolio Turnover
26%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
48.4
 
Consumer Discretionary
16.7
 
Communication Services
16.6
 
Industrials
7.1
 
Health Care
6.3
 
Financials
3.0
 
Consumer Staples
0.6
 
Real Estate
0.5
 
Materials
0.4
 
Energy
0.3
 
Utilities
0.2
 
 
Common Stocks
97.0
Preferred Stocks
3.0
Bonds
0.1
Preferred Securities
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 97.0                    
 
Preferred Stocks - 3.0                  
 
Bonds - 0.1                             
 
Preferred Securities - 0.0              
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
 
United States
95.1
Canada
1.3
Taiwan
1.1
India
0.8
Finland
0.3
China
0.3
Netherlands
0.3
Switzerland
0.2
Denmark
0.1
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 95.1                    
 
Canada - 1.3                            
 
Taiwan - 1.1                            
 
India - 0.8                             
 
Finland - 0.3                           
 
China - 0.3                             
 
Netherlands - 0.3                       
 
Switzerland - 0.2                       
 
Denmark - 0.1                           
 
Others - 0.5                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
15.6
 
Apple Inc
9.5
 
Alphabet Inc Class A
8.4
 
Amazon.com Inc
7.7
 
Microsoft Corp
6.2
 
Meta Platforms Inc Class A
4.8
 
Broadcom Inc
3.3
 
Eli Lilly & Co
2.7
 
Netflix Inc
2.0
 
Tesla Inc
1.6
 
 
61.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9918465.101    7822-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Blue Chip Growth Fund
Fidelity Advisor® Blue Chip Growth Fund Class Z :  FBCKX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Blue Chip Growth Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class Z 
$ 35 
0.65%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$89,272,974,868
 
Number of Holdings
387
 
Portfolio Turnover
26%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
48.4
 
Consumer Discretionary
16.7
 
Communication Services
16.6
 
Industrials
7.1
 
Health Care
6.3
 
Financials
3.0
 
Consumer Staples
0.6
 
Real Estate
0.5
 
Materials
0.4
 
Energy
0.3
 
Utilities
0.2
 
 
Common Stocks
97.0
Preferred Stocks
3.0
Bonds
0.1
Preferred Securities
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 97.0                    
 
Preferred Stocks - 3.0                  
 
Bonds - 0.1                             
 
Preferred Securities - 0.0              
Short-Term Investments and Net Other Assets (Liabilities) - (0.1)%
 
United States
95.1
Canada
1.3
Taiwan
1.1
India
0.8
Finland
0.3
China
0.3
Netherlands
0.3
Switzerland
0.2
Denmark
0.1
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 95.1                    
 
Canada - 1.3                            
 
Taiwan - 1.1                            
 
India - 0.8                             
 
Finland - 0.3                           
 
China - 0.3                             
 
Netherlands - 0.3                       
 
Switzerland - 0.2                       
 
Denmark - 0.1                           
 
Others - 0.5                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
15.6
 
Apple Inc
9.5
 
Alphabet Inc Class A
8.4
 
Amazon.com Inc
7.7
 
Microsoft Corp
6.2
 
Meta Platforms Inc Class A
4.8
 
Broadcom Inc
3.3
 
Eli Lilly & Co
2.7
 
Netflix Inc
2.0
 
Tesla Inc
1.6
 
 
61.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9918467.101    7823-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® OTC Portfolio
Fidelity Advisor® OTC Fund Class A :  FOTDX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® OTC Portfolio for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class A 
$ 58 
1.07%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$36,411,075,761
 
Number of Holdings
156
 
Portfolio Turnover
55%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
48.2
 
Communication Services
21.9
 
Consumer Discretionary
9.1
 
Health Care
8.5
 
Industrials
6.6
 
Utilities
1.1
 
Consumer Staples
0.7
 
Materials
0.3
 
Real Estate
0.2
 
Financials
0.1
 
Energy
0.0
 
 
Common Stocks
95.9
Domestic Equity Funds
3.3
Preferred Stocks
0.8
Short-Term Investments and Net Other Assets (Liabilities)
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 95.9                    
 
Domestic Equity Funds - 3.3             
 
Preferred Stocks - 0.8                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
 
United States
90.1
Taiwan
4.5
Korea (South)
1.7
Netherlands
1.7
Belgium
0.5
United Kingdom
0.4
Canada
0.4
Brazil
0.2
Denmark
0.2
Others
0.3
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 90.1                    
 
Taiwan - 4.5                            
 
Korea (South) - 1.7                     
 
Netherlands - 1.7                       
 
Belgium - 0.5                           
 
United Kingdom - 0.4                    
 
Canada - 0.4                            
 
Brazil - 0.2                            
 
Denmark - 0.2                           
 
Others - 0.3                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
13.2
 
Alphabet Inc Class A
10.2
 
Apple Inc
9.1
 
Microsoft Corp
6.8
 
Amazon.com Inc
6.3
 
Meta Platforms Inc Class A
4.5
 
Alphabet Inc Class C
4.1
 
Space Exploration Technologies Corp
3.9
 
Invesco QQQ Trust ETF
3.3
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
2.9
 
 
64.3
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9918489.101    7814-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® OTC Portfolio
Fidelity Advisor® OTC Fund Class M :  FOTEX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® OTC Portfolio for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class M 
$ 72 
1.32%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$36,411,075,761
 
Number of Holdings
156
 
Portfolio Turnover
55%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
48.2
 
Communication Services
21.9
 
Consumer Discretionary
9.1
 
Health Care
8.5
 
Industrials
6.6
 
Utilities
1.1
 
Consumer Staples
0.7
 
Materials
0.3
 
Real Estate
0.2
 
Financials
0.1
 
Energy
0.0
 
 
Common Stocks
95.9
Domestic Equity Funds
3.3
Preferred Stocks
0.8
Short-Term Investments and Net Other Assets (Liabilities)
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 95.9                    
 
Domestic Equity Funds - 3.3             
 
Preferred Stocks - 0.8                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
 
United States
90.1
Taiwan
4.5
Korea (South)
1.7
Netherlands
1.7
Belgium
0.5
United Kingdom
0.4
Canada
0.4
Brazil
0.2
Denmark
0.2
Others
0.3
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 90.1                    
 
Taiwan - 4.5                            
 
Korea (South) - 1.7                     
 
Netherlands - 1.7                       
 
Belgium - 0.5                           
 
United Kingdom - 0.4                    
 
Canada - 0.4                            
 
Brazil - 0.2                            
 
Denmark - 0.2                           
 
Others - 0.3                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
13.2
 
Alphabet Inc Class A
10.2
 
Apple Inc
9.1
 
Microsoft Corp
6.8
 
Amazon.com Inc
6.3
 
Meta Platforms Inc Class A
4.5
 
Alphabet Inc Class C
4.1
 
Space Exploration Technologies Corp
3.9
 
Invesco QQQ Trust ETF
3.3
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
2.9
 
 
64.3
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9918493.101    7815-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® OTC Portfolio
Fidelity Advisor® OTC Fund Class C :  FOTGX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® OTC Portfolio for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class C 
$ 99 
1.82%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$36,411,075,761
 
Number of Holdings
156
 
Portfolio Turnover
55%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
48.2
 
Communication Services
21.9
 
Consumer Discretionary
9.1
 
Health Care
8.5
 
Industrials
6.6
 
Utilities
1.1
 
Consumer Staples
0.7
 
Materials
0.3
 
Real Estate
0.2
 
Financials
0.1
 
Energy
0.0
 
 
Common Stocks
95.9
Domestic Equity Funds
3.3
Preferred Stocks
0.8
Short-Term Investments and Net Other Assets (Liabilities)
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 95.9                    
 
Domestic Equity Funds - 3.3             
 
Preferred Stocks - 0.8                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
 
United States
90.1
Taiwan
4.5
Korea (South)
1.7
Netherlands
1.7
Belgium
0.5
United Kingdom
0.4
Canada
0.4
Brazil
0.2
Denmark
0.2
Others
0.3
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 90.1                    
 
Taiwan - 4.5                            
 
Korea (South) - 1.7                     
 
Netherlands - 1.7                       
 
Belgium - 0.5                           
 
United Kingdom - 0.4                    
 
Canada - 0.4                            
 
Brazil - 0.2                            
 
Denmark - 0.2                           
 
Others - 0.3                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
13.2
 
Alphabet Inc Class A
10.2
 
Apple Inc
9.1
 
Microsoft Corp
6.8
 
Amazon.com Inc
6.3
 
Meta Platforms Inc Class A
4.5
 
Alphabet Inc Class C
4.1
 
Space Exploration Technologies Corp
3.9
 
Invesco QQQ Trust ETF
3.3
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
2.9
 
 
64.3
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9918491.101    7816-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® OTC Portfolio
Fidelity Advisor® OTC Fund Class I :  FOTHX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® OTC Portfolio for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class I 
$ 45 
0.82%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$36,411,075,761
 
Number of Holdings
156
 
Portfolio Turnover
55%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
48.2
 
Communication Services
21.9
 
Consumer Discretionary
9.1
 
Health Care
8.5
 
Industrials
6.6
 
Utilities
1.1
 
Consumer Staples
0.7
 
Materials
0.3
 
Real Estate
0.2
 
Financials
0.1
 
Energy
0.0
 
 
Common Stocks
95.9
Domestic Equity Funds
3.3
Preferred Stocks
0.8
Short-Term Investments and Net Other Assets (Liabilities)
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 95.9                    
 
Domestic Equity Funds - 3.3             
 
Preferred Stocks - 0.8                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
 
United States
90.1
Taiwan
4.5
Korea (South)
1.7
Netherlands
1.7
Belgium
0.5
United Kingdom
0.4
Canada
0.4
Brazil
0.2
Denmark
0.2
Others
0.3
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 90.1                    
 
Taiwan - 4.5                            
 
Korea (South) - 1.7                     
 
Netherlands - 1.7                       
 
Belgium - 0.5                           
 
United Kingdom - 0.4                    
 
Canada - 0.4                            
 
Brazil - 0.2                            
 
Denmark - 0.2                           
 
Others - 0.3                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
13.2
 
Alphabet Inc Class A
10.2
 
Apple Inc
9.1
 
Microsoft Corp
6.8
 
Amazon.com Inc
6.3
 
Meta Platforms Inc Class A
4.5
 
Alphabet Inc Class C
4.1
 
Space Exploration Technologies Corp
3.9
 
Invesco QQQ Trust ETF
3.3
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
2.9
 
 
64.3
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9918495.101    7817-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® OTC Portfolio
Fidelity Advisor® OTC Fund Class Z :  FOTJX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® OTC Portfolio for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class Z 
$ 39 
0.71%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$36,411,075,761
 
Number of Holdings
156
 
Portfolio Turnover
55%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
48.2
 
Communication Services
21.9
 
Consumer Discretionary
9.1
 
Health Care
8.5
 
Industrials
6.6
 
Utilities
1.1
 
Consumer Staples
0.7
 
Materials
0.3
 
Real Estate
0.2
 
Financials
0.1
 
Energy
0.0
 
 
Common Stocks
95.9
Domestic Equity Funds
3.3
Preferred Stocks
0.8
Short-Term Investments and Net Other Assets (Liabilities)
0.0
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 95.9                    
 
Domestic Equity Funds - 3.3             
 
Preferred Stocks - 0.8                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.0
 
United States
90.1
Taiwan
4.5
Korea (South)
1.7
Netherlands
1.7
Belgium
0.5
United Kingdom
0.4
Canada
0.4
Brazil
0.2
Denmark
0.2
Others
0.3
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 90.1                    
 
Taiwan - 4.5                            
 
Korea (South) - 1.7                     
 
Netherlands - 1.7                       
 
Belgium - 0.5                           
 
United Kingdom - 0.4                    
 
Canada - 0.4                            
 
Brazil - 0.2                            
 
Denmark - 0.2                           
 
Others - 0.3                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
13.2
 
Alphabet Inc Class A
10.2
 
Apple Inc
9.1
 
Microsoft Corp
6.8
 
Amazon.com Inc
6.3
 
Meta Platforms Inc Class A
4.5
 
Alphabet Inc Class C
4.1
 
Space Exploration Technologies Corp
3.9
 
Invesco QQQ Trust ETF
3.3
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
2.9
 
 
64.3
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9918497.101    7818-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Growth & Income Portfolio
Fidelity Advisor® Growth & Income Fund Class A :  FGIDX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Growth & Income Portfolio for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class A 
$ 43 
0.81%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$14,445,258,650
 
Number of Holdings
193
 
Portfolio Turnover
18%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
20.7
 
Industrials
18.7
 
Financials
17.3
 
Health Care
10.7
 
Energy
10.4
 
Consumer Staples
6.4
 
Communication Services
5.6
 
Consumer Discretionary
2.7
 
Utilities
2.1
 
Materials
1.1
 
Real Estate
0.8
 
 
Common Stocks
94.5
Preferred Stocks
2.0
Short-Term Investments and Net Other Assets (Liabilities)
3.5
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 94.5                    
 
Preferred Stocks - 2.0                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.5
 
United States
91.2
Canada
2.2
United Kingdom
1.3
Belgium
1.3
Taiwan
1.0
Netherlands
0.8
Germany
0.7
France
0.6
Zambia
0.4
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 91.2                    
 
Canada - 2.2                            
 
United Kingdom - 1.3                    
 
Belgium - 1.3                           
 
Taiwan - 1.0                            
 
Netherlands - 0.8                       
 
Germany - 0.7                           
 
France - 0.6                            
 
Zambia - 0.4                            
 
Others - 0.5                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Wells Fargo & Co
6.2
 
Microsoft Corp
6.0
 
Exxon Mobil Corp
5.4
 
GE Aerospace
4.1
 
NVIDIA Corp
4.1
 
GE Vernova Inc
3.6
 
Bank of America Corp
3.0
 
Apple Inc
2.9
 
Boeing Co
2.5
 
Shell PLC ADR
2.2
 
 
40.0
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9919312.100    8997-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Growth & Income Portfolio
Fidelity Advisor® Growth & Income Fund Class M :  FGIEX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Growth & Income Portfolio for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class M 
$ 56 
1.06%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$14,445,258,650
 
Number of Holdings
193
 
Portfolio Turnover
18%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
20.7
 
Industrials
18.7
 
Financials
17.3
 
Health Care
10.7
 
Energy
10.4
 
Consumer Staples
6.4
 
Communication Services
5.6
 
Consumer Discretionary
2.7
 
Utilities
2.1
 
Materials
1.1
 
Real Estate
0.8
 
 
Common Stocks
94.5
Preferred Stocks
2.0
Short-Term Investments and Net Other Assets (Liabilities)
3.5
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 94.5                    
 
Preferred Stocks - 2.0                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.5
 
United States
91.2
Canada
2.2
United Kingdom
1.3
Belgium
1.3
Taiwan
1.0
Netherlands
0.8
Germany
0.7
France
0.6
Zambia
0.4
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 91.2                    
 
Canada - 2.2                            
 
United Kingdom - 1.3                    
 
Belgium - 1.3                           
 
Taiwan - 1.0                            
 
Netherlands - 0.8                       
 
Germany - 0.7                           
 
France - 0.6                            
 
Zambia - 0.4                            
 
Others - 0.5                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Wells Fargo & Co
6.2
 
Microsoft Corp
6.0
 
Exxon Mobil Corp
5.4
 
GE Aerospace
4.1
 
NVIDIA Corp
4.1
 
GE Vernova Inc
3.6
 
Bank of America Corp
3.0
 
Apple Inc
2.9
 
Boeing Co
2.5
 
Shell PLC ADR
2.2
 
 
40.0
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9919314.100    8998-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Growth & Income Portfolio
Fidelity Advisor® Growth & Income Fund Class C :  FGIJX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Growth & Income Portfolio for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class C 
$ 83 
1.56%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$14,445,258,650
 
Number of Holdings
193
 
Portfolio Turnover
18%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
20.7
 
Industrials
18.7
 
Financials
17.3
 
Health Care
10.7
 
Energy
10.4
 
Consumer Staples
6.4
 
Communication Services
5.6
 
Consumer Discretionary
2.7
 
Utilities
2.1
 
Materials
1.1
 
Real Estate
0.8
 
 
Common Stocks
94.5
Preferred Stocks
2.0
Short-Term Investments and Net Other Assets (Liabilities)
3.5
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 94.5                    
 
Preferred Stocks - 2.0                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.5
 
United States
91.2
Canada
2.2
United Kingdom
1.3
Belgium
1.3
Taiwan
1.0
Netherlands
0.8
Germany
0.7
France
0.6
Zambia
0.4
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 91.2                    
 
Canada - 2.2                            
 
United Kingdom - 1.3                    
 
Belgium - 1.3                           
 
Taiwan - 1.0                            
 
Netherlands - 0.8                       
 
Germany - 0.7                           
 
France - 0.6                            
 
Zambia - 0.4                            
 
Others - 0.5                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Wells Fargo & Co
6.2
 
Microsoft Corp
6.0
 
Exxon Mobil Corp
5.4
 
GE Aerospace
4.1
 
NVIDIA Corp
4.1
 
GE Vernova Inc
3.6
 
Bank of America Corp
3.0
 
Apple Inc
2.9
 
Boeing Co
2.5
 
Shell PLC ADR
2.2
 
 
40.0
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9919316.100    8999-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Growth & Income Portfolio
Fidelity Advisor® Growth & Income Fund Class I :  FGJDX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Growth & Income Portfolio for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class I 
$ 30 
0.56%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$14,445,258,650
 
Number of Holdings
193
 
Portfolio Turnover
18%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
20.7
 
Industrials
18.7
 
Financials
17.3
 
Health Care
10.7
 
Energy
10.4
 
Consumer Staples
6.4
 
Communication Services
5.6
 
Consumer Discretionary
2.7
 
Utilities
2.1
 
Materials
1.1
 
Real Estate
0.8
 
 
Common Stocks
94.5
Preferred Stocks
2.0
Short-Term Investments and Net Other Assets (Liabilities)
3.5
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 94.5                    
 
Preferred Stocks - 2.0                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.5
 
United States
91.2
Canada
2.2
United Kingdom
1.3
Belgium
1.3
Taiwan
1.0
Netherlands
0.8
Germany
0.7
France
0.6
Zambia
0.4
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 91.2                    
 
Canada - 2.2                            
 
United Kingdom - 1.3                    
 
Belgium - 1.3                           
 
Taiwan - 1.0                            
 
Netherlands - 0.8                       
 
Germany - 0.7                           
 
France - 0.6                            
 
Zambia - 0.4                            
 
Others - 0.5                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Wells Fargo & Co
6.2
 
Microsoft Corp
6.0
 
Exxon Mobil Corp
5.4
 
GE Aerospace
4.1
 
NVIDIA Corp
4.1
 
GE Vernova Inc
3.6
 
Bank of America Corp
3.0
 
Apple Inc
2.9
 
Boeing Co
2.5
 
Shell PLC ADR
2.2
 
 
40.0
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9919318.100    9000-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Growth & Income Portfolio
Fidelity Advisor® Growth & Income Fund Class Z :  FGJEX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Growth & Income Portfolio for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class Z 
$ 24 
0.45%
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$14,445,258,650
 
Number of Holdings
193
 
Portfolio Turnover
18%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
20.7
 
Industrials
18.7
 
Financials
17.3
 
Health Care
10.7
 
Energy
10.4
 
Consumer Staples
6.4
 
Communication Services
5.6
 
Consumer Discretionary
2.7
 
Utilities
2.1
 
Materials
1.1
 
Real Estate
0.8
 
 
Common Stocks
94.5
Preferred Stocks
2.0
Short-Term Investments and Net Other Assets (Liabilities)
3.5
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 94.5                    
 
Preferred Stocks - 2.0                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 3.5
 
United States
91.2
Canada
2.2
United Kingdom
1.3
Belgium
1.3
Taiwan
1.0
Netherlands
0.8
Germany
0.7
France
0.6
Zambia
0.4
Others
0.5
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 91.2                    
 
Canada - 2.2                            
 
United Kingdom - 1.3                    
 
Belgium - 1.3                           
 
Taiwan - 1.0                            
 
Netherlands - 0.8                       
 
Germany - 0.7                           
 
France - 0.6                            
 
Zambia - 0.4                            
 
Others - 0.5                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Wells Fargo & Co
6.2
 
Microsoft Corp
6.0
 
Exxon Mobil Corp
5.4
 
GE Aerospace
4.1
 
NVIDIA Corp
4.1
 
GE Vernova Inc
3.6
 
Bank of America Corp
3.0
 
Apple Inc
2.9
 
Boeing Co
2.5
 
Shell PLC ADR
2.2
 
 
40.0
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9919320.100    9001-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Dividend Growth Fund
Fidelity Advisor® Dividend Growth Fund Class Z :  FGDJX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Dividend Growth Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class Z A
$ 30 
0.54%
 
AExpenses for the full reporting period would be higher.
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$10,786,723,741
 
Number of Holdings
132
 
Portfolio Turnover
43%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
25.3
 
Industrials
17.0
 
Financials
15.9
 
Communication Services
12.5
 
Energy
8.7
 
Health Care
6.1
 
Consumer Staples
3.9
 
Materials
3.6
 
Consumer Discretionary
3.6
 
Real Estate
2.4
 
Utilities
0.8
 
 
Common Stocks
99.8
Short-Term Investments and Net Other Assets (Liabilities)
0.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
 
United States
88.9
Canada
3.0
Taiwan
2.1
United Kingdom
1.7
Korea (South)
1.5
Norway
0.6
Zambia
0.5
Brazil
0.5
Germany
0.4
Others
0.8
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 88.9                    
 
Canada - 3.0                            
 
Taiwan - 2.1                            
 
United Kingdom - 1.7                    
 
Korea (South) - 1.5                     
 
Norway - 0.6                            
 
Zambia - 0.5                            
 
Brazil - 0.5                            
 
Germany - 0.4                           
 
Others - 0.8                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
8.6
 
Alphabet Inc Class A
7.8
 
Microsoft Corp
4.8
 
Meta Platforms Inc Class A
3.7
 
Boeing Co
2.9
 
Western Digital Corp
2.0
 
GE Vernova Inc
2.0
 
Broadcom Inc
1.9
 
Seagate Technology Holdings PLC
1.9
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
1.8
 
 
37.4
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9918523.100    9024-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Dividend Growth Fund
Fidelity Advisor® Dividend Growth Fund Class A :  FGDDX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Dividend Growth Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class A A
$ 50 
0.91%
 
AExpenses for the full reporting period would be higher.
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$10,786,723,741
 
Number of Holdings
132
 
Portfolio Turnover
43%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
25.3
 
Industrials
17.0
 
Financials
15.9
 
Communication Services
12.5
 
Energy
8.7
 
Health Care
6.1
 
Consumer Staples
3.9
 
Materials
3.6
 
Consumer Discretionary
3.6
 
Real Estate
2.4
 
Utilities
0.8
 
 
Common Stocks
99.8
Short-Term Investments and Net Other Assets (Liabilities)
0.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
 
United States
88.9
Canada
3.0
Taiwan
2.1
United Kingdom
1.7
Korea (South)
1.5
Norway
0.6
Zambia
0.5
Brazil
0.5
Germany
0.4
Others
0.8
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 88.9                    
 
Canada - 3.0                            
 
Taiwan - 2.1                            
 
United Kingdom - 1.7                    
 
Korea (South) - 1.5                     
 
Norway - 0.6                            
 
Zambia - 0.5                            
 
Brazil - 0.5                            
 
Germany - 0.4                           
 
Others - 0.8                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
8.6
 
Alphabet Inc Class A
7.8
 
Microsoft Corp
4.8
 
Meta Platforms Inc Class A
3.7
 
Boeing Co
2.9
 
Western Digital Corp
2.0
 
GE Vernova Inc
2.0
 
Broadcom Inc
1.9
 
Seagate Technology Holdings PLC
1.9
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
1.8
 
 
37.4
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9918515.100    9018-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Dividend Growth Fund
Fidelity Advisor® Dividend Growth Fund Class M :  FGDEX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Dividend Growth Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class M A
$ 63 
1.16%
 
AExpenses for the full reporting period would be higher.
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$10,786,723,741
 
Number of Holdings
132
 
Portfolio Turnover
43%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
25.3
 
Industrials
17.0
 
Financials
15.9
 
Communication Services
12.5
 
Energy
8.7
 
Health Care
6.1
 
Consumer Staples
3.9
 
Materials
3.6
 
Consumer Discretionary
3.6
 
Real Estate
2.4
 
Utilities
0.8
 
 
Common Stocks
99.8
Short-Term Investments and Net Other Assets (Liabilities)
0.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
 
United States
88.9
Canada
3.0
Taiwan
2.1
United Kingdom
1.7
Korea (South)
1.5
Norway
0.6
Zambia
0.5
Brazil
0.5
Germany
0.4
Others
0.8
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 88.9                    
 
Canada - 3.0                            
 
Taiwan - 2.1                            
 
United Kingdom - 1.7                    
 
Korea (South) - 1.5                     
 
Norway - 0.6                            
 
Zambia - 0.5                            
 
Brazil - 0.5                            
 
Germany - 0.4                           
 
Others - 0.8                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
8.6
 
Alphabet Inc Class A
7.8
 
Microsoft Corp
4.8
 
Meta Platforms Inc Class A
3.7
 
Boeing Co
2.9
 
Western Digital Corp
2.0
 
GE Vernova Inc
2.0
 
Broadcom Inc
1.9
 
Seagate Technology Holdings PLC
1.9
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
1.8
 
 
37.4
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9918517.100    9019-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Dividend Growth Fund
Fidelity Advisor® Dividend Growth Fund Class C :  FGDGX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Dividend Growth Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class C A
$ 90 
1.66%
 
AExpenses for the full reporting period would be higher.
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$10,786,723,741
 
Number of Holdings
132
 
Portfolio Turnover
43%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
25.3
 
Industrials
17.0
 
Financials
15.9
 
Communication Services
12.5
 
Energy
8.7
 
Health Care
6.1
 
Consumer Staples
3.9
 
Materials
3.6
 
Consumer Discretionary
3.6
 
Real Estate
2.4
 
Utilities
0.8
 
 
Common Stocks
99.8
Short-Term Investments and Net Other Assets (Liabilities)
0.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
 
United States
88.9
Canada
3.0
Taiwan
2.1
United Kingdom
1.7
Korea (South)
1.5
Norway
0.6
Zambia
0.5
Brazil
0.5
Germany
0.4
Others
0.8
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 88.9                    
 
Canada - 3.0                            
 
Taiwan - 2.1                            
 
United Kingdom - 1.7                    
 
Korea (South) - 1.5                     
 
Norway - 0.6                            
 
Zambia - 0.5                            
 
Brazil - 0.5                            
 
Germany - 0.4                           
 
Others - 0.8                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
8.6
 
Alphabet Inc Class A
7.8
 
Microsoft Corp
4.8
 
Meta Platforms Inc Class A
3.7
 
Boeing Co
2.9
 
Western Digital Corp
2.0
 
GE Vernova Inc
2.0
 
Broadcom Inc
1.9
 
Seagate Technology Holdings PLC
1.9
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
1.8
 
 
37.4
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9918519.100    9022-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Dividend Growth Fund
Fidelity Advisor® Dividend Growth Fund Class I :  FGDHX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Dividend Growth Fund for the period August 1, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class I A
$ 36 
0.66%
 
AExpenses for the full reporting period would be higher.
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$10,786,723,741
 
Number of Holdings
132
 
Portfolio Turnover
43%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Information Technology
25.3
 
Industrials
17.0
 
Financials
15.9
 
Communication Services
12.5
 
Energy
8.7
 
Health Care
6.1
 
Consumer Staples
3.9
 
Materials
3.6
 
Consumer Discretionary
3.6
 
Real Estate
2.4
 
Utilities
0.8
 
 
Common Stocks
99.8
Short-Term Investments and Net Other Assets (Liabilities)
0.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
 
United States
88.9
Canada
3.0
Taiwan
2.1
United Kingdom
1.7
Korea (South)
1.5
Norway
0.6
Zambia
0.5
Brazil
0.5
Germany
0.4
Others
0.8
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 88.9                    
 
Canada - 3.0                            
 
Taiwan - 2.1                            
 
United Kingdom - 1.7                    
 
Korea (South) - 1.5                     
 
Norway - 0.6                            
 
Zambia - 0.5                            
 
Brazil - 0.5                            
 
Germany - 0.4                           
 
Others - 0.8                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
NVIDIA Corp
8.6
 
Alphabet Inc Class A
7.8
 
Microsoft Corp
4.8
 
Meta Platforms Inc Class A
3.7
 
Boeing Co
2.9
 
Western Digital Corp
2.0
 
GE Vernova Inc
2.0
 
Broadcom Inc
1.9
 
Seagate Technology Holdings PLC
1.9
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
1.8
 
 
37.4
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9918521.100    9023-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Blue Chip Value Fund
Fidelity Advisor® Blue Chip Value Fund Class A :  FFVKX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Blue Chip Value Fund for the period September 11, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class A A
$ 30 
0.74%
 
AExpenses for the full reporting period would be higher.
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$603,904,138
 
Number of Holdings
82
 
Portfolio Turnover
126%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
18.9
 
Industrials
13.7
 
Health Care
13.3
 
Information Technology
12.4
 
Communication Services
10.2
 
Consumer Discretionary
8.0
 
Energy
6.3
 
Consumer Staples
5.5
 
Materials
4.3
 
Real Estate
4.2
 
Utilities
3.0
 
 
Common Stocks
99.8
Short-Term Investments and Net Other Assets (Liabilities)
0.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
 
United States
96.0
Taiwan
2.0
United Kingdom
1.1
Canada
0.9
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 96.0                    
 
Taiwan - 2.0                            
 
United Kingdom - 1.1                    
 
Canada - 0.9                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Alphabet Inc Class A
4.7
 
Wells Fargo & Co
3.9
 
Exxon Mobil Corp
3.4
 
Amazon.com Inc
3.4
 
US Bancorp
2.6
 
Merck & Co Inc
2.0
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
2.0
 
Cisco Systems Inc
2.0
 
Alphabet Inc Class C
1.9
 
Citigroup Inc
1.9
 
 
27.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9918528.100    9027-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Blue Chip Value Fund
Fidelity Advisor® Blue Chip Value Fund Class M :  FFVLX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Blue Chip Value Fund for the period September 11, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class M A
$ 41 
0.99%
 
AExpenses for the full reporting period would be higher.
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$603,904,138
 
Number of Holdings
82
 
Portfolio Turnover
126%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
18.9
 
Industrials
13.7
 
Health Care
13.3
 
Information Technology
12.4
 
Communication Services
10.2
 
Consumer Discretionary
8.0
 
Energy
6.3
 
Consumer Staples
5.5
 
Materials
4.3
 
Real Estate
4.2
 
Utilities
3.0
 
 
Common Stocks
99.8
Short-Term Investments and Net Other Assets (Liabilities)
0.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
 
United States
96.0
Taiwan
2.0
United Kingdom
1.1
Canada
0.9
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 96.0                    
 
Taiwan - 2.0                            
 
United Kingdom - 1.1                    
 
Canada - 0.9                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Alphabet Inc Class A
4.7
 
Wells Fargo & Co
3.9
 
Exxon Mobil Corp
3.4
 
Amazon.com Inc
3.4
 
US Bancorp
2.6
 
Merck & Co Inc
2.0
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
2.0
 
Cisco Systems Inc
2.0
 
Alphabet Inc Class C
1.9
 
Citigroup Inc
1.9
 
 
27.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9918530.100    9028-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Blue Chip Value Fund
Fidelity Advisor® Blue Chip Value Fund Class C :  FFVMX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Blue Chip Value Fund for the period September 11, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class C A
$ 61 
1.49%
 
AExpenses for the full reporting period would be higher.
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$603,904,138
 
Number of Holdings
82
 
Portfolio Turnover
126%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
18.9
 
Industrials
13.7
 
Health Care
13.3
 
Information Technology
12.4
 
Communication Services
10.2
 
Consumer Discretionary
8.0
 
Energy
6.3
 
Consumer Staples
5.5
 
Materials
4.3
 
Real Estate
4.2
 
Utilities
3.0
 
 
Common Stocks
99.8
Short-Term Investments and Net Other Assets (Liabilities)
0.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
 
United States
96.0
Taiwan
2.0
United Kingdom
1.1
Canada
0.9
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 96.0                    
 
Taiwan - 2.0                            
 
United Kingdom - 1.1                    
 
Canada - 0.9                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Alphabet Inc Class A
4.7
 
Wells Fargo & Co
3.9
 
Exxon Mobil Corp
3.4
 
Amazon.com Inc
3.4
 
US Bancorp
2.6
 
Merck & Co Inc
2.0
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
2.0
 
Cisco Systems Inc
2.0
 
Alphabet Inc Class C
1.9
 
Citigroup Inc
1.9
 
 
27.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9918532.100    9029-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Blue Chip Value Fund
Fidelity Advisor® Blue Chip Value Fund Class I :  FFVOX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Blue Chip Value Fund for the period September 11, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class I A
$ 18 
0.44%
 
AExpenses for the full reporting period would be higher.
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$603,904,138
 
Number of Holdings
82
 
Portfolio Turnover
126%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
18.9
 
Industrials
13.7
 
Health Care
13.3
 
Information Technology
12.4
 
Communication Services
10.2
 
Consumer Discretionary
8.0
 
Energy
6.3
 
Consumer Staples
5.5
 
Materials
4.3
 
Real Estate
4.2
 
Utilities
3.0
 
 
Common Stocks
99.8
Short-Term Investments and Net Other Assets (Liabilities)
0.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
 
United States
96.0
Taiwan
2.0
United Kingdom
1.1
Canada
0.9
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 96.0                    
 
Taiwan - 2.0                            
 
United Kingdom - 1.1                    
 
Canada - 0.9                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Alphabet Inc Class A
4.7
 
Wells Fargo & Co
3.9
 
Exxon Mobil Corp
3.4
 
Amazon.com Inc
3.4
 
US Bancorp
2.6
 
Merck & Co Inc
2.0
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
2.0
 
Cisco Systems Inc
2.0
 
Alphabet Inc Class C
1.9
 
Citigroup Inc
1.9
 
 
27.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9918534.100    9031-TSRS-0426    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF JANUARY 31, 2026
 
 
Fidelity® Blue Chip Value Fund
Fidelity Advisor® Blue Chip Value Fund Class Z :  FFVPX 
 
 
 
 
This semi-annual shareholder report contains information about Fidelity® Blue Chip Value Fund for the period September 11, 2025 to January 31, 2026. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Class Z A
$ 15 
0.37%
 
AExpenses for the full reporting period would be higher.
 
Key Fund Statistics
(as of January 31, 2026)
 
KEY FACTS 
 
 
Fund Size
$603,904,138
 
Number of Holdings
82
 
Portfolio Turnover
126%
 
What did the Fund invest in?
(as of January 31, 2026)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
 
 
Financials
18.9
 
Industrials
13.7
 
Health Care
13.3
 
Information Technology
12.4
 
Communication Services
10.2
 
Consumer Discretionary
8.0
 
Energy
6.3
 
Consumer Staples
5.5
 
Materials
4.3
 
Real Estate
4.2
 
Utilities
3.0
 
 
Common Stocks
99.8
Short-Term Investments and Net Other Assets (Liabilities)
0.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
 
United States
96.0
Taiwan
2.0
United Kingdom
1.1
Canada
0.9
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 96.0                    
 
Taiwan - 2.0                            
 
United Kingdom - 1.1                    
 
Canada - 0.9                            
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
 
 
Alphabet Inc Class A
4.7
 
Wells Fargo & Co
3.9
 
Exxon Mobil Corp
3.4
 
Amazon.com Inc
3.4
 
US Bancorp
2.6
 
Merck & Co Inc
2.0
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
2.0
 
Cisco Systems Inc
2.0
 
Alphabet Inc Class C
1.9
 
Citigroup Inc
1.9
 
 
27.8
 
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2026 FMR LLC. All rights reserved.
 
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
1.9918536.100    9032-TSRS-0426    
 

Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


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
 
 
 
 
Semi-Annual Report
January 31, 2026
Includes Fidelity and Fidelity Advisor share classes

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Small Cap Value Fund

Notes to Financial Statements

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.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2026 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Small Cap Value Fund
Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.3%
 
 
Shares
Value ($)
 
BERMUDA - 1.9%
 
 
 
Financials - 1.9%
 
 
 
Banks - 1.9%
 
 
 
Bank of Nt Butterfield & Son Ltd/The (United States)
 
1,760,000
91,168,000
BRAZIL - 0.3%
 
 
 
Materials - 0.3%
 
 
 
Metals & Mining - 0.3%
 
 
 
ERO Copper Corp (b)
 
406,510
13,637,408
CANADA - 2.7%
 
 
 
Energy - 1.3%
 
 
 
Energy Equipment & Services - 1.3%
 
 
 
CES Energy Solutions Corp
 
5,500,000
57,356,883
Materials - 0.5%
 
 
 
Metals & Mining - 0.5%
 
 
 
Triple Flag Precious Metals Corp (United States)
 
685,827
23,126,086
Utilities - 0.9%
 
 
 
Gas Utilities - 0.9%
 
 
 
Brookfield Infrastructure Corp (United States) (a)
 
925,750
44,297,138
TOTAL CANADA
 
 
124,780,107
UNITED STATES - 94.4%
 
 
 
Communication Services - 0.6%
 
 
 
Media - 0.6%
 
 
 
EchoStar Corp Class A (b)
 
304,500
34,475,490
Consumer Discretionary - 10.4%
 
 
 
Automobile Components - 0.3%
 
 
 
American Axle & Manufacturing Holdings Inc (b)
 
1,880,000
14,983,600
Diversified Consumer Services - 1.5%
 
 
 
Laureate Education Inc (b)
 
2,033,161
69,737,422
Hotels, Restaurants & Leisure - 1.4%
 
 
 
Brinker International Inc (b)
 
180,114
28,407,580
Cheesecake Factory Inc/The (a)
 
668,847
38,766,372
 
 
 
67,173,952
Household Durables - 2.8%
 
 
 
KB Home
 
1,369,628
78,808,395
Taylor Morrison Home Corp (b)
 
845,900
51,557,605
 
 
 
130,366,000
Specialty Retail - 4.3%
 
 
 
Murphy USA Inc
 
155,000
65,489,050
National Vision Holdings Inc (a)(b)
 
1,205,000
31,751,750
Signet Jewelers Ltd (a)
 
988,984
91,253,554
Urban Outfitters Inc (b)
 
135,000
9,564,750
 
 
 
198,059,104
Textiles, Apparel & Luxury Goods - 0.1%
 
 
 
PVH Corp
 
71,689
4,470,526
TOTAL CONSUMER DISCRETIONARY
 
 
484,790,604
Consumer Staples - 4.7%
 
 
 
Consumer Staples Distribution & Retail - 3.4%
 
 
 
BJ's Wholesale Club Holdings Inc (b)
 
1,072,114
99,106,218
Chefs' Warehouse Inc/The (b)
 
949,535
59,725,752
 
 
 
158,831,970
Food Products - 1.3%
 
 
 
Post Holdings Inc (b)
 
595,000
60,874,450
TOTAL CONSUMER STAPLES
 
 
219,706,420
Energy - 4.5%
 
 
 
Energy Equipment & Services - 0.6%
 
 
 
Cactus Inc Class A
 
462,000
25,978,260
Oil, Gas & Consumable Fuels - 3.9%
 
 
 
Chord Energy Corp
 
760,829
76,265,499
Core Natural Resources Inc
 
160,000
15,260,800
Sunoco LP
 
1,595,000
91,840,100
 
 
 
183,366,399
TOTAL ENERGY
 
 
209,344,659
Financials - 20.5%
 
 
 
Banks - 11.9%
 
 
 
BOK Financial Corp (a)
 
328,809
42,725,441
Eastern Bankshares Inc
 
3,265,000
66,883,525
First Bancorp/Southern Pines NC
 
156,005
9,037,370
FNB Corp/PA
 
1,970,000
34,573,500
Hancock Whitney Corp
 
905,102
62,271,018
Old National Bancorp/IN
 
5,039,586
123,117,086
SOUTHSTATE BANK CORP
 
408,746
41,826,978
TriCo Bancshares
 
666,616
33,210,809
UMB Financial Corp
 
754,977
95,987,776
Wintrust Financial Corp
 
290,013
42,774,017
 
 
 
552,407,520
Capital Markets - 2.4%
 
 
 
AllianceBernstein Holding LP
 
833,857
35,472,277
Lazard Inc
 
774,795
41,621,988
Perella Weinberg Partners Class A
 
1,499,511
33,454,090
 
 
 
110,548,355
Consumer Finance - 0.6%
 
 
 
FirstCash Holdings Inc
 
170,619
29,090,539
Financial Services - 0.7%
 
 
 
Federal Agricultural Mortgage Corp Class C
 
204,829
34,677,550
Insurance - 4.9%
 
 
 
Axis Capital Holdings Ltd
 
1,003,900
103,582,402
Baldwin Insurance Group Inc/The Class A (a)(b)
 
1,731,922
37,963,730
Primerica Inc
 
338,591
89,062,977
 
 
 
230,609,109
TOTAL FINANCIALS
 
 
957,333,073
Health Care - 9.8%
 
 
 
Biotechnology - 2.7%
 
 
 
CG oncology Inc (b)
 
100,905
5,252,105
Cogent Biosciences Inc (b)
 
195,000
7,002,450
Cytokinetics Inc (b)
 
310,853
19,642,801
Dianthus Therapeutics Inc (b)
 
101,900
5,440,441
Disc Medicine Inc (b)
 
89,020
6,883,026
GRAIL Inc (a)(b)
 
103,219
10,096,883
Kiniksa Pharmaceuticals International Plc Class A (b)
 
83,695
3,675,884
Olema Pharmaceuticals Inc (b)
 
355,000
9,130,600
Praxis Precision Medicines Inc (b)
 
82,300
25,842,200
Spyre Therapeutics Inc (b)
 
280,564
8,972,437
Vaxcyte Inc (b)
 
419,000
22,445,830
Viridian Therapeutics Inc (b)
 
4,600
151,800
 
 
 
124,536,457
Health Care Equipment & Supplies - 2.1%
 
 
 
Enovis Corp (b)
 
1,770,000
39,010,800
LivaNova PLC (b)
 
154,300
10,139,053
QuidelOrtho Corp (b)
 
1,729,427
46,988,532
 
 
 
96,138,385
Health Care Providers & Services - 3.2%
 
 
 
BrightSpring Health Services Inc (b)
 
1,788,980
70,253,245
LifeStance Health Group Inc (b)
 
6,549,537
46,305,227
Pediatrix Medical Group Inc (a)(b)
 
1,646,387
35,199,753
 
 
 
151,758,225
Pharmaceuticals - 1.8%
 
 
 
Amylyx Pharmaceuticals Inc (b)
 
360,000
5,144,399
Enliven Therapeutics Inc (b)
 
208,477
5,514,217
Ligand Pharmaceuticals Inc (b)
 
399,965
76,833,277
 
 
 
87,491,893
TOTAL HEALTH CARE
 
 
459,924,960
Industrials - 17.6%
 
 
 
Commercial Services & Supplies - 0.4%
 
 
 
HNI Corp
 
179,293
8,568,412
UniFirst Corp/MA
 
50,000
10,750,000
 
 
 
19,318,412
Construction & Engineering - 1.3%
 
 
 
WillScot Holdings Corp (a)
 
3,076,010
61,612,480
Electrical Equipment - 1.3%
 
 
 
Nextpower Inc Class A (b)
 
405,700
47,503,413
Thermon Group Holdings Inc (b)
 
250,581
11,338,790
 
 
 
58,842,203
Ground Transportation - 1.2%
 
 
 
Knight-Swift Transportation Holdings Inc
 
594,000
32,729,400
Saia Inc (b)
 
64,000
21,431,680
 
 
 
54,161,080
Machinery - 6.5%
 
 
 
Atmus Filtration Technologies Inc
 
1,005,488
58,288,139
Blue Bird Corp (a)(b)
 
1,426,827
71,783,667
Enpro Inc
 
270,086
64,491,135
JBT Marel Corp
 
236,618
37,222,378
REV Group Inc
 
1,117,120
71,383,968
 
 
 
303,169,287
Professional Services - 2.9%
 
 
 
KBR Inc
 
1,100,000
47,091,000
Parsons Corp (b)
 
1,276,234
89,412,954
 
 
 
136,503,954
Trading Companies & Distributors - 4.0%
 
 
 
DXP Enterprises Inc/TX (b)
 
524,253
68,179,103
GATX Corp
 
235,000
42,748,850
Herc Holdings Inc
 
548,000
78,550,320
 
 
 
189,478,273
TOTAL INDUSTRIALS
 
 
823,085,689
Information Technology - 8.2%
 
 
 
Electronic Equipment, Instruments & Components - 5.2%
 
 
 
Bel Fuse Inc Class B
 
398,636
80,201,577
Crane NXT Co
 
472,944
23,893,131
Itron Inc (b)
 
100,000
9,908,000
OSI Systems Inc (b)
 
83,000
20,761,620
Sanmina Corp (b)
 
560,838
79,459,528
Vontier Corp
 
732,100
27,453,750
 
 
 
241,677,606
Semiconductors & Semiconductor Equipment - 3.0%
 
 
 
MaxLinear Inc (b)(c)
 
4,586,449
79,574,890
Penguin Solutions Inc (a)(b)(c)
 
3,160,000
60,703,600
 
 
 
140,278,490
TOTAL INFORMATION TECHNOLOGY
 
 
381,956,096
Materials - 5.4%
 
 
 
Construction Materials - 2.2%
 
 
 
Eagle Materials Inc
 
286,000
58,289,660
Knife River Corp (b)
 
681,700
45,789,789
 
 
 
104,079,449
Containers & Packaging - 1.9%
 
 
 
Silgan Holdings Inc (a)
 
2,040,507
88,047,877
Metals & Mining - 1.3%
 
 
 
Coeur Mining Inc (b)
 
3,025,000
61,831,000
TOTAL MATERIALS
 
 
253,958,326
Real Estate - 9.6%
 
 
 
Health Care REITs - 3.7%
 
 
 
American Healthcare REIT Inc
 
1,735,000
81,388,850
CareTrust REIT Inc
 
2,411,581
90,048,435
 
 
 
171,437,285
Industrial REITs - 0.7%
 
 
 
Terreno Realty Corp
 
539,100
33,176,214
Real Estate Management & Development - 2.7%
 
 
 
Compass Inc Class A (b)
 
8,148,237
102,015,927
Cushman & Wakefield Ltd
 
1,620,225
26,636,499
 
 
 
128,652,426
Retail REITs - 1.6%
 
 
 
Acadia Realty Trust
 
2,544,400
50,913,444
Curbline Properties Corp
 
315,000
7,638,750
SITE Centers Corp
 
2,591,270
15,858,572
 
 
 
74,410,766
Specialized REITs - 0.9%
 
 
 
National Storage Affiliates Trust
 
1,279,000
40,684,990
TOTAL REAL ESTATE
 
 
448,361,681
Utilities - 3.1%
 
 
 
Gas Utilities - 1.4%
 
 
 
Southwest Gas Holdings Inc
 
812,673
67,305,578
Multi-Utilities - 0.2%
 
 
 
Unitil Corp
 
165,169
8,408,753
Water Utilities - 1.5%
 
 
 
California Water Service Group
 
1,545,735
69,094,355
TOTAL UTILITIES
 
 
144,808,686
TOTAL UNITED STATES
 
 
4,417,745,684
 
TOTAL COMMON STOCKS
 (Cost $3,945,275,100)
 
 
 
4,647,331,199
 
 
 
 
Money Market Funds - 4.0%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (d)
 
3.70
39,645,649
39,653,578
Fidelity Securities Lending Cash Central Fund (d)(e)
 
3.70
147,864,912
147,879,699
 
TOTAL MONEY MARKET FUNDS
 (Cost $187,533,277)
 
 
 
187,533,277
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 103.3%
 (Cost $4,132,808,377)
 
 
 
4,834,864,476
NET OTHER ASSETS (LIABILITIES) - (3.3)%  
(154,119,400)
NET ASSETS - 100.0%
4,680,745,076
 
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing.
 
(c)
Affiliated company.
 
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(e)
Investment made with cash collateral received from securities on loan.
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
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
53,260,961
1,014,686,294
1,028,286,646
1,030,755
(7,031)
-
39,653,578
39,645,649
0.1%
Fidelity Securities Lending Cash Central Fund
207,737,983
699,744,105
759,603,054
248,854
665
-
147,879,699
147,864,912
0.5%
Total
260,998,944
1,714,430,399
1,787,889,700
1,279,609
(6,366)
-
187,533,277
 
 
 
 
 
 
 
 
 
 
 
 
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
Blue Bird Corp
88,586,155
28,783,617
60,375,533
-
2,291,618
12,497,809
-
-
MaxLinear Inc
-
76,979,675
-
-
-
2,595,215
79,574,890
4,586,449
Penguin Solutions Inc
50,675,500
25,017,976
4,567,024
-
114,879
(10,537,731)
60,703,600
3,160,000
Total
139,261,655
130,781,268
64,942,557
-
2,406,497
4,555,293
140,278,490
 
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Common Stocks
 
 
 
 
Communication Services
34,475,490
34,475,490
-
-
Consumer Discretionary
484,790,604
484,790,604
-
-
Consumer Staples
219,706,420
219,706,420
-
-
Energy
266,701,542
266,701,542
-
-
Financials
1,048,501,073
1,048,501,073
-
-
Health Care
459,924,960
459,924,960
-
-
Industrials
823,085,689
823,085,689
-
-
Information Technology
381,956,096
381,956,096
-
-
Materials
290,721,820
290,721,820
-
-
Real Estate
448,361,681
448,361,681
-
-
Utilities
189,105,824
189,105,824
-
-
 Money Market Funds
187,533,277
187,533,277
-
-
 Total Investments in Securities:
4,834,864,476
4,834,864,476
-
-
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of January 31, 2026 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value (including  securities loaned of $158,999,249) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $3,804,538,924)
$
4,507,052,709
 
 
Fidelity Central Funds (cost $187,533,277)
187,533,277
 
 
Other affiliated issuers (cost $140,736,176)
140,278,490
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $4,132,808,377)
 
 
$
4,834,864,476
Foreign currency held at value (cost $382,152)
 
 
418,489
Receivable for investments sold
 
 
7,331,432
Receivable for fund shares sold
 
 
3,534,503
Dividends receivable
 
 
1,008,851
Distributions receivable from Fidelity Central Funds
 
 
109,802
Prepaid expenses
 
 
3,040
  Total assets
 
 
4,847,270,593
Liabilities
 
 
 
 
Payable for investments purchased
$
11,489,960
 
 
Payable for fund shares redeemed
4,277,470
 
 
Accrued management fee
2,680,978
 
 
Distribution and service plan fees payable
122,809
 
 
Other payables and accrued expenses
80,848
 
 
Collateral on securities loaned
147,873,452
 
 
  Total liabilities
 
 
 
166,525,517
Net Assets  
 
 
$
4,680,745,076
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
3,908,747,225
Total accumulated earnings (loss)
 
 
 
771,997,851
Net Assets
 
 
$
4,680,745,076
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($242,736,170 ÷ 12,052,090 shares)(a)
 
 
$
20.14
Maximum offering price per share (100/94.25 of $20.14)
 
 
$
21.37
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($102,320,449 ÷ 5,367,856 shares)(a)
 
 
$
19.06
Maximum offering price per share (100/96.50 of $19.06)
 
 
$
19.75
Class C :
 
 
 
 
Net Asset Value and offering price per share ($34,147,180 ÷ 2,123,650 shares)(a)
 
 
$
16.08
Small Cap Value :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($2,554,316,336 ÷ 121,758,595 shares)
 
 
$
20.98
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($921,588,352 ÷ 43,919,054 shares)
 
 
$
20.98
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($825,636,589 ÷ 39,333,054 shares)
 
 
$
20.99
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
Six months ended January 31, 2026 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
33,877,415
Interest  
 
 
376
Income from Fidelity Central Funds (including $248,854 from security lending)
 
 
1,279,609
 Total income
 
 
 
35,157,400
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
17,051,610
 
 
 Performance adjustment
1,342,463
 
 
Distribution and service plan fees
725,011
 
 
Custodian fees and expenses
25,983
 
 
Independent trustees' fees and expenses
9,288
 
 
Registration fees
156,924
 
 
Audit fees
31,850
 
 
Legal
3,821
 
 
Miscellaneous
7,296
 
 
 Total expenses
 
 
 
19,354,246
Net Investment income (loss)
 
 
 
15,803,154
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
222,637,959
 
 
   Fidelity Central Funds
 
(6,366)
 
 
   Other affiliated issuers
 
2,406,497
 
 
 Foreign currency transactions
 
2,508
 
 
Total net realized gain (loss)
 
 
 
225,040,598
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
354,457,864
 
 
   Affiliated issuers
 
4,555,293
 
 
 Assets and liabilities in foreign currencies
 
41,349
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
359,054,506
Net gain (loss)
 
 
 
584,095,104
Net increase (decrease) in net assets resulting from operations
 
 
$
599,898,258
Statement of Changes in Net Assets
 
 
Six months ended
January 31, 2026
(Unaudited)
 
Year ended
July 31, 2025
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
15,803,154
$
39,787,476
Net realized gain (loss)
 
225,040,598
 
343,380,291
Change in net unrealized appreciation (depreciation)
 
359,054,506
 
(519,024,494)
Net increase (decrease) in net assets resulting from operations
 
599,898,258
 
(135,856,727)
Distributions to shareholders
 
(439,892,248)
 
(290,185,441)
 
 
 
 
 
Share transactions - net increase (decrease)
 
121,976,949
 
(303,727,803)
Total increase (decrease) in net assets
 
281,982,959
 
(729,769,971)
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
4,398,762,117
 
5,128,532,088
End of period
$
4,680,745,076
$
4,398,762,117
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Small Cap Value Fund Class A
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
19.50
$
21.25
$
19.35
$
19.13
$
21.03
$
12.33
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.04
 
.11
 
.09
 
.09
 
.18 C
 
.09 D
     Net realized and unrealized gain (loss)
 
2.58
 
(.67)
 
2.80
 
1.18
 
(.41)
 
8.66
  Total from investment operations
 
2.62  
 
(.56)  
 
2.89  
 
1.27  
 
(.23)
 
8.75
  Distributions from net investment income
 
(.17)
 
(.07)
 
(.09)
 
-
 
(.39)
 
(.05)
  Distributions from net realized gain
 
(1.81)
 
(1.13)
 
(.90)
 
(1.05)
 
(1.28)
 
-
     Total distributions
 
(1.98)
 
(1.19) E
 
(.99)
 
(1.05)
 
(1.67)
 
(.05)
  Net asset value, end of period
$
20.14
$
19.50
$
21.25
$
19.35
$
19.13
$
21.03
 Total Return F,G,H
 
13.94
%
 
(2.62)%
 
16.03%
 
7.17%
 
(1.50)%
 
71.07%
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.11% K
 
1.20%
 
1.30%
 
1.30%
 
1.26%
 
1.24%
    Expenses net of fee waivers, if any
 
1.11
% K
 
1.20%
 
1.29%
 
1.29%
 
1.25%
 
1.24%
    Expenses net of all reductions, if any
 
1.11% K
 
1.20%
 
1.29%
 
1.29%
 
1.25%
 
1.23%
    Net investment income (loss)
 
.43% K
 
.59%
 
.50%
 
.51%
 
.90% C
 
.50% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
242,736
$
232,664
$
275,800
$
270,455
$
267,854
$
232,920
    Portfolio turnover rate L
 
123
% K
 
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 for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HTotal returns do not include the effect of the sales charges.
IFees 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.
JExpense 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.
KAnnualized.
LAmount 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
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
18.54
$
20.29
$
18.55
$
18.42
$
20.31
$
11.93
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.02
 
.06
 
.04
 
.04
 
.13 C
 
.05 D
     Net realized and unrealized gain (loss)
 
2.44
 
(.65)
 
2.68
 
1.14
 
(.40)
 
8.37
  Total from investment operations
 
2.46  
 
(.59)  
 
2.72  
 
1.18  
 
(.27)
 
8.42
  Distributions from net investment income
 
(.14)
 
(.05)
 
(.08)
 
-
 
(.35)
 
(.04)
  Distributions from net realized gain
 
(1.81)
 
(1.12)
 
(.90)
 
(1.05)
 
(1.28)
 
-
     Total distributions
 
(1.94) E
 
(1.16) E
 
(.98)
 
(1.05)
 
(1.62) E
 
(.04)
  Net asset value, end of period
$
19.06
$
18.54
$
20.29
$
18.55
$
18.42
$
20.31
 Total Return F,G,H
 
13.82
%
 
(2.92)%
 
15.75%
 
6.95%
 
(1.74)%
 
70.63%
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.36% K
 
1.45%
 
1.55%
 
1.54%
 
1.50%
 
1.48%
    Expenses net of fee waivers, if any
 
1.36
% K
 
1.45%
 
1.55%
 
1.54%
 
1.49%
 
1.48%
    Expenses net of all reductions, if any
 
1.36% K
 
1.45%
 
1.55%
 
1.54%
 
1.49%
 
1.47%
    Net investment income (loss)
 
.18% K
 
.34%
 
.24%
 
.26%
 
.66% C
 
.26% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
102,320
$
97,536
$
106,502
$
94,205
$
81,790
$
80,182
    Portfolio turnover rate L
 
123
% K
 
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 $.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 for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HTotal returns do not include the effect of the sales charges.
IFees 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.
JExpense 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.
KAnnualized.
LAmount 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
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
15.91
$
17.60
$
16.28
$
16.38
$
18.25
$
10.76
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.03)
 
(.03)
 
(.04)
 
(.04)
 
.03 C
 
(.04) D
     Net realized and unrealized gain (loss)
 
2.09
 
(.56)
 
2.31
 
.99
 
(.36)
 
7.55
  Total from investment operations
 
2.06  
 
(.59)  
 
2.27  
 
.95  
 
(.33)
 
7.51
  Distributions from net investment income
 
(.09)
 
(.03)
 
(.05)
 
-
 
(.31)
 
(.02)
  Distributions from net realized gain
 
(1.81)
 
(1.08)
 
(.90)
 
(1.05)
 
(1.24)
 
-
     Total distributions
 
(1.89) E
 
(1.10) E
 
(.95)
 
(1.05)
 
(1.54) E
 
(.02)
  Net asset value, end of period
$
16.08
$
15.91
$
17.60
$
16.28
$
16.38
$
18.25
 Total Return F,G,H
 
13.56
%
 
(3.39)%
 
15.15%
 
6.38%
 
(2.27)%
 
69.84%
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.86% K
 
1.95%
 
2.06%
 
2.06%
 
2.02%
 
2.01%
    Expenses net of fee waivers, if any
 
1.86
% K
 
1.95%
 
2.05%
 
2.05%
 
2.01%
 
2.01%
    Expenses net of all reductions, if any
 
1.86% K
 
1.95%
 
2.05%
 
2.05%
 
2.01%
 
2.00%
    Net investment income (loss)
 
(.32)% K
 
(.17)%
 
(.27)%
 
(.26)%
 
.14% C
 
(.26)% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
34,147
$
33,269
$
39,363
$
38,077
$
38,832
$
32,469
    Portfolio turnover rate L
 
123
% K
 
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 $.13 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.62)%.
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 (.64)%.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HTotal returns do not include the effect of the contingent deferred sales charge.
IFees 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.
JExpense 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.
KAnnualized.
LAmount 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
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
20.25
$
22.02
$
20.00
$
19.69
$
21.59
$
12.64
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.07
 
.18
 
.15
 
.14
 
.24 C
 
.14 D
     Net realized and unrealized gain (loss)
 
2.69
 
(.70)
 
2.90
 
1.22
 
(.42)
 
8.89
  Total from investment operations
 
2.76  
 
(.52)  
 
3.05  
 
1.36  
 
(.18)
 
9.03
  Distributions from net investment income
 
(.22)
 
(.12)
 
(.13)
 
-
 
(.44)
 
(.08)
  Distributions from net realized gain
 
(1.81)
 
(1.13)
 
(.90)
 
(1.05)
 
(1.28)
 
-
     Total distributions
 
(2.03)
 
(1.25)
 
(1.03)
 
(1.05)
 
(1.72)
 
(.08)
  Net asset value, end of period
$
20.98
$
20.25
$
22.02
$
20.00
$
19.69
$
21.59
 Total Return E,F
 
14.15
%
 
(2.36)%
 
16.33%
 
7.44%
 
(1.23)%
 
71.64%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.82% I
 
.91%
 
1.03%
 
1.04%
 
.99%
 
.97%
    Expenses net of fee waivers, if any
 
.82
% I
 
.91%
 
1.02%
 
1.03%
 
.98%
 
.97%
    Expenses net of all reductions, if any
 
.82% I
 
.91%
 
1.02%
 
1.03%
 
.98%
 
.96%
    Net investment income (loss)
 
.72% I
 
.88%
 
.76%
 
.77%
 
1.17% C
 
.77% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,554,316
$
2,402,748
$
2,806,717
$
2,696,316
$
2,691,063
$
2,715,703
    Portfolio turnover rate J
 
123
% I
 
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 .41%.
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 .40%.
ETotal returns for periods of less than one year are not annualized.
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.
IAnnualized.
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 I
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
20.25
$
22.02
$
20.00
$
19.69
$
21.59
$
12.65
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.07
 
.17
 
.15
 
.14
 
.24 C
 
.15 D
     Net realized and unrealized gain (loss)
 
2.68
 
(.70)
 
2.90
 
1.22
 
(.42)
 
8.87
  Total from investment operations
 
2.75  
 
(.53)  
 
3.05  
 
1.36  
 
(.18)
 
9.02
  Distributions from net investment income
 
(.21)
 
(.11)
 
(.13)
 
-
 
(.44)
 
(.08)
  Distributions from net realized gain
 
(1.81)
 
(1.13)
 
(.90)
 
(1.05)
 
(1.28)
 
-
     Total distributions
 
(2.02)
 
(1.24)
 
(1.03)
 
(1.05)
 
(1.72)
 
(.08)
  Net asset value, end of period
$
20.98
$
20.25
$
22.02
$
20.00
$
19.69
$
21.59
 Total Return E,F
 
14.09
%
 
(2.40)%
 
16.32%
 
7.44%
 
(1.22)%
 
71.55%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.86% I
 
.95%
 
1.03%
 
1.03%
 
.99%
 
.97%
    Expenses net of fee waivers, if any
 
.86
% I
 
.95%
 
1.03%
 
1.03%
 
.99%
 
.97%
    Expenses net of all reductions, if any
 
.86% I
 
.95%
 
1.03%
 
1.03%
 
.99%
 
.96%
    Net investment income (loss)
 
.68% I
 
.84%
 
.76%
 
.77%
 
1.17% C
 
.77% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
921,588
$
908,375
$
1,085,761
$
1,169,580
$
1,319,154
$
845,012
    Portfolio turnover rate J
 
123
% I
 
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 .40%.
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 .40%.
ETotal returns for periods of less than one year are not annualized.
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.
IAnnualized.
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 Z
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
20.28
$
22.05
$
20.03
$
19.69
$
21.59
$
12.65
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.08
 
.19
 
.17
 
.16
 
.27 C
 
.17 D
     Net realized and unrealized gain (loss)
 
2.68
 
(.69)
 
2.90
 
1.23
 
(.43)
 
8.87
  Total from investment operations
 
2.76  
 
(.50)  
 
3.07  
 
1.39  
 
(.16)
 
9.04
  Distributions from net investment income
 
(.24)
 
(.15)
 
(.15)
 
-
 
(.47)
 
(.10)
  Distributions from net realized gain
 
(1.81)
 
(1.13)
 
(.90)
 
(1.05)
 
(1.28)
 
-
     Total distributions
 
(2.05)
 
(1.27) E
 
(1.05)
 
(1.05)
 
(1.74) E
 
(.10)
  Net asset value, end of period
$
20.99
$
20.28
$
22.05
$
20.03
$
19.69
$
21.59
 Total Return F,G
 
14.14
%
 
(2.25)%
 
16.46%
 
7.60%
 
(1.11)%
 
71.75%
 Ratios to Average Net Assets B,H,I
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.74% J
 
.84%
 
.93%
 
.90%
 
.86%
 
.84%
    Expenses net of fee waivers, if any
 
.74
% J
 
.84%
 
.93%
 
.90%
 
.86%
 
.84%
    Expenses net of all reductions, if any
 
.74% J
 
.84%
 
.93%
 
.90%
 
.86%
 
.83%
    Net investment income (loss)
 
.80% J
 
.95%
 
.86%
 
.90%
 
1.30% C
 
.90% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
825,637
$
724,170
$
814,390
$
639,652
$
540,854
$
364,564
    Portfolio turnover rate K
 
123
% 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 .53%.
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 .53%.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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.
JAnnualized.
KAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Notes to Financial Statements
 (Unaudited)
For the period ended January 31, 2026
 
1. Organization.
Fidelity Small Cap Value Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Small Cap Value, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2026 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, certain corporate actions and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$845,300,435
Gross unrealized depreciation
(149,524,987)
Net unrealized appreciation (depreciation)
$695,775,448
Tax cost
$4,139,089,028
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
2,770,172,565
3,040,544,209
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
 
The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.85
Class M
.84
Class C
.86
Small Cap Value
.84
Class I
.84
Class Z
.70
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.79
Class M
.79
Class C
.79
Small Cap Value
.75
Class I
.79
Class Z
.68
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.
 
 
Performance Adjustment Index
Fidelity Small Cap Value Fund
Russell 2000 Value Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Small Cap Value. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .06%.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees ($)
Retained by FDC ($)
Class A
 - %
 .25%
300,328
3,509
Class M
 .25%
 .25%
 253,928
 -
Class C
 .75%
 .25%
 170,755
 17,019
 
 
 
725,011
20,528
 
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
 16,902
Class M
 881
Class CA
 31
 
       17,814
 
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
 101,268
 
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
 194,938,680
 244,099,388
 11,292,773
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
3,732
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
26,231
 223
-
 
At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.
 
 
Amount ($)
Fidelity Small Cap Value Fund
15,377,138
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
January 31, 2026
Year ended
July 31, 2025
Fidelity Small Cap Value Fund
 
 
Distributions to shareholders
 
 
Class A
$23,241,607
 $15,326,126
Class M
 10,247,070
 6,155,268
Class C
 3,948,739
 2,467,954
Small Cap Value
 239,169,485
 158,216,919
Class I
 87,846,858
 60,676,292
Class Z
75,438,489
 47,342,882
Total  
$439,892,248
$290,185,441
9. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 January 31, 2026
Year ended
 July 31, 2025
Six months ended
 January 31, 2026
Year ended
 July 31, 2025
Fidelity Small Cap Value Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
619,790
1,696,151
$12,260,788
$33,464,402
Reinvestment of distributions 
1,160,659
758,416
22,703,922
14,962,279
Shares redeemed
(1,660,643)
(3,499,161)
(32,927,145)
(68,355,471)
Net increase (decrease)
119,806
(1,044,594)
$2,037,565
$(19,928,790)
Class M
 
 
 
 
Shares sold
369,568
767,048
$6,986,528
$14,304,287
Reinvestment of distributions 
548,599
324,837
10,171,972
6,105,558
Shares redeemed
(810,158)
(1,081,679)
(15,032,809)
(20,075,729)
Net increase (decrease)
108,009
10,206
$2,125,691
$334,116
Class C
 
 
 
 
Shares sold
133,972
316,078
$2,147,337
$5,116,349
Reinvestment of distributions 
238,468
143,154
3,746,828
2,319,743
Shares redeemed
(339,295)
(605,034)
(5,384,766)
(9,659,398)
Net increase (decrease)
33,145
(145,802)
$509,399
$(2,223,306)
Small Cap Value
 
 
 
 
Shares sold
8,670,780
18,034,076
$179,572,925
$370,052,614
Reinvestment of distributions 
11,168,885
7,352,182
227,368,471
150,366,933
Shares redeemed
(16,707,572)
(34,193,578)
(343,620,177)
(692,040,981)
Net increase (decrease)
3,132,093
(8,807,320)
$63,321,219
$(171,621,434)
Class I
 
 
 
 
Shares sold
3,688,566
11,941,511
$76,236,681
$242,381,596
Reinvestment of distributions 
4,084,165
2,854,514
83,156,039
58,385,991
Shares redeemed
(8,704,163)
(19,247,886)
(179,749,050)
(388,280,431)
Net increase (decrease)
(931,432)
(4,451,861)
$(20,356,330)
$(87,512,844)
Class Z
 
 
 
 
Shares sold
5,931,019
12,196,015
$122,887,833
$252,286,868
Reinvestment of distributions 
3,517,442
2,168,003
71,644,154
44,384,521
Shares redeemed
(5,829,152)
(15,575,806)
(120,192,582)
(319,446,934)
Net increase (decrease)
3,619,309
(1,211,788)
$74,339,405
$(22,775,545)
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.803709.121
SCV-SANN-0426
Fidelity® Small Cap Growth K6 Fund
 
 
 
 
Semi-Annual Report
January 31, 2026

Contents

Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Small Cap Growth K6 Fund

Notes to Consolidated Financial Statements

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 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2026 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Small Cap Growth K6 Fund
Consolidated Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.1%
 
 
Shares
Value ($)
 
AUSTRALIA - 0.5%
 
 
 
Industrials - 0.2%
 
 
 
Aerospace & Defense - 0.2%
 
 
 
DroneShield Ltd (b)(c)
 
4,508,138
10,422,283
Information Technology - 0.3%
 
 
 
Electronic Equipment, Instruments & Components - 0.3%
 
 
 
Elsight Ltd (b)
 
3,807,303
11,267,666
TOTAL AUSTRALIA
 
 
21,689,949
BAHAMAS (NASSAU) - 0.1%
 
 
 
Consumer Discretionary - 0.1%
 
 
 
Diversified Consumer Services - 0.1%
 
 
 
OneSpaWorld Holdings Ltd
 
243,128
4,777,465
CANADA - 1.2%
 
 
 
Energy - 0.3%
 
 
 
Energy Equipment & Services - 0.3%
 
 
 
CES Energy Solutions Corp
 
1,321,152
13,777,666
Health Care - 0.2%
 
 
 
Biotechnology - 0.2%
 
 
 
Xenon Pharmaceuticals Inc (b)
 
214,133
8,781,594
Industrials - 0.2%
 
 
 
Electrical Equipment - 0.2%
 
 
 
Electrovaya Inc (United States) (b)
 
597,060
6,466,159
Information Technology - 0.2%
 
 
 
Electronic Equipment, Instruments & Components - 0.2%
 
 
 
Kraken Robotics Inc (b)
 
1,219,960
7,149,621
Materials - 0.3%
 
 
 
Metals & Mining - 0.3%
 
 
 
G Mining Ventures Corp (b)
 
399,310
12,659,797
TOTAL CANADA
 
 
48,834,837
GERMANY - 0.1%
 
 
 
Consumer Discretionary - 0.1%
 
 
 
Leisure Products - 0.1%
 
 
 
Tonies SE Class A (b)
 
330,270
4,047,961
Health Care - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
Tubulis GmbH (e)(f)(h)
 
4,900
1,763,955
TOTAL GERMANY
 
 
5,811,916
GRAND CAYMAN (UK OVERSEAS TER) - 0.2%
 
 
 
Financials - 0.2%
 
 
 
Insurance - 0.2%
 
 
 
Accelerant Holdings Class A (b)(d)
 
560,460
7,655,884
ISRAEL - 1.1%
 
 
 
Information Technology - 1.1%
 
 
 
Semiconductors & Semiconductor Equipment - 0.6%
 
 
 
Nova Ltd (b)
 
48,580
22,241,867
Software - 0.5%
 
 
 
Cellebrite DI Ltd (b)
 
1,435,276
21,112,910
TOTAL ISRAEL
 
 
43,354,777
ITALY - 0.9%
 
 
 
Consumer Discretionary - 0.4%
 
 
 
Hotels, Restaurants & Leisure - 0.1%
 
 
 
Lottomatica Group Spa
 
337,291
8,284,019
Leisure Products - 0.3%
 
 
 
Sanlorenzo SpA/Ameglia (d)
 
259,923
9,936,216
TOTAL CONSUMER DISCRETIONARY
 
 
18,220,235
Industrials - 0.5%
 
 
 
Electrical Equipment - 0.5%
 
 
 
Prysmian SpA
 
155,635
18,531,212
TOTAL ITALY
 
 
36,751,447
JAPAN - 0.3%
 
 
 
Industrials - 0.3%
 
 
 
Professional Services - 0.3%
 
 
 
BayCurrent Inc
 
260,830
9,170,173
Timee Inc (b)
 
149,800
1,310,605
 
 
 
 
TOTAL JAPAN
 
 
10,480,778
NETHERLANDS - 0.7%
 
 
 
Health Care - 0.5%
 
 
 
Biotechnology - 0.3%
 
 
 
Newamsterdam Pharma Co NV (b)
 
250,980
7,810,498
uniQure NV (b)
 
144,537
3,283,881
 
 
 
11,094,379
Pharmaceuticals - 0.2%
 
 
 
Pharvaris NV (b)
 
330,166
8,930,990
TOTAL HEALTH CARE
 
 
20,025,369
Information Technology - 0.2%
 
 
 
Semiconductors & Semiconductor Equipment - 0.2%
 
 
 
BE Semiconductor Industries NV
 
43,170
8,417,721
TOTAL NETHERLANDS
 
 
28,443,090
TAIWAN - 0.3%
 
 
 
Information Technology - 0.3%
 
 
 
Semiconductors & Semiconductor Equipment - 0.3%
 
 
 
Silicon Motion Technology Corp ADR
 
89,040
10,589,527
THAILAND - 1.5%
 
 
 
Information Technology - 1.5%
 
 
 
Electronic Equipment, Instruments & Components - 1.5%
 
 
 
Fabrinet (b)
 
120,411
58,933,960
UNITED KINGDOM - 1.1%
 
 
 
Consumer Discretionary - 0.3%
 
 
 
Leisure Products - 0.3%
 
 
 
Games Workshop Group PLC
 
56,439
13,167,426
Energy - 0.8%
 
 
 
Energy Equipment & Services - 0.8%
 
 
 
Subsea 7 SA
 
80,969
2,064,896
TechnipFMC PLC
 
485,908
27,074,794
TOTAL ENERGY
 
 
29,139,690
Financials - 0.0%
 
 
 
Banks - 0.0%
 
 
 
Starling Bank Ltd (e)(f)
 
431,700
1,329,113
TOTAL UNITED KINGDOM
 
 
43,636,229
UNITED STATES - 90.1%
 
 
 
Communication Services - 1.1%
 
 
 
Diversified Telecommunication Services - 0.3%
 
 
 
Globalstar Inc (b)
 
164,860
10,158,673
Entertainment - 0.5%
 
 
 
IMAX Corp (b)(d)
 
541,909
18,918,043
Interactive Media & Services - 0.1%
 
 
 
ZoomInfo Technologies Inc (b)
 
437,653
3,523,107
Media - 0.2%
 
 
 
MNTN Inc Class A (b)(d)
 
937,773
8,627,512
Wireless Telecommunication Services - 0.0%
 
 
 
Gogo Inc (b)(d)
 
655,706
3,009,690
TOTAL COMMUNICATION SERVICES
 
 
44,237,025
Consumer Discretionary - 8.9%
 
 
 
Automobile Components - 0.5%
 
 
 
LCI Industries
 
12,614
1,850,347
Patrick Industries Inc
 
128,080
16,159,854
 
 
 
18,010,201
Broadline Retail - 0.3%
 
 
 
Etsy Inc (b)
 
131,900
6,985,424
Savers Value Village Inc (b)(d)
 
303,780
3,147,160
 
 
 
10,132,584
Diversified Consumer Services - 1.8%
 
 
 
Adtalem Global Education Inc (b)
 
181,881
18,833,778
Duolingo Inc Class A (b)
 
85,880
11,513,073
Frontdoor Inc (b)
 
353,630
20,903,069
Grand Canyon Education Inc (b)
 
90,633
15,755,641
Stride Inc (b)
 
49,210
4,163,166
Universal Technical Institute Inc (b)(d)
 
68,821
1,915,288
 
 
 
73,084,015
Hotels, Restaurants & Leisure - 3.2%
 
 
 
Black Rock Coffee Bar Inc Class A (d)
 
359,880
5,365,811
Brinker International Inc (b)
 
81,649
12,877,680
Cava Group Inc (b)(d)
 
123,291
7,473,900
Cheesecake Factory Inc/The (d)
 
357,012
20,692,416
Dutch Bros Inc Class A (b)
 
181,322
9,862,104
First Watch Restaurant Group Inc (b)
 
590,530
9,442,575
Kura Sushi USA Inc Class A (b)(d)
 
156,122
10,430,511
Lindblad Expeditions Holdings Inc (b)
 
381,700
6,362,939
Pursuit Attractions and Hospitality Inc (b)
 
150,442
5,224,850
Red Rock Resorts Inc Class A
 
249,857
15,773,472
Shake Shack Inc Class A (b)
 
63,230
5,600,281
Sportradar Holding AG Class A (b)
 
426,815
7,729,620
Travel + Leisure Co
 
108,020
7,511,711
 
 
 
124,347,870
Household Durables - 0.5%
 
 
 
Champion Homes Inc (b)
 
110,696
8,676,352
Somnigroup International Inc
 
141,526
12,433,060
 
 
 
21,109,412
Specialty Retail - 2.6%
 
 
 
BARK Inc warrants 6/1/2026 (b)
 
54
0
Boot Barn Holdings Inc (b)
 
144,961
25,872,640
Chewy Inc Class A (b)
 
251,457
7,319,913
Fanatics Inc Class A (b)(e)(f)
 
163,048
13,043,840
Group 1 Automotive Inc
 
6,845
2,424,910
RealReal Inc/The (b)
 
1,167,420
17,126,051
ThredUp Inc Class A (b)
 
390,259
1,982,516
Urban Outfitters Inc (b)
 
250,886
17,775,273
Warby Parker Inc Class A (b)
 
726,087
18,522,479
 
 
 
104,067,622
TOTAL CONSUMER DISCRETIONARY
 
 
350,751,704
Consumer Staples - 1.7%
 
 
 
Beverages - 0.9%
 
 
 
Vita Coco Co Inc/The (b)
 
613,059
32,706,698
Consumer Staples Distribution & Retail - 0.4%
 
 
 
Sprouts Farmers Market Inc (b)
 
95,940
6,803,105
US Foods Holding Corp (b)
 
129,096
10,795,008
 
 
 
17,598,113
Tobacco - 0.4%
 
 
 
Turning Point Brands Inc
 
131,952
15,985,984
TOTAL CONSUMER STAPLES
 
 
66,290,795
Energy - 1.5%
 
 
 
Energy Equipment & Services - 1.0%
 
 
 
Cactus Inc Class A
 
358,151
20,138,831
WaterBridge Infrastructure LLC Class A
 
321,610
7,056,123
Weatherford International PLC
 
142,300
13,387,584
 
 
 
40,582,538
Oil, Gas & Consumable Fuels - 0.5%
 
 
 
Antero Resources Corp (b)
 
336,414
12,235,377
Centrus Energy Corp Class A (b)(d)
 
27,070
7,533,040
 
 
 
19,768,417
TOTAL ENERGY
 
 
60,350,955
Financials - 7.1%
 
 
 
Banks - 1.6%
 
 
 
Axos Financial Inc (b)
 
26,000
2,573,740
Central BanCo Inc
 
240,400
5,793,640
East West Bancorp Inc
 
116,929
13,381,355
Eastern Bankshares Inc
 
569,964
11,675,713
First Bancorp/Southern Pines NC
 
234,174
13,565,700
Hancock Whitney Corp
 
119,318
8,209,078
Pinnacle Financial Partners Inc
 
80,590
7,663,303
 
 
 
62,862,529
Capital Markets - 2.1%
 
 
 
Houlihan Lokey Inc Class A
 
67,307
11,329,114
P10 Inc Class A
 
1,004,844
10,832,218
Perella Weinberg Partners (f)
 
457,262
10,201,515
Perella Weinberg Partners Class A
 
685,960
15,303,769
Piper Sandler Cos
 
22,283
7,717,717
PJT Partners Inc Class A
 
79,740
13,797,412
StepStone Group Inc rights 12/31/2038 (b)(e)
 
6,434
441,179
Wealthfront Corp (b)
 
732,920
6,361,746
WisdomTree Inc
 
443,752
7,188,782
 
 
 
83,173,452
Consumer Finance - 1.9%
 
 
 
Enova International Inc (b)
 
132,810
21,936,228
EZCORP Inc Class A (b)(d)
 
612,970
13,148,207
Figure Technology Solutions Inc Class A
 
59,900
3,407,111
FirstCash Holdings Inc
 
177,555
30,273,128
LendingClub Corp (b)
 
283,800
4,799,058
 
 
 
73,563,732
Financial Services - 0.2%
 
 
 
HA Sustainable Infrastructure Capital Inc
 
332,570
11,443,733
Insurance - 1.3%
 
 
 
Baldwin Insurance Group Inc/The Class A (b)
 
269,841
5,914,914
Lemonade Inc (b)(d)
 
149,850
12,996,491
Oscar Health Inc Class A (b)
 
580,320
8,327,592
Stewart Information Services Corp
 
172,624
11,640,036
Trupanion Inc (b)(d)
 
384,609
12,303,642
 
 
 
51,182,675
TOTAL FINANCIALS
 
 
282,226,121
Health Care - 27.1%
 
 
 
Biotechnology - 13.5%
 
 
 
Apogee Therapeutics Inc (b)
 
121,576
7,964,444
Arcellx Inc (b)(d)
 
171,118
11,689,071
ArriVent Biopharma Inc (b)
 
149,030
3,351,685
Arrowhead Pharmaceuticals Inc (b)
 
76,570
5,308,598
Blueprint Medicines Corp rights (b)(e)
 
62,502
0
Bridgebio Pharma Inc (b)
 
336,522
26,003,055
Caris Life Sciences Inc (b)
 
563,256
13,045,009
Celldex Therapeutics Inc (b)
 
237,705
5,847,543
Centessa Pharmaceuticals PLC ADR (b)
 
262,210
6,442,500
CG oncology Inc (b)(d)
 
510,589
26,576,157
Cogent Biosciences Inc (b)
 
1,249,295
44,862,183
Crescent Biopharma Inc (b)(f)
 
239,807
2,299,749
Cytokinetics Inc (b)
 
281,164
17,766,753
CytomX Therapeutics Inc (b)
 
1,639,670
9,329,722
Dianthus Therapeutics Inc (b)
 
221,960
11,850,444
Disc Medicine Inc (b)
 
198,806
15,371,680
Inovio Pharmaceuticals Inc (b)(d)
 
2,982,620
4,861,671
Insmed Inc (b)
 
45,487
7,135,546
Jade Biosciences Inc
 
231,258
3,609,937
Janux Therapeutics Inc (b)
 
261,204
3,581,107
Kiniksa Pharmaceuticals International Plc Class A (b)
 
291,812
12,816,383
Kymera Therapeutics Inc (b)
 
157,460
11,445,767
Madrigal Pharmaceuticals Inc (b)
 
36,139
17,683,174
Mineralys Therapeutics Inc (b)
 
188,573
5,825,020
Mirum Pharmaceuticals Inc (b)(d)
 
178,500
18,424,770
Moderna Inc (b)
 
154,740
6,819,392
Nurix Therapeutics Inc (b)
 
475,558
7,856,218
Nuvalent Inc Class A (b)
 
240,581
24,753,379
Olema Pharmaceuticals Inc (b)
 
193,300
4,971,676
Oruka Therapeutics Inc (b)
 
229,754
7,864,479
Oruka Therapeutics Inc (b)(f)
 
66,100
2,262,603
Palvella Therapeutics Inc (b)
 
76,880
5,895,927
Praxis Precision Medicines Inc (b)
 
56,240
17,659,360
Precigen Inc (b)(d)
 
1,186,540
5,327,565
Rhythm Pharmaceuticals Inc (b)
 
207,612
21,284,382
Scholar Rock Holding Corp (b)
 
24,941
1,105,884
Soleno Therapeutics Inc (b)
 
329,457
12,703,862
Spyre Therapeutics Inc (b)
 
377,826
12,082,875
Stoke Therapeutics Inc (b)
 
259,177
7,863,430
Travere Therapeutics Inc (b)
 
450,590
14,008,843
Upstream Bio Inc (b)
 
693,618
21,557,647
Veracyte Inc (b)
 
457,070
17,405,226
Vericel Corp (b)
 
252,910
9,099,702
Viking Therapeutics Inc (b)(d)
 
108,364
3,146,891
Viridian Therapeutics Inc (b)
 
610,677
20,152,341
X4 Pharmaceuticals Inc (b)
 
1,689,700
6,251,890
Zenas Biopharma Inc (b)
 
338,265
6,213,928
Zenas Biopharma Inc (f)
 
80,024
1,470,041
Zymeworks Inc (b)
 
184,050
4,146,647
 
 
 
534,996,156
Health Care Equipment & Supplies - 2.9%
 
 
 
Artivion Inc (b)
 
265,488
10,823,946
Ceribell Inc (b)
 
675,645
13,925,043
Integer Holdings Corp (b)(d)
 
82,914
7,201,910
iRhythm Technologies Inc (b)
 
39,980
6,177,310
LivaNova PLC (b)
 
96,540
6,343,643
Masimo Corp (b)
 
81,989
11,259,549
Neogen Corp (b)
 
614,798
6,283,236
NeuroPace Inc (b)
 
188,747
2,855,742
Penumbra Inc (b)
 
845
302,654
PROCEPT BioRobotics Corp (b)(d)
 
135,082
3,911,975
Shoulder Innovations Inc (g)
 
330,303
4,677,090
Shoulder Innovations Inc
 
57,600
815,616
TransMedics Group Inc (b)(d)
 
288,521
38,654,601
 
 
 
113,232,315
Health Care Providers & Services - 6.2%
 
 
 
Alignment Healthcare Inc (b)
 
942,359
21,231,348
BrightSpring Health Services Inc (b)
 
1,423,172
55,887,965
Ensign Group Inc/The
 
226,796
38,931,802
GeneDx Holdings Corp Class A (b)
 
120,540
11,603,180
Guardant Health Inc (b)
 
291,590
33,252,925
HealthEquity Inc (b)
 
201,438
17,257,193
LifeStance Health Group Inc (b)
 
2,723,586
19,255,753
Privia Health Group Inc (b)
 
755,852
17,550,883
Progyny Inc (b)
 
791,581
18,895,038
RadNet Inc (b)
 
71,220
4,992,522
Surgery Partners Inc (b)
 
324,670
4,824,596
 
 
 
243,683,205
Health Care Technology - 0.4%
 
 
 
Waystar Holding Corp (b)
 
536,280
14,243,597
Wugen Inc warrants 8/22/2035 (b)(e)(f)
 
45,967
79,523
 
 
 
14,323,120
Life Sciences Tools & Services - 0.7%
 
 
 
BioLife Solutions Inc (b)
 
292,290
6,371,922
Charles River Laboratories International Inc (b)
 
62,539
13,163,209
Veterinary Emergency Group (b)(e)(f)(h)
 
68,413
6,729,787
 
 
 
26,264,918
Pharmaceuticals - 3.4%
 
 
 
Amylyx Pharmaceuticals Inc (b)
 
1,053,389
15,052,929
Axsome Therapeutics Inc (b)
 
163,505
30,125,797
Crinetics Pharmaceuticals Inc (b)
 
421,632
21,056,302
Definium Therapeutics Inc (b)(d)
 
409,890
6,918,943
Enliven Therapeutics Inc (b)
 
569,804
15,071,316
Enliven Therapeutics Inc (b)(f)
 
100,587
2,660,526
Liquidia Corp (b)(d)
 
113,501
4,811,307
Ocular Therapeutix Inc (b)
 
329,204
3,008,925
Structure Therapeutics Inc ADR (b)
 
207,912
18,389,816
Trevi Therapeutics Inc (b)
 
643,320
6,735,560
WaVe Life Sciences Ltd (b)
 
942,970
12,202,032
 
 
 
136,033,453
TOTAL HEALTH CARE
 
 
1,068,533,167
Industrials - 25.4%
 
 
 
Aerospace & Defense - 6.9%
 
 
 
AeroVironment Inc (b)
 
48,000
13,362,720
ATI Inc (b)
 
243,889
29,339,847
Beta Technologies Inc (i)
 
1,317,426
28,324,659
Beta Technologies Inc Class A (b)
 
46,530
1,000,395
BWX Technologies Inc
 
102,775
21,113,068
Cadre Holdings Inc
 
331,490
13,262,915
Carpenter Technology Corp
 
68,506
21,773,262
Karman Holdings Inc (b)(d)
 
324,128
33,644,487
Kratos Defense & Security Solutions Inc (b)
 
237,060
24,419,551
Leonardo DRS Inc
 
260,308
10,688,246
Mercury Systems Inc (b)
 
175,838
16,507,671
Moog Inc Class A
 
49,650
15,160,628
V2X Inc (b)
 
192,569
13,254,524
VSE Corp
 
43,430
9,492,495
Woodward Inc
 
70,078
22,273,592
 
 
 
273,618,060
Building Products - 1.5%
 
 
 
Armstrong World Industries Inc
 
42,850
7,873,259
AZZ Inc
 
171,690
21,339,350
Modine Manufacturing Co (b)
 
20,200
3,730,132
Simpson Manufacturing Co Inc
 
21,680
3,832,590
Tecnoglass Inc
 
314,591
15,386,646
Zurn Elkay Water Solutions Corp
 
118,610
5,469,107
 
 
 
57,631,084
Commercial Services & Supplies - 0.6%
 
 
 
HNI Corp
 
259,176
12,386,021
Montrose Environmental Group Inc (b)
 
92,248
2,055,285
OPENLANE Inc (b)
 
287,023
8,622,171
 
 
 
23,063,477
Construction & Engineering - 3.7%
 
 
 
Cardinal Infrastructure Group Inc Class A
 
220,899
5,564,445
Construction Partners Inc Class A (b)
 
208,218
22,878,994
Dycom Industries Inc (b)
 
62,584
22,804,984
Granite Construction Inc
 
134,371
16,223,955
IES Holdings Inc (b)
 
50,097
19,051,388
Legence Corp Class A
 
275,890
12,942,000
Limbach Holdings Inc (b)
 
51,120
4,395,297
Primoris Services Corp
 
74,880
11,100,960
Sterling Infrastructure Inc (b)
 
85,837
30,721,921
 
 
 
145,683,944
Electrical Equipment - 4.4%
 
 
 
Acuity Inc
 
38,080
11,775,859
Bloom Energy Corp Class A (b)
 
586,607
88,794,702
Fluence Energy Inc Class A (b)
 
237,450
7,306,337
Nextpower Inc Class A (b)
 
512,317
59,987,198
Preformed Line Products Co
 
17,750
4,454,185
Shoals Technologies Group Inc (b)
 
254,450
2,402,008
 
 
 
174,720,289
Machinery - 3.8%
 
 
 
Atmus Filtration Technologies Inc
 
346,430
20,082,547
Blue Bird Corp (b)
 
192,500
9,684,675
Federal Signal Corp
 
103,071
11,140,944
ITT Inc
 
89,329
16,284,677
JBT Marel Corp (d)
 
152,790
24,035,395
Mueller Industries Inc
 
105,188
14,320,294
Oshkosh Corp
 
52,530
7,554,865
RBC Bearings Inc (b)
 
37,046
18,510,775
REV Group Inc
 
309,537
19,779,414
SPX Technologies Inc (b)
 
35,120
7,319,359
 
 
 
148,712,945
Passenger Airlines - 0.1%
 
 
 
Joby Aviation Inc Class A (b)(d)
 
581,600
6,147,512
Professional Services - 3.2%
 
 
 
CACI International Inc (b)
 
33,873
21,020,906
CRA International Inc
 
18,000
3,400,920
FTI Consulting Inc (b)
 
70,373
12,292,052
Huron Consulting Group Inc (b)
 
199,020
33,634,380
Parsons Corp (b)
 
148,840
10,427,730
Planet Labs PBC Class A (b)(d)
 
696,580
17,393,603
UL Solutions Inc Class A
 
112,555
7,904,738
Upwork Inc (b)(d)
 
950,040
19,029,301
 
 
 
125,103,630
Trading Companies & Distributors - 1.2%
 
 
 
DXP Enterprises Inc/TX (b)
 
47,075
6,122,104
Herc Holdings Inc
 
38,930
5,580,226
Xometry Inc Class A (b)(d)
 
659,874
37,698,602
 
 
 
49,400,932
TOTAL INDUSTRIALS
 
 
1,004,081,873
Information Technology - 13.4%
 
 
 
Communications Equipment - 0.6%
 
 
 
Lumentum Holdings Inc (b)
 
36,709
14,384,055
Viavi Solutions Inc (b)
 
292,880
7,163,845
Vistance Networks Inc (b)
 
194,490
3,500,819
 
 
 
25,048,719
Electronic Equipment, Instruments & Components - 4.4%
 
 
 
Advanced Energy Industries Inc
 
155,165
39,622,934
Belden Inc
 
96,230
11,307,987
Evolv Technologies Holdings Inc Class A (b)
 
537,760
3,328,734
Mirion Technologies Inc Class A (b)
 
776,269
19,282,522
OSI Systems Inc (b)(d)
 
184,522
46,156,334
Sanmina Corp (b)
 
127,573
18,074,543
TD SYNNEX Corp
 
79,835
12,667,419
TTM Technologies Inc (b)
 
144,349
14,175,072
Vontier Corp
 
251,979
9,449,213
 
 
 
174,064,758
Semiconductors & Semiconductor Equipment - 4.7%
 
 
 
Aehr Test Systems (b)
 
726,949
18,638,972
Credo Technology Group Holding Ltd (b)
 
324,738
40,683,177
Impinj Inc (b)
 
54,285
7,496,759
Kopin Corp (b)(d)
 
759,690
1,937,210
MACOM Technology Solutions Holdings Inc (b)
 
192,153
42,093,036
Onto Innovation Inc (b)
 
51,060
10,316,673
Rambus Inc (b)
 
133,879
15,239,447
Rigetti Computing Inc Class A (b)(d)
 
193,630
3,518,257
SiTime Corp (b)
 
79,791
28,972,910
Veeco Instruments Inc (b)
 
558,327
17,436,552
 
 
 
186,332,993
Software - 3.4%
 
 
 
Algolia Inc (b)(e)(f)
 
43,269
681,053
Alkami Technology Inc (b)(d)
 
382,794
8,111,405
Bitdeer Technologies Group Class A (b)
 
71,870
937,184
Clear Secure Inc Class A
 
96,180
3,137,392
Commvault Systems Inc (b)
 
50,303
4,310,967
Intapp Inc (b)
 
566,046
19,217,262
InterDigital Inc (d)
 
70,382
22,975,500
JFrog Ltd (b)
 
136,320
7,470,336
Life360 Inc (b)(d)
 
227,957
13,059,657
PAR Technology Corp (b)(d)
 
241,175
6,321,197
Plaid Inc/DE Class A (e)(f)
 
29,415
5,923,887
Varonis Systems Inc (b)
 
339,403
10,127,786
Workiva Inc Class A (b)
 
252,119
19,418,205
Zeta Global Holdings Corp Class A (b)(d)
 
621,605
11,549,421
 
 
 
133,241,252
Technology Hardware, Storage & Peripherals - 0.3%
 
 
 
IonQ Inc (b)(d)
 
291,005
11,634,380
TOTAL INFORMATION TECHNOLOGY
 
 
530,322,102
Materials - 1.8%
 
 
 
Chemicals - 0.5%
 
 
 
Element Solutions Inc
 
457,423
13,311,009
Minerals Technologies Inc
 
8,333
547,978
Sensient Technologies Corp
 
64,950
6,139,074
 
 
 
19,998,061
Metals & Mining - 1.0%
 
 
 
Coeur Mining Inc (b)
 
976,130
19,952,098
Ivanhoe Electric Inc / US (b)
 
648,615
11,084,830
USA Rare Earth Inc (f)
 
288,719
6,473,080
 
 
 
37,510,008
Paper & Forest Products - 0.3%
 
 
 
Louisiana-Pacific Corp
 
151,865
12,717,175
TOTAL MATERIALS
 
 
70,225,244
Real Estate - 1.6%
 
 
 
Real Estate Management & Development - 1.6%
 
 
 
Compass Inc Class A (b)
 
3,030,931
37,947,256
Jones Lang LaSalle Inc (b)
 
45,750
16,374,383
Landbridge Co LLC Class A (d)
 
189,106
10,866,030
TOTAL REAL ESTATE
 
 
65,187,669
Utilities - 0.5%
 
 
 
Electric Utilities - 0.3%
 
 
 
IDACORP Inc
 
85,243
11,319,418
Gas Utilities - 0.2%
 
 
 
UGI Corp
 
193,250
7,751,257
TOTAL UTILITIES
 
 
19,070,675
TOTAL UNITED STATES
 
 
3,561,277,330
 
TOTAL COMMON STOCKS
 (Cost $2,875,919,909)
 
 
 
3,882,237,189
 
 
 
 
Convertible Corporate Bonds - 0.0%
 
 
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 0.0%
 
 
 
Health Care - 0.0%
 
 
 
Health Care Technology - 0.0%
 
 
 
Wugen Inc 0% 12/31/2199 (e)(f)(j)
  (Cost $253,457)
 
253,458
268,462
 
 
 
 
Convertible Preferred Stocks - 0.9%
 
 
Shares
Value ($)
 
DENMARK - 0.1%
 
 
 
Health Care - 0.1%
 
 
 
Biotechnology - 0.1%
 
 
 
Galecto Inc Series C
 
129
3,384,315
FINLAND - 0.2%
 
 
 
Health Care - 0.2%
 
 
 
Health Care Technology - 0.2%
 
 
 
Oura Health Oy Series E (e)(f)
 
124,086
6,647,287
UNITED STATES - 0.6%
 
 
 
Health Care - 0.2%
 
 
 
Biotechnology - 0.2%
 
 
 
Bright Peak Therapeutics Inc. Series B (b)(e)(f)
 
199,331
356,802
Bright Peak Therapeutics Inc. Series C (b)(e)(f)
 
1,323,335
1,627,703
Endeavor BioMedicines Inc Series C (b)(e)(f)
 
210,174
1,370,334
LifeMine Therapeutics Inc Series C (b)(e)(f)
 
402,743
475,237
Parabilis Medicines Inc Series F (e)(f)
 
245,400
1,511,664
Sonoma Biotherapeutics Inc Series B (b)(e)(f)
 
438,013
1,314,040
Sonoma Biotherapeutics Inc Series B1 (b)(e)(f)
 
233,603
787,242
T-Knife Therapeutics Inc Series B (b)(e)(f)
 
201,583
139,092
Treeline Biosciences Series A (b)(e)(f)
 
21,246
179,316
 
 
 
7,761,430
Health Care Technology - 0.0%
 
 
 
Wugen Inc Series B (b)(e)(f)
 
59,982
95,371
Wugen Inc Series C (e)(f)
 
632,300
1,093,879
 
 
 
1,189,250
TOTAL HEALTH CARE
 
 
8,950,680
Information Technology - 0.4%
 
 
 
Communications Equipment - 0.3%
 
 
 
Astranis Space Technologies Corp Series C (b)(e)(f)
 
125,912
2,646,670
Astranis Space Technologies Corp Series C (b)(e)(f)
 
26,805
563,441
Astranis Space Technologies Corp Series D (b)(e)(f)
 
503,082
8,034,220
 
 
 
11,244,331
IT Services - 0.0%
 
 
 
Yanka Industries Inc Series E (b)(e)(f)
 
191,029
298,005
Yanka Industries Inc Series F (b)(e)(f)
 
28,989
76,241
 
 
 
374,246
Software - 0.1%
 
 
 
Algolia Inc Series D (b)(e)(f)
 
9,900
155,826
Lyte Ai Inc Series B (b)(e)(f)
 
38,600
405,686
Skyryse Inc Series B (b)(e)(f)
 
12,000
313,800
Skyryse Inc Series C (e)(f)
 
112,800
3,047,856
 
 
 
3,923,168
TOTAL INFORMATION TECHNOLOGY
 
 
15,541,745
TOTAL UNITED STATES
 
 
24,492,425
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $33,433,706)
 
 
 
34,524,027
 
 
 
 
Domestic Equity Funds - 0.6%
 
 
Shares
Value ($)
 
iShares Russell 2000 Growth ETF
 (Cost $18,061,228)
 
78,335
26,346,411
 
 
 
 
Money Market Funds - 6.6%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (k)
 
3.70
17,035,426
17,038,834
Fidelity Securities Lending Cash Central Fund (k)(l)
 
3.70
244,241,027
244,265,451
 
TOTAL MONEY MARKET FUNDS
 (Cost $261,304,285)
 
 
 
261,304,285
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 106.2%
 (Cost $3,188,972,585)
 
 
 
4,204,680,374
NET OTHER ASSETS (LIABILITIES) - (6.2)%  
(246,836,934)
NET ASSETS - 100.0%
3,957,843,440
 
 
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing.
 
(c)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $10,422,283 or 0.3% of net assets.
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
Level 3 security.
 
(f)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $84,562,891 or 2.1% of net assets.
 
(g)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $4,677,090 or 0.1% of net assets.
 
(h)
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
 
(i)
Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $28,324,659 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
 
(j)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
(k)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(l)
Investment made with cash collateral received from securities on loan.
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Algolia Inc
10/27/2021
1,265,403
 
 
 
Algolia Inc Series D
7/23/2021
289,526
 
 
 
Astranis Space Technologies Corp Series C
3/19/2021
2,760,108
 
 
 
Astranis Space Technologies Corp Series C
4/5/2023
587,591
 
 
 
Astranis Space Technologies Corp Series D
4/25/2024 - 12/6/2024
4,699,993
 
 
 
Bright Peak Therapeutics Inc. Series B
5/14/2021
778,587
 
 
 
Bright Peak Therapeutics Inc. Series C
5/7/2024
1,500,001
 
 
 
Crescent Biopharma Inc
10/28/2024 - 12/4/2025
3,208,819
 
 
 
Endeavor BioMedicines Inc Series C
4/22/2024
1,371,301
 
 
 
Enliven Therapeutics Inc
3/19/2024
1,408,218
 
 
 
Fanatics Inc Class A
8/13/2020 - 3/22/2021
2,891,600
 
 
 
LifeMine Therapeutics Inc Series C
2/15/2022
820,222
 
 
 
Lyte Ai Inc Series B
8/13/2024
489,683
 
 
 
Oruka Therapeutics Inc
9/17/2025
991,500
 
 
 
Oura Health Oy Series E
9/24/2025
6,647,287
 
 
 
Parabilis Medicines Inc Series F
1/6/2026
1,512,744
 
 
 
Perella Weinberg Partners
12/29/2020
4,572,620
 
 
 
Plaid Inc/DE Class A
3/31/2025
5,999,972
 
 
 
Skyryse Inc Series B
10/21/2021
296,160
 
 
 
Skyryse Inc Series C
9/16/2025 - 11/21/2025
3,048,330
 
 
 
Sonoma Biotherapeutics Inc Series B
7/26/2021
865,645
 
 
 
Sonoma Biotherapeutics Inc Series B1
7/26/2021
692,516
 
 
 
Starling Bank Ltd
6/18/2021 - 4/5/2022
824,188
 
 
 
T-Knife Therapeutics Inc Series B
6/30/2021
1,162,892
 
 
 
Treeline Biosciences Series A
7/30/2021
166,303
 
 
 
Tubulis GmbH
12/11/2025
1,747,714
 
 
 
USA Rare Earth Inc
1/26/2026
6,207,458
 
 
 
Veterinary Emergency Group
9/16/2021 - 10/31/2023
3,598,868
 
 
 
Wugen Inc 0% 12/31/2199
6/14/2024
253,457
 
 
 
Wugen Inc Series B
7/9/2021
465,154
 
 
 
Wugen Inc Series C
8/22/2025
1,120,999
 
 
 
Wugen Inc warrants 8/22/2035
8/22/2025
0
 
 
 
Yanka Industries Inc Series E
5/15/2020
2,307,478
 
 
 
Yanka Industries Inc Series F
4/8/2021
924,076
 
 
 
Zenas Biopharma Inc
10/8/2025
1,520,456
 
 
 
Additional information on each lock-up restriction is as follows:
Security
Restriction Expiration Date
Beta Technologies Inc
5/4/2026
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
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
9,772,988
495,891,963
488,626,727
505,278
610
-
17,038,834
17,035,426
0.0%
Fidelity Securities Lending Cash Central Fund
307,400,265
628,971,008
692,104,485
737,608
(1,337)
-
244,265,451
244,241,027
0.8%
Total
317,173,253
1,124,862,971
1,180,731,212
1,242,886
(727)
-
261,304,285
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
 
The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Common Stocks
 
 
 
 
Communication Services
44,237,025
44,237,025
-
-
Consumer Discretionary
390,964,791
377,920,951
-
13,043,840
Consumer Staples
66,290,795
66,290,795
-
-
Energy
103,268,311
103,268,311
-
-
Financials
291,211,118
289,440,826
-
1,770,292
Health Care
1,099,104,085
1,090,530,820
-
8,573,265
Industrials
1,049,982,305
1,049,982,305
-
-
Information Technology
670,035,374
663,430,434
-
6,604,940
Materials
82,885,041
82,885,041
-
-
Real Estate
65,187,669
65,187,669
-
-
Utilities
19,070,675
19,070,675
-
-
 Convertible Corporate Bonds
 
 
 
 
Health Care
268,462
-
-
268,462
 Convertible Preferred Stocks
 
 
 
 
Health Care
18,982,282
3,384,315
-
15,597,967
Information Technology
15,541,745
-
-
15,541,745
 Domestic Equity Funds
26,346,411
26,346,411
-
-
 Money Market Funds
261,304,285
261,304,285
-
-
 Total Investments in Securities:
4,204,680,374
4,143,279,863
-
61,400,511
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 ($)
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2026 ($)
Common Stocks
24,433,506
4,542
3,794,266
1,764,565
(4,542)
-
-
-
29,992,337
3,794,266
Convertible Preferred Stocks
22,530,267
-
2,624,060
12,329,359
(6,343,974)
-
-
-
31,139,712
5,652,922
Convertible Corporate Bonds
301,691
-
(33,229)
-
-
-
-
-
268,462
(33,229)
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations.
 
 
 
 
Consolidated Financial Statements (Unaudited)
Consolidated Statement of Assets and Liabilities
 
As of January 31, 2026 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value (including  securities loaned of $254,856,972) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,927,668,300)
$
3,943,376,089
 
 
Fidelity Central Funds (cost $261,304,285)
261,304,285
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,188,972,585)
 
 
$
4,204,680,374
Cash
 
 
23,654
Foreign currency held at value (cost $73,145)
 
 
73,802
Receivable for investments sold
 
 
20,134,898
Receivable for fund shares sold
 
 
3,321,539
Dividends receivable
 
 
117,800
Interest receivable
 
 
30,128
Distributions receivable from Fidelity Central Funds
 
 
131,149
  Total assets
 
 
4,228,513,344
Liabilities
 
 
 
 
Payable for investments purchased
$
20,302,339
 
 
Payable for fund shares redeemed
4,083,311
 
 
Accrued management fee
2,014,738
 
 
Other payables and accrued expenses
4,137
 
 
Collateral on securities loaned
244,265,379
 
 
  Total liabilities
 
 
 
270,669,904
Net Assets  
 
 
$
3,957,843,440
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,877,797,621
Total accumulated earnings (loss)
 
 
 
1,080,045,819
Net Assets
 
 
$
3,957,843,440
Net Asset Value, offering price and redemption price per share ($3,957,843,440 ÷ 197,000,446 shares)
 
 
$
20.09
Consolidated Statement of Operations
Six months ended January 31, 2026 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
5,432,325
Interest  
 
 
11,639
Income from Fidelity Central Funds (including $737,608 from security lending)
 
 
1,242,886
 Total income
 
 
 
6,686,850
Expenses
 
 
 
 
Management fee
$
11,436,278
 
 
Independent trustees' fees and expenses
7,566
 
 
Interest
2,065
 
 
 Total expenses before reductions
 
11,445,909
 
 
 Expense reductions
 
(5,139)
 
 
 Total expenses after reductions
 
 
 
11,440,770
Net Investment income (loss)
 
 
 
(4,753,920)
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
164,863,894
 
 
   Fidelity Central Funds
 
(727)
 
 
 Foreign currency transactions
 
19,189
 
 
Total net realized gain (loss)
 
 
 
164,882,356
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
376,053,501
 
 
 Assets and liabilities in foreign currencies
 
3,548
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
376,057,049
Net gain (loss)
 
 
 
540,939,405
Net increase (decrease) in net assets resulting from operations
 
 
$
536,185,485
Consolidated Statement of Changes in Net Assets
 
 
Six months ended
January 31, 2026
(Unaudited)
 
Year ended
July 31, 2025
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
(4,753,920)
$
(3,769,717)
Net realized gain (loss)
 
164,882,356
 
59,143,521
Change in net unrealized appreciation (depreciation)
 
376,057,049
 
30,733,398
Net increase (decrease) in net assets resulting from operations
 
536,185,485
 
86,107,202
Distributions to shareholders
 
(103,233,999)
 
(70,800,445)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
319,358,521
 
1,679,219,445
  Reinvestment of distributions
 
101,972,893
 
70,297,823
Cost of shares redeemed
 
(494,644,338)
 
(1,071,977,154)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(73,312,924)
 
677,540,114
Total increase (decrease) in net assets
 
359,638,562
 
692,846,871
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,598,204,878
 
2,905,358,007
End of period
$
3,957,843,440
$
3,598,204,878
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
16,506,008
 
94,589,078
  Issued in reinvestment of distributions
 
5,237,372
 
4,031,806
Redeemed
 
(25,707,701)
 
(61,393,374)
Net increase (decrease)
 
(3,964,321)
 
37,227,510
 
 
 
 
 
Consolidated Financial Highlights
 
Fidelity® Small Cap Growth K6 Fund
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
17.90
$
17.74
$
14.58
$
13.22
$
21.55
$
15.32
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.02)
 
(.02)
 
- C
 
.01
 
.01
 
(.03) D
     Net realized and unrealized gain (loss)
 
2.74
 
.58
 
3.20
 
1.36
 
(3.11)
 
6.81
  Total from investment operations
 
2.72  
 
.56  
 
3.20  
 
1.37  
 
(3.10)
 
6.78
  Distributions from net investment income
 
-
 
(.28)
 
(.04)
 
(.01)
 
-
 
-
  Distributions from net realized gain
 
(.53)
 
(.12)
 
-
 
-
 
(5.23)
 
(.55)
     Total distributions
 
(.53)
 
(.40)
 
(.04)
 
(.01)
 
(5.23)
 
(.55)
  Net asset value, end of period
$
20.09
$
17.90
$
17.74
$
14.58
$
13.22
$
21.55
 Total Return E,F
 
15.31
%
 
3.24%
 
21.98%
 
10.34%
 
(20.31)%
 
44.76%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.60% I
 
.60%
 
.60%
 
.60%
 
.60%
 
.60%
    Expenses net of fee waivers, if any
 
.60
% I
 
.60%
 
.60%
 
.60%
 
.60%
 
.60%
    Expenses net of all reductions, if any
 
.60% I
 
.60%
 
.60%
 
.60%
 
.60%
 
.59%
    Net investment income (loss)
 
(.25)% I
 
(.11)%
 
(.03)%
 
.04%
 
.09%
 
(.14)% D
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,957,843
$
3,598,205
$
2,905,358
$
1,894,187
$
1,265,226
$
1,154,380
    Portfolio turnover rate J
 
93
% I
 
81% K
 
85% K
 
76% K
 
81% K
 
119%
 
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.
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 for periods of less than one year are not annualized.
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 Consolidated 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.
IAnnualized.
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.
KPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Consolidated Financial Statements
 (Unaudited)
For the period ended January 31, 2026
 
1. Organization.
Fidelity Small Cap Growth K6 Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Consolidated Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity. Effective the close of business on October 16, 2024, new positions in the Fund may no longer be opened with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy. 
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
 
Asset Type
Fair Value
Valuation Technique(s)
Unobservable Input
Amount or Range/Weighted Average
Impact to Valuation from an Increase in InputA
Common Stocks
 $29,992,337
 Market comparable
 Enterprise value/Revenue multiple (EV/R)
3.6 - 5.8 / 3.8
Increase
 
 
 
 Enterprise value/Net income (EV/NI)
16.0
Increase
 
 
 
 Enterprise value/Gross profit multiple (EV/GP)
16.3
Increase
 
 
 Market approach
 Transaction price
$1.77 - $360.11 / $344.65
Increase
 
 
 Recovery value
 Recovery value
$0.00
Increase
 
 
 Black scholes
 Discount rate
3.6%
Increase
 
 
 
Volatility
90.0% - 110.0% / 90.9%
Increase
 
 
 
Term
2.0 - 3.0 / 2.0
Increase
 
 
 Discounted cash flow
Discount rate
7.9% - 9.7% / 8.8%
Decrease
Convertible Corporate Bonds
 $268,462
 Market approach
Transaction price
$100.00
Increase
 
 
 Black scholes
Discount rate
3.6%
Increase
 
 
 
Volatility
110.0%
Increase
 
 
 
Term
3.0
Increase
Convertible Preferred Stocks
 $31,139,712
Market comparable
Enterprise value/Revenue multiple (EV/R)
0.9 - 27.3 / 13.3
Increase
 
 
 
Enterprise value/Gross profit multiple (EV/GP)
11.9
Increase
 
 
Market approach
Transaction price
$0.41 - $8.61 / $3.51
Increase
 
 
 
Discount rate
90.0%
Decrease
 
 
 
Premium rate
10.0% - 20.0% / 15.1%
Increase
 
 
Black scholes
Discount rate
3.6% - 3.7% / 3.7%
Increase
 
 
 
Volatility
75.0% - 110.0% - 82.6%
Increase
 
 
 
Term
2.5 - 3.0 / 2.9
Increase
 
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end. 
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2026, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. 
 
Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$1,189,622,573
Gross unrealized depreciation
(183,901,198)
Net unrealized appreciation (depreciation)
$1,005,721,375
Tax cost
$3,198,958,999
 
The Fund elected to defer to its next fiscal year $13,429,092 of ordinary losses recognized during the period January 1, 2025 to July 31, 2025.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Consolidated Schedule of Investments, if applicable.
 
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
 
As of period end, investments in Subsidiaries were as follows:
 
 
Amount ($)
% of Total Assets
Fidelity Small Cap Growth K6 Fund
 8,493,742
 .20
 
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
 
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Small Cap Growth K6 Fund
1,746,780,661
1,938,160,452
 
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
2,217,519
38,462,188
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
 67,922
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity Small Cap Growth K6 Fund 
 Borrower
 8,205,000
4.53%
 2,065
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Small Cap Growth K6 Fund
 77,428,853
 89,139,781
 7,163,322
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Small Cap Growth K6 Fund
79,243
 25,669
-
 
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
26,792,437
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $5,139.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.9884010.108
SCPK6-SANN-0426
Fidelity® Small Cap Growth Fund
 
 
 
 
Semi-Annual Report
January 31, 2026
Includes Fidelity and Fidelity Advisor share classes

Contents

Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Small Cap Growth Fund

Notes to Consolidated Financial Statements

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.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2026 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Small Cap Growth Fund
Consolidated Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.1%
 
 
Shares
Value ($)
 
AUSTRALIA - 0.6%
 
 
 
Industrials - 0.3%
 
 
 
Aerospace & Defense - 0.3%
 
 
 
DroneShield Ltd (b)(c)
 
9,000,892
20,809,000
Information Technology - 0.3%
 
 
 
Electronic Equipment, Instruments & Components - 0.3%
 
 
 
Elsight Ltd (b)
 
7,576,022
22,421,143
TOTAL AUSTRALIA
 
 
43,230,143
BAHAMAS (NASSAU) - 0.0%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Diversified Consumer Services - 0.0%
 
 
 
OneSpaWorld Holdings Ltd
 
487,539
9,580,140
CANADA - 1.2%
 
 
 
Energy - 0.2%
 
 
 
Energy Equipment & Services - 0.2%
 
 
 
CES Energy Solutions Corp
 
1,873,738
19,540,322
Health Care - 0.3%
 
 
 
Biotechnology - 0.3%
 
 
 
Xenon Pharmaceuticals Inc (b)
 
478,931
19,640,960
Industrials - 0.2%
 
 
 
Electrical Equipment - 0.2%
 
 
 
Electrovaya Inc (United States) (b)
 
1,194,660
12,938,168
Information Technology - 0.2%
 
 
 
Electronic Equipment, Instruments & Components - 0.2%
 
 
 
Kraken Robotics Inc (b)
 
2,399,610
14,063,003
Materials - 0.3%
 
 
 
Metals & Mining - 0.3%
 
 
 
G Mining Ventures Corp (b)
 
793,070
25,143,636
TOTAL CANADA
 
 
91,326,089
GERMANY - 0.1%
 
 
 
Consumer Discretionary - 0.1%
 
 
 
Leisure Products - 0.1%
 
 
 
Tonies SE Class A (b)
 
657,330
8,056,578
Health Care - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
Tubulis GmbH (e)(f)(i)
 
9,800
3,527,910
TOTAL GERMANY
 
 
11,584,488
GRAND CAYMAN (UK OVERSEAS TER) - 0.2%
 
 
 
Financials - 0.2%
 
 
 
Insurance - 0.2%
 
 
 
Accelerant Holdings Class A (b)(d)
 
1,125,300
15,371,598
ISRAEL - 1.1%
 
 
 
Information Technology - 1.1%
 
 
 
Semiconductors & Semiconductor Equipment - 0.6%
 
 
 
Nova Ltd (b)
 
96,358
44,116,547
Software - 0.5%
 
 
 
Cellebrite DI Ltd (b)
 
2,840,497
41,783,711
TOTAL ISRAEL
 
 
85,900,258
ITALY - 0.9%
 
 
 
Consumer Discretionary - 0.4%
 
 
 
Hotels, Restaurants & Leisure - 0.1%
 
 
 
Lottomatica Group Spa
 
666,879
16,378,849
Leisure Products - 0.3%
 
 
 
Sanlorenzo SpA/Ameglia (d)
 
520,427
19,894,643
TOTAL CONSUMER DISCRETIONARY
 
 
36,273,492
Industrials - 0.5%
 
 
 
Electrical Equipment - 0.5%
 
 
 
Prysmian SpA
 
312,235
37,177,325
TOTAL ITALY
 
 
73,450,817
JAPAN - 0.3%
 
 
 
Industrials - 0.3%
 
 
 
Professional Services - 0.3%
 
 
 
BayCurrent Inc
 
522,698
18,376,841
Timee Inc (b)
 
297,020
2,598,637
 
 
 
 
TOTAL JAPAN
 
 
20,975,478
NETHERLANDS - 0.8%
 
 
 
Health Care - 0.6%
 
 
 
Biotechnology - 0.3%
 
 
 
Newamsterdam Pharma Co NV (b)
 
504,110
15,687,903
uniQure NV (b)
 
290,201
6,593,367
 
 
 
22,281,270
Pharmaceuticals - 0.3%
 
 
 
Pharvaris NV (b)
 
759,471
20,543,690
TOTAL HEALTH CARE
 
 
42,824,960
Information Technology - 0.2%
 
 
 
Semiconductors & Semiconductor Equipment - 0.2%
 
 
 
BE Semiconductor Industries NV
 
86,090
16,786,696
TOTAL NETHERLANDS
 
 
59,611,656
TAIWAN - 0.3%
 
 
 
Information Technology - 0.3%
 
 
 
Semiconductors & Semiconductor Equipment - 0.3%
 
 
 
Silicon Motion Technology Corp ADR
 
174,558
20,760,183
THAILAND - 1.5%
 
 
 
Information Technology - 1.5%
 
 
 
Electronic Equipment, Instruments & Components - 1.5%
 
 
 
Fabrinet (b)
 
239,362
117,153,337
UNITED KINGDOM - 1.2%
 
 
 
Consumer Discretionary - 0.3%
 
 
 
Leisure Products - 0.3%
 
 
 
Games Workshop Group PLC
 
112,716
26,297,057
Energy - 0.8%
 
 
 
Energy Equipment & Services - 0.8%
 
 
 
Subsea 7 SA
 
160,800
4,100,772
TechnipFMC PLC
 
971,540
54,134,209
TOTAL ENERGY
 
 
58,234,981
Financials - 0.1%
 
 
 
Banks - 0.1%
 
 
 
Starling Bank Ltd (e)(f)
 
1,942,800
5,981,468
TOTAL UNITED KINGDOM
 
 
90,513,506
UNITED STATES - 90.9%
 
 
 
Communication Services - 1.1%
 
 
 
Diversified Telecommunication Services - 0.3%
 
 
 
Globalstar Inc (b)
 
329,780
20,321,044
Entertainment - 0.5%
 
 
 
IMAX Corp (b)
 
1,087,126
37,951,569
Interactive Media & Services - 0.1%
 
 
 
ZoomInfo Technologies Inc (b)
 
886,856
7,139,191
Media - 0.2%
 
 
 
MNTN Inc Class A (b)(d)
 
1,882,686
17,320,711
Wireless Telecommunication Services - 0.0%
 
 
 
Gogo Inc (b)(d)
 
1,314,496
6,033,536
TOTAL COMMUNICATION SERVICES
 
 
88,766,051
Consumer Discretionary - 9.3%
 
 
 
Automobile Components - 0.4%
 
 
 
LCI Industries
 
24,069
3,530,682
Patrick Industries Inc
 
255,090
32,184,705
 
 
 
35,715,387
Broadline Retail - 0.2%
 
 
 
Etsy Inc (b)
 
265,200
14,044,992
Savers Value Village Inc (b)(d)
 
607,610
6,294,839
 
 
 
20,339,831
Diversified Consumer Services - 1.9%
 
 
 
Adtalem Global Education Inc (b)
 
358,389
37,111,181
Duolingo Inc Class A (b)
 
172,360
23,106,582
Frontdoor Inc (b)
 
697,380
41,222,132
Grand Canyon Education Inc (b)
 
181,999
31,638,706
Stride Inc (b)
 
97,390
8,239,194
Universal Technical Institute Inc (b)
 
136,729
3,805,168
 
 
 
145,122,963
Hotels, Restaurants & Leisure - 3.2%
 
 
 
Black Rock Coffee Bar Inc Class A (d)
 
716,530
10,683,462
Brinker International Inc (b)
 
163,498
25,786,905
Cava Group Inc (b)(d)
 
247,296
14,991,084
Cheesecake Factory Inc/The (d)
 
710,428
41,176,407
Dutch Bros Inc Class A (b)
 
362,136
19,696,577
First Watch Restaurant Group Inc (b)
 
1,182,590
18,909,614
Kura Sushi USA Inc Class A (b)(d)
 
311,686
20,823,742
Lindblad Expeditions Holdings Inc (b)
 
757,925
12,634,610
Pursuit Attractions and Hospitality Inc (b)
 
298,438
10,364,752
Red Rock Resorts Inc Class A
 
499,873
31,556,982
Shake Shack Inc Class A (b)
 
126,720
11,223,590
Sportradar Holding AG Class A (b)
 
855,039
15,484,756
Travel + Leisure Co
 
216,150
15,031,071
 
 
 
248,363,552
Household Durables - 0.5%
 
 
 
Champion Homes Inc (b)
 
222,404
17,432,026
Somnigroup International Inc
 
284,444
24,988,405
 
 
 
42,420,431
Specialty Retail - 3.1%
 
 
 
Boot Barn Holdings Inc (b)
 
287,387
51,292,832
Chewy Inc Class A (b)
 
502,833
14,637,469
Fanatics Inc Class A (b)(e)(f)
 
726,062
58,084,960
Group 1 Automotive Inc
 
13,939
4,938,030
RealReal Inc/The (b)
 
2,300,410
33,747,015
ThredUp Inc Class A (b)
 
779,281
3,958,747
Urban Outfitters Inc (b)
 
503,314
35,659,797
Warby Parker Inc Class A (b)
 
1,454,973
37,116,361
 
 
 
239,435,211
TOTAL CONSUMER DISCRETIONARY
 
 
731,397,375
Consumer Staples - 1.7%
 
 
 
Beverages - 0.9%
 
 
 
Vita Coco Co Inc/The (b)
 
1,215,161
64,828,839
Consumer Staples Distribution & Retail - 0.4%
 
 
 
Sprouts Farmers Market Inc (b)
 
191,940
13,610,465
US Foods Holding Corp (b)
 
258,165
21,587,758
 
 
 
35,198,223
Tobacco - 0.4%
 
 
 
Turning Point Brands Inc
 
263,878
31,968,820
TOTAL CONSUMER STAPLES
 
 
131,995,882
Energy - 1.5%
 
 
 
Energy Equipment & Services - 1.0%
 
 
 
Cactus Inc Class A
 
707,967
39,808,984
WaterBridge Infrastructure LLC Class A
 
644,070
14,130,896
Weatherford International PLC
 
284,046
26,723,048
 
 
 
80,662,928
Oil, Gas & Consumable Fuels - 0.5%
 
 
 
Antero Resources Corp (b)
 
661,925
24,074,213
Centrus Energy Corp Class A (b)(d)
 
53,766
14,962,002
 
 
 
39,036,215
TOTAL ENERGY
 
 
119,699,143
Financials - 7.3%
 
 
 
Banks - 1.6%
 
 
 
Axos Financial Inc (b)
 
51,600
5,107,883
Central BanCo Inc
 
483,000
11,640,300
East West Bancorp Inc
 
234,261
26,808,829
Eastern Bankshares Inc
 
1,142,921
23,412,737
First Bancorp/Southern Pines NC
 
464,206
26,891,454
Hancock Whitney Corp
 
236,332
16,259,642
Pinnacle Financial Partners Inc
 
161,780
15,383,660
 
 
 
125,504,505
Capital Markets - 2.2%
 
 
 
Houlihan Lokey Inc Class A
 
134,186
22,586,188
P10 Inc Class A
 
2,007,536
21,641,238
Perella Weinberg Partners (f)
 
2,039,500
45,501,245
Perella Weinberg Partners Class A
 
503,827
11,240,380
Piper Sandler Cos
 
44,627
15,456,561
PJT Partners Inc Class A
 
159,140
27,535,994
StepStone Group Inc rights 12/31/2038 (b)(e)
 
31,066
2,130,196
Wealthfront Corp (b)
 
1,462,260
12,692,417
WisdomTree Inc
 
879,958
14,255,320
 
 
 
173,039,539
Consumer Finance - 1.9%
 
 
 
Enova International Inc (b)
 
263,430
43,510,733
EZCORP Inc Class A (b)
 
1,227,640
26,332,878
Figure Technology Solutions Inc Class A (d)
 
119,600
6,802,848
FirstCash Holdings Inc
 
354,012
60,359,046
LendingClub Corp (b)
 
570,700
9,650,537
 
 
 
146,656,042
Financial Services - 0.3%
 
 
 
HA Sustainable Infrastructure Capital Inc
 
667,110
22,955,255
Insurance - 1.3%
 
 
 
Baldwin Insurance Group Inc/The Class A (b)
 
533,907
11,703,241
Lemonade Inc (b)(d)
 
300,820
26,090,119
Oscar Health Inc Class A (b)
 
1,164,380
16,708,853
Stewart Information Services Corp
 
383,596
25,865,878
Trupanion Inc (b)
 
760,431
24,326,188
 
 
 
104,694,279
TOTAL FINANCIALS
 
 
572,849,620
Health Care - 27.4%
 
 
 
Biotechnology - 13.8%
 
 
 
Apogee Therapeutics Inc (b)
 
297,975
19,520,342
Arcellx Inc (b)(d)
 
343,693
23,477,669
ArriVent Biopharma Inc (b)
 
298,740
6,718,663
Arrowhead Pharmaceuticals Inc (b)
 
153,340
10,631,062
Blueprint Medicines Corp rights (b)(e)
 
124,518
0
Bridgebio Pharma Inc (b)
 
673,269
52,023,496
Caris Life Sciences Inc (b)
 
1,124,760
26,049,442
Celldex Therapeutics Inc (b)
 
473,857
11,656,882
Centessa Pharmaceuticals PLC ADR (b)
 
525,560
12,913,009
CG oncology Inc (b)(d)
 
909,861
47,358,265
Cogent Biosciences Inc (b)
 
2,509,157
90,103,828
Crescent Biopharma Inc (b)(f)
 
518,531
4,972,711
Cytokinetics Inc (b)
 
561,677
35,492,370
CytomX Therapeutics Inc (b)
 
3,283,170
18,681,237
Dianthus Therapeutics Inc (b)(d)
 
445,439
23,781,988
Disc Medicine Inc (b)
 
398,364
30,801,504
Inovio Pharmaceuticals Inc (b)(d)(g)
 
5,980,194
9,747,716
Insmed Inc (b)
 
91,414
14,340,114
Jade Biosciences Inc
 
516,015
8,054,994
Janux Therapeutics Inc (b)
 
679,062
9,309,940
Kiniksa Pharmaceuticals International Plc Class A (b)
 
581,262
25,529,027
Kymera Therapeutics Inc (b)
 
316,053
22,973,893
Madrigal Pharmaceuticals Inc (b)
 
71,182
34,830,064
Mineralys Therapeutics Inc (b)
 
378,758
11,699,835
Mirum Pharmaceuticals Inc (b)(d)
 
358,290
36,982,694
Moderna Inc (b)
 
308,710
13,604,850
Nurix Therapeutics Inc (b)
 
948,302
15,665,949
Nuvalent Inc Class A (b)
 
517,504
53,245,987
Olema Pharmaceuticals Inc (b)
 
388,100
9,981,932
Oruka Therapeutics Inc (b)
 
553,410
18,943,224
Oruka Therapeutics Inc (b)(f)
 
132,308
4,528,903
Palvella Therapeutics Inc (b)
 
154,240
11,828,666
Praxis Precision Medicines Inc (b)
 
112,000
35,168,000
Precigen Inc (b)(d)
 
2,361,153
10,601,577
Rhythm Pharmaceuticals Inc (b)
 
410,088
42,042,222
Scholar Rock Holding Corp (b)
 
54,959
2,436,881
Soleno Therapeutics Inc (b)
 
652,511
25,160,824
Spyre Therapeutics Inc (b)
 
766,820
24,522,904
Stoke Therapeutics Inc (b)
 
520,825
15,801,831
Travere Therapeutics Inc (b)
 
904,040
28,106,604
Upstream Bio Inc (b)
 
1,371,372
42,622,242
Veracyte Inc (b)
 
918,040
34,958,963
Vericel Corp (b)
 
506,688
18,230,634
Viking Therapeutics Inc (b)(d)
 
216,331
6,282,252
Viridian Therapeutics Inc (b)
 
1,268,990
41,876,670
X4 Pharmaceuticals Inc (b)
 
3,386,200
12,528,940
Zenas Biopharma Inc (b)
 
675,111
12,401,789
Zenas Biopharma Inc (f)
 
160,245
2,943,701
Zymeworks Inc (b)
 
369,100
8,315,823
 
 
 
1,079,452,113
Health Care Equipment & Supplies - 2.9%
 
 
 
Artivion Inc (b)
 
532,577
21,713,164
Ceribell Inc (b)
 
1,335,885
27,532,590
Integer Holdings Corp (b)
 
166,392
14,452,809
iRhythm Technologies Inc (b)
 
79,354
12,260,987
LivaNova PLC (b)
 
192,220
12,630,776
Masimo Corp (b)
 
164,754
22,625,667
Neogen Corp (b)
 
1,220,968
12,478,293
NeuroPace Inc (b)
 
370,634
5,607,692
Penumbra Inc (b)
 
2,638
944,852
PROCEPT BioRobotics Corp (b)(d)
 
274,321
7,944,336
Shoulder Innovations Inc (h)
 
661,617
9,368,497
Shoulder Innovations Inc
 
116,000
1,642,560
TransMedics Group Inc (b)(d)
 
572,950
76,760,977
 
 
 
225,963,200
Health Care Providers & Services - 6.1%
 
 
 
Alignment Healthcare Inc (b)
 
1,873,477
42,209,437
BrightSpring Health Services Inc (b)
 
2,611,217
102,542,492
Ensign Group Inc/The
 
449,817
77,215,586
GeneDx Holdings Corp Class A (b)
 
241,680
23,264,117
Guardant Health Inc (b)
 
578,380
65,958,455
HealthEquity Inc (b)
 
402,464
34,479,091
LifeStance Health Group Inc (b)
 
5,464,919
38,636,977
Privia Health Group Inc (b)
 
1,509,439
35,049,174
Progyny Inc (b)
 
1,586,779
37,876,415
RadNet Inc (b)
 
142,670
10,001,167
Surgery Partners Inc (b)
 
655,065
9,734,265
 
 
 
476,967,176
Health Care Technology - 0.4%
 
 
 
Waystar Holding Corp (b)
 
1,074,280
28,532,877
Wugen Inc warrants 8/22/2035 (b)(e)(f)
 
92,226
159,551
 
 
 
28,692,428
Life Sciences Tools & Services - 0.7%
 
 
 
BioLife Solutions Inc (b)(d)
 
582,890
12,707,002
Charles River Laboratories International Inc (b)
 
122,551
25,794,534
Veterinary Emergency Group (b)(e)(f)(i)
 
190,561
18,745,486
 
 
 
57,247,022
Pharmaceuticals - 3.5%
 
 
 
Amylyx Pharmaceuticals Inc (b)
 
2,115,961
30,237,083
Axsome Therapeutics Inc (b)
 
325,655
60,001,935
Crinetics Pharmaceuticals Inc (b)
 
938,892
46,888,267
Definium Therapeutics Inc (b)(d)
 
817,400
13,797,712
Enliven Therapeutics Inc (b)(d)
 
1,072,854
28,376,988
Enliven Therapeutics Inc (b)(f)
 
266,907
7,059,690
Liquidia Corp (b)(d)
 
227,529
9,644,954
Ocular Therapeutix Inc (b)
 
640,446
5,853,676
Structure Therapeutics Inc ADR (b)
 
414,389
36,652,707
Trevi Therapeutics Inc (b)
 
1,290,330
13,509,755
WaVe Life Sciences Ltd (b)
 
1,879,860
24,325,388
 
 
 
276,348,155
TOTAL HEALTH CARE
 
 
2,144,670,094
Industrials - 25.4%
 
 
 
Aerospace & Defense - 6.9%
 
 
 
AeroVironment Inc (b)(d)
 
95,900
26,697,601
ATI Inc (b)
 
483,503
58,165,411
Beta Technologies Inc (j)
 
2,706,887
58,198,071
Beta Technologies Inc Class A (b)
 
90,090
1,936,935
BWX Technologies Inc
 
185,095
38,024,066
Cadre Holdings Inc
 
664,770
26,597,448
Carpenter Technology Corp
 
137,438
43,681,920
Karman Holdings Inc (b)(d)
 
645,172
66,968,854
Kratos Defense & Security Solutions Inc (b)
 
473,590
48,784,506
Leonardo DRS Inc
 
520,842
21,385,772
Mercury Systems Inc (b)
 
350,232
32,879,780
Moog Inc Class A
 
99,640
30,425,074
V2X Inc (b)
 
384,273
26,449,510
VSE Corp
 
87,250
19,070,232
Woodward Inc
 
138,922
44,154,968
 
 
 
543,420,148
Building Products - 1.5%
 
 
 
Armstrong World Industries Inc
 
85,970
15,796,128
AZZ Inc
 
343,912
42,744,823
Modine Manufacturing Co (b)
 
40,000
7,386,400
Simpson Manufacturing Co Inc
 
43,390
7,670,484
Tecnoglass Inc
 
630,331
30,829,489
Zurn Elkay Water Solutions Corp
 
238,800
11,011,068
 
 
 
115,438,392
Commercial Services & Supplies - 0.6%
 
 
 
HNI Corp
 
514,668
24,595,984
Montrose Environmental Group Inc (b)
 
182,472
4,065,476
OPENLANE Inc (b)
 
575,617
17,291,535
 
 
 
45,952,995
Construction & Engineering - 3.7%
 
 
 
Cardinal Infrastructure Group Inc Class A
 
444,434
11,195,292
Construction Partners Inc Class A (b)
 
415,142
45,615,803
Dycom Industries Inc (b)
 
125,386
45,689,405
Granite Construction Inc
 
268,079
32,367,858
IES Holdings Inc (b)
 
100,223
38,113,805
Legence Corp Class A
 
553,160
25,948,736
Limbach Holdings Inc (b)
 
101,890
8,760,501
Primoris Services Corp
 
149,110
22,105,558
Sterling Infrastructure Inc (b)
 
170,277
60,943,841
 
 
 
290,740,799
Electrical Equipment - 4.4%
 
 
 
Acuity Inc
 
75,948
23,486,160
Bloom Energy Corp Class A (b)
 
1,167,911
176,786,688
Fluence Energy Inc Class A (b)(d)
 
473,550
14,571,134
Nextpower Inc Class A (b)
 
1,015,773
118,936,861
Preformed Line Products Co
 
35,540
8,918,407
Shoals Technologies Group Inc (b)
 
509,400
4,808,735
 
 
 
347,507,985
Machinery - 3.8%
 
 
 
Atmus Filtration Technologies Inc
 
691,110
40,063,647
Blue Bird Corp (b)
 
386,300
19,434,753
Federal Signal Corp
 
206,969
22,371,279
ITT Inc
 
176,978
32,263,089
JBT Marel Corp
 
305,510
48,059,779
Mueller Industries Inc
 
211,120
28,741,877
Oshkosh Corp
 
104,980
15,098,224
RBC Bearings Inc (b)
 
73,244
36,597,829
REV Group Inc
 
621,338
39,703,498
SPX Technologies Inc (b)
 
70,420
14,676,232
 
 
 
297,010,207
Passenger Airlines - 0.2%
 
 
 
Joby Aviation Inc Class A (b)(d)
 
1,169,000
12,356,329
Professional Services - 3.2%
 
 
 
CACI International Inc (b)
 
67,724
42,028,160
CRA International Inc
 
36,040
6,809,398
FTI Consulting Inc (b)
 
140,517
24,544,104
Huron Consulting Group Inc (b)
 
395,060
66,765,140
Parsons Corp (b)
 
298,630
20,922,018
Planet Labs PBC Class A (b)(d)
 
1,397,050
34,884,339
UL Solutions Inc Class A
 
221,645
15,566,128
Upwork Inc (b)(d)
 
1,889,600
37,848,688
 
 
 
249,367,975
Trading Companies & Distributors - 1.1%
 
 
 
DXP Enterprises Inc/TX (b)
 
93,951
12,218,328
Herc Holdings Inc
 
78,110
11,196,287
Xometry Inc Class A (b)(d)
 
1,151,429
65,781,139
 
 
 
89,195,754
TOTAL INDUSTRIALS
 
 
1,990,990,584
Information Technology - 13.3%
 
 
 
Communications Equipment - 0.6%
 
 
 
Lumentum Holdings Inc (b)
 
73,461
28,784,958
Viavi Solutions Inc (b)
 
580,660
14,202,944
Vistance Networks Inc (b)
 
390,500
7,029,000
 
 
 
50,016,902
Electronic Equipment, Instruments & Components - 4.3%
 
 
 
Advanced Energy Industries Inc
 
308,002
78,651,391
Belden Inc
 
193,093
22,690,358
Evolv Technologies Holdings Inc Class A (b)
 
1,064,696
6,590,468
Mirion Technologies Inc Class A (b)
 
1,538,971
38,228,040
OSI Systems Inc (b)(d)
 
329,098
82,320,574
Sanmina Corp (b)
 
255,778
36,238,627
TD SYNNEX Corp
 
159,477
25,304,216
TTM Technologies Inc (b)
 
288,791
28,359,276
Vontier Corp
 
564,044
21,151,650
 
 
 
339,534,600
Semiconductors & Semiconductor Equipment - 4.8%
 
 
 
Aehr Test Systems (b)(d)
 
1,454,511
37,293,662
Credo Technology Group Holding Ltd (b)
 
649,162
81,327,015
Impinj Inc (b)
 
130,615
18,037,932
Kopin Corp (b)(d)
 
1,513,533
3,859,508
MACOM Technology Solutions Holdings Inc (b)
 
381,379
83,544,884
Onto Innovation Inc (b)
 
101,840
20,576,772
Rambus Inc (b)
 
267,717
30,474,226
Rigetti Computing Inc Class A (b)(d)
 
382,870
6,956,748
SiTime Corp (b)
 
157,779
57,291,133
Veeco Instruments Inc (b)
 
1,115,873
34,848,714
 
 
 
374,210,594
Software - 3.3%
 
 
 
Algolia Inc (b)(e)(f)
 
234,640
3,693,234
Alkami Technology Inc (b)(d)
 
764,931
16,208,888
Bitdeer Technologies Group Class A (b)(d)
 
140,485
1,831,924
Clear Secure Inc Class A
 
192,810
6,289,462
Commvault Systems Inc (b)
 
103,307
8,853,410
Intapp Inc (b)
 
1,118,369
37,968,628
InterDigital Inc (d)
 
140,728
45,939,248
JFrog Ltd (b)
 
273,920
15,010,816
Life360 Inc (b)(d)
 
458,025
26,240,252
PAR Technology Corp (b)(d)
 
484,883
12,708,783
Varonis Systems Inc (b)
 
681,830
20,345,807
Workiva Inc Class A (b)
 
503,691
38,794,281
Zeta Global Holdings Corp Class A (b)(d)
 
1,236,703
22,977,942
 
 
 
256,862,675
Technology Hardware, Storage & Peripherals - 0.3%
 
 
 
IonQ Inc (b)(d)
 
583,385
23,323,732
TOTAL INFORMATION TECHNOLOGY
 
 
1,043,948,503
Materials - 1.8%
 
 
 
Chemicals - 0.5%
 
 
 
Element Solutions Inc
 
908,305
26,431,676
Minerals Technologies Inc
 
16,742
1,100,953
Sensient Technologies Corp
 
130,080
12,295,162
 
 
 
39,827,791
Metals & Mining - 1.0%
 
 
 
Coeur Mining Inc (b)
 
1,958,600
40,033,784
Ivanhoe Electric Inc / US (b)
 
1,291,246
22,067,394
USA Rare Earth Inc (f)
 
574,205
12,873,676
 
 
 
74,974,854
Paper & Forest Products - 0.3%
 
 
 
Louisiana-Pacific Corp
 
302,825
25,358,566
TOTAL MATERIALS
 
 
140,161,211
Real Estate - 1.6%
 
 
 
Real Estate Management & Development - 1.6%
 
 
 
Compass Inc Class A (b)
 
6,008,679
75,228,661
Jones Lang LaSalle Inc (b)
 
79,850
28,579,114
Landbridge Co LLC Class A (d)
 
372,248
21,389,370
TOTAL REAL ESTATE
 
 
125,197,145
Utilities - 0.5%
 
 
 
Electric Utilities - 0.3%
 
 
 
IDACORP Inc (d)
 
170,957
22,701,380
Gas Utilities - 0.2%
 
 
 
UGI Corp
 
388,220
15,571,503
TOTAL UTILITIES
 
 
38,272,883
TOTAL UNITED STATES
 
 
7,127,948,491
 
TOTAL COMMON STOCKS
 (Cost $5,639,623,640)
 
 
 
7,767,406,184
 
 
 
 
Convertible Corporate Bonds - 0.0%
 
 
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 0.0%
 
 
 
Health Care - 0.0%
 
 
 
Health Care Technology - 0.0%
 
 
 
Wugen Inc 0% 12/31/2199 (e)(f)(k)
  (Cost $1,379,633)
 
1,379,633
1,461,307
 
 
 
 
Convertible Preferred Stocks - 1.0%
 
 
Shares
Value ($)
 
DENMARK - 0.0%
 
 
 
Health Care - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
Galecto Inc Series C
 
157
4,118,895
FINLAND - 0.2%
 
 
 
Health Care - 0.2%
 
 
 
Health Care Technology - 0.2%
 
 
 
Oura Health Oy Series E (e)(f)
 
249,257
13,352,697
UNITED STATES - 0.8%
 
 
 
Health Care - 0.4%
 
 
 
Biotechnology - 0.4%
 
 
 
Bright Peak Therapeutics Inc. Series B (b)(e)(f)
 
1,079,522
1,932,344
Bright Peak Therapeutics Inc. Series C (b)(e)(f)
 
2,205,558
2,712,837
Endeavor BioMedicines Inc Series C (b)(e)(f)
 
556,156
3,626,137
LifeMine Therapeutics Inc Series C (b)(e)(f)
 
2,048,403
2,417,116
Parabilis Medicines Inc Series F (e)(f)
 
492,000
3,030,720
Sonoma Biotherapeutics Inc Series B (b)(e)(f)
 
2,370,360
7,111,080
Sonoma Biotherapeutics Inc Series B1 (b)(e)(f)
 
1,264,171
4,260,256
T-Knife Therapeutics Inc Series B (b)(e)(f)
 
1,097,257
757,107
Treeline Biosciences Series A (b)(e)(f)
 
115,000
970,600
 
 
 
26,818,197
Health Care Technology - 0.0%
 
 
 
Wugen Inc Series B (b)(e)(f)
 
326,496
519,129
Wugen Inc Series C (e)(f)
 
1,268,600
2,194,678
 
 
 
2,713,807
TOTAL HEALTH CARE
 
 
29,532,004
Information Technology - 0.4%
 
 
 
Communications Equipment - 0.3%
 
 
 
Astranis Space Technologies Corp Series C (b)(e)(f)
 
557,717
11,723,212
Astranis Space Technologies Corp Series C (b)(e)(f)
 
87,241
1,833,806
Astranis Space Technologies Corp Series D (b)(e)(f)
 
620,825
9,914,575
 
 
 
23,471,593
IT Services - 0.0%
 
 
 
Yanka Industries Inc Series E (b)(e)(f)
 
869,641
1,356,640
Yanka Industries Inc Series F (b)(e)(f)
 
127,716
335,893
 
 
 
1,692,533
Software - 0.1%
 
 
 
Algolia Inc Series D (b)(e)(f)
 
53,800
846,812
Lyte Ai Inc Series B (b)(e)(f)
 
97,800
1,027,878
Skyryse Inc Series B (b)(e)(f)
 
62,100
1,623,915
Skyryse Inc Series C (e)(f)
 
226,900
6,130,838
 
 
 
9,629,443
TOTAL INFORMATION TECHNOLOGY
 
 
34,793,569
TOTAL UNITED STATES
 
 
64,325,573
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $97,466,540)
 
 
 
81,797,165
 
 
 
 
Money Market Funds - 5.4%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (l)
 
3.70
2,324,107
2,324,571
Fidelity Securities Lending Cash Central Fund (l)(m)
 
3.70
421,653,553
421,695,719
 
TOTAL MONEY MARKET FUNDS
 (Cost $424,020,290)
 
 
 
424,020,290
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 105.5%
 (Cost $6,162,490,103)
 
 
 
8,274,684,946
NET OTHER ASSETS (LIABILITIES) - (5.5)%  
(433,597,697)
NET ASSETS - 100.0%
7,841,087,249
 
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing.
 
(c)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $20,809,000 or 0.3% of net assets.
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
Level 3 security.
 
(f)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $243,684,202 or 3.1% of net assets.
 
(g)
Affiliated company.
 
(h)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $9,368,497 or 0.1% of net assets.
 
(i)
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
 
(j)
Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $58,198,071 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
 
(k)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
(l)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(m)
Investment made with cash collateral received from securities on loan.
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Algolia Inc
10/27/2021
6,862,059
 
 
 
Algolia Inc Series D
7/23/2021
1,573,384
 
 
 
Astranis Space Technologies Corp Series C
3/19/2021
12,225,676
 
 
 
Astranis Space Technologies Corp Series C
4/5/2023
1,912,404
 
 
 
Astranis Space Technologies Corp Series D
4/25/2024 - 12/6/2024
5,799,996
 
 
 
Bright Peak Therapeutics Inc. Series B
5/14/2021
4,216,613
 
 
 
Bright Peak Therapeutics Inc. Series C
5/7/2024
2,500,000
 
 
 
Crescent Biopharma Inc
10/28/2024 - 12/4/2025
6,932,525
 
 
 
Endeavor BioMedicines Inc Series C
4/22/2024
3,628,695
 
 
 
Enliven Therapeutics Inc
3/19/2024
3,736,698
 
 
 
Fanatics Inc Class A
8/13/2020 - 3/22/2021
12,874,623
 
 
 
LifeMine Therapeutics Inc Series C
2/15/2022
4,171,757
 
 
 
Lyte Ai Inc Series B
8/13/2024
1,240,700
 
 
 
Oruka Therapeutics Inc
9/17/2025
1,984,620
 
 
 
Oura Health Oy Series E
9/24/2025
13,352,697
 
 
 
Parabilis Medicines Inc Series F
1/6/2026
3,032,885
 
 
 
Perella Weinberg Partners
12/29/2020
20,395,000
 
 
 
Skyryse Inc Series B
10/21/2021
1,532,626
 
 
 
Skyryse Inc Series C
9/16/2025 - 11/21/2025
6,131,791
 
 
 
Sonoma Biotherapeutics Inc Series B
7/26/2021
4,684,542
 
 
 
Sonoma Biotherapeutics Inc Series B1
7/26/2021
3,747,635
 
 
 
Starling Bank Ltd
6/18/2021 - 4/5/2022
3,728,430
 
 
 
T-Knife Therapeutics Inc Series B
6/30/2021
6,329,856
 
 
 
Treeline Biosciences Series A
7/30/2021
900,163
 
 
 
Tubulis GmbH
12/11/2025
3,495,429
 
 
 
USA Rare Earth Inc
1/26/2026
12,345,407
 
 
 
Veterinary Emergency Group
9/16/2021 - 3/17/2022
9,329,011
 
 
 
Wugen Inc 0% 12/31/2199
6/14/2024
1,379,633
 
 
 
Wugen Inc Series B
7/9/2021
2,531,944
 
 
 
Wugen Inc Series C
8/22/2025
2,249,088
 
 
 
Wugen Inc warrants 8/22/2035
8/22/2025
0
 
 
 
Yanka Industries Inc Series E
5/15/2020
10,504,568
 
 
 
Yanka Industries Inc Series F
4/8/2021
4,071,177
 
 
 
Zenas Biopharma Inc
10/8/2025
3,044,655
 
 
 
Additional information on each lock-up restriction is as follows:
Security
Restriction Expiration Date
Beta Technologies Inc
5/4/2026
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
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
44,848,011
882,325,032
924,850,461
725,943
1,989
-
2,324,571
2,324,107
0.0%
Fidelity Securities Lending Cash Central Fund
485,601,517
1,079,226,261
1,143,133,032
971,399
973
-
421,695,719
421,653,553
1.3%
Total
530,449,528
1,961,551,293
2,067,983,493
1,697,342
2,962
-
424,020,290
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) and Shares end of period columns means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
Aehr Test Systems
15,166,415
23,409,528
8,996,260
-
(862,520)
8,576,499
-
-
Inovio Pharmaceuticals Inc
-
11,362,369
-
-
-
(1,614,653)
9,747,716
5,980,194
Total
15,166,415
34,771,897
8,996,260
-
(862,520)
6,961,846
9,747,716
 
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Common Stocks
 
 
 
 
Communication Services
88,766,051
88,766,051
-
-
Consumer Discretionary
811,604,642
753,519,682
-
58,084,960
Consumer Staples
131,995,882
131,995,882
-
-
Energy
197,474,446
197,474,446
-
-
Financials
594,202,686
586,091,022
-
8,111,664
Health Care
2,210,663,924
2,188,230,977
-
22,432,947
Industrials
2,082,890,555
2,082,890,555
-
-
Information Technology
1,321,033,123
1,317,339,889
-
3,693,234
Materials
165,304,847
165,304,847
-
-
Real Estate
125,197,145
125,197,145
-
-
Utilities
38,272,883
38,272,883
-
-
 Convertible Corporate Bonds
 
 
 
 
Health Care
1,461,307
-
-
1,461,307
 Convertible Preferred Stocks
 
 
 
 
Health Care
47,003,596
4,118,895
-
42,884,701
Information Technology
34,793,569
-
-
34,793,569
 Money Market Funds
424,020,290
424,020,290
-
-
 Total Investments in Securities:
8,274,684,946
8,103,222,564
-
171,462,382
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 ($)
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2026 ($)
Common Stocks
72,725,157
21,923
16,085,368
3,512,280
(21,923)
-
-
-
92,322,805
16,085,368
Convertible Preferred Stocks
84,851,190
-
(2,780,484)
24,766,462
(29,158,898)
-
-
-
77,678,270
11,713,311
Convertible Corporate Bonds
1,642,177
-
(180,870)
-
-
-
-
-
1,461,307
(180,870)
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations.
 
 
 
 
Consolidated Financial Statements (Unaudited)
Consolidated Statement of Assets and Liabilities
 
As of January 31, 2026 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value (including  securities loaned of $467,961,517) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $5,727,107,444)
$
7,840,916,940
 
 
Fidelity Central Funds (cost $424,020,290)
424,020,290
 
 
Other affiliated issuers (cost $11,362,369)
9,747,716
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $6,162,490,103)
 
 
$
8,274,684,946
Foreign currency held at value (cost $374)
 
 
375
Receivable for investments sold
 
 
40,831,116
Receivable for fund shares sold
 
 
2,272,772
Dividends receivable
 
 
270,071
Interest receivable
 
 
163,774
Distributions receivable from Fidelity Central Funds
 
 
157,802
Prepaid expenses
 
 
4,894
  Total assets
 
 
8,318,385,750
Liabilities
 
 
 
 
Payable to custodian bank
$
2,324,170
 
 
Payable for investments purchased
39,993,146
 
 
Payable for fund shares redeemed
6,236,631
 
 
Accrued management fee
5,508,404
 
 
Distribution and service plan fees payable
157,481
 
 
Notes payable to affiliates
1,254,000
 
 
Other payables and accrued expenses
140,872
 
 
Collateral on securities loaned
421,683,797
 
 
  Total liabilities
 
 
 
477,298,501
Net Assets  
 
 
$
7,841,087,249
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
5,581,108,727
Total accumulated earnings (loss)
 
 
 
2,259,978,522
Net Assets
 
 
$
7,841,087,249
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($407,412,956 ÷ 12,201,439 shares)(a)
 
 
$
33.39
Maximum offering price per share (100/94.25 of $33.39)
 
 
$
35.43
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($96,417,262 ÷ 3,095,207 shares)(a)
 
 
$
31.15
Maximum offering price per share (100/96.50 of $31.15)
 
 
$
32.28
Class C :
 
 
 
 
Net Asset Value and offering price per share ($33,699,689 ÷ 1,285,815 shares)(a)
 
 
$
26.21
Small Cap Growth :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($3,069,479,572 ÷ 84,495,328 shares)
 
 
$
36.33
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,087,245,522 ÷ 29,852,692 shares)
 
 
$
36.42
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($3,146,832,248 ÷ 85,573,411 shares)
 
 
$
36.77
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Consolidated Statement of Operations
Six months ended January 31, 2026 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
10,645,929
Interest  
 
 
28,308
Income from Fidelity Central Funds (including $971,399 from security lending)
 
 
1,697,342
 Total income
 
 
 
12,371,579
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
27,552,077
 
 
 Performance adjustment
3,583,434
 
 
Distribution and service plan fees
920,576
 
 
Custodian fees and expenses
7,494
 
 
Independent trustees' fees and expenses
15,161
 
 
Registration fees
175,232
 
 
Audit fees
37,680
 
 
Legal
9,214
 
 
Interest
41,690
 
 
Miscellaneous
12,289
 
 
 Total expenses
 
 
 
32,354,847
Net Investment income (loss)
 
 
 
(19,983,268)
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
398,898,984
 
 
   Fidelity Central Funds
 
2,962
 
 
   Other affiliated issuers
 
(862,520)
 
 
 Foreign currency transactions
 
37,738
 
 
Total net realized gain (loss)
 
 
 
398,077,164
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
689,320,053
 
 
   Affiliated issuers
 
6,961,847
 
 
 Assets and liabilities in foreign currencies
 
12,318
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
696,294,218
Net gain (loss)
 
 
 
1,094,371,382
Net increase (decrease) in net assets resulting from operations
 
 
$
1,074,388,114
Consolidated Statement of Changes in Net Assets
 
 
Six months ended
January 31, 2026
(Unaudited)
 
Year ended
July 31, 2025
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
(19,983,268)
$
(34,578,644)
Net realized gain (loss)
 
398,077,164
 
417,157,356
Change in net unrealized appreciation (depreciation)
 
696,294,218
 
(184,544,532)
Net increase (decrease) in net assets resulting from operations
 
1,074,388,114
 
198,034,180
Distributions to shareholders
 
(476,366,977)
 
(107,192,580)
 
 
 
 
 
Share transactions - net increase (decrease)
 
16,492,028
 
(353,846,785)
Total increase (decrease) in net assets
 
614,513,165
 
(263,005,185)
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
7,226,574,084
 
7,489,579,269
End of period
$
7,841,087,249
$
7,226,574,084
 
 
 
 
 
 
 
 
 
 
Consolidated Financial Highlights
 
Fidelity Advisor® Small Cap Growth Fund Class A
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
31.07
$
30.63
$
25.34
$
23.12
$
34.89
$
26.64
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.13)
 
(.23)
 
(.19)
 
(.17)
 
(.17)
 
(.26) C
     Net realized and unrealized gain (loss)
 
4.68
 
1.04
 
5.48
 
2.39
 
(5.58)
 
11.27
  Total from investment operations
 
4.55  
 
.81  
 
5.29  
 
2.22  
 
(5.75)
 
11.01
  Distributions from net investment income
 
-
 
(.23)
 
-
 
-
 
-
 
-
  Distributions from net realized gain
 
(2.23)
 
(.14)
 
-
 
-
 
(6.02)
 
(2.76)
     Total distributions
 
(2.23)
 
(.37)
 
-
 
-
 
(6.02)
 
(2.76)
  Net asset value, end of period
$
33.39
$
31.07
$
30.63
$
25.34
$
23.12
$
34.89
 Total Return D,E,F
 
15.13
%
 
2.69%
 
20.88%
 
9.60%
 
(20.62)%
 
44.21%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.13% I
 
1.17%
 
1.27%
 
1.32%
 
1.29%
 
1.29%
    Expenses net of fee waivers, if any
 
1.13
% I
 
1.17%
 
1.26%
 
1.32%
 
1.29%
 
1.29%
    Expenses net of all reductions, if any
 
1.13% I
 
1.17%
 
1.26%
 
1.32%
 
1.29%
 
1.28%
    Net investment income (loss)
 
(.81)% I
 
(.75)%
 
(.71)%
 
(.71)%
 
(.61)%
 
(.82)% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
407,413
$
372,911
$
388,894
$
295,801
$
287,905
$
387,793
    Portfolio turnover rate J
 
89
% I
 
77% K
 
84% K
 
75% K
 
79% K
 
107%
 
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 $.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 for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
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 Consolidated 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.
IAnnualized.
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.
KPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Small Cap Growth Fund Class M
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
29.16
$
28.78
$
23.87
$
21.83
$
33.27
$
25.56
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.16)
 
(.28)
 
(.24)
 
(.21)
 
(.22)
 
(.33) C
     Net realized and unrealized gain (loss)
 
4.38
 
.97
 
5.15
 
2.25
 
(5.28)
 
10.77
  Total from investment operations
 
4.22  
 
.69  
 
4.91  
 
2.04  
 
(5.50)
 
10.44
  Distributions from net investment income
 
-
 
(.17)
 
-
 
-
 
-
 
-
  Distributions from net realized gain
 
(2.23)
 
(.14)
 
-
 
-
 
(5.94)
 
(2.73)
     Total distributions
 
(2.23)
 
(.31)
 
-
 
-
 
(5.94)
 
(2.73)
  Net asset value, end of period
$
31.15
$
29.16
$
28.78
$
23.87
$
21.83
$
33.27
 Total Return D,E,F
 
14.98
%
 
2.44%
 
20.57%
 
9.34%
 
(20.85)%
 
43.82%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.38% I
 
1.42%
 
1.52%
 
1.58%
 
1.54%
 
1.55%
    Expenses net of fee waivers, if any
 
1.38
% I
 
1.42%
 
1.51%
 
1.57%
 
1.54%
 
1.55%
    Expenses net of all reductions, if any
 
1.38% I
 
1.42%
 
1.51%
 
1.57%
 
1.54%
 
1.53%
    Net investment income (loss)
 
(1.06)% I
 
(1.00)%
 
(.97)%
 
(.97)%
 
(.86)%
 
(1.08)% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
96,417
$
96,070
$
96,688
$
76,283
$
70,182
$
98,005
    Portfolio turnover rate J
 
89
% I
 
77% K
 
84% K
 
75% K
 
79% K
 
107%
 
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 $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (1.17)%.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
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 Consolidated 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.
IAnnualized.
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.
KPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Small Cap Growth Fund Class C
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
24.92
$
24.67
$
20.56
$
18.90
$
29.58
$
23.07
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.20)
 
(.37)
 
(.31)
 
(.28)
 
(.31)
 
(.43) C
     Net realized and unrealized gain (loss)
 
3.72
 
.84
 
4.42
 
1.94
 
(4.54)
 
9.62
  Total from investment operations
 
3.52  
 
.47  
 
4.11  
 
1.66  
 
(4.85)
 
9.19
  Distributions from net investment income
 
-
 
(.08)
 
-
 
-
 
-
 
-
  Distributions from net realized gain
 
(2.23)
 
(.14)
 
-
 
-
 
(5.83)
 
(2.68)
     Total distributions
 
(2.23)
 
(.22)
 
-
 
-
 
(5.83)
 
(2.68)
  Net asset value, end of period
$
26.21
$
24.92
$
24.67
$
20.56
$
18.90
$
29.58
 Total Return D,E,F
 
14.70
%
 
1.91%
 
19.99%
 
8.78%
 
(21.24)%
 
43.07%
 Ratios to Average Net Assets A,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.88% I
 
1.92%
 
2.03%
 
2.08%
 
2.05%
 
2.06%
    Expenses net of fee waivers, if any
 
1.88
% I
 
1.92%
 
2.02%
 
2.08%
 
2.05%
 
2.06%
    Expenses net of all reductions, if any
 
1.88% I
 
1.92%
 
2.02%
 
2.08%
 
2.05%
 
2.05%
    Net investment income (loss)
 
(1.56)% I
 
(1.50)%
 
(1.47)%
 
(1.48)%
 
(1.37)%
 
(1.59)% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
33,700
$
37,545
$
52,767
$
51,891
$
59,768
$
88,239
    Portfolio turnover rate J
 
89
% I
 
77% K
 
84% K
 
75% K
 
79% K
 
107%
 
ANet 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.
BCalculated 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 for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the contingent deferred sales charge.
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 Consolidated 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.
IAnnualized.
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.
KPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® Small Cap Growth Fund
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
33.57
$
33.06
$
27.27
$
24.81
$
37.02
$
28.07
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.09)
 
(.15)
 
(.12)
 
(.11)
 
(.10)
 
(.18) C
     Net realized and unrealized gain (loss)
 
5.08
 
1.12
 
5.91
 
2.57
 
(6.00)
 
11.92
  Total from investment operations
 
4.99  
 
.97  
 
5.79  
 
2.46  
 
(6.10)
 
11.74
  Distributions from net investment income
 
-
 
(.32)
 
-
 
-
 
-
 
-
  Distributions from net realized gain
 
(2.23)
 
(.14)
 
-
 
-
 
(6.11)
 
(2.79)
     Total distributions
 
(2.23)
 
(.46)
 
-
 
-
 
(6.11)
 
(2.79)
  Net asset value, end of period
$
36.33
$
33.57
$
33.06
$
27.27
$
24.81
$
37.02
 Total Return D,E
 
15.32
%
 
2.97%
 
21.23%
 
9.92%
 
(20.42)%
 
44.60%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.84% H
 
.88%
 
.99%
 
1.05%
 
1.02%
 
1.00%
    Expenses net of fee waivers, if any
 
.84
% H
 
.88%
 
.98%
 
1.05%
 
1.01%
 
1.00%
    Expenses net of all reductions, if any
 
.84% H
 
.88%
 
.98%
 
1.05%
 
1.01%
 
.99%
    Net investment income (loss)
 
(.52)% H
 
(.46)%
 
(.43)%
 
(.44)%
 
(.33)%
 
(.53)% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,069,480
$
2,910,591
$
3,194,599
$
2,766,171
$
2,747,002
$
4,540,695
    Portfolio turnover rate I
 
89
% H
 
77% J
 
84% J
 
75% J
 
79% J
 
107%
 
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 $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.62)%.
DTotal returns for periods of less than one year are not annualized.
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.
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.
HAnnualized.
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.
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Small Cap Growth Fund Class I
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
33.66
$
33.16
$
27.36
$
24.90
$
37.13
$
28.15
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.10)
 
(.16)
 
(.13)
 
(.11)
 
(.10)
 
(.19) C
     Net realized and unrealized gain (loss)
 
5.09
 
1.12
 
5.93
 
2.57
 
(6.03)
 
11.96
  Total from investment operations
 
4.99  
 
.96  
 
5.80  
 
2.46  
 
(6.13)
 
11.77
  Distributions from net investment income
 
-
 
(.32)
 
-
 
-
 
-
 
-
  Distributions from net realized gain
 
(2.23)
 
(.14)
 
-
 
-
 
(6.10)
 
(2.79)
     Total distributions
 
(2.23)
 
(.46)
 
-
 
-
 
(6.10)
 
(2.79)
  Net asset value, end of period
$
36.42
$
33.66
$
33.16
$
27.36
$
24.90
$
37.13
 Total Return D,E
 
15.27
%
 
2.92%
 
21.20%
 
9.88%
 
(20.42)%
 
44.57%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.89% H
 
.92%
 
1.01%
 
1.07%
 
1.04%
 
1.04%
    Expenses net of fee waivers, if any
 
.89
% H
 
.92%
 
1.01%
 
1.06%
 
1.03%
 
1.04%
    Expenses net of all reductions, if any
 
.89% H
 
.92%
 
1.01%
 
1.06%
 
1.03%
 
1.03%
    Net investment income (loss)
 
(.56)% H
 
(.50)%
 
(.46)%
 
(.46)%
 
(.35)%
 
(.57)% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,087,246
$
1,142,932
$
1,228,751
$
660,166
$
606,422
$
775,746
    Portfolio turnover rate I
 
89
% H
 
77% J
 
84% J
 
75% J
 
79% J
 
107%
 
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 $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.66)%.
DTotal returns for periods of less than one year are not annualized.
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.
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.
HAnnualized.
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.
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Small Cap Growth Fund Class Z
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
33.95
$
33.45
$
27.56
$
25.04
$
37.32
$
28.26
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.08)
 
(.13)
 
(.09)
 
(.08)
 
(.06)
 
(.15) C
     Net realized and unrealized gain (loss)
 
5.13
 
1.13
 
5.98
 
2.60
 
(6.06)
 
12.01
  Total from investment operations
 
5.05  
 
1.00  
 
5.89  
 
2.52  
 
(6.12)
 
11.86
  Distributions from net investment income
 
-
 
(.37)
 
-
 
-
 
-
 
-
  Distributions from net realized gain
 
(2.23)
 
(.14)
 
-
 
-
 
(6.16)
 
(2.80)
     Total distributions
 
(2.23)
 
(.50) D
 
-
 
-
 
(6.16)
 
(2.80)
  Net asset value, end of period
$
36.77
$
33.95
$
33.45
$
27.56
$
25.04
$
37.32
 Total Return E,F
 
15.32
%
 
3.05%
 
21.37%
 
10.06%
 
(20.33)%
 
44.75%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.77% I
 
.80%
 
.88%
 
.93%
 
.90%
 
.90%
    Expenses net of fee waivers, if any
 
.77
% I
 
.80%
 
.88%
 
.92%
 
.90%
 
.90%
    Expenses net of all reductions, if any
 
.77% I
 
.80%
 
.88%
 
.92%
 
.90%
 
.89%
    Net investment income (loss)
 
(.45)% I
 
(.38)%
 
(.33)%
 
(.32)%
 
(.22)%
 
(.43)% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
3,146,832
$
2,666,525
$
2,527,880
$
1,637,933
$
1,465,312
$
366,620
    Portfolio turnover rate J
 
89
% I
 
77% K
 
84% K
 
75% K
 
79% K
 
107%
 
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 $.03 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.52)%.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
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 Consolidated 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.
IAnnualized.
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.
KPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Consolidated Financial Statements
 (Unaudited)
For the period ended January 31, 2026
 
1. Organization.
Fidelity Small Cap Growth Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Small Cap Growth, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions. Effective the close of business on October 16, 2024, new positions in the Fund may no longer be opened with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
 
Asset Type
Fair Value
Valuation Technique(s)
Unobservable Input
Amount or Range/Weighted Average
Impact to Valuation from an Increase in InputA
Common Stocks
 $92,322,805
 Market comparable
 Enterprise value/Revenue multiple (EV/R)
3.6 - 5.8 / 3.8
Increase
 
 
 
 Enterprise value/Net income (EV/NI)
16.0
Increase
 
 
 Market approach
 Transaction price
$1.77 - $360.11 / $344.60
Increase
 
 
 Recovery value
 Recovery value
$0.00
Increase
 
 
 Black scholes
 Discount rate
3.6%
Increase
 
 
 
 Volatility
90.0% - 110.0% / 90.9%
Increase
 
 
 
Term
2.0 - 3.0 / 2.0
Increase
 
 
 Discounted cash flow
Discount rate
7.9% - 9.7% / 8.8%
Decrease
Convertible Corporate Bonds
 $1,461,307
 Market approach
Transaction price
$100.00
Increase
 
 
 Black scholes
Discount rate
3.6%
Increase
 
 
 
Volatility
110.0%
Increase
 
 
 
Term
3.0
Increase
Convertible Preferred Stocks
 $77,678,270
Market comparable
Enterprise value/Revenue multiple (EV/R)
0.9 - 27.3 / 13.2
Increase
 
 
 
Enterprise value/Gross profit multiple (EV/GP)
11.9
Increase
 
 
Market approach
Transaction price
$0.41 - $8.61 / $3.38
Increase
 
 
 
Discount rate
90.0%
Decrease
 
 
 
Premium rate
10.0% - 20.0% / 17.0%
Increase
 
 
Black scholes
Discount rate
3.6% - 3.7% / 3.7%
Increase
 
 
 
Volatility
75.0% - 110.0% - 82.3%
Increase
 
 
 
Term
2.5 - 3.0 / 2.9
Increase
 
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end. 
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2026, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in-kind and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$2,481,589,020
Gross unrealized depreciation
(384,385,552)
Net unrealized appreciation (depreciation)
$2,097,203,468
Tax cost
$6,177,481,478
 
The Fund elected to defer to its net fiscal year $47,836,699 of ordinary losses recognized during the period January 1, 2025 to July 31, 2025.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Consolidated Schedule of Investments, if applicable.
 
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
 
As of period end, investments in Subsidiaries were as follows:
 
 
Amount ($)
% of Total Assets
Fidelity Small Cap Growth Fund
 22,273,396
 .27
 
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
 
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Small Cap Growth Fund
3,362,250,888
3,803,461,375
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Net realized gain or loss on Affiliated Issuers ($)
Net realized gain or loss on Unaffiliated Issuers ($)
Total net realized gain or loss on Investments ($)
Total Proceeds ($)
Fidelity Small Cap Growth Fund
1,186,205
16,684
11,603,165
11,619,849
38,462,188
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
 
The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.85
Class M
.85
Class C
.86
Small Cap Growth
.83
Class I
.84
Class Z
.70
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.78
Class M
.78
Class C
.78
Small Cap Growth
.74
Class I
.78
Class Z
.67
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.
 
 
Performance Adjustment Index
Fidelity Small Cap Growth Fund
Russell 2000 Growth Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Small Cap Growth. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .09%.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees ($)
Retained by FDC ($)
Class A
 - %
 .25%
494,898
3,590
Class M
 .25%
 .25%
 245,355
 -
Class C
 .75%
 .25%
     180,323
         8,057
 
 
 
920,576
11,647
 
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
 11,380
Class M
 878
Class CA
            107
 
       12,365
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity Small Cap Growth Fund
 135,837
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. Any open loans, including accrued interest, at period end are presented as Notes payable to affiliates in the Consolidated Statement of Assets and Liabilities. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity Small Cap Growth Fund 
 Borrower
 13,763,280
4.38%
 41,690
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Small Cap Growth Fund
 150,831,113
 185,892,632
 20,897,412
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Consolidated Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
Amount ($)
Fidelity Small Cap Growth Fund
6,075
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Small Cap Growth Fund
102,450
 28,194
-
 
At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Consolidated Schedule of Investments or Consolidated Statement of Assets and Liabilities.
 
 
Amount ($)
Fidelity Small Cap Growth Fund
74,486,360
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
January 31, 2026
Year ended
July 31, 2025
Fidelity Small Cap Growth Fund
 
 
Distributions to shareholders
 
 
Class A
$26,652,008
 $4,738,908
Class M
 7,103,750
 1,065,925
Class C
 3,118,866
 461,614
Small Cap Growth
 188,258,692
 44,545,355
Class I
 74,653,229
 17,551,414
Class Z
176,580,432
38,829,364
Total  
$476,366,977
$107,192,580
9. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 January 31, 2026
Year ended
 July 31, 2025
Six months ended
 January 31, 2026
Year ended
 July 31, 2025
Fidelity Small Cap Growth Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
534,255
1,981,455
$17,395,689
$60,787,958
Reinvestment of distributions 
804,209
151,411
25,587,125
4,562,868
Shares redeemed
(1,140,199)
(2,824,595)
(37,080,026)
(84,448,483)
Net increase (decrease)
198,265
(691,729)
$5,902,788
$(19,097,657)
Class M
 
 
 
 
Shares sold
73,412
460,569
$2,229,156
$13,300,682
Reinvestment of distributions 
236,903
36,975
7,039,949
1,046,009
Shares redeemed
(510,013)
(561,684)
(15,473,425)
(15,696,523)
Net increase (decrease)
(199,698)
(64,140)
$(6,204,320)
$(1,349,832)
Class C
 
 
 
 
Shares sold
27,368
154,315
$699,735
$3,787,790
Reinvestment of distributions 
120,733
18,622
3,031,643
452,132
Shares redeemed
(369,000)
(804,988)
(9,451,620)
(19,772,475)
Net increase (decrease)
(220,899)
(632,051)
$(5,720,242)
$(15,532,553)
Small Cap Growth
 
 
 
 
Shares sold
3,547,010
15,673,635
$125,971,764
$515,613,694
Reinvestment of distributions 
5,008,146
1,257,710
172,956,860
41,060,357
Shares redeemed
(10,759,387)
(26,858,637)
(377,309,898)
(870,243,915)
Net increase (decrease)
(2,204,231)
(9,927,292)
$(78,381,274)
$(313,569,864)
Class I
 
 
 
 
Shares sold
1,947,033
10,484,692
$68,792,257
$342,358,177
Reinvestment of distributions 
1,372,717
379,133
47,517,846
12,386,974
Shares redeemed
(7,423,565)
(13,965,343)
(269,383,473)
(461,678,822)
Net increase (decrease)
(4,103,815)
(3,101,518)
$(153,073,370)
$(106,933,671)
Class Z
 
 
 
 
Shares sold
4,648,204
8,421,458
$172,932,392
$281,900,094
Reinvestment of distributions 
4,871,471
1,124,780
170,338,065
37,160,203
Shares redeemed
(2,497,780)
(6,575,335)
(89,302,011)
(216,423,505)
Net increase (decrease)
7,021,895
2,970,903
$253,968,446
$102,636,792
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity U.S. Total Stock Fund
Fidelity Small Cap Growth Fund
24%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity Small Cap Growth Fund
32%
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.803700.121
SCP-SANN-0426
Fidelity® Series Small Cap Opportunities Fund
 
 
 
 
Semi-Annual Report
January 31, 2026

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Series Small Cap Opportunities Fund

Notes to Financial Statements

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 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2026 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Series Small Cap Opportunities Fund
Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.3%
 
 
Shares
Value ($)
 
BRAZIL - 0.2%
 
 
 
Industrials - 0.2%
 
 
 
Aerospace & Defense - 0.2%
 
 
 
Embraer SA ADR
 
172,304
12,657,452
CANADA - 4.1%
 
 
 
Energy - 0.7%
 
 
 
Energy Equipment & Services - 0.5%
 
 
 
CES Energy Solutions Corp
 
2,333,014
24,329,893
Oil, Gas & Consumable Fuels - 0.2%
 
 
 
Secure Waste Infrastructure Corp
 
630,277
8,132,756
TOTAL ENERGY
 
 
32,462,649
Financials - 0.6%
 
 
 
Capital Markets - 0.6%
 
 
 
TMX Group Ltd
 
762,400
28,146,622
Health Care - 0.4%
 
 
 
Biotechnology - 0.4%
 
 
 
Xenon Pharmaceuticals Inc (a)
 
453,871
18,613,250
Industrials - 0.1%
 
 
 
Electrical Equipment - 0.1%
 
 
 
Electrovaya Inc (United States) (a)
 
845,900
9,161,097
Information Technology - 0.4%
 
 
 
Electronic Equipment, Instruments & Components - 0.2%
 
 
 
Celestica Inc (United States) (a)
 
29,776
8,366,758
Software - 0.2%
 
 
 
Lumine Group Inc Subordinate Voting Shares (a)(b)
 
530,618
8,740,691
TOTAL INFORMATION TECHNOLOGY
 
 
17,107,449
Materials - 0.4%
 
 
 
Metals & Mining - 0.4%
 
 
 
OR Royalties Inc
 
443,387
17,482,795
Real Estate - 0.6%
 
 
 
Real Estate Management & Development - 0.6%
 
 
 
Colliers International Group Inc Subordinate Voting Shares
 
199,265
27,228,176
Utilities - 0.9%
 
 
 
Gas Utilities - 0.9%
 
 
 
Brookfield Infrastructure Corp (United States)
 
898,621
42,999,015
TOTAL CANADA
 
 
193,201,053
CHILE - 0.7%
 
 
 
Materials - 0.7%
 
 
 
Metals & Mining - 0.7%
 
 
 
Lundin Mining Corp
 
1,368,303
34,517,834
DENMARK - 0.3%
 
 
 
Health Care - 0.3%
 
 
 
Biotechnology - 0.3%
 
 
 
Ascendis Pharma A/S ADR (a)
 
60,258
13,624,334
GUATEMALA - 0.3%
 
 
 
Communication Services - 0.3%
 
 
 
Wireless Telecommunication Services - 0.3%
 
 
 
Millicom International Cellular SA
 
218,649
13,344,148
ISRAEL - 0.6%
 
 
 
Information Technology - 0.6%
 
 
 
IT Services - 0.1%
 
 
 
Wix.com Ltd (a)
 
81,429
7,071,294
Semiconductors & Semiconductor Equipment - 0.5%
 
 
 
Nova Ltd (a)
 
44,653
20,443,930
TOTAL ISRAEL
 
 
27,515,224
JAPAN - 0.9%
 
 
 
Industrials - 0.2%
 
 
 
Machinery - 0.2%
 
 
 
Takeuchi Manufacturing Co Ltd
 
244,983
10,115,284
Information Technology - 0.7%
 
 
 
Semiconductors & Semiconductor Equipment - 0.7%
 
 
 
Allegro MicroSystems Inc (a)
 
861,247
31,788,627
TOTAL JAPAN
 
 
41,903,911
NETHERLANDS - 0.9%
 
 
 
Health Care - 0.9%
 
 
 
Biotechnology - 0.9%
 
 
 
Argenx SE ADR (a)
 
27,262
22,913,711
Newamsterdam Pharma Co NV (a)(d)
 
298,200
9,279,984
uniQure NV (a)
 
394,900
8,972,128
 
 
 
 
TOTAL NETHERLANDS
 
 
41,165,823
PUERTO RICO - 1.1%
 
 
 
Financials - 1.1%
 
 
 
Banks - 1.1%
 
 
 
First BanCorp/Puerto Rico (d)
 
2,309,161
51,078,641
THAILAND - 1.6%
 
 
 
Information Technology - 1.6%
 
 
 
Electronic Equipment, Instruments & Components - 1.6%
 
 
 
Fabrinet (a)
 
154,740
75,735,946
UNITED KINGDOM - 1.6%
 
 
 
Communication Services - 0.2%
 
 
 
Media - 0.2%
 
 
 
4imprint Group PLC
 
188,500
10,523,706
Consumer Discretionary - 0.4%
 
 
 
Leisure Products - 0.4%
 
 
 
Games Workshop Group PLC
 
80,989
18,895,031
Consumer Staples - 0.1%
 
 
 
Food Products - 0.1%
 
 
 
Nomad Foods Ltd (d)
 
408,294
5,185,334
Energy - 0.9%
 
 
 
Energy Equipment & Services - 0.9%
 
 
 
TechnipFMC PLC
 
743,446
41,424,811
TOTAL UNITED KINGDOM
 
 
76,028,882
UNITED STATES - 87.0%
 
 
 
Consumer Discretionary - 10.8%
 
 
 
Automobile Components - 1.3%
 
 
 
Patrick Industries Inc (d)
 
286,006
36,085,377
Phinia Inc
 
370,714
26,383,715
 
 
 
62,469,092
Distributors - 0.2%
 
 
 
GigaCloud Technology Inc Class A (a)
 
289,700
11,567,721
Diversified Consumer Services - 1.4%
 
 
 
Frontdoor Inc (a)
 
231,200
13,666,232
Laureate Education Inc (a)
 
1,470,365
50,433,520
 
 
 
64,099,752
Hotels, Restaurants & Leisure - 0.5%
 
 
 
Brinker International Inc (a)
 
91,018
14,355,359
Dutch Bros Inc Class A (a)
 
76,660
4,169,537
Pursuit Attractions and Hospitality Inc (a)
 
210,700
7,317,611
 
 
 
25,842,507
Household Durables - 2.5%
 
 
 
Champion Homes Inc (a)
 
163,051
12,779,937
Green Brick Partners Inc (a)
 
583,701
40,503,013
Installed Building Products Inc (d)
 
98,623
28,417,231
Lovesac Co/The (a)(d)
 
319,250
4,252,410
SharkNinja Inc (a)
 
283,773
33,541,969
 
 
 
119,494,560
Leisure Products - 0.3%
 
 
 
Acushnet Holdings Corp (d)
 
155,363
15,060,889
Specialty Retail - 3.3%
 
 
 
Academy Sports & Outdoors Inc (d)
 
950,090
52,264,451
Boot Barn Holdings Inc (a)
 
204,842
36,560,200
Group 1 Automotive Inc
 
35,800
12,682,508
Murphy USA Inc
 
85,710
36,213,332
RealReal Inc/The (a)
 
388,700
5,702,229
Warby Parker Inc Class A (a)
 
317,300
8,094,323
 
 
 
151,517,043
Textiles, Apparel & Luxury Goods - 1.3%
 
 
 
Crocs Inc (a)
 
150,843
12,658,745
Kontoor Brands Inc
 
398,110
23,779,110
Samsonite Group SA (b)(e)
 
2,844,759
7,202,843
Steven Madden Ltd
 
395,059
17,335,189
 
 
 
60,975,887
TOTAL CONSUMER DISCRETIONARY
 
 
511,027,451
Consumer Staples - 1.8%
 
 
 
Beverages - 0.7%
 
 
 
Primo Brands Corp Class A
 
450,853
8,539,156
Vita Coco Co Inc/The (a)
 
466,412
24,883,080
 
 
 
33,422,236
Consumer Staples Distribution & Retail - 0.3%
 
 
 
Performance Food Group Co (a)
 
127,803
12,198,796
Food Products - 0.8%
 
 
 
Darling Ingredients Inc (a)
 
332,173
15,167,019
Post Holdings Inc (a)
 
73,606
7,530,630
Simply Good Foods Co/The (a)
 
782,226
14,682,382
 
 
 
37,380,031
TOTAL CONSUMER STAPLES
 
 
83,001,063
Energy - 3.5%
 
 
 
Energy Equipment & Services - 1.9%
 
 
 
Cactus Inc Class A
 
550,348
30,946,068
Liberty Energy Inc Class A
 
3,890
95,889
Noble Corp PLC (d)
 
346,200
12,331,644
Weatherford International PLC
 
503,201
47,341,150
 
 
 
90,714,751
Oil, Gas & Consumable Fuels - 1.6%
 
 
 
Antero Resources Corp (a)
 
566,043
20,586,984
Chord Energy Corp
 
279,825
28,049,658
Core Natural Resources Inc
 
155,859
14,865,831
Northern Oil & Gas Inc (d)
 
497,560
12,439,000
 
 
 
75,941,473
TOTAL ENERGY
 
 
166,656,224
Financials - 15.6%
 
 
 
Banks - 7.5%
 
 
 
Axos Financial Inc (a)
 
249,583
24,706,221
Central BanCo Inc
 
329,100
7,931,309
Community Financial System Inc
 
243,077
15,192,313
Connectone Bancorp  Inc
 
413,470
11,006,571
CVB Financial Corp
 
1,094,100
21,564,711
East West Bancorp Inc
 
162,536
18,600,620
First Bancorp/Southern Pines NC
 
329,200
19,070,556
First Hawaiian Inc
 
814,700
21,630,285
First Horizon Corp
 
510,721
12,507,557
First Interstate BancSystem Inc Class A
 
403,974
14,328,958
Glacier Bancorp Inc
 
319,889
16,211,975
Home BancShares Inc/AR
 
316,780
9,154,942
Pathward Financial Inc
 
555,500
50,156,095
Pinnacle Financial Partners Inc
 
268,987
25,577,974
SOUTHSTATE BANK CORP
 
364,393
37,288,336
TriCo Bancshares
 
619,868
30,881,824
Western Alliance Bancorp
 
195,261
17,407,518
 
 
 
353,217,765
Capital Markets - 2.2%
 
 
 
Houlihan Lokey Inc Class A
 
70,683
11,897,362
Lazard Inc
 
604,144
32,454,616
Piper Sandler Cos
 
44,733
15,493,275
Stifel Financial Corp
 
225,702
27,829,057
Wealthfront Corp (a)
 
33,900
294,251
WisdomTree Inc
 
957,000
15,503,400
 
 
 
103,471,961
Consumer Finance - 2.1%
 
 
 
FirstCash Holdings Inc
 
419,590
71,540,095
SLM Corp
 
1,015,422
27,568,707
 
 
 
99,108,802
Financial Services - 1.8%
 
 
 
Essent Group Ltd
 
706,678
44,464,180
PennyMac Financial Services Inc
 
400,589
40,026,853
 
 
 
84,491,033
Insurance - 2.0%
 
 
 
First American Financial Corp
 
200,678
12,678,836
Genworth Financial Inc Class A (a)
 
2,298,945
19,173,201
Primerica Inc
 
173,541
45,648,225
Selective Insurance Group Inc
 
227,372
19,117,438
 
 
 
96,617,700
TOTAL FINANCIALS
 
 
736,907,261
Health Care - 15.8%
 
 
 
Biotechnology - 8.2%
 
 
 
Arcellx Inc (a)(d)
 
178,169
12,170,724
Astria Therapeutics Inc warrants (a)
 
183,003
1,456,210
Celldex Therapeutics Inc (a)
 
140,796
3,463,582
Centessa Pharmaceuticals PLC ADR (a)
 
150,300
3,692,871
Cogent Biosciences Inc (a)
 
905,054
32,500,489
Cytokinetics Inc (a)
 
402,376
25,426,139
CytomX Therapeutics Inc (a)
 
2,531,495
14,404,207
Dianthus Therapeutics Inc (a)
 
402,306
21,479,117
Disc Medicine Inc (a)
 
201,635
15,590,418
Insmed Inc (a)
 
81,430
12,773,924
Jade Biosciences Inc
 
513,700
8,018,857
Kiniksa Pharmaceuticals International Plc Class A (a)
 
79,680
3,499,546
Kymera Therapeutics Inc (a)
 
158,500
11,521,365
Mineralys Therapeutics Inc (a)
 
234,168
7,233,450
Nuvalent Inc Class A (a)
 
237,729
24,459,937
Olema Pharmaceuticals Inc (a)
 
417,500
10,738,100
Oruka Therapeutics Inc (a)
 
410,772
14,060,726
Oruka Therapeutics Inc (a)(c)
 
81,000
2,772,630
Praxis Precision Medicines Inc (a)
 
59,200
18,588,800
Rhythm Pharmaceuticals Inc (a)
 
160,000
16,403,200
Soleno Therapeutics Inc (a)
 
33,570
1,294,459
Spyre Therapeutics Inc (a)(d)
 
327,147
10,462,161
Stoke Therapeutics Inc (a)
 
418,600
12,700,324
Upstream Bio Inc (a)
 
555,000
17,249,400
Vaxcyte Inc (a)
 
539,998
28,927,693
Vericel Corp (a)
 
280,280
10,084,474
Viking Therapeutics Inc (a)(d)
 
457,501
13,285,829
Viridian Therapeutics Inc (a)
 
763,961
25,210,713
Zenas Biopharma Inc (a)
 
536,332
9,852,419
 
 
 
389,321,764
Health Care Equipment & Supplies - 1.5%
 
 
 
Artivion Inc (a)
 
256,923
10,474,751
Axogen Inc (a)
 
379,300
13,218,605
Ceribell Inc (a)
 
437,000
9,006,570
Kestra Medical Technologies Ltd
 
537,900
13,269,993
LivaNova PLC (a)
 
56,100
3,686,331
Masimo Corp (a)
 
79,948
10,979,259
Penumbra Inc (a)
 
2,967
1,062,689
TransMedics Group Inc (a)
 
73,700
9,873,958
 
 
 
71,572,156
Health Care Providers & Services - 3.3%
 
 
 
BrightSpring Health Services Inc (a)
 
648,900
25,482,303
Brookdale Senior Living Inc (a)
 
1,627,600
24,414,000
Encompass Health Corp
 
44,087
4,167,544
Ensign Group Inc/The
 
136,557
23,441,375
GeneDx Holdings Corp Class A (a)
 
92,500
8,904,050
Guardant Health Inc (a)
 
224,800
25,636,192
HealthEquity Inc (a)
 
145,359
12,452,906
LifeStance Health Group Inc (a)
 
119,266
843,211
Privia Health Group Inc (a)
 
897,434
20,838,417
Surgery Partners Inc (a)
 
598,986
8,900,932
 
 
 
155,080,930
Health Care Technology - 0.3%
 
 
 
Waystar Holding Corp (a)
 
587,376
15,600,707
Life Sciences Tools & Services - 0.5%
 
 
 
10X Genomics Inc Class A (a)
 
314,746
6,357,869
Charles River Laboratories International Inc (a)
 
77,400
16,291,152
 
 
 
22,649,021
Pharmaceuticals - 2.0%
 
 
 
Amylyx Pharmaceuticals Inc (a)
 
881,400
12,595,206
Crinetics Pharmaceuticals Inc (a)
 
425,022
21,225,599
Elanco Animal Health Inc (a)
 
340,600
8,201,648
Enliven Therapeutics Inc (a)
 
430,126
11,376,833
Enliven Therapeutics Inc (a)(c)
 
224,300
5,932,735
MBX Biosciences Inc (a)
 
68,302
2,516,928
Structure Therapeutics Inc ADR (a)
 
343,505
30,383,017
 
 
 
92,231,966
TOTAL HEALTH CARE
 
 
746,456,544
Industrials - 19.5%
 
 
 
Aerospace & Defense - 0.5%
 
 
 
Carpenter Technology Corp
 
73,155
23,250,854
Air Freight & Logistics - 0.4%
 
 
 
GXO Logistics Inc (a)
 
320,518
18,138,114
Building Products - 1.7%
 
 
 
AAON Inc (d)
 
87,837
7,998,437
AZZ Inc
 
163,300
20,296,557
Simpson Manufacturing Co Inc
 
224,717
39,725,472
Tecnoglass Inc
 
246,422
12,052,500
 
 
 
80,072,966
Commercial Services & Supplies - 1.3%
 
 
 
Brink's Co/The
 
367,502
46,687,455
HNI Corp
 
185,170
8,849,274
Vestis Corp
 
819,463
5,351,093
 
 
 
60,887,822
Construction & Engineering - 5.1%
 
 
 
Cardinal Infrastructure Group Inc Class A
 
229,261
5,775,085
Construction Partners Inc Class A (a)
 
326,061
35,827,583
Granite Construction Inc
 
274,924
33,194,324
IES Holdings Inc (a)
 
197,536
75,120,965
Legence Corp Class A
 
519,663
24,377,391
Primoris Services Corp
 
193,504
28,686,968
Sterling Infrastructure Inc (a)
 
95,555
34,200,090
WillScot Holdings Corp
 
248,094
4,969,323
 
 
 
242,151,729
Electrical Equipment - 2.0%
 
 
 
Nextpower Inc Class A (a)
 
501,227
58,688,669
Thermon Group Holdings Inc (a)
 
827,220
37,431,705
 
 
 
96,120,374
Ground Transportation - 0.1%
 
 
 
ArcBest Corp
 
106,676
9,624,308
Machinery - 3.6%
 
 
 
Atmus Filtration Technologies Inc
 
470,094
27,251,349
Blue Bird Corp (a)
 
217,819
10,958,474
Federal Signal Corp
 
181,622
19,631,522
Kadant Inc (d)
 
41,237
13,238,726
REV Group Inc
 
321,517
20,544,936
SPX Technologies Inc (a)
 
213,246
44,442,600
Terex Corp
 
568,392
32,398,344
 
 
 
168,465,951
Passenger Airlines - 0.8%
 
 
 
SkyWest Inc (a)
 
369,259
35,640,879
Professional Services - 2.0%
 
 
 
Amentum Holdings Inc (a)
 
526,945
18,854,092
CRA International Inc
 
107,776
20,363,197
ExlService Holdings Inc (a)
 
399,749
15,650,173
First Advantage Corp (a)(d)
 
727,497
9,821,210
FTI Consulting Inc (a)
 
72,500
12,663,575
KBR Inc
 
374,437
16,029,648
 
 
 
93,381,895
Trading Companies & Distributors - 2.0%
 
 
 
Applied Industrial Technologies Inc
 
42,994
11,196,067
Herc Holdings Inc
 
271,559
38,925,267
Rush Enterprises Inc Class A
 
720,440
46,245,044
 
 
 
96,366,378
TOTAL INDUSTRIALS
 
 
924,101,270
Information Technology - 10.8%
 
 
 
Communications Equipment - 0.8%
 
 
 
Ciena Corp (a)
 
154,018
38,783,273
Electronic Equipment, Instruments & Components - 6.4%
 
 
 
Advanced Energy Industries Inc (d)
 
320,496
81,841,859
Belden Inc
 
337,769
39,691,235
ePlus Inc
 
173,790
14,912,920
Insight Enterprises Inc (a)
 
122,536
10,295,474
OSI Systems Inc (a)
 
91,169
22,805,014
Sanmina Corp (a)
 
465,423
65,941,131
TD SYNNEX Corp
 
274,064
43,485,735
TTM Technologies Inc (a)
 
226,500
22,242,300
 
 
 
301,215,668
Semiconductors & Semiconductor Equipment - 2.8%
 
 
 
Axcelis Technologies Inc (a)
 
218,693
19,260,293
Diodes Inc (a)
 
213,445
12,633,810
MACOM Technology Solutions Holdings Inc (a)
 
217,928
47,739,308
MKS Inc
 
119,069
28,030,033
Onto Innovation Inc (a)
 
58,590
11,838,109
Veeco Instruments Inc (a)
 
350,782
10,954,921
 
 
 
130,456,474
Software - 0.8%
 
 
 
Agilysys Inc (a)
 
123,600
10,722,300
Intapp Inc (a)
 
334,481
11,355,630
PAR Technology Corp (a)(d)
 
314,860
8,252,481
Riot Platforms Inc (a)
 
277,400
4,291,377
SPS Commerce Inc (a)
 
59,919
5,348,370
 
 
 
39,970,158
TOTAL INFORMATION TECHNOLOGY
 
 
510,425,573
Materials - 3.7%
 
 
 
Chemicals - 1.1%
 
 
 
Element Solutions Inc
 
1,014,293
29,515,927
Minerals Technologies Inc
 
206,936
13,608,111
Perimeter Solutions Inc (a)
 
354,800
9,278,020
 
 
 
52,402,058
Construction Materials - 0.8%
 
 
 
Eagle Materials Inc
 
186,368
37,983,662
Metals & Mining - 1.3%
 
 
 
Commercial Metals Co
 
593,885
45,651,940
Constellium SE (a)
 
744,711
16,733,656
 
 
 
62,385,596
Paper & Forest Products - 0.5%
 
 
 
Louisiana-Pacific Corp
 
185,388
15,524,391
Sylvamo Corp
 
142,194
6,958,974
 
 
 
22,483,365
TOTAL MATERIALS
 
 
175,254,681
Real Estate - 4.0%
 
 
 
Diversified REITs - 0.8%
 
 
 
Essential Properties Realty Trust Inc
 
1,312,144
39,836,692
Health Care REITs - 1.5%
 
 
 
American Healthcare REIT Inc
 
723,587
33,943,466
CareTrust REIT Inc
 
988,101
36,895,692
 
 
 
70,839,158
Industrial REITs - 0.4%
 
 
 
Americold Realty Trust Inc
 
674,300
8,368,063
Terreno Realty Corp
 
182,285
11,217,819
 
 
 
19,585,882
Real Estate Management & Development - 0.5%
 
 
 
Jones Lang LaSalle Inc (a)
 
65,518
23,449,547
Retail REITs - 0.3%
 
 
 
Acadia Realty Trust
 
685,890
13,724,658
Specialized REITs - 0.5%
 
 
 
Outfront Media Inc
 
892,393
21,702,998
TOTAL REAL ESTATE
 
 
189,138,935
Utilities - 1.5%
 
 
 
Gas Utilities - 1.5%
 
 
 
Southwest Gas Holdings Inc
 
559,613
46,347,149
UGI Corp
 
581,334
23,317,306
TOTAL UTILITIES
 
 
69,664,455
TOTAL UNITED STATES
 
 
4,112,633,457
 
TOTAL COMMON STOCKS
 (Cost $2,960,756,255)
 
 
 
4,693,406,705
 
 
 
 
Money Market Funds - 4.4%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (f)
 
3.70
104,136,868
104,157,695
Fidelity Securities Lending Cash Central Fund (f)(g)
 
3.70
105,481,611
105,492,159
 
TOTAL MONEY MARKET FUNDS
 (Cost $209,649,854)
 
 
 
209,649,854
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 103.7%
 (Cost $3,170,406,109)
 
 
 
4,903,056,559
NET OTHER ASSETS (LIABILITIES) - (3.7)%  
(174,909,444)
NET ASSETS - 100.0%
4,728,147,115
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
LONG
 
 
 
 
 
 
 
 
 
Equity Contracts
 
 
 
 
CME E-Mini Russell 2000 Index Contracts (United States)
100
3/2026
13,123,000
338,596
 
 
 
 
 
The notional amount of long futures as a percentage of Net Assets is 0.3%.

 
Legend
 
(a)
Non-income producing.
 
(b)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $15,943,534 or 0.3% of net assets.
 
(c)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $8,705,365 or 0.2% of net assets.
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $7,202,843 or 0.2% of net assets.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Enliven Therapeutics Inc
3/19/2024
3,140,200
 
 
 
Oruka Therapeutics Inc
9/17/2025
1,215,000
 
 
 
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
75,539,148
731,768,611
703,145,232
1,503,949
(4,832)
-
104,157,695
104,136,868
0.2%
Fidelity Securities Lending Cash Central Fund
112,851,025
619,109,579
626,469,157
188,945
712
-
105,492,159
105,481,611
0.3%
Total
188,390,173
1,350,878,190
1,329,614,389
1,692,894
(4,120)
-
209,649,854
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
 
The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Common Stocks
 
 
 
 
Communication Services
23,867,854
23,867,854
-
-
Consumer Discretionary
529,922,482
529,922,482
-
-
Consumer Staples
88,186,397
88,186,397
-
-
Energy
240,543,684
240,543,684
-
-
Financials
816,132,524
816,132,524
-
-
Health Care
819,859,951
818,403,741
1,456,210
-
Industrials
956,035,103
956,035,103
-
-
Information Technology
662,572,819
662,572,819
-
-
Materials
227,255,310
227,255,310
-
-
Real Estate
216,367,111
216,367,111
-
-
Utilities
112,663,470
112,663,470
-
-
 Money Market Funds
209,649,854
209,649,854
-
-
 Total Investments in Securities:
4,903,056,559
4,901,600,349
1,456,210
-
 Derivative Instruments:
 
 
 
 
 Assets
 
 
 
 
Futures Contracts
338,596
338,596
-
-
  Total Assets
338,596
338,596
-
-
 Total Derivative Instruments:
338,596
338,596
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Futures Contracts (a) 
338,596
-
Total Equity Risk
338,596
-
Total Value of Derivatives
338,596
-
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of January 31, 2026 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value (including  securities loaned of $121,478,283) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,960,756,255)
$
4,693,406,705
 
 
Fidelity Central Funds (cost $209,649,854)
209,649,854
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $3,170,406,109)
 
 
$
4,903,056,559
Segregated cash with brokers for derivative instruments
 
 
1,558,126
Cash
 
 
604,390
Foreign currency held at value (cost $428)
 
 
428
Receivable for investments sold
 
 
58,054,449
Receivable for fund shares sold
 
 
1,385,157
Dividends receivable
 
 
217,365
Distributions receivable from Fidelity Central Funds
 
 
231,335
Other receivables
 
 
45,087
  Total assets
 
 
4,965,152,896
Liabilities
 
 
 
 
Payable for investments purchased
$
9,459,322
 
 
Payable for fund shares redeemed
121,792,550
 
 
Payable for daily variation margin on futures contracts
228,887
 
 
Other payables and accrued expenses
44,011
 
 
Collateral on securities loaned
105,481,011
 
 
  Total liabilities
 
 
 
237,005,781
Net Assets  
 
 
$
4,728,147,115
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
2,892,749,627
Total accumulated earnings (loss)
 
 
 
1,835,397,488
Net Assets
 
 
$
4,728,147,115
Net Asset Value, offering price and redemption price per share ($4,728,147,115 ÷ 275,487,298 shares)
 
 
$
17.16
Statement of Operations
Six months ended January 31, 2026 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
21,623,783
Income from Fidelity Central Funds (including $188,945 from security lending)
 
 
1,692,894
 Total income
 
 
 
23,316,677
Expenses
 
 
 
 
Custodian fees and expenses
$
34,956
 
 
Independent trustees' fees and expenses
9,182
 
 
 Total expenses before reductions
 
44,138
 
 
 Expense reductions
 
(386)
 
 
 Total expenses after reductions
 
 
 
43,752
Net Investment income (loss)
 
 
 
23,272,925
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
218,265,568
 
 
   Fidelity Central Funds
 
(4,120)
 
 
 Foreign currency transactions
 
(15,268)
 
 
 Futures contracts
 
3,806,078
 
 
Total net realized gain (loss)
 
 
 
222,052,258
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
605,118,831
 
 
 Assets and liabilities in foreign currencies
 
6,351
 
 
 Futures contracts
 
(246,155)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
604,879,027
Net gain (loss)
 
 
 
826,931,285
Net increase (decrease) in net assets resulting from operations
 
 
$
850,204,210
Statement of Changes in Net Assets
 
 
Six months ended
January 31, 2026
(Unaudited)
 
Year ended
July 31, 2025
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
23,272,925
$
45,423,878
Net realized gain (loss)
 
222,052,258
 
614,401,017
Change in net unrealized appreciation (depreciation)
 
604,879,027
 
(644,613,350)
Net increase (decrease) in net assets resulting from operations
 
850,204,210
 
15,211,545
Distributions to shareholders
 
(201,927,300)
 
(465,019,571)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
133,916,238
 
1,820,657,966
  Reinvestment of distributions
 
201,927,300
 
465,019,571
Cost of shares redeemed
 
(621,522,819)
 
(3,205,698,071)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(285,679,281)
 
(920,020,534)
Total increase (decrease) in net assets
 
362,597,629
 
(1,369,828,560)
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
4,365,549,486
 
5,735,378,046
End of period
$
4,728,147,115
$
4,365,549,486
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
6,968,603
 
122,717,649
  Issued in reinvestment of distributions
 
12,361,154
 
31,316,313
Redeemed
 
(36,611,454)
 
(214,472,846)
Net increase (decrease)
 
(17,281,697)
 
(60,438,884)
 
 
 
 
 
Financial Highlights
 
Fidelity® Series Small Cap Opportunities Fund
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
14.91
$
16.24
$
13.47
$
12.57
$
18.08
$
12.66
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.08
 
.15
 
.16
 
.14
 
.12
 
.12
     Net realized and unrealized gain (loss)
 
2.89
 
(.10)
 
2.75
 
1.36
 
(1.03)
 
5.62
  Total from investment operations
 
2.97  
 
.05  
 
2.91  
 
1.50  
 
(.91)
 
5.74
  Distributions from net investment income
 
(.17)
 
(.32)
 
(.14)
 
(.14)
 
(.12)
 
(.14)
  Distributions from net realized gain
 
(.54)
 
(1.05)
 
-
 
(.47)
 
(4.48)
 
(.19)
     Total distributions
 
(.72) C
 
(1.38) C
 
(.14)
 
(.60) C
 
(4.60)
 
(.32) C
  Net asset value, end of period
$
17.16
$
14.91
$
16.24
$
13.47
$
12.57
$
18.08
 Total Return D,E
 
20.18
%
 
.39%
 
21.85%
 
12.51%
 
(7.62)%
 
45.98%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions H
 
-% I
 
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of fee waivers, if any H
 
-
% I
 
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of all reductions, if any H
 
-% I
 
-%
 
-%
 
-%
 
-%
 
-%
    Net investment income (loss)
 
1.01% I
 
1.00%
 
1.14%
 
1.11%
 
.86%
 
.77%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
4,728,147
$
4,365,549
$
5,735,378
$
4,942,472
$
5,039,957
$
6,012,414
    Portfolio turnover rate J
 
35
% I
 
43% K
 
47%
 
34%
 
39%
 
96%
 
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.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
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 represents less than .005%.
IAnnualized.
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.
KPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
 (Unaudited)
For the period ended January 31, 2026
 
1. Organization.
Fidelity Series Small Cap Opportunities Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2026 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, futures contracts, passive foreign investment companies (PFIC), redemptions in-kind and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$1,862,669,929
Gross unrealized depreciation
(139,249,309)
Net unrealized appreciation (depreciation)
$1,723,420,620
Tax cost
$3,179,974,535
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.
 
Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Series Small Cap Opportunities Fund
794,428,793
1,211,915,836
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity Series Small Cap Opportunities Fund
 20,928
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Series Small Cap Opportunities Fund
 32,933,550
 159,237,353
 48,043,645
 
Prior Fiscal Year Affiliated Redemptions In-Kind. Affiliated shareholders that redeemed shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
 
Shares
Total net realized gain or loss on Investments ($)
Total Proceeds ($)
Fidelity Series Small Cap Opportunities Fund
68,819,878
415,947,457
1,032,986,370
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Series Small Cap Opportunities Fund
19,942
 7,707
-
 
At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.
 
 
Amount ($)
Fidelity Series Small Cap Opportunities Fund
20,268,598
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $386.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.839810.118
SMO-SANN-0426
Fidelity® Series Real Estate Income Fund
 
 
 
 
Semi-Annual Report
January 31, 2026

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Series Real Estate Income Fund

Notes to Financial Statements

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 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2026 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Series Real Estate Income Fund
Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets
Asset-Backed Securities - 1.5%
 
 
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 1.5%
 
 
 
Home Partners of America Trust Series 2021-1 Class F, 3.325% 9/17/2041 (g)
 
406,471
367,756
Home Partners of America Trust Series 2021-2 Class G, 4.505% 12/17/2026 (g)
 
959,496
946,042
Retained Vantage Data Ctrs Issuer LLC / Vantage Data Ctrs CDA Qc4 Ltd Partnership Series 2024-1A Class B, 5.775% 9/15/2049 (g)
 
553,000
542,886
SG Commercial Mortgage Securities Trust Series 2019-PREZ Class F, 3.4771% 9/15/2039 (c)(g)
 
2,000,000
1,669,062
Switch Abs Issuer LLC Series 2024-2A Class C, 10.033% 6/25/2054 (g)
 
750,000
776,409
TOTAL UNITED STATES
 
 
4,302,155
 
TOTAL ASSET-BACKED SECURITIES
 (Cost $4,543,657)
 
 
 
4,302,155
 
 
 
 
Bank Loan Obligations - 1.4%
 
 
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 1.4%
 
 
 
Communication Services - 0.2%
 
 
 
Diversified Telecommunication Services - 0.2%
 
 
 
Uniti Services LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6719% 10/6/2032 (b)(c)(d)
 
500,000
500,000
Financials - 1.2%
 
 
 
Financial Services - 1.2%
 
 
 
MHP Commercial Mortgage Trust U.S. SOFR Index + 5%, 8.7501% 1/9/2027 (b)(c)(d)(e)
 
3,514,502
3,426,640
Real Estate - 0.0%
 
 
 
Real Estate Management & Development - 0.0%
 
 
 
Cushman & Wakefield US Borrower LLC Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4219% 1/31/2030 (b)(c)(d)
 
16,950
17,045
TOTAL UNITED STATES
 
 
3,943,685
 
TOTAL BANK LOAN OBLIGATIONS
 (Cost $4,026,620)
 
 
 
3,943,685
 
 
 
 
Commercial Mortgage Securities - 20.0%
 
 
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 20.0%
 
 
 
Ares Tr 2 Series 2025-IND3 Class E, CME Term SOFR 1 month Index + 3.55%, 7.2302% 4/15/2042 (b)(c)(g)
 
1,000,000
1,002,500
BANK Series 2017-BNK4 Class D, 3.357% 5/15/2050 (e)(g)
 
625,000
352,624
BANK Series 2017-BNK8 Class E, 2.8% 11/15/2050 (g)
 
1,848,000
814,973
BANK Series 2025-BNK51 Class B, 5.895% 12/25/2067 (c)
 
825,000
843,623
Benchmark Mortgage Trust Series 2019-B14 Class 225D, 3.4041% 12/15/2062 (c)(e)(g)
 
573,000
2,865
Benchmark Mortgage Trust Series 2019-B14 Class 225E, 3.4041% 12/15/2062 (c)(e)(g)
 
859,000
2,148
BFLD Commercial Mortgage Trust Series 2024-UNIV Class D, CME Term SOFR 1 month Index + 2.6909%, 6.3711% 11/15/2041 (b)(c)(g)
 
381,000
383,262
BPR Commercial Mortgage Trust Series 2024-PARK Class C, 6.1833% 11/5/2039 (c)(g)
 
303,000
312,619
BPR Trust Series 2024-PMDW Class D, 5.85% 11/5/2041 (c)(g)
 
254,000
253,802
Bres Coml Mtg Trust Series 2025-ATCAP Class F, CME Term SOFR 1 month Index + 5.1885%, 8.8687% 11/15/2042 (b)(c)(g)
 
1,000,000
1,002,307
BSREP Commercial Mortgage Trust Series 2021-DC Class F, CME Term SOFR 1 month Index + 2.9645%, 6.6455% 8/15/2038 (b)(c)(g)
 
91,177
38,077
BSREP Commercial Mortgage Trust Series 2021-DC Class G, CME Term SOFR 1 month Index + 3.9645%, 7.6455% 8/15/2038 (b)(c)(g)
 
213,030
76,226
BX Commercial Mortgage Trust 2020-VIVA Series 2020-VIVA Class E, 3.5488% 3/11/2044 (c)(g)
 
2,018,000
1,822,544
BX Commercial Mortgage Trust 2024-VLT5 Series 2024-VLT5 Class B, 5.8015% 11/13/2046 (c)(g)
 
353,000
362,050
BX Commercial Mortgage Trust 2024-VLT5 Series 2024-VLT5 Class E, 8.1339% 11/13/2046 (c)(g)
 
800,000
860,155
BX Commercial Mortgage Trust 2025-SPOT Series 2025-SPOT Class E, CME Term SOFR 1 month Index + 3.6902%, 7.3704% 4/15/2040 (b)(c)(g)
 
906,642
911,173
BX Commercial Mortgage Trust Series 2019-IMC Class G, CME Term SOFR 1 month Index + 3.6463%, 7.3263% 4/15/2034 (b)(c)(g)
 
819,000
796,619
BX Trust 2019-OC11 Series 2019-OC11 Class E, 3.944% 12/9/2041 (c)(g)
 
5,666,000
5,252,323
BX Trust 2024 VLT4 Series 2024-VLT4 Class F, CME Term SOFR 1 month Index + 3.9379%, 7.6181% 6/15/2041 (b)(c)(g)
 
750,000
750,850
BX Trust 2024-FNX Series 2024-FNX Class D, CME Term SOFR 1 month Index + 2.9402%, 6.6204% 11/15/2041 (b)(c)(g)
 
256,756
257,799
BX Trust 2024-FNX Series 2024-FNX Class E, CME Term SOFR 1 month Index + 3.9387%, 7.6189% 11/15/2041 (b)(c)(g)
 
864,135
863,086
BX Trust Series 2022-LBA6 Class F, CME Term SOFR 1 month Index + 3.35%, 7.0302% 1/15/2039 (b)(c)(g)
 
700,000
699,125
BX Trust Series 2025-OMG Class F, CME Term SOFR 1 month Index + 3.6%, 7.281% 10/15/2042 (b)(c)(e)(g)
 
1,000,000
1,000,400
COMM Mortgage Trust Series 2017-CD4 Class D, 3.3% 5/10/2050 (e)(g)
 
213,000
187,167
COMM Mortgage Trust Series 2017-COR2 Class D, 3% 9/10/2050 (g)
 
31,000
28,187
COMM Mortgage Trust Series 2018-HCLV Class F, CME Term SOFR 1 month Index + 3.346%, 7.026% 9/15/2033 (b)(c)(g)
 
735,000
41,431
COMM Mortgage Trust Series 2018-HCLV Class G, CME Term SOFR 1 month Index + 5.3523%, 9.0323% 9/15/2033 (b)(c)(g)
 
735,000
15,705
COMM Mortgage Trust Series 2025-180W Class F, 7.3635% 8/10/2042 (c)(g)
 
2,000,000
1,969,705
Cone Trust Series 2024-DFW1 Class E, CME Term SOFR 1 month Index + 3.8885%, 7.5687% 8/15/2041 (b)(c)(g)
 
500,000
499,637
Credit Suisse Commercial Mortgage Trust Series 2021-SOP2 Class F, CME Term SOFR 1 month Index + 4.4314%, 8.1115% 6/15/2034 (b)(g)
 
800,000
438,965
DBGS Mortgage Trust Series 2018-C1 Class C, 4.6356% 10/15/2051 (c)
 
1,000,000
911,635
ELP Series 2025-ELP Class E, 6.665% 11/13/2042 (c)(g)
 
455,000
463,634
EQT Trust Series 2024-EXTR Class B, 5.6546% 7/5/2041 (c)(g)
 
1,000,000
1,018,872
Extended Stay America Trust Series 2025-ESH Class F, CME Term SOFR 1 month Index + 4.1%, 7.7802% 10/15/2042 (b)(c)(g)
 
1,000,000
1,012,500
Extended Stay America Trust Series 2026-ESH2 Class E, CME Term SOFR 1 month Index + 2.9%, 6.57% 2/15/2043 (b)(c)(g)
 
780,000
786,338
Extended Stay America Trust Series 2026-ESH2 Class F, 7.42% 2/15/2043 (g)
 
285,000
287,850
GS Mortgage Securities Trust Series 2011-GC5 Class C, 5.1413% 8/10/2044 (c)(g)
 
101,000
92,976
GS Mortgage Securities Trust Series 2011-GC5 Class D, 5.1413% 8/10/2044 (c)(g)
 
759,236
587,847
GS Mortgage Securities Trust Series 2011-GC5 Class E, 5.1413% 8/10/2044 (c)(g)
 
848,000
289,390
GS Mortgage Securities Trust Series 2011-GC5 Class F, 4.5% 8/10/2044 (e)(g)
 
677,000
2,030
GS Mortgage Securities Trust Series 2012-GCJ9 Class E, 4.6643% 11/10/2045 (c)(e)(g)
 
355,000
340,800
GS Mortgage Securities Trust Series 2018-RIVR Class G, CME Term SOFR 1 month Index + 2.647%, 6.577% 7/15/2035 (b)(c)(g)
 
669,000
494
GS Mortgage Securities Trust Series 2023-SHIP Class E, 7.4336% 9/10/2038 (c)(g)
 
1,000,000
1,003,627
GS Mortgage Securities Trust Series 2024-RVR Class A, 5.3716% 8/10/2041 (c)(g)
 
500,000
506,852
Hilton USA Trust Series 2016-HHV Class F, 4.1935% 11/5/2038 (c)(g)
 
2,515,000
2,470,072
JPMBB Commercial Mortgage Securities Trust Series 2014-C23 Class UH5, 4.7094% 9/15/2047 (g)
 
1,624,000
1,598,972
JPMDB Commercial Mortgage Securities Trust Series 2018-C8 Class D, 3.2552% 6/15/2051 (c)(g)
 
302,000
242,717
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class E, 4.6895% 6/15/2045 (c)(g)
 
592,418
584,032
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class G, 4% 6/15/2045 (g)
 
805,000
542,516
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class D, 4.3311% 4/15/2046 (c)
 
281,066
2,811
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class E, 3.8046% 6/10/2027 (c)(g)
 
924,000
2,300
JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-AON Class F, 4.6132% 7/5/2031 (c)(g)
 
961,000
107,556
JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN Class FFX, 4.6254% 1/16/2037 (e)(g)
 
1,406,000
337,440
JPMorgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI Class E, 5.7972% 10/5/2039 (c)(g)
 
356,000
352,546
MHC Commercial Mortgage Trust Series 2021-MHC Class F, CME Term SOFR 1 month Index + 2.7154%, 6.3954% 4/15/2038 (b)(c)(g)
 
555,200
555,200
MHC Commercial Mortgage Trust Series 2021-MHC Class G, CME Term SOFR 1 month Index + 3.3154%, 6.9954% 4/15/2038 (b)(c)(g)
 
1,076,800
1,076,800
MHP Commercial Mortgage Trust Series 2021-STOR Class G, CME Term SOFR 1 month Index + 2.8645%, 6.5455% 7/15/2038 (b)(c)(g)
 
250,000
249,688
MHP Series 2025-MHIL2 Class E, CME Term SOFR 1 month Index + 3.5%, 7.1802% 9/15/2040 (b)(c)(g)
 
2,000,000
1,999,195
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6 Class F, 4.3446% 11/15/2045 (c)(e)(g)
 
1,000,000
140,060
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class C, 3.7057% 5/15/2046 (c)
 
625,000
585,287
Morgan Stanley Capital I Trust Series 2011-C2 Class D, 5.2113% 6/15/2044 (c)(g)
 
667,378
660,904
Morgan Stanley Capital I Trust Series 2011-C2 Class F, 5.2113% 6/15/2044 (c)(g)
 
970,000
729,925
Morgan Stanley Capital I Trust Series 2011-C2 Class XB, 0.4924% 6/15/2044 (c)(g)(h)
 
21,123,262
79,130
Morgan Stanley Capital I Trust Series 2011-C3 Class E, 4.94% 7/15/2049 (c)(g)
 
154,041
152,381
Morgan Stanley Capital I Trust Series 2011-C3 Class F, 4.94% 7/15/2049 (c)(g)
 
636,000
617,262
Morgan Stanley Capital I Trust Series 2011-C3 Class G, 4.94% 7/15/2049 (c)(g)
 
979,600
941,505
Morgan Stanley Capital I Trust Series 2015-MS1 Class D, 4.028% 5/15/2048 (c)(e)(g)
 
980,000
824,543
Morgan Stanley Capital I Trust Series 2016-BNK2 Class D, 3% 11/15/2049 (g)
 
2,346,000
1,769,422
Morgan Stanley Capital I Trust Series 2024-BPR2 Class A, 7.291% 5/5/2029 (g)
 
962,329
1,010,545
Morgan Stanley Capital I Trust Series 2024-NSTB Class B, 3.9% 9/24/2057 (c)(g)
 
739,000
713,172
MSJP Series 2015-HAUL Class E, 4.851% 9/5/2047 (c)(g)
 
1,000,000
861,071
NXPT Commercial Mortgage Trust Series 2024-STOR Class E, 6.7033% 11/5/2041 (c)(g)
 
1,022,000
1,034,452
NYC Commercial Mortgage Trust Series 2025-77C Class B, 4.984% 1/10/2036 (c)(g)
 
115,000
115,605
NYC Commercial Mortgage Trust Series 2025-77C Class E, 6.2628% 1/10/2036 (c)(g)
 
235,000
237,275
PKHL Commercial Mortgage Trust Series 2021-MF Class G, CME Term SOFR 1 month Index + 4.4645%, 8.1455% 7/15/2038 (b)(c)(g)
 
500,000
93,234
Prima Capital CRE Securitization Ltd Series 2020-8A Class C, 3% 12/26/2070 (g)
 
250,000
214,525
PRM Trust Series 2025-PRM6 Class E, 6.5831% 7/5/2033 (c)(g)
 
500,000
502,540
Providence Place Group LP Series 2000-C1 Class A2, 7.75% 7/20/2028 (g)
 
418,586
427,662
ROCK Trust Series 2024-CNTR Class E, 8.8191% 11/13/2041 (g)
 
720,000
765,542
SCG Trust Series 2025-SNIP Class E, 7.0802% 9/15/2042 (c)(g)
 
500,000
502,500
SELF Commercial Mortgage Trust Series 2024-STRG Class D, CME Term SOFR 1 month Index + 2.9403%, 6.6205% 11/15/2034 (b)(c)(g)
 
212,100
212,497
SELF Commercial Mortgage Trust Series 2024-STRG Class E, CME Term SOFR 1 month Index + 4.1885%, 7.8687% 11/15/2034 (b)(c)(g)
 
247,800
248,420
SHR Trust Series 2024-LXRY Class D, CME Term SOFR 1 month Index + 3.6%, 7.2802% 10/15/2041 (b)(c)(g)
 
512,000
517,115
SREIT Trust Series 2021-MFP2 Class J, CME Term SOFR 1 month Index + 4.03%, 7.71% 11/15/2036 (b)(c)(g)
 
1,000,000
998,018
STWD Trust Series 2021-LIH Class G, CME Term SOFR 1 month Index + 4.3145%, 7.995% 11/15/2036 (b)(c)(g)
 
1,280,000
1,273,289
SWCH Commercial Mortgage Trust Series 2025-DATA Class F, CME Term SOFR 1 month Index + 4.2389%, 7.9191% 2/15/2042 (b)(c)(g)
 
500,000
494,563
UBS Commercial Mortgage Trust Series 2012-C1 Class E, 5% 5/10/2045 (c)(g)
 
926,620
881,401
UBS Commercial Mortgage Trust Series 2012-C1 Class F, 5% 5/10/2045 (c)(e)(g)
 
399,000
147,414
WF-RBS Commercial Mortgage Trust Series 2011-C3 Class D, 6.0497% 3/15/2044 (c)(e)(g)
 
843,916
303,827
WF-RBS Commercial Mortgage Trust Series 2011-C4I Class G, 5% 6/15/2044 (c)(e)
 
45,000
14,363
WF-RBS Commercial Mortgage Trust Series 2013-C11 Class E, 4.0678% 3/15/2045 (c)(g)
 
53,000
37,630
WF-RBS Commercial Mortgage Trust Series 2013-C13 Class D, 3.9682% 5/15/2045 (c)(g)
 
33,919
31,756
WP Glimcher Mall Trust Series 2015-WPG Class PR1, 3.516% 6/5/2035 (c)(g)
 
1,168,000
583,989
WP Glimcher Mall Trust Series 2015-WPG Class PR2, 3.516% 6/5/2035 (c)(e)(g)
 
459,000
100,975
TOTAL UNITED STATES
 
 
58,092,436
 
TOTAL COMMERCIAL MORTGAGE SECURITIES
 (Cost $67,515,057)
 
 
 
58,092,436
 
 
 
 
Common Stocks - 0.0%
 
 
Shares
Value ($)
 
UNITED STATES - 0.0%
 
 
 
Real Estate - 0.0%
 
 
 
Retail REITs - 0.0%
 
 
 
Retail Value Inc (e)(f)
  (Cost $709,415)
 
24,066
0
 
 
 
 
Convertible Preferred Stocks - 5.4%
 
 
Shares
Value ($)
 
UNITED STATES - 5.4%
 
 
 
Financials - 4.3%
 
 
 
Mortgage Real Estate Investment Trusts (REITs) - 4.3%
 
 
 
AGNC Investment Corp CME Term SOFR 3 month Index + 4.332%, 0% (b)(c)
 
65,750
1,642,106
AGNC Investment Corp CME Term SOFR 3 month Index + 4.9586%, 0% (b)(c)
 
61,500
1,545,495
AGNC Investment Corp CME Term SOFR 3 month Index + 4.993%, 0% (b)(c)
 
46,750
1,191,658
Annaly Capital Management Inc CME Term SOFR 3 month Index + 5.2506%, 0% (b)(c)
 
27,900
716,193
Chimera Investment Corp Series B, CME Term SOFR 3 month Index + 6.0526%, 11.3508% (b)(c)
 
35,058
827,018
Chimera Investment Corp Series C, CME Term SOFR 3 month Index + 4.743%, 7.75% (b)(c)
 
45,866
1,007,218
Dynex Capital Inc Series C, CME Term SOFR 3 month Index + 5.7226%, 9.9787% (b)(c)
 
89,500
2,314,470
Rithm Capital Corp CME Term SOFR 3 month Index + 5.2306%, 0% (b)(c)
 
20,446
502,154
Rithm Capital Corp CME Term SOFR 3 month Index + 5.9016%, 7.125% (b)(c)
 
60,467
1,520,140
Rithm Capital Corp CME Term SOFR 3 month Index + 6.0636%, 7.5% (b)(c)
 
43,666
1,100,383
TOTAL FINANCIALS
 
 
12,366,835
Real Estate - 1.1%
 
 
 
Industrial REITs - 1.1%
 
 
 
LXP Industrial Trust 6.5%
 
68,019
3,191,451
TOTAL UNITED STATES
 
 
15,558,286
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $12,547,253)
 
 
 
15,558,286
 
 
 
 
Non-Convertible Corporate Bonds - 46.4%
 
 
Principal
Amount (a)
 
Value ($)
 
UNITED KINGDOM - 0.3%
 
 
 
Energy - 0.3%
 
 
 
Oil, Gas & Consumable Fuels - 0.3%
 
 
 
EG Global Finance PLC 12% 11/30/2028 (g)
 
750,000
811,777
UNITED STATES - 46.1%
 
 
 
Communication Services - 0.8%
 
 
 
Diversified Telecommunication Services - 0.5%
 
 
 
Cipher Compute LLC 7.125% 11/15/2030 (g)
 
185,000
190,626
Flash Compute LLC 7.25% 12/31/2030 (g)
 
480,000
481,629
Uniti Services LLC 7.5% 10/15/2033 (g)
 
250,000
258,113
WULF Compute LLC 7.75% 10/15/2030 (g)
 
565,000
589,306
 
 
 
1,519,674
Media - 0.3%
 
 
 
Lamar Media Corp 4% 2/15/2030
 
875,000
845,930
TOTAL COMMUNICATION SERVICES
 
 
2,365,604
Consumer Discretionary - 2.2%
 
 
 
Hotels, Restaurants & Leisure - 1.4%
 
 
 
Choice Hotels International Inc 5.85% 8/1/2034
 
250,000
256,133
Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (g)
 
200,000
185,149
Hilton Domestic Operating Co Inc 4% 5/1/2031 (g)
 
500,000
477,274
Hilton Domestic Operating Co Inc 5.5% 3/31/2034 (g)
 
470,000
472,267
Hilton Domestic Operating Co Inc 5.75% 9/15/2033 (g)
 
990,000
1,008,563
Hilton Domestic Operating Co Inc 5.875% 3/15/2033 (g)
 
200,000
205,224
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 4.875% 7/1/2031 (g)
 
740,000
690,207
Las Vegas Sands Corp 6% 6/14/2030
 
500,000
521,615
Times Square Hotel Trust 8.528% 8/1/2026 (g)
 
203,321
203,778
 
 
 
4,020,210
Household Durables - 0.8%
 
 
 
Century Communities Inc 6.625%  9/15/2033 (g)
 
490,000
496,258
LGI Homes Inc 7% 11/15/2032 (g)
 
595,000
580,314
M/I Homes Inc 3.95% 2/15/2030
 
1,430,000
1,376,251
 
 
 
2,452,823
TOTAL CONSUMER DISCRETIONARY
 
 
6,473,033
Financials - 0.3%
 
 
 
Financial Services - 0.3%
 
 
 
Rexford Industrial Realty LP 2.125% 12/1/2030
 
1,000,000
894,946
Health Care - 0.1%
 
 
 
Health Care Providers & Services - 0.1%
 
 
 
Sabra Health Care LP 3.2% 12/1/2031
 
415,000
379,934
Industrials - 0.3%
 
 
 
Commercial Services & Supplies - 0.3%
 
 
 
Williams Scotsman Inc 4.625% 8/15/2028 (g)
 
750,000
747,201
Williams Scotsman Inc 6.625% 4/15/2030 (g)
 
190,000
196,861
TOTAL INDUSTRIALS
 
 
944,062
Real Estate - 42.4%
 
 
 
Diversified REITs - 6.8%
 
 
 
Equinix Europe 2 Financing Corp LLC 5.5% 6/15/2034
 
1,000,000
1,032,856
Global Net Lease Inc / Global Net Lease Operating Partnership LP 3.75% 12/15/2027 (g)
 
925,000
900,072
GLP Capital LP / GLP Financing II Inc 4% 1/15/2031
 
1,000,000
956,385
GLP Capital LP / GLP Financing II Inc 5.25% 2/15/2033
 
500,000
500,930
GLP Capital LP / GLP Financing II Inc 5.3% 1/15/2029
 
1,000,000
1,019,098
GLP Capital LP / GLP Financing II Inc 5.625% 9/15/2034
 
500,000
506,147
GLP Capital LP / GLP Financing II Inc 5.75% 11/1/2037
 
1,340,000
1,329,255
GLP Capital LP / GLP Financing II Inc 6.25% 9/15/2054
 
500,000
495,832
GLP Capital LP / GLP Financing II Inc 6.75% 12/1/2033
 
500,000
541,703
Safehold GL Holdings LLC 2.8% 6/15/2031
 
500,000
459,274
Safehold GL Holdings LLC 2.85% 1/15/2032
 
1,250,000
1,128,558
Safehold GL Holdings LLC 6.1% 4/1/2034
 
1,400,000
1,488,253
Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (g)
 
1,040,000
990,522
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (g)
 
820,000
797,520
Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (g)
 
3,095,000
3,095,719
VICI Properties LP 5.125% 5/15/2032
 
500,000
503,074
VICI Properties LP 5.625% 5/15/2052
 
667,000
624,222
VICI Properties LP 5.75% 4/1/2034
 
32,000
33,017
VICI Properties LP 6.125% 4/1/2054
 
1,254,000
1,255,660
WP Carey Inc 2.25% 4/1/2033
 
1,000,000
845,185
WP Carey Inc 2.45% 2/1/2032
 
1,000,000
883,918
WP Carey Inc 4.25% 10/1/2026
 
459,000
459,383
 
 
 
19,846,583
Health Care REITs - 3.9%
 
 
 
MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029
 
1,506,000
1,291,205
MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027
 
3,237,000
3,164,605
MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (g)
 
340,000
364,261
Omega Healthcare Investors Inc 4.5% 4/1/2027
 
483,000
484,412
Omega Healthcare Investors Inc 4.75% 1/15/2028
 
1,616,000
1,629,559
Ventas Realty LP 2.5% 9/1/2031
 
500,000
449,416
Ventas Realty LP 4.4% 1/15/2029
 
2,000,000
2,010,793
Ventas Realty LP 4.75% 11/15/2030
 
1,000,000
1,013,284
Welltower OP LLC 5.125% 7/1/2035
 
1,000,000
1,015,395
 
 
 
11,422,930
Hotel & Resort REITs - 0.3%
 
 
 
RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (g)
 
295,000
305,795
RLJ Lodging Trust LP 4% 9/15/2029 (g)
 
715,000
678,506
 
 
 
984,301
Industrial REITs - 2.9%
 
 
 
Lineage OP LP 5.25% 7/15/2030 (g)
 
500,000
504,257
LXP Industrial Trust 2.375% 10/1/2031
 
500,000
438,301
LXP Industrial Trust 2.7% 9/15/2030
 
78,000
71,483
LXP Industrial Trust 6.75% 11/15/2028
 
62,000
65,569
Prologis LP 4.875% 6/15/2028
 
1,000,000
1,022,628
Prologis LP 5% 3/15/2034
 
1,500,000
1,523,656
Prologis LP 5.125% 1/15/2034
 
2,000,000
2,044,849
Prologis LP 5.25% 3/15/2054
 
1,500,000
1,425,799
Prologis LP 5.25% 6/15/2053
 
1,500,000
1,426,969
 
 
 
8,523,511
Real Estate Management & Development - 5.0%
 
 
 
Americold Realty Operating Partnership LP 5.409% 9/12/2034
 
750,000
735,364
Americold Realty Operating Partnership LP 5.6% 5/15/2032
 
1,000,000
1,013,299
CBRE Services Inc 5.95% 8/15/2034
 
1,750,000
1,862,462
CoStar Group Inc 2.8% 7/15/2030 (g)
 
1,035,000
952,817
Essex Portfolio LP 4.875% 2/15/2036
 
1,000,000
974,258
Essex Portfolio LP 5.5% 4/1/2034
 
1,006,000
1,036,437
Extra Space Storage LP 2.35% 3/15/2032
 
2,000,000
1,748,360
Extra Space Storage LP 5.4% 2/1/2034
 
2,000,000
2,047,029
Extra Space Storage LP 5.5% 7/1/2030
 
1,000,000
1,040,565
Extra Space Storage LP 5.9% 1/15/2031
 
1,000,000
1,058,166
Kennedy-Wilson Inc 4.75% 2/1/2030
 
1,755,000
1,686,731
Taylor Morrison Communities Inc 5.75% 11/15/2032 (g)
 
235,000
241,208
 
 
 
14,396,696
Residential REITs - 4.8%
 
 
 
American Homes 4 Rent LP 2.375% 7/15/2031
 
2,000,000
1,785,115
American Homes 4 Rent LP 3.625% 4/15/2032
 
1,000,000
939,232
American Homes 4 Rent LP 4.25% 2/15/2028
 
2,000,000
2,000,383
American Homes 4 Rent LP 5.5% 2/1/2034
 
1,500,000
1,535,640
American Homes 4 Rent LP 5.5% 7/15/2034
 
3,000
3,068
Invitation Homes Operating Partnership LP 2% 8/15/2031
 
1,000,000
870,894
Invitation Homes Operating Partnership LP 4.15% 4/15/2032
 
1,000,000
965,524
Invitation Homes Operating Partnership LP 5.5% 8/15/2033
 
3,000,000
3,077,217
Sun Communities Operating LP 2.7% 7/15/2031
 
2,500,000
2,270,749
UDR Inc 3% 8/15/2031
 
500,000
463,570
 
 
 
13,911,392
Retail REITs - 7.2%
 
 
 
Agree LP 2.6% 6/15/2033
 
1,000,000
862,879
Agree LP 2.9% 10/1/2030
 
500,000
467,424
Agree LP 4.8% 10/1/2032
 
77,000
77,589
Agree LP 5.625% 6/15/2034
 
25,000
26,149
Brixmor Operating Partnership LP 4.125% 5/15/2029
 
138,000
137,523
Brixmor Operating Partnership LP 5.5% 2/15/2034
 
500,000
513,438
Kimco Realty OP LLC 4.6% 2/1/2033
 
1,000,000
996,115
Kimco Realty OP LLC 6.4% 3/1/2034
 
1,576,000
1,733,945
Kite Realty Group LP 5.2% 8/15/2032
 
1,000,000
1,021,532
Kite Realty Group LP 5.5% 3/1/2034
 
1,000,000
1,027,887
NNN REIT Inc 5.6% 10/15/2033
 
311,000
324,187
Phillips Edison Grocery Center Operating Partnership I LP 2.625% 11/15/2031
 
3,000,000
2,686,320
Phillips Edison Grocery Center Operating Partnership I LP 4.95% 1/15/2035
 
2,000
1,965
Phillips Edison Grocery Center Operating Partnership I LP 5.25% 8/15/2032
 
500,000
511,822
Phillips Edison Grocery Center Operating Partnership I LP 5.75% 7/15/2034
 
1,000,000
1,045,401
Realty Income Corp 3.1% 12/15/2029
 
1,000,000
965,321
Realty Income Corp 3.4% 1/15/2030
 
500,000
485,536
Realty Income Corp 4% 7/15/2029
 
1,000,000
997,558
Realty Income Corp 5.625% 10/13/2032
 
1,000,000
1,059,644
Simon Property Group LP 4.75% 9/26/2034
 
1,500,000
1,487,529
Simon Property Group LP 5.85% 3/8/2053
 
1,000,000
1,018,381
Simon Property Group LP 6.25% 1/15/2034
 
2,000,000
2,184,586
Simon Property Group LP 6.65% 1/15/2054
 
1,000,000
1,119,841
 
 
 
20,752,572
Specialized REITs - 11.5%
 
 
 
American Tower Corp 3.1% 6/15/2050
 
1,500,000
984,858
American Tower Corp 3.8% 8/15/2029
 
1,000,000
986,075
American Tower Corp 4.05% 3/15/2032
 
1,500,000
1,461,336
American Tower Corp 5.45% 2/15/2034
 
2,000,000
2,071,842
American Tower Corp 5.55% 7/15/2033
 
1,000,000
1,044,654
American Tower Corp 5.65% 3/15/2033
 
2,000,000
2,103,631
American Tower Corp 5.9% 11/15/2033
 
1,500,000
1,602,069
Crown Castle Inc 2.1% 4/1/2031
 
2,000,000
1,766,683
Crown Castle Inc 2.25% 1/15/2031
 
1,500,000
1,341,598
Crown Castle Inc 2.5% 7/15/2031
 
1,500,000
1,343,574
Crown Castle Inc 2.9% 4/1/2041
 
975,000
711,162
Crown Castle Inc 5.1% 5/1/2033
 
2,500,000
2,526,211
Crown Castle Inc 5.8% 3/1/2034
 
500,000
523,941
CubeSmart LP 2.5% 2/15/2032
 
1,500,000
1,331,012
CubeSmart LP 4.375% 2/15/2029
 
1,000,000
1,004,334
Equinix Inc 2.5% 5/15/2031
 
2,000,000
1,812,486
Equinix Inc 2.95% 9/15/2051
 
2,000,000
1,251,587
Equinix Inc 3% 7/15/2050
 
2,500,000
1,590,588
Iron Mountain Inc 4.5% 2/15/2031 (g)
 
500,000
477,808
Iron Mountain Inc 6.25% 1/15/2033 (g)
 
500,000
505,246
Millrose Properties Inc 6.25% 9/15/2032 (g)
 
490,000
495,527
Millrose Properties Inc 6.375% 8/1/2030 (g)
 
235,000
239,861
Public Storage Operating Co 5.1% 8/1/2033
 
1,000,000
1,032,629
Public Storage Operating Co 5.35% 8/1/2053
 
2,500,000
2,415,711
SBA Communications Corp 3.125% 2/1/2029
 
2,500,000
2,387,779
 
 
 
33,012,202
TOTAL REAL ESTATE
 
 
122,850,187
TOTAL UNITED STATES
 
 
133,907,766
 
TOTAL NON-CONVERTIBLE CORPORATE BONDS
 (Cost $130,377,456)
 
 
 
134,719,543
 
 
 
 
Non-Convertible Preferred Stocks - 13.0%
 
 
Shares
Value ($)
 
CANADA - 0.2%
 
 
 
Energy - 0.2%
 
 
 
Oil, Gas & Consumable Fuels - 0.2%
 
 
 
Enbridge Inc 5 year U.S. Treasury Index Series 1+ 3.14%, 5.9491% (b)(c)
 
20,325
500,198
UNITED STATES - 12.8%
 
 
 
Energy - 0.0%
 
 
 
Oil, Gas & Consumable Fuels - 0.0%
 
 
 
Global Partners LP/MA 9.5% Series B
 
12,200
315,894
Financials - 3.9%
 
 
 
Capital Markets - 0.3%
 
 
 
DigitalBridge Group Inc 7.125% Series J
 
18,731
363,007
DigitalBridge Group Inc Series H, 7.125%
 
9,647
185,319
DigitalBridge Group Inc Series I, 7.15%
 
10,318
201,201
 
 
 
749,527
Mortgage Real Estate Investment Trusts (REITs) - 3.6%
 
 
 
AGNC Investment Corp CME Term SOFR 3 month Index + 5.111%, 10.3713% (b)(c)
 
41,899
1,072,195
Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.4336%, 0% (b)(c)
 
70,990
1,781,139
Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.993%, 10.1521% (b)(c)
 
73,400
1,898,932
Arbor Realty Trust Inc Series D 6.375%
 
12,400
219,613
Arbor Realty Trust Inc Series F, 6.25% (c)
 
14,100
315,417
Ellington Financial Inc Series A 3 month U.S. LIBOR + 5.196%, 0% (b)(c)
 
58,522
1,468,317
MFA Financial Inc 7.5%
 
16,249
327,417
MFA Financial Inc CME Term SOFR 3 month Index + 5.6066%, 0% (b)(c)
 
26,100
605,520
Pennymac Mortgage Investment Trust 8.125% (c)
 
14,975
362,994
Pennymac Mortgage Investment Trust Series B 3 month U.S. Treasury Index + 8%, 0% (b)(c)
 
20,205
487,143
Rithm Capital Corp 7% Series D (c)
 
17,100
420,830
Two Harbors Investment Corp 7.625% Series B (c)
 
38,276
940,442
Two Harbors Investment Corp 8.125% Series A (c)
 
21,429
530,796
 
 
 
10,430,755
TOTAL FINANCIALS
 
 
11,180,282
Real Estate - 8.9%
 
 
 
Diversified REITs - 2.4%
 
 
 
Armada Hoffler Properties Inc Series A 6.75%
 
33,250
716,538
CTO Realty Growth Inc 6.375%
 
20,000
406,001
Gladstone Commercial Corp Series E 6.625%
 
41,125
938,065
Gladstone Commercial Corp Series G, 6%
 
64,500
1,308,699
Global Net Lease Inc 6.875% Series B
 
47,200
1,080,880
Global Net Lease Inc 7.25% Series A
 
45,925
1,075,104
Global Net Lease Inc 7.375% Series E
 
19,100
445,985
Global Net Lease Inc 7.5%
 
34,998
864,101
 
 
 
6,835,373
Health Care REITs - 0.7%
 
 
 
Global Medical REIT Inc 7.5% Series A
 
27,461
674,442
National Healthcare Properties Inc Series A, 7.375%
 
33,000
643,500
National Healthcare Properties Inc Series B, 7.125%
 
40,300
756,834
 
 
 
2,074,776
Hotel & Resort REITs - 2.4%
 
 
 
Ashford Hospitality Trust Inc Series H 7.5%
 
1,575
18,206
Braemar Hotels & Resorts Inc 8.25% Series D
 
3,923
64,651
Pebblebrook Hotel Trust 6.3% Series F
 
37,902
776,991
Pebblebrook Hotel Trust 6.375%
 
20,200
404,000
Pebblebrook Hotel Trust 6.375% Series E
 
45,192
904,744
Pebblebrook Hotel Trust Series H, 5.7%
 
50,200
898,580
Sotherly Hotels Inc 7.875% Series C
 
19,300
359,559
Sotherly Hotels Inc 8% Series B
 
12,750
231,668
Summit Hotel Properties Inc Series E, 6.25%
 
60,784
1,157,935
Summit Hotel Properties Inc Series F, 5.875%
 
61,000
1,105,930
Sunstone Hotel Investors Inc Series H, 6.125%
 
20,000
417,000
Sunstone Hotel Investors Inc Series I, 5.7%
 
38,700
747,104
 
 
 
7,086,368
Industrial REITs - 0.8%
 
 
 
Prologis Inc Series Q, 8.54%
 
16,850
892,376
Rexford Industrial Realty Inc 5.625% Series C
 
11,775
249,983
Rexford Industrial Realty Inc 5.875% Series B
 
50,000
1,128,000
 
 
 
2,270,359
Office REITs - 0.3%
 
 
 
Hudson Pacific Properties Inc 4.75% Series C
 
22,900
358,614
Vornado Realty Trust 5.25% Series M
 
11,286
198,521
Vornado Realty Trust Series L, 5.4%
 
18,000
329,040
Vornado Realty Trust Series N 5.25%
 
4,466
79,093
 
 
 
965,268
Real Estate Management & Development - 0.1%
 
 
 
Brookfield Property Partners LP 5.75%
 
7,000
96,810
Brookfield Property Partners LP 6.5%
 
5,875
92,649
Seritage Growth Properties Series A, 7%
 
1,050
25,315
 
 
 
214,774
Residential REITs - 1.0%
 
 
 
American Homes 4 Rent 5.875% Series G
 
37,050
847,890
American Homes 4 Rent Series H, 6.25%
 
21,284
510,558
UMH Properties Inc 6.375% Series D
 
63,875
1,434,313
 
 
 
2,792,761
Retail REITs - 1.1%
 
 
 
Agree Realty Corp 4.25%
 
38,700
666,414
Cedar Realty Trust Inc 7.25%
 
7,070
130,335
Regency Centers Corp 5.875%
 
28,775
644,560
Regency Centers Corp 6.25% Series A
 
51,175
1,200,055
Saul Centers Inc 6% Series E
 
13,475
301,166
Saul Centers Inc 6.125% Series D
 
15,958
333,072
 
 
 
3,275,602
Specialized REITs - 0.1%
 
 
 
National Storage Affiliates Trust Series A, 6%
 
12,325
258,702
TOTAL REAL ESTATE
 
 
25,773,983
TOTAL UNITED STATES
 
 
37,270,159
 
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
 (Cost $36,721,492)
 
 
 
37,770,357
 
 
 
 
Money Market Funds - 11.2%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (i)
 (Cost $32,626,209)
 
3.70
32,619,685
32,626,209
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 98.9%
 (Cost $289,067,159)
 
 
 
287,012,671
NET OTHER ASSETS (LIABILITIES) - 1.1%  
3,275,172
NET ASSETS - 100.0%
290,287,843
 
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
 
(c)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
(d)
Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower.  Such prepayments cannot be predicted with certainty.
 
(e)
Level 3 security.
 
(f)
Non-income producing.
 
(g)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $78,180,538 or 26.9% of net assets.
 
(h)
Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of assets. Principal shown is the outstanding par amount of the pool as of the end of the period.
 
(i)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
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
34,900,900
25,116,822
27,392,348
625,498
835
-
32,626,209
32,619,685
0.1%
Total
34,900,900
25,116,822
27,392,348
625,498
835
-
32,626,209
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
 
The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Asset-Backed Securities
4,302,155
-
4,302,155
-
 Bank Loan Obligations
 
 
 
 
Communication Services
500,000
-
500,000
-
Financials
3,426,640
-
-
3,426,640
Real Estate
17,045
-
17,045
-
 Commercial Mortgage Securities
58,092,436
-
54,335,780
3,756,656
 Common Stocks
 
 
 
 
Real Estate
-
-
-
-
 Convertible Preferred Stocks
 
 
 
 
Financials
12,366,835
12,366,835
-
-
Real Estate
3,191,451
-
3,191,451
-
 Non-Convertible Corporate Bonds
 
 
 
 
Communication Services
2,365,604
-
2,365,604
-
Consumer Discretionary
6,473,033
-
6,473,033
-
Energy
811,777
-
811,777
-
Financials
894,946
-
894,946
-
Health Care
379,934
-
379,934
-
Industrials
944,062
-
944,062
-
Real Estate
122,850,187
-
122,850,187
-
 Non-Convertible Preferred Stocks
 
 
 
 
Energy
816,092
816,092
-
-
Financials
11,180,282
11,180,282
-
-
Real Estate
25,773,983
25,773,983
-
-
 Money Market Funds
32,626,209
32,626,209
-
-
 Total Investments in Securities:
287,012,671
82,763,401
197,065,974
7,183,296
The following is a reconciliation of Investments in Securities for which Level 3 inputs were used in determining value. Beginning balances have been updated to conform to current period presentation, as applicable.
Beginning Balance ($)
Net Realized Gain (Loss) on Investment Securities ($)
Net Unrealized Gain (Loss) on Investment Securities ($)
Cost of Purchases ($)
Proceeds of Sales ($)
Amortization/
Accretion ($)
Transfers into Level 3 ($)
Transfers out of Level 3 ($)
Ending Balance ($)
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2026 ($)
Common Stocks
-
-
-
-
-
-
-
-
-
-
Bank Loan Obligations
3,948,442
-
55,346
-
(577,148)
-
-
-
3,426,640
55,346
Non-Convertible Corporate Bonds
1
39,864
(1)
-
(39,864)
-
-
-
-
-
Asset-Backed Securities
8
-
(8)
-
-
-
-
-
-
-
Commercial Mortgage Securities
1,892,369
(856,764)
831,819
1,000,000
(1,033,144)
(107,230)
3,410,154
(1,380,548)
3,756,656
(21,269)
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's Statement of Operations.
 
 
 
 
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of January 31, 2026 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $256,440,950)
$
254,386,462
 
 
Fidelity Central Funds (cost $32,626,209)
32,626,209
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $289,067,159)
 
 
$
287,012,671
Cash
 
 
1,503,410
Receivable for fund shares sold
 
 
554,215
Dividends receivable
 
 
163,050
Interest receivable
 
 
2,104,081
Distributions receivable from Fidelity Central Funds
 
 
97,379
Other receivables
 
 
194
  Total assets
 
 
291,435,000
Liabilities
 
 
 
 
Payable for investments purchased
$
1,070,282
 
 
Payable for fund shares redeemed
76,342
 
 
Other payables and accrued expenses
533
 
 
  Total liabilities
 
 
 
1,147,157
Net Assets  
 
 
$
290,287,843
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
315,931,889
Total accumulated earnings (loss)
 
 
 
(25,644,046)
Net Assets
 
 
$
290,287,843
Net Asset Value, offering price and redemption price per share ($290,287,843 ÷ 28,558,911 shares)
 
 
$
10.16
Statement of Operations
Six months ended January 31, 2026 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
1,711,866
Interest  
 
 
5,618,666
Income from Fidelity Central Funds  
 
 
625,498
 Total income
 
 
 
7,956,030
Expenses
 
 
 
 
Custodian fees and expenses
$
1,186
 
 
Independent trustees' fees and expenses
577
 
 
 Total expenses before reductions
 
1,763
 
 
 Expense reductions
 
(1,027)
 
 
 Total expenses after reductions
 
 
 
736
Net Investment income (loss)
 
 
 
7,955,294
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(351,795)
 
 
   Fidelity Central Funds
 
835
 
 
Total net realized gain (loss)
 
 
 
(350,960)
Change in net unrealized appreciation (depreciation) on investment securities
 
 
 
3,707,009
Net gain (loss)
 
 
 
3,356,049
Net increase (decrease) in net assets resulting from operations
 
 
$
11,311,343
Statement of Changes in Net Assets
 
 
Six months ended
January 31, 2026
(Unaudited)
 
Year ended
July 31, 2025
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
7,955,294
$
15,766,512
Net realized gain (loss)
 
(350,960)
 
(1,017,135)
Change in net unrealized appreciation (depreciation)
 
3,707,009
 
7,356,594
Net increase (decrease) in net assets resulting from operations
 
11,311,343
 
22,105,971
Distributions to shareholders
 
(9,740,433)
 
(15,632,604)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
20,737,017
 
30,841,385
  Reinvestment of distributions
 
9,740,433
 
15,632,604
Cost of shares redeemed
 
(18,576,958)
 
(40,547,889)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
11,900,492
 
5,926,100
Total increase (decrease) in net assets
 
13,471,402
 
12,399,467
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
276,816,441
 
264,416,974
End of period
$
290,287,843
$
276,816,441
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
2,032,170
 
3,086,224
  Issued in reinvestment of distributions
 
963,419
 
1,574,080
Redeemed
 
(1,821,134)
 
(4,055,946)
Net increase (decrease)
 
1,174,455
 
604,358
 
 
 
 
 
Financial Highlights
 
Fidelity® Series Real Estate Income Fund
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
10.11
$
9.87
$
9.70
$
10.74
$
11.77
$
9.94
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.29
 
.58
 
.60
 
.60
 
.55
 
.45
     Net realized and unrealized gain (loss)
 
.11
 
.25
 
.24
 
(.64)
 
(.97)
 
1.90
  Total from investment operations
 
.40  
 
.83  
 
.84  
 
(.04)  
 
(.42)
 
2.35
  Distributions from net investment income
 
(.35)
 
(.59)
 
(.67)
 
(.68)
 
(.52)
 
(.45)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.32)
 
(.09)
 
(.07)
     Total distributions
 
(.35)
 
(.59)
 
(.67)
 
(1.00)
 
(.61)
 
(.52)
  Net asset value, end of period
$
10.16
$
10.11
$
9.87
$
9.70
$
10.74
$
11.77
 Total Return C,D
 
4.01
%
 
8.61%
 
9.15%
 
(.13)%
 
(3.78)%
 
24.48%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions G
 
-% H
 
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of fee waivers, if any G
 
-
% H
 
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of all reductions, if any G
 
-% H
 
-%
 
-%
 
-%
 
-%
 
-%
    Net investment income (loss)
 
5.60% H
 
5.86%
 
6.27%
 
6.13%
 
4.83%
 
4.21%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
290,288
$
276,816
$
264,417
$
337,967
$
681,642
$
1,047,202
    Portfolio turnover rate I
 
13
% H
 
9%
 
37%
 
5%
 
19%
 
23%
 
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.
CTotal returns for periods of less than one year are not annualized.
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 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 represents less than .005%.
HAnnualized.
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
 (Unaudited)
For the period ended January 31, 2026
 
1. Organization.
Fidelity Series Real Estate Income Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, and bank loan obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities and commercial mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
 
Asset Type
Fair Value
Valuation Technique(s)
Unobservable Input
Amount or Range/Weighted Average
Impact to Valuation from an Increase in InputA
Bank Loan Obligations
 $3,426,640
 Discounted cash flow
 Yield
12.0%
Decrease
Commercial Mortgage Securities
 $3,756,656
 Indicative market price
 Evaluated bid
$0.25 - $100.04 / $71.24
Increase
Common Stocks
 $-  
 Recovery value
 Recovery value
$0.00
Increase
 
 
 
 
 
 
 
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end. 
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2026, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Schedule of Investments.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to capital loss carryforwards, partnerships and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$13,191,289
Gross unrealized depreciation
(15,245,770)
Net unrealized appreciation (depreciation)
$(2,054,481)
Tax cost
$289,067,152
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(1,892,128)
 Long-term
(20,996,020)
Total capital loss carryforward
$(22,888,148)
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
Loans and Other Direct Debt Instruments. Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Series Real Estate Income Fund
24,625,857
16,790,214
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 does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity Series Real Estate Income Fund
 32
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
7. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,027.
8. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
9. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.924313.114
SRE-SANN-0426
Fidelity® Series Blue Chip Growth Fund
 
 
 
 
Semi-Annual Report
January 31, 2026

Contents

Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Series Blue Chip Growth Fund

Notes to Consolidated Financial Statements

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 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2026 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Series Blue Chip Growth Fund
Consolidated Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.2%
 
 
Shares
Value ($)
 
AUSTRALIA - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Canva Australia Holdings Pty Ltd Class A (b)(c)(d)
 
4,700
7,267,516
BELGIUM - 0.1%
 
 
 
Health Care - 0.1%
 
 
 
Pharmaceuticals - 0.1%
 
 
 
UCB SA
 
32,300
9,778,450
BRAZIL - 0.0%
 
 
 
Financials - 0.0%
 
 
 
Banks - 0.0%
 
 
 
NU Holdings Ltd/Cayman Islands Class A (b)
 
204,100
3,622,775
Materials - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
Vale SA ADR
 
189,100
3,038,837
TOTAL BRAZIL
 
 
6,661,612
BURKINA FASO - 0.1%
 
 
 
Materials - 0.1%
 
 
 
Metals & Mining - 0.1%
 
 
 
IAMGOLD Corp (United States) (b)
 
437,600
7,955,568
CANADA - 1.4%
 
 
 
Consumer Discretionary - 0.4%
 
 
 
Specialty Retail - 0.4%
 
 
 
Aritzia Inc Subordinate Voting Shares (b)
 
563,300
44,401,270
Energy - 0.0%
 
 
 
Oil, Gas & Consumable Fuels - 0.0%
 
 
 
Suncor Energy Inc
 
117,000
6,184,034
Information Technology - 1.0%
 
 
 
Electronic Equipment, Instruments & Components - 0.7%
 
 
 
Celestica Inc (United States) (b)
 
330,700
92,923,393
IT Services - 0.3%
 
 
 
Shopify Inc Class A (b)
 
342,000
44,875,805
Software - 0.0%
 
 
 
Taalas Inc warrants (b)(c)(d)
 
95,390
98,252
TOTAL INFORMATION TECHNOLOGY
 
 
137,897,450
Materials - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
Agnico Eagle Mines Ltd/CA (United States)
 
27,100
5,162,550
TOTAL CANADA
 
 
193,645,304
CHILE - 0.0%
 
 
 
Materials - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
Antofagasta PLC
 
62,900
3,139,805
CHINA - 0.2%
 
 
 
Communication Services - 0.2%
 
 
 
Interactive Media & Services - 0.2%
 
 
 
Tencent Holdings Ltd
 
227,600
17,493,748
Consumer Discretionary - 0.0%
 
 
 
Automobile Components - 0.0%
 
 
 
WeRide Inc ADR (b)
 
322,300
2,581,623
Hotels, Restaurants & Leisure - 0.0%
 
 
 
Luckin Coffee Inc ADR (b)
 
113,700
3,794,169
TOTAL CONSUMER DISCRETIONARY
 
 
6,375,792
Consumer Staples - 0.0%
 
 
 
Beverages - 0.0%
 
 
 
Eastroc Beverage Group Co Ltd H Shares
 
18,400
584,119
Financials - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Ant International Co Ltd Class C (c)(d)
 
784,278
1,254,845
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Pony AI Inc ADR (b)
 
330,300
4,584,564
TOTAL CHINA
 
 
30,293,068
DENMARK - 0.2%
 
 
 
Health Care - 0.2%
 
 
 
Biotechnology - 0.2%
 
 
 
Ascendis Pharma A/S ADR (b)
 
129,996
29,392,096
FINLAND - 0.2%
 
 
 
Consumer Discretionary - 0.2%
 
 
 
Textiles, Apparel & Luxury Goods - 0.2%
 
 
 
Amer Sports Inc (b)
 
801,100
29,344,293
GERMANY - 0.0%
 
 
 
Financials - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Trade Republic Bank GmbH (c)(d)(g)
 
114
3,151,081
INDIA - 0.6%
 
 
 
Communication Services - 0.1%
 
 
 
Wireless Telecommunication Services - 0.1%
 
 
 
Bharti Airtel Ltd
 
315,200
6,767,447
Vodafone Idea Ltd (b)
 
43,186,424
5,260,893
TOTAL COMMUNICATION SERVICES
 
 
12,028,340
Consumer Discretionary - 0.1%
 
 
 
Broadline Retail - 0.0%
 
 
 
Meesho (f)
 
2,608,458
4,954,119
Hotels, Restaurants & Leisure - 0.0%
 
 
 
Eternal Ltd (b)
 
2,948,600
8,798,143
Specialty Retail - 0.1%
 
 
 
Lenskart Solutions Ltd (f)
 
1,798,006
8,968,068
TOTAL CONSUMER DISCRETIONARY
 
 
22,720,330
Consumer Staples - 0.0%
 
 
 
Food Products - 0.0%
 
 
 
Patanjali Foods Ltd
 
546,600
2,982,950
Energy - 0.1%
 
 
 
Oil, Gas & Consumable Fuels - 0.1%
 
 
 
Reliance Industries Ltd
 
556,498
8,468,791
Financials - 0.3%
 
 
 
Capital Markets - 0.3%
 
 
 
Authum Investment & Infrastucture Ltd
 
4,347,350
23,952,290
Financial Services - 0.0%
 
 
 
Jio Financial Services Ltd
 
726,649
2,016,841
TOTAL FINANCIALS
 
 
25,969,131
Health Care - 0.0%
 
 
 
Health Care Providers & Services - 0.0%
 
 
 
Max Healthcare Institute Ltd
 
232,500
2,426,069
Industrials - 0.0%
 
 
 
Aerospace & Defense - 0.0%
 
 
 
Hindustan Aeronautics Ltd (h)
 
49,900
2,513,884
Passenger Airlines - 0.0%
 
 
 
InterGlobe Aviation Ltd (h)(i)
 
59,700
2,992,683
Transportation Infrastructure - 0.0%
 
 
 
JSW Infrastructure Ltd
 
303,700
856,178
TOTAL INDUSTRIALS
 
 
6,362,745
Materials - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
Welspun Corp Ltd
 
839,100
6,673,432
TOTAL INDIA
 
 
87,631,788
ISRAEL - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Semiconductors & Semiconductor Equipment - 0.0%
 
 
 
Xsight Labs Ltd warrants 7/24/2032 (b)(c)
 
84,101
116,899
ITALY - 0.1%
 
 
 
Consumer Discretionary - 0.1%
 
 
 
Hotels, Restaurants & Leisure - 0.1%
 
 
 
Lottomatica Group Spa
 
402,400
9,883,126
JAPAN - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Semiconductors & Semiconductor Equipment - 0.0%
 
 
 
Kioxia Holdings Corp (b)
 
50,100
6,914,810
KOREA (SOUTH) - 0.1%
 
 
 
Consumer Staples - 0.0%
 
 
 
Personal Care Products - 0.0%
 
 
 
APR Corp/Korea
 
7,790
1,449,821
Information Technology - 0.1%
 
 
 
Semiconductors & Semiconductor Equipment - 0.1%
 
 
 
SK Hynix Inc
 
17,640
11,052,891
TOTAL KOREA (SOUTH)
 
 
12,502,712
LUXEMBOURG - 0.0%
 
 
 
Financials - 0.0%
 
 
 
Capital Markets - 0.0%
 
 
 
CVC Capital Partners PLC (h)(i)
 
232,373
4,112,369
NETHERLANDS - 0.2%
 
 
 
Information Technology - 0.2%
 
 
 
Semiconductors & Semiconductor Equipment - 0.2%
 
 
 
ASML Holding NV depository receipt
 
11,000
15,653,000
NXP Semiconductors NV
 
92,235
20,858,023
 
 
 
 
TOTAL NETHERLANDS
 
 
36,511,023
SINGAPORE - 0.0%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Broadline Retail - 0.0%
 
 
 
Sea Ltd Class A ADR (b)
 
45,100
5,253,699
SWITZERLAND - 0.2%
 
 
 
Consumer Discretionary - 0.1%
 
 
 
Textiles, Apparel & Luxury Goods - 0.1%
 
 
 
On Holding AG Class A (b)
 
486,400
22,009,600
Health Care - 0.1%
 
 
 
Pharmaceuticals - 0.1%
 
 
 
Galderma Group AG
 
53,020
9,882,874
TOTAL SWITZERLAND
 
 
31,892,474
TAIWAN - 1.0%
 
 
 
Information Technology - 1.0%
 
 
 
Electronic Equipment, Instruments & Components - 0.0%
 
 
 
Delta Electronics Inc
 
94,000
3,633,138
Semiconductors & Semiconductor Equipment - 1.0%
 
 
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
471,600
155,892,096
TOTAL TAIWAN
 
 
159,525,234
UNITED KINGDOM - 0.1%
 
 
 
Consumer Staples - 0.1%
 
 
 
Tobacco - 0.1%
 
 
 
British American Tobacco PLC ADR
 
182,100
11,049,828
Financials - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Revolut Group Holdings Ltd (b)(c)(d)
 
2,322
3,257,952
TOTAL UNITED KINGDOM
 
 
14,307,780
UNITED STATES - 92.7%
 
 
 
Communication Services - 16.0%
 
 
 
Diversified Telecommunication Services - 0.0%
 
 
 
AST SpaceMobile Inc Class A (b)
 
42,000
4,670,820
Entertainment - 2.3%
 
 
 
Netflix Inc (b)
 
3,525,340
294,330,637
ROBLOX Corp Class A (b)
 
538,900
35,438,064
Roku Inc Class A (b)
 
36,400
3,465,280
Take-Two Interactive Software Inc (b)
 
90,400
19,915,120
 
 
 
353,149,101
Interactive Media & Services - 13.7%
 
 
 
Alphabet Inc Class A
 
3,771,260
1,274,685,880
Epic Games Inc (b)(c)(d)
 
1,076
699,497
Meta Platforms Inc Class A
 
1,009,510
723,313,915
Reddit Inc Class A (b)
 
4,700
847,269
Reddit Inc Class B (b)
 
134,285
24,207,557
Snap Inc Class A (b)
 
8,393,500
58,166,955
 
 
 
2,081,921,073
Media - 0.0%
 
 
 
EchoStar Corp Class A (b)
 
26,000
2,943,720
TOTAL COMMUNICATION SERVICES
 
 
2,442,684,714
Consumer Discretionary - 15.3%
 
 
 
Automobiles - 1.6%
 
 
 
General Motors Co
 
18,900
1,587,600
Neutron Holdings Inc (b)(c)(d)
 
691,699
66,265
Rad Power Bikes Inc (b)(c)(d)
 
110,210
1
Rad Power Bikes Inc warrants 10/6/2033 (b)(c)(d)
 
74,246
1
Tesla Inc (b)
 
566,405
243,786,376
 
 
 
245,440,243
Broadline Retail - 7.6%
 
 
 
Amazon.com Inc (b)
 
4,907,500
1,174,364,750
Diversified Consumer Services - 0.0%
 
 
 
Phoenix Education Partners Inc
 
8,755
267,114
Hotels, Restaurants & Leisure - 2.0%
 
 
 
Brinker International Inc (b)
 
281,000
44,319,320
Cava Group Inc (b)(e)
 
79,200
4,801,104
Cheesecake Factory Inc/The
 
70,600
4,091,976
Chipotle Mexican Grill Inc (b)
 
852,900
33,152,223
DoorDash Inc Class A (b)
 
192,500
39,389,350
DraftKings Inc Class A (b)
 
1,110,800
30,558,108
Dutch Bros Inc Class A (b)
 
71,100
3,867,129
Expedia Group Inc Class A
 
15,200
4,025,568
Hilton Worldwide Holdings Inc
 
64,200
19,164,342
Marriott International Inc/MD Class A1
 
59,600
18,791,880
Starbucks Corp
 
878,600
80,787,270
Texas Roadhouse Inc
 
42,000
7,554,120
Wingstop Inc (e)
 
70,200
18,633,186
 
 
 
309,135,576
Household Durables - 0.8%
 
 
 
SharkNinja Inc (b)(e)
 
966,990
114,298,218
Somnigroup International Inc
 
91,200
8,011,920
 
 
 
122,310,138
Leisure Products - 0.1%
 
 
 
Peloton Interactive Inc Class A (b)
 
1,858,000
10,386,220
Specialty Retail - 2.6%
 
 
 
Abercrombie & Fitch Co Class A (b)
 
3,225
314,857
American Eagle Outfitters Inc
 
95,400
2,223,774
AutoZone Inc (b)
 
1,200
4,445,148
Bath & Body Works Inc
 
361,100
7,871,980
Carvana Co Class A (b)
 
179,600
72,039,356
Fanatics Inc Class A (b)(c)(d)
 
159,285
12,742,800
Five Below Inc (b)
 
59,284
11,361,186
Floor & Decor Holdings Inc Class A (b)
 
44,700
2,948,412
Gap Inc/The
 
277,000
7,750,460
Home Depot Inc/The
 
45,500
17,043,845
Lowe's Cos Inc
 
276,806
73,923,811
RealReal Inc/The (b)
 
469,600
6,889,032
RH (b)(e)
 
196,604
39,090,773
Ross Stores Inc
 
15,700
2,961,805
TJX Cos Inc/The
 
371,000
55,579,510
Urban Outfitters Inc (b)
 
111,112
7,872,285
Victoria's Secret & Co (b)
 
347,400
18,936,774
Warby Parker Inc Class A (b)
 
795,736
20,299,225
Wayfair Inc Class A (b)
 
356,920
36,937,651
 
 
 
401,232,684
Textiles, Apparel & Luxury Goods - 0.6%
 
 
 
Capri Holdings Ltd (b)
 
881,400
19,893,198
Deckers Outdoor Corp (b)
 
45,296
5,405,625
Lululemon Athletica Inc (b)
 
184,574
32,208,163
NIKE Inc Class B
 
321,313
19,860,357
Tapestry Inc
 
72,300
9,175,593
Tory Burch LLC Class A (b)(c)(d)(g)
 
106,817
4,365,611
VF Corp (e)
 
134,000
2,625,060
 
 
 
93,533,607
TOTAL CONSUMER DISCRETIONARY
 
 
2,356,670,332
Consumer Staples - 0.5%
 
 
 
Beverages - 0.1%
 
 
 
Celsius Holdings Inc (b)
 
286,000
15,009,280
Consumer Staples Distribution & Retail - 0.2%
 
 
 
Chobani Inc Class A (c)(d)(g)
 
617
2,749,568
Costco Wholesale Corp
 
13,800
12,975,450
Sprouts Farmers Market Inc (b)
 
77,200
5,474,252
Target Corp
 
120,000
12,656,400
 
 
 
33,855,670
Personal Care Products - 0.1%
 
 
 
Estee Lauder Cos Inc/The Class A
 
47,100
5,429,688
Herbalife Ltd (b)
 
408,700
7,045,988
 
 
 
12,475,676
Tobacco - 0.1%
 
 
 
JUUL Labs Inc Class A (b)(c)(d)
 
8,303,657
15,776,948
JUUL Labs Inc Class B (b)(c)(d)
 
2,450
4,655
 
 
 
15,781,603
TOTAL CONSUMER STAPLES
 
 
77,122,229
Energy - 0.1%
 
 
 
Energy Equipment & Services - 0.0%
 
 
 
WaterBridge Infrastructure LLC Class A
 
73,500
1,612,590
Oil, Gas & Consumable Fuels - 0.1%
 
 
 
Chevron Corp
 
34,000
6,014,600
Exxon Mobil Corp
 
88,900
12,570,460
 
 
 
18,585,060
TOTAL ENERGY
 
 
20,197,650
Financials - 2.7%
 
 
 
Capital Markets - 1.1%
 
 
 
Ares Management Corp Class A
 
77,600
11,614,392
Blue Owl Capital Inc Class A
 
746,600
10,183,624
Goldman Sachs Group Inc/The
 
61,400
57,434,174
KKR & Co Inc Class A
 
121,300
13,859,738
Morgan Stanley
 
150,800
27,566,240
Robinhood Markets Inc Class A (b)
 
465,400
46,297,992
 
 
 
166,956,160
Consumer Finance - 0.1%
 
 
 
Figure Technology Solutions Inc Class A (e)
 
194,600
11,068,848
Financial Services - 1.5%
 
 
 
Affirm Holdings Inc Class A (b)
 
414,100
24,970,230
Apollo Global Management Inc
 
163,700
22,024,198
Mastercard Inc Class A
 
257,200
138,576,788
Rocket Cos Inc Class A
 
309,103
5,542,216
Toast Inc Class A (b)
 
219,906
6,841,276
Visa Inc Class A
 
118,700
38,201,221
 
 
 
236,155,929
TOTAL FINANCIALS
 
 
414,180,937
Health Care - 5.8%
 
 
 
Biotechnology - 1.6%
 
 
 
AbbVie Inc
 
289,700
64,605,997
Alnylam Pharmaceuticals Inc (b)
 
85,981
29,066,737
Apogee Therapeutics Inc (b)
 
91,700
6,007,267
Arcellx Inc (b)
 
15,400
1,051,974
Caris Life Sciences Inc (b)
 
23,600
546,576
Cibus Inc Class A (b)(e)
 
32,171
62,733
Gilead Sciences Inc
 
814,100
115,561,495
Janux Therapeutics Inc (b)
 
40,100
549,771
Legend Biotech Corp ADR (b)
 
85,600
1,498,000
Moderna Inc (b)
 
88,100
3,882,567
Praxis Precision Medicines Inc (b)
 
11,000
3,454,000
Regeneron Pharmaceuticals Inc
 
15,700
11,640,765
Revolution Medicines Inc (b)
 
12,500
1,211,875
Scholar Rock Holding Corp (b)
 
71,500
3,170,310
Travere Therapeutics Inc (b)
 
155,600
4,837,604
 
 
 
247,147,671
Health Care Equipment & Supplies - 0.8%
 
 
 
Blink Health LLC Class A1 (b)(c)(d)
 
8,180
303,069
Boston Scientific Corp (b)
 
1,053,400
98,524,502
Insulet Corp (b)
 
57,300
14,657,913
Intuitive Surgical Inc (b)
 
7,600
3,832,072
Kestra Medical Technologies Ltd
 
74,500
1,837,915
Medline Inc Class A
 
243,800
10,775,960
 
 
 
129,931,431
Health Care Providers & Services - 0.5%
 
 
 
Cardinal Health Inc
 
149,300
32,081,584
Cencora Inc
 
45,300
16,272,666
Guardant Health Inc (b)
 
65,000
7,412,600
McKesson Corp
 
32,000
26,598,720
 
 
 
82,365,570
Health Care Technology - 0.0%
 
 
 
Claritev Corp warrants (b)(c)
 
24,206
0
HeartFlow Inc (f)
 
79,401
2,371,708
 
 
 
2,371,708
Life Sciences Tools & Services - 0.0%
 
 
 
Danaher Corp
 
26,000
5,691,140
Pharmaceuticals - 2.9%
 
 
 
Crinetics Pharmaceuticals Inc (b)
 
64,800
3,236,112
Elanco Animal Health Inc (b)
 
114,200
2,749,936
Eli Lilly & Co
 
381,579
395,754,660
Johnson & Johnson
 
81,000
18,407,250
Roche Holding AG non-voting shares
 
11,250
5,115,824
 
 
 
425,263,782
TOTAL HEALTH CARE
 
 
892,771,302
Industrials - 6.9%
 
 
 
Aerospace & Defense - 4.1%
 
 
 
Anduril Industries Inc Class B (c)(d)
 
4,398
219,636
Anduril Industries Inc Class C (c)(d)
 
2
100
Axon Enterprise Inc (b)
 
36,900
17,844,102
Beta Technologies Inc (f)
 
108,622
2,335,373
Beta Technologies Inc Class A (b)
 
72,200
1,552,300
Boeing Co (b)
 
407,680
95,282,970
Carpenter Technology Corp
 
56,272
17,884,930
GE Aerospace
 
192,500
59,057,075
Howmet Aerospace Inc
 
208,600
43,405,488
Red Cat Holdings Inc (b)(e)
 
157,600
2,127,600
Rocket Lab Corp
 
99,600
7,974,972
Space Exploration Technologies Corp (b)(c)(d)
 
906,730
381,733,330
Space Exploration Technologies Corp Class C (b)(c)(d)
 
6,860
2,888,060
 
 
 
632,305,936
Air Freight & Logistics - 0.0%
 
 
 
CH Robinson Worldwide Inc
 
8,200
1,598,590
FedEx Corp
 
6,300
2,030,175
 
 
 
3,628,765
Construction & Engineering - 0.1%
 
 
 
Comfort Systems USA Inc
 
16,500
18,844,650
Construction Partners Inc Class A (b)
 
19,400
2,131,672
IES Holdings Inc (b)
 
12,600
4,791,654
Legence Corp Class A
 
23,000
1,078,930
 
 
 
26,846,906
Electrical Equipment - 0.6%
 
 
 
Bloom Energy Corp Class A (b)
 
19,500
2,951,715
GE Vernova Inc
 
99,600
72,346,452
Nextpower Inc Class A (b)
 
119,700
14,015,673
 
 
 
89,313,840
Ground Transportation - 0.5%
 
 
 
Lyft Inc Class A (b)
 
742,089
12,519,041
Old Dominion Freight Line Inc
 
54,500
9,439,400
Uber Technologies Inc (b)
 
577,200
46,204,860
XPO Inc (b)
 
39,500
5,850,345
 
 
 
74,013,646
Machinery - 0.3%
 
 
 
Caterpillar Inc
 
9,100
5,981,976
Cummins Inc
 
31,500
18,232,830
PACCAR Inc
 
83,900
10,312,149
RBC Bearings Inc (b)
 
10,000
4,996,700
 
 
 
39,523,655
Passenger Airlines - 0.6%
 
 
 
Alaska Air Group Inc (b)(e)
 
100,100
5,088,083
Delta Air Lines Inc
 
644,300
42,452,927
United Airlines Holdings Inc (b)
 
375,300
38,400,696
 
 
 
85,941,706
Trading Companies & Distributors - 0.7%
 
 
 
Ferguson Enterprises Inc
 
34,000
8,583,640
FTAI Aviation Ltd
 
382,400
104,135,168
 
 
 
112,718,808
TOTAL INDUSTRIALS
 
 
1,064,293,262
Information Technology - 44.5%
 
 
 
Communications Equipment - 0.5%
 
 
 
Arista Networks Inc (b)
 
44,000
6,236,560
Lumentum Holdings Inc (b)
 
184,100
72,137,744
 
 
 
78,374,304
Electronic Equipment, Instruments & Components - 0.8%
 
 
 
Amphenol Corp Class A
 
362,200
52,185,776
Coherent Corp (b)
 
193,700
41,099,266
Corning Inc
 
132,100
13,639,325
Jabil Inc
 
50,400
11,954,376
 
 
 
118,878,743
IT Services - 0.9%
 
 
 
Akamai Technologies Inc (b)
 
33,500
3,254,525
Cloudflare Inc Class A (b)
 
166,200
29,475,570
MongoDB Inc Class A (b)
 
15,900
5,904,147
Snowflake Inc (b)
 
262,752
50,632,310
Twilio Inc Class A (b)
 
319,200
38,450,832
X.Ai Holdings Corp Class A (c)(d)
 
48,900
3,689,994
 
 
 
131,407,378
Semiconductors & Semiconductor Equipment - 22.9%
 
 
 
Advanced Micro Devices Inc (b)
 
231,900
54,897,687
Astera Labs Inc (b)
 
449,400
67,688,628
Broadcom Inc
 
1,564,900
518,451,370
GlobalFoundries Inc (b)
 
152,742
6,445,712
Impinj Inc (b)
 
1,239
171,106
KLA Corp
 
4,700
6,711,318
Lam Research Corp
 
80,800
18,863,568
Marvell Technology Inc
 
3,046,961
240,466,162
Micron Technology Inc
 
259,700
107,744,336
Monolithic Power Systems Inc
 
105,300
118,372,995
NVIDIA Corp
 
12,397,360
2,369,507,418
Onto Innovation Inc (b)
 
9,000
1,818,450
 
 
 
3,511,138,750
Software - 9.1%
 
 
 
Applied Intuition Inc Class A (b)(c)(d)
 
5,601
634,481
AppLovin Corp Class A (b)
 
400,200
189,338,622
Atom Tickets LLC (b)(c)(d)(g)
 
344,068
3
Celestial AI Inc (c)(d)
 
7,180
192,568
Circle Internet Group Inc Class A (e)
 
32,300
2,064,939
Crowdstrike Holdings Inc Class A (b)
 
30,800
13,595,274
Figma Inc Class A
 
77,644
2,012,532
Microsoft Corp
 
2,329,300
1,002,274,498
OpenAI Group Pbc Class A (c)(d)
 
9,700
4,631,556
Oracle Corp
 
391,700
64,465,986
Palantir Technologies Inc Class A (b)
 
359,700
52,728,423
Rubrik Inc Class A (b)
 
102,500
5,734,875
Salesforce Inc
 
64,100
13,607,789
Samsara Inc Class A (b)
 
185,800
5,211,690
Servicenow Inc (b)
 
240,715
28,166,062
Stripe LLC Class B (b)(c)(d)
 
19,900
824,258
Tanium Inc Class B (b)(c)(d)
 
151,000
1,170,250
Unity Software Inc (b)
 
95,100
2,767,410
Zoom Communications Inc Class A (b)
 
81,100
7,469,310
 
 
 
1,396,890,526
Technology Hardware, Storage & Peripherals - 10.3%
 
 
 
Apple Inc (e)
 
5,526,236
1,433,947,718
Sandisk Corp/DE
 
91,000
52,438,750
Seagate Technology Holdings PLC
 
24,500
9,988,405
Western Digital Corp
 
345,400
86,429,442
 
 
 
1,582,804,315
TOTAL INFORMATION TECHNOLOGY
 
 
6,819,494,016
Materials - 0.2%
 
 
 
Construction Materials - 0.2%
 
 
 
Martin Marietta Materials Inc
 
17,900
11,669,905
Vulcan Materials Co
 
42,200
12,682,788
 
 
 
24,352,693
Metals & Mining - 0.0%
 
 
 
Alcoa Corp
 
46,500
2,641,665
Century Aluminum Co (b)
 
61,900
2,805,927
 
 
 
5,447,592
TOTAL MATERIALS
 
 
29,800,285
Real Estate - 0.5%
 
 
 
Health Care REITs - 0.5%
 
 
 
Welltower Inc
 
379,284
71,441,934
Real Estate Management & Development - 0.0%
 
 
 
Compass Inc Class A (b)
 
651,400
8,155,528
TOTAL REAL ESTATE
 
 
79,597,462
Utilities - 0.2%
 
 
 
Electric Utilities - 0.2%
 
 
 
Constellation Energy Corp
 
19,200
5,389,056
Entergy Corp
 
105,900
10,154,751
NRG Energy Inc
 
59,200
9,035,696
 
 
 
24,579,503
Independent Power and Renewable Electricity Producers - 0.0%
 
 
 
Vistra Corp
 
51,700
8,186,695
TOTAL UTILITIES
 
 
32,766,198
TOTAL UNITED STATES
 
 
14,229,578,387
ZAMBIA - 0.0%
 
 
 
Materials - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
First Quantum Minerals Ltd (b)
 
201,800
5,704,316
 
TOTAL COMMON STOCKS
 (Cost $5,767,117,061)
 
 
 
14,924,563,410
 
 
 
 
Convertible Corporate Bonds - 0.0%
 
 
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 0.0%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Automobiles - 0.0%
 
 
 
Neutron Holdings Inc 4% 5/22/2027 (c)(d)
 
433,800
1,948,630
Neutron Holdings Inc 4% 6/12/2027 (c)(d)
 
115,200
517,478
TOTAL CONSUMER DISCRETIONARY
 
 
2,466,108
Information Technology - 0.0%
 
 
 
Electronic Equipment, Instruments & Components - 0.0%
 
 
 
Enevate Corp 10% 5/12/2199 (c)(d)
 
22,391
7,483
TOTAL UNITED STATES
 
 
2,473,591
 
TOTAL CONVERTIBLE CORPORATE BONDS
 (Cost $571,391)
 
 
 
2,473,591
 
 
 
 
Convertible Preferred Stocks - 1.8%
 
 
Shares
Value ($)
 
CANADA - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Taalas Inc Series B (c)(d)
 
26,500
1,839,630
CHINA - 0.1%
 
 
 
Communication Services - 0.1%
 
 
 
Interactive Media & Services - 0.1%
 
 
 
Bytedance Ltd Series E1 (b)(c)(d)
 
37,119
9,531,417
ESTONIA - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Bolt Technology OU Series E (b)(c)(d)
 
18,160
3,940,326
FINLAND - 0.1%
 
 
 
Health Care - 0.1%
 
 
 
Health Care Technology - 0.1%
 
 
 
Oura Health Oy Series D (b)(c)(d)
 
156,533
8,385,473
Oura Health Oy Series E (c)(d)
 
193,277
10,353,849
 
 
 
 
TOTAL FINLAND
 
 
18,739,322
ISRAEL - 0.0%
 
 
 
Industrials - 0.0%
 
 
 
Electrical Equipment - 0.0%
 
 
 
Element Labs Inc Series A (c)(d)
 
150,300
1,187,370
Element Labs Inc Series B (c)(d)
 
119,900
1,052,722
TOTAL INDUSTRIALS
 
 
2,240,092
Information Technology - 0.0%
 
 
 
Semiconductors & Semiconductor Equipment - 0.0%
 
 
 
Xsight Labs Ltd Series D (b)(c)(d)
 
140,500
210,750
Xsight Labs Ltd Series F (c)(d)
 
280,336
1,177,411
TOTAL INFORMATION TECHNOLOGY
 
 
1,388,161
TOTAL ISRAEL
 
 
3,628,253
UNITED KINGDOM - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
NScale Global Holdings Ltd Series B (c)(d)
 
1,000
426,990
UNITED STATES - 1.6%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Automobiles - 0.0%
 
 
 
Neutron Holdings Inc Series 1C (b)(c)(d)
 
12,405,800
1,188,475
Rad Power Bikes Inc Series A (b)(c)(d)
 
14,368
0
Rad Power Bikes Inc Series C (b)(c)(d)
 
56,537
0
Waymo LLC Series A2 (b)(c)(d)
 
15,200
2,323,928
Waymo LLC Series C2 (b)(c)(d)
 
25,928
3,860,420
TOTAL CONSUMER DISCRETIONARY
 
 
7,372,823
Consumer Staples - 0.0%
 
 
 
Consumer Staples Distribution & Retail - 0.0%
 
 
 
GoBrands Inc Series G (b)(c)(d)
 
19,600
952,168
Food Products - 0.0%
 
 
 
AgBiome LLC Series C (b)(c)(d)
 
266,499
3
Tobacco - 0.0%
 
 
 
JUUL Labs Inc Series C (b)(c)(d)
 
660,029
1,254,055
JUUL Labs Inc Series D (b)(c)(d)
 
5,110
9,709
 
 
 
1,263,764
TOTAL CONSUMER STAPLES
 
 
2,215,935
Financials - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Akeana Series C (b)(c)(d)
 
65,000
772,850
Tenstorrent Holdings Inc Series D1 (b)(c)(d)
 
18,067
1,348,521
TOTAL FINANCIALS
 
 
2,121,371
Health Care - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
Castle Creek Biosciences Inc Series B (b)(c)(d)
 
1,069
231,813
Castle Creek Biosciences Inc Series D2 (b)(c)(d)
 
642
128,611
Neurona Therapeutics Inc Series F (c)(d)
 
328,100
771,035
 
 
 
1,131,459
Health Care Equipment & Supplies - 0.0%
 
 
 
Blink Health LLC Series C (b)(c)(d)
 
27,197
1,007,649
Blink Health LLC Series D (b)(c)(d)
 
5,797
214,779
 
 
 
1,222,428
TOTAL HEALTH CARE
 
 
2,353,887
Industrials - 0.2%
 
 
 
Aerospace & Defense - 0.1%
 
 
 
Anduril Industries Inc Series F (b)(c)(d)
 
87,397
4,364,606
Anduril Industries Inc Series G (c)(d)
 
41,100
2,052,534
 
 
 
6,417,140
Air Freight & Logistics - 0.1%
 
 
 
Zipline International Inc Series G (b)(c)(d)
 
46,703
2,627,511
Zipline International Inc Series H (c)(d)
 
45,100
2,537,326
 
 
 
5,164,837
Electrical Equipment - 0.0%
 
 
 
Empower Semiconductor Inc Series D (c)(d)
 
224,700
1,714,461
TOTAL INDUSTRIALS
 
 
13,296,438
Information Technology - 1.4%
 
 
 
Electronic Equipment, Instruments & Components - 0.1%
 
 
 
Cerebras Systems Inc Series G (c)(d)
 
191,700
17,065,135
Enevate Corp Series E (b)(c)(d)
 
1,441,706
115,336
Frore Systems Inc Series C (b)(c)(d)
 
63,198
1,638,092
 
 
 
18,818,563
IT Services - 0.4%
 
 
 
X.Ai Holdings Corp Series B (c)(d)
 
635,731
47,972,261
X.Ai Holdings Corp Series C (c)(d)
 
116,978
8,827,160
 
 
 
56,799,421
Semiconductors & Semiconductor Equipment - 0.0%
 
 
 
Alif Semiconductor Series D (c)(d)
 
37,600
1,141,536
Danger Devices Inc Series B (c)(d)
 
719,800
655,018
Retym Inc Series C (b)(c)(d)
 
168,905
1,761,679
Retym Inc Series D (b)(c)(d)
 
30,943
340,373
 
 
 
3,898,606
Software - 0.8%
 
 
 
Anthropic PBC Series D (b)(c)(d)
 
67,650
18,517,835
Anthropic PBC Series E (c)(d)
 
6,400
1,658,495
Anthropic PBC Series F (c)(d)
 
50,300
13,034,742
Anthropic PBC Series G (c)(d)
 
45,600
11,816,620
Applied Intuition Inc Series A2 (b)(c)(d)
 
7,292
826,038
Applied Intuition Inc Series B2 (b)(c)(d)
 
3,516
398,292
Celestial AI Inc Series A (c)(d)
 
45,773
1,227,632
Celestial AI Inc Series B (c)(d)
 
34,443
923,761
Celestial AI Inc Series C1 (c)(d)
 
137,971
3,700,382
Crusoe Energy Systems LLC Series D (b)(c)(d)
 
52,338
5,652,504
Crusoe Energy Systems LLC Series E (c)(d)
 
30,554
3,299,832
Databricks Inc Series G (b)(c)(d)
 
51,900
9,861,000
Databricks Inc Series I (b)(c)(d)
 
1,191
226,290
Databricks Inc Series J (b)(c)(d)
 
32,584
6,190,960
Databricks Inc Series K (c)(d)
 
10,100
1,919,000
Databricks Inc Series L (c)(d)
 
40,900
7,771,000
Dataminr Inc Series D, 8% (b)(c)(d)
 
115,901
877,371
Density Ai Inc (c)(d)
 
436,000
649,640
Lyte Ai Inc Series B (b)(c)(d)
 
117,675
1,236,764
MOLOCO Inc Series A (b)(c)(d)
 
19,537
1,329,884
Nuro Inc/DE Series E (c)(d)
 
75,109
859,998
OpenAI Group Pbc Series A-2 (c)(d)
 
26,645
12,722,455
OpenAI Group Pbc Series A-3 (c)(d)
 
7,886
3,765,407
Physical Intelligence Inc Series B (c)(d)
 
3,700
1,003,477
Runway AI Inc Series D (b)(c)(d)
 
91,910
1,344,644
Runway AI Inc Series P (c)(d)
 
5,937
86,858
Skyryse Inc Series C (c)(d)
 
48,000
1,296,960
Stripe LLC Series H (b)(c)(d)
 
8,700
360,354
Stripe LLC Series I (b)(c)(d)
 
135,124
5,596,836
 
 
 
118,155,031
Technology Hardware, Storage & Peripherals - 0.1%
 
 
 
Lightmatter Inc Series C1 (b)(c)(d)
 
77,697
4,166,113
Lightmatter Inc Series C2 (b)(c)(d)
 
12,204
672,684
Lightmatter Inc Series D (b)(c)(d)
 
62,356
4,412,935
 
 
 
9,251,732
TOTAL INFORMATION TECHNOLOGY
 
 
206,923,353
Materials - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
Diamond Foundry Inc Series C (b)(c)(d)
 
125,000
3,882,500
Utilities - 0.0%
 
 
 
Independent Power and Renewable Electricity Producers - 0.0%
 
 
 
Redwood Materials Series E (c)(d)
 
2,854
136,250
TOTAL UNITED STATES
 
 
238,302,557
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $153,652,006)
 
 
 
276,408,495
 
 
 
 
Non-Convertible Preferred Stocks - 0.0%
 
 
Shares
Value ($)
 
UNITED STATES - 0.0%
 
 
 
Health Care - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
Castle Creek Biosciences Inc Series A4 (b)(c)(d)
  (Cost $3,185,523)
 
9,636
2,175,327
 
 
 
 
Preferred Securities - 0.0%
 
 
Principal
Amount (a)
 
Value ($)
 
CANADA - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Taalas Inc 0% (c)(d)(j)
 
472,410
469,717
UNITED STATES - 0.0%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Automobiles - 0.0%
 
 
 
Rad Power Bikes Inc 8% 12/31/2199 (c)(d)
 
74,246
13,869
Information Technology - 0.0%
 
 
 
Electronic Equipment, Instruments & Components - 0.0%
 
 
 
Enevate Corp 6% (c)(d)(j)
 
84,434
10,646
TOTAL UNITED STATES
 
 
24,515
 
TOTAL PREFERRED SECURITIES
 (Cost $631,090)
 
 
 
494,232
 
 
 
 
Money Market Funds - 0.2%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (k)
 
3.70
6,767,017
6,768,370
Fidelity Securities Lending Cash Central Fund (k)(l)
 
3.70
27,891,581
27,894,370
 
TOTAL MONEY MARKET FUNDS
 (Cost $34,662,740)
 
 
 
34,662,740
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.2%
 (Cost $5,959,819,811)
 
 
 
15,240,777,795
NET OTHER ASSETS (LIABILITIES) - 0.8%  
123,547,644
NET ASSETS - 100.0%
15,364,325,439
 
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing.
 
(c)
Level 3 security.
 
(d)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $723,373,293 or 4.7% of net assets.
 
(e)
Security or a portion of the security is on loan at period end.
 
(f)
Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $18,629,268 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
 
(g)
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
 
(h)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $9,618,936 or 0.1% of net assets.
 
(i)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $7,105,052 or 0.0% of net assets.
 
(j)
Security is perpetual in nature with no stated maturity date.
 
(k)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(l)
Investment made with cash collateral received from securities on loan.
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
AgBiome LLC Series C
6/29/2018
1,687,925
 
 
 
Akeana Series C
1/23/2024
829,452
 
 
 
Alif Semiconductor Series D
4/11/2025
1,015,843
 
 
 
Anduril Industries Inc Class B
6/16/2025
179,803
 
 
 
Anduril Industries Inc Class C
6/16/2025
80
 
 
 
Anduril Industries Inc Series F
8/7/2024
1,899,714
 
 
 
Anduril Industries Inc Series G
4/17/2025
1,680,283
 
 
 
Ant International Co Ltd Class C
5/16/2018
2,989,179
 
 
 
Anthropic PBC Series D
5/31/2024
2,029,804
 
 
 
Anthropic PBC Series E
2/14/2025
358,954
 
 
 
Anthropic PBC Series F
8/18/2025
7,090,670
 
 
 
Anthropic PBC Series G
1/27/2026
11,816,621
 
 
 
Applied Intuition Inc Class A
7/2/2024
334,351
 
 
 
Applied Intuition Inc Series A2
7/2/2024
435,295
 
 
 
Applied Intuition Inc Series B2
7/2/2024
209,887
 
 
 
Atom Tickets LLC
8/15/2017
1,999,998
 
 
 
Blink Health LLC Class A1
12/30/2020 - 6/17/2024
233,946
 
 
 
Blink Health LLC Series C
11/7/2019 - 1/21/2021
1,038,273
 
 
 
Blink Health LLC Series D
6/17/2024 - 6/25/2024
243,474
 
 
 
Bolt Technology OU Series E
1/3/2022
4,717,904
 
 
 
Bytedance Ltd Series E1
11/18/2020
4,067,284
 
 
 
Canva Australia Holdings Pty Ltd Class A
8/19/2025 - 11/12/2025
7,736,858
 
 
 
Castle Creek Biosciences Inc Series A4
9/29/2016
3,185,523
 
 
 
Castle Creek Biosciences Inc Series B
10/9/2018
440,268
 
 
 
Castle Creek Biosciences Inc Series D2
6/28/2021
110,199
 
 
 
Celestial AI Inc
2/25/2025
106,377
 
 
 
Celestial AI Inc Series A
2/25/2025
678,159
 
 
 
Celestial AI Inc Series B
2/25/2025
510,297
 
 
 
Celestial AI Inc Series C1
2/25/2025
2,404,862
 
 
 
Cerebras Systems Inc Series G
9/19/2025
6,945,751
 
 
 
Chobani Inc Class A
10/14/2025
2,749,570
 
 
 
Crusoe Energy Systems LLC Series D
12/10/2024
1,526,796
 
 
 
Crusoe Energy Systems LLC Series E
10/8/2025
2,566,788
 
 
 
Danger Devices Inc Series B
3/5/2025
648,180
 
 
 
Databricks Inc Series G
2/1/2021
3,068,465
 
 
 
Databricks Inc Series I
9/14/2023
87,539
 
 
 
Databricks Inc Series J
12/17/2024
3,014,020
 
 
 
Databricks Inc Series K
9/8/2025
1,515,000
 
 
 
Databricks Inc Series L
12/18/2025
7,771,000
 
 
 
Dataminr Inc Series D, 8%
3/6/2015
1,477,738
 
 
 
Density Ai Inc
12/5/2025
649,633
 
 
 
Diamond Foundry Inc Series C
3/15/2021
3,000,000
 
 
 
Element Labs Inc Series A
2/11/2025
554,396
 
 
 
Element Labs Inc Series B
6/27/2025
1,052,590
 
 
 
Empower Semiconductor Inc Series D
6/27/2025
1,803,397
 
 
 
Enevate Corp 10% 5/12/2199
11/12/2024
22,391
 
 
 
Enevate Corp 6%
11/2/2023 - 10/31/2025
84,434
 
 
 
Enevate Corp Series E
1/29/2021
1,598,398
 
 
 
Epic Games Inc
7/30/2020
618,700
 
 
 
Fanatics Inc Class A
8/13/2020
2,754,038
 
 
 
Frore Systems Inc Series C
5/10/2024
1,015,617
 
 
 
GoBrands Inc Series G
3/2/2021
4,894,459
 
 
 
JUUL Labs Inc Class A
2/23/2024 - 11/4/2025
11,277,292
 
 
 
JUUL Labs Inc Class B
11/21/2017
0
 
 
 
JUUL Labs Inc Series C
5/22/2015 - 7/6/2018
0
 
 
 
JUUL Labs Inc Series D
6/25/2018 - 7/6/2018
0
 
 
 
Lightmatter Inc Series C1
5/19/2023
1,278,644
 
 
 
Lightmatter Inc Series C2
12/18/2023
317,326
 
 
 
Lightmatter Inc Series D
10/11/2024
5,002,853
 
 
 
Lyte Ai Inc Series B
8/13/2024
1,492,837
 
 
 
MOLOCO Inc Series A
6/26/2023
1,172,220
 
 
 
Neurona Therapeutics Inc Series F
3/28/2025
675,886
 
 
 
Neutron Holdings Inc
2/4/2021
6,918
 
 
 
Neutron Holdings Inc 4% 5/22/2027
6/4/2020
433,800
 
 
 
Neutron Holdings Inc 4% 6/12/2027
6/12/2020
115,200
 
 
 
Neutron Holdings Inc Series 1C
7/3/2018
2,268,276
 
 
 
NScale Global Holdings Ltd Series B
9/25/2025
379,879
 
 
 
Nuro Inc/DE Series E
4/1/2025
960,906
 
 
 
OpenAI Group Pbc Class A
9/3/2025
4,171,000
 
 
 
OpenAI Group Pbc Series A-2
9/30/2024
5,005,574
 
 
 
OpenAI Group Pbc Series A-3
4/11/2025
2,419,947
 
 
 
Oura Health Oy Series D
12/18/2024
4,021,333
 
 
 
Oura Health Oy Series E
9/24/2025
10,353,849
 
 
 
Physical Intelligence Inc Series B
10/24/2025
1,004,769
 
 
 
Rad Power Bikes Inc
1/21/2021
531,635
 
 
 
Rad Power Bikes Inc 8% 12/31/2199
10/6/2023
74,246
 
 
 
Rad Power Bikes Inc Series A
1/21/2021
69,309
 
 
 
Rad Power Bikes Inc Series C
1/21/2021
272,725
 
 
 
Rad Power Bikes Inc warrants 10/6/2033
10/6/2023
0
 
 
 
Redwood Materials Series E
10/20/2025
136,238
 
 
 
Retym Inc Series C
5/17/2023 - 6/20/2023
1,314,385
 
 
 
Retym Inc Series D
1/29/2025
327,593
 
 
 
Revolut Group Holdings Ltd
12/27/2024
2,019,587
 
 
 
Runway AI Inc Series D
9/6/2024
996,468
 
 
 
Runway AI Inc Series P
11/4/2025
86,847
 
 
 
Skyryse Inc Series C
9/16/2025 - 11/21/2025
1,297,162
 
 
 
Space Exploration Technologies Corp
1/20/2015 - 9/7/2023
15,151,134
 
 
 
Space Exploration Technologies Corp Class C
9/11/2017
92,610
 
 
 
Stripe LLC Class B
5/18/2021
798,555
 
 
 
Stripe LLC Series H
3/15/2021
349,087
 
 
 
Stripe LLC Series I
3/20/2023 - 5/12/2023
2,720,606
 
 
 
Taalas Inc 0%
12/23/2025
472,410
 
 
 
Taalas Inc Series B
2/19/2025
1,455,205
 
 
 
Taalas Inc warrants
12/23/2025
95,390
 
 
 
Tanium Inc Class B
4/21/2017
749,609
 
 
 
Tenstorrent Holdings Inc Series D1
7/16/2024 - 1/15/2025
1,424,157
 
 
 
Tory Burch LLC Class A
5/14/2015
7,600,030
 
 
 
Trade Republic Bank GmbH
12/16/2025
3,122,901
 
 
 
Waymo LLC Series A2
5/8/2020
1,305,182
 
 
 
Waymo LLC Series C2
10/18/2024
2,027,604
 
 
 
X.Ai Holdings Corp Class A
7/18/2025
1,787,784
 
 
 
X.Ai Holdings Corp Series B
5/13/2024
7,609,700
 
 
 
X.Ai Holdings Corp Series C
11/22/2024
2,532,574
 
 
 
Xsight Labs Ltd Series D
2/16/2021
1,123,438
 
 
 
Xsight Labs Ltd Series F
1/11/2024 - 12/30/2024
1,297,956
 
 
 
Zipline International Inc Series G
6/7/2024
1,959,018
 
 
 
Zipline International Inc Series H
12/3/2025
2,537,518
 
 
 
Additional information on each lock-up restriction is as follows:
Security
Restriction Expiration Date
Beta Technologies Inc
5/4/2026
 
 
HeartFlow Inc
2/4/2026
 
 
Lenskart Solutions Ltd
5/7/2026
 
 
Meesho
6/10/2026
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
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
56,535,950
562,741,755
612,516,534
758,812
7,199
-
6,768,370
6,767,017
0.0%
Fidelity Securities Lending Cash Central Fund
52,550,567
323,286,591
347,943,052
155,627
264
-
27,894,370
27,891,581
0.1%
Total
109,086,517
886,028,346
960,459,586
914,439
7,463
-
34,662,740
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
 
The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Common Stocks
 
 
 
 
Communication Services
2,472,206,802
2,454,013,557
17,493,748
699,497
Consumer Discretionary
2,496,658,442
2,479,483,764
-
17,174,678
Consumer Staples
93,188,947
74,657,776
-
18,531,171
Energy
34,850,475
34,850,475
-
-
Financials
455,549,090
447,885,212
-
7,663,878
Health Care
944,250,791
928,949,024
14,998,698
303,069
Industrials
1,070,656,007
685,814,881
-
384,841,126
Information Technology
7,183,364,403
7,164,738,626
-
18,625,777
Materials
61,474,793
61,474,793
-
-
Real Estate
79,597,462
79,597,462
-
-
Utilities
32,766,198
32,766,198
-
-
 Convertible Corporate Bonds
 
 
 
 
Consumer Discretionary
2,466,108
-
-
2,466,108
Information Technology
7,483
-
-
7,483
 Convertible Preferred Stocks
 
 
 
 
Communication Services
9,531,417
-
-
9,531,417
Consumer Discretionary
7,372,823
-
-
7,372,823
Consumer Staples
2,215,935
-
-
2,215,935
Financials
2,121,371
-
-
2,121,371
Health Care
21,093,209
-
-
21,093,209
Industrials
15,536,530
-
-
15,536,530
Information Technology
214,518,460
-
-
214,518,460
Materials
3,882,500
-
-
3,882,500
Utilities
136,250
-
-
136,250
 Non-Convertible Preferred Stocks
 
 
 
 
Health Care
2,175,327
-
-
2,175,327
 Preferred Securities
 
 
 
 
Consumer Discretionary
13,869
-
-
13,869
Information Technology
480,363
-
-
480,363
 Money Market Funds
34,662,740
34,662,740
-
-
 Total Investments in Securities:
15,240,777,795
14,478,894,508
32,492,446
729,390,841
 
 
 
 
 
 Net Unrealized Appreciation (Depreciation) on Unfunded Commitments
(9,120)
-
-
(9,120)
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 ($)
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2026 ($)
Common Stocks
99,590,260
6,119
323,851,394
38,190,353
(13,798,930)
-
-
-
447,839,196
330,433,298
Convertible Preferred Stocks
280,144,840
-
(48,878,821)
61,577,247
(16,434,771)
-
-
-
276,408,495
84,522,774
Non-Convertible Preferred Stocks
1,963,624
-
211,703
-
-
-
-
-
2,175,327
211,703
Convertible Corporate Bonds
1,751,992
-
721,599
-
-
-
-
-
2,473,591
721,599
Preferred Securities
1,437,276
-
(212,867)
476,723
(1,206,900)
-
-
-
494,232
(69,125)
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations.
 
 
 
 
Consolidated Financial Statements (Unaudited)
Consolidated Statement of Assets and Liabilities
 
As of January 31, 2026 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value (including  securities loaned of $26,314,136) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $5,925,157,071)
$
15,206,115,055
 
 
Fidelity Central Funds (cost $34,662,740)
34,662,740
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $5,959,819,811)
 
 
$
15,240,777,795
Foreign currency held at value (cost $71,414)
 
 
72,679
Receivable for investments sold
 
 
16,328,529
Receivable for fund shares sold
 
 
453,988,600
Dividends receivable
 
 
1,801,620
Interest receivable
 
 
127,046
Distributions receivable from Fidelity Central Funds
 
 
50,003
Other receivables
 
 
263,655
  Total assets
 
 
15,713,409,927
Liabilities
 
 
 
 
Payable to custodian bank
$
23,848
 
 
Payable for investments purchased
314,207,750
 
 
Unrealized depreciation on unfunded commitments
9,120
 
 
Payable for fund shares redeemed
4,685,995
 
 
Other payables and accrued expenses
2,275,108
 
 
Collateral on securities loaned
27,882,667
 
 
  Total liabilities
 
 
 
349,084,488
Commitments and contingent liabilities (see Significant Accounting Policies note)
 
 
 
 
Net Assets  
 
 
$
15,364,325,439
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
5,986,565,525
Total accumulated earnings (loss)
 
 
 
9,377,759,914
Net Assets
 
 
$
15,364,325,439
Net Asset Value, offering price and redemption price per share ($15,364,325,439 ÷ 669,248,925 shares)
 
 
$
22.96
Consolidated Statement of Operations
Six months ended January 31, 2026 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
24,594,723
Interest  
 
 
12,016
Income from Fidelity Central Funds (including $155,627 from security lending)
 
 
914,439
 Total income
 
 
 
25,521,178
Expenses
 
 
 
 
Custodian fees and expenses
$
121,649
 
 
Independent trustees' fees and expenses
28,541
 
 
Legal
8
 
 
Interest
123,754
 
 
 Total expenses before reductions
 
273,952
 
 
 Expense reductions
 
(2,984)
 
 
 Total expenses after reductions
 
 
 
270,968
Net Investment income (loss)
 
 
 
25,250,210
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $111,932)
 
292,746,799
 
 
   Fidelity Central Funds
 
7,463
 
 
 Foreign currency transactions
 
(201,200)
 
 
Total net realized gain (loss)
 
 
 
292,553,062
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,709,515)  
 
1,055,075,531
 
 
 Unfunded commitments
 
(9,120)
 
 
 Assets and liabilities in foreign currencies
 
(17,592)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
1,055,048,819
Net gain (loss)
 
 
 
1,347,601,881
Net increase (decrease) in net assets resulting from operations
 
 
$
1,372,852,091
Consolidated Statement of Changes in Net Assets
 
 
Six months ended
January 31, 2026
(Unaudited)
 
Year ended
July 31, 2025
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
25,250,210
$
55,893,907
Net realized gain (loss)
 
292,553,062
 
470,944,131
Change in net unrealized appreciation (depreciation)
 
1,055,048,819
 
2,338,077,913
Net increase (decrease) in net assets resulting from operations
 
1,372,852,091
 
2,864,915,951
Distributions to shareholders
 
(545,744,803)
 
(1,029,456,671)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,509,282,287
 
3,514,663,891
  Reinvestment of distributions
 
545,744,803
 
1,029,456,671
Cost of shares redeemed
 
(1,302,373,966)
 
(3,656,240,133)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
752,653,124
 
887,880,429
Total increase (decrease) in net assets
 
1,579,760,412
 
2,723,339,709
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
13,784,565,027
 
11,061,225,318
End of period
$
15,364,325,439
$
13,784,565,027
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
63,753,149
 
188,408,026
  Issued in reinvestment of distributions
 
24,371,299
 
57,604,226
Redeemed
 
(54,835,157)
 
(188,105,026)
Net increase (decrease)
 
33,289,291
 
57,907,226
 
 
 
 
 
Consolidated Financial Highlights
 
Fidelity® Series Blue Chip Growth Fund
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
21.68
$
19.14
$
14.69
$
11.98
$
19.34
$
19.25
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.04
 
.09
 
.08
 
.07
 
.07
 
.06
     Net realized and unrealized gain (loss)
 
2.10
 
4.22
 
4.45
 
3.03
 
(3.37)
 
6.76
  Total from investment operations
 
2.14  
 
4.31  
 
4.53  
 
3.10  
 
(3.30)
 
6.82
  Distributions from net investment income
 
(.09)
 
(.14)
 
(.08)
 
(.06)
 
(.05)
 
(.10)
  Distributions from net realized gain
 
(.77)
 
(1.63)
 
-
 
(.33)
 
(4.00)
 
(6.63)
     Total distributions
 
(.86)
 
(1.77)
 
(.08)
 
(.39)
 
(4.06) C
 
(6.73)
  Net asset value, end of period
$
22.96
$
21.68
$
19.14
$
14.69
$
11.98
$
19.34
 Total Return D,E
 
9.99
%
 
24.54%
 
31.05%
 
26.84%
 
(22.51)%
 
46.98%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
-% H,I
 
-% H
 
.01%
 
-% H
 
-% H
 
-% H
    Expenses net of fee waivers, if any
 
-
% H,I
 
-% H
 
.01%
 
-% H
 
-% H
 
-% H
    Expenses net of all reductions, if any
 
-% H,I
 
-% H
 
.01%
 
-% H
 
-% H
 
-% H
    Net investment income (loss)
 
.35% I
 
.46%
 
.47%
 
.64%
 
.45%
 
.31%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
15,364,325
$
13,784,565
$
11,061,225
$
8,860,419
$
7,124,936
$
6,279,875
    Portfolio turnover rate J
 
38
% I
 
50%
 
29%
 
38%
 
48%
 
53%
 
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.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
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.
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 represents less than .005%.
IAnnualized.
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.
Notes to Consolidated Financial Statements
 (Unaudited)
For the period ended January 31, 2026
 
1. Organization.
Fidelity Series Blue Chip Growth Fund (the Fund) is a non-diversified fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
 
Asset Type
Fair Value
Valuation Technique(s)
Unobservable Input
Amount or Range/Weighted Average
Impact to Valuation from an Increase in InputA
Common Stocks
$447,839,196
 Market comparable
 Enterprise value/Revenue multiple (EV/R)
3.5 - 82.7 /17.4
Increase
 
 
 
 Enterprise value/EBITDA multiple (EV/EBITDA)
7.5 - 51.1 / 50.4
Increase
 
 
 
 Enterprise value/Net income (EV/NI)
27.4 - 38.2 / 32.7
Increase
 
 
 Market approach
 Transaction price
$4.63 - $54.91 / $27.59
Increase
 
 
 
 Discount rate
17.6%
Decrease
 
 
 
 Probability rate
10.0% - 70.0% / 33.3%
Increase
 
 
 Recovery value
Recovery value
$0.00
Increase
 
 
 Black scholes
Discount rate
3.5% - 3.7% / 3.6%
Increase
 
 
 
Volatility
70.0% - 80.0% / 74.6%
Increase
 
 
 
Term
1.0 - 3.0 / 2.1
Increase
 
 
 Book value
Book value multiple
1.4
Increase
Convertible Corporate Bonds
$2,473,591
 Market comparable
Enterprise value/Revenue multiple (EV/R)
3.8
Increase
 
 
Market approach
Transaction price
$100.00
Increase
 
 
 
Discount rate
21.7%
Decrease
 
 
 
Probability rate
0.0% - 75.0% / 33.3%
Increase
 
 
Black scholes
Discount rate
4.2%
Increase
 
 
 
Volatility
100.0%
Increase
 
 
 
Term
0.4
Increase
Convertible Preferred Stocks
$276,408,495
Market comparable
Enterprise value/Revenue multiple (EV/R)
1.4 - 82.7 / 36.0
Increase
 
 
 
Enterprise value/Gross profit multiple (EV/GP)
11.9
Increase
 
 
Market approach
Transaction price
$0.90 - $271.56 / $45.10
Increase
 
 
 
Discount rate
10.0% - 95.0% / 15.6%
Decrease
 
 
 
Premium rate
10.0% - 65.0% / 36.9%
Increase
 
 
Recovery value
Recovery value
$0.00
Increase
 
 
Black scholes
Discount rate
3.6% - 3.8% / 3.7%
Increase
 
 
 
Volatility
40.0% - 100.0% / 67.5%
Increase
 
 
 
Term
2.0 - 5.0 / 3.3
Increase
Preferred Securities
$494,232
Market approach
Transaction price
$100.00
Increase
 
 
 
Discount rate
17.6% - 35.4% / 18.0%
Decrease
 
 
 
Probability rate
0.0% - 75.0% / 33.1%
Increase
 
 
Recovery value
Recovery value
$0.00
Increase
 
 
Black scholes
Discount rate
3.5% - 4.2% / 3.5%
Increase
 
 
 
Volatility
80.0% - 100.0% / 80.4%
Increase
 
 
 
Term
0.4 - 1.0 / 1.0
Increase
Non-Convertible Preferred Stocks
$2,175,327
Market approach
Transaction price
$215.03
Increase
 
 
 
Premium rate
10.0%
Increase
 
 
Black scholes
Discount rate
3.7%
Increase
 
 
 
Volatility
85.0%
Increase
 
 
 
Term
3.0
Increase
 
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end. 
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2026, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Consolidated Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Consolidated Statement of Assets and Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$9,415,052,882
Gross unrealized depreciation
(183,020,400)
Net unrealized appreciation (depreciation)
$9,232,032,482
Tax cost
$6,008,745,313
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Consolidated Schedule of Investments, if applicable.
 
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Consolidated Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Consolidated Statement of Operations, as applicable based on contractual conditions of each commitment.
 
 
Investment to be Acquired
Commitment Amount ($)
Unrealized Appreciation (Depreciation)($)
Fidelity Series Blue Chip Growth Fund
Revolut Group Holdings, Ltd.
1,833,124
(9,120)
Fidelity Series Blue Chip Growth Fund
Spinny Series G Convertible Preferred
1,473,948
-
 
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
 
As of period end, investments in Subsidiaries were as follows:
 
 
Amount ($)
% of Total Assets
Fidelity Series Blue Chip Growth Fund
 10,266,263
 .07
 
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
 
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.
 
Consolidated Special Purpose Vehicle. The Funds included in the table below hold private equity of Indian issuers through a wholly owned special purpose vehicle (SPV). As of period end, the investment in the SPV was as follows:
 
 
SPV Name
Net Assets of SPV
% of Fund's Total Assets
Fidelity Series Blue Chip Growth Fund
Fid FDI 2611, LLC
12,402,724
.08
 
The financial statements have been consolidated to include the SPV accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Series Blue Chip Growth Fund
2,832,200,516
2,735,768,593
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity Series Blue Chip Growth Fund
 45,265
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity Series Blue Chip Growth Fund 
 Borrower
 22,522,191
4.06%
 119,273
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Series Blue Chip Growth Fund
 176,000,970
 113,407,471
 9,224,518
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Series Blue Chip Growth Fund
16,817
 26
-
 
At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Consolidated Schedule of Investments or Consolidated Statement of Assets and Liabilities.
 
 
Amount ($)
Fidelity Series Blue Chip Growth Fund
29,148
8. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Consolidated Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity Series Blue Chip Growth Fund
7,794,000
4.14%
 4,481
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $2,984.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.967988.112
XS1-SANN-0426
Fidelity® Real Estate Income Fund
 
 
 
 
Semi-Annual Report
January 31, 2026
Includes Fidelity and Fidelity Advisor share classes

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Real Estate Income Fund

Notes to Financial Statements

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.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2026 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Real Estate Income Fund
Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets
Asset-Backed Securities - 1.6%
 
 
Principal
Amount (a)
 
Value ($)
 
GRAND CAYMAN (UK OVERSEAS TER) - 0.0%
 
 
 
Capital Trust RE CDO Ltd Series 2005-1A Class D, CME Term SOFR 1 month Index + 1.6145%, 5.2898% 3/20/2050 (c)(f)(g)(h)
 
2,250,000
0
Crest Clarendon Street Ltd Series 2002, 3 month U.S. LIBOR + 0.47%, 6.0632% 12/28/2035 (c)(f)(g)(h)
 
500,000
0
TOTAL GRAND CAYMAN (UK OVERSEAS TER)
 
 
0
UNITED STATES - 1.6%
 
 
 
CNSL Series 2025-4A Class C, 8.098% 12/20/2055 (h)
 
7,500,000
7,749,007
Consolidated Communications LLC / Fidium Fiber Fin Holdco LLC Series 2025-1A Class C, 9.408% 5/20/2055 (h)
 
7,000,000
7,388,070
Home Partners of America Trust Series 2019-2 Class F, 3.866% 10/19/2039 (h)
 
2,747,554
2,671,854
Home Partners of America Trust Series 2021-1 Class F, 3.325% 9/17/2041 (h)
 
6,306,809
5,706,099
Home Partners of America Trust Series 2021-2 Class G, 4.505% 12/17/2026 (h)
 
27,644,031
27,256,426
Home Partners of America Trust Series 2021-3 Class F, 4.242% 1/17/2041 (h)
 
9,718,541
9,024,603
Lmdv Issuer CO LLC Series 2025-1A Class C, 7.88% 12/15/2055 (h)
 
5,500,000
5,593,059
New Residential Mortgage Loan Trust Series 2022-SFR2 Class E1, 4% 9/4/2039 (h)
 
2,900,000
2,835,660
Retained Vantage Data Ctrs Issuer LLC / Vantage Data Ctrs CDA Qc4 Ltd Partnership Series 2024-1A Class B, 5.775% 9/15/2049 (h)
 
10,151,000
9,965,350
Switch Abs Issuer LLC Series 2024-2A Class C, 10.033% 6/25/2054 (h)
 
8,000,000
8,281,699
Tricon Residential Trust Series 2021-SFR1 Class G, 4.133% 7/17/2038 (h)
 
3,000,000
2,973,104
Tricon Residential Trust Series 2023-SFR1 Class E, 7.977% 7/17/2040 (h)
 
2,000,000
2,025,591
TOTAL UNITED STATES
 
 
91,470,522
 
TOTAL ASSET-BACKED SECURITIES
 (Cost $94,407,668)
 
 
 
91,470,522
 
 
 
 
Bank Loan Obligations - 1.5%
 
 
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 1.5%
 
 
 
Communication Services - 0.6%
 
 
 
Diversified Telecommunication Services - 0.2%
 
 
 
Uniti Services LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 4%, 7.6719% 10/6/2032 (e)(f)(g)
 
9,740,000
9,740,000
Wireless Telecommunication Services - 0.4%
 
 
 
SBA Senior Finance II LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.43% 1/25/2031 (e)(f)(g)
 
25,480,259
25,549,311
TOTAL COMMUNICATION SERVICES
 
 
35,289,311
Consumer Discretionary - 0.4%
 
 
 
Hotels, Restaurants & Leisure - 0.4%
 
 
 
Caesars Entertainment Inc Tranche B1 1LN, term loan CME Term SOFR 1 month Index + 2.25%, 5.9219% 2/6/2031 (e)(f)(g)
 
4,357,388
4,322,528
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6719% 1/17/2031 (e)(f)(g)
 
3,940,225
3,904,527
Hilton Grand Vacations Borrower LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 2%, 5.6719% 8/2/2028 (e)(f)(g)
 
669,933
668,016
Hilton Worldwide Finance LLC Tranche B 1LN, term loan CME Term SOFR 1 month Index + 1.75%, 5.4226% 11/8/2030 (e)(f)(g)
 
13,500,000
13,554,541
TOTAL CONSUMER DISCRETIONARY
 
 
22,449,612
Energy - 0.2%
 
 
 
Oil, Gas & Consumable Fuels - 0.2%
 
 
 
CQP Holdco LP Tranche B 1LN, term loan CME Term SOFR 3 month Index + 1.75%, 5.4219% 12/31/2032 (e)(f)(g)
 
9,875,437
9,828,825
New Fortress Energy Inc Tranche B 1LN, term loan CME Term SOFR 3 month Index + 5.5%, 9.5699% 10/30/2028 (e)(f)(g)
 
9,850,500
3,829,382
TOTAL ENERGY
 
 
13,658,207
Financials - 0.2%
 
 
 
Financial Services - 0.2%
 
 
 
MHP Commercial Mortgage Trust U.S. SOFR Index + 5%, 8.7501% 1/9/2027 (c)(e)(f)(g)
 
11,444,659
11,158,543
Real Estate - 0.1%
 
 
 
Real Estate Management & Development - 0.1%
 
 
 
Cushman & Wakefield US Borrower LLC Tranche B2 1LN, term loan CME Term SOFR 1 month Index + 2.5%, 6.1719% 1/31/2030 (e)(f)(g)
 
2,215,791
2,221,331
Cushman & Wakefield US Borrower LLC Tranche B3 1LN, term loan CME Term SOFR 1 month Index + 2.75%, 6.4219% 1/31/2030 (e)(f)(g)
 
1,940,775
1,951,701
TOTAL REAL ESTATE
 
 
4,173,032
TOTAL UNITED STATES
 
 
86,728,705
 
TOTAL BANK LOAN OBLIGATIONS
 (Cost $92,421,034)
 
 
 
86,728,705
 
 
 
 
Collateralized Mortgage Obligations - 0.0%
 
 
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 0.0%
 
 
 
Fannie Mae Guaranteed REMIC Series 2002-W1 Class 3B3, 3.8724% 2/25/2042 (c)(g)(h)
 
17,968
8,054
Fannie Mae Guaranteed REMIC Series 2003-W10 Class 2B3, 3.9275% 6/25/2043 (c)(g)(h)
 
27,935
22,083
TOTAL UNITED STATES
 
 
30,137
 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
 (Cost $21,757)
 
 
 
30,137
 
 
 
 
Commercial Mortgage Securities - 19.0%
 
 
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 19.0%
 
 
 
Ares Tr 2 Series 2025-IND3 Class E, CME Term SOFR 1 month Index + 3.55%, 7.2302% 4/15/2042 (f)(g)(h)
 
7,000,000
7,017,500
Bank of America Merrill Lynch Commercial Mortgage Trust Series 2016-UB10 Class C, 4.8745% 7/15/2049 (g)
 
3,030,000
2,940,129
BANK Series 2017-BNK8 Class E, 2.8% 11/15/2050 (h)
 
11,374,393
5,016,137
BANK Series 2020-BN30 Class MCDG, 2.9182% 12/15/2053 (c)(g)(h)
 
2,000,000
1,202,481
BANK Series 2021-BN38 Class C, 3.2181% 12/15/2064 (g)
 
3,505,000
2,937,802
BANK Series 2022-BNK41 Class C, 3.7892% 4/15/2065 (g)
 
4,433,000
3,951,940
BANK Series 2022-BNK42 Class C, 4.7227% 6/15/2055 (g)
 
6,500,000
5,908,475
BANK Series 2022-BNK42 Class D, 2.5% 6/15/2055 (h)
 
2,000,000
1,463,406
BANK Series 2022-BNK44 Class AS, 5.7434% 11/15/2055 (g)
 
5,000,000
5,173,455
BANK Series 2023-5YR3 Class AS, 7.3151% 9/15/2056 (g)
 
1,500,000
1,601,226
BANK Series 2023-5YR3 Class B, 7.3151% 9/15/2056 (g)
 
2,000,000
2,101,617
BANK Series 2023-BNK46 Class A4, 5.745% 8/15/2056
 
1,409,000
1,486,721
BANK Series 2023-BNK46 Class AS, 6.385% 8/15/2056
 
5,000,000
5,323,542
BANK Series 2025-BNK51 Class B, 5.895% 12/25/2067 (g)
 
4,000,000
4,090,295
BBCMS Mortgage Trust Series 2020-C6 Class C, 3.045% 2/15/2053
 
1,129,000
934,443
BBCMS Mortgage Trust Series 2020-C7 Class C, 3.5863% 4/15/2053 (g)
 
2,067,000
1,774,299
BBCMS Mortgage Trust Series 2022-C16 Class C, 4.6% 6/15/2055 (g)
 
5,250,000
4,442,338
BBCMS Mortgage Trust Series 2022-C17 Class C, 5.45% 9/15/2055
 
2,000,000
1,913,248
BBCMS Mortgage Trust Series 2022-C17 Class D, 2.5% 9/15/2055 (h)
 
2,000,000
1,494,467
BBCMS Mortgage Trust Series 2023-5C23 Class AS, 7.4547% 12/15/2056 (g)
 
2,500,000
2,665,224
BBCMS Mortgage Trust Series 2023-C21 Class AS, 6.2961% 9/15/2056 (g)
 
7,000,000
7,508,228
BBCMS Mortgage Trust Series 2023-C21 Class B, 6.296% 9/15/2056 (g)
 
7,000,000
7,327,233
BBCMS Mortgage Trust Series 2023-C22 Class AS, 7.1307% 11/15/2056 (g)
 
10,000,000
10,966,903
BBCMS Mortgage Trust Series 2023-C22 Class B, 7.1347% 11/15/2056 (g)
 
10,000,000
10,882,686
BBCMS Mortgage Trust Series 2025-C32 Class A5, 5.72% 2/15/2062
 
5,000,000
5,328,616
Benchmark Mortgage Trust Series 2019-B14 Class 225D, 3.4041% 12/15/2062 (c)(g)(h)
 
3,427,000
17,135
Benchmark Mortgage Trust Series 2019-B14 Class 225E, 3.4041% 12/15/2062 (c)(g)(h)
 
5,141,000
12,853
Benchmark Mortgage Trust Series 2021-B28 Class A5, 2.2237% 8/15/2054
 
500,000
442,853
Benchmark Mortgage Trust Series 2022-B35 Class C, 4.4425% 5/15/2055 (g)
 
7,000,000
5,688,062
Benchmark Mortgage Trust Series 2022-B36 Class C, 5.1186% 7/15/2055 (g)
 
2,000,000
1,839,406
Benchmark Mortgage Trust Series 2022-B36 Class D, 2.5% 7/15/2055 (h)
 
3,828,000
2,737,322
Benchmark Mortgage Trust Series 2023-B39 Class B, 6.192% 7/15/2056 (h)
 
5,000,000
5,095,516
BFLD Commercial Mortgage Trust Series 2024-UNIV Class D, CME Term SOFR 1 month Index + 2.6909%, 6.3711% 11/15/2041 (f)(g)(h)
 
7,035,000
7,076,770
BFLD Trust Series 2025-EWEST Class E, CME Term SOFR 1 month Index + 3%, 6.6802% 6/15/2042 (f)(g)(h)
 
5,000,000
5,009,547
BMO Mortgage Trust Series 2023-5C1 Class AS, 7.1174% 8/15/2056 (g)
 
3,500,000
3,692,507
BMO Mortgage Trust Series 2023-5C2 Class AS, 7.2439% 11/15/2056 (g)
 
10,000,000
10,585,260
BMO Mortgage Trust Series 2023-C5 Class B, 6.473% 6/15/2056 (g)
 
4,750,000
4,986,788
BMO Mortgage Trust Series 2023-C7 Class AS, 6.6738% 12/15/2056 (g)
 
5,000,000
5,468,536
BPR Commercial Mortgage Trust Series 2024-PARK Class C, 6.1833% 11/5/2039 (g)(h)
 
5,597,000
5,774,683
BPR Trust Series 2024-PMDW Class D, 5.85% 11/5/2041 (g)(h)
 
4,690,000
4,686,343
Bres Coml Mtg Trust Series 2025-ATCAP Class E, CME Term SOFR 1 month Index + 3.6408%, 7.321% 11/15/2042 (f)(g)(h)
 
10,000,000
10,024,470
BX Commercial Mortgage Trust 2020-VIVA Series 2020-VIVA Class E, 3.5488% 3/11/2044 (g)(h)
 
20,898,990
18,874,793
BX Commercial Mortgage Trust 2024-KING Series 2024-KING Class E, CME Term SOFR 1 month Index + 3.688%, 7.3681% 5/15/2034 (f)(g)(h)
 
1,974,013
1,981,415
BX Commercial Mortgage Trust 2024-VLT5 Series 2024-VLT5 Class B, 5.8015% 11/13/2046 (g)(h)
 
6,547,000
6,714,849
BX Commercial Mortgage Trust 2024-VLT5 Series 2024-VLT5 Class E, 8.1339% 11/13/2046 (g)(h)
 
10,000,000
10,751,942
BX Commercial Mortgage Trust 2024-XL5 Series 2024-XL5 Class E, CME Term SOFR 1 month Index + 3.6884%, 7.3685% 3/15/2041 (f)(g)(h)
 
3,570,000
3,566,181
BX Commercial Mortgage Trust 2025-SPOT Series 2025-SPOT Class E, CME Term SOFR 1 month Index + 3.6902%, 7.3704% 4/15/2040 (f)(g)(h)
 
16,999,539
17,084,501
BX Commercial Mortgage Trust Series 2019-IMC Class G, CME Term SOFR 1 month Index + 3.6463%, 7.3263% 4/15/2034 (f)(g)(h)
 
5,181,000
5,039,419
BX Commercial Mortgage Trust Series 2021-CIP Class F, CME Term SOFR 1 month Index + 3.3335%, 7.0135% 12/15/2038 (f)(g)(h)
 
6,852,435
6,852,435
BX Commercial Mortgage Trust Series 2021-PAC Class G, CME Term SOFR 1 month Index + 3.0606%, 6.7406% 10/15/2036 (f)(g)(h)
 
17,232,000
17,210,460
BX Trust 2019-OC11 Series 2019-OC11 Class E, 3.944% 12/9/2041 (g)(h)
 
32,521,000
30,146,629
BX Trust 2024 VLT4 Series 2024-VLT4 Class E, CME Term SOFR 1 month Index + 2.8894%, 6.5696% 6/15/2041 (f)(g)(h)
 
14,200,000
14,199,957
BX Trust 2024 VLT4 Series 2024-VLT4 Class F, CME Term SOFR 1 month Index + 3.9379%, 7.6181% 6/15/2041 (f)(g)(h)
 
8,250,000
8,259,353
BX Trust 2024-CNY Series 2024-CNYN Class E, CME Term SOFR 1 month Index + 3.6886%, 7.3688% 4/15/2041 (f)(g)(h)
 
12,981,797
13,022,237
BX Trust 2024-FNX Series 2024-FNX Class D, CME Term SOFR 1 month Index + 2.9402%, 6.6204% 11/15/2041 (f)(g)(h)
 
4,748,600
4,767,891
BX Trust 2024-FNX Series 2024-FNX Class E, CME Term SOFR 1 month Index + 3.9387%, 7.6189% 11/15/2041 (f)(g)(h)
 
15,971,308
15,951,934
BX Trust 2025 Series 2025-DIME Class E, 6.6802% 2/15/2035 (g)(h)
 
15,000,000
14,981,250
BX Trust 2025-ROIC Series 2025-ROIC Class E, CME Term SOFR 1 month Index + 2.9413%, 6.6215% 3/15/2030 (f)(g)(h)
 
23,133,602
23,046,851
BX Trust Series 2021-ACNT Class G, CME Term SOFR 1 month Index + 3.4095%, 7.0895% 11/15/2038 (f)(g)(h)
 
11,725,168
11,673,870
BX Trust Series 2022-LBA6 Class E, CME Term SOFR 1 month Index + 2.7%, 6.3802% 1/15/2039 (f)(g)(h)
 
15,000,000
15,000,000
BX Trust Series 2022-LBA6 Class F, CME Term SOFR 1 month Index + 3.35%, 7.0302% 1/15/2039 (f)(g)(h)
 
6,200,000
6,192,250
BX Trust Series 2022-LBA6 Class G, CME Term SOFR 1 month Index + 4.2%, 7.8802% 1/15/2039 (f)(g)(h)
 
11,340,000
11,344,335
BX Trust Series 2022-VAMF Class F, CME Term SOFR 1 month Index + 3.299%, 6.9792% 1/15/2039 (f)(g)(h)
 
4,367,000
4,351,118
BX Trust Series 2024-XL4 Class E, CME Term SOFR 1 month Index + 4.1881%, 7.8683% 2/15/2039 (f)(g)(h)
 
4,640,176
4,642,043
BX Trust Series 2025-LUNR Class E, CME Term SOFR 1 month Index + 3.95%, 7.6302% 6/15/2040 (f)(g)(h)
 
3,417,727
3,426,272
BX Trust Series 2025-OMG Class E, CME Term SOFR 1 month Index + 2.95%, 6.631% 10/15/2042 (f)(g)(h)
 
9,000,000
9,003,600
BX Trust Series 2025-OMG Class F, CME Term SOFR 1 month Index + 3.6%, 7.281% 10/15/2042 (c)(f)(g)(h)
 
2,000,000
2,000,800
BX Trust Series 2025-TAIL Class E, CME Term SOFR 1 month Index + 3.3%, 6.9802% 6/15/2035 (f)(g)(h)
 
4,500,000
4,501,167
BX Trust Series 2025-VLT6 Class F, CME Term SOFR 1 month Index + 3.9397%, 7.6198% 3/15/2042 (f)(g)(h)
 
15,000,000
14,891,760
BXP Trust Series 2021-601L Class E, 2.7755% 1/15/2044 (g)(h)
 
5,754,000
4,614,302
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/2050 (c)(h)
 
3,072,761
170,111
Citigroup Commercial Mortgage Trust Series 2022-GC48 Class E, 2.5% 6/15/2055 (h)
 
2,000,000
1,277,855
Citigroup Commercial Mortgage Trust Series 2023-PRM3 Class B, 6.3597% 7/10/2028 (g)(h)
 
5,000,000
5,163,861
Citigroup Commercial Mortgage Trust Series 2023-SMRT Class B, 5.8524% 10/12/2040 (g)(h)
 
5,000,000
5,119,303
Citigroup Commercial Mortgage Trust Series 2023-SMRT Class C, 5.8524% 10/12/2040 (g)(h)
 
9,750,000
9,886,113
COMM Mortgage Trust Series 2012-CR1 Class D, 5.1034% 5/15/2045 (g)(h)
 
1,138,456
1,051,758
COMM Mortgage Trust Series 2014-UBS2 Class D, 4.624% 3/10/2047 (c)(g)(h)
 
502,707
221,945
COMM Mortgage Trust Series 2015-DC1 Class C, 4.1805% 2/10/2048 (g)
 
2,590,000
2,285,442
COMM Mortgage Trust Series 2017-CD4 Class C, 4.3497% 5/10/2050 (g)
 
3,000,000
2,813,276
COMM Mortgage Trust Series 2017-CD4 Class D, 3.3% 5/10/2050 (c)(h)
 
2,769,000
2,433,175
COMM Mortgage Trust Series 2017-COR2 Class D, 3% 9/10/2050 (h)
 
2,769,000
2,517,701
COMM Mortgage Trust Series 2018-HCLV Class F, CME Term SOFR 1 month Index + 3.346%, 7.026% 9/15/2033 (f)(g)(h)
 
4,265,000
240,409
COMM Mortgage Trust Series 2018-HCLV Class G, CME Term SOFR 1 month Index + 5.3523%, 9.0323% 9/15/2033 (f)(g)(h)
 
4,265,000
91,134
Cone Trust Series 2024-DFW1 Class E, CME Term SOFR 1 month Index + 3.8885%, 7.5687% 8/15/2041 (f)(g)(h)
 
10,200,000
10,192,589
Credit Suisse Commercial Mortgage Trust Series 2021-SOP2 Class F, CME Term SOFR 1 month Index + 4.4314%, 8.1115% 6/15/2034 (f)(h)
 
7,120,000
3,906,792
DTP Commercial Mortgage Trust Series 2023-STE2 Class C, 6.6891% 1/15/2041 (g)(h)
 
8,800,000
8,998,477
ELP Series 2025-ELP Class E, 6.665% 11/13/2042 (g)(h)
 
8,965,000
9,135,119
EQT Trust Series 2024-EXTR Class B, 5.6546% 7/5/2041 (g)(h)
 
5,000,000
5,094,358
Extended Stay America Trust Series 2025-ESH Class E, CME Term SOFR 1 month Index + 3.35%, 7.0302% 10/15/2042 (f)(g)(h)
 
8,000,000
8,095,000
Extended Stay America Trust Series 2025-ESH Class F, CME Term SOFR 1 month Index + 4.1%, 7.7802% 10/15/2042 (f)(g)(h)
 
6,000,000
6,075,000
Extended Stay America Trust Series 2026-ESH2 Class F, 7.42% 2/15/2043 (h)
 
5,645,000
5,701,450
Fontainebleau Miami Beach Beach Mtg Tr Series 2024-FBLU Class G, CME Term SOFR 1 month Index + 5.65%, 9.3302% 12/15/2039 (f)(g)(h)
 
3,126,000
3,167,415
GS Mortgage Securities Trust Series 2011-GC5 Class C, 5.1413% 8/10/2044 (g)(h)
 
8,899,000
8,191,985
GS Mortgage Securities Trust Series 2011-GC5 Class D, 5.1413% 8/10/2044 (g)(h)
 
2,733,635
2,116,548
GS Mortgage Securities Trust Series 2011-GC5 Class E, 5.1413% 8/10/2044 (g)(h)
 
8,138,000
2,777,184
GS Mortgage Securities Trust Series 2011-GC5 Class F, 4.5% 8/10/2044 (c)(h)
 
7,897,000
23,690
GS Mortgage Securities Trust Series 2012-GCJ9 Class E, 4.6643% 11/10/2045 (c)(g)(h)
 
1,908,000
1,831,680
GS Mortgage Securities Trust Series 2018-RIVR Class G, CME Term SOFR 1 month Index + 2.647%, 6.577% 7/15/2035 (f)(g)(h)
 
3,808,000
2,817
GS Mortgage Securities Trust Series 2023-SHIP Class D, 6.0706% 9/10/2038 (g)(h)
 
9,000,000
9,007,818
GS Mortgage Securities Trust Series 2023-SHIP Class E, 7.4336% 9/10/2038 (g)(h)
 
13,500,000
13,548,963
GS Mortgage Securities Trust Series 2024-RVR Class A, 5.3716% 8/10/2041 (g)(h)
 
4,300,000
4,358,926
GS Mortgage Securities Trust Series 2025-800D Class B, CME Term SOFR 1 month Index + 3.45%, 7.1254% 11/25/2041 (f)(g)(h)
 
4,000,000
4,004,266
Hilton USA Trust Series 2016-HHV Class F, 4.1935% 11/5/2038 (g)(h)
 
20,270,000
19,907,893
JPMBB Commercial Mortgage Securities Trust Series 2014-C23 Class UH5, 4.7094% 9/15/2047 (h)
 
8,640,000
8,506,847
JPMBB Commercial Mortgage Securities Trust Series 2014-C26 Class D, 3.6083% 1/15/2048 (g)(h)
 
2,398,000
2,145,491
JPMDB Commercial Mortgage Securities Trust Series 2018-C8 Class D, 3.2552% 6/15/2051 (g)(h)
 
1,698,000
1,364,680
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class E, 4.6895% 6/15/2045 (g)(h)
 
3,237,967
3,192,129
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class F, 4% 6/15/2045 (h)
 
8,192,000
7,007,276
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-CBX Class G, 4% 6/15/2045 (h)
 
4,044,000
2,725,385
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-LC11 Class D, 4.3311% 4/15/2046 (g)
 
1,649,234
16,492
JPMorgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY Class E, 3.8046% 6/10/2027 (g)(h)
 
8,161,000
20,321
JPMorgan Chase Commercial Mortgage Securities Trust Series 2018-AON Class F, 4.6132% 7/5/2031 (g)(h)
 
5,039,000
563,968
JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN Class FFX, 4.6254% 1/16/2037 (c)(h)
 
2,000,000
480,000
JPMorgan Chase Commercial Mortgage Securities Trust Series 2024-OMNI Class E, 5.7972% 10/5/2039 (g)(h)
 
6,544,000
6,480,511
KNDR Trust Series 2021-KIND Class D, CME Term SOFR 1 month Index + 2.4145%, 6.1% 8/15/2038 (f)(g)(h)
 
5,951,129
5,914,283
KNDR Trust Series 2021-KIND Class F, CME Term SOFR 1 month Index + 4.0645%, 7.75% 8/15/2038 (f)(g)(h)
 
7,096,721
7,064,500
KRE COML Mortgage Trust Series 2025-AIP4 Class E, CME Term SOFR 1 month Index + 3%, 6.6802% 3/15/2042 (f)(g)(h)
 
4,671,875
4,671,636
MCR Mortgage Trust Series 2024-TWA Class F, 10.382% 6/12/2039 (h)
 
5,500,000
5,616,083
MHC Commercial Mortgage Trust Series 2021-MHC Class G, CME Term SOFR 1 month Index + 3.3154%, 6.9954% 4/15/2038 (f)(g)(h)
 
19,680,800
19,680,800
MHP Commercial Mortgage Trust Series 2021-STOR Class F, CME Term SOFR 1 month Index + 2.3145%, 5.9955% 7/15/2038 (f)(g)(h)
 
3,182,000
3,178,023
MHP Commercial Mortgage Trust Series 2021-STOR Class J, CME Term SOFR 1 month Index + 4.0645%, 7.7455% 7/15/2038 (f)(g)(h)
 
3,476,000
3,461,807
MHP Commercial Mortgage Trust Series 2022-MHIL Class F, CME Term SOFR 1 month Index + 3.2592%, 6.9394% 1/15/2039 (f)(g)(h)
 
3,444,000
3,445,076
MHP Commercial Mortgage Trust Series 2022-MHIL Class G, CME Term SOFR 1 month Index + 3.9575%, 7.6377% 1/15/2027 (f)(g)(h)
 
11,539,200
11,555,359
MHP Series 2025-MHIL2 Class E, CME Term SOFR 1 month Index + 3.5%, 7.1802% 9/15/2040 (f)(g)(h)
 
5,250,000
5,247,886
MIRA Trust Series 2023-MILE Class B, 7.2026% 6/10/2038 (h)
 
4,200,000
4,278,099
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C6 Class F, 4.3446% 11/15/2045 (c)(g)(h)
 
2,500,000
350,150
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C12 Class D, 4.7459% 10/15/2046 (g)(h)
 
5,670,988
5,274,076
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class C, 3.7057% 5/15/2046 (g)
 
3,302,000
3,092,188
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9 Class D, 3.7937% 5/15/2046 (g)(h)
 
2,231,000
2,063,345
Morgan Stanley Cap I Tr 2020-L4 Series 2020-L4 Class C, 3.536% 2/15/2053
 
2,765,000
2,496,429
Morgan Stanley Capital I Trust Series 2011-C2 Class D, 5.2113% 6/15/2044 (g)(h)
 
1,509,305
1,494,664
Morgan Stanley Capital I Trust Series 2011-C2 Class F, 5.2113% 6/15/2044 (g)(h)
 
2,937,000
2,210,093
Morgan Stanley Capital I Trust Series 2011-C2 Class XB, 0.4924% 6/15/2044 (g)(h)(j)
 
26,059,245
97,620
Morgan Stanley Capital I Trust Series 2011-C3 Class E, 4.94% 7/15/2049 (g)(h)
 
816,514
807,713
Morgan Stanley Capital I Trust Series 2011-C3 Class F, 4.94% 7/15/2049 (g)(h)
 
5,624,050
5,458,354
Morgan Stanley Capital I Trust Series 2011-C3 Class G, 4.94% 7/15/2049 (g)(h)
 
5,049,500
4,853,132
Morgan Stanley Capital I Trust Series 2015-MS1 Class D, 4.028% 5/15/2048 (c)(g)(h)
 
5,193,000
4,369,234
Morgan Stanley Capital I Trust Series 2016-BNK2 Class D, 3% 11/15/2049 (h)
 
2,966,000
2,237,044
Morgan Stanley Capital I Trust Series 2017-H1 Class C, 4.281% 6/15/2050
 
2,470,594
2,346,226
Morgan Stanley Capital I Trust Series 2024-BPR2 Class A, 7.291% 5/5/2029 (h)
 
8,660,960
9,094,909
Morgan Stanley Capital I Trust Series 2024-NSTB Class B, 3.9% 9/24/2057 (g)(h)
 
13,568,000
13,093,801
MSJP Series 2015-HAUL Class E, 4.851% 9/5/2047 (g)(h)
 
1,500,000
1,291,607
MSWF Commercial Mortgage Trust Series 2023-1 Class A5, 5.752% 5/15/2056
 
13,861,000
14,680,684
MSWF Commercial Mortgage Trust Series 2023-1 Class B, 6.6828% 5/15/2056 (g)
 
3,750,000
3,988,479
MSWF Commercial Mortgage Trust Series 2023-2 Class AS, 6.491% 12/15/2056
 
10,000,000
10,880,383
MSWF Commercial Mortgage Trust Series 2023-2 Class B, 6.8763% 12/15/2056 (g)
 
10,000,000
10,831,641
NCMF Trust Series 2025-MFS Class F, 8.437% 6/10/2033 (g)(h)
 
5,000,000
5,083,780
NXPT Commercial Mortgage Trust Series 2024-STOR Class E, 6.7033% 11/5/2041 (g)(h)
 
18,754,000
18,982,497
NYC Commercial Mortgage Trust Series 2025-77C Class B, 4.984% 1/10/2036 (g)(h)
 
2,285,000
2,297,031
NYC Commercial Mortgage Trust Series 2025-77C Class E, 6.2628% 1/10/2036 (g)(h)
 
4,590,000
4,634,434
PKHL Commercial Mortgage Trust Series 2021-MF Class E, CME Term SOFR 1 month Index + 2.7145%, 6.3955% 7/15/2038 (c)(f)(g)(h)
 
500,000
172,057
PKHL Commercial Mortgage Trust Series 2021-MF Class G, CME Term SOFR 1 month Index + 4.4645%, 8.1455% 7/15/2038 (f)(g)(h)
 
5,944,000
1,108,364
Prima Capital CRE Securitization Ltd Series 2020-8A Class C, 3% 12/26/2070 (h)
 
13,870,000
11,901,847
PRM Trust Series 2025-PRM6 Class E, 6.5831% 7/5/2033 (g)(h)
 
12,000,000
12,060,966
PRM5 Trust Series 2025-PRM5 Class E, 6.8678% 3/10/2033 (g)(h)
 
10,000,000
10,056,288
Prm7 Trust Series 2025-PRM7 Class B, 4.6524% 11/10/2042 (g)(h)
 
4,000,000
3,961,075
Providence Place Group LP Series 2000-C1 Class A2, 7.75% 7/20/2028 (h)
 
1,523,978
1,557,020
Ride Series 2025-SHRE Class E, 8.069% 2/14/2047 (g)(h)
 
5,000,000
5,112,680
ROCK Trust Series 2024-CNTR Class E, 8.8191% 11/13/2041 (h)
 
13,372,000
14,217,810
SCG Trust Series 2025-SNIP Class E, 7.0802% 9/15/2042 (g)(h)
 
3,000,000
3,015,000
SELF Commercial Mortgage Trust Series 2024-STRG Class D, CME Term SOFR 1 month Index + 2.9403%, 6.6205% 11/15/2034 (f)(g)(h)
 
3,917,900
3,925,246
SELF Commercial Mortgage Trust Series 2024-STRG Class E, CME Term SOFR 1 month Index + 4.1885%, 7.8687% 11/15/2034 (f)(g)(h)
 
4,582,200
4,593,656
SG Commercial Mortgage Securities Trust Series 2020-COVE Class F, 3.7276% 3/15/2037 (g)(h)
 
5,000,000
4,529,107
SHR Trust Series 2024-LXRY Class D, CME Term SOFR 1 month Index + 3.6%, 7.2802% 10/15/2041 (f)(g)(h)
 
9,376,000
9,469,664
SMRT Trust Series 2022-MINI Class F, CME Term SOFR 1 month Index + 3.35%, 7.031% 1/15/2039 (f)(g)(h)
 
14,615,000
14,432,313
SREIT Trust Series 2021-MFP Class G, CME Term SOFR 1 month Index + 3.0883%, 6.7685% 11/15/2038 (f)(g)(h)
 
3,249,672
3,247,802
SREIT Trust Series 2021-MFP2 Class J, CME Term SOFR 1 month Index + 4.03%, 7.71% 11/15/2036 (f)(g)(h)
 
10,872,000
10,850,451
STWD Trust Series 2021-LIH Class E, CME Term SOFR 1 month Index + 3.0175%, 6.698% 11/15/2036 (f)(g)(h)
 
4,985,000
4,978,769
STWD Trust Series 2021-LIH Class F, CME Term SOFR 1 month Index + 3.6655%, 7.346% 11/15/2036 (f)(g)(h)
 
15,282,000
15,253,346
STWD Trust Series 2021-LIH Class G, CME Term SOFR 1 month Index + 4.3145%, 7.995% 11/15/2036 (f)(g)(h)
 
9,177,000
9,128,884
SUMIT Mortgage Trust Series 2022-BVUE Class D, 2.8925% 2/12/2041 (g)(h)
 
6,000,000
4,872,298
SUMIT Mortgage Trust Series 2022-BVUE Class F, 2.8925% 2/12/2041 (g)(h)
 
3,211,000
2,371,850
SWCH Commercial Mortgage Trust Series 2025-DATA Class F, CME Term SOFR 1 month Index + 4.2389%, 7.9191% 2/15/2042 (f)(g)(h)
 
19,400,000
19,189,046
Texas Coml Mortgage Trust Series 2025-TWR Class D, CME Term SOFR 1 month Index + 3.0906%, 6.7708% 4/15/2042 (f)(g)(h)
 
1,500,000
1,507,500
UBS Commercial Mortgage Trust Series 2012-C1 Class E, 5% 5/10/2045 (g)(h)
 
4,699,074
4,469,760
UBS Commercial Mortgage Trust Series 2012-C1 Class F, 5% 5/10/2045 (c)(g)(h)
 
2,221,350
820,696
VASA Trust Series 2021-VASA Class F, CME Term SOFR 1 month Index + 4.0145%, 7.6955% 7/15/2039 (f)(g)(h)
 
6,685,000
5,728,476
VASA Trust Series 2021-VASA Class G, CME Term SOFR 1 month Index + 5.1145%, 8.7955% 7/15/2039 (c)(f)(g)(h)
 
800,000
573,532
VDCM Commercial Mortgage Trust Series 2025-AZ Class C, 6.0329% 7/13/2044 (g)(h)
 
7,000,000
7,119,859
VDCM Commercial Mortgage Trust Series 2025-AZ Class D, 6.4337% 7/13/2044 (g)(h)
 
5,000,000
5,103,931
Wells Fargo Commercial Mortgage Trust Series 2019-C52 Class C, 3.561% 8/15/2052
 
883,000
755,694
Wells Fargo Commercial Mortgage Trust Series 2024-1CHI Class D, 6.9321% 7/15/2035 (g)(h)
 
5,250,000
5,321,257
Wells Fargo Commercial Mortgage Trust Series 2025-C65 Class B, 5.967% 10/15/2058
 
7,000,000
7,238,152
WF-RBS Commercial Mortgage Trust Series 2011-C3 Class D, 6.0497% 3/15/2044 (c)(g)(h)
 
503,530
181,281
WF-RBS Commercial Mortgage Trust Series 2011-C4I Class G, 5% 6/15/2044 (c)(g)
 
3,955,000
1,262,322
WF-RBS Commercial Mortgage Trust Series 2013-C11 Class E, 4.0678% 3/15/2045 (g)(h)
 
4,727,000
3,356,170
WF-RBS Commercial Mortgage Trust Series 2013-C13 Class D, 3.9682% 5/15/2045 (g)(h)
 
2,981,070
2,790,997
WHARF Series 2025-DC Class E, 7.9816% 7/15/2040 (g)(h)
 
10,000,000
10,190,741
WP Glimcher Mall Trust Series 2015-WPG Class PR1, 3.516% 6/5/2035 (g)(h)
 
6,725,000
3,362,433
WP Glimcher Mall Trust Series 2015-WPG Class PR2, 3.516% 6/5/2035 (c)(g)(h)
 
2,541,000
558,994
TOTAL UNITED STATES
 
 
1,111,067,629
 
TOTAL COMMERCIAL MORTGAGE SECURITIES
 (Cost $1,166,062,711)
 
 
 
1,111,067,629
 
 
 
 
Common Stocks - 24.5%
 
 
Shares
Value ($)
 
UNITED STATES - 24.5%
 
 
 
Consumer Discretionary - 0.2%
 
 
 
Household Durables - 0.2%
 
 
 
LGI Homes Inc (b)(d)
 
179,300
8,984,723
Financials - 0.6%
 
 
 
Mortgage Real Estate Investment Trusts (REITs) - 0.6%
 
 
 
Dynex Capital Inc
 
1,145,600
15,900,928
MFA Financial Inc
 
1,134,685
10,938,363
Rithm Capital Corp
 
385,699
4,219,547
Rithm Property Trust Inc
 
212,544
3,500,600
TOTAL FINANCIALS
 
 
34,559,438
Industrials - 0.0%
 
 
 
Construction & Engineering - 0.0%
 
 
 
WillScot Holdings Corp
 
58,900
1,179,767
Real Estate - 23.7%
 
 
 
Health Care REITs - 2.8%
 
 
 
CareTrust REIT Inc
 
284,800
10,634,431
Sabra Health Care REIT Inc
 
846,475
15,854,477
Ventas Inc
 
622,386
48,340,721
Welltower Inc
 
460,100
86,664,436
 
 
 
161,494,065
Industrial REITs - 3.2%
 
 
 
Americold Realty Trust Inc
 
888,800
11,030,008
EastGroup Properties Inc
 
49,900
9,063,836
First Industrial Realty Trust Inc
 
438,400
25,440,352
LXP Industrial Trust
 
579,754
28,726,811
Prologis Inc
 
758,430
99,020,621
Rexford Industrial Realty Inc
 
252,600
10,237,878
Terreno Realty Corp
 
62,628
3,854,127
 
 
 
187,373,633
Office REITs - 0.3%
 
 
 
Easterly Government Properties Inc (d)
 
341,480
7,987,217
Postal Realty Trust Inc Class A
 
878,500
16,015,055
 
 
 
24,002,272
Residential REITs - 6.4%
 
 
 
American Homes 4 Rent Class A
 
480,500
15,049,260
AvalonBay Communities Inc
 
187,800
33,366,426
Elme Communities
 
668,747
1,471,243
Equity LifeStyle Properties Inc
 
1,195,596
75,525,800
Equity Residential
 
525,200
32,730,464
Essex Property Trust Inc
 
94,600
23,826,902
Invitation Homes Inc
 
2,587,100
69,153,183
Mid-America Apartment Communities Inc
 
23,106
3,103,136
Sun Communities Inc
 
323,900
41,274,577
UDR Inc
 
1,591,300
59,116,795
UMH Properties Inc
 
1,260,923
19,708,226
 
 
 
374,326,012
Retail REITs - 2.9%
 
 
 
Acadia Realty Trust
 
280,626
5,615,326
Brixmor Property Group Inc
 
230,300
6,169,737
Curbline Properties Corp
 
592,918
14,378,262
Federal Realty Investment Trust
 
159,500
16,135,020
InvenTrust Properties Corp
 
433,800
12,749,382
Kimco Realty Corp
 
1,441,300
30,382,604
Kite Realty Group Trust
 
1,149,800
27,008,802
Macerich Co/The
 
341,900
6,472,167
NNN REIT Inc
 
408,800
17,034,696
Realty Income Corp
 
356,182
21,784,091
Retail Value Inc (b)(c)
 
274,131
3
Simon Property Group Inc
 
46,200
8,838,522
SITE Centers Corp
 
296,459
1,814,329
 
 
 
168,382,941
Specialized REITs - 8.1%
 
 
 
American Tower Corp
 
628,000
112,587,840
Crown Castle Inc
 
263,910
22,910,027
CubeSmart
 
231,100
8,673,183
Digital Realty Trust Inc
 
216,400
35,911,580
Equinix Inc
 
140,500
115,340,665
Extra Space Storage Inc
 
165,549
22,840,796
Gaming and Leisure Properties Inc
 
664,646
29,742,909
Lamar Advertising Co Class A
 
143,000
18,348,330
Public Storage
 
144,300
39,854,217
SBA Communications Corp Class A
 
50,900
9,371,199
VICI Properties Inc
 
1,864,900
52,366,392
Weyerhaeuser Co
 
147,500
3,802,549
 
 
 
471,749,687
TOTAL REAL ESTATE
 
 
1,387,328,610
TOTAL UNITED STATES
 
 
1,432,052,538
 
TOTAL COMMON STOCKS
 (Cost $1,202,273,769)
 
 
 
1,432,052,538
 
 
 
 
Convertible Preferred Stocks - 3.3%
 
 
Shares
Value ($)
 
UNITED STATES - 3.3%
 
 
 
Financials - 3.0%
 
 
 
Mortgage Real Estate Investment Trusts (REITs) - 3.0%
 
 
 
AGNC Investment Corp CME Term SOFR 3 month Index + 4.332%, 0% (f)(g)
 
673,972
16,832,451
AGNC Investment Corp CME Term SOFR 3 month Index + 4.9586%, 0% (f)(g)
 
930,100
23,373,413
AGNC Investment Corp CME Term SOFR 3 month Index + 4.993%, 0% (f)(g)
 
1,152,034
29,365,347
Annaly Capital Management Inc CME Term SOFR 3 month Index + 5.2506%, 0% (f)(g)
 
192,992
4,954,105
Chimera Investment Corp Series B, CME Term SOFR 3 month Index + 6.0526%, 11.3508% (f)(g)
 
626,604
14,781,588
Chimera Investment Corp Series C, CME Term SOFR 3 month Index + 4.743%, 7.75% (f)(g)
 
773,686
16,990,145
Dynex Capital Inc Series C, CME Term SOFR 3 month Index + 5.7226%, 9.9787% (f)(g)
 
298,683
7,723,942
Rithm Capital Corp CME Term SOFR 3 month Index + 5.2306%, 0% (f)(g)
 
1,024,554
25,163,046
Rithm Capital Corp CME Term SOFR 3 month Index + 5.9016%, 7.125% (f)(g)
 
1,023,942
25,741,902
Rithm Capital Corp CME Term SOFR 3 month Index + 6.0636%, 7.5% (f)(g)
 
342,711
8,636,317
TOTAL FINANCIALS
 
 
173,562,256
Real Estate - 0.3%
 
 
 
Hotel & Resort REITs - 0.0%
 
 
 
RLJ Lodging Trust Series A,1.95%
 
31,585
804,785
Industrial REITs - 0.3%
 
 
 
LXP Industrial Trust 6.5%
 
440,102
20,649,586
TOTAL REAL ESTATE
 
 
21,454,371
TOTAL UNITED STATES
 
 
195,016,627
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $177,416,933)
 
 
 
195,016,627
 
 
 
 
Non-Convertible Corporate Bonds - 34.7%
 
 
Principal
Amount (a)
 
Value ($)
 
UNITED KINGDOM - 0.2%
 
 
 
Energy - 0.2%
 
 
 
Oil, Gas & Consumable Fuels - 0.2%
 
 
 
EG Global Finance PLC 12% 11/30/2028 (h)
 
10,000,000
10,823,689
UNITED STATES - 34.5%
 
 
 
Communication Services - 0.6%
 
 
 
Diversified Telecommunication Services - 0.5%
 
 
 
Cipher Compute LLC 7.125% 11/15/2030 (h)
 
3,645,000
3,755,848
Flash Compute LLC 7.25% 12/31/2030 (h)
 
9,420,000
9,451,962
Uniti Services LLC 7.5% 10/15/2033 (h)
 
5,000,000
5,162,266
WULF Compute LLC 7.75% 10/15/2030 (h)
 
11,085,000
11,561,877
 
 
 
29,931,953
Media - 0.1%
 
 
 
Lamar Media Corp 3.75% 2/15/2028
 
2,000,000
1,963,446
Lamar Media Corp 4% 2/15/2030
 
5,875,000
5,679,814
 
 
 
7,643,260
TOTAL COMMUNICATION SERVICES
 
 
37,575,213
Consumer Discretionary - 3.1%
 
 
 
Hotels, Restaurants & Leisure - 2.0%
 
 
 
Choice Hotels International Inc 5.85% 8/1/2034
 
7,000,000
7,171,737
Hilton Domestic Operating Co Inc 3.625% 2/15/2032 (h)
 
17,765,000
16,445,897
Hilton Domestic Operating Co Inc 4% 5/1/2031 (h)
 
12,000,000
11,454,566
Hilton Domestic Operating Co Inc 5.5% 3/31/2034 (h)
 
9,360,000
9,405,153
Hilton Domestic Operating Co Inc 5.75% 9/15/2033 (h)
 
12,510,000
12,744,563
Hilton Domestic Operating Co Inc 5.875% 3/15/2033 (h)
 
3,800,000
3,899,256
Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc 4.875% 7/1/2031 (h)
 
18,265,000
17,035,981
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp 4.875% 4/1/2027
 
3,000,000
3,001,071
Hyatt Hotels Corp 5.5% 6/30/2034
 
5,000,000
5,157,135
Las Vegas Sands Corp 6% 6/14/2030
 
10,000,000
10,432,299
Marriott Ownership Resorts Inc 4.5% 6/15/2029 (h)
 
15,960,000
15,225,793
Times Square Hotel Trust 8.528% 8/1/2026 (h)
 
624,178
625,582
 
 
 
112,599,033
Household Durables - 1.1%
 
 
 
Century Communities Inc 3.875% 8/15/2029 (h)
 
13,005,000
12,376,583
Century Communities Inc 6.625%  9/15/2033 (h)
 
9,710,000
9,834,006
LGI Homes Inc 4% 7/15/2029 (h)
 
13,310,000
12,215,060
LGI Homes Inc 7% 11/15/2032 (h)
 
3,905,000
3,808,615
M/I Homes Inc 3.95% 2/15/2030
 
17,070,000
16,428,393
Tri Pointe Homes Inc 5.25% 6/1/2027
 
11,458,000
11,490,873
 
 
 
66,153,530
TOTAL CONSUMER DISCRETIONARY
 
 
178,752,563
Financials - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Rexford Industrial Realty LP 2.15% 9/1/2031
 
5,000,000
4,385,394
Health Care - 0.2%
 
 
 
Health Care Providers & Services - 0.2%
 
 
 
Sabra Health Care LP 3.2% 12/1/2031
 
14,000,000
12,817,084
Sabra Health Care LP 3.9% 10/15/2029
 
989,000
969,032
TOTAL HEALTH CARE
 
 
13,786,116
Industrials - 0.2%
 
 
 
Commercial Services & Supplies - 0.2%
 
 
 
Williams Scotsman Inc 6.625% 4/15/2030 (h)
 
3,495,000
3,621,208
Williams Scotsman Inc 6.625% 6/15/2029 (h)
 
5,000,000
5,169,300
TOTAL INDUSTRIALS
 
 
8,790,508
Real Estate - 30.4%
 
 
 
Diversified REITs - 6.0%
 
 
 
Equinix Europe 2 Financing Corp LLC 5.5% 6/15/2034
 
5,000,000
5,164,281
Global Net Lease Inc / Global Net Lease Operating Partnership LP 3.75% 12/15/2027 (h)
 
5,075,000
4,938,232
Global Net Lease Inc 4.5% 9/30/2028 (h)
 
13,405,000
13,126,319
GLP Capital LP / GLP Financing II Inc 4% 1/15/2030
 
3,000,000
2,919,050
GLP Capital LP / GLP Financing II Inc 4% 1/15/2031
 
2,000,000
1,912,769
GLP Capital LP / GLP Financing II Inc 5.25% 2/15/2033
 
10,000,000
10,018,600
GLP Capital LP / GLP Financing II Inc 5.3% 1/15/2029
 
19,193,000
19,559,548
GLP Capital LP / GLP Financing II Inc 5.625% 9/15/2034
 
17,000,000
17,208,981
GLP Capital LP / GLP Financing II Inc 5.75% 11/1/2037
 
6,660,000
6,606,596
GLP Capital LP / GLP Financing II Inc 6.25% 9/15/2054
 
22,000,000
21,816,619
GLP Capital LP / GLP Financing II Inc 6.75% 12/1/2033
 
19,500,000
21,126,398
Safehold GL Holdings LLC 2.8% 6/15/2031
 
7,000,000
6,429,836
Safehold GL Holdings LLC 2.85% 1/15/2032
 
18,250,000
16,476,941
Safehold GL Holdings LLC 6.1% 4/1/2034
 
22,410,000
23,822,684
Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC 6% 1/15/2030 (h)
 
18,035,000
17,176,983
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC 6.5% 2/15/2029 (h)
 
12,645,000
12,298,344
Vici Properties LP / Vici Note Co Inc 4.625% 12/1/2029 (h)
 
26,000,000
26,006,043
VICI Properties LP 5.125% 5/15/2032
 
29,000,000
29,178,264
VICI Properties LP 5.625% 4/1/2035
 
20,000,000
20,380,738
VICI Properties LP 5.625% 5/15/2052
 
24,333,000
22,772,417
VICI Properties LP 5.75% 4/1/2034
 
575,000
593,289
VICI Properties LP 6.125% 4/1/2054
 
23,532,000
23,563,143
WP Carey Inc 2.25% 4/1/2033
 
5,000,000
4,225,927
WP Carey Inc 2.45% 2/1/2032
 
2,000,000
1,767,835
WP Carey Inc 3.85% 7/15/2029
 
3,000,000
2,968,875
WP Carey Inc 5.375% 6/30/2034
 
7,000,000
7,202,328
XHR LP 4.875% 6/1/2029 (h)
 
10,000,000
9,857,919
 
 
 
349,118,959
Health Care REITs - 2.3%
 
 
 
CTR Partnership LP / CareTrust Capital Corp 3.875% 6/30/2028 (h)
 
21,865,000
21,458,320
MPT Operating Partnership LP / MPT Finance Corp 3.5% 3/15/2031
 
16,000,000
11,827,917
MPT Operating Partnership LP / MPT Finance Corp 4.625% 8/1/2029
 
19,835,000
17,006,016
MPT Operating Partnership LP / MPT Finance Corp 5% 10/15/2027
 
10,670,000
10,431,365
MPT Operating Partnership LP / MPT Finance Corp 8.5% 2/15/2032 (h)
 
6,285,000
6,733,479
Omega Healthcare Investors Inc 3.25% 4/15/2033
 
18,000,000
15,979,531
Omega Healthcare Investors Inc 3.375% 2/1/2031
 
5,000,000
4,677,941
Ventas Realty LP 2.5% 9/1/2031
 
1,500,000
1,348,247
Ventas Realty LP 4.375% 2/1/2045
 
3,000,000
2,532,165
Ventas Realty LP 4.4% 1/15/2029
 
10,000,000
10,053,966
Ventas Realty LP 5% 1/15/2035
 
5,000,000
4,993,204
Ventas Realty LP 5.625% 7/1/2034
 
5,000,000
5,214,324
Ventas Realty LP 5.7% 9/30/2043
 
3,000,000
3,025,188
Welltower OP LLC 4.125% 3/15/2029
 
3,000,000
3,008,727
Welltower OP LLC 5.125% 7/1/2035
 
14,000,000
14,215,532
 
 
 
132,505,922
Hotel & Resort REITs - 0.6%
 
 
 
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 4.875% 5/15/2029 (h)
 
7,000,000
6,847,804
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co-Issuer 7% 2/1/2030 (h)
 
3,115,000
3,209,288
RHP Hotel Properties LP / RHP Finance Corp 6.5% 4/1/2032 (h)
 
8,000,000
8,273,208
RHP Hotel Properties LP / RHP Finance Corp 6.5% 6/15/2033 (h)
 
5,575,000
5,779,000
RLJ Lodging Trust LP 3.75% 7/1/2026 (h)
 
4,000,000
3,976,503
RLJ Lodging Trust LP 4% 9/15/2029 (h)
 
4,835,000
4,588,221
 
 
 
32,674,024
Industrial REITs - 1.3%
 
 
 
Lineage OP LP 5.25% 7/15/2030 (h)
 
10,500,000
10,589,407
LXP Industrial Trust 2.375% 10/1/2031
 
7,500,000
6,574,515
LXP Industrial Trust 2.7% 9/15/2030
 
4,422,000
4,052,548
LXP Industrial Trust 6.75% 11/15/2028
 
247,000
261,218
Prologis LP 5% 1/31/2035
 
5,000,000
5,048,164
Prologis LP 5% 3/15/2034
 
15,574,000
15,819,615
Prologis LP 5.125% 1/15/2034
 
5,000,000
5,112,122
Prologis LP 5.25% 3/15/2054
 
8,000,000
7,604,259
Prologis LP 5.25% 5/15/2035
 
7,000,000
7,191,092
Prologis LP 5.25% 6/15/2053
 
15,500,000
14,745,343
 
 
 
76,998,283
Office REITs - 0.2%
 
 
 
Boston Properties LP 3.25% 1/30/2031
 
8,000,000
7,508,547
Boston Properties LP 6.75% 12/1/2027
 
37,000
38,659
Hudson Pacific Properties LP 4.65% 4/1/2029
 
6,000,000
5,499,463
 
 
 
13,046,669
Real Estate Management & Development - 3.4%
 
 
 
Americold Realty Operating Partnership LP 5.409% 9/12/2034
 
24,400,000
23,923,840
Americold Realty Operating Partnership LP 5.6% 5/15/2032
 
10,000,000
10,132,993
CBRE Services Inc 5.5% 6/15/2035
 
5,000,000
5,153,042
CBRE Services Inc 5.95% 8/15/2034
 
16,750,000
17,826,425
CoStar Group Inc 2.8% 7/15/2030 (h)
 
2,000,000
1,841,191
Cushman & Wakefield US Borrower LLC 6.75% 5/15/2028 (h)
 
11,165,000
11,234,915
Essex Portfolio LP 2.55% 6/15/2031
 
2,000,000
1,813,738
Essex Portfolio LP 2.65% 3/15/2032
 
3,000,000
2,674,796
Essex Portfolio LP 5.5% 4/1/2034
 
22,077,000
22,744,959
Extra Space Storage LP 2.35% 3/15/2032
 
12,000,000
10,490,163
Extra Space Storage LP 2.55% 6/1/2031
 
2,000,000
1,812,138
Extra Space Storage LP 5.35% 1/15/2035
 
8,000,000
8,162,181
Extra Space Storage LP 5.4% 2/1/2034
 
15,000,000
15,352,712
Extra Space Storage LP 5.4% 6/15/2035
 
10,000,000
10,209,276
Extra Space Storage LP 5.5% 7/1/2030
 
5,000,000
5,202,825
Extra Space Storage LP 5.9% 1/15/2031
 
9,000,000
9,523,494
Forestar Group Inc 5% 3/1/2028 (h)
 
5,000,000
4,996,364
Kennedy-Wilson Inc 4.75% 2/1/2030
 
8,130,000
7,813,743
Kennedy-Wilson Inc 4.75% 3/1/2029
 
12,075,000
11,816,036
Kennedy-Wilson Inc 5% 3/1/2031
 
6,960,000
6,685,150
Tanger Properties LP 2.75% 9/1/2031
 
5,000,000
4,542,542
Taylor Morrison Communities Inc 5.75% 11/15/2032 (h)
 
4,715,000
4,839,570
 
 
 
198,792,093
Residential REITs - 3.7%
 
 
 
American Homes 4 Rent LP 2.375% 7/15/2031
 
9,000,000
8,033,018
American Homes 4 Rent LP 3.375% 7/15/2051
 
2,425,000
1,621,426
American Homes 4 Rent LP 3.625% 4/15/2032
 
27,000,000
25,359,264
American Homes 4 Rent LP 4.3% 4/15/2052
 
8,500,000
6,694,352
American Homes 4 Rent LP 4.9% 2/15/2029
 
13,000,000
13,220,922
American Homes 4 Rent LP 4.95% 6/15/2030
 
43,000
43,556
American Homes 4 Rent LP 5.25% 3/15/2035
 
10,000,000
10,025,522
American Homes 4 Rent LP 5.5% 2/1/2034
 
25,000,000
25,593,995
American Homes 4 Rent LP 5.5% 7/15/2034
 
47,000
48,063
ERP Operating LP 4.65% 9/15/2034
 
5,000,000
4,937,729
Invitation Homes Operating Partnership LP 4.15% 4/15/2032
 
35,000,000
33,793,341
Invitation Homes Operating Partnership LP 4.875% 2/1/2035
 
5,000,000
4,875,949
Invitation Homes Operating Partnership LP 5.5% 8/15/2033
 
33,000,000
33,849,390
Sun Communities Operating LP 2.7% 7/15/2031
 
18,000,000
16,349,395
Sun Communities Operating LP 4.2% 4/15/2032
 
18,439,000
17,896,763
UDR Inc 3% 8/15/2031
 
1,500,000
1,390,709
UDR Inc 5.125% 9/1/2034
 
15,000,000
15,099,436
 
 
 
218,832,830
Retail REITs - 4.4%
 
 
 
Agree LP 2.6% 6/15/2033
 
6,100,000
5,263,562
Agree LP 2.9% 10/1/2030
 
1,500,000
1,402,272
Agree LP 4.8% 10/1/2032
 
1,288,000
1,297,854
Agree LP 5.625% 6/15/2034
 
7,372,000
7,710,815
Brixmor Operating Partnership LP 2.5% 8/16/2031
 
9,000,000
8,075,235
Brixmor Operating Partnership LP 4.05% 7/1/2030
 
4,000,000
3,937,485
Brixmor Operating Partnership LP 4.125% 5/15/2029
 
1,872,000
1,865,527
Brixmor Operating Partnership LP 4.85% 2/15/2033
 
45,000
44,900
Brixmor Operating Partnership LP 5.5% 2/15/2034
 
10,000,000
10,268,761
Kimco Realty OP LLC 4.6% 2/1/2033
 
9,000,000
8,965,039
Kimco Realty OP LLC 6.4% 3/1/2034
 
3,424,000
3,767,148
Kite Realty Group LP 5.2% 8/15/2032
 
18,000,000
18,387,577
Kite Realty Group LP 5.5% 3/1/2034
 
14,007,000
14,397,619
NNN REIT Inc 3.5% 4/15/2051
 
12,000,000
8,473,591
NNN REIT Inc 5.5% 6/15/2034
 
4,000,000
4,128,421
NNN REIT Inc 5.6% 10/15/2033
 
4,689,000
4,887,839
Phillips Edison Grocery Center Operating Partnership I LP 2.625% 11/15/2031
 
16,500,000
14,774,752
Phillips Edison Grocery Center Operating Partnership I LP 4.95% 1/15/2035
 
16,021,000
15,743,496
Phillips Edison Grocery Center Operating Partnership I LP 5.25% 8/15/2032
 
10,000,000
10,236,447
Phillips Edison Grocery Center Operating Partnership I LP 5.75% 7/15/2034
 
21,507,000
22,483,445
Realty Income Corp 3.4% 1/15/2030
 
7,000,000
6,797,508
Realty Income Corp 4% 7/15/2029
 
3,000,000
2,992,674
Realty Income Corp 5.125% 2/15/2034
 
3,500,000
3,576,543
Realty Income Corp 5.125% 4/15/2035
 
10,000,000
10,161,438
Regency Centers LP 5.25% 1/15/2034
 
5,000,000
5,129,859
Simon Property Group LP 4.75% 9/26/2034
 
18,000,000
17,850,354
Simon Property Group LP 5.125% 10/1/2035
 
5,000,000
5,060,523
Simon Property Group LP 5.85% 3/8/2053
 
19,000,000
19,349,237
Simon Property Group LP 6.25% 1/15/2034
 
5,000,000
5,461,463
Simon Property Group LP 6.65% 1/15/2054
 
15,000,000
16,797,618
 
 
 
259,289,002
Specialized REITs - 8.5%
 
 
 
American Tower Corp 2.7% 4/15/2031
 
2,000,000
1,839,120
American Tower Corp 3.8% 8/15/2029
 
23,000,000
22,679,733
American Tower Corp 4.05% 3/15/2032
 
22,000,000
21,432,934
American Tower Corp 5.4% 1/31/2035
 
15,000,000
15,415,050
American Tower Corp 5.45% 2/15/2034
 
29,000,000
30,041,710
American Tower Corp 5.55% 7/15/2033
 
18,250,000
19,064,937
American Tower Corp 5.65% 3/15/2033
 
20,000,000
21,036,300
American Tower Corp 5.9% 11/15/2033
 
8,000,000
8,544,366
Crown Castle Inc 2.1% 4/1/2031
 
9,000,000
7,950,075
Crown Castle Inc 2.25% 1/15/2031
 
14,000,000
12,521,584
Crown Castle Inc 2.5% 7/15/2031
 
5,000,000
4,478,578
Crown Castle Inc 2.9% 4/1/2041
 
17,930,000
13,078,086
Crown Castle Inc 3.8% 2/15/2028
 
2,000,000
1,987,114
Crown Castle Inc 4.75% 5/15/2047
 
5,000,000
4,306,944
Crown Castle Inc 5% 1/11/2028
 
3,000,000
3,046,778
Crown Castle Inc 5.1% 5/1/2033
 
30,000,000
30,314,529
Crown Castle Inc 5.2% 2/15/2049
 
15,000,000
13,524,599
Crown Castle Inc 5.2% 9/1/2034
 
30,000,000
30,265,220
Crown Castle Inc 5.6% 6/1/2029
 
5,000,000
5,190,790
Crown Castle Inc 5.8% 3/1/2034
 
36,000,000
37,723,724
CubeSmart LP 2.5% 2/15/2032
 
10,000,000
8,873,410
CubeSmart LP 4.375% 2/15/2029
 
12,000,000
12,052,009
CubeSmart LP 5.125% 11/1/2035
 
10,000,000
9,993,083
EPR Properties 3.6% 11/15/2031
 
2,000,000
1,854,855
EPR Properties 4.95% 4/15/2028
 
8,000,000
8,075,014
Equinix Inc 3% 7/15/2050
 
11,000,000
6,998,585
Equinix Inc 3.2% 11/18/2029
 
10,000,000
9,627,178
Equinix Inc 3.9% 4/15/2032
 
28,000,000
26,943,807
Iron Mountain Inc 4.5% 2/15/2031 (h)
 
4,500,000
4,300,280
Iron Mountain Inc 4.875% 9/15/2027 (h)
 
3,000,000
2,998,251
Iron Mountain Inc 5.25% 7/15/2030 (h)
 
5,000,000
4,950,989
Iron Mountain Inc 6.25% 1/15/2033 (h)
 
21,385,000
21,609,350
Millrose Properties Inc 6.25% 9/15/2032 (h)
 
9,710,000
9,819,519
Millrose Properties Inc 6.375% 8/1/2030 (h)
 
4,715,000
4,812,530
Public Storage Operating Co 5.1% 8/1/2033
 
5,000,000
5,163,149
Public Storage Operating Co 5.35% 8/1/2053
 
8,500,000
8,213,416
SBA Communications Corp 3.125% 2/1/2029
 
25,000,000
23,877,794
SBA Communications Corp 3.875% 2/15/2027
 
20,000,000
19,851,744
 
 
 
494,457,134
TOTAL REAL ESTATE
 
 
1,775,714,916
TOTAL UNITED STATES
 
 
2,019,004,710
 
TOTAL NON-CONVERTIBLE CORPORATE BONDS
 (Cost $1,981,311,935)
 
 
 
2,029,828,399
 
 
 
 
Non-Convertible Preferred Stocks - 8.0%
 
 
Shares
Value ($)
 
CANADA - 0.2%
 
 
 
Energy - 0.2%
 
 
 
Oil, Gas & Consumable Fuels - 0.2%
 
 
 
Enbridge Inc 5 year U.S. Treasury Index Series 1+ 3.14%, 5.9491% (f)(g)
 
498,275
12,262,548
Enbridge Inc Series L, 5 year U.S. Treasury Index + 3.15%, 4.959% (f)(g)
 
111,400
2,701,450
 
 
 
 
TOTAL CANADA
 
 
14,963,998
GRAND CAYMAN (UK OVERSEAS TER) - 0.0%
 
 
 
Financials - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Crest Dartmouth Street 0% (b)(c)(g)(h)
 
1,220,000
12
UNITED STATES - 7.8%
 
 
 
Energy - 0.0%
 
 
 
Oil, Gas & Consumable Fuels - 0.0%
 
 
 
Global Partners LP/MA 9.5% Series B
 
67,800
1,755,545
Financials - 3.1%
 
 
 
Capital Markets - 0.2%
 
 
 
DigitalBridge Group Inc 7.125% Series J
 
292,503
5,668,708
DigitalBridge Group Inc Series H, 7.125%
 
148,417
2,851,091
DigitalBridge Group Inc Series I, 7.15%
 
142,666
2,781,987
 
 
 
11,301,786
Mortgage Real Estate Investment Trusts (REITs) - 2.9%
 
 
 
AGNC Investment Corp 7.75% Series G (g)
 
320,000
8,044,800
AGNC Investment Corp CME Term SOFR 3 month Index + 5.111%, 10.3713% (f)(g)
 
653,202
16,715,439
AGNC Investment Corp Series H, 8.75%
 
300,000
7,785,000
Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.4336%, 0% (f)(g)
 
1,069,599
26,836,239
Annaly Capital Management Inc CME Term SOFR 3 month Index + 4.993%, 10.1521% (f)(g)
 
1,374,443
35,558,215
Arbor Realty Trust Inc Series D 6.375%
 
126,100
2,233,319
Arbor Realty Trust Inc Series F, 6.25% (g)
 
447,536
10,011,381
Ellington Financial Inc Series A 3 month U.S. LIBOR + 5.196%, 0% (f)(g)
 
212,370
5,328,363
MFA Financial Inc 7.5%
 
211,532
4,262,370
MFA Financial Inc CME Term SOFR 3 month Index + 5.6066%, 0% (f)(g)
 
788,551
18,294,383
Pennymac Mortgage Investment Trust 6.75%
 
217,700
4,240,796
Pennymac Mortgage Investment Trust 8.125% (g)
 
194,805
4,722,073
Pennymac Mortgage Investment Trust Series B 3 month U.S. Treasury Index + 8%, 0% (f)(g)
 
309,033
7,450,786
Rithm Capital Corp 7% Series D (g)
 
151,200
3,721,032
Two Harbors Investment Corp 7.625% Series B (g)
 
331,816
8,152,719
Two Harbors Investment Corp 8.125% Series A (g)
 
187,099
4,634,442
 
 
 
167,991,357
TOTAL FINANCIALS
 
 
179,293,143
Real Estate - 4.7%
 
 
 
Diversified REITs - 1.1%
 
 
 
Armada Hoffler Properties Inc Series A 6.75%
 
255,050
5,496,328
CTO Realty Growth Inc 6.375%
 
120,000
2,436,011
Gladstone Commercial Corp Series E 6.625%
 
157,675
3,596,582
Gladstone Commercial Corp Series G, 6%
 
391,000
7,933,351
Global Net Lease Inc 6.875% Series B
 
294,000
6,732,600
Global Net Lease Inc 7.25% Series A
 
509,695
11,931,960
Global Net Lease Inc 7.375% Series E
 
379,839
8,869,241
Global Net Lease Inc 7.5%
 
721,484
17,813,440
 
 
 
64,809,513
Health Care REITs - 0.2%
 
 
 
Global Medical REIT Inc 7.5% Series A
 
150,848
3,704,827
National Healthcare Properties Inc Series A, 7.375%
 
364,800
7,113,600
National Healthcare Properties Inc Series B, 7.125%
 
190,000
3,568,200
 
 
 
14,386,627
Hotel & Resort REITs - 1.2%
 
 
 
Ashford Hospitality Trust Inc Series H 7.5%
 
18,189
210,265
Braemar Hotels & Resorts Inc 8.25% Series D
 
138,364
2,280,239
Pebblebrook Hotel Trust 6.3% Series F
 
281,697
5,774,788
Pebblebrook Hotel Trust 6.375%
 
666,800
13,336,000
Pebblebrook Hotel Trust 6.375% Series E
 
372,994
7,467,340
Pebblebrook Hotel Trust Series H, 5.7%
 
717,200
12,837,880
Sotherly Hotels Inc 7.875% Series C
 
107,000
1,993,410
Sotherly Hotels Inc 8% Series B
 
67,250
1,221,933
Summit Hotel Properties Inc Series E, 6.25%
 
457,602
8,717,318
Summit Hotel Properties Inc Series F, 5.875%
 
377,000
6,835,010
Sunstone Hotel Investors Inc Series H, 6.125%
 
180,000
3,753,000
Sunstone Hotel Investors Inc Series I, 5.7%
 
240,000
4,633,200
 
 
 
69,060,383
Industrial REITs - 0.3%
 
 
 
Prologis Inc Series Q, 8.54%
 
93,396
4,946,252
Rexford Industrial Realty Inc 5.625% Series C
 
317,525
6,741,056
Rexford Industrial Realty Inc 5.875% Series B
 
148,400
3,347,904
 
 
 
15,035,212
Office REITs - 0.4%
 
 
 
Hudson Pacific Properties Inc 4.75% Series C
 
686,200
10,745,892
Vornado Realty Trust 5.25% Series M
 
275,004
4,837,320
Vornado Realty Trust Series L, 5.4%
 
388,600
7,103,609
Vornado Realty Trust Series N 5.25%
 
196,664
3,482,919
 
 
 
26,169,740
Real Estate Management & Development - 0.1%
 
 
 
Brookfield Property Partners LP 5.75%
 
43,000
594,690
Brookfield Property Partners LP 6.5%
 
34,125
538,151
Seritage Growth Properties Series A, 7%
 
91,986
2,217,782
 
 
 
3,350,623
Residential REITs - 0.7%
 
 
 
American Homes 4 Rent 5.875% Series G
 
439,881
10,066,677
American Homes 4 Rent Series H, 6.25%
 
411,648
9,874,571
UMH Properties Inc 6.375% Series D
 
844,525
18,963,809
 
 
 
38,905,057
Retail REITs - 0.3%
 
 
 
Agree Realty Corp 4.25%
 
259,800
4,473,756
Cedar Realty Trust Inc 7.25%
 
31,436
579,523
Kimco Realty Corp 5.125%
 
49,000
988,820
Kimco Realty Corp Series M 5.25%
 
58,100
1,192,793
Regency Centers Corp 5.875%
 
69,225
1,550,640
Regency Centers Corp 6.25% Series A
 
281,325
6,597,071
Saul Centers Inc 6% Series E
 
76,841
1,717,397
Saul Centers Inc 6.125% Series D
 
57,775
1,205,868
 
 
 
18,305,868
Specialized REITs - 0.4%
 
 
 
Digital Realty Trust Inc 5.25%
 
80,800
1,683,064
Digital Realty Trust Inc Series K 5.85%
 
42,600
1,008,342
Digital Realty Trust Inc Series L, 5.2%
 
82,700
1,716,025
EPR Properties 5.75%
 
50,000
1,031,500
National Storage Affiliates Trust Series A, 6%
 
546,375
11,468,411
Public Storage 4%
 
47,800
774,360
Public Storage 4%
 
45,700
740,797
Public Storage Operating Co 5.05% Series G
 
43,800
939,072
Public Storage Operating Co 5.15% Series F
 
25,800
548,508
Public Storage Series L, 4.625%
 
35,900
684,972
Public Storage Series MM, 4.125%
 
28,000
471,517
Public Storage Series S, 4.1%
 
100,000
1,660,000
 
 
 
22,726,568
TOTAL REAL ESTATE
 
 
272,749,591
TOTAL UNITED STATES
 
 
453,798,279
 
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
 (Cost $464,957,382)
 
 
 
468,762,289
 
 
 
 
Preferred Securities - 0.1%
 
 
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 0.1%
 
 
 
Energy - 0.1%
 
 
 
Oil, Gas & Consumable Fuels - 0.1%
 
 
 
Energy Transfer LP Series G, 7.125% (g)(i)
  (Cost $6,000,000)
 
6,000,000
6,287,044
 
 
 
 
Money Market Funds - 6.7%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (k)
 
3.70
386,729,588
386,806,934
Fidelity Securities Lending Cash Central Fund (k)(l)
 
3.70
3,494,051
3,494,400
 
TOTAL MONEY MARKET FUNDS
 (Cost $390,268,802)
 
 
 
390,301,334
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 99.4%
 (Cost $5,575,141,991)
 
 
 
5,811,545,224
NET OTHER ASSETS (LIABILITIES) - 0.6%  
35,061,768
NET ASSETS - 100.0%
5,846,606,992
 
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing.
 
(c)
Level 3 security.
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower.  Such prepayments cannot be predicted with certainty.
 
(f)
Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
 
(g)
Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
 
(h)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,418,798,294 or 24.3% of net assets.
 
(i)
Security is perpetual in nature with no stated maturity date.
 
(j)
Interest Only (IO) security represents the right to receive only monthly interest payments on an underlying pool of assets. Principal shown is the outstanding par amount of the pool as of the end of the period.
 
(k)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(l)
Investment made with cash collateral received from securities on loan.
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
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
552,314,390
516,362,857
681,881,285
7,651,975
10,972
-
386,806,934
386,729,588
0.7%
Fidelity Securities Lending Cash Central Fund
-
55,511,414
52,017,087
6,184
73
-
3,494,400
3,494,051
0.0%
Total
552,314,390
571,874,271
733,898,372
7,658,159
11,045
-
390,301,334
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
 
The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Asset-Backed Securities
91,470,522
-
91,470,522
-
 Bank Loan Obligations
 
 
 
 
Communication Services
35,289,311
-
35,289,311
-
Consumer Discretionary
22,449,612
-
22,449,612
-
Energy
13,658,207
-
13,658,207
-
Financials
11,158,543
-
-
11,158,543
Real Estate
4,173,032
-
4,173,032
-
 Collateralized Mortgage Obligations
30,137
-
-
30,137
 Commercial Mortgage Securities
1,111,067,629
-
1,094,385,493
16,682,136
 Common Stocks
 
 
 
 
Consumer Discretionary
8,984,723
8,984,723
-
-
Financials
34,559,438
34,559,438
-
-
Industrials
1,179,767
1,179,767
-
-
Real Estate
1,387,328,610
1,387,328,607
-
3
 Convertible Preferred Stocks
 
 
 
 
Financials
173,562,256
173,562,256
-
-
Real Estate
21,454,371
-
21,454,371
-
 Non-Convertible Corporate Bonds
 
 
 
 
Communication Services
37,575,213
-
37,575,213
-
Consumer Discretionary
178,752,563
-
178,752,563
-
Energy
10,823,689
-
10,823,689
-
Financials
4,385,394
-
4,385,394
-
Health Care
13,786,116
-
13,786,116
-
Industrials
8,790,508
-
8,790,508
-
Real Estate
1,775,714,916
-
1,775,714,916
-
 Non-Convertible Preferred Stocks
 
 
 
 
Energy
16,719,543
16,719,543
-
-
Financials
179,293,155
179,293,143
-
12
Real Estate
272,749,591
272,749,591
-
-
 Preferred Securities
 
 
 
 
Energy
6,287,044
-
6,287,044
-
 Money Market Funds
390,301,334
390,301,334
-
-
 Total Investments in Securities:
5,811,545,224
2,464,678,402
3,318,995,991
27,870,831
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of January 31, 2026 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value (including  securities loaned of $3,431,628) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $5,184,873,189)
$
5,421,243,890
 
 
Fidelity Central Funds (cost $390,268,802)
390,301,334
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $5,575,141,991)
 
 
$
5,811,545,224
Cash
 
 
973,655
Receivable for investments sold
 
 
14,071
Receivable for fund shares sold
 
 
8,461,347
Dividends receivable
 
 
4,590,563
Interest receivable
 
 
35,233,213
Distributions receivable from Fidelity Central Funds
 
 
1,003,344
Prepaid expenses
 
 
3,561
Other receivables
 
 
24,892
  Total assets
 
 
5,861,849,870
Liabilities
 
 
 
 
Payable for investments purchased
$
6,938,507
 
 
Payable for fund shares redeemed
1,663,746
 
 
Accrued management fee
2,925,817
 
 
Distribution and service plan fees payable
83,569
 
 
Other payables and accrued expenses
136,911
 
 
Collateral on securities loaned
3,494,328
 
 
  Total liabilities
 
 
 
15,242,878
Net Assets  
 
 
$
5,846,606,992
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
5,725,220,784
Total accumulated earnings (loss)
 
 
 
121,386,208
Net Assets
 
 
$
5,846,606,992
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($270,225,690 ÷ 22,151,704 shares)(a)
 
 
$
12.20
Maximum offering price per share (100/96.00 of $12.20)
 
 
$
12.71
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($32,735,962 ÷ 2,682,484 shares)(a)
 
 
$
12.20
Maximum offering price per share (100/96.00 of $12.20)
 
 
$
12.71
Class C :
 
 
 
 
Net Asset Value and offering price per share ($23,900,475 ÷ 1,995,640 shares)(a)
 
 
$
11.98
Real Estate Income :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,270,182,371 ÷ 103,256,791 shares)
 
 
$
12.30
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,343,884,773 ÷ 109,811,081 shares)
 
 
$
12.24
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($2,905,677,721 ÷ 237,671,147 shares)
 
 
$
12.23
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
Six months ended January 31, 2026 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
47,926,207
Interest  
 
 
96,575,717
Income from Fidelity Central Funds (including $6,184 from security lending)
 
 
7,658,159
 Total income
 
 
 
152,160,083
Expenses
 
 
 
 
Management fee
$
17,055,162
 
 
Distribution and service plan fees
512,428
 
 
Custodian fees and expenses
12,830
 
 
Independent trustees' fees and expenses
11,120
 
 
Registration fees
180,934
 
 
Audit fees
52,711
 
 
Legal
3,407
 
 
Miscellaneous
9,530
 
 
 Total expenses before reductions
 
17,838,122
 
 
 Expense reductions
 
(5,127)
 
 
 Total expenses after reductions
 
 
 
17,832,995
Net Investment income (loss)
 
 
 
134,327,088
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
4,972,316
 
 
   Fidelity Central Funds
 
11,045
 
 
Total net realized gain (loss)
 
 
 
4,983,361
Change in net unrealized appreciation (depreciation) on investment securities
 
 
 
75,597,483
Net gain (loss)
 
 
 
80,580,844
Net increase (decrease) in net assets resulting from operations
 
 
$
214,907,932
Statement of Changes in Net Assets
 
 
Six months ended
January 31, 2026
(Unaudited)
 
Year ended
July 31, 2025
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
134,327,088
$
241,529,346
Net realized gain (loss)
 
4,983,361
 
56,195,496
Change in net unrealized appreciation (depreciation)
 
75,597,483
 
(1,000,281)
Net increase (decrease) in net assets resulting from operations
 
214,907,932
 
296,724,561
Distributions to shareholders
 
(142,956,313)
 
(234,138,122)
 
 
 
 
 
Share transactions - net increase (decrease)
 
495,037,348
 
430,264,698
Total increase (decrease) in net assets
 
566,988,967
 
492,851,137
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
5,279,618,025
 
4,786,766,888
End of period
$
5,846,606,992
$
5,279,618,025
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Real Estate Income Fund Class A
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.04
$
11.89
$
11.36
$
12.49
$
13.43
$
11.02
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.28
 
.55
 
.52
 
.53
 
.39
 
.33
     Net realized and unrealized gain (loss)
 
.17
 
.13
 
.53
 
(.88)
 
(1.03)
 
2.53
  Total from investment operations
 
.45  
 
.68  
 
1.05  
 
(.35)  
 
(.64)
 
2.86
  Distributions from net investment income
 
(.29)
 
(.53)
 
(.52)
 
(.56)
 
(.28)
 
(.42) C
  Distributions from net realized gain
 
-
 
-
 
-
 
(.22)
 
(.02)
 
(.03) C
     Total distributions
 
(.29)
 
(.53)
 
(.52)
 
(.78)
 
(.30)
 
(.45)
  Net asset value, end of period
$
12.20
$
12.04
$
11.89
$
11.36
$
12.49
$
13.43
 Total Return D,E,F
 
3.79
%
 
5.84%
 
9.58%
 
(2.72)%
 
(4.83)%
 
26.64%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.94% I
 
.95%
 
.97%
 
.99%
 
.98%
 
.99%
    Expenses net of fee waivers, if any
 
.94
% I
 
.95%
 
.96%
 
.98%
 
.98%
 
.99%
    Expenses net of all reductions, if any
 
.94% I
 
.95%
 
.96%
 
.98%
 
.98%
 
.99%
    Net investment income (loss)
 
4.53% I
 
4.55%
 
4.61%
 
4.61%
 
2.97%
 
2.75%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
270,226
$
281,521
$
291,737
$
304,754
$
364,443
$
384,382
    Portfolio turnover rate J
 
10
% I
 
24%
 
24%
 
17%
 
42%
 
26%
 
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.
CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
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.
IAnnualized.
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® Real Estate Income Fund Class M
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.04
$
11.89
$
11.36
$
12.49
$
13.43
$
11.02
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.28
 
.55
 
.52
 
.52
 
.39
 
.33
     Net realized and unrealized gain (loss)
 
.17
 
.13
 
.53
 
(.87)
 
(1.03)
 
2.53
  Total from investment operations
 
.45  
 
.68  
 
1.05  
 
(.35)  
 
(.64)
 
2.86
  Distributions from net investment income
 
(.29)
 
(.53)
 
(.52)
 
(.56)
 
(.28)
 
(.42) C
  Distributions from net realized gain
 
-
 
-
 
-
 
(.22)
 
(.02)
 
(.03) C
     Total distributions
 
(.29)
 
(.53)
 
(.52)
 
(.78)
 
(.30)
 
(.45)
  Net asset value, end of period
$
12.20
$
12.04
$
11.89
$
11.36
$
12.49
$
13.43
 Total Return D,E,F
 
3.79
%
 
5.83%
 
9.56%
 
(2.75)%
 
(4.85)%
 
26.62%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.94% I
 
.95%
 
.98%
 
1.01%
 
.99%
 
1.01%
    Expenses net of fee waivers, if any
 
.94
% I
 
.95%
 
.97%
 
1.00%
 
.99%
 
1.01%
    Expenses net of all reductions, if any
 
.94% I
 
.95%
 
.97%
 
1.00%
 
.99%
 
1.01%
    Net investment income (loss)
 
4.53% I
 
4.55%
 
4.61%
 
4.59%
 
2.97%
 
2.73%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
32,736
$
34,256
$
38,026
$
42,829
$
52,919
$
57,338
    Portfolio turnover rate J
 
10
% I
 
24%
 
24%
 
17%
 
42%
 
26%
 
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.
CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
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.
IAnnualized.
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® Real Estate Income Fund Class C
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
11.82
$
11.67
$
11.16
$
12.27
$
13.21
$
10.88
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.23
 
.45
 
.43
 
.43
 
.29
 
.24
     Net realized and unrealized gain (loss)
 
.17
 
.13
 
.51
 
(.86)
 
(1.01)
 
2.48
  Total from investment operations
 
.40  
 
.58  
 
.94  
 
(.43)  
 
(.72)
 
2.72
  Distributions from net investment income
 
(.24)
 
(.43)
 
(.43)
 
(.46)
 
(.20)
 
(.36) C
  Distributions from net realized gain
 
-
 
-
 
-
 
(.22)
 
(.02)
 
(.03) C
     Total distributions
 
(.24)
 
(.43)
 
(.43)
 
(.68)
 
(.22)
 
(.39)
  Net asset value, end of period
$
11.98
$
11.82
$
11.67
$
11.16
$
12.27
$
13.21
 Total Return D,E,F
 
3.44
%
 
5.08%
 
8.72%
 
(3.46)%
 
(5.54)%
 
25.64%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
1.69% I
 
1.70%
 
1.70%
 
1.74%
 
1.72%
 
1.74%
    Expenses net of fee waivers, if any
 
1.69
% I
 
1.70%
 
1.70%
 
1.73%
 
1.72%
 
1.74%
    Expenses net of all reductions, if any
 
1.69% I
 
1.70%
 
1.70%
 
1.73%
 
1.72%
 
1.74%
    Net investment income (loss)
 
3.78% I
 
3.80%
 
3.88%
 
3.86%
 
2.23%
 
2.00%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
23,900
$
27,200
$
40,267
$
56,795
$
89,135
$
120,072
    Portfolio turnover rate J
 
10
% I
 
24%
 
24%
 
17%
 
42%
 
26%
 
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.
CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the contingent deferred sales charge.
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.
IAnnualized.
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® Real Estate Income Fund
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.14
$
11.98
$
11.45
$
12.58
$
13.52
$
11.09
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.30
 
.59
 
.56
 
.56
 
.43
 
.37
     Net realized and unrealized gain (loss)
 
.17
 
.14
 
.52
 
(.88)
 
(1.03)
 
2.53
  Total from investment operations
 
.47  
 
.73  
 
1.08  
 
(.32)  
 
(.60)
 
2.90
  Distributions from net investment income
 
(.31)
 
(.57)
 
(.55)
 
(.60)
 
(.32)
 
(.44) C
  Distributions from net realized gain
 
-
 
-
 
-
 
(.22)
 
(.02)
 
(.03) C
     Total distributions
 
(.31)
 
(.57)
 
(.55)
 
(.81) D
 
(.34)
 
(.47)
  Net asset value, end of period
$
12.30
$
12.14
$
11.98
$
11.45
$
12.58
$
13.52
 Total Return E,F
 
3.92
%
 
6.21%
 
9.79%
 
(2.42)%
 
(4.56)%
 
26.88%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.65% I
 
.66%
 
.69%
 
.73%
 
.71%
 
.72%
    Expenses net of fee waivers, if any
 
.65
% I
 
.66%
 
.68%
 
.72%
 
.71%
 
.72%
    Expenses net of all reductions, if any
 
.65% I
 
.66%
 
.68%
 
.72%
 
.71%
 
.72%
    Net investment income (loss)
 
4.82% I
 
4.84%
 
4.90%
 
4.87%
 
3.24%
 
3.02%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,270,182
$
1,235,613
$
1,101,737
$
1,288,147
$
1,898,345
$
2,777,243
    Portfolio turnover rate J
 
10
% I
 
24%
 
24%
 
17%
 
42%
 
26%
 
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.
CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
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.
IAnnualized.
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® Real Estate Income Fund Class I
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.08
$
11.92
$
11.39
$
12.53
$
13.47
$
11.04
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.29
 
.58
 
.55
 
.56
 
.43
 
.37
     Net realized and unrealized gain (loss)
 
.18
 
.14
 
.53
 
(.89)
 
(1.03)
 
2.53
  Total from investment operations
 
.47  
 
.72  
 
1.08  
 
(.33)  
 
(.60)
 
2.90
  Distributions from net investment income
 
(.31)
 
(.56)
 
(.55)
 
(.60)
 
(.32)
 
(.44) C
  Distributions from net realized gain
 
-
 
-
 
-
 
(.22)
 
(.02)
 
(.03) C
     Total distributions
 
(.31)
 
(.56)
 
(.55)
 
(.81) D
 
(.34)
 
(.47)
  Net asset value, end of period
$
12.24
$
12.08
$
11.92
$
11.39
$
12.53
$
13.47
 Total Return E,F
 
3.92
%
 
6.16%
 
9.86%
 
(2.52)%
 
(4.57)%
 
27.03%
 Ratios to Average Net Assets B,G,H
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.69% I
 
.70%
 
.72%
 
.73%
 
.71%
 
.71%
    Expenses net of fee waivers, if any
 
.69
% I
 
.70%
 
.71%
 
.72%
 
.71%
 
.71%
    Expenses net of all reductions, if any
 
.69% I
 
.70%
 
.71%
 
.72%
 
.71%
 
.71%
    Net investment income (loss)
 
4.78% I
 
4.80%
 
4.87%
 
4.87%
 
3.24%
 
3.03%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,343,885
$
1,273,835
$
1,396,173
$
1,379,614
$
1,946,852
$
2,810,475
    Portfolio turnover rate J
 
10
% I
 
24%
 
24%
 
17%
 
42%
 
26%
 
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.
CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
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.
IAnnualized.
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® Real Estate Income Fund Class Z
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
12.07
$
11.92
$
11.39
$
12.53
$
13.47
$
11.04
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.30
 
.60
 
.57
 
.57
 
.44
 
.38
     Net realized and unrealized gain (loss)
 
.18
 
.13
 
.53
 
(.88)
 
(1.02)
 
2.53
  Total from investment operations
 
.48  
 
.73  
 
1.10  
 
(.31)  
 
(.58)
 
2.91
  Distributions from net investment income
 
(.32)
 
(.58)
 
(.57)
 
(.61)
 
(.34)
 
(.45) C
  Distributions from net realized gain
 
-
 
-
 
-
 
(.22)
 
(.02)
 
(.03) C
     Total distributions
 
(.32)
 
(.58)
 
(.57)
 
(.83)
 
(.36)
 
(.48)
  Net asset value, end of period
$
12.23
$
12.07
$
11.92
$
11.39
$
12.53
$
13.47
 Total Return D,E
 
4.00
%
 
6.26%
 
9.99%
 
(2.36)%
 
(4.44)%
 
27.15%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.57% H
 
.57%
 
.60%
 
.60%
 
.59%
 
.60%
    Expenses net of fee waivers, if any
 
.57
% H
 
.57%
 
.59%
 
.60%
 
.59%
 
.60%
    Expenses net of all reductions, if any
 
.57% H
 
.57%
 
.59%
 
.60%
 
.59%
 
.60%
    Net investment income (loss)
 
4.90% H
 
4.93%
 
4.98%
 
4.99%
 
3.36%
 
3.14%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,905,678
$
2,427,192
$
1,918,827
$
1,516,585
$
1,607,463
$
919,766
    Portfolio turnover rate I
 
10
% H
 
24%
 
24%
 
17%
 
42%
 
26%
 
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.
CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
DTotal returns for periods of less than one year are not annualized.
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.
HAnnualized.
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
 (Unaudited)
For the period ended January 31, 2026
 
1. Organization.
Fidelity Real Estate Income Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Real Estate Income, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities, collateralized mortgage obligations and commercial mortgage securities are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2026, is included at the end of the Fund's Schedule of Investments.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. For certain lower credit quality securitized assets that have contractual cash flows (for example, asset backed securities, collateralized mortgage obligations and commercial mortgage-backed securities), changes in estimated cash flows are periodically evaluated and the estimated yield is adjusted on a prospective basis, resulting in increases or decreases to Interest Income in the accompanying Statement of Operations. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), short-term capital gain dividends, certain corporate actions, partnerships, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$458,464,053
Gross unrealized depreciation
(215,032,985)
Net unrealized appreciation (depreciation)
$243,431,068
Tax cost
$5,568,114,156
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(24,024,759)
 Long-term
(118,451,187)
Total capital loss carryforward
$(142,475,946)
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
Loans and Other Direct Debt Instruments. Direct debt instruments are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate a fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment, participation, or may be made directly to a borrower. Such instruments are presented in the Bank Loan Obligations section in the Schedule of Investments. Certain funds may also invest in unfunded loan commitments, which are contractual obligations for future funding. Information regarding unfunded commitments is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Real Estate Income Fund
914,801,520
268,389,130
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
 
The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.70
Class M
.72
Class C
.70
Real Estate Income
.69
Class I
.69
Class Z
.56
 
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.68
Class M
.68
Class C
.68
Real Estate Income
.64
Class I
.68
Class Z
.56
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees ($)
Retained by FDC ($)
Class A
 - %
 .25%
342,652
2,243
Class M
 - %
 .25%
 42,339
 -
Class C
 .75%
 .25%
127,437
9,947
 
 
 
512,428
12,190
Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.
 
For the period, sales charge amounts retained by FDC were as follows:
 
 
Retained by FDC ($)
Class A
 4,327
Class M
 579
Class C A
58
 
4,964
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity Real Estate Income Fund
 7,098
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Real Estate Income Fund
 32,305,259
 1,114,102
 (19,829)
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
 
Amount ($)
Fidelity Real Estate Income Fund
4,480
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Real Estate Income Fund
631
 -
-
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $5,127.
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
January 31, 2026
Year ended
July 31, 2025
Fidelity Real Estate Income Fund
 
 
Distributions to shareholders
 
 
Class A
$6,513,424
 $12,627,177
Class M
 808,956
 1,565,260
Class C
 509,403
 1,205,877
Real Estate Income
 31,607,122
 52,763,454
Class I
 33,340,158
 64,198,332
Class Z
70,177,250
101,778,022
Total  
$142,956,313
$234,138,122
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 January 31, 2026
Year ended
 July 31, 2025
Six months ended
 January 31, 2026
Year ended
 July 31, 2025
Fidelity Real Estate Income Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
1,187,183
3,279,694
$14,458,302
$39,520,990
Reinvestment of distributions 
367,752
744,875
4,454,184
8,900,899
Shares redeemed
(2,793,413)
(5,177,351)
(33,974,737)
(62,411,878)
Net increase (decrease)
(1,238,478)
(1,152,782)
$(15,062,251)
$(13,989,989)
Class M
 
 
 
 
Shares sold
51,982
255,344
$633,350
$3,073,526
Reinvestment of distributions 
63,421
123,848
768,820
1,480,883
Shares redeemed
(277,771)
(731,932)
(3,381,204)
(8,837,930)
Net increase (decrease)
(162,368)
(352,740)
$(1,979,034)
$(4,283,521)
Class C
 
 
 
 
Shares sold
173,467
260,329
$2,072,851
$3,098,935
Reinvestment of distributions 
41,940
100,679
499,171
1,182,293
Shares redeemed
(521,238)
(1,509,024)
(6,240,940)
(17,868,274)
Net increase (decrease)
(305,831)
(1,148,016)
$(3,668,918)
$(13,587,046)
Real Estate Income
 
 
 
 
Shares sold
7,413,482
25,452,798
$90,992,502
$311,223,640
Reinvestment of distributions 
2,275,342
3,749,688
27,786,162
45,198,739
Shares redeemed
(8,240,917)
(19,322,874)
(101,180,204)
(234,690,763)
Net increase (decrease)
1,447,907
9,879,612
$17,598,460
$121,731,616
Class I
 
 
 
 
Shares sold
12,554,792
28,306,315
$153,421,244
$342,073,725
Reinvestment of distributions 
2,564,078
5,033,240
31,157,212
60,298,948
Shares redeemed
(10,797,718)
(44,948,565)
(131,918,825)
(544,951,905)
Net increase (decrease)
4,321,152
(11,609,010)
$52,659,631
$(142,579,232)
Class Z
 
 
 
 
Shares sold
42,186,024
52,755,416
$515,239,733
$635,804,810
Reinvestment of distributions 
5,189,344
7,401,751
62,972,648
88,669,214
Shares redeemed
(10,878,650)
(19,975,570)
(132,722,921)
(241,501,154)
Net increase (decrease)
36,496,718
40,181,597
$445,489,460
$482,972,870
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity Core Income Fund
Fidelity Real Estate Income Fund
31%
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
 
 
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.789716.122
REI-SANN-0426
Fidelity® OTC Portfolio
 
 
 
 
Semi-Annual Report
January 31, 2026
Includes Fidelity and Fidelity Advisor share classes

Contents

Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® OTC Portfolio

Notes to Consolidated Financial Statements

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.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2026 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® OTC Portfolio
Consolidated Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 95.9%
 
 
Shares
Value ($)
 
AUSTRALIA - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Canva Australia Holdings Pty Ltd Class A (a)(b)(c)
 
14,500
22,421,060
BELGIUM - 0.5%
 
 
 
Health Care - 0.5%
 
 
 
Pharmaceuticals - 0.5%
 
 
 
UCB SA
 
657,900
199,171,587
BRAZIL - 0.2%
 
 
 
Consumer Discretionary - 0.2%
 
 
 
Broadline Retail - 0.2%
 
 
 
MercadoLibre Inc (c)
 
35,369
75,965,185
CANADA - 0.4%
 
 
 
Energy - 0.0%
 
 
 
Oil, Gas & Consumable Fuels - 0.0%
 
 
 
Cenovus Energy Inc
 
163,636
3,229,096
Information Technology - 0.3%
 
 
 
Electronic Equipment, Instruments & Components - 0.0%
 
 
 
Celestica Inc (United States) (c)
 
53,400
15,004,866
IT Services - 0.3%
 
 
 
Shopify Inc Class A (United States) (c)
 
467,731
61,380,339
TOTAL INFORMATION TECHNOLOGY
 
 
76,385,205
Materials - 0.1%
 
 
 
Metals & Mining - 0.1%
 
 
 
Franco-Nevada Corp (United States)
 
205,930
48,261,755
TOTAL CANADA
 
 
127,876,056
CHINA - 0.0%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Broadline Retail - 0.0%
 
 
 
Alibaba Group Holding Ltd ADR
 
6,260
1,061,446
JD.com Inc A Shares
 
8,491
121,087
TOTAL CONSUMER DISCRETIONARY
 
 
1,182,533
Financials - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Ant International Co Ltd Class C (a)(b)
 
10,036,067
16,057,707
TOTAL CHINA
 
 
17,240,240
DENMARK - 0.2%
 
 
 
Health Care - 0.2%
 
 
 
Biotechnology - 0.2%
 
 
 
Ascendis Pharma A/S ADR (c)
 
269,050
60,832,205
FRANCE - 0.0%
 
 
 
Health Care - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
GenSight Biologics SA (c)(d)
 
210,096
19,648
JAPAN - 0.1%
 
 
 
Information Technology - 0.1%
 
 
 
Semiconductors & Semiconductor Equipment - 0.1%
 
 
 
Disco Corp
 
98,300
41,900,434
KOREA (SOUTH) - 1.7%
 
 
 
Industrials - 0.3%
 
 
 
Aerospace & Defense - 0.3%
 
 
 
Hanwha Aerospace Co Ltd
 
142,980
128,124,461
Information Technology - 1.4%
 
 
 
Semiconductors & Semiconductor Equipment - 1.4%
 
 
 
SK Hynix Inc
 
789,280
494,547,932
TOTAL KOREA (SOUTH)
 
 
622,672,393
NETHERLANDS - 1.7%
 
 
 
Health Care - 1.3%
 
 
 
Biotechnology - 1.3%
 
 
 
Argenx SE ADR (c)
 
532,626
447,672,153
Information Technology - 0.4%
 
 
 
Semiconductors & Semiconductor Equipment - 0.4%
 
 
 
ASM International NV
 
52,900
44,508,020
ASML Holding NV depository receipt
 
5,966
8,489,618
BE Semiconductor Industries NV
 
344,815
67,235,503
NXP Semiconductors NV
 
153,900
34,802,946
TOTAL INFORMATION TECHNOLOGY
 
 
155,036,087
TOTAL NETHERLANDS
 
 
602,708,240
TAIWAN - 4.5%
 
 
 
Information Technology - 4.5%
 
 
 
Electronic Equipment, Instruments & Components - 1.4%
 
 
 
Chroma ATE Inc
 
4,378,000
135,923,966
Delta Electronics Inc
 
10,189,000
393,808,966
 
 
 
529,732,932
Semiconductors & Semiconductor Equipment - 3.1%
 
 
 
Jentech Precision Industrial Co Ltd
 
656,000
59,022,335
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
3,194,212
1,055,878,719
 
 
 
1,114,901,054
TOTAL TAIWAN
 
 
1,644,633,986
THAILAND - 0.1%
 
 
 
Information Technology - 0.1%
 
 
 
Electronic Equipment, Instruments & Components - 0.1%
 
 
 
Fabrinet (c)
 
59,800
29,268,512
UNITED KINGDOM - 0.4%
 
 
 
Health Care - 0.4%
 
 
 
Pharmaceuticals - 0.4%
 
 
 
Astrazeneca PLC ADR
 
1,499,033
139,065,291
UNITED STATES - 86.1%
 
 
 
Communication Services - 21.8%
 
 
 
Entertainment - 1.8%
 
 
 
Electronic Arts Inc
 
2,300
469,016
Netflix Inc (c)
 
6,093,440
508,741,306
ROBLOX Corp Class A (c)
 
2,150,500
141,416,880
Take-Two Interactive Software Inc (c)
 
11,383
2,507,675
 
 
 
653,134,877
Interactive Media & Services - 20.0%
 
 
 
Alphabet Inc Class A
 
10,842,083
3,664,624,054
Alphabet Inc Class C
 
4,452,092
1,507,166,705
Epic Games Inc (a)(b)(c)
 
77,600
50,446,983
Meta Platforms Inc Class A
 
2,293,788
1,643,499,102
Reddit Inc Class A (c)
 
2,254,939
406,497,854
 
 
 
7,272,234,698
Media - 0.0%
 
 
 
Charter Communications Inc Class A (c)(d)
 
53,559
11,039,581
TOTAL COMMUNICATION SERVICES
 
 
7,936,409,156
Consumer Discretionary - 8.5%
 
 
 
Automobiles - 1.5%
 
 
 
Rivian Automotive Inc Class A (c)
 
12,872
189,862
Tesla Inc (c)
 
1,291,400
555,831,474
 
 
 
556,021,336
Broadline Retail - 6.3%
 
 
 
Amazon.com Inc (c)
 
9,661,586
2,312,017,530
Contextlogic Holdings Inc
 
4,847
38,146
Contextlogic Holdings Inc rights 2/20/2026 (c)
 
4,847
0
 
 
 
2,312,055,676
Diversified Consumer Services - 0.1%
 
 
 
Duolingo Inc Class A (c)
 
184,400
24,720,664
Hotels, Restaurants & Leisure - 0.5%
 
 
 
Airbnb Inc Class A (c)
 
18,817
2,434,355
Domino's Pizza Inc
 
430,501
176,647,475
Marriott International Inc/MD Class A1
 
42,085
13,269,401
 
 
 
192,351,231
Specialty Retail - 0.0%
 
 
 
ThredUp Inc Class A (c)
 
85,713
435,421
Textiles, Apparel & Luxury Goods - 0.1%
 
 
 
Figs Inc Class A (c)
 
44,634
482,494
Kontoor Brands Inc
 
5,761
344,104
Lululemon Athletica Inc (c)
 
102,595
17,902,828
 
 
 
18,729,426
TOTAL CONSUMER DISCRETIONARY
 
 
3,104,313,754
Consumer Staples - 0.7%
 
 
 
Beverages - 0.4%
 
 
 
Monster Beverage Corp (c)
 
1,824,613
147,355,746
Consumer Staples Distribution & Retail - 0.3%
 
 
 
Chobani Inc Class A (a)(b)(e)
 
3,711
16,537,515
Costco Wholesale Corp
 
90,889
85,458,382
 
 
 
101,995,897
Food Products - 0.0%
 
 
 
Mondelez International Inc
 
154,274
9,020,401
Personal Care Products - 0.0%
 
 
 
Honest Co Inc/The (c)(d)
 
156,331
386,137
TOTAL CONSUMER STAPLES
 
 
258,758,181
Energy - 0.0%
 
 
 
Oil, Gas & Consumable Fuels - 0.0%
 
 
 
Diamondback Energy Inc
 
50,808
8,329,972
EOG Resources Inc
 
13,570
1,521,603
TOTAL ENERGY
 
 
9,851,575
Financials - 0.1%
 
 
 
Banks - 0.0%
 
 
 
Wintrust Financial Corp
 
43,412
6,402,836
Capital Markets - 0.1%
 
 
 
Coinbase Global Inc Class A (c)
 
118,400
23,057,217
Moody's Corp
 
2,708
1,396,136
S&P Global Inc
 
674
355,730
 
 
 
24,809,083
TOTAL FINANCIALS
 
 
31,211,919
Health Care - 6.1%
 
 
 
Biotechnology - 3.3%
 
 
 
Alnylam Pharmaceuticals Inc (c)
 
1,336,524
451,825,303
Cogent Biosciences Inc (c)
 
1,241,923
44,597,455
Cytokinetics Inc (c)
 
1,874,757
118,465,895
Gilead Sciences Inc
 
1,682,262
238,797,091
GRAIL Inc (c)
 
6,411
627,124
Insmed Inc (c)
 
384,000
60,238,080
Ionis Pharmaceuticals Inc (c)
 
31,362
2,592,697
Legend Biotech Corp ADR (c)
 
4,683,810
81,966,675
Moderna Inc (c)
 
4,057,600
178,818,432
Scholar Rock Holding Corp (c)
 
113,846
5,047,932
Soleno Therapeutics Inc (c)
 
947,900
36,551,024
Trevena Inc (c)
 
706
8
 
 
 
1,219,527,716
Health Care Equipment & Supplies - 1.7%
 
 
 
Boston Scientific Corp (c)
 
2,725,305
254,897,777
Insulet Corp (c)
 
1,157,782
296,172,213
Intuitive Surgical Inc (c)
 
14,458
7,290,013
Neuronetics Inc (c)(d)
 
38,201
79,840
Outset Medical Inc (c)
 
2,640
13,226
Pulmonx Corp (c)
 
25,840
42,378
TransMedics Group Inc (c)
 
363,712
48,728,315
 
 
 
607,223,762
Health Care Technology - 0.3%
 
 
 
Veeva Systems Inc Class A (c)
 
583,960
119,081,123
Life Sciences Tools & Services - 0.4%
 
 
 
10X Genomics Inc Class A (c)
 
799,023
16,140,265
Danaher Corp
 
425,219
93,076,187
Illumina Inc (c)
 
38,469
5,570,696
Seer Inc Class A (c)
 
582,504
1,060,156
Thermo Fisher Scientific Inc
 
21,724
12,569,724
 
 
 
128,417,028
Pharmaceuticals - 0.4%
 
 
 
Crinetics Pharmaceuticals Inc (c)
 
2,707,223
135,198,717
Elanco Animal Health Inc (c)
 
87,837
2,115,115
TherapeuticsMD Inc (c)
 
6,770
14,623
 
 
 
137,328,455
TOTAL HEALTH CARE
 
 
2,211,578,084
Industrials - 6.1%
 
 
 
Aerospace & Defense - 4.1%
 
 
 
Anduril Industries Inc Class B (a)(b)
 
36,483
1,821,961
Anduril Industries Inc Class C (a)(b)
 
17
849
Space Exploration Technologies Corp (a)(b)(c)
 
3,339,423
1,405,897,083
Space Exploration Technologies Corp Class C (a)(b)(c)
 
152,047
64,011,787
 
 
 
1,471,731,680
Commercial Services & Supplies - 0.0%
 
 
 
Veralto Corp
 
15,772
1,561,113
Construction & Engineering - 0.0%
 
 
 
Bowman Consulting Group Ltd (c)
 
77,261
2,691,001
Electrical Equipment - 2.0%
 
 
 
Fluence Energy Inc Class A (c)(d)
 
1,281,300
39,425,601
GE Vernova Inc
 
408,300
296,576,871
Nextpower Inc Class A (c)
 
3,369,000
394,476,210
 
 
 
730,478,682
Ground Transportation - 0.0%
 
 
 
CSX Corp
 
283,348
10,699,220
Passenger Airlines - 0.0%
 
 
 
Wheels Up Experience Inc Class A (c)(d)
 
79,631
50,168
Wheels Up Experience Inc Class A rights (a)(c)
 
11,102
0
Wheels Up Experience Inc Stage 1 rights (a)(c)
 
11,102
0
Wheels Up Experience Inc Stage 3 rights (a)(c)
 
11,103
0
 
 
 
50,168
TOTAL INDUSTRIALS
 
 
2,217,211,864
Information Technology - 41.3%
 
 
 
Communications Equipment - 1.2%
 
 
 
Arista Networks Inc (c)
 
1,328,583
188,313,354
Cisco Systems Inc
 
505,338
39,578,072
Lumentum Holdings Inc (c)
 
499,500
195,724,080
Motorola Solutions Inc
 
35,185
14,163,370
 
 
 
437,778,876
Electronic Equipment, Instruments & Components - 0.9%
 
 
 
Coherent Corp (c)
 
1,184,700
251,369,646
Corning Inc
 
604,000
62,363,000
 
 
 
313,732,646
IT Services - 0.3%
 
 
 
Twilio Inc Class A (c)
 
909
109,498
X.Ai Holdings Corp Class A (a)(b)
 
1,968,783
148,564,365
 
 
 
148,673,863
Semiconductors & Semiconductor Equipment - 20.6%
 
 
 
Advanced Micro Devices Inc (c)
 
45,468
10,763,640
Applied Materials Inc
 
64,953
20,935,651
Astera Labs Inc (c)
 
52,179
7,859,201
Broadcom Inc
 
3,041,154
1,007,534,320
First Solar Inc (c)
 
922,900
208,132,408
KLA Corp
 
45,300
64,685,682
Lam Research Corp
 
834,000
194,705,640
MACOM Technology Solutions Holdings Inc (c)
 
359,983
78,857,876
Marvell Technology Inc
 
5,033,160
397,216,987
Micron Technology Inc
 
1,478,810
613,528,693
NVIDIA Corp
 
25,166,077
4,809,992,297
SiTime Corp (c)
 
175,024
63,552,965
Skyworks Solutions Inc
 
92,258
5,144,306
 
 
 
7,482,909,666
Software - 8.2%
 
 
 
Adobe Inc (c)
 
11,618
3,406,979
Appfolio Inc Class A (c)
 
50,126
9,517,925
Atom Tickets LLC (a)(b)(c)(e)
 
516,103
5
Autodesk Inc (c)
 
178,609
45,164,858
Cadence Design Systems Inc (c)
 
509,881
151,108,333
Datadog Inc Class A (c)
 
899,700
116,349,204
Dynatrace Inc (c)
 
9,045
344,524
Figma Inc Class A
 
313,600
8,128,512
Microsoft Corp
 
5,641,386
2,427,431,982
Palantir Technologies Inc Class A (c)
 
160,500
23,527,695
Synopsys Inc (c)
 
403,134
187,503,670
 
 
 
2,972,483,687
Technology Hardware, Storage & Peripherals - 10.1%
 
 
 
Apple Inc
 
12,815,827
3,325,450,790
Sandisk Corp/DE
 
103,139
59,433,849
Seagate Technology Holdings PLC
 
557,300
227,205,637
Western Digital Corp
 
282,146
70,601,394
 
 
 
3,682,691,670
TOTAL INFORMATION TECHNOLOGY
 
 
15,038,270,408
Materials - 0.2%
 
 
 
Metals & Mining - 0.2%
 
 
 
Alcoa Corp
 
1,412,100
80,221,401
Real Estate - 0.2%
 
 
 
Specialized REITs - 0.2%
 
 
 
Equinix Inc
 
90,107
73,971,540
Utilities - 1.1%
 
 
 
Electric Utilities - 0.7%
 
 
 
Constellation Energy Corp
 
326,471
91,633,880
NRG Energy Inc
 
1,025,000
156,445,750
 
 
 
248,079,630
Independent Power and Renewable Electricity Producers - 0.4%
 
 
 
Vistra Corp
 
894,000
141,564,900
TOTAL UTILITIES
 
 
389,644,530
TOTAL UNITED STATES
 
 
31,351,442,412
 
TOTAL COMMON STOCKS
 (Cost $12,310,467,916)
 
 
 
34,935,217,249
 
 
 
 
Convertible Preferred Stocks - 0.8%
 
 
Shares
Value ($)
 
CHINA - 0.1%
 
 
 
Communication Services - 0.1%
 
 
 
Interactive Media & Services - 0.1%
 
 
 
Bytedance Ltd Series E1 (a)(b)(c)
 
130,752
33,574,498
UNITED STATES - 0.7%
 
 
 
Consumer Discretionary - 0.4%
 
 
 
Automobiles - 0.4%
 
 
 
Waymo LLC Series A2 (a)(b)(c)
 
103,940
15,891,387
Waymo LLC Series B2 (a)(b)(c)
 
178,470
27,527,213
Waymo LLC Series C2 (a)(b)(c)
 
513,288
76,423,450
 
 
 
119,842,050
Hotels, Restaurants & Leisure - 0.0%
 
 
 
Discord Inc Series I (a)(b)(c)
 
3,300
810,084
TOTAL CONSUMER DISCRETIONARY
 
 
120,652,134
Financials - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Tenstorrent Holdings Inc Series C1 (a)(b)(c)
 
79,348
5,610,697
Industrials - 0.2%
 
 
 
Aerospace & Defense - 0.2%
 
 
 
Anduril Industries Inc Series F (a)(b)(c)
 
1,478,951
73,858,813
Anduril Industries Inc Series G (a)(b)
 
342,700
17,114,438
TOTAL INDUSTRIALS
 
 
90,973,251
Information Technology - 0.1%
 
 
 
Software - 0.1%
 
 
 
Anthropic PBC Series F (a)(b)
 
158,200
40,995,948
TOTAL UNITED STATES
 
 
258,232,030
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $154,755,157)
 
 
 
291,806,528
 
 
 
 
Domestic Equity Funds - 3.3%
 
 
Shares
Value ($)
 
Invesco QQQ Trust ETF
 (Cost $1,184,116,256)
 
1,904,600
1,184,413,602
 
 
 
 
Non-Convertible Preferred Stocks - 0.0%
 
 
Shares
Value ($)
 
UNITED STATES - 0.0%
 
 
 
Health Care - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
Castle Creek Biosciences Inc Series A4 (a)(b)(c)
  (Cost $10,010,850)
 
30,303
6,840,902
 
 
 
 
Money Market Funds - 0.1%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (f)
 
3.70
701
701
Fidelity Securities Lending Cash Central Fund (f)(g)
 
3.70
23,585,092
23,587,451
 
TOTAL MONEY MARKET FUNDS
 (Cost $23,588,152)
 
 
 
23,588,152
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.1%
 (Cost $13,682,938,331)
 
 
 
36,441,866,433
NET OTHER ASSETS (LIABILITIES) - (0.1)%  
(30,790,672)
NET ASSETS - 100.0%
36,411,075,761
 
 
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
 
Legend
 
(a)
Level 3 security.
 
(b)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $2,007,869,230 or 5.5% of net assets.
 
(c)
Non-income producing.
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Anduril Industries Inc Class B
6/16/2025
1,491,527
 
 
 
Anduril Industries Inc Class C
6/16/2025
694
 
 
 
Anduril Industries Inc Series F
8/7/2024
32,147,366
 
 
 
Anduril Industries Inc Series G
4/17/2025
14,010,536
 
 
 
Ant International Co Ltd Class C
5/16/2018
38,251,213
 
 
 
Anthropic PBC Series F
8/18/2025
22,301,074
 
 
 
Atom Tickets LLC
8/15/2017
3,000,004
 
 
 
Bytedance Ltd Series E1
11/18/2020
14,327,043
 
 
 
Canva Australia Holdings Pty Ltd Class A
8/19/2025 - 11/12/2025
23,869,030
 
 
 
Castle Creek Biosciences Inc Series A4
9/29/2016
10,010,850
 
 
 
Chobani Inc Class A
10/14/2025
16,537,528
 
 
 
Discord Inc Series I
9/15/2021
1,817,061
 
 
 
Epic Games Inc
7/13/2020 - 3/29/2021
61,546,000
 
 
 
Space Exploration Technologies Corp
1/20/2015 - 7/14/2025
40,365,860
 
 
 
Space Exploration Technologies Corp Class C
9/11/2017 - 7/14/2025
15,617,106
 
 
 
Tenstorrent Holdings Inc Series C1
4/23/2021
4,717,626
 
 
 
Waymo LLC Series A2
5/8/2020
8,925,037
 
 
 
Waymo LLC Series B2
6/11/2021
16,369,625
 
 
 
Waymo LLC Series C2
10/18/2024
40,139,789
 
 
 
X.Ai Holdings Corp Class A
10/27/2021
54,254,583
 
 
 
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
51,599,918
2,064,084,126
2,115,686,854
937,541
3,511
-
701
701
0.0%
Fidelity Securities Lending Cash Central Fund
60,115,566
1,419,194,841
1,455,815,343
116,963
92,387
-
23,587,451
23,585,092
0.1%
Total
111,715,484
3,483,278,967
3,571,502,197
1,054,504
95,898
-
23,588,152
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
 
The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Common Stocks
 
 
 
 
Communication Services
7,936,409,156
7,885,962,173
-
50,446,983
Consumer Discretionary
3,181,461,472
3,181,340,385
121,087
-
Consumer Staples
258,758,181
242,220,666
-
16,537,515
Energy
13,080,671
13,080,671
-
-
Financials
47,269,626
31,211,919
-
16,057,707
Health Care
3,058,338,968
3,058,338,968
-
-
Industrials
2,345,336,325
873,604,645
-
1,471,731,680
Information Technology
17,502,463,624
17,289,577,760
41,900,434
170,985,430
Materials
128,483,156
128,483,156
-
-
Real Estate
73,971,540
73,971,540
-
-
Utilities
389,644,530
389,644,530
-
-
 Convertible Preferred Stocks
 
 
 
 
Communication Services
33,574,498
-
-
33,574,498
Consumer Discretionary
120,652,134
-
-
120,652,134
Financials
5,610,697
-
-
5,610,697
Industrials
90,973,251
-
-
90,973,251
Information Technology
40,995,948
-
-
40,995,948
 Domestic Equity Funds
1,184,413,602
1,184,413,602
-
-
 Non-Convertible Preferred Stocks
 
 
 
 
Health Care
6,840,902
-
-
6,840,902
 Money Market Funds
23,588,152
23,588,152
-
-
 Total Investments in Securities:
36,441,866,433
34,375,438,167
42,021,521
2,024,406,745
 
 
 
 
 
 Net Unrealized Appreciation (Depreciation) on Unfunded Commitments
(119,963)
-
-
(119,963)
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 ($)
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2026 ($)
Common Stocks
609,763,603
118,571
1,050,708,998
68,971,141
(3,802,356)
-
-
(642)
1,725,759,315
1,050,284,113
Convertible Preferred Stocks
458,278,126
409,000
(162,429,157)
22,301,074
(26,752,515)
-
-
-
291,806,528
93,178,133
Non-Convertible Preferred Stocks
6,175,144
-
665,758
-
-
-
-
-
6,840,902
665,758
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations.
 
 
 
 
Consolidated Financial Statements (Unaudited)
Consolidated Statement of Assets and Liabilities
 
As of January 31, 2026 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value (including  securities loaned of $22,498,631) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $13,659,350,179)
$
36,418,278,281
 
 
Fidelity Central Funds (cost $23,588,152)
23,588,152
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $13,682,938,331)
 
 
$
36,441,866,433
Foreign currency held at value (cost $621,893)
 
 
633,681
Receivable for investments sold
 
 
924,075,169
Receivable for fund shares sold
 
 
10,677,487
Dividends receivable
 
 
1,175,865
Distributions receivable from Fidelity Central Funds
 
 
92,099
Prepaid expenses
 
 
21,526
Other receivables
 
 
561,449
  Total assets
 
 
37,379,103,709
Liabilities
 
 
 
 
Payable to custodian bank
$
3,025,170
 
 
Payable for investments purchased
837,522,848
 
 
Unrealized depreciation on unfunded commitments
119,963
 
 
Payable for fund shares redeemed
18,248,966
 
 
Accrued management fee
23,400,530
 
 
Distribution and service plan fees payable
2,774
 
 
Notes payable to affiliates
61,561,000
 
 
Other payables and accrued expenses
675,425
 
 
Collateral on securities loaned
23,471,272
 
 
  Total liabilities
 
 
 
968,027,948
Commitments and contingent liabilities (see Significant Accounting Policies note)
 
 
 
 
Net Assets  
 
 
$
36,411,075,761
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
12,512,722,975
Total accumulated earnings (loss)
 
 
 
23,898,352,786
Net Assets
 
 
$
36,411,075,761
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($8,162,658 ÷ 330,654 shares)(a)
 
 
$
24.69
Maximum offering price per share (100/94.25 of $24.69)
 
 
$
26.20
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($1,608,617 ÷ 65,312 shares)(a)
 
 
$
24.63
Maximum offering price per share (100/96.50 of $24.63)
 
 
$
25.52
Class C :
 
 
 
 
Net Asset Value and offering price per share ($715,391 ÷ 29,194 shares)(a)
 
 
$
24.50
OTC :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($26,723,067,656 ÷ 1,076,115,465 shares)
 
 
$
24.83
Class K :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($9,495,153,813 ÷ 371,376,378 shares)
 
 
$
25.57
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($26,119,802 ÷ 1,053,738 shares)
 
 
$
24.79
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($156,247,824 ÷ 6,299,719 shares)
 
 
$
24.80
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Consolidated Statement of Operations
Six months ended January 31, 2026 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
57,909,568
Income from Fidelity Central Funds (including $116,963 from security lending)
 
 
1,054,504
 Total income
 
 
 
58,964,072
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
107,480,663
 
 
 Performance adjustment
24,476,313
 
 
Distribution and service plan fees
13,550
 
 
Custodian fees and expenses
161,759
 
 
Independent trustees' fees and expenses
68,059
 
 
Registration fees
148,685
 
 
Audit fees
61,731
 
 
Legal
22,027
 
 
Interest
122,373
 
 
Miscellaneous
52,939
 
 
 Total expenses before reductions
 
132,608,099
 
 
 Expense reductions
 
(2,523)
 
 
 Total expenses after reductions
 
 
 
132,605,576
Net Investment income (loss)
 
 
 
(73,641,504)
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
2,714,462,666
 
 
   Fidelity Central Funds
 
95,898
 
 
 Foreign currency transactions
 
(406,319)
 
 
Total net realized gain (loss)
 
 
 
2,714,152,245
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
2,358,584,204
 
 
 Unfunded commitments
 
(119,963)
 
 
 Assets and liabilities in foreign currencies
 
(76,041)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
2,358,388,200
Net gain (loss)
 
 
 
5,072,540,445
Net increase (decrease) in net assets resulting from operations
 
 
$
4,998,898,941
Consolidated Statement of Changes in Net Assets
 
 
Six months ended
January 31, 2026
(Unaudited)
 
Year ended
July 31, 2025
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
(73,641,504)
$
(45,135,288)
Net realized gain (loss)
 
2,714,152,245
 
2,582,895,246
Change in net unrealized appreciation (depreciation)
 
2,358,388,200
 
3,408,082,101
Net increase (decrease) in net assets resulting from operations
 
4,998,898,941
 
5,945,842,059
Distributions to shareholders
 
(2,647,417,896)
 
(4,058,936,416)
 
 
 
 
 
Share transactions - net increase (decrease)
 
1,250,155,939
 
346,640,815
Total increase (decrease) in net assets
 
3,601,636,984
 
2,233,546,458
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
32,809,438,777
 
30,575,892,319
End of period
$
36,411,075,761
$
32,809,438,777
 
 
 
 
 
 
 
 
 
 
Consolidated Financial Highlights
 
Fidelity Advisor® OTC Fund Class A
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
23.15
$
20.48
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
(.09)
 
(.09)
     Net realized and unrealized gain (loss)
 
3.52
 
3.47
  Total from investment operations
 
3.43  
 
3.38  
  Distributions from net realized gain
 
(1.89)
 
(.71)
     Total distributions
 
(1.89)
 
(.71)
  Net asset value, end of period
$
24.69
$
23.15
 Total Return D,E,F
 
15.38
%
 
16.71%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
1.07% I
 
1.05% I,J
    Expenses net of fee waivers, if any
 
1.07
% I
 
1.05% I,J
    Expenses net of all reductions, if any
 
1.07% I
 
1.05% I,J
    Net investment income (loss)
 
(.73)% I
 
(.52)% I
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
8,163
$
4,929
    Portfolio turnover rate K
 
55
% I
 
53% L
 
AFor the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet 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.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
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 Consolidated 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.
IAnnualized.
JAudit fees are not annualized.
KAmount 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.
LPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® OTC Fund Class M
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
23.13
$
20.48
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
(.12)
 
(.13)
     Net realized and unrealized gain (loss)
 
3.51
 
3.47
  Total from investment operations
 
3.39  
 
3.34  
  Distributions from net realized gain
 
(1.89)
 
(.69)
     Total distributions
 
(1.89)
 
(.69)
  Net asset value, end of period
$
24.63
$
23.13
 Total Return D,E,F
 
15.22
%
 
16.47%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
1.32% I
 
1.30% I,J
    Expenses net of fee waivers, if any
 
1.32
% I
 
1.30% I,J
    Expenses net of all reductions, if any
 
1.32% I
 
1.30% I,J
    Net investment income (loss)
 
(.98)% I
 
(.76)% I
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,609
$
1,310
    Portfolio turnover rate K
 
55
% I
 
53% L
 
AFor the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet 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.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
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 Consolidated 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.
IAnnualized.
JAudit fees are not annualized.
KAmount 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.
LPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® OTC Fund Class C
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
23.08
$
20.48
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
(.18)
 
(.21)
     Net realized and unrealized gain (loss)
 
3.49
 
3.46
  Total from investment operations
 
3.31  
 
3.25  
  Distributions from net realized gain
 
(1.89)
 
(.65)
     Total distributions
 
(1.89)
 
(.65)
  Net asset value, end of period
$
24.50
$
23.08
 Total Return D,E,F
 
14.89
%
 
16.02%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
1.82% I
 
1.79% I,J
    Expenses net of fee waivers, if any
 
1.82
% I
 
1.79% I,J
    Expenses net of all reductions, if any
 
1.82% I
 
1.79% I,J
    Net investment income (loss)
 
(1.48)% I
 
(1.27)% I
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
715
$
222
    Portfolio turnover rate K
 
55
% I
 
53% L
 
AFor the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet 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.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the contingent deferred sales charge.
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 Consolidated 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.
IAnnualized.
JAudit fees are not annualized.
KAmount 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.
LPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® OTC Portfolio
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
23.25
$
22.00
$
17.29
$
14.74
$
20.67
$
15.61
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.05)
 
(.03)
 
(.02)
 
- C
 
(.07)
 
(.06)
     Net realized and unrealized gain (loss)
 
3.52
 
4.20
 
4.74
 
3.07
 
(3.60)
 
6.21
  Total from investment operations
 
3.47  
 
4.17  
 
4.72  
 
3.07  
 
(3.67)
 
6.15
  Distributions from net investment income
 
-
 
-
 
(.01)
 
-
 
-
 
(.01)
  Distributions from net realized gain
 
(1.89)
 
(2.92)
 
-
 
(.52)
 
(2.26)
 
(1.08)
     Total distributions
 
(1.89)
 
(2.92)
 
(.01)
 
(.52)
 
(2.26)
 
(1.09)
  Net asset value, end of period
$
24.83
$
23.25
$
22.00
$
17.29
$
14.74
$
20.67
 Total Return D,E
 
15.50
%
 
21.19%
 
27.31%
 
21.63%
 
(20.30)%
 
41.90%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.78% H
 
.73%
 
.76%
 
.79%
 
.81%
 
.80%
    Expenses net of fee waivers, if any
 
.78
% H
 
.73%
 
.75%
 
.79%
 
.81%
 
.80%
    Expenses net of all reductions, if any
 
.78% H
 
.73%
 
.75%
 
.78%
 
.81%
 
.80%
    Net investment income (loss)
 
(.44)% H
 
(.17)%
 
(.12)%
 
.03%
 
(.37)%
 
(.33)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
26,723,068
$
24,202,477
$
22,787,879
$
18,890,289
$
16,626,164
$
22,272,786
    Portfolio turnover rate I
 
55
% H
 
53% J
 
37%
 
15% J
 
32% J
 
28% J
 
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.
CAmount represents less than $.005 per share.
DTotal returns for periods of less than one year are not annualized.
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.
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.
HAnnualized.
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.
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® OTC Portfolio Class K
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
23.87
$
22.51
$
17.69
$
15.06
$
21.06
$
15.88
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.05)
 
(.02)
 
(.01)
 
.02
 
(.05)
 
(.05)
     Net realized and unrealized gain (loss)
 
3.64
 
4.32
 
4.85
 
3.13
 
(3.68)
 
6.33
  Total from investment operations
 
3.59  
 
4.30  
 
4.84  
 
3.15  
 
(3.73)
 
6.28
  Distributions from net investment income
 
-
 
- C
 
(.02)
 
-
 
-
 
(.01)
  Distributions from net realized gain
 
(1.89)
 
(2.94)
 
-
 
(.52)
 
(2.27)
 
(1.09)
     Total distributions
 
(1.89)
 
(2.94)
 
(.02)
 
(.52)
 
(2.27)
 
(1.10)
  Net asset value, end of period
$
25.57
$
23.87
$
22.51
$
17.69
$
15.06
$
21.06
 Total Return D,E
 
15.60
%
 
21.29%
 
27.36%
 
21.71%
 
(20.21)%
 
42.05%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.71% H
 
.65%
 
.67%
 
.70%
 
.73%
 
.72%
    Expenses net of fee waivers, if any
 
.71
% H
 
.65%
 
.67%
 
.69%
 
.73%
 
.71%
    Expenses net of all reductions, if any
 
.71% H
 
.65%
 
.67%
 
.69%
 
.73%
 
.71%
    Net investment income (loss)
 
(.37)% H
 
(.09)%
 
(.04)%
 
.12%
 
(.29)%
 
(.25)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
9,495,154
$
8,469,188
$
7,788,013
$
6,536,453
$
5,707,169
$
8,071,580
    Portfolio turnover rate I
 
55
% H
 
53% J
 
37%
 
15% J
 
32% J
 
28% J
 
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.
CAmount represents less than $.005 per share.
DTotal returns for periods of less than one year are not annualized.
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.
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.
HAnnualized.
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.
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® OTC Fund Class I
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
23.21
$
20.48
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
(.06)
 
(.05)
     Net realized and unrealized gain (loss)
 
3.53
 
3.48
  Total from investment operations
 
3.47  
 
3.43  
  Distributions from net realized gain
 
(1.89)
 
(.70)
     Total distributions
 
(1.89)
 
(.70)
  Net asset value, end of period
$
24.79
$
23.21
 Total Return D,E
 
15.52
%
 
16.94%
 Ratios to Average Net Assets C,F,G
 
 
 
 
    Expenses before reductions
 
.82% H
 
.79% H,I
    Expenses net of fee waivers, if any
 
.82
% H
 
.79% H,I
    Expenses net of all reductions, if any
 
.82% H
 
.79% H,I
    Net investment income (loss)
 
(.48)% H
 
(.27)% H
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
26,120
$
163
    Portfolio turnover rate J
 
55
% H
 
53% K
 
AFor the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet 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.
DTotal returns for periods of less than one year are not annualized.
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.
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.
HAnnualized.
IAudit fees are not annualized.
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.
KPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® OTC Fund Class Z
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
23.21
$
20.48
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
(.04)
 
(.03)
     Net realized and unrealized gain (loss)
 
3.52
 
3.48
  Total from investment operations
 
3.48  
 
3.45  
  Distributions from net investment income
 
-
 
- D
  Distributions from net realized gain
 
(1.89)
 
(.72)
     Total distributions
 
(1.89)
 
(.72)
  Net asset value, end of period
$
24.80
$
23.21
 Total Return E,F
 
15.57
%
 
17.05%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
.71% I
 
.69% I,J
    Expenses net of fee waivers, if any
 
.71
% I
 
.69% I,J
    Expenses net of all reductions, if any
 
.71% I
 
.69% I,J
    Net investment income (loss)
 
(.37)% I
 
(.16)% I
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
156,248
$
130,867
    Portfolio turnover rate K
 
55
% I
 
53% L
 
AFor the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet 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.
DAmount represents less than $.005 per share.
ETotal returns for periods of less than one year are not annualized.
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 Consolidated 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.
IAnnualized.
JAudit fees are not annualized.
KAmount 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.
LPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Consolidated Financial Statements
 (Unaudited)
For the period ended January 31, 2026
 
1. Organization.
Fidelity OTC Portfolio (the Fund) is a non-diversified fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, OTC, Class K, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
 
Asset Type
Fair Value
Valuation Technique(s)
Unobservable Input
Amount or Range/Weighted Average
Impact to Valuation from an Increase in InputA
Common Stocks
$1,725,759,315
 Market comparable
 Enterprise value/Revenue multiple (EV/R)
4.5 - 82.7 / 57.5
Increase
 
 
 
 Enterprise value/EBITDA multiple (EV/EBITDA)
22.7 - 51.1 / 50.7
Increase
 
 
 Recovery value
 Recovery value
$0.00
Increase
 
 
 Black scholes
 Discount rate
3.6%
Increase
 
 
 
 Volatility
70.0%
Increase
 
 
 
 Term
0.6
Increase
 
 
 Book value
Book value multiple
1.4
Increase
Convertible Preferred Stocks
$291,806,528
 Market comparable
Enterprise value/Revenue multiple (EV/R)
1.8 - 19.0 / 11.5
Increase
 
 
 Black scholes
Discount rate
3.7%
Increase
 
 
 
Volatility
80.0%
Increase
 
 
 
Term
3.0
Increase
Non-Convertible Preferred Stocks
$6,840,902
 Market approach
Transaction price
$215.03
Increase
 
 
 
Premium rate
10.0%
Increase
 
 
Black scholes
Discount rate
3.7%
Increase
 
 
 
Volatility
85.0%
Increase
 
 
 
Term
3.0
Increase
 
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end. 
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2026, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, net operating losses and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$23,345,979,153
Gross unrealized depreciation
(607,378,813)
Net unrealized appreciation (depreciation)
$22,738,600,340
Tax cost
$13,703,266,093
 
The Fund elected to defer to its next fiscal year $236,281,343 of capital losses recognized during the period November 1, 2024 to July 31, 2025. The Fund elected to defer
to its next fiscal year $39,346,019 of ordinary losses recognized during the period January 1, 2025 to July 31, 2025.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Consolidated Schedule of Investments, if applicable.
 
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Consolidated Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Consolidated Statement of Operations, as applicable based on contractual conditions of each commitment.
 
 
Investment to be Acquired
Commitment Amount ($)
Unrealized Appreciation (Depreciation)($)
Fidelity OTC Portfolio
Revolut Group Holdings, Ltd.
24,112,631
(119,963)
 
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
 
As of period end, investments in Subsidiaries were as follows:
 
 
Amount ($)
% of Total Assets
Fidelity OTC Portfolio
 16,537,520
 .04
 
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
 
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity OTC Portfolio
9,614,780,871
10,896,015,173
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss on Investments ($)
Total Proceeds ($)
Fidelity OTC Portfolio
10,899,587
175,382,984
231,557,006
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
 
The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.72
Class M
.72
Class C
.72
OTC
.68
Class K
.59
Class I
.72
Class Z
.59
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.68
Class M
.68
Class C
.68
OTC
.64
Class K
.56
Class I
.68
Class Z
.57
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.
 
 
Performance Adjustment Index
Fidelity OTC Portfolio
Nasdaq Composite Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of OTC. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ± .20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .14%.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees ($)
Retained by FDC ($)
Class A
 - %
 .25%
8,305
1,608
Class M
 .25%
 .25%
 3,560
 94
Class C
 .75%
 .25%
         1,685
         1,288
 
 
 
13,550
2,990
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
 9,580
Class M
 335
Class CA
-
 
         9,915
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Consolidated Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
 
Fidelity OTC Portfolio
$541,291
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity OTC Portfolio
 82,710
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. Any open loans, including accrued interest, at period end are presented as Notes payable to affiliates in the Consolidated Statement of Assets and Liabilities. Activity in this program during the period for which loans were outstanding was as follows:
 
 
 
Borrower or Lender
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity OTC Portfolio
 Borrower
 33,587,848
4.19%
 122,373
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity OTC Portfolio
 524,062,215
 661,383,196
 177,383,353
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Consolidated Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
Amount ($)
Fidelity OTC Portfolio
27,004
 
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity OTC Portfolio
12,531
 6
-
 
At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Consolidated Schedule of Investments or Consolidated Statement of Assets and Liabilities.
 
 
Amount ($)
Fidelity OTC Portfolio
47,038
 
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $2,523.
 
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
January 31, 2026
Year ended
July 31, 2025A
Fidelity OTC Portfolio
 
 
Distributions to shareholders
 
 
Class A
$487,693
 $53,917
Class M
 107,391
 29,301
Class C
 24,637
 3,249
OTC
 1,962,401,047
 3,030,112,146
Class K
 671,813,678
 1,026,242,504
Class I
 1,342,034
 3,931
Class Z
11,241,416
  2,491,368
Total  
$2,647,417,896
$4,058,936,416
 
A Distributions for Class A, Class M, Class C, Class I and Class Z are for the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 January 31, 2026
Year ended
 July 31, 2025A
Six months ended
 January 31, 2026
Year ended
 July 31, 2025A
Fidelity OTC Portfolio
 
 
 
 
Class A
 
 
 
 
Shares sold
157,134
239,295
$3,831,373
$4,937,950
Reinvestment of distributions 
20,708
2,451
487,693
53,917
Shares redeemed
(60,086)
(28,848)
(1,460,612)
(602,665)
Net increase (decrease)
117,756
212,898
$2,858,454
$4,389,202
Class M
 
 
 
 
Shares sold
13,556
55,314
$325,291
$1,159,103
Reinvestment of distributions 
4,574
1,331
107,391
29,301
Shares redeemed
(9,459)
(4)
(227,553)
(80)
Net increase (decrease)
8,671
56,641
$205,129
$1,188,324
Class C
 
 
 
 
Shares sold
18,874
9,475
$457,810
$196,626
Reinvestment of distributions 
1,051
148
24,637
3,249
Shares redeemed
(347)
(7)
(8,082)
(154)
Net increase (decrease)
19,578
9,616
$474,365
$199,721
OTC
 
 
 
 
Shares sold
34,169,696
65,795,420
$830,495,276
$1,375,822,986
Reinvestment of distributions 
76,297,302
136,949,264
1,803,322,040
2,796,253,380
Shares redeemed
(75,471,817)
(197,657,589)
(1,827,501,359)
(4,123,252,375)
Net increase (decrease)
34,995,181
5,087,095
$806,315,957
$48,823,991
Class K
 
 
 
 
Shares sold
5,787,597
13,348,297
$144,495,803
$286,527,479
Reinvestment of distributions 
27,630,193
48,992,123
671,813,678
1,026,242,504
Shares redeemed
(16,782,426)
(53,531,926)
(416,641,810)
(1,143,766,857)
Net increase (decrease)
16,635,364
8,808,494
$399,667,671
$169,003,126
Class I
 
 
 
 
Shares sold
1,054,422
8,658
$25,152,375
$178,689
Reinvestment of distributions 
56,726
179
1,341,899
3,931
Shares redeemed
(64,439)
(1,808)
(1,567,503)
(36,084)
Net increase (decrease)
1,046,709
7,029
$24,926,771
$146,536
Class Z
 
 
 
 
Shares sold
821,610
7,705,245
$19,798,933
$167,167,286
Reinvestment of distributions 
393,856
102,649
9,293,839
2,259,313
Shares redeemed
(553,577)
(2,170,064)
(13,385,180)
(46,536,684)
Net increase (decrease)
661,889
5,637,830
$15,707,592
$122,889,915
 
A Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.700332.128
OTC-SANN-0426
Fidelity® OTC K6 Portfolio
 
 
 
 
Semi-Annual Report
January 31, 2026

Contents

Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® OTC K6 Portfolio

Notes to Consolidated Financial Statements

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 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2026 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® OTC K6 Portfolio
Consolidated Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.1%
 
 
Shares
Value ($)
 
AUSTRALIA - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Canva Australia Holdings Pty Ltd Class A (a)(b)(c)
 
1,300
2,010,164
BELGIUM - 0.6%
 
 
 
Health Care - 0.6%
 
 
 
Pharmaceuticals - 0.6%
 
 
 
UCB SA
 
54,200
16,408,421
BRAZIL - 0.2%
 
 
 
Consumer Discretionary - 0.2%
 
 
 
Broadline Retail - 0.2%
 
 
 
MercadoLibre Inc (c)
 
2,772
5,953,674
CANADA - 0.3%
 
 
 
Energy - 0.0%
 
 
 
Oil, Gas & Consumable Fuels - 0.0%
 
 
 
Cenovus Energy Inc
 
11,994
236,683
Information Technology - 0.2%
 
 
 
Electronic Equipment, Instruments & Components - 0.0%
 
 
 
Celestica Inc (United States) (c)
 
4,300
1,208,257
IT Services - 0.2%
 
 
 
Shopify Inc Class A (United States) (c)
 
35,289
4,630,975
TOTAL INFORMATION TECHNOLOGY
 
 
5,839,232
Materials - 0.1%
 
 
 
Metals & Mining - 0.1%
 
 
 
Franco-Nevada Corp (United States)
 
16,697
3,913,109
TOTAL CANADA
 
 
9,989,024
CHINA - 0.0%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Broadline Retail - 0.0%
 
 
 
Alibaba Group Holding Ltd ADR
 
498
84,441
JD.com Inc A Shares
 
702
10,010
 
 
 
 
TOTAL CHINA
 
 
94,451
DENMARK - 0.2%
 
 
 
Health Care - 0.2%
 
 
 
Biotechnology - 0.2%
 
 
 
Ascendis Pharma A/S ADR (c)
 
21,117
4,774,554
FRANCE - 0.0%
 
 
 
Health Care - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
GenSight Biologics SA (c)
 
15,383
1,438
JAPAN - 0.1%
 
 
 
Information Technology - 0.1%
 
 
 
Semiconductors & Semiconductor Equipment - 0.1%
 
 
 
Disco Corp
 
7,900
3,367,380
KOREA (SOUTH) - 1.7%
 
 
 
Industrials - 0.3%
 
 
 
Aerospace & Defense - 0.3%
 
 
 
Hanwha Aerospace Co Ltd
 
11,660
10,448,533
Information Technology - 1.4%
 
 
 
Semiconductors & Semiconductor Equipment - 1.4%
 
 
 
SK Hynix Inc
 
62,520
39,173,850
TOTAL KOREA (SOUTH)
 
 
49,622,383
NETHERLANDS - 1.7%
 
 
 
Health Care - 1.3%
 
 
 
Biotechnology - 1.3%
 
 
 
Argenx SE ADR (c)
 
44,499
37,401,410
Information Technology - 0.4%
 
 
 
Semiconductors & Semiconductor Equipment - 0.4%
 
 
 
ASM International NV
 
4,300
3,617,854
ASML Holding NV depository receipt
 
196
278,908
BE Semiconductor Industries NV
 
28,200
5,498,720
NXP Semiconductors NV
 
12,200
2,758,908
TOTAL INFORMATION TECHNOLOGY
 
 
12,154,390
TOTAL NETHERLANDS
 
 
49,555,800
TAIWAN - 4.8%
 
 
 
Information Technology - 4.8%
 
 
 
Electronic Equipment, Instruments & Components - 1.5%
 
 
 
Chroma ATE Inc
 
355,000
11,021,701
Delta Electronics Inc
 
852,000
32,930,144
 
 
 
43,951,845
Semiconductors & Semiconductor Equipment - 3.3%
 
 
 
Jentech Precision Industrial Co Ltd
 
55,000
4,948,519
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
268,676
88,813,539
 
 
 
93,762,058
TOTAL TAIWAN
 
 
137,713,903
THAILAND - 0.1%
 
 
 
Information Technology - 0.1%
 
 
 
Electronic Equipment, Instruments & Components - 0.1%
 
 
 
Fabrinet (c)
 
4,800
2,349,312
UNITED KINGDOM - 0.4%
 
 
 
Health Care - 0.4%
 
 
 
Pharmaceuticals - 0.4%
 
 
 
Astrazeneca PLC ADR
 
117,819
10,930,069
UNITED STATES - 87.0%
 
 
 
Communication Services - 23.7%
 
 
 
Entertainment - 1.9%
 
 
 
Electronic Arts Inc
 
169
34,462
Netflix Inc (c)
 
516,710
43,140,118
ROBLOX Corp Class A (c)
 
174,852
11,498,268
Take-Two Interactive Software Inc (c)
 
1,490
328,247
 
 
 
55,001,095
Interactive Media & Services - 21.8%
 
 
 
Alphabet Inc Class A
 
953,018
322,120,085
Alphabet Inc Class C
 
391,716
132,607,617
Epic Games Inc (a)(b)(c)
 
5,200
3,380,468
Meta Platforms Inc Class A
 
188,535
135,085,328
Reddit Inc Class A (c)
 
188,261
33,937,810
 
 
 
627,131,308
Media - 0.0%
 
 
 
Charter Communications Inc Class A (c)(d)
 
4,143
853,955
TOTAL COMMUNICATION SERVICES
 
 
682,986,358
Consumer Discretionary - 7.1%
 
 
 
Automobiles - 1.6%
 
 
 
Rivian Automotive Inc Class A (c)
 
1,178
17,376
Tesla Inc (c)
 
109,100
46,957,731
 
 
 
46,975,107
Broadline Retail - 4.8%
 
 
 
Amazon.com Inc (c)
 
576,758
138,018,190
Contextlogic Holdings Inc
 
529
4,163
Contextlogic Holdings Inc rights 2/20/2026 (c)
 
529
0
 
 
 
138,022,353
Diversified Consumer Services - 0.1%
 
 
 
Duolingo Inc Class A (c)
 
14,700
1,970,682
Hotels, Restaurants & Leisure - 0.5%
 
 
 
Airbnb Inc Class A (c)
 
1,461
189,010
Domino's Pizza Inc
 
34,313
14,079,653
Marriott International Inc/MD Class A1
 
3,023
953,152
 
 
 
15,221,815
Specialty Retail - 0.0%
 
 
 
ThredUp Inc Class A (c)
 
7,142
36,280
Textiles, Apparel & Luxury Goods - 0.1%
 
 
 
Figs Inc Class A (c)
 
3,743
40,462
Kontoor Brands Inc
 
454
27,117
Lululemon Athletica Inc (c)
 
8,369
1,460,391
 
 
 
1,527,970
TOTAL CONSUMER DISCRETIONARY
 
 
203,754,207
Consumer Staples - 0.7%
 
 
 
Beverages - 0.4%
 
 
 
Monster Beverage Corp (c)
 
144,415
11,662,955
Consumer Staples Distribution & Retail - 0.3%
 
 
 
Chobani Inc Class A (a)(b)(e)
 
302
1,345,818
Costco Wholesale Corp
 
6,888
6,476,442
 
 
 
7,822,260
Food Products - 0.0%
 
 
 
Mondelez International Inc
 
13,621
796,420
Personal Care Products - 0.0%
 
 
 
Honest Co Inc/The (c)(d)
 
1,922
4,747
TOTAL CONSUMER STAPLES
 
 
20,286,382
Energy - 0.0%
 
 
 
Oil, Gas & Consumable Fuels - 0.0%
 
 
 
Diamondback Energy Inc
 
4,584
751,547
EOG Resources Inc
 
962
107,869
TOTAL ENERGY
 
 
859,416
Financials - 0.1%
 
 
 
Banks - 0.0%
 
 
 
Wintrust Financial Corp
 
2,977
439,078
Capital Markets - 0.1%
 
 
 
Coinbase Global Inc Class A (c)
 
9,696
1,888,199
Moody's Corp
 
437
225,300
S&P Global Inc
 
136
71,779
 
 
 
2,185,278
TOTAL FINANCIALS
 
 
2,624,356
Health Care - 6.3%
 
 
 
Biotechnology - 3.5%
 
 
 
Alnylam Pharmaceuticals Inc (c)
 
113,712
38,441,480
Cogent Biosciences Inc (c)
 
99,121
3,559,435
Cytokinetics Inc (c)
 
149,417
9,441,660
Gilead Sciences Inc
 
134,736
19,125,775
GRAIL Inc (c)
 
503
49,203
Insmed Inc (c)
 
31,300
4,910,031
Ionis Pharmaceuticals Inc (c)
 
2,327
192,373
Legend Biotech Corp ADR (c)
 
384,724
6,732,670
Moderna Inc (c)
 
321,300
14,159,691
Scholar Rock Holding Corp (c)
 
10,536
467,166
Soleno Therapeutics Inc (c)
 
79,400
3,061,664
Trevena Inc (c)
 
52
1
 
 
 
100,141,149
Health Care Equipment & Supplies - 1.7%
 
 
 
Boston Scientific Corp (c)
 
220,640
20,636,459
Insulet Corp (c)
 
96,988
24,810,500
Intuitive Surgical Inc (c)
 
1,087
548,087
Neuronetics Inc (c)
 
2,803
5,858
Outset Medical Inc (c)
 
201
1,007
Pulmonx Corp (c)
 
2,704
4,435
TransMedics Group Inc (c)
 
28,642
3,837,312
 
 
 
49,843,658
Health Care Technology - 0.3%
 
 
 
Veeva Systems Inc Class A (c)
 
45,881
9,356,053
Life Sciences Tools & Services - 0.4%
 
 
 
10X Genomics Inc Class A (c)
 
64,471
1,302,314
Danaher Corp
 
35,164
7,697,048
Illumina Inc (c)
 
3,021
437,471
Seer Inc Class A (c)
 
37,019
67,375
Thermo Fisher Scientific Inc
 
1,717
993,473
 
 
 
10,497,681
Pharmaceuticals - 0.4%
 
 
 
Crinetics Pharmaceuticals Inc (c)
 
226,529
11,312,858
Elanco Animal Health Inc (c)
 
6,421
154,618
TherapeuticsMD Inc (c)
 
499
1,078
 
 
 
11,468,554
TOTAL HEALTH CARE
 
 
181,307,095
Industrials - 2.4%
 
 
 
Aerospace & Defense - 0.2%
 
 
 
Anduril Industries Inc Class B (a)(b)
 
3,198
159,708
Anduril Industries Inc Class C (a)(b)
 
2
100
Space Exploration Technologies Corp (a)(b)(c)
 
4,973
2,093,633
Space Exploration Technologies Corp Class C (a)(b)(c)
 
11,427
4,810,767
 
 
 
7,064,208
Commercial Services & Supplies - 0.0%
 
 
 
Veralto Corp
 
1,270
125,705
Construction & Engineering - 0.0%
 
 
 
Bowman Consulting Group Ltd (c)
 
7,606
264,917
Electrical Equipment - 2.2%
 
 
 
Fluence Energy Inc Class A (c)(d)
 
104,500
3,215,465
GE Vernova Inc
 
34,061
24,740,889
Nextpower Inc Class A (c)
 
274,900
32,188,041
 
 
 
60,144,395
Ground Transportation - 0.0%
 
 
 
CSX Corp
 
24,070
908,883
Passenger Airlines - 0.0%
 
 
 
Wheels Up Experience Inc Class A (c)(d)
 
6,718
4,232
TOTAL INDUSTRIALS
 
 
68,512,340
Information Technology - 45.2%
 
 
 
Communications Equipment - 1.2%
 
 
 
Arista Networks Inc (c)
 
110,298
15,633,639
Cisco Systems Inc
 
40,479
3,170,315
Lumentum Holdings Inc (c)
 
40,600
15,908,704
Motorola Solutions Inc
 
2,838
1,142,408
 
 
 
35,855,066
Electronic Equipment, Instruments & Components - 0.9%
 
 
 
Coherent Corp (c)
 
98,600
20,920,948
Corning Inc
 
48,600
5,017,950
 
 
 
25,938,898
IT Services - 0.4%
 
 
 
Twilio Inc Class A (c)
 
122
14,696
X.Ai Holdings Corp Class A (a)(b)
 
160,551
12,115,179
 
 
 
12,129,875
Semiconductors & Semiconductor Equipment - 22.3%
 
 
 
Advanced Micro Devices Inc (c)
 
4,184
990,478
Applied Materials Inc
 
5,812
1,873,324
Astera Labs Inc (c)
 
4,101
617,692
Broadcom Inc
 
245,508
81,336,800
First Solar Inc (c)
 
75,000
16,914,000
KLA Corp
 
3,600
5,140,584
Lam Research Corp
 
66,900
15,618,474
MACOM Technology Solutions Holdings Inc (c)
 
28,880
6,326,453
Marvell Technology Inc
 
408,818
32,263,917
Micron Technology Inc
 
112,095
46,505,974
NVIDIA Corp
 
2,244,082
428,911,393
SiTime Corp (c)
 
14,188
5,151,805
Skyworks Solutions Inc
 
7,793
434,537
 
 
 
642,085,431
Software - 9.5%
 
 
 
Adobe Inc (c)
 
1,003
294,130
Appfolio Inc Class A (c)
 
2,631
499,574
Autodesk Inc (c)
 
14,930
3,775,349
Cadence Design Systems Inc (c)
 
40,813
12,095,341
Datadog Inc Class A (c)
 
73,407
9,492,993
Dynatrace Inc (c)
 
2,738
104,290
Figma Inc Class A
 
25,696
666,040
Microsoft Corp
 
530,820
228,406,538
Palantir Technologies Inc Class A (c)
 
13,627
1,997,582
Synopsys Inc (c)
 
32,901
15,302,749
 
 
 
272,634,586
Technology Hardware, Storage & Peripherals - 10.9%
 
 
 
Apple Inc
 
1,103,901
286,440,231
Sandisk Corp/DE
 
8,510
4,903,888
Seagate Technology Holdings PLC
 
44,100
17,979,129
Western Digital Corp
 
21,929
5,487,294
 
 
 
314,810,542
TOTAL INFORMATION TECHNOLOGY
 
 
1,303,454,398
Materials - 0.2%
 
 
 
Metals & Mining - 0.2%
 
 
 
Alcoa Corp
 
111,900
6,357,039
Real Estate - 0.2%
 
 
 
Specialized REITs - 0.2%
 
 
 
Equinix Inc
 
6,877
5,645,536
Utilities - 1.1%
 
 
 
Electric Utilities - 0.7%
 
 
 
Constellation Energy Corp
 
26,532
7,447,001
NRG Energy Inc
 
83,977
12,817,410
 
 
 
20,264,411
Independent Power and Renewable Electricity Producers - 0.4%
 
 
 
Vistra Corp
 
73,440
11,629,224
TOTAL UTILITIES
 
 
31,893,635
TOTAL UNITED STATES
 
 
2,507,680,762
 
TOTAL COMMON STOCKS
 (Cost $1,447,884,801)
 
 
 
2,800,451,335
 
 
 
 
Convertible Preferred Stocks - 1.0%
 
 
Shares
Value ($)
 
CHINA - 0.1%
 
 
 
Communication Services - 0.1%
 
 
 
Interactive Media & Services - 0.1%
 
 
 
Bytedance Ltd Series E1 (a)(b)(c)
 
6,135
1,575,345
UNITED STATES - 0.9%
 
 
 
Consumer Discretionary - 0.3%
 
 
 
Automobiles - 0.3%
 
 
 
Waymo LLC Series A2 (a)(b)(c)
 
2,467
377,180
Waymo LLC Series B2 (a)(b)(c)
 
15,200
2,344,448
Waymo LLC Series C2 (a)(b)(c)
 
43,612
6,493,391
 
 
 
9,215,019
Hotels, Restaurants & Leisure - 0.0%
 
 
 
Discord Inc Series I (a)(b)(c)
 
300
73,644
TOTAL CONSUMER DISCRETIONARY
 
 
9,288,663
Financials - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Tenstorrent Holdings Inc Series C1 (a)(b)(c)
 
6,595
466,332
Industrials - 0.3%
 
 
 
Aerospace & Defense - 0.3%
 
 
 
Anduril Industries Inc Series F (a)(b)(c)
 
120,963
6,040,892
Anduril Industries Inc Series G (a)(b)
 
30,200
1,508,188
TOTAL INDUSTRIALS
 
 
7,549,080
Information Technology - 0.3%
 
 
 
Software - 0.3%
 
 
 
Anthropic PBC Series G (a)(b)
 
34,700
8,992,033
TOTAL UNITED STATES
 
 
26,296,108
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $19,102,111)
 
 
 
27,871,453
 
 
 
 
Domestic Equity Funds - 2.1%
 
 
Shares
Value ($)
 
Invesco QQQ Trust ETF
 (Cost $59,310,316)
 
95,100
59,139,837
 
 
 
 
Money Market Funds - 0.0%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (f)
 
3.70
28
28
Fidelity Securities Lending Cash Central Fund (f)(g)
 
3.70
2,562,030
2,562,286
 
TOTAL MONEY MARKET FUNDS
 (Cost $2,562,314)
 
 
 
2,562,314
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.2%
 (Cost $1,528,859,542)
 
 
 
2,890,024,939
NET OTHER ASSETS (LIABILITIES) - (0.2)%  
(6,641,279)
NET ASSETS - 100.0%
2,883,383,660
 
 
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
 
Legend
 
(a)
Level 3 security.
 
(b)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $52,441,472 or 1.8% of net assets.
 
(c)
Non-income producing.
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
 
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(g)
Investment made with cash collateral received from securities on loan.
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Anduril Industries Inc Class B
6/16/2025
130,743
 
 
 
Anduril Industries Inc Class C
6/16/2025
82
 
 
 
Anduril Industries Inc Series F
8/7/2024
2,629,324
 
 
 
Anduril Industries Inc Series G
4/17/2025
1,234,661
 
 
 
Anthropic PBC Series G
1/27/2026
8,992,033
 
 
 
Bytedance Ltd Series E1
11/18/2020
672,237
 
 
 
Canva Australia Holdings Pty Ltd Class A
8/19/2025 - 11/12/2025
2,139,982
 
 
 
Chobani Inc Class A
10/14/2025
1,345,819
 
 
 
Discord Inc Series I
9/15/2021
165,187
 
 
 
Epic Games Inc
7/13/2020 - 3/29/2021
4,292,000
 
 
 
Space Exploration Technologies Corp
7/1/2024 - 12/12/2025
1,574,481
 
 
 
Space Exploration Technologies Corp Class C
7/1/2024 - 12/12/2025
3,153,819
 
 
 
Tenstorrent Holdings Inc Series C1
4/23/2021
392,145
 
 
 
Waymo LLC Series A2
5/8/2020
211,834
 
 
 
Waymo LLC Series B2
6/11/2021
1,394,174
 
 
 
Waymo LLC Series C2
10/18/2024
3,410,516
 
 
 
X.Ai Holdings Corp Class A
10/27/2021
5,743,370
 
 
 
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
3,810,269
231,851,649
235,662,223
150,436
333
-
28
28
0.0%
Fidelity Securities Lending Cash Central Fund
3,001,594
73,525,455
73,964,880
9,638
117
-
2,562,286
2,562,030
0.0%
Total
6,811,863
305,377,104
309,627,103
160,074
450
-
2,562,314
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
 
The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Common Stocks
 
 
 
 
Communication Services
682,986,358
679,605,890
-
3,380,468
Consumer Discretionary
209,802,332
209,792,322
10,010
-
Consumer Staples
20,286,382
18,940,564
-
1,345,818
Energy
1,096,099
1,096,099
-
-
Financials
2,624,356
2,624,356
-
-
Health Care
250,822,987
250,822,987
-
-
Industrials
78,960,873
71,896,665
-
7,064,208
Information Technology
1,506,062,629
1,488,569,906
3,367,380
14,125,343
Materials
10,270,148
10,270,148
-
-
Real Estate
5,645,536
5,645,536
-
-
Utilities
31,893,635
31,893,635
-
-
 Convertible Preferred Stocks
 
 
 
 
Communication Services
1,575,345
-
-
1,575,345
Consumer Discretionary
9,288,663
-
-
9,288,663
Financials
466,332
-
-
466,332
Industrials
7,549,080
-
-
7,549,080
Information Technology
8,992,033
-
-
8,992,033
 Domestic Equity Funds
59,139,837
59,139,837
-
-
 Money Market Funds
2,562,314
2,562,314
-
-
 Total Investments in Securities:
2,890,024,939
2,832,860,259
3,377,390
53,787,290
 
 
 
 
 
 Net Unrealized Appreciation (Depreciation) on Unfunded Commitments
(9,822)
-
-
(9,822)
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 ($)
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2026 ($)
Common Stocks
10,942,566
10,075
7,518,221
7,768,101
(323,076)
-
-
(50)
25,915,837
7,482,120
Convertible Preferred Stocks
14,058,816
31,347
5,791,870
8,992,033
(1,002,613)
-
-
-
27,871,453
5,679,917
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations.
 
 
 
 
Consolidated Financial Statements (Unaudited)
Consolidated Statement of Assets and Liabilities
 
As of January 31, 2026 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value (including  securities loaned of $2,525,744) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $1,526,297,228)
$
2,887,462,625
 
 
Fidelity Central Funds (cost $2,562,314)
2,562,314
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $1,528,859,542)
 
 
$
2,890,024,939
Foreign currency held at value (cost $750)
 
 
742
Receivable for investments sold
 
 
71,345,508
Receivable for fund shares sold
 
 
2,056,008
Dividends receivable
 
 
62,754
Distributions receivable from Fidelity Central Funds
 
 
20,438
Other receivables
 
 
10,362
  Total assets
 
 
2,963,520,751
Liabilities
 
 
 
 
Payable for investments purchased
$
63,219,515
 
 
Unrealized depreciation on unfunded commitments
9,822
 
 
Payable for fund shares redeemed
4,426,355
 
 
Accrued management fee
1,194,058
 
 
Notes payable to affiliates
8,723,000
 
 
Other payables and accrued expenses
1,891
 
 
Collateral on securities loaned
2,562,450
 
 
  Total liabilities
 
 
 
80,137,091
Commitments and contingent liabilities (see Significant Accounting Policies note)
 
 
 
 
Net Assets  
 
 
$
2,883,383,660
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,382,475,976
Total accumulated earnings (loss)
 
 
 
1,500,907,684
Net Assets
 
 
$
2,883,383,660
Net Asset Value, offering price and redemption price per share ($2,883,383,660 ÷ 94,644,397 shares)
 
 
$
30.47
Consolidated Statement of Operations
Six months ended January 31, 2026 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
4,774,975
Income from Fidelity Central Funds (including $9,638 from security lending)
 
 
160,074
 Total income
 
 
 
4,935,049
Expenses
 
 
 
 
Management fee
$
7,021,458
 
 
Independent trustees' fees and expenses
5,654
 
 
Interest
4,650
 
 
 Total expenses before reductions
 
7,031,762
 
 
 Expense reductions
 
(571)
 
 
 Total expenses after reductions
 
 
 
7,031,191
Net Investment income (loss)
 
 
 
(2,096,142)
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $123,132)
 
140,637,270
 
 
   Redemptions in-kind
 
104,952,858
 
 
   Fidelity Central Funds
 
450
 
 
 Foreign currency transactions
 
(25,650)
 
 
Total net realized gain (loss)
 
 
 
245,564,928
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
109,928,171
 
 
 Unfunded commitments
 
(9,822)
 
 
 Assets and liabilities in foreign currencies
 
(63)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
109,918,286
Net gain (loss)
 
 
 
355,483,214
Net increase (decrease) in net assets resulting from operations
 
 
$
353,387,072
Consolidated Statement of Changes in Net Assets
 
 
Six months ended
January 31, 2026
(Unaudited)
 
Year ended
July 31, 2025
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
(2,096,142)
$
2,170,120
Net realized gain (loss)
 
245,564,928
 
145,346,332
Change in net unrealized appreciation (depreciation)
 
109,918,286
 
321,343,092
Net increase (decrease) in net assets resulting from operations
 
353,387,072
 
468,859,544
Distributions to shareholders
 
(117,086,254)
 
(87,141,804)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
172,412,233
 
627,479,462
  Reinvestment of distributions
 
117,086,254
 
87,141,804
Cost of shares redeemed
 
(490,985,509)
 
(776,169,770)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(201,487,022)
 
(61,548,504)
Total increase (decrease) in net assets
 
34,813,796
 
320,169,236
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
2,848,569,864
 
2,528,400,628
End of period
$
2,883,383,660
$
2,848,569,864
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
5,770,328
 
25,080,298
  Issued in reinvestment of distributions
 
4,016,949
 
3,485,222
Redeemed
 
(16,727,064)
 
(31,572,299)
Net increase (decrease)
 
(6,939,787)
 
(3,006,779)
 
 
 
 
 
Consolidated Financial Highlights
 
Fidelity® OTC K6 Portfolio
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
28.04
$
24.17
$
19.06
$
15.63
$
20.36
$
14.29
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.02)
 
.02
 
.03
 
.05
 
(.01)
 
(.01)
     Net realized and unrealized gain (loss)
 
3.70
 
4.68
 
5.13
 
3.39
 
(3.93)
 
6.15
  Total from investment operations
 
3.68  
 
4.70  
 
5.16  
 
3.44  
 
(3.94)
 
6.14
  Distributions from net investment income
 
(.01)
 
(.05)
 
(.05)
 
(.01)
 
-
 
(.01)
  Distributions from net realized gain
 
(1.24)
 
(.78)
 
-
 
-
 
(.79)
 
(.06)
     Total distributions
 
(1.25)
 
(.83)
 
(.05)
 
(.01)
 
(.79)
 
(.07)
  Net asset value, end of period
$
30.47
$
28.04
$
24.17
$
19.06
$
15.63
$
20.36
 Total Return C,D
 
13.39
%
 
19.88%
 
27.14%
 
22.03%
 
(20.27)%
 
43.11%
 Ratios to Average Net Assets B,E,F
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.50% G
 
.50%
 
.50%
 
.50%
 
.50%
 
.50%
    Expenses net of fee waivers, if any
 
.50
% G
 
.50%
 
.50%
 
.50%
 
.50%
 
.50%
    Expenses net of all reductions, if any
 
.50% G
 
.50%
 
.50%
 
.50%
 
.50%
 
.50%
    Net investment income (loss)
 
(.15)% G
 
.08%
 
.15%
 
.34%
 
(.05)%
 
(.05)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,883,384
$
2,848,570
$
2,528,401
$
2,111,172
$
1,924,349
$
2,630,559
    Portfolio turnover rate H
 
61
% G,I
 
64% I
 
41%
 
20% I
 
39% I
 
36% I
 
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.
CTotal returns for periods of less than one year are not annualized.
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.
GAnnualized.
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
 (Unaudited)
For the period ended January 31, 2026
 
1. Organization.
Fidelity OTC K6 Portfolio (the Fund) is a non-diversified fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Consolidated Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
 
Asset Type
Fair Value
Valuation Technique(s)
Unobservable Input
Amount or Range/Weighted Average
Impact to Valuation from an Increase in InputA
Common Stocks
$25,915,837
 Market comparable
 Enterprise value/Revenue multiple (EV/R)
4.5 - 82.7 / 59.2
Increase
 
 
 
 Enterprise value/EBITDA multiple (EV/EBITDA)
22.7 - 51.1 / 46.4
Increase
Convertible Preferred Stocks
$27,871,453
 Market comparable
 Enterprise value/Revenue multiple (EV/R)
1.8 - 19.0 / 13.6
Increase
 
 
 Black scholes
 Discount rate
3.7%
Increase
 
 
 
 Volatility
80.0%
Increase
 
 
 
 Term
3.0
Increase
 
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end. 
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2026, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$1,410,507,302
Gross unrealized depreciation
(55,281,412)
Net unrealized appreciation (depreciation)
$1,355,225,890
Tax cost
$1,534,799,049
 
The Fund elected to defer to its next fiscal year $26,329,988 of capital losses recognized during the period November 1, 2024 to July 31, 2025.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Consolidated Schedule of Investments, if applicable.
 
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Consolidated Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Consolidated Statement of Operations, as applicable based on contractual conditions of each commitment.
 
 
Investment to be Acquired
Commitment Amount ($)
Unrealized Appreciation (Depreciation)($)
Fidelity OTC K6 Portfolio
Revolut Group Holdings, Ltd.
1,974,134
(9,822)
 
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
 
As of period end, investments in Subsidiaries were as follows:
 
 
Amount ($)
% of Total Assets
Fidelity OTC K6 Portfolio
 1,345,818
 .05
 
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
 
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity OTC K6 Portfolio
851,715,990
956,412,702
 
Unaffiliated Redemptions In-Kind. Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Consolidated Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Net realized gain or loss on Affiliated Issuers ($)
Net realized gain or loss on Unaffiliated Issuers ($)
Total net realized gain or loss on Investments ($)
Total Proceeds ($)
Fidelity OTC K6 Portfolio
5,773,286
-
104,952,858
104,952,858
164,423,177
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss on Investments ($)
Total Proceeds ($)
Fidelity OTC K6 Portfolio
6,333,752
86,321,167
150,055,533
 
Prior Year Unaffiliated Exchanges In-Kind.  Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets.
 
 
Shares
Total Proceeds ($)
Fidelity OTC K6 Portfolio
7,402,199
178,768,481
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .50% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
Amount ($)
Fidelity OTC K6 Portfolio
 7,017
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. Any open loans, including accrued interest, at period end are presented as Notes payable to affiliates in the Consolidated Statement of Assets and Liabilities. Activity in this program during the period for which loans were outstanding was as follows:
 
 
 
Borrower or Lender
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity OTC K6 Portfolio
 Borrower
 8,555,667
3.92%
 4,650
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity OTC K6 Portfolio
 44,635,598
 99,849,834
 8,065,418
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity OTC K6 Portfolio
1,034
 -
-
 
At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Consolidated Schedule of Investments or Consolidated Statement of Assets and Liabilities.
 
 
Amount ($)
Fidelity OTC K6 Portfolio
4,729
 
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $571.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.9893896.106
OTC-K6-SANN-0426
Fidelity® Leveraged Company Stock Fund
 
 
 
 
Semi-Annual Report
January 31, 2026
Includes Fidelity and Fidelity Advisor share classes

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Leveraged Company Stock Fund

Notes to Financial Statements

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.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2026 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Leveraged Company Stock Fund
Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 100.0%
 
 
Shares
Value ($)
 
CANADA - 0.6%
 
 
 
Information Technology - 0.6%
 
 
 
IT Services - 0.6%
 
 
 
Shopify Inc Class A (b)
 
177,700
23,317,048
HONG KONG - 0.1%
 
 
 
Consumer Discretionary - 0.1%
 
 
 
Hotels, Restaurants & Leisure - 0.1%
 
 
 
Studio City International Holdings Ltd ADR (b)
 
1,090,629
3,315,512
Studio City International Holdings Ltd ADR (b)(f)
 
993,219
3,019,386
 
 
 
 
TOTAL HONG KONG
 
 
6,334,898
NETHERLANDS - 0.4%
 
 
 
Information Technology - 0.4%
 
 
 
Semiconductors & Semiconductor Equipment - 0.4%
 
 
 
NXP Semiconductors NV
 
68,800
15,558,432
SWITZERLAND - 0.3%
 
 
 
Consumer Discretionary - 0.3%
 
 
 
Textiles, Apparel & Luxury Goods - 0.3%
 
 
 
On Holding AG Class A (b)
 
219,136
9,915,904
TAIWAN - 3.9%
 
 
 
Information Technology - 3.9%
 
 
 
Semiconductors & Semiconductor Equipment - 3.9%
 
 
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
450,100
148,785,056
UNITED STATES - 94.7%
 
 
 
Communication Services - 12.4%
 
 
 
Entertainment - 1.1%
 
 
 
Netflix Inc (b)
 
515,000
42,997,350
Interactive Media & Services - 10.4%
 
 
 
Alphabet Inc Class A
 
557,000
188,266,000
Meta Platforms Inc Class A
 
294,700
211,152,550
 
 
 
399,418,550
Media - 0.9%
 
 
 
EchoStar Corp (b)(c)
 
320,970
36,340,223
TOTAL COMMUNICATION SERVICES
 
 
478,756,123
Consumer Discretionary - 8.5%
 
 
 
Broadline Retail - 0.8%
 
 
 
Amazon.com Inc (b)
 
123,000
29,433,900
Hotels, Restaurants & Leisure - 2.3%
 
 
 
Boyd Gaming Corp
 
642,266
54,297,168
Flutter Entertainment PLC (United Kingdom) (b)
 
92,000
15,062,523
New Cotai LLC / New Cotai Capital Corp (b)(c)(d)
 
411,029
73,985
Red Rock Resorts Inc Class A
 
330,200
20,845,526
 
 
 
90,279,202
Household Durables - 4.2%
 
 
 
DR Horton Inc
 
64,200
9,555,528
PulteGroup Inc
 
105,900
13,247,031
TopBuild Corp (b)
 
294,300
137,747,115
 
 
 
160,549,674
Specialty Retail - 1.2%
 
 
 
Dick's Sporting Goods Inc
 
236,200
47,712,400
TOTAL CONSUMER DISCRETIONARY
 
 
327,975,176
Consumer Staples - 1.5%
 
 
 
Beverages - 0.4%
 
 
 
Celsius Holdings Inc (b)
 
286,500
15,035,520
Consumer Staples Distribution & Retail - 1.1%
 
 
 
Performance Food Group Co (b)
 
48,800
4,657,960
US Foods Holding Corp (b)
 
458,200
38,314,684
 
 
 
42,972,644
TOTAL CONSUMER STAPLES
 
 
58,008,164
Energy - 0.3%
 
 
 
Oil, Gas & Consumable Fuels - 0.3%
 
 
 
Energy Transfer LP
 
590,200
10,889,190
Financials - 15.6%
 
 
 
Capital Markets - 3.1%
 
 
 
Ares Management Corp Class A
 
410,700
61,469,469
KKR & Co Inc Class A
 
275,000
31,421,500
Moody's Corp
 
53,600
27,634,016
 
 
 
120,524,985
Consumer Finance - 1.7%
 
 
 
OneMain Holdings Inc
 
1,005,000
65,867,700
Financial Services - 6.9%
 
 
 
Apollo Global Management Inc
 
1,168,000
157,142,720
Block Inc Class A (b)
 
667,700
40,349,111
Mastercard Inc Class A
 
54,100
29,148,539
Visa Inc Class A
 
118,800
38,233,404
 
 
 
264,873,774
Insurance - 3.9%
 
 
 
Arthur J Gallagher & Co
 
599,900
149,597,063
TOTAL FINANCIALS
 
 
600,863,522
Health Care - 2.9%
 
 
 
Health Care Equipment & Supplies - 2.2%
 
 
 
Boston Scientific Corp (b)
 
872,900
81,642,337
Medline Inc Class A
 
63,500
2,806,700
 
 
 
84,449,037
Health Care Providers & Services - 0.7%
 
 
 
Tenet Healthcare Corp (b)
 
143,109
27,087,672
TOTAL HEALTH CARE
 
 
111,536,709
Industrials - 22.6%
 
 
 
Aerospace & Defense - 2.3%
 
 
 
ATI Inc (b)
 
466,200
56,083,860
TransDigm Group Inc
 
22,200
31,691,388
 
 
 
87,775,248
Building Products - 2.6%
 
 
 
Builders FirstSource Inc (b)
 
166,503
19,047,943
Carlisle Cos Inc
 
38,400
13,090,176
Trane Technologies PLC
 
164,800
69,311,584
 
 
 
101,449,703
Construction & Engineering - 8.6%
 
 
 
Comfort Systems USA Inc
 
137,200
156,696,121
Construction Partners Inc Class A (b)
 
188,700
20,734,356
EMCOR Group Inc
 
125,500
90,451,615
IES Holdings Inc (b)
 
126,000
47,916,540
WillScot Holdings Corp
 
792,900
15,881,787
 
 
 
331,680,419
Electrical Equipment - 5.3%
 
 
 
Eaton Corp PLC
 
89,700
31,522,374
nVent Electric PLC
 
225,300
25,292,178
Vertiv Holdings Co Class A
 
785,800
146,300,244
 
 
 
203,114,796
Ground Transportation - 1.0%
 
 
 
Uber Technologies Inc (b)
 
489,300
39,168,465
Machinery - 2.8%
 
 
 
Parker-Hannifin Corp
 
114,600
107,247,264
Marine Transportation - 0.0%
 
 
 
Genco Shipping & Trading Ltd
 
1,493
31,204
TOTAL INDUSTRIALS
 
 
870,467,099
Information Technology - 21.8%
 
 
 
Communications Equipment - 1.3%
 
 
 
Arista Networks Inc (b)
 
345,700
48,999,518
Electronic Equipment, Instruments & Components - 1.2%
 
 
 
Coherent Corp (b)
 
215,100
45,639,918
Semiconductors & Semiconductor Equipment - 13.5%
 
 
 
Broadcom Inc
 
62,600
20,739,380
KLA Corp
 
15,300
21,847,482
Marvell Technology Inc
 
284,500
22,452,740
Micron Technology Inc
 
313,500
130,064,880
MKS Inc
 
271,700
63,960,897
NVIDIA Corp
 
1,280,900
244,818,417
ON Semiconductor Corp (b)
 
287,996
17,248,080
 
 
 
521,131,876
Software - 5.3%
 
 
 
AppLovin Corp Class A (b)
 
55,400
26,210,294
Microsoft Corp
 
236,200
101,634,498
Monday.com Ltd (b)
 
121,900
13,988,025
Oracle Corp
 
220,800
36,339,264
Riot Platforms Inc (b)(e)
 
1,102,200
17,051,034
Terawulf Inc (b)(e)
 
793,400
10,607,758
 
 
 
205,830,873
Technology Hardware, Storage & Peripherals - 0.5%
 
 
 
Dell Technologies Inc Class C
 
154,700
17,703,868
TOTAL INFORMATION TECHNOLOGY
 
 
839,306,053
Materials - 2.4%
 
 
 
Chemicals - 0.3%
 
 
 
Chemours Co/The
 
817,428
12,253,246
Construction Materials - 2.1%
 
 
 
Eagle Materials Inc
 
104,000
21,196,240
James Hardie Industries PLC (b)
 
1,260,600
28,981,194
Martin Marietta Materials Inc
 
45,900
29,924,505
 
 
 
80,101,939
TOTAL MATERIALS
 
 
92,355,185
Utilities - 6.7%
 
 
 
Electric Utilities - 2.3%
 
 
 
Constellation Energy Corp
 
317,600
89,143,968
Independent Power and Renewable Electricity Producers - 4.4%
 
 
 
Vistra Corp
 
1,061,900
168,151,865
TOTAL UTILITIES
 
 
257,295,833
TOTAL UNITED STATES
 
 
3,647,453,054
 
TOTAL COMMON STOCKS
 (Cost $2,090,740,239)
 
 
 
3,851,364,392
 
 
 
 
Convertible Corporate Bonds - 0.0%
 
 
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 0.0%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Hotels, Restaurants & Leisure - 0.0%
 
 
 
New Cotai LLC 5% 2/24/2027 (d)
  (Cost $565,850)
 
571,305
550,909
 
 
 
 
Money Market Funds - 0.8%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Securities Lending Cash Central Fund (g)(h)
 (Cost $32,463,829)
 
3.70
32,460,583
32,463,829
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.8%
 (Cost $2,123,769,918)
 
 
 
3,884,379,130
NET OTHER ASSETS (LIABILITIES) - (0.8)%  
(32,387,729)
NET ASSETS - 100.0%
3,851,991,401
 
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing.
 
(c)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $36,414,208 or 0.9% of net assets.
 
(d)
Level 3 security.
 
(e)
Security or a portion of the security is on loan at period end.
 
(f)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,019,386 or 0.1% of net assets.
 
(g)
Investment made with cash collateral received from securities on loan.
 
(h)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
EchoStar Corp
9/30/2024
8,999,998
 
 
 
New Cotai LLC / New Cotai Capital Corp
9/11/2020
2,036,135
 
 
 
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
7,593,759
215,608,293
223,202,838
164,658
786
-
-
-
0.0%
Fidelity Securities Lending Cash Central Fund
18,501,425
455,182,586
441,219,461
26,247
(721)
-
32,463,829
32,460,583
0.1%
Total
26,095,184
670,790,879
664,422,299
190,905
65
-
32,463,829
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
 
The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Common Stocks
 
 
 
 
Communication Services
478,756,123
478,756,123
-
-
Consumer Discretionary
344,225,978
344,151,993
-
73,985
Consumer Staples
58,008,164
58,008,164
-
-
Energy
10,889,190
10,889,190
-
-
Financials
600,863,522
600,863,522
-
-
Health Care
111,536,709
111,536,709
-
-
Industrials
870,467,099
870,467,099
-
-
Information Technology
1,026,966,589
1,026,966,589
-
-
Materials
92,355,185
92,355,185
-
-
Utilities
257,295,833
257,295,833
-
-
 Convertible Corporate Bonds
 
 
 
 
Consumer Discretionary
550,909
-
-
550,909
 Money Market Funds
32,463,829
32,463,829
-
-
 Total Investments in Securities:
3,884,379,130
3,883,754,236
-
624,894
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of January 31, 2026 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value (including  securities loaned of $29,471,391) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $2,091,306,089)
$
3,851,915,301
 
 
Fidelity Central Funds (cost $32,463,829)
32,463,829
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $2,123,769,918)
 
 
$
3,884,379,130
Receivable for investments sold
 
 
32,200,923
Receivable for fund shares sold
 
 
477,586
Dividends receivable
 
 
133,148
Interest receivable
 
 
2,936
Distributions receivable from Fidelity Central Funds
 
 
5,656
Prepaid expenses
 
 
2,559
Receivable from investment adviser for expense reductions
 
 
8,103
Other receivables
 
 
463,324
  Total assets
 
 
3,917,673,365
Liabilities
 
 
 
 
Payable to custodian bank
$
1,444,031
 
 
Payable for investments purchased
27,356,005
 
 
Payable for fund shares redeemed
1,917,842
 
 
Accrued management fee
2,171,256
 
 
Distribution and service plan fees payable
237,189
 
 
Other payables and accrued expenses
91,091
 
 
Collateral on securities loaned
32,464,550
 
 
  Total liabilities
 
 
 
65,681,964
Net Assets  
 
 
$
3,851,991,401
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
1,931,187,371
Total accumulated earnings (loss)
 
 
 
1,920,804,030
Net Assets
 
 
$
3,851,991,401
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($606,935,145 ÷ 13,437,002 shares)(a)
 
 
$
45.17
Maximum offering price per share (100/94.25 of $45.17)
 
 
$
47.93
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($228,488,103 ÷ 5,074,037 shares)(a)
 
 
$
45.03
Maximum offering price per share (100/96.50 of $45.03)
 
 
$
46.66
Class C :
 
 
 
 
Net Asset Value and offering price per share ($15,410,434 ÷ 344,112 shares)(a)
 
 
$
44.78
Leveraged Company Stock :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($2,473,147,537 ÷ 54,481,119 shares)
 
 
$
45.39
Class K :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($176,492,270 ÷ 3,858,807 shares)
 
 
$
45.74
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($301,367,340 ÷ 6,653,516 shares)
 
 
$
45.29
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($50,150,572 ÷ 1,105,804 shares)
 
 
$
45.35
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
Six months ended January 31, 2026 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
10,704,995
Interest  
 
 
16,578
Income from Fidelity Central Funds (including $26,247 from security lending)
 
 
190,905
 Total income
 
 
 
10,912,478
Expenses
 
 
 
 
Management fee
$
13,136,777
 
 
Distribution and service plan fees
1,412,424
 
 
Custodian fees and expenses
42,596
 
 
Independent trustees' fees and expenses
7,848
 
 
Registration fees
120,728
 
 
Audit fees
41,627
 
 
Legal
3,765
 
 
Interest
14,385
 
 
Miscellaneous
6,322
 
 
 Total expenses
 
 
 
14,786,472
Net Investment income (loss)
 
 
 
(3,873,994)
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
268,215,544
 
 
   Fidelity Central Funds
 
65
 
 
 Foreign currency transactions
 
6,903
 
 
Total net realized gain (loss)
 
 
 
268,222,512
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(3,460,441)
 
 
 Assets and liabilities in foreign currencies
 
1,269
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(3,459,172)
Net gain (loss)
 
 
 
264,763,340
Net increase (decrease) in net assets resulting from operations
 
 
$
260,889,346
Statement of Changes in Net Assets
 
 
Six months ended
January 31, 2026
(Unaudited)
 
Year ended
July 31, 2025
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
(3,873,994)
$
2,218,781
Net realized gain (loss)
 
268,222,512
 
198,470,160
Change in net unrealized appreciation (depreciation)
 
(3,459,172)
 
508,825,347
Net increase (decrease) in net assets resulting from operations
 
260,889,346
 
709,514,288
Distributions to shareholders
 
(178,610,742)
 
(363,152,282)
 
 
 
 
 
Share transactions - net increase (decrease)
 
(132,304,659)
 
887,737,837
Total increase (decrease) in net assets
 
(50,026,055)
 
1,234,099,843
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
3,902,017,456
 
2,667,917,613
End of period
$
3,851,991,401
$
3,902,017,456
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Leveraged Company Stock Fund Class A
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
44.29
$
39.90
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
(.09)
 
(.06)
     Net realized and unrealized gain (loss)
 
3.05
 
5.61
  Total from investment operations
 
2.96  
 
5.55  
  Distributions from net investment income
 
-
 
(.08) D
  Distributions from net realized gain
 
(2.08)
 
(1.08) D
     Total distributions
 
(2.08)
 
(1.16)
  Net asset value, end of period
$
45.17
$
44.29
 Total Return E,F,G
 
6.84
%
 
14.35%
 Ratios to Average Net Assets C,H,I
 
 
 
 
    Expenses before reductions
 
.96% J
 
.98% J,K
    Expenses net of fee waivers, if any
 
.96
% J
 
.98% J,K
    Expenses net of all reductions, if any
 
.96% J
 
.98% J,K
    Net investment income (loss)
 
(.41)% J
 
(.21)% J,K
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
606,935
$
602,267
    Portfolio turnover rate L
 
30
% J
 
12% M
 
AFor the period October 18, 2024 (commencement of sale of shares) through July 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet 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.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal returns for periods of less than one year are not annualized.
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.
JAnnualized.
KAudit fees are not annualized.
LAmount 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.
MThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity Advisor® Leveraged Company Stock Fund Class M
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
44.21
$
39.90
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
(.15)
 
(.14)
     Net realized and unrealized gain (loss)
 
3.05
 
5.59
  Total from investment operations
 
2.90  
 
5.45  
  Distributions from net investment income
 
-
 
(.06) D
  Distributions from net realized gain
 
(2.08)
 
(1.08) D
     Total distributions
 
(2.08)
 
(1.14)
  Net asset value, end of period
$
45.03
$
44.21
 Total Return E,F,G
 
6.71
%
 
14.09%
 Ratios to Average Net Assets C,H,I
 
 
 
 
    Expenses before reductions
 
1.21% J
 
1.23% J,K
    Expenses net of fee waivers, if any
 
1.21
% J
 
1.23% J,K
    Expenses net of all reductions, if any
 
1.21% J
 
1.23% J,K
    Net investment income (loss)
 
(.66)% J
 
(.46)% J,K
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
228,488
$
227,539
    Portfolio turnover rate L
 
30
% J
 
12% M
 
AFor the period October 18, 2024 (commencement of sale of shares) through July 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet 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.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal returns for periods of less than one year are not annualized.
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.
JAnnualized.
KAudit fees are not annualized.
LAmount 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.
MThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity Advisor® Leveraged Company Stock Fund Class C
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
44.09
$
39.90
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
(.26)
 
(.29)
     Net realized and unrealized gain (loss)
 
3.03
 
5.58
  Total from investment operations
 
2.77  
 
5.29  
  Distributions from net investment income
 
-
 
(.02) D
  Distributions from net realized gain
 
(2.08)
 
(1.08) D
     Total distributions
 
(2.08)
 
(1.10)
  Net asset value, end of period
$
44.78
$
44.09
 Total Return E,F,G
 
6.43
%
 
13.67%
 Ratios to Average Net Assets C,H,I
 
 
 
 
    Expenses before reductions
 
1.71% J
 
1.73% J,K
    Expenses net of fee waivers, if any
 
1.71
% J
 
1.73% J,K
    Expenses net of all reductions, if any
 
1.71% J
 
1.73% J,K
    Net investment income (loss)
 
(1.16)% J
 
(.96)% J,K
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
15,410
$
16,966
    Portfolio turnover rate L
 
30
% J
 
12% M
 
AFor the period October 18, 2024 (commencement of sale of shares) through July 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet 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.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal returns for periods of less than one year are not annualized.
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.
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.
JAnnualized.
KAudit fees are not annualized.
LAmount 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.
MThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity® Leveraged Company Stock Fund
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
44.43
$
40.88
$
37.87
$
39.65
$
48.37
$
30.88
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.03)
 
.06
 
.13
 
.30
 
.17
 
.03 C
     Net realized and unrealized gain (loss)
 
3.07
 
9.05
 
7.13
 
3.69 D
 
(4.89)
 
17.50
  Total from investment operations
 
3.04  
 
9.11  
 
7.26  
 
3.99  
 
(4.72)
 
17.53
  Distributions from net investment income
 
-
 
(.30) E
 
(.22)
 
(.25)
 
(.12)
 
(.04)
  Distributions from net realized gain
 
(2.08)
 
(5.26) E
 
(4.04)
 
(5.52)
 
(3.89)
 
-
     Total distributions
 
(2.08)
 
(5.56)
 
(4.25) F
 
(5.77)
 
(4.00) F
 
(.04)
  Net asset value, end of period
$
45.39
$
44.43
$
40.88
$
37.87
$
39.65
$
48.37
 Total Return G,H
 
7.00
%
 
25.52%
 
21.84%
 
12.01% D
 
(10.85)%
 
56.84%
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.67% K
 
.69%
 
.73%
 
.75%
 
.74%
 
.75%
    Expenses net of fee waivers, if any
 
.67
% K
 
.69%
 
.72%
 
.74%
 
.74%
 
.75%
    Expenses net of all reductions, if any
 
.67% K
 
.69%
 
.72%
 
.74%
 
.74%
 
.75%
    Net investment income (loss)
 
(.12)% K
 
.15%
 
.35%
 
.87%
 
.38%
 
.06% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
2,473,148
$
2,530,148
$
2,512,446
$
1,933,517
$
1,936,630
$
2,533,725
    Portfolio turnover rate L
 
30
% K
 
12% M
 
50%
 
58%
 
26%
 
15%
 
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 $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been (.05)%.
DNet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been 11.96%.
EThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
FTotal distributions per share do not sum due to rounding.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
IFees 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.
JExpense 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.
KAnnualized.
LAmount 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.
MThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity® Leveraged Company Stock Fund Class K
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
44.74
$
41.13
$
38.08
$
39.84
$
48.58
$
31.01
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.01)
 
.09
 
.17
 
.33
 
.21
 
.06 C
     Net realized and unrealized gain (loss)
 
3.09
 
9.11
 
7.16
 
3.72 D
 
(4.91)
 
17.59
  Total from investment operations
 
3.08  
 
9.20  
 
7.33  
 
4.05  
 
(4.70)
 
17.65
  Distributions from net investment income
 
-
 
(.33) E
 
(.25)
 
(.28)
 
(.16)
 
(.08)
  Distributions from net realized gain
 
(2.08)
 
(5.26) E
 
(4.04)
 
(5.52)
 
(3.89)
 
-
     Total distributions
 
(2.08)
 
(5.59)
 
(4.28) F
 
(5.81) F
 
(4.04) F
 
(.08)
  Net asset value, end of period
$
45.74
$
44.74
$
41.13
$
38.08
$
39.84
$
48.58
 Total Return G,H
 
7.04
%
 
25.64%
 
21.95%
 
12.11% D
 
(10.77)%
 
57.00%
 Ratios to Average Net Assets B,I,J
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.60% K
 
.61%
 
.63%
 
.65%
 
.65%
 
.66%
    Expenses net of fee waivers, if any
 
.60
% K
 
.61%
 
.62%
 
.65%
 
.65%
 
.66%
    Expenses net of all reductions, if any
 
.60% K
 
.61%
 
.62%
 
.65%
 
.65%
 
.66%
    Net investment income (loss)
 
(.04)% K
 
.23%
 
.45%
 
.96%
 
.47%
 
.15% C
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
176,492
$
175,073
$
155,472
$
138,454
$
273,742
$
362,018
    Portfolio turnover rate L
 
30
% K
 
12% M
 
50%
 
58%
 
26%
 
15%
 
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 $.05 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been .05%.
DNet realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been 12.06%.
EThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
FTotal distributions per share do not sum due to rounding.
GTotal returns for periods of less than one year are not annualized.
HTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
IFees 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.
JExpense 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.
KAnnualized.
LAmount 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.
MThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity Advisor® Leveraged Company Stock Fund Class I
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
44.35
$
39.90
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
(.04)
 
.01
     Net realized and unrealized gain (loss)
 
3.06
 
5.62
  Total from investment operations
 
3.02  
 
5.63  
  Distributions from net investment income
 
-
 
(.10) D
  Distributions from net realized gain
 
(2.08)
 
(1.08) D
     Total distributions
 
(2.08)
 
(1.18)
  Net asset value, end of period
$
45.29
$
44.35
 Total Return E,F
 
6.97
%
 
14.56%
 Ratios to Average Net Assets B,G,H
 
 
 
 
    Expenses before reductions
 
.71% I
 
.73% I,J
    Expenses net of fee waivers, if any
 
.71
% I
 
.73% I,J
    Expenses net of all reductions, if any
 
.71% I
 
.73% I,J
    Net investment income (loss)
 
(.16)% I
 
.04% I,J
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
301,367
$
301,210
    Portfolio turnover rate K
 
30
% I
 
12% L
 
AFor the period October 18, 2024 (commencement of sale of shares) through July 31, 2025.
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.
CCalculated based on average shares outstanding during the period.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
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.
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.
IAnnualized.
JAudit fees are not annualized.
KAmount 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.
LThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity Advisor® Leveraged Company Stock Fund Class Z
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
44.38
$
39.90
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
(.01)
 
.05
     Net realized and unrealized gain (loss)
 
3.06
 
5.62
  Total from investment operations
 
3.05  
 
5.67  
  Distributions from net investment income
 
-
 
(.11) D
  Distributions from net realized gain
 
(2.08)
 
(1.08) D
     Total distributions
 
(2.08)
 
(1.19)
  Net asset value, end of period
$
45.35
$
44.38
 Total Return E,F
 
7.03
%
 
14.67%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
.60% I
 
.61% I,J
    Expenses net of fee waivers, if any
 
.60
% I
 
.61% I,J
    Expenses net of all reductions, if any
 
.60% I
 
.61% I,J
    Net investment income (loss)
 
(.04)% I
 
.15% I,J
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
50,151
$
48,815
    Portfolio turnover rate K
 
30
% I
 
12% L
 
AFor the period October 18, 2024 (commencement of sale of shares) through July 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet 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.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal returns for periods of less than one year are not annualized.
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.
IAnnualized.
JAudit fees are not annualized.
KAmount 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.
LThe portfolio turnover rate does not include the assets acquired in the reorganization.
Notes to Financial Statements
 (Unaudited)
For the period ended January 31, 2026
 
1. Organization.
Fidelity Leveraged Company Stock Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Leveraged Company Stock, Class K, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2026 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences resulted in distribution reclassifications for the period ended July 31, 2025.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$1,851,072,026
Gross unrealized depreciation
(90,539,817)
Net unrealized appreciation (depreciation)
$1,760,532,209
Tax cost
$2,123,846,921
The Fund elected to defer its next fiscal year $3,877,838 of ordinary losses recognized during the period January 1, 2025 to July 31, 2025.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Leveraged Company Stock Fund
584,678,701
890,808,143
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
 
The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.75
Class M
.74
Class C
.77
Leveraged Company Stock
.70
Class K
.61
Class I
.74
Class Z
.61
 
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.70
Class M
.70
Class C
.70
Leveraged Company Stock
.66
Class K
.59
Class I
.70
Class Z
.59
 
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%
758,043
369
Class M
 .25%
 .25%
 573,100
 -
Class C
 .75%
 .25%
81,281
4,033
 
 
 
1,412,424
4,402
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
 7,565
Class M
 660
Class CA
 110
 
8,335
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity Leveraged Company Stock Fund
 11,222
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
 
Borrower or Lender
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity Leveraged Company Stock Fund 
 Borrower
 8,115,125
3.99%
 14,385
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Leveraged Company Stock Fund
 46,405,040
 113,922,607
 16,293,967
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
 
Amount ($)
Fidelity Leveraged Company Stock Fund
3,129
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Leveraged Company Stock Fund
2,891
 -
-
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
January 31, 2026
Year ended
July 31, 2025A
Fidelity Leveraged Company Stock Fund
 
 
Distributions to shareholders
 
 
Class A
$27,739,085
 $16,723,230
Class M
 10,506,010
 6,369,794
Class C
 745,029
 514,151
Leveraged Company Stock
 115,120,166
 308,869,134
Class K
 8,402,669
 21,027,914
Class I
 13,823,993
 8,339,469
Class Z
  2,273,790
  1,308,590
Total  
$178,610,742
$363,152,282
 
A Distributions for Class A, Class M, Class C, Class I and Class Z are for the period October 18, 2024 (commencement of sale of shares) through July 31, 2025.
9. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 January 31, 2026
Year ended
 July 31, 2025A
Six months ended
 January 31, 2026
Year ended
 July 31, 2025A
Fidelity Leveraged Company Stock Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
264,102
504,798
$11,850,708
$19,392,780
Issued in exchange for the shares of the Acquired Fund(s)
-
14,597,554
-
571,640,793
 
Reinvestment of distributions 
597,174
411,663
26,358,579
15,886,060
Shares redeemed
(1,023,861)
(1,914,428)
(45,937,524)
(73,829,090)
Net increase (decrease)
(162,585)
13,599,587
$(7,728,237)
$533,090,543
Class M
 
 
 
 
Shares sold
126,191
314,906
$5,648,546
$12,109,161
Issued in exchange for the shares of the Acquired Fund(s)
-
5,710,958
-
223,583,900
 
Reinvestment of distributions 
235,263
162,794
10,359,044
6,280,609
Shares redeemed
(434,124)
(1,041,951)
(19,415,752)
(39,752,043)
Net increase (decrease)
(72,670)
5,146,707
$(3,408,162)
$202,221,627
Class C
 
 
 
 
Shares sold
12,244
18,438
$541,465
$709,295
Issued in exchange for the shares of the Acquired Fund(s)
-
485,364
-
19,002,045
 
Reinvestment of distributions 
16,930
13,202
742,638
509,447
Shares redeemed
(69,888)
(132,178)
(3,125,191)
(5,060,661)
Net increase (decrease)
(40,714)
384,826
$(1,841,088)
$15,160,126
Leveraged Company Stock
 
 
 
 
Shares sold
2,110,897
2,819,212
$94,592,061
$112,289,544
Reinvestment of distributions 
2,446,220
7,916,289
108,476,225
290,942,748
Shares redeemed
(7,018,632)
(15,253,703)
(313,151,291)
(581,215,258)
Net increase (decrease)
(2,461,515)
(4,518,202)
$(110,083,005)
$(177,982,966)
Class K
 
 
 
 
Shares sold
472,437
872,885
$21,295,120
$34,859,975
Reinvestment of distributions 
188,230
568,340
8,402,669
21,027,914
Shares redeemed
(715,185)
(1,308,040)
(32,783,555)
(50,271,182)
Net increase (decrease)
(54,518)
133,185
$(3,085,766)
$5,616,707
Class I
 
 
 
 
Shares sold
405,595
723,022
$18,229,081
$27,831,489
Issued in exchange for the shares of the Acquired Fund(s)
-
7,245,789
-
283,745,005
 
Reinvestment of distributions 
290,527
200,470
12,852,543
7,736,154
Shares redeemed
(834,445)
(1,377,442)
(37,486,556)
(52,865,199)
Net increase (decrease)
(138,323)
6,791,839
$(6,404,932)
$266,447,449
Class Z
 
 
 
 
Shares sold
123,231
254,132
$5,576,933
$9,997,927
Issued in exchange for the shares of the Acquired Fund(s)
-
1,069,229
-
41,870,977
 
Reinvestment of distributions 
42,196
27,215
1,868,528
1,049,943
Shares redeemed
(159,617)
(250,582)
(7,198,930)
(9,734,496)
Net increase (decrease)
5,810
1,099,994
$246,531
$43,184,351
 
A Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period October 18, 2024 (commencement of sale of shares) through July 31, 2025.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
 
12. Prior Fiscal Year Reorganization Information.
On October 25, 2024, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Leveraged Company Stock Fund ("Acquired Fund") pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees ("The Board"). The securities held by the Acquired Fund were the primary assets acquired by the Fund. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on October 18, 2024. The acquisition was accomplished by an exchange of each class of the Fund for corresponding shares then outstanding of the Acquired Fund at its respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.
 
Acquired Fund
Investments $
Unrealized appreciation (depreciation) $
Net Assets $
Shares Exchanged
Shares Exchanged Ratio
Fidelity Advisor Leveraged Company Stock Fund
 
1,136,980,523
431,302,924
 
 
 
    Class A
 
 
571,640,793
12,392,531
1.1779315628
    Class M
 
 
223,583,900
5,274,937
 
1.0826590038
    Class C
 
 
19,002,045
559,345
 
.8677369093
    Class I
 
 
283,745,005
5,788,684
 
1.2517160368
    Class Z
 
 
41,870,976
848,244
1.2605209397
 
Pro forma results of operations of the combined entity for the entire period ended July 31, 2025, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:
 
Net investment income (loss)
$2,010,854
Total net realized gain (loss)
222,197,883
Total change in net unrealized appreciation (depreciation)
570,811,613
Net increase (decrease) in net assets resulting from operations
$795,020,350
 
Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the Fund's Statement of Operations since October 25, 2024.
 
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.753758.126
LSF-SANN-0426
Fidelity® Growth & Income Portfolio
 
 
 
 
Semi-Annual Report
January 31, 2026
Includes Fidelity and Fidelity Advisor share classes

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Growth & Income Portfolio

Notes to Financial Statements

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.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2026 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Growth & Income Portfolio
Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.5%
 
 
Shares
Value ($)
 
BELGIUM - 1.3%
 
 
 
Health Care - 1.3%
 
 
 
Pharmaceuticals - 1.3%
 
 
 
UCB SA
 
631,800
191,270,115
CANADA - 2.2%
 
 
 
Energy - 1.9%
 
 
 
Oil, Gas & Consumable Fuels - 1.9%
 
 
 
Imperial Oil Ltd (b)
 
2,614,745
264,172,489
South Bow Corp
 
369,700
10,501,962
TOTAL ENERGY
 
 
274,674,451
Financials - 0.3%
 
 
 
Capital Markets - 0.3%
 
 
 
Brookfield Corp Class A (United States)
 
962,454
43,839,780
Materials - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
Altius Minerals Corp
 
78,200
2,475,246
TOTAL CANADA
 
 
320,989,477
FRANCE - 0.6%
 
 
 
Consumer Staples - 0.3%
 
 
 
Beverages - 0.3%
 
 
 
Pernod Ricard SA
 
407,700
36,283,701
Remy Cointreau SA (b)
 
79,991
3,800,279
TOTAL CONSUMER STAPLES
 
 
40,083,980
Financials - 0.1%
 
 
 
Capital Markets - 0.1%
 
 
 
Amundi SA (f)(g)
 
205,900
18,292,564
Industrials - 0.2%
 
 
 
Aerospace & Defense - 0.2%
 
 
 
Airbus SE
 
114,500
26,214,778
TOTAL FRANCE
 
 
84,591,322
GERMANY - 0.7%
 
 
 
Information Technology - 0.7%
 
 
 
Software - 0.7%
 
 
 
SAP SE ADR
 
481,645
96,829,911
ITALY - 0.2%
 
 
 
Consumer Staples - 0.2%
 
 
 
Beverages - 0.2%
 
 
 
Davide Campari-Milano NV (b)
 
3,667,700
26,015,489
NETHERLANDS - 0.8%
 
 
 
Communication Services - 0.2%
 
 
 
Entertainment - 0.2%
 
 
 
Universal Music Group NV
 
1,441,600
35,344,505
Information Technology - 0.6%
 
 
 
Semiconductors & Semiconductor Equipment - 0.6%
 
 
 
ASML Holding NV depository receipt
 
16,300
23,194,900
BE Semiconductor Industries NV
 
269,900
52,627,821
TOTAL INFORMATION TECHNOLOGY
 
 
75,822,721
TOTAL NETHERLANDS
 
 
111,167,226
SPAIN - 0.2%
 
 
 
Communication Services - 0.2%
 
 
 
Diversified Telecommunication Services - 0.2%
 
 
 
Cellnex Telecom SA (f)(g)
 
1,076,100
33,283,955
SWEDEN - 0.1%
 
 
 
Industrials - 0.1%
 
 
 
Machinery - 0.1%
 
 
 
Atlas Copco AB A Shares
 
1,194,300
24,629,091
TAIWAN - 1.0%
 
 
 
Information Technology - 1.0%
 
 
 
Semiconductors & Semiconductor Equipment - 1.0%
 
 
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
420,400
138,967,424
UNITED KINGDOM - 1.3%
 
 
 
Consumer Staples - 1.0%
 
 
 
Beverages - 0.2%
 
 
 
Diageo PLC ADR
 
341,511
31,692,221
Tobacco - 0.8%
 
 
 
British American Tobacco PLC ADR
 
1,819,900
110,431,532
TOTAL CONSUMER STAPLES
 
 
142,123,753
Financials - 0.1%
 
 
 
Capital Markets - 0.1%
 
 
 
3i Group PLC
 
429,700
19,740,041
Industrials - 0.2%
 
 
 
Professional Services - 0.2%
 
 
 
RELX PLC
 
934,739
33,138,385
TOTAL UNITED KINGDOM
 
 
195,002,179
UNITED STATES - 85.7%
 
 
 
Communication Services - 5.2%
 
 
 
Diversified Telecommunication Services - 1.0%
 
 
 
Comcast Corp Class A
 
4,295,670
127,796,183
Verizon Communications Inc
 
418,583
18,635,315
 
 
 
146,431,498
Entertainment - 0.4%
 
 
 
Walt Disney Co/The
 
448,990
50,646,072
Interactive Media & Services - 3.8%
 
 
 
Alphabet Inc Class A
 
662,900
224,060,200
Alphabet Inc Class C
 
585,640
198,256,709
Meta Platforms Inc Class A
 
178,900
128,181,850
 
 
 
550,498,759
Media - 0.0%
 
 
 
Versant Media Group Inc Class A
 
171,826
5,598,091
TOTAL COMMUNICATION SERVICES
 
 
753,174,420
Consumer Discretionary - 2.7%
 
 
 
Hotels, Restaurants & Leisure - 0.7%
 
 
 
Churchill Downs Inc
 
59,900
5,891,764
Domino's Pizza Inc
 
91,500
37,545,195
Marriott International Inc/MD Class A1
 
72,923
22,992,622
Starbucks Corp
 
388,460
35,718,897
 
 
 
102,148,478
Household Durables - 0.8%
 
 
 
DR Horton Inc
 
79,000
11,758,360
Somnigroup International Inc
 
829,455
72,867,622
Whirlpool Corp (b)
 
337,894
27,028,141
 
 
 
111,654,123
Specialty Retail - 1.1%
 
 
 
Home Depot Inc/The
 
103,300
38,695,147
Lowe's Cos Inc
 
447,071
119,394,781
 
 
 
158,089,928
Textiles, Apparel & Luxury Goods - 0.1%
 
 
 
NIKE Inc Class B
 
391,000
24,167,710
TOTAL CONSUMER DISCRETIONARY
 
 
396,060,239
Consumer Staples - 4.9%
 
 
 
Beverages - 2.0%
 
 
 
Brown-Forman Corp Class B (b)
 
1,056,500
28,916,405
Coca-Cola Co/The
 
1,825,794
136,587,649
Keurig Dr Pepper Inc
 
4,056,600
111,313,104
PepsiCo Inc
 
23,900
3,671,757
 
 
 
280,488,915
Consumer Staples Distribution & Retail - 0.6%
 
 
 
Sysco Corp
 
349,536
29,308,594
Target Corp
 
559,500
59,010,465
 
 
 
88,319,059
Food Products - 0.1%
 
 
 
Lamb Weston Holdings Inc
 
191,800
8,809,374
Mondelez International Inc
 
162,700
9,513,069
 
 
 
18,322,443
Household Products - 0.3%
 
 
 
Colgate-Palmolive Co
 
69,100
6,239,039
Procter & Gamble Co/The
 
222,100
33,708,117
Reynolds Consumer Products Inc
 
97,500
2,259,075
 
 
 
42,206,231
Personal Care Products - 1.2%
 
 
 
Estee Lauder Cos Inc/The Class A
 
443,600
51,138,208
Kenvue Inc
 
7,338,415
127,688,421
 
 
 
178,826,629
Tobacco - 0.7%
 
 
 
Philip Morris International Inc
 
538,100
96,556,664
TOTAL CONSUMER STAPLES
 
 
704,719,941
Energy - 8.5%
 
 
 
Oil, Gas & Consumable Fuels - 8.5%
 
 
 
Chevron Corp
 
408,400
72,245,960
ConocoPhillips
 
473,800
49,384,174
Exxon Mobil Corp (d)
 
5,477,063
774,456,708
Murphy Oil Corp
 
624,800
18,800,232
Shell PLC ADR
 
4,114,900
316,970,747
TOTAL ENERGY
 
 
1,231,857,821
Financials - 16.8%
 
 
 
Banks - 11.5%
 
 
 
Bank of America Corp
 
8,134,778
432,770,190
M&T Bank Corp
 
431,594
95,628,283
PNC Financial Services Group Inc/The
 
845,617
188,826,276
Truist Financial Corp
 
684,900
35,217,558
US Bancorp
 
302,367
16,965,812
Wells Fargo & Co
 
9,712,841
878,914,982
 
 
 
1,648,323,101
Capital Markets - 1.8%
 
 
 
Blue Owl Capital Inc Class A
 
3,180,800
43,386,112
Charles Schwab Corp/The
 
246,000
25,564,320
Intercontinental Exchange Inc
 
166,900
29,003,882
KKR & Co Inc Class A
 
703,265
80,355,059
Moody's Corp
 
26,600
13,713,896
MSCI Inc
 
2,100
1,279,362
Northern Trust Corp
 
301,577
45,064,651
Raymond James Financial Inc
 
135,020
22,394,417
 
 
 
260,761,699
Financial Services - 2.1%
 
 
 
Apollo Global Management Inc
 
233,900
31,468,906
Mastercard Inc Class A
 
74,067
39,906,559
UWM Holdings Corp Class A
 
4,216,900
20,704,979
Visa Inc Class A
 
665,015
214,021,777
 
 
 
306,102,221
Insurance - 1.4%
 
 
 
Arthur J Gallagher & Co
 
223,200
55,659,384
Brown & Brown Inc
 
958,300
69,093,430
Chubb Ltd
 
99,156
30,694,731
Marsh & McLennan Cos Inc
 
173,336
32,620,102
Travelers Companies Inc/The
 
56,427
16,054,046
 
 
 
204,121,693
TOTAL FINANCIALS
 
 
2,419,308,714
Health Care - 9.1%
 
 
 
Biotechnology - 0.0%
 
 
 
Gilead Sciences Inc
 
89,900
12,761,305
Health Care Equipment & Supplies - 1.9%
 
 
 
Abbott Laboratories
 
333,400
36,440,620
Alcon AG (United States) (b)
 
636,800
51,568,064
Baxter International Inc
 
3,229,100
64,808,037
Becton Dickinson & Co
 
151,604
30,848,382
Boston Scientific Corp (c)
 
988,542
92,458,333
 
 
 
276,123,436
Health Care Providers & Services - 2.5%
 
 
 
Cardinal Health Inc
 
112,711
24,219,340
Cigna Group/The
 
349,254
95,734,014
Humana Inc
 
179,900
35,116,480
McKesson Corp
 
63,467
52,754,405
UnitedHealth Group Inc
 
543,187
155,856,646
 
 
 
363,680,885
Life Sciences Tools & Services - 1.1%
 
 
 
Bruker Corp (d)
 
697,394
30,887,580
Danaher Corp
 
311,803
68,250,559
Thermo Fisher Scientific Inc
 
90,800
52,537,788
 
 
 
151,675,927
Pharmaceuticals - 3.6%
 
 
 
Eli Lilly & Co (d)
 
72,548
75,243,158
GSK PLC ADR
 
3,345,875
172,647,151
Haleon PLC ADR (b)
 
9,523,020
99,706,019
Johnson & Johnson
 
344,241
78,228,767
Merck & Co Inc
 
581,200
64,088,924
Royalty Pharma PLC Class A
 
608,500
25,362,280
Zoetis Inc Class A
 
15,400
1,922,228
 
 
 
517,198,527
TOTAL HEALTH CARE
 
 
1,321,440,080
Industrials - 16.5%
 
 
 
Aerospace & Defense - 7.9%
 
 
 
Boeing Co (c)
 
1,554,530
363,324,752
GE Aerospace (d)
 
1,948,747
597,856,093
General Dynamics Corp
 
165,561
58,126,811
Howmet Aerospace Inc
 
77,450
16,115,796
Huntington Ingalls Industries Inc (d)
 
155,984
65,592,832
RTX Corp
 
37,200
7,474,596
Textron Inc
 
312,400
27,509,944
 
 
 
1,136,000,824
Air Freight & Logistics - 1.3%
 
 
 
United Parcel Service Inc Class B
 
1,779,178
188,984,287
Building Products - 0.5%
 
 
 
A O Smith Corp
 
740,100
54,389,949
AAON Inc (b)
 
125,092
11,390,878
 
 
 
65,780,827
Commercial Services & Supplies - 0.0%
 
 
 
Veralto Corp
 
89,934
8,901,667
Electrical Equipment - 3.7%
 
 
 
AMETEK Inc
 
40,000
8,959,200
Emerson Electric Co
 
57,900
8,508,984
GE Vernova Inc (d)
 
710,144
515,827,297
 
 
 
533,295,481
Ground Transportation - 0.0%
 
 
 
Knight-Swift Transportation Holdings Inc
 
144,409
7,956,936
Machinery - 2.0%
 
 
 
Allison Transmission Holdings Inc
 
284,800
30,957,760
Cummins Inc
 
52,876
30,605,686
Deere & Co
 
29,400
15,523,200
Donaldson Co Inc
 
827,412
84,346,380
Nordson Corp
 
160,127
43,959,665
Otis Worldwide Corp
 
222,938
19,043,364
Stanley Black & Decker Inc
 
100,228
7,883,934
Westinghouse Air Brake Technologies Corp
 
222,100
51,114,094
 
 
 
283,434,083
Professional Services - 0.3%
 
 
 
Equifax Inc
 
135,100
27,209,140
TransUnion
 
207,000
16,357,140
 
 
 
43,566,280
Trading Companies & Distributors - 0.8%
 
 
 
Watsco Inc (b)
 
222,214
85,874,600
Wesco International Inc
 
99,400
28,769,342
 
 
 
114,643,942
TOTAL INDUSTRIALS
 
 
2,382,564,327
Information Technology - 18.4%
 
 
 
Electronic Equipment, Instruments & Components - 0.0%
 
 
 
CDW Corp/DE
 
37,464
4,735,074
IT Services - 0.2%
 
 
 
Amdocs Ltd
 
303,400
24,860,596
Semiconductors & Semiconductor Equipment - 8.5%
 
 
 
Analog Devices Inc (d)
 
58,808
18,282,231
Applied Materials Inc
 
138,795
44,736,404
Broadcom Inc
 
837,600
277,496,880
Lam Research Corp
 
341,000
79,609,860
Marvell Technology Inc
 
1,104,968
87,204,075
Micron Technology Inc (d)
 
262,300
108,823,024
NVIDIA Corp
 
3,054,400
583,787,472
Teradyne Inc
 
59,200
14,270,160
 
 
 
1,214,210,106
Software - 6.2%
 
 
 
Intuit Inc
 
65,900
32,878,828
Microsoft Corp
 
1,990,765
856,606,272
 
 
 
889,485,100
Technology Hardware, Storage & Peripherals - 3.5%
 
 
 
Apple Inc
 
1,581,094
410,262,271
GPGI Inc (e)
 
2,511,929
59,206,167
GPGI Inc Class A (c)
 
85,800
2,022,306
Seagate Technology Holdings PLC
 
85,900
35,020,571
 
 
 
506,511,315
TOTAL INFORMATION TECHNOLOGY
 
 
2,639,802,191
Materials - 0.7%
 
 
 
Chemicals - 0.7%
 
 
 
Air Products and Chemicals Inc
 
57,700
15,723,250
Dow Inc
 
220,100
6,063,755
LyondellBasell Industries NV Class A1
 
401,800
19,688,200
Mosaic Co/The
 
1,610,800
44,297,000
PPG Industries Inc
 
60,322
6,975,033
Scotts Miracle-Gro Co/The
 
152,600
9,799,972
Sherwin-Williams Co/The
 
16,000
5,674,240
TOTAL MATERIALS
 
 
108,221,450
Real Estate - 0.8%
 
 
 
Health Care REITs - 0.0%
 
 
 
Ventas Inc
 
109,800
8,528,166
Industrial REITs - 0.0%
 
 
 
Terreno Realty Corp
 
100,300
6,172,462
Residential REITs - 0.3%
 
 
 
Camden Property Trust
 
121,400
13,238,670
Sun Communities Inc
 
181,700
23,154,031
 
 
 
36,392,701
Specialized REITs - 0.5%
 
 
 
American Tower Corp
 
365,878
65,594,608
Public Storage
 
2,600
718,094
 
 
 
66,312,702
TOTAL REAL ESTATE
 
 
117,406,031
Utilities - 2.1%
 
 
 
Electric Utilities - 1.9%
 
 
 
Constellation Energy Corp
 
16,513
4,634,869
Duke Energy Corp
 
213,721
25,935,043
Edison International
 
300,500
18,715,140
Entergy Corp
 
316,526
30,351,678
Eversource Energy
 
366,600
25,343,058
Exelon Corp
 
174,240
7,802,467
FirstEnergy Corp
 
140,000
6,627,600
NextEra Energy Inc
 
60,000
5,274,000
PG&E Corp
 
301,400
4,647,588
Southern Co/The
 
1,635,566
146,072,400
 
 
 
275,403,843
Multi-Utilities - 0.2%
 
 
 
Sempra
 
265,092
23,065,655
TOTAL UTILITIES
 
 
298,469,498
TOTAL UNITED STATES
 
 
12,373,024,712
ZAMBIA - 0.4%
 
 
 
Materials - 0.4%
 
 
 
Metals & Mining - 0.4%
 
 
 
First Quantum Minerals Ltd (c)
 
2,170,400
61,351,078
 
TOTAL COMMON STOCKS
 (Cost $7,168,665,806)
 
 
 
13,657,121,979
 
 
 
 
Convertible Preferred Stocks - 2.0%
 
 
Shares
Value ($)
 
UNITED STATES - 2.0%
 
 
 
Health Care - 0.3%
 
 
 
Life Sciences Tools & Services - 0.3%
 
 
 
Bruker Corp 6.375% Series A
 
133,100
46,012,670
Industrials - 1.7%
 
 
 
Aerospace & Defense - 1.7%
 
 
 
Boeing Co Series A, 6%
 
3,211,000
239,665,267
TOTAL UNITED STATES
 
 
285,677,937
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $211,686,731)
 
 
 
285,677,937
 
 
 
 
U.S. Treasury Obligations - 0.2%
 
 
Yield (%) (h)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 2/26/2026 (d)
 (Cost $27,883,290)
 
3.67
27,954,000
27,886,569
 
 
 
 
 
Money Market Funds - 4.8%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (i)
 
3.70
485,953,644
486,050,835
Fidelity Securities Lending Cash Central Fund (i)(j)
 
3.70
210,333,559
210,354,592
 
TOTAL MONEY MARKET FUNDS
 (Cost $696,423,055)
 
 
 
696,405,427
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 101.5%
 (Cost $8,104,658,882)
 
 
 
14,667,091,912
NET OTHER ASSETS (LIABILITIES) - (1.5)%  
(221,833,262)
NET ASSETS - 100.0%
14,445,258,650
 
 
 Written Options
 
Counterparty
Number
of Contracts
Notional
Amount ($)
Exercise
Price ($)
Expiration
Date
Value ($)
Call Options
 
 
 
 
 
 
Analog Devices Inc
Chicago Board Options Exchange
419
13,025,872
330.00
3/2026
(347,770)
Bruker Corp
Chicago Board Options Exchange
673
2,980,717
60.00
3/2026
(28,603)
Bruker Corp
Chicago Board Options Exchange
673
2,980,717
57.50
3/2026
(30,285)
Bruker Corp
Chicago Board Options Exchange
673
2,980,717
55.00
3/2026
(38,698)
Eli Lilly & Co
Chicago Board Options Exchange
84
8,712,060
1,130.00
2/2026
(111,720)
Exxon Mobil Corp
Chicago Board Options Exchange
2,686
37,980,040
150.00
3/2026
(538,543)
GE Aerospace
Chicago Board Options Exchange
740
22,702,460
370.00
3/2026
(33,300)
GE Vernova Inc
Chicago Board Options Exchange
336
24,406,032
800.00
4/2026
(1,218,000)
GE Vernova Inc
Chicago Board Options Exchange
333
24,188,121
750.00
2/2026
(724,275)
GE Vernova Inc
Chicago Board Options Exchange
333
24,188,121
700.00
2/2026
(1,568,430)
GE Vernova Inc
Chicago Board Options Exchange
333
24,188,121
740.00
2/2026
(844,155)
GE Vernova Inc
Chicago Board Options Exchange
336
24,406,032
780.00
3/2026
(955,920)
Huntington Ingalls Industries Inc
Chicago Board Options Exchange
84
3,532,284
450.00
2/2026
(76,440)
Huntington Ingalls Industries Inc
Chicago Board Options Exchange
252
10,596,852
410.00
3/2026
(753,480)
Huntington Ingalls Industries Inc
Chicago Board Options Exchange
84
3,532,284
450.00
3/2026
(115,080)
Micron Technology Inc
Chicago Board Options Exchange
251
10,413,488
360.00
3/2026
(1,967,213)
Micron Technology Inc
Chicago Board Options Exchange
251
10,413,488
370.00
3/2026
(1,800,298)
Micron Technology Inc
Chicago Board Options Exchange
252
10,454,976
390.00
3/2026
(1,512,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
(12,664,210)
Put Options
 
 
 
 
 
 
GE Vernova Inc
Chicago Board Options Exchange
560
40,676,720
480.00
2/2026
(14,000)
 
 
 
 
 
 
 
 
 
 
 
 
 
(14,000)
TOTAL WRITTEN OPTIONS
 
 
 
 
 
(12,678,210)
 
 
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Non-income producing.
 
(d)
Security or a portion of the security is pledged as collateral for options written. At period end, the value of securities pledged amounted to $271,386,916.
 
(e)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $59,206,167 or 0.4% of net assets.
 
(f)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $51,576,519 or 0.4% of net assets.
 
(g)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $51,576,519 or 0.4% of net assets.
 
(h)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(i)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(j)
Investment made with cash collateral received from securities on loan.
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
GPGI Inc
11/3/2025
46,470,687
 
 
 
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
365,507,807
1,047,660,579
927,091,778
8,539,004
(8,145)
(17,628)
486,050,835
485,953,644
0.8%
Fidelity Securities Lending Cash Central Fund
226,453,130
629,607,094
645,715,260
371,910
9,628
-
210,354,592
210,333,559
0.7%
Total
591,960,937
1,677,267,673
1,572,807,038
8,910,914
1,483
(17,628)
696,405,427
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
 
The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Common Stocks
 
 
 
 
Communication Services
821,802,880
753,174,420
68,628,460
-
Consumer Discretionary
396,060,239
396,060,239
-
-
Consumer Staples
912,943,163
912,943,163
-
-
Energy
1,506,532,272
1,506,532,272
-
-
Financials
2,501,181,099
2,481,441,058
19,740,041
-
Health Care
1,512,710,195
1,512,710,195
-
-
Industrials
2,466,546,581
2,382,564,327
83,982,254
-
Information Technology
2,951,422,247
2,951,422,247
-
-
Materials
172,047,774
172,047,774
-
-
Real Estate
117,406,031
117,406,031
-
-
Utilities
298,469,498
298,469,498
-
-
 Convertible Preferred Stocks
 
 
 
 
Health Care
46,012,670
-
46,012,670
-
Industrials
239,665,267
-
239,665,267
-
 U.S. Treasury Obligations
27,886,569
-
27,886,569
-
 Money Market Funds
696,405,427
696,405,427
-
-
 Total Investments in Securities:
14,667,091,912
14,181,176,651
485,915,261
-
 Derivative Instruments:
 
 
 
 
 Liabilities
 
 
 
 
Written Options
(12,678,210)
(12,678,210)
-
-
  Total Liabilities
(12,678,210)
(12,678,210)
-
-
 Total Derivative Instruments:
(12,678,210)
(12,678,210)
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2026. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
 
 
Written Options (a) 
-
(12,678,210)
Total Equity Risk
-
(12,678,210)
Total Value of Derivatives
-
(12,678,210)
 
(a)Gross value is presented in the Statement of Assets and Liabilities in the written options, at value line-item.
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of January 31, 2026 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value (including  securities loaned of $200,760,339) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $7,408,235,827)
$
13,970,686,485
 
 
Fidelity Central Funds (cost $696,423,055)
696,405,427
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $8,104,658,882)
 
 
$
14,667,091,912
Foreign currency held at value (cost $238)
 
 
235
Receivable for investments sold
 
 
29,021,030
Receivable for fund shares sold
 
 
4,623,924
Dividends receivable
 
 
10,320,632
Distributions receivable from Fidelity Central Funds
 
 
1,500,451
Prepaid expenses
 
 
8,455
Receivable from investment adviser for expense reductions
 
 
13,904
Other receivables
 
 
61,012
  Total assets
 
 
14,712,641,555
Liabilities
 
 
 
 
Payable to custodian bank
$
497,652
 
 
Payable for investments purchased
30,166,953
 
 
Payable for fund shares redeemed
7,027,129
 
 
Accrued management fee
6,053,088
 
 
Distribution and service plan fees payable
316,005
 
 
Written options, at value (premium received $9,077,725)
12,678,210
 
 
Other payables and accrued expenses
298,903
 
 
Collateral on securities loaned
210,344,965
 
 
  Total liabilities
 
 
 
267,382,905
Net Assets  
 
 
$
14,445,258,650
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
7,764,935,542
Total accumulated earnings (loss)
 
 
 
6,680,323,108
Net Assets
 
 
$
14,445,258,650
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($733,021,504 ÷ 10,442,439 shares)(a)
 
 
$
70.20
Maximum offering price per share (100/94.25 of $70.20)
 
 
$
74.48
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($246,334,238 ÷ 3,510,215 shares)(a)
 
 
$
70.18
Maximum offering price per share (100/96.50 of $70.18)
 
 
$
72.73
Class C :
 
 
 
 
Net Asset Value and offering price per share ($74,394,337 ÷ 1,061,228 shares)(a)
 
 
$
70.10
Growth and Income :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($11,260,516,810 ÷ 160,320,318 shares)
 
 
$
70.24
Class K :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($1,643,184,881 ÷ 23,424,142 shares)
 
 
$
70.15
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($278,488,760 ÷ 3,965,298 shares)
 
 
$
70.23
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($209,318,120 ÷ 2,980,786 shares)
 
 
$
70.22
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
Six months ended January 31, 2026 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
112,188,804
Interest  
 
 
170,331
Income from Fidelity Central Funds (including $371,910 from security lending)
 
 
8,910,914
 Total income
 
 
 
121,270,049
Expenses
 
 
 
 
Management fee
$
33,774,480
 
 
Distribution and service plan fees
1,818,546
 
 
Custodian fees and expenses
250,583
 
 
Independent trustees' fees and expenses
26,225
 
 
Registration fees
129,033
 
 
Audit fees
75,700
 
 
Legal
15,484
 
 
Miscellaneous
20,773
 
 
 Total expenses before reductions
 
36,110,824
 
 
 Expense reductions
 
(52,732)
 
 
 Total expenses after reductions
 
 
 
36,058,092
Net Investment income (loss)
 
 
 
85,211,957
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
391,440,024
 
 
   Fidelity Central Funds
 
1,483
 
 
 Foreign currency transactions
 
(27,094)
 
 
 Written options
 
10,178,308
 
 
Total net realized gain (loss)
 
 
 
401,592,721
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
884,780,784
 
 
   Fidelity Central Funds
 
(17,628)
 
 
 Assets and liabilities in foreign currencies
 
69,840
 
 
 Written options
 
(1,064,380)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
883,768,616
Net gain (loss)
 
 
 
1,285,361,337
Net increase (decrease) in net assets resulting from operations
 
 
$
1,370,573,294
Statement of Changes in Net Assets
 
 
Six months ended
January 31, 2026
(Unaudited)
 
Year ended
July 31, 2025
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
85,211,957
$
152,681,526
Net realized gain (loss)
 
401,592,721
 
1,095,465,819
Change in net unrealized appreciation (depreciation)
 
883,768,616
 
753,846,006
Net increase (decrease) in net assets resulting from operations
 
1,370,573,294
 
2,001,993,351
Distributions to shareholders
 
(1,180,984,034)
 
(728,201,156)
 
 
 
 
 
Share transactions - net increase (decrease)
 
1,657,104,320
 
567,743,618
Total increase (decrease) in net assets
 
1,846,693,580
 
1,841,535,813
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
12,598,565,070
 
10,757,029,257
End of period
$
14,445,258,650
$
12,598,565,070
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Growth & Income Fund Class A
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
69.46
$
62.51
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.35
 
.24
     Net realized and unrealized gain (loss)
 
6.56
 
7.08
  Total from investment operations
 
6.91  
 
7.32  
  Distributions from net investment income
 
(.45)
 
(.36)
  Distributions from net realized gain
 
(5.72)
 
- D
     Total distributions
 
(6.17)
 
(.37) E
  Net asset value, end of period
$
70.20
$
69.46
 Total Return F,G,H
 
10.54
%
 
11.78%
 Ratios to Average Net Assets C,I,J
 
 
 
 
    Expenses before reductions
 
.81% K
 
.82% K
    Expenses net of fee waivers, if any
 
.81
% K
 
.82% K
    Expenses net of all reductions, if any
 
.81% K
 
.82% K
    Net investment income (loss)
 
1.01% K
 
1.04% K
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
733,022
$
668,894
    Portfolio turnover rate L
 
18
% K
 
15% M
 
AFor the period March 20, 2025 (commencement of sale of shares) through July 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet 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.
DAmount represents less than $.005 per share.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HTotal returns do not include the effect of the sales charges.
IFees 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.
JExpense 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.
KAnnualized.
LAmount 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.
MThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity Advisor® Growth & Income Fund Class M
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
69.44
$
62.51
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.26
 
.18
     Net realized and unrealized gain (loss)
 
6.56
 
7.08
  Total from investment operations
 
6.82  
 
7.26  
  Distributions from net investment income
 
(.36)
 
(.33)
  Distributions from net realized gain
 
(5.72)
 
- D
     Total distributions
 
(6.08)
 
(.33)
  Net asset value, end of period
$
70.18
$
69.44
 Total Return E,F,G
 
10.40
%
 
11.69%
 Ratios to Average Net Assets C,H,I
 
 
 
 
    Expenses before reductions
 
1.06% J
 
1.07% J
    Expenses net of fee waivers, if any
 
1.06
% J
 
1.07% J
    Expenses net of all reductions, if any
 
1.06% J
 
1.07% J
    Net investment income (loss)
 
.76% J
 
.79% J
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
246,334
$
232,932
    Portfolio turnover rate K
 
18
% J
 
15% L
 
AFor the period March 20, 2025 (commencement of sale of shares) through July 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet 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.
DAmount represents less than $.005 per share.
ETotal returns for periods of less than one year are not annualized.
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.
JAnnualized.
KAmount 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.
LThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity Advisor® Growth & Income Fund Class C
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
69.38
$
62.51
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.09
 
.07
     Net realized and unrealized gain (loss)
 
6.54
 
7.06
  Total from investment operations
 
6.63  
 
7.13  
  Distributions from net investment income
 
(.20)
 
(.26)
  Distributions from net realized gain
 
(5.72)
 
- D
     Total distributions
 
(5.91) E
 
(.26)
  Net asset value, end of period
$
70.10
$
69.38
 Total Return F,G,H
 
10.12
%
 
11.48%
 Ratios to Average Net Assets B,I,J
 
 
 
 
    Expenses before reductions
 
1.56% K
 
1.57% K
    Expenses net of fee waivers, if any
 
1.56
% K
 
1.57% K
    Expenses net of all reductions, if any
 
1.56% K
 
1.57% K
    Net investment income (loss)
 
.26% K
 
.28% K
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
74,394
$
67,497
    Portfolio turnover rate L
 
18
% K
 
15% M
 
AFor the period March 20, 2025 (commencement of sale of shares) through July 31, 2025.
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.
CCalculated based on average shares outstanding during the period.
DAmount represents less than $.005 per share.
ETotal distributions per share do not sum due to rounding.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HTotal returns do not include the effect of the contingent deferred sales charge.
IFees 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.
JExpense 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.
KAnnualized.
LAmount 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.
MThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity® Growth & Income Portfolio
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
69.50
$
62.78
$
54.20
$
48.92
$
51.87
$
38.15
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.45
 
.87
 
.85
 
.84
 
.76
 
.78
     Net realized and unrealized gain (loss)
 
6.56
 
10.05
 
9.84
 
6.13
 
(.61)
 
14.49
  Total from investment operations
 
7.01  
 
10.92  
 
10.69  
 
6.97  
 
.15
 
15.27
  Distributions from net investment income
 
(.55)
 
(.88)
 
(.84)
 
(.86)
 
(1.06)
 
(.79)
  Distributions from net realized gain
 
(5.72)
 
(3.32)
 
(1.27)
 
(.83)
 
(2.05)
 
(.75)
     Total distributions
 
(6.27)
 
(4.20)
 
(2.11)
 
(1.69)
 
(3.10) C
 
(1.55) C
  Net asset value, end of period
$
70.24
$
69.50
$
62.78
$
54.20
$
48.92
$
51.87
 Total Return D,E
 
10.69
%
 
18.36%
 
20.41%
 
14.77%
 
.26%
 
41.01%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.52% H
 
.53%
 
.56%
 
.58%
 
.57%
 
.58%
    Expenses net of fee waivers, if any
 
.52
% H
 
.53%
 
.56%
 
.58%
 
.57%
 
.58%
    Expenses net of all reductions, if any
 
.52% H
 
.53%
 
.56%
 
.58%
 
.57%
 
.58%
    Net investment income (loss)
 
1.31% H
 
1.36%
 
1.52%
 
1.71%
 
1.51%
 
1.71%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
11,260,517
$
10,506,100
$
9,390,438
$
8,277,107
$
7,360,433
$
7,218,934
    Portfolio turnover rate I
 
18
% H
 
15% J
 
19%
 
13%
 
12%
 
16%
 
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.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
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.
HAnnualized.
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.
JThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity® Growth & Income Portfolio Class K
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
69.46
$
62.71
$
54.14
$
48.86
$
51.82
$
38.11
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.47
 
.91
 
.90
 
.89
 
.81
 
.81
     Net realized and unrealized gain (loss)
 
6.56
 
10.06
 
9.83
 
6.13
 
(.62)
 
14.48
  Total from investment operations
 
7.03  
 
10.97  
 
10.73  
 
7.02  
 
.19
 
15.29
  Distributions from net investment income
 
(.62)
 
(.89)
 
(.89)
 
(.91)
 
(1.10)
 
(.83)
  Distributions from net realized gain
 
(5.72)
 
(3.32)
 
(1.27)
 
(.83)
 
(2.05)
 
(.75)
     Total distributions
 
(6.34)
 
(4.22) C
 
(2.16)
 
(1.74)
 
(3.15)
 
(1.58)
  Net asset value, end of period
$
70.15
$
69.46
$
62.71
$
54.14
$
48.86
$
51.82
 Total Return D,E
 
10.73
%
 
18.46%
 
20.52%
 
14.89%
 
.33%
 
41.15%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.45% H
 
.46%
 
.47%
 
.49%
 
.49%
 
.49%
    Expenses net of fee waivers, if any
 
.45
% H
 
.46%
 
.47%
 
.48%
 
.48%
 
.49%
    Expenses net of all reductions, if any
 
.45% H
 
.45%
 
.47%
 
.48%
 
.48%
 
.49%
    Net investment income (loss)
 
1.38% H
 
1.43%
 
1.61%
 
1.80%
 
1.60%
 
1.80%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
1,643,185
$
687,569
$
1,366,591
$
1,079,945
$
323,298
$
850,210
    Portfolio turnover rate I
 
18
% H
 
15% J
 
19%
 
13%
 
12%
 
16%
 
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.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
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.
HAnnualized.
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.
JThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity Advisor® Growth & Income Fund Class I
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
69.50
$
62.51
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.43
 
.30
     Net realized and unrealized gain (loss)
 
6.56
 
7.09
  Total from investment operations
 
6.99  
 
7.39  
  Distributions from net investment income
 
(.54)
 
(.40)
  Distributions from net realized gain
 
(5.72)
 
- D
     Total distributions
 
(6.26)
 
(.40)
  Net asset value, end of period
$
70.23
$
69.50
 Total Return E,F
 
10.66
%
 
11.90%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
.56% I
 
.57% I
    Expenses net of fee waivers, if any
 
.56
% I
 
.57% I
    Expenses net of all reductions, if any
 
.56% I
 
.57% I
    Net investment income (loss)
 
1.26% I
 
1.29% I
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
278,489
$
248,605
    Portfolio turnover rate J
 
18
% I
 
15% K
 
AFor the period March 20, 2025 (commencement of sale of shares) through July 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet 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.
DAmount represents less than $.005 per share.
ETotal returns for periods of less than one year are not annualized.
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.
IAnnualized.
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.
KThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity Advisor® Growth & Income Fund Class Z
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
69.49
$
62.51
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
.47
 
.32
     Net realized and unrealized gain (loss)
 
6.56
 
7.08
  Total from investment operations
 
7.03  
 
7.40  
  Distributions from net investment income
 
(.58)
 
(.42)
  Distributions from net realized gain
 
(5.72)
 
- D
     Total distributions
 
(6.30)
 
(.42)
  Net asset value, end of period
$
70.22
$
69.49
 Total Return E,F
 
10.73
%
 
11.92%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
.45% I
 
.46% I
    Expenses net of fee waivers, if any
 
.45
% I
 
.45% I
    Expenses net of all reductions, if any
 
.44% I
 
.45% I
    Net investment income (loss)
 
1.38% I
 
1.39% I
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
209,318
$
186,970
    Portfolio turnover rate J
 
18
% I
 
15% K
 
AFor the period March 20, 2025 (commencement of sale of shares) through July 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet 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.
DAmount represents less than $.005 per share.
ETotal returns for periods of less than one year are not annualized.
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.
IAnnualized.
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.
KThe portfolio turnover rate does not include the assets acquired in the reorganization.
Notes to Financial Statements
 (Unaudited)
For the period ended January 31, 2026
 
1. Organization.
Fidelity Growth & Income Portfolio (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Growth & Income Portfolio, Class K, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Preferred securities and U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2026 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, losses deferred due to wash sales and options transactions.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$6,835,885,679
Gross unrealized depreciation
(286,851,284)
Net unrealized appreciation (depreciation)
$6,549,034,395
Tax cost
$8,114,457,032
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Options. Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date. Exchange-traded options were used to manage exposure to the market.
 
Upon entering into an options contract, a fund will pay or receive a premium. Premiums paid on purchased options are reflected as cost of investments and premiums received on written options are reflected as a liability on the Statement of Assets and Liabilities. Certain options may be purchased or written with premiums to be paid or received on a future date. Options are valued daily and any unrealized appreciation (depreciation) is reflected in total accumulated earnings (loss) in the Statement of Assets and Liabilities. When an option is exercised, the cost or proceeds of the underlying instrument purchased or sold is adjusted by the amount of the premium. When an option is closed, a gain or loss is realized depending on whether the proceeds or amount paid for the closing sale transaction is greater or less than the premium received or paid. When an option expires, gains and losses are realized to the extent of premiums received and paid, respectively. The net realized and unrealized gains (losses) on purchased options are included in the Statement of Operations in net realized gain (loss) and change in net unrealized appreciation (depreciation) on investment securities. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.
 
Any open options at period end are presented in the Schedule of Investments under the captions "Purchased Options," "Purchased Swaptions," "Written Options" and "Written Swaptions," as applicable, and are representative of volume of activity during the period.
 
Writing puts and buying calls tend to increase exposure to the underlying instrument while buying puts and writing calls tend to decrease exposure to the underlying instrument. For purchased options, risk of loss is limited to the premium paid, and for written options, risk of loss is the change in value in excess of the premium received.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and -kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Growth & Income Portfolio
1,612,962,908
1,158,315,303
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
 
The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.60
Class M
.59
Class C
.61
Growth and Income
.54
Class K
.45
Class I
.61
Class Z
.45
 
One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.55
Class M
.55
Class C
.55
Growth and Income
.51
Class K
.44
Class I
.55
Class Z
.44
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees ($)
Retained by FDC ($)
Class A
 - %
 .25%
870,028
13,209
Class M
 .25%
 .25%
 594,019
 594
Class C
 .75%
 .25%
 354,499
 57,185
 
 
 
1,818,546
70,988
 
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
 93,844
Class M
 6,527
Class CA
 354
 
     100,725
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
 
Fidelity Growth & Income Portfolio
$60,625
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity Growth & Income Portfolio
 26,198
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Growth & Income Portfolio
 72,839,748
 78,031,515
 38,435,207
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
Amount ($)
Fidelity Growth & Income Portfolio
10,488
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Growth & Income Portfolio
40,415
 2,074
-
9. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $46,441.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $6,291.
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
January 31, 2026
Year ended
July 31, 2025A
Fidelity Growth & Income Portfolio
 
 
Distributions to shareholders
 
 
Class A
$60,448,172
 $3,520,397
Class M
 20,392,373
 1,115,703
Class C
 5,884,973
 256,334
Growth and Income
 954,609,663
 631,747,017
Class K
 98,245,073
 89,048,772
Class I
 23,614,417
 1,489,563
Class Z
17,789,363
  1,023,370
Total  
$1,180,984,034
$728,201,156
 
A Distributions for Class A, Class M, Class C, Class I and Class Z are for the period March 20, 2025 (commencement of sale of shares) through July 31, 2025.
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 January 31, 2026
Year ended
 July 31, 2025A
Six months ended
 January 31, 2026
Year ended
 July 31, 2025A
Fidelity Growth & Income Portfolio
 
 
 
 
Class A
 
 
 
 
Shares sold
596,064
437,926
$40,935,740
$28,088,010
Issued in exchange for the shares of the Acquired Fund(s)
-
9,556,781
-
586,499,971
Reinvestment of distributions 
869,360
55,050
58,266,100
3,386,803
Shares redeemed
(652,770)
(419,972)
(44,677,335)
(26,604,761)
Net increase (decrease)
812,654
9,629,785
$54,524,505
$591,370,023
Class M
 
 
 
 
Shares sold
111,271
117,610
$7,619,353
$7,341,688
Issued in exchange for the shares of the Acquired Fund(s)
-
3,353,383
-
205,797,269
Reinvestment of distributions 
298,422
18,035
19,983,645
1,094,526
Shares redeemed
(253,900)
(134,606)
(17,364,870)
(8,504,158)
Net increase (decrease)
155,793
3,354,422
$10,238,128
$205,729,325
Class C
 
 
 
 
Shares sold
124,165
78,012
$8,486,819
$5,030,571
Issued in exchange for the shares of the Acquired Fund(s)
-
985,180
-
60,450,580
 
Reinvestment of distributions 
83,718
4,090
5,596,359
240,625
Shares redeemed
(119,497)
(94,440)
(8,176,800)
(5,895,471)
Net increase (decrease)
88,386
972,842
$5,906,378
$59,826,305
Growth and Income
 
 
 
 
Shares sold
5,636,168
11,304,041
$387,626,939
$719,735,117
Reinvestment of distributions 
13,054,194
9,353,428
875,754,009
580,207,770
Shares redeemed
(9,546,179)
(19,061,067)
(654,819,901)
(1,205,234,270)
Net increase (decrease)
9,144,183
1,596,402
$608,561,047
$94,708,617
Class K
 
 
 
 
Shares sold
13,148,393
2,660,510
$908,630,968
$169,715,018
Reinvestment of distributions 
1,460,462
1,438,734
98,245,073
89,048,772
Shares redeemed
(1,083,595)
(15,991,869)
(74,403,811)
(1,027,556,696)
Net increase (decrease)
13,525,260
(11,892,625)
$932,472,230
$(768,792,906)
Class I
 
 
 
 
Shares sold
729,433
276,945
$50,040,028
$17,659,752
Issued in exchange for the shares of the Acquired Fund(s)
-
3,856,664
-
236,722,041
Reinvestment of distributions 
327,762
22,699
21,994,041
1,404,015
Shares redeemed
(669,188)
(579,017)
(45,851,118)
(35,016,560)
Net increase (decrease)
388,007
3,577,291
$26,182,951
$220,769,248
Class Z
 
 
 
 
Shares sold
660,321
768,143
$44,985,474
$46,582,529
Issued in exchange for the shares of the Acquired Fund(s)
-
2,100,705
-
128,941,199
Reinvestment of distributions 
221,081
14,880
14,844,143
938,105
Shares redeemed
(591,200)
(193,144)
(40,610,536)
(12,328,827)
Net increase (decrease)
290,202
2,690,584
$19,219,081
$164,133,006
 
A Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period March 20, 2025 (commencement of sale of shares) through July 31, 2025.
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
14. Prior Fiscal Year Reorganization Information.
On March 28, 2025, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Growth & Income Fund ("Acquired Fund") pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees ("The Board"). The securities held by the Acquired Fund were the primary assets acquired by the Fund. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on March 20, 2025. The acquisition was accomplished by an exchange of shares of each class of the Fund for corresponding shares then outstanding of the Acquired Fund at its respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.
 
Acquired Fund and Share Class
Investments $
Unrealized appreciation (depreciation) $
Net Assets $
Shares Exchanged
Shares Exchanged Ratio
Fidelity Advisor Growth & Income Fund
1,217,804,274
455,899,046
 
 
 
Class A
 
 
586,499,971
14,700,013
0.6501205801
Class M
 
 
205,797,269
5,142,382
0.6521068926
Class C
 
 
60,450,580
1,665,753
0.5914325293
Class I
 
 
236,722,041
5,754,284
0.6702248289
Class Z
 
 
128,941,199
3,127,108
0.6717725644
 
Acquiring Fund
Net Assets $
Total net assets after the acquisition $
Fidelity Growth & Income Portfolio
10,296,050,234
11,514,461,294
 
Pro forma results of operations of the combined entity for the entire period ended July 31, 2025, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:
 
Net investment income (loss)
$162,067,797
Total net realized gain (loss)
1,137,096,885
Total change in net unrealized appreciation (depreciation)
744,347,394
Net increase (decrease) in net assets resulting from operations
$2,043,512,076
 
Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the acquired fund that have been included in the Fund's Statement of Operations since March 28, 2025.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.700483.129
GAI-SANN-0426
Fidelity® Dividend Growth Fund
 
 
 
 
Semi-Annual Report
January 31, 2026
Includes Fidelity and Fidelity Advisor share classes

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Dividend Growth Fund

Notes to Financial Statements

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.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2026 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Dividend Growth Fund
Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.8%
 
 
Shares
Value ($)
 
AUSTRALIA - 0.2%
 
 
 
Materials - 0.2%
 
 
 
Metals & Mining - 0.2%
 
 
 
Glencore PLC
 
2,615,900
17,833,523
BERMUDA - 0.2%
 
 
 
Industrials - 0.2%
 
 
 
Marine Transportation - 0.2%
 
 
 
Himalaya Shipping Ltd
 
488,053
5,250,225
Himalaya Shipping Ltd (United States) (a)
 
1,540,100
16,725,486
 
 
 
 
TOTAL BERMUDA
 
 
21,975,711
BRAZIL - 0.5%
 
 
 
Materials - 0.5%
 
 
 
Metals & Mining - 0.5%
 
 
 
Wheaton Precious Metals Corp
 
425,300
56,030,968
CANADA - 3.0%
 
 
 
Energy - 1.2%
 
 
 
Oil, Gas & Consumable Fuels - 1.2%
 
 
 
Imperial Oil Ltd (a)
 
465,300
47,010,113
Teekay Tankers Ltd Class A
 
1,303,262
84,086,465
TOTAL ENERGY
 
 
131,096,578
Financials - 1.8%
 
 
 
Capital Markets - 1.8%
 
 
 
Brookfield Corp Class A (United States)
 
4,137,800
188,476,790
TOTAL CANADA
 
 
319,573,368
GERMANY - 0.4%
 
 
 
Industrials - 0.4%
 
 
 
Electrical Equipment - 0.4%
 
 
 
Siemens Energy AG (b)
 
273,400
46,844,997
KOREA (SOUTH) - 1.5%
 
 
 
Information Technology - 1.5%
 
 
 
Semiconductors & Semiconductor Equipment - 1.2%
 
 
 
SK Hynix Inc
 
211,070
132,252,473
Technology Hardware, Storage & Peripherals - 0.3%
 
 
 
Samsung Electronics Co Ltd
 
272,890
30,190,900
TOTAL KOREA (SOUTH)
 
 
162,443,373
MEXICO - 0.1%
 
 
 
Energy - 0.1%
 
 
 
Energy Equipment & Services - 0.1%
 
 
 
Borr Drilling Ltd (a)
 
2,454,349
11,486,352
NETHERLANDS - 0.3%
 
 
 
Information Technology - 0.3%
 
 
 
Semiconductors & Semiconductor Equipment - 0.3%
 
 
 
BE Semiconductor Industries NV
 
158,600
30,925,426
NORWAY - 0.6%
 
 
 
Energy - 0.1%
 
 
 
Oil, Gas & Consumable Fuels - 0.1%
 
 
 
Bruton Ltd
 
1,628,340
8,876,782
Industrials - 0.5%
 
 
 
Marine Transportation - 0.5%
 
 
 
2020 Bulkers Ltd (d)
 
1,487,081
22,096,598
Stolt-Nielsen Ltd
 
1,084,900
34,077,385
TOTAL INDUSTRIALS
 
 
56,173,983
TOTAL NORWAY
 
 
65,050,765
TAIWAN - 2.1%
 
 
 
Information Technology - 2.1%
 
 
 
Semiconductors & Semiconductor Equipment - 2.1%
 
 
 
Taiwan Semiconductor Manufacturing Co Ltd
 
546,000
30,100,715
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
592,380
195,817,133
 
 
 
 
TOTAL TAIWAN
 
 
225,917,848
UNITED KINGDOM - 1.7%
 
 
 
Consumer Discretionary - 0.2%
 
 
 
Household Durables - 0.2%
 
 
 
Vistry Group PLC (b)
 
2,260,500
20,575,668
Consumer Staples - 1.4%
 
 
 
Tobacco - 1.4%
 
 
 
British American Tobacco PLC
 
2,413,082
145,782,974
Energy - 0.1%
 
 
 
Energy Equipment & Services - 0.1%
 
 
 
Subsea 7 SA
 
469,200
11,965,684
TOTAL UNITED KINGDOM
 
 
178,324,326
UNITED STATES - 88.7%
 
 
 
Communication Services - 12.5%
 
 
 
Diversified Telecommunication Services - 0.5%
 
 
 
Comcast Corp Class A
 
1,978,542
58,861,625
Interactive Media & Services - 11.6%
 
 
 
Alphabet Inc Class A
 
2,459,300
831,243,400
Match Group Inc
 
395,900
12,332,285
Meta Platforms Inc Class A
 
558,300
400,021,950
 
 
 
1,243,597,635
Media - 0.0%
 
 
 
Versant Media Group Inc Class A
 
70,309
2,290,667
Wireless Telecommunication Services - 0.4%
 
 
 
T-Mobile US Inc
 
232,900
45,930,209
TOTAL COMMUNICATION SERVICES
 
 
1,350,680,136
Consumer Discretionary - 3.4%
 
 
 
Distributors - 0.4%
 
 
 
Gold.com Inc
 
931,700
48,308,645
Diversified Consumer Services - 0.4%
 
 
 
Service Corp International/US
 
570,400
45,877,272
Hotels, Restaurants & Leisure - 1.1%
 
 
 
Carnival Corp (b)
 
678,600
20,371,572
Hilton Worldwide Holdings Inc
 
81,900
24,447,969
Marriott International Inc/MD Class A1
 
103,900
32,759,670
Starbucks Corp
 
900
82,755
Vail Resorts Inc (a)
 
333,500
44,378,845
 
 
 
122,040,811
Household Durables - 1.5%
 
 
 
DR Horton Inc
 
108,300
16,119,372
PulteGroup Inc
 
34,800
4,353,132
Somnigroup International Inc
 
1,166,300
102,459,455
Whirlpool Corp (a)
 
298,600
23,885,014
 
 
 
146,816,973
TOTAL CONSUMER DISCRETIONARY
 
 
363,043,701
Consumer Staples - 2.5%
 
 
 
Beverages - 1.0%
 
 
 
Constellation Brands Inc Class A
 
234,000
36,667,800
Keurig Dr Pepper Inc
 
2,705,800
74,247,152
 
 
 
110,914,952
Household Products - 0.1%
 
 
 
Reynolds Consumer Products Inc
 
607,200
14,068,824
Tobacco - 1.4%
 
 
 
Philip Morris International Inc
 
784,200
140,716,848
TOTAL CONSUMER STAPLES
 
 
265,700,624
Energy - 7.2%
 
 
 
Energy Equipment & Services - 1.4%
 
 
 
Archrock Inc
 
2,275,351
67,327,636
Kodiak Gas Services Inc
 
1,875,200
78,777,152
 
 
 
146,104,788
Oil, Gas & Consumable Fuels - 5.8%
 
 
 
Black Stone Minerals LP
 
2,132,080
31,490,822
Cheniere Energy Inc
 
95,800
20,263,615
ConocoPhillips
 
288,500
30,070,355
Core Natural Resources Inc
 
446,742
42,610,252
DHT Holdings Inc
 
1,590,200
22,787,566
Energy Transfer LP
 
2,745,500
50,654,475
Enterprise Products Partners LP
 
3,093,500
102,673,265
Exxon Mobil Corp
 
1,179,319
166,755,707
MPLX LP
 
1,259,500
70,406,050
Shell PLC ADR
 
1,210,800
93,267,924
 
 
 
630,980,031
TOTAL ENERGY
 
 
777,084,819
Financials - 14.1%
 
 
 
Banks - 2.4%
 
 
 
Bank of America Corp
 
2,324,900
123,684,680
Wells Fargo & Co
 
1,450,483
131,254,207
 
 
 
254,938,887
Capital Markets - 5.3%
 
 
 
Ares Capital Corp (a)
 
929,298
18,483,737
Blue Owl Capital Corp
 
10,692,554
128,310,648
Blue Owl Capital Inc Class A (a)
 
11,421,900
155,794,716
Cboe Global Markets Inc
 
301,500
79,915,590
Intercontinental Exchange Inc
 
467,100
81,172,638
Jefferies Financial Group Inc
 
292,600
17,901,268
KKR & Co Inc Class A
 
268,800
30,713,088
LPL Financial Holdings Inc
 
67,500
24,603,750
Raymond James Financial Inc
 
214,200
35,527,212
 
 
 
572,422,647
Consumer Finance - 0.0%
 
 
 
FirstCash Holdings Inc
 
65,700
11,201,850
Financial Services - 3.8%
 
 
 
Apollo Global Management Inc
 
1,045,900
140,715,386
Mastercard Inc Class A
 
129,900
69,988,821
UWM Holdings Corp Class A (a)
 
12,462,600
61,191,366
Visa Inc Class A
 
415,416
133,693,331
 
 
 
405,588,904
Insurance - 2.6%
 
 
 
Arthur J Gallagher & Co
 
248,100
61,868,697
Chubb Ltd
 
204,600
63,335,976
Marsh & McLennan Cos Inc
 
343,200
64,586,808
Travelers Companies Inc/The
 
149,100
42,420,441
W R Berkley Corp (a)
 
682,600
46,812,708
 
 
 
279,024,630
TOTAL FINANCIALS
 
 
1,523,176,918
Health Care - 6.1%
 
 
 
Biotechnology - 0.4%
 
 
 
Gilead Sciences Inc
 
303,200
43,039,240
Health Care Equipment & Supplies - 0.4%
 
 
 
Baxter International Inc
 
1,990,900
39,957,363
Health Care Providers & Services - 1.4%
 
 
 
Cigna Group/The
 
189,300
51,889,023
Humana Inc
 
175,200
34,199,040
UnitedHealth Group Inc
 
242,503
69,581,386
 
 
 
155,669,449
Life Sciences Tools & Services - 1.6%
 
 
 
Bruker Corp (a)
 
917,500
40,636,075
Danaher Corp
 
178,800
39,137,532
Thermo Fisher Scientific Inc
 
165,700
95,875,677
 
 
 
175,649,284
Pharmaceuticals - 2.3%
 
 
 
Eli Lilly & Co
 
78,800
81,727,420
Merck & Co Inc
 
398,900
43,986,703
Royalty Pharma PLC Class A
 
2,758,800
114,986,784
 
 
 
240,700,907
TOTAL HEALTH CARE
 
 
655,016,243
Industrials - 15.9%
 
 
 
Aerospace & Defense - 3.9%
 
 
 
Boeing Co (b)
 
1,333,540
311,674,969
GE Aerospace
 
136,037
41,734,791
General Dynamics Corp
 
43,600
15,307,524
Huntington Ingalls Industries Inc
 
125,600
52,816,056
 
 
 
421,533,340
Air Freight & Logistics - 0.7%
 
 
 
United Parcel Service Inc Class B
 
738,300
78,422,226
Building Products - 0.5%
 
 
 
A O Smith Corp (a)
 
738,700
54,287,063
Construction & Engineering - 1.1%
 
 
 
EMCOR Group Inc
 
162,400
117,046,552
Electrical Equipment - 3.0%
 
 
 
GE Vernova Inc
 
298,233
216,627,504
Regal Rexnord Corp
 
249,400
40,278,100
Vertiv Holdings Co Class A
 
341,844
63,644,516
 
 
 
320,550,120
Machinery - 4.7%
 
 
 
Allison Transmission Holdings Inc
 
1,618,945
175,979,322
Cummins Inc
 
94,900
54,930,018
Otis Worldwide Corp
 
477,500
40,788,050
PACCAR Inc
 
478,900
58,861,599
Westinghouse Air Brake Technologies Corp
 
747,800
172,098,692
 
 
 
502,657,681
Passenger Airlines - 0.2%
 
 
 
Delta Air Lines Inc
 
285,800
18,831,362
Professional Services - 1.7%
 
 
 
Paycom Software Inc (a)
 
595,900
80,297,525
SS&C Technologies Holdings Inc
 
1,317,842
107,918,081
 
 
 
188,215,606
Trading Companies & Distributors - 0.1%
 
 
 
Applied Industrial Technologies Inc
 
58,000
15,103,780
TOTAL INDUSTRIALS
 
 
1,716,647,730
Information Technology - 21.4%
 
 
 
Electronic Equipment, Instruments & Components - 0.0%
 
 
 
Vontier Corp
 
6,702
251,325
Semiconductors & Semiconductor Equipment - 10.7%
 
 
 
Broadcom Inc
 
626,200
207,460,060
Marvell Technology Inc
 
315,150
24,871,638
NVIDIA Corp
 
4,772,825
912,230,043
 
 
 
1,144,561,741
Software - 5.1%
 
 
 
Intuit Inc
 
29,000
14,468,680
Microsoft Corp
 
1,202,600
517,466,754
Salesforce Inc
 
108,200
22,969,778
 
 
 
554,905,212
Technology Hardware, Storage & Peripherals - 5.6%
 
 
 
Apple Inc
 
541,568
140,526,065
GPGI Inc (c)
 
1,900,804
44,801,950
GPGI Inc Class A (b)
 
135,100
3,184,307
Seagate Technology Holdings PLC
 
491,400
200,338,866
Western Digital Corp
 
878,800
219,902,124
 
 
 
608,753,312
TOTAL INFORMATION TECHNOLOGY
 
 
2,308,471,590
Materials - 2.4%
 
 
 
Chemicals - 0.3%
 
 
 
Corteva Inc
 
143,600
10,454,080
LyondellBasell Industries NV Class A1
 
510,900
25,034,100
 
 
 
35,488,180
Containers & Packaging - 0.3%
 
 
 
Smurfit WestRock PLC
 
719,300
29,944,459
Metals & Mining - 1.8%
 
 
 
Coeur Mining Inc (b)
 
807,400
16,503,256
Newmont Corp
 
760,300
85,419,705
Royal Gold Inc
 
362,600
95,476,206
 
 
 
197,399,167
TOTAL MATERIALS
 
 
262,831,806
Real Estate - 2.4%
 
 
 
Health Care REITs - 0.8%
 
 
 
Ventas Inc
 
1,095,100
85,056,417
Real Estate Management & Development - 0.4%
 
 
 
St Joe Co/The
 
724,000
47,921,560
Retail REITs - 0.3%
 
 
 
Simon Property Group Inc
 
187,700
35,908,887
Specialized REITs - 0.9%
 
 
 
Millrose Properties Inc Class A (a)
 
3,043,600
90,699,280
TOTAL REAL ESTATE
 
 
259,586,144
Utilities - 0.8%
 
 
 
Electric Utilities - 0.8%
 
 
 
Edison International
 
210,200
13,091,256
Exelon Corp
 
375,930
16,834,145
NextEra Energy Inc
 
626,600
55,078,140
TOTAL UTILITIES
 
 
85,003,541
TOTAL UNITED STATES
 
 
9,567,243,252
ZAMBIA - 0.5%
 
 
 
Materials - 0.5%
 
 
 
Metals & Mining - 0.5%
 
 
 
First Quantum Minerals Ltd (b)
 
2,070,300
58,521,534
 
TOTAL COMMON STOCKS
 (Cost $6,888,036,797)
 
 
 
10,762,171,443
 
 
 
 
Money Market Funds - 2.4%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (e)
 
3.70
954
954
Fidelity Securities Lending Cash Central Fund (e)(f)
 
3.70
259,601,980
259,627,940
 
TOTAL MONEY MARKET FUNDS
 (Cost $259,628,894)
 
 
 
259,628,894
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.2%
 (Cost $7,147,665,691)
 
 
 
11,021,800,337
NET OTHER ASSETS (LIABILITIES) - (2.2)%  
(235,076,596)
NET ASSETS - 100.0%
10,786,723,741
 
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing.
 
(c)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $44,801,950 or 0.4% of net assets.
 
(d)
Affiliated company.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
GPGI Inc
11/3/2025
35,164,874
 
 
 
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
4,019,611
656,692,755
663,718,039
418,028
(1,044)
-
954
954
0.0%
Fidelity Securities Lending Cash Central Fund
101,632,686
1,805,637,567
1,647,625,220
309,513
(17,093)
-
259,627,940
259,601,980
0.8%
Total
105,652,297
2,462,330,322
2,311,343,259
727,541
(18,137)
-
259,628,894
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Purchases and sales proceeds exclude the value of securities received and delivered through reorganization transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) and Shares end of period columns means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
2020 Bulkers Ltd
15,738,068
2,512,760
-
1,304,914
-
3,845,770
22,096,598
1,487,081
Total
15,738,068
2,512,760
-
1,304,914
-
3,845,770
22,096,598
 
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Common Stocks
 
 
 
 
Communication Services
1,350,680,136
1,350,680,136
-
-
Consumer Discretionary
383,619,369
383,619,369
-
-
Consumer Staples
411,483,598
265,700,624
145,782,974
-
Energy
940,510,215
940,510,215
-
-
Financials
1,711,653,708
1,711,653,708
-
-
Health Care
655,016,243
655,016,243
-
-
Industrials
1,841,642,421
1,841,642,421
-
-
Information Technology
2,727,758,237
2,697,657,522
30,100,715
-
Materials
395,217,831
377,384,308
17,833,523
-
Real Estate
259,586,144
259,586,144
-
-
Utilities
85,003,541
85,003,541
-
-
 Money Market Funds
259,628,894
259,628,894
-
-
 Total Investments in Securities:
11,021,800,337
10,828,083,125
193,717,212
-
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of January 31, 2026 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value (including  securities loaned of $275,552,322) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $6,870,696,393)
$
10,740,074,845
 
 
Fidelity Central Funds (cost $259,628,894)
259,628,894
 
 
Other affiliated issuers (cost $17,340,404)
22,096,598
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $7,147,665,691)
 
 
$
11,021,800,337
Cash
 
 
1,134
Foreign currency held at value (cost $61,343)
 
 
64,324
Receivable for investments sold
 
 
89,427,631
Receivable for fund shares sold
 
 
3,812,962
Dividends receivable
 
 
8,244,836
Distributions receivable from Fidelity Central Funds
 
 
65,862
Prepaid expenses
 
 
5,332
Other receivables
 
 
35,726
  Total assets
 
 
11,123,458,144
Liabilities
 
 
 
 
Payable for investments purchased
$
39,273,944
 
 
Payable for fund shares redeemed
5,498,200
 
 
Accrued management fee
6,479,552
 
 
Distribution and service plan fees payable
399,251
 
 
Notes payable to affiliates
25,158,000
 
 
Other payables and accrued expenses
285,294
 
 
Collateral on securities loaned
259,640,162
 
 
  Total liabilities
 
 
 
336,734,403
Net Assets  
 
 
$
10,786,723,741
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
6,714,308,989
Total accumulated earnings (loss)
 
 
 
4,072,414,752
Net Assets
 
 
$
10,786,723,741
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($775,708,514 ÷ 17,386,632 shares)(a)
 
 
$
44.62
Maximum offering price per share (100/94.25 of $44.62)
 
 
$
47.34
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($461,076,077 ÷ 10,339,603 shares)(a)
 
 
$
44.59
Maximum offering price per share (100/96.50 of $44.59)
 
 
$
46.21
Class C :
 
 
 
 
Net Asset Value and offering price per share ($58,035,732 ÷ 1,302,052 shares)(a)
 
 
$
44.57
Dividend Growth :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($8,458,984,481 ÷ 189,415,186 shares)
 
 
$
44.66
Class K :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($527,701,708 ÷ 11,834,011 shares)
 
 
$
44.59
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($407,583,189 ÷ 9,132,385 shares)
 
 
$
44.63
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($97,634,040 ÷ 2,187,717 shares)
 
 
$
44.63
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
Six months ended January 31, 2026 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends (including $1,304,914 earned from affiliated issuers)
 
 
$
73,476,228
Interest  
 
 
205
Income from Fidelity Central Funds (including $309,513 from security lending)
 
 
727,541
 Total income
 
 
 
74,203,974
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
30,234,152
 
 
 Performance adjustment
530,884
 
 
Distribution and service plan fees
2,184,529
 
 
Custodian fees and expenses
50,830
 
 
Independent trustees' fees and expenses
19,980
 
 
Registration fees
135,230
 
 
Audit fees
67,288
 
 
Legal
7,241
 
 
Interest
27,977
 
 
Miscellaneous
13,872
 
 
 Total expenses before reductions
 
33,271,983
 
 
 Expense reductions
 
(79,363)
 
 
 Total expenses after reductions
 
 
 
33,192,620
Net Investment income (loss)
 
 
 
41,011,354
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
462,411,979
 
 
   Fidelity Central Funds
 
(18,137)
 
 
 Foreign currency transactions
 
33,264
 
 
Total net realized gain (loss)
 
 
 
462,427,106
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $34,922)  
 
934,635,798
 
 
   Affiliated issuers
 
3,845,770
 
 
 Assets and liabilities in foreign currencies
 
75,979
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
938,557,547
Net gain (loss)
 
 
 
1,400,984,653
Net increase (decrease) in net assets resulting from operations
 
 
$
1,441,996,007
Statement of Changes in Net Assets
 
 
Six months ended
January 31, 2026
(Unaudited)
 
Year ended
July 31, 2025
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
41,011,354
$
68,249,256
Net realized gain (loss)
 
462,427,106
 
946,223,960
Change in net unrealized appreciation (depreciation)
 
938,557,547
 
236,579,777
Net increase (decrease) in net assets resulting from operations
 
1,441,996,007
 
1,251,052,993
Distributions to shareholders
 
(792,151,913)
 
(736,239,547)
 
 
 
 
 
Share transactions - net increase (decrease)
 
2,101,480,112
 
(459,304,731)
Total increase (decrease) in net assets
 
2,751,324,206
 
55,508,715
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
8,035,399,535
 
7,979,890,820
End of period
$
10,786,723,741
$
8,035,399,535
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Dividend Growth Fund Class A
 
 
Six months ended
January 31, 2026
(Unaudited) A
  Selected Per-Share Data 
 
 
  Net asset value, beginning of period
$
41.80
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.11
     Net realized and unrealized gain (loss)
 
6.54
  Total from investment operations
 
6.65  
  Distributions from net investment income
 
(.41)
  Distributions from net realized gain
 
(3.42)
     Total distributions
 
(3.83)
  Net asset value, end of period
$
44.62
 Total Return D,E,F
 
16.97
%
 Ratios to Average Net Assets C,G,H
 
 
    Expenses before reductions
 
.91% I
    Expenses net of fee waivers, if any
 
.91
% I
    Expenses net of all reductions, if any
 
.91% I
    Net investment income (loss)
 
.53% I
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
775,709
    Portfolio turnover rate J
 
43
% I,K
 
AFor the period August 1, 2025 (commencement of sale of shares) through January 31, 2026.
BCalculated based on average shares outstanding during the period.
CNet 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.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
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.
IAnnualized.
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.
KThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity Advisor® Dividend Growth Fund Class M
 
 
Six months ended
January 31, 2026
(Unaudited) A
  Selected Per-Share Data 
 
 
  Net asset value, beginning of period
$
41.80
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.06
     Net realized and unrealized gain (loss)
 
6.52
  Total from investment operations
 
6.58  
  Distributions from net investment income
 
(.37)
  Distributions from net realized gain
 
(3.42)
     Total distributions
 
(3.79)
  Net asset value, end of period
$
44.59
 Total Return D,E,F
 
16.78
%
 Ratios to Average Net Assets C,G,H
 
 
    Expenses before reductions
 
1.16% I
    Expenses net of fee waivers, if any
 
1.16
% I
    Expenses net of all reductions, if any
 
1.16% I
    Net investment income (loss)
 
.28% I
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
461,076
    Portfolio turnover rate J
 
43
% I,K
 
AFor the period August 1, 2025 (commencement of sale of shares) through January 31, 2026.
BCalculated based on average shares outstanding during the period.
CNet 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.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
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.
IAnnualized.
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.
KThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity Advisor® Dividend Growth Fund Class C
 
 
Six months ended
January 31, 2026
(Unaudited) A
  Selected Per-Share Data 
 
 
  Net asset value, beginning of period
$
41.80
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
(.05)
     Net realized and unrealized gain (loss)
 
6.52
  Total from investment operations
 
6.47  
  Distributions from net investment income
 
(.29)
  Distributions from net realized gain
 
(3.42)
     Total distributions
 
(3.70) D
  Net asset value, end of period
$
44.57
 Total Return E,F,G
 
16.51
%
 Ratios to Average Net Assets C,H,I
 
 
    Expenses before reductions
 
1.66% J
    Expenses net of fee waivers, if any
 
1.66
% J
    Expenses net of all reductions, if any
 
1.66% J
    Net investment income (loss)
 
(.22)% J
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
58,036
    Portfolio turnover rate K
 
43
% J,L
 
AFor the period August 1, 2025 (commencement of sale of shares) through January 31, 2026.
BCalculated based on average shares outstanding during the period.
CNet 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.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
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.
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.
JAnnualized.
KAmount 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.
LThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity® Dividend Growth Fund
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
42.48
$
39.71
$
32.22
$
32.82
$
36.80
$
26.38
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.18
 
.35
 
.37
 
.47
 
.44
 
.42
     Net realized and unrealized gain (loss)
 
5.85
 
6.12
 
8.26
 
2.26
 
(1.37)
 
10.59
  Total from investment operations
 
6.03  
 
6.47  
 
8.63  
 
2.73  
 
(.93)
 
11.01
  Distributions from net investment income
 
(.43)
 
(.35)
 
(.47)
 
(.47)
 
(.55)
 
(.59)
  Distributions from net realized gain
 
(3.42)
 
(3.35)
 
(.67)
 
(2.85)
 
(2.50)
 
-
     Total distributions
 
(3.85)
 
(3.70)
 
(1.14)
 
(3.33) C
 
(3.05)
 
(.59)
  Net asset value, end of period
$
44.66
$
42.48
$
39.71
$
32.22
$
32.82
$
36.80
 Total Return D,E
 
15.25
%
 
17.62%
 
27.66%
 
9.39%
 
(2.83)%
 
42.42%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.62% H
 
.67%
 
.71%
 
.58%
 
.48%
 
.49%
    Expenses net of fee waivers, if any
 
.61
% H
 
.67%
 
.70%
 
.58%
 
.47%
 
.49%
    Expenses net of all reductions, if any
 
.61% H
 
.67%
 
.70%
 
.58%
 
.47%
 
.48%
    Net investment income (loss)
 
.87% H
 
.89%
 
1.07%
 
1.57%
 
1.27%
 
1.31%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
8,458,984
$
7,560,395
$
6,859,493
$
5,711,207
$
5,660,951
$
6,114,159
    Portfolio turnover rate I
 
43
% H,J
 
81% K
 
70%
 
66% K
 
52%
 
93%
 
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.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
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.
HAnnualized.
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.
JThe portfolio turnover rate does not include the assets acquired in the reorganization.
KPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® Dividend Growth Fund Class K
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
42.42
$
39.65
$
32.17
$
32.77
$
36.76
$
26.36
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.20
 
.38
 
.41
 
.50
 
.47
 
.44
     Net realized and unrealized gain (loss)
 
5.83
 
6.10
 
8.25
 
2.26
 
(1.37)
 
10.57
  Total from investment operations
 
6.03  
 
6.48  
 
8.66  
 
2.76  
 
(.90)
 
11.01
  Distributions from net investment income
 
(.45)
 
(.36)
 
(.50)
 
(.50)
 
(.59)
 
(.61)
  Distributions from net realized gain
 
(3.42)
 
(3.35)
 
(.67)
 
(2.85)
 
(2.50)
 
-
     Total distributions
 
(3.86) C
 
(3.71)
 
(1.18) C
 
(3.36) C
 
(3.09)
 
(.61)
  Net asset value, end of period
$
44.59
$
42.42
$
39.65
$
32.17
$
32.77
$
36.76
 Total Return D,E
 
15.29
%
 
17.68%
 
27.79%
 
9.51%
 
(2.75)%
 
42.53%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.55% H
 
.59%
 
.62%
 
.49%
 
.38%
 
.39%
    Expenses net of fee waivers, if any
 
.55
% H
 
.59%
 
.61%
 
.48%
 
.38%
 
.39%
    Expenses net of all reductions, if any
 
.55% H
 
.59%
 
.61%
 
.48%
 
.38%
 
.38%
    Net investment income (loss)
 
.94% H
 
.97%
 
1.16%
 
1.67%
 
1.36%
 
1.41%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
527,702
$
475,005
$
1,120,398
$
509,301
$
542,465
$
807,076
    Portfolio turnover rate I
 
43
% H,J
 
81% K
 
70%
 
66% K
 
52%
 
93%
 
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.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
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.
HAnnualized.
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.
JThe portfolio turnover rate does not include the assets acquired in the reorganization.
KPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Dividend Growth Fund Class I
 
 
Six months ended
January 31, 2026
(Unaudited) A
  Selected Per-Share Data 
 
 
  Net asset value, beginning of period
$
41.80
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.17
     Net realized and unrealized gain (loss)
 
6.52
  Total from investment operations
 
6.69  
  Distributions from net investment income
 
(.45)
  Distributions from net realized gain
 
(3.42)
     Total distributions
 
(3.86) D
  Net asset value, end of period
$
44.63
 Total Return E,F
 
17.09
%
 Ratios to Average Net Assets C,G,H
 
 
    Expenses before reductions
 
.66% I
    Expenses net of fee waivers, if any
 
.66
% I
    Expenses net of all reductions, if any
 
.66% I
    Net investment income (loss)
 
.80% I
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
407,583
    Portfolio turnover rate J
 
43
% I,K
 
AFor the period August 1, 2025 (commencement of sale of shares) through January 31, 2026.
BCalculated based on average shares outstanding during the period.
CNet 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.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
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.
IAnnualized.
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.
KThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity Advisor® Dividend Growth Fund Class Z
 
 
Six months ended
January 31, 2026
(Unaudited) A
  Selected Per-Share Data 
 
 
  Net asset value, beginning of period
$
41.80
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.19
     Net realized and unrealized gain (loss)
 
6.53
  Total from investment operations
 
6.72  
  Distributions from net investment income
 
(.47)
  Distributions from net realized gain
 
(3.42)
     Total distributions
 
(3.89)
  Net asset value, end of period
$
44.63
 Total Return D,E
 
17.16
%
 Ratios to Average Net Assets C,F,G
 
 
    Expenses before reductions
 
.55% H
    Expenses net of fee waivers, if any
 
.54
% H
    Expenses net of all reductions, if any
 
.54% H
    Net investment income (loss)
 
.90% H
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
97,634
    Portfolio turnover rate I
 
43
% H,J
 
AFor the period August 1, 2025 (commencement of sale of shares) through January 31, 2026.
BCalculated based on average shares outstanding during the period.
CNet 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.
DTotal returns for periods of less than one year are not annualized.
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.
HAnnualized.
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.
JThe portfolio turnover rate does not include the assets acquired in the reorganization.
Notes to Financial Statements
 (Unaudited)
For the period ended January 31, 2026
 
1. Organization.
Fidelity Dividend Growth Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund commenced sale of Class A, Class M, Class C, Class I and Class Z shares on August 1, 2025. The Fund offers Class A, Class M, Class C, Dividend Growth, Class K, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2026 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets and Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, futures contracts, passive foreign investment companies (PFIC), redemptions in-kind, partnerships and losses deferred due to wash sales and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$4,051,219,016
Gross unrealized depreciation
(214,977,137)
Net unrealized appreciation (depreciation)
$3,836,241,879
Tax cost
$7,185,558,458
 
The Fund elected to defer to its next fiscal year approximately $18,109,387 of capital losses recognized during the period November 1,2024 to July 31, 2025.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, securities acquired in the reorganization and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Dividend Growth Fund
2,085,774,732
2,449,633,796
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss on Investments ($)
Total Proceeds ($)
Fidelity Dividend Growth Fund
10,425,311
199,320,043
402,521,265
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
 
The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.70
Class M
.69
Class C
.72
Dividend Growth
.64
Class K
.55
Class I
.71
Class Z
.55
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.65
Class M
.65
Class C
.65
Dividend Growth
.60
Class K
.53
Class I
.65
Class Z
.53
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.
 
 
Performance Adjustment Index
Fidelity Dividend Growth Fund
S&P 500 Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Dividend Growth. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .01%.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees ($)
Retained by FDC ($)
Class A
 - %
 .25%
869,196
8,348
Class M
 .25%
 .25%
 1,052,966
 -
Class C
 .75%
 .25%
     262,367
 31,697
 
 
 
2,184,529
40,045
 
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
 72,300
Class M
 3,115
Class CA
 1,046
 
       76,461
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
 
Fidelity Dividend Growth Fund
$35,726
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity Dividend Growth Fund
 52,101
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. Any open loans, including accrued interest, at period end are presented as Notes payable to affiliates in the Statement of Assets and Liabilities. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity Dividend Growth Fund 
 Borrower
 13,768,526
4.23%
 27,977
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Dividend Growth Fund
 180,315,169
 99,285,532
 15,815,637
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
Amount ($)
Fidelity Dividend Growth Fund
7,218
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Dividend Growth Fund
32,703
 69
-
 
At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.
 
 
Amount ($)
Fidelity Dividend Growth Fund
27,151,225
8. Expense Reductions.
During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses and a portion of class-level operating expenses as follows:
 
 
Class-Level Amount ($)
Class A
 5,706
Class M
 3,470
Class C
 432
Dividend Growth
61,988
Class K
3,830
Class I
3,294
Class Z
643
Total
79,363
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
January 31, 2026A
Year ended
July 31, 2025
Fidelity Dividend Growth Fund
 
 
Distributions to shareholders
 
 
Class A
$22,689,677
 $ -
Class M
 13,312,695
 -
Class C
 1,548,765
 -
Dividend Growth
 695,671,928
 647,245,301
Class K
 43,625,320
 88,994,246
Class I
 12,552,448
 -
Class Z
  2,751,080
                 -
Total  
$792,151,913
$736,239,547
 
A Distributions for Class A, Class M, Class C, Class I and Class Z are for the period August 1, 2025 (commencement of sale of shares) through January 31, 2026.
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 January 31, 2026A 
Year ended
 July 31, 2025
Six months ended
 January 31, 2026A 
Year ended
 July 31, 2025
Fidelity Dividend Growth Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
682,234
-
$28,417,635
$ -
Issued in exchange for the shares of the Acquired Fund(s)
17,356,465
-
698,076,608
-
Reinvestment of distributions 
507,861
-
21,701,792
-
Shares redeemed
(1,159,928)
-
(49,066,831)
-
Net increase (decrease)
17,386,632
-
$699,129,204
$ -
Class M
 
 
 
 
Shares sold
336,937
-
$14,023,141
$ -
Issued in exchange for the shares of the Acquired Fund(s)
10,719,221
-
431,019,278
-
Reinvestment of distributions 
307,597
-
13,136,931
-
Shares redeemed
(1,024,152)
-
(43,223,428)
-
Net increase (decrease)
10,339,603
-
$414,955,922
$ -
Class C
 
 
 
 
Shares sold
94,496
-
$3,969,418
$ -
Issued in exchange for the shares of the Acquired Fund(s)
1,330,305
-
53,491,655
-
Reinvestment of distributions 
36,031
-
1,539,496
-
Shares redeemed
(158,780)
-
(6,676,847)
-
Net increase (decrease)
1,302,052
-
$52,323,722
$ -
Dividend Growth
 
 
 
 
Shares sold
6,954,081
22,536,616
$289,813,936
$872,369,212
Reinvestment of distributions 
16,002,523
16,043,805
654,703,521
611,000,572
Shares redeemed
(11,525,856)
(33,321,298)
(487,785,975)
(1,284,097,584)
Net increase (decrease)
11,430,748
5,259,123
$456,731,482
$199,272,200
Class K
 
 
 
 
Shares sold
1,067,324
2,674,552
$44,949,909
$103,589,988
Reinvestment of distributions 
1,068,045
2,352,752
43,625,320
88,994,246
Shares redeemed
(1,499,389)
(22,089,276)
(63,039,157)
(851,161,165)
Net increase (decrease)
635,980
(17,061,972)
$25,536,072
$(658,576,931)
Class I
 
 
 
 
Shares sold
386,354
-
$16,017,844
$ -
Issued in exchange for the shares of the Acquired Fund(s)
10,243,583
-
411,997,266
-
Reinvestment of distributions 
289,226
-
12,354,099
-
Shares redeemed
(1,786,778)
-
(76,302,183)
-
Net increase (decrease)
9,132,385
-
$364,067,026
$ -
Class Z
 
 
 
 
Shares sold
406,165
-
$17,486,785
$ -
Issued in exchange for the shares of the Acquired Fund(s)
2,095,387
-
84,276,351
-
Reinvestment of distributions 
58,735
-
2,509,172
-
Shares redeemed
(372,570)
-
(15,535,624)
-
Net increase (decrease)
2,187,717
-
$88,736,684
$ -
 
A Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period August 1, 2025 (commencement of sale of shares) through January 31, 2026.
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12.Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
13. Reorganization Information.
On August 8, 2025, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Dividend Growth Fund (Acquired Fund) pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees (the Board). The securities held by the Acquired Fund were the primary assets acquired by the Fund. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on August 1, 2025. The acquisition was accomplished by an exchange of each class of the Fund for corresponding shares then outstanding of the Acquired Fund at their respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.
 
Acquired Fund and Share Class
Investments $
Unrealized appreciation (depreciation) $
Net Assets $
Shares Exchanged
Shares Exchanged Ratio
Fidelity Advisor Dividend Growth Fund
1,677,762,721
536,654,831
 
 
 
Class A
 
 
698,076,608
30,907,100
0.5615688712
 
Class M
 
 
431,019,278
19,181,589
0.5588286496
 
Class C
 
 
53,491,655
2,588,422
0.5139442925
 
Class I
 
 
411,997,266
16,640,827
0.6155693685
 
Class Z
 
 
84,276,351
3,316,613
0.6317851815
 
 
Acquiring Fund
Net Assets $
Total net assets after the acquisition $
Fidelity Dividend Growth Fund
8,048,859,623
9,727,720,781
 
Pro forma results of operations of the combined entity for the entire period ended January 31, 2026, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:
 
Net investment income (loss)
 $41,617,578
Total net realized gain (loss)
463,595,657
Total change in net unrealized appreciation (depreciation)
947,021,340
Net increase (decrease) in net assets resulting from operations
 $1,452,234,575
 
Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that has been included in the Fund's accompanying Statement of Operations since August 8, 2025.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.470802.129
DGF-SANN-0426
Fidelity® Blue Chip Value Fund
 
 
 
 
Semi-Annual Report
January 31, 2026
Includes Fidelity and Fidelity Advisor share classes

Contents

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Blue Chip Value Fund

Notes to Financial Statements

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.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2026 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Blue Chip Value Fund
Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.8%
 
 
Shares
Value ($)
 
CANADA - 0.9%
 
 
 
Energy - 0.9%
 
 
 
Oil, Gas & Consumable Fuels - 0.9%
 
 
 
Cenovus Energy Inc (United States) (a)
 
273,200
5,387,504
TAIWAN - 2.0%
 
 
 
Information Technology - 2.0%
 
 
 
Semiconductors & Semiconductor Equipment - 2.0%
 
 
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
37,000
12,230,720
UNITED KINGDOM - 1.1%
 
 
 
Health Care - 1.1%
 
 
 
Pharmaceuticals - 1.1%
 
 
 
Astrazeneca PLC ADR
 
74,610
6,921,570
UNITED STATES - 95.8%
 
 
 
Communication Services - 10.2%
 
 
 
Diversified Telecommunication Services - 0.9%
 
 
 
Comcast Corp Class A
 
189,813
5,646,937
Entertainment - 1.6%
 
 
 
Walt Disney Co/The
 
85,511
9,645,641
Interactive Media & Services - 7.7%
 
 
 
Alphabet Inc Class A
 
83,486
28,218,268
Alphabet Inc Class C
 
34,400
11,645,432
Meta Platforms Inc Class A
 
9,000
6,448,500
 
 
 
46,312,200
TOTAL COMMUNICATION SERVICES
 
 
61,604,778
Consumer Discretionary - 8.0%
 
 
 
Automobiles - 1.0%
 
 
 
General Motors Co
 
74,700
6,274,800
Broadline Retail - 3.4%
 
 
 
Amazon.com Inc (b)
 
85,300
20,412,290
Household Durables - 1.8%
 
 
 
PulteGroup Inc
 
62,600
7,830,634
Whirlpool Corp (a)
 
36,700
2,935,633
 
 
 
10,766,267
Specialty Retail - 1.8%
 
 
 
Lowe's Cos Inc
 
39,664
10,592,668
TOTAL CONSUMER DISCRETIONARY
 
 
48,046,025
Consumer Staples - 5.5%
 
 
 
Beverages - 2.3%
 
 
 
Keurig Dr Pepper Inc
 
368,192
10,103,189
Primo Brands Corp Class A
 
190,700
3,611,858
 
 
 
13,715,047
Consumer Staples Distribution & Retail - 2.0%
 
 
 
Kroger Co/The
 
84,700
5,323,395
US Foods Holding Corp (b)
 
83,500
6,982,270
 
 
 
12,305,665
Food Products - 1.2%
 
 
 
Mondelez International Inc
 
120,307
7,034,350
TOTAL CONSUMER STAPLES
 
 
33,055,062
Energy - 5.4%
 
 
 
Oil, Gas & Consumable Fuels - 5.4%
 
 
 
Exxon Mobil Corp
 
146,601
20,729,381
Targa Resources Corp (a)
 
30,400
6,109,792
Valero Energy Corp
 
32,100
5,823,903
TOTAL ENERGY
 
 
32,663,076
Financials - 18.9%
 
 
 
Banks - 8.4%
 
 
 
Citigroup Inc
 
99,000
11,455,290
US Bancorp
 
278,646
15,634,827
Wells Fargo & Co
 
260,458
23,568,844
 
 
 
50,658,961
Capital Markets - 4.5%
 
 
 
Ameriprise Financial Inc
 
14,600
7,696,974
Blue Owl Capital Inc Class A
 
299,200
4,081,088
Charles Schwab Corp/The
 
87,700
9,113,784
State Street Corp
 
47,000
6,150,420
 
 
 
27,042,266
Consumer Finance - 1.7%
 
 
 
Capital One Financial Corp
 
49,300
10,793,249
Insurance - 4.3%
 
 
 
Arthur J Gallagher & Co
 
23,200
5,785,384
Chubb Ltd
 
25,704
7,956,931
Globe Life Inc
 
35,900
5,033,898
Travelers Companies Inc/The
 
24,281
6,908,187
 
 
 
25,684,400
TOTAL FINANCIALS
 
 
114,178,876
Health Care - 12.2%
 
 
 
Health Care Equipment & Supplies - 0.8%
 
 
 
Becton Dickinson & Co
 
22,800
4,639,344
Health Care Providers & Services - 4.3%
 
 
 
Cencora Inc
 
17,500
6,286,350
Cigna Group/The
 
28,903
7,922,601
Molina Healthcare Inc (b)
 
35,800
6,429,322
PACS Group Inc (b)
 
160,600
5,421,856
 
 
 
26,060,129
Life Sciences Tools & Services - 2.2%
 
 
 
ICON PLC (b)
 
34,300
6,182,575
Thermo Fisher Scientific Inc
 
12,700
7,348,347
 
 
 
13,530,922
Pharmaceuticals - 4.9%
 
 
 
GSK PLC ADR
 
141,900
7,322,040
Merck & Co Inc
 
111,283
12,271,176
Roche Holding AG non-voting shares
 
14,890
6,771,078
Royalty Pharma PLC Class A
 
80,500
3,355,240
 
 
 
29,719,534
TOTAL HEALTH CARE
 
 
73,949,929
Industrials - 13.7%
 
 
 
Aerospace & Defense - 0.8%
 
 
 
Textron Inc
 
53,900
4,746,434
Air Freight & Logistics - 1.2%
 
 
 
FedEx Corp
 
22,600
7,282,850
Building Products - 0.8%
 
 
 
Builders FirstSource Inc (b)
 
43,600
4,987,840
Electrical Equipment - 2.0%
 
 
 
Acuity Inc
 
16,300
5,040,612
Regal Rexnord Corp
 
41,779
6,747,309
 
 
 
11,787,921
Ground Transportation - 0.6%
 
 
 
Saia Inc (b)
 
13,200
4,420,284
Machinery - 3.6%
 
 
 
Deere & Co
 
16,687
8,810,736
Dover Corp
 
32,454
6,539,156
Westinghouse Air Brake Technologies Corp
 
27,100
6,236,794
 
 
 
21,586,686
Professional Services - 1.7%
 
 
 
SS&C Technologies Holdings Inc
 
68,400
5,601,276
TransUnion
 
57,500
4,543,650
 
 
 
10,144,926
Trading Companies & Distributors - 3.0%
 
 
 
Ferguson Enterprises Inc
 
28,050
7,081,503
United Rentals Inc
 
7,800
6,100,068
Wesco International Inc
 
16,400
4,746,652
 
 
 
17,928,223
TOTAL INDUSTRIALS
 
 
82,885,164
Information Technology - 10.4%
 
 
 
Communications Equipment - 2.0%
 
 
 
Cisco Systems Inc
 
152,900
11,975,128
Electronic Equipment, Instruments & Components - 1.8%
 
 
 
Arrow Electronics Inc (b)
 
42,200
5,591,078
Sanmina Corp (b)
 
36,200
5,128,816
 
 
 
10,719,894
IT Services - 0.6%
 
 
 
GoDaddy Inc Class A (b)
 
38,400
3,859,968
Semiconductors & Semiconductor Equipment - 2.0%
 
 
 
Intel Corp (b)
 
97,600
4,535,472
Micron Technology Inc
 
18,100
7,509,328
 
 
 
12,044,800
Software - 2.6%
 
 
 
Gen Digital Inc
 
169,603
4,068,776
Microsoft Corp
 
14,500
6,239,205
Salesforce Inc
 
23,932
5,080,524
 
 
 
15,388,505
Technology Hardware, Storage & Peripherals - 1.4%
 
 
 
Western Digital Corp
 
34,400
8,607,912
TOTAL INFORMATION TECHNOLOGY
 
 
62,596,207
Materials - 4.3%
 
 
 
Chemicals - 1.6%
 
 
 
Air Products and Chemicals Inc
 
24,000
6,540,000
Mosaic Co/The
 
112,000
3,080,000
 
 
 
9,620,000
Construction Materials - 1.1%
 
 
 
CRH PLC
 
53,522
6,551,628
Containers & Packaging - 0.8%
 
 
 
Smurfit WestRock PLC (a)
 
117,500
4,891,525
Metals & Mining - 0.8%
 
 
 
Steel Dynamics Inc
 
27,200
4,884,304
TOTAL MATERIALS
 
 
25,947,457
Real Estate - 4.2%
 
 
 
Health Care REITs - 1.0%
 
 
 
Welltower Inc
 
32,100
6,046,356
Industrial REITs - 1.3%
 
 
 
Prologis Inc
 
57,900
7,559,424
Retail REITs - 0.6%
 
 
 
Simon Property Group Inc
 
20,700
3,960,117
Specialized REITs - 1.3%
 
 
 
Public Storage
 
27,800
7,678,082
TOTAL REAL ESTATE
 
 
25,243,979
Utilities - 3.0%
 
 
 
Electric Utilities - 2.0%
 
 
 
NextEra Energy Inc
 
92,600
8,139,540
NRG Energy Inc
 
26,700
4,075,221
 
 
 
12,214,761
Multi-Utilities - 1.0%
 
 
 
Sempra
 
68,600
5,968,886
TOTAL UTILITIES
 
 
18,183,647
TOTAL UNITED STATES
 
 
578,354,200
 
TOTAL COMMON STOCKS
 (Cost $513,831,125)
 
 
 
602,893,994
 
 
 
 
Money Market Funds - 2.4%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (c)
 
3.70
561,932
562,044
Fidelity Securities Lending Cash Central Fund (c)(d)
 
3.70
13,792,788
13,794,167
 
TOTAL MONEY MARKET FUNDS
 (Cost $14,356,211)
 
 
 
14,356,211
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 102.2%
 (Cost $528,187,336)
 
 
 
617,250,205
NET OTHER ASSETS (LIABILITIES) - (2.2)%  
(13,346,067)
NET ASSETS - 100.0%
603,904,138
 
 
Legend
 
(a)
Security or a portion of the security is on loan at period end.
 
(b)
Non-income producing.
 
(c)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(d)
Investment made with cash collateral received from securities on loan.
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
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
22,475,630
47,772,986
69,935,304
165,112
1,109
-
562,044
561,932
0.0%
Fidelity Securities Lending Cash Central Fund
3,310,875
151,013,988
140,531,638
16,104
942
-
13,794,167
13,792,788
0.0%
Total
25,786,505
198,786,974
210,466,942
181,216
2,051
-
14,356,211
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

Purchases and sales proceeds exclude the value of securities received and delivered through reorganization transactions, if applicable.
Investment Valuation
 
The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Common Stocks
 
 
 
 
Communication Services
61,604,778
61,604,778
-
-
Consumer Discretionary
48,046,025
48,046,025
-
-
Consumer Staples
33,055,062
33,055,062
-
-
Energy
38,050,580
38,050,580
-
-
Financials
114,178,876
114,178,876
-
-
Health Care
80,871,499
74,100,421
6,771,078
-
Industrials
82,885,164
82,885,164
-
-
Information Technology
74,826,927
74,826,927
-
-
Materials
25,947,457
25,947,457
-
-
Real Estate
25,243,979
25,243,979
-
-
Utilities
18,183,647
18,183,647
-
-
 Money Market Funds
14,356,211
14,356,211
-
-
 Total Investments in Securities:
617,250,205
610,479,127
6,771,078
-
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of January 31, 2026 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value (including  securities loaned of $13,455,390) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $513,831,125)
$
602,893,994
 
 
Fidelity Central Funds (cost $14,356,211)
14,356,211
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $528,187,336)
 
 
$
617,250,205
Foreign currency held at value (cost $104,050)
 
 
108,050
Receivable for investments sold
 
 
124,826
Receivable for fund shares sold
 
 
531,480
Dividends receivable
 
 
244,264
Reclaims receivable
 
 
315,238
Distributions receivable from Fidelity Central Funds
 
 
3,701
Prepaid expenses
 
 
389
Receivable from investment adviser for expense reductions
 
 
37,758
Other receivables
 
 
13,871
  Total assets
 
 
618,629,782
Liabilities
 
 
 
 
Payable to custodian bank
$
61,363
 
 
Payable for fund shares redeemed
628,042
 
 
Accrued management fee
218,502
 
 
Distribution and service plan fees payable
7,764
 
 
Other payables and accrued expenses
16,748
 
 
Collateral on securities loaned
13,793,225
 
 
  Total liabilities
 
 
 
14,725,644
Net Assets  
 
 
$
603,904,138
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
420,623,182
Total accumulated earnings (loss)
 
 
 
183,280,956
Net Assets
 
 
$
603,904,138
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($18,882,530 ÷ 706,641 shares)(a)
 
 
$
26.72
Maximum offering price per share (100/94.25 of $26.72)
 
 
$
28.35
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($5,363,030 ÷ 200,742 shares)(a)
 
 
$
26.72
Maximum offering price per share (100/96.50 of $26.72)
 
 
$
27.69
Class C :
 
 
 
 
Net Asset Value and offering price per share ($1,959,429 ÷ 73,400 shares)(a)
 
 
$
26.70
Fidelity Blue Chip Value Fund :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($573,658,749 ÷ 21,435,037 shares)
 
 
$
26.76
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($3,204,289 ÷ 119,868 shares)
 
 
$
26.73
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($836,111 ÷ 31,288 shares)
 
 
$
26.72
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Statement of Operations
Six months ended January 31, 2026 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
5,938,200
Income from Fidelity Central Funds (including $16,104 from security lending)
 
 
181,216
 Total income
 
 
 
6,119,416
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
1,942,254
 
 
 Performance adjustment
(693,895)
 
 
Distribution and service plan fees
31,930
 
 
Custodian fees and expenses
8,445
 
 
Independent trustees' fees and expenses
1,222
 
 
Registration fees
104,935
 
 
Audit fees
46,122
 
 
Legal
6,377
 
 
Interest
3,414
 
 
Miscellaneous
42,339
 
 
 Total expenses before reductions
 
1,493,143
 
 
 Expense reductions
 
(111,548)
 
 
 Total expenses after reductions
 
 
 
1,381,595
Net Investment income (loss)
 
 
 
4,737,821
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
103,214,853
 
 
   Fidelity Central Funds
 
2,051
 
 
 Foreign currency transactions
 
(5,700)
 
 
Total net realized gain (loss)
 
 
 
103,211,204
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers  
 
(25,178,164)
 
 
 Assets and liabilities in foreign currencies
 
17,124
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
(25,161,040)
Net gain (loss)
 
 
 
78,050,164
Net increase (decrease) in net assets resulting from operations
 
 
$
82,787,985
Statement of Changes in Net Assets
 
 
Six months ended
January 31, 2026
(Unaudited)
 
Year ended
July 31, 2025
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
4,737,821
$
12,187,023
Net realized gain (loss)
 
103,211,204
 
15,244,671
Change in net unrealized appreciation (depreciation)
 
(25,161,040)
 
(50,130,075)
Net increase (decrease) in net assets resulting from operations
 
82,787,985
 
(22,698,381)
Distributions to shareholders
 
(17,556,791)
 
(60,188,463)
 
 
 
 
 
Share transactions - net increase (decrease)
 
(20,337,772)
 
(101,932,392)
Total increase (decrease) in net assets
 
44,893,422
 
(184,819,236)
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
559,010,716
 
743,829,952
End of period
$
603,904,138
$
559,010,716
 
 
 
 
 
 
 
 
 
 
Financial Highlights
 
Fidelity Advisor® Blue Chip Value Fund Class A
 
 
Six months ended
January 31, 2026
(Unaudited) A
  Selected Per-Share Data 
 
 
  Net asset value, beginning of period
$
25.10
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.13
     Net realized and unrealized gain (loss)
 
2.25
  Total from investment operations
 
2.38  
  Distributions from net investment income
 
(.38)
  Distributions from net realized gain
 
(.38)
     Total distributions
 
(.76)
  Net asset value, end of period
$
26.72
 Total Return D,E,F
 
9.66
%
 Ratios to Average Net Assets C,G,H
 
 
    Expenses before reductions
 
.78% I,J
    Expenses net of fee waivers, if any
 
.74
% I,J
    Expenses net of all reductions, if any
 
.74% I,J
    Net investment income (loss)
 
1.34% I,J
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
18,883
    Portfolio turnover rate K
 
126
% J,L
 
AFor the period September 11, 2025 (commencement of sale of shares) through January 31, 2026.
BCalculated based on average shares outstanding during the period.
CNet 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.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FTotal returns do not include the effect of the sales charges.
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.
IProxy expenses are not annualized.
JAnnualized.
KAmount 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.
LThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity Advisor® Blue Chip Value Fund Class M
 
 
Six months ended
January 31, 2026
(Unaudited) A
  Selected Per-Share Data 
 
 
  Net asset value, beginning of period
$
25.10
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.11
     Net realized and unrealized gain (loss)
 
2.26
  Total from investment operations
 
2.37  
  Distributions from net investment income
 
(.36)
  Distributions from net realized gain
 
(.38)
     Total distributions
 
(.75) D
  Net asset value, end of period
$
26.72
 Total Return E,F,G
 
9.59
%
 Ratios to Average Net Assets C,H,I
 
 
    Expenses before reductions
 
1.03% J,K
    Expenses net of fee waivers, if any
 
.99
% J,K
    Expenses net of all reductions, if any
 
.99% J,K
    Net investment income (loss)
 
1.09% J,K
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
5,363
    Portfolio turnover rate L
 
126
% K,M
 
AFor the period September 11, 2025 (commencement of sale of shares) through January 31, 2026.
BCalculated based on average shares outstanding during the period.
CNet 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.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
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.
JProxy expenses are not annualized.
KAnnualized.
LAmount 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.
MThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity Advisor® Blue Chip Value Fund Class C
 
 
Six months ended
January 31, 2026
(Unaudited) A
  Selected Per-Share Data 
 
 
  Net asset value, beginning of period
$
25.10
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.06
     Net realized and unrealized gain (loss)
 
2.26
  Total from investment operations
 
2.32  
  Distributions from net investment income
 
(.33)
  Distributions from net realized gain
 
(.38)
     Total distributions
 
(.72) D
  Net asset value, end of period
$
26.70
 Total Return E,F,G
 
9.39
%
 Ratios to Average Net Assets C,H,I
 
 
    Expenses before reductions
 
1.53% J,K
    Expenses net of fee waivers, if any
 
1.49
% J,K
    Expenses net of all reductions, if any
 
1.49% J,K
    Net investment income (loss)
 
.59% J,K
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
1,959
    Portfolio turnover rate L
 
126
% K,M
 
AFor the period September 11, 2025 (commencement of sale of shares) through January 31, 2026.
BCalculated based on average shares outstanding during the period.
CNet 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.
DTotal distributions per share do not sum due to rounding.
ETotal returns for periods of less than one year are not annualized.
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.
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.
JProxy expenses are not annualized.
KAnnualized.
LAmount 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.
MThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity® Blue Chip Value Fund
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
23.94
$
27.00
$
25.17
$
23.79
$
23.11
$
17.02
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
.21
 
.47
 
.38
 
.31
 
.33
 
.27
     Net realized and unrealized gain (loss)
 
3.37
 
(1.30)
 
2.36
 
1.69
 
.66
 
6.03
  Total from investment operations
 
3.58  
 
(.83)  
 
2.74  
 
2.00  
 
.99
 
6.30
  Distributions from net investment income
 
(.38)
 
(.42)
 
(.38)
 
(.26)
 
(.31)
 
(.21)
  Distributions from net realized gain
 
(.38)
 
(1.80)
 
(.53)
 
(.37)
 
-
 
-
     Total distributions
 
(.76)
 
(2.23) C
 
(.91)
 
(.62) C
 
(.31)
 
(.21)
  Net asset value, end of period
$
26.76
$
23.94
$
27.00
$
25.17
$
23.79
$
23.11
 Total Return D,E
 
15.13
%
 
(3.28)%
 
11.31%
 
8.61%
 
4.28%
 
37.36%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.49% H,I
 
.56%
 
.85%
 
.80%
 
.63%
 
.58%
    Expenses net of fee waivers, if any
 
.45
% H,I
 
.56%
 
.85%
 
.79%
 
.63%
 
.58%
    Expenses net of all reductions, if any
 
.45% H,I
 
.56%
 
.85%
 
.79%
 
.63%
 
.58%
    Net investment income (loss)
 
1.63% H,I
 
1.88%
 
1.52%
 
1.32%
 
1.38%
 
1.35%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
573,659
$
559,011
$
743,830
$
752,556
$
740,985
$
525,809
    Portfolio turnover rate J
 
126
% I,K
 
53%
 
39%
 
32%
 
41%
 
52%
 
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.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
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.
HProxy expenses are not annualized.
IAnnualized.
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.
KThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity Advisor® Blue Chip Value Fund Class I
 
 
Six months ended
January 31, 2026
(Unaudited) A
  Selected Per-Share Data 
 
 
  Net asset value, beginning of period
$
25.10
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.16
     Net realized and unrealized gain (loss)
 
2.25
  Total from investment operations
 
2.41  
  Distributions from net investment income
 
(.40)
  Distributions from net realized gain
 
(.38)
     Total distributions
 
(.78)
  Net asset value, end of period
$
26.73
 Total Return D,E
 
9.78
%
 Ratios to Average Net Assets C,F,G
 
 
    Expenses before reductions
 
.48% H,I
    Expenses net of fee waivers, if any
 
.44
% H,I
    Expenses net of all reductions, if any
 
.44% H,I
    Net investment income (loss)
 
1.64% H,I
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
3,204
    Portfolio turnover rate J
 
126
% I,K
 
AFor the period September 11, 2025 (commencement of sale of shares) through January 31, 2026.
BCalculated based on average shares outstanding during the period.
CNet 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.
DTotal returns for periods of less than one year are not annualized.
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.
HProxy expenses are not annualized.
IAnnualized.
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.
KThe portfolio turnover rate does not include the assets acquired in the reorganization.
 
Fidelity Advisor® Blue Chip Value Fund Class Z
 
 
Six months ended
January 31, 2026
(Unaudited) A
  Selected Per-Share Data 
 
 
  Net asset value, beginning of period
$
25.10
  Income from Investment Operations
 
 
     Net investment income (loss) B,C
 
.17
     Net realized and unrealized gain (loss)
 
2.25
  Total from investment operations
 
2.42  
  Distributions from net investment income
 
(.42)
  Distributions from net realized gain
 
(.38)
     Total distributions
 
(.80)
  Net asset value, end of period
$
26.72
 Total Return D,E
 
9.82
%
 Ratios to Average Net Assets C,F,G
 
 
    Expenses before reductions
 
.41% H,I
    Expenses net of fee waivers, if any
 
.37
% H,I
    Expenses net of all reductions, if any
 
.37% H,I
    Net investment income (loss)
 
1.71% H,I
 Supplemental Data
 
 
    Net assets, end of period (000 omitted)
$
836
    Portfolio turnover rate J
 
126
% I,K
 
AFor the period September 11, 2025 (commencement of sale of shares) through January 31, 2026.
BCalculated based on average shares outstanding during the period.
CNet 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.
DTotal returns for periods of less than one year are not annualized.
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.
HProxy expenses are not annualized.
IAnnualized.
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.
KThe portfolio turnover rate does not include the assets acquired in the reorganization.
Notes to Financial Statements
 (Unaudited)
For the period ended January 31, 2026
 
1. Organization.
Fidelity Blue Chip Value Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund commenced sale of Class A, Class M, Class C, Class I and Class Z shares on September 11, 2025.  The Fund offers Class A, Class M, Class C, Fidelity Blue Chip Value Fund, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. 
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2026 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$99,724,119
Gross unrealized depreciation
(10,685,200)
Net unrealized appreciation (depreciation)
$89,038,919
Tax cost
$528,211,286
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, securities acquired in the reorganization, and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Blue Chip Value Fund
361,613,303
399,024,076
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
 
The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.72
Class M
.71
Class C
.72
Fidelity Blue Chip Value Fund
.68
Class I
.66
Class Z
.60
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.71
Class M
.71
Class C
.71
Fidelity Blue Chip Value Fund
.66
Class I
.66
Class Z
.59
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.
 
 
Performance Adjustment Index
Fidelity Blue Chip Value Fund
Russell 1000 Value Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Fidelity Blue Chip Value Fund. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was (.24)%. The performance adjustment rate may differ for classes that were not in existence for the entire reporting period.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees ($)
Retained by FDC ($)
Class A
 - %
 .25%
16,104
-
Class M
 .25%
 .25%
 9,238
 -
Class C
 .75%
 .25%
6,588
665
 
 
 
31,930
665
 
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
 1,857
Class M
 110
Class CA
 16
 
1,983
 
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity Blue Chip Value Fund
 8,799
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
 
Borrower or Lender
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity Blue Chip Value Fund 
 Borrower
 15,667,500
3.92%
 3,414
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Blue Chip Value Fund
 40,147,701
 55,279,851
 26,097,280
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
 
Amount ($)
Fidelity Blue Chip Value Fund
498
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Blue Chip Value Fund
1,742
 -
-
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $219.
 
In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses and a portion of class-level operating expenses as follows:
 
 
Fund-Level Amount ($)
Fidelity Blue Chip Value Fund
 31,967
 
 
Class-Level Amount ($)
Class A
 2,340
Class M
 668
Class C
 232
Fidelity Blue Chip Value Fund
75,641
Class I
405
Class Z
76
Total
79,362
9. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
January 31, 2026 A
Year ended
July 31, 2025
Fidelity Blue Chip Value Fund
 
 
Distributions to shareholders
 
 
Class A
$406,134
 $ -
Class M
 112,974
 -
Class C
 40,145
 -
Fidelity Blue Chip Value Fund
 16,903,537
 60,188,463
Class I
 73,711
 -
Class Z
20,290
-
Total  
$17,556,791
$ 60,188,463
A Distributions for Class A, Class M, Class C, Class I and Class Z are for the period September 11, 2025 (commencement of sale of shares) through January 31, 2026.
10. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 January 31, 2026 A 
Year ended
 July 31, 2025
Six months ended
 January 31, 2026A 
Year ended
 July 31, 2025
Fidelity Blue Chip Value Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
43,674
-
$1,023,153
$ -
Issued in exchange for the shares of the Acquired Fund(s)
690,173
-
17,164,577
-
Reinvestment of distributions 
15,592
-
400,221
-
Shares redeemed
(42,798)
-
(1,093,611)
-
Net increase (decrease)
706,641
-
$17,494,340
$ -
Class M
 
 
 
 
Shares sold
8,876
-
$195,906
$ -
Issued in exchange for the shares of the Acquired Fund(s)
198,319
-
4,932,193
-
Reinvestment of distributions 
4,372
-
112,197
-
Shares redeemed
(10,825)
-
(272,762)
-
Net increase (decrease)
200,742
-
$4,967,534
$ -
Class C
 
 
 
 
Shares sold
13,555
-
$338,371
$ -
Issued in exchange for the shares of the Acquired Fund(s)
69,617
-
1,731,370
-
Reinvestment of distributions 
1,566
-
40,145
-
Shares redeemed
(11,338)
-
(286,913)
-
Net increase (decrease)
73,400
-
$1,822,973
$ -
Fidelity Blue Chip Value Fund
 
 
 
 
Shares sold
823,661
2,403,387
$21,036,392
$59,469,783
Reinvestment of distributions 
468,330
1,527,961
11,925,847
38,173,107
Shares redeemed
(3,203,858)
(8,135,049)
(81,321,484)
(199,575,282)
Net increase (decrease)
(1,911,867)
(4,203,701)
$(48,359,245)
$(101,932,392)
Class I
 
 
 
 
Shares sold
9,932
-
$228,924
$ -
Issued in exchange for the shares of the Acquired Fund(s)
142,076
-
3,533,426
-
Reinvestment of distributions 
2,858
-
73,346
-
Shares redeemed
(34,998)
-
(881,986)
-
Net increase (decrease)
119,868
-
$2,953,710
$ -
Class Z
 
 
 
 
Shares sold
34,187
-
$859,063
$ -
Reinvestment of distributions 
751
-
19,245
-
Shares redeemed
(3,650)
-
(95,392)
-
Net increase (decrease)
31,288
-
$782,916
$ -
 
A Share transactions  for Class A, Class M, Class C, Class I and Class Z are for the period September 11, 2025 (commencement of sale of shares) through January 31, 2026.
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
13. Reorganization Information.
On September 19, 2025, the Fund acquired all of the assets and assumed all of the liabilities of Fidelity Advisor Value Leaders Fund (Acquired Fund) pursuant to an Agreement and Plan of Reorganization (Agreements) approved by the Board of Trustees (the Board). The securities held by the Acquired Fund were the primary assets acquired by the Fund. In addition, the Board approved the creation of additional classes of shares that commenced sale of shares on September 11, 2025. The acquisition was accomplished by an exchange of each class of the Fund for corresponding shares then outstanding of the Acquired Fund at its respective net asset value on the acquisition date. The reorganization provides shareholders of the Acquired Fund access to a larger portfolio with a similar investment objective and lower projected expenses. For financial reporting purposes, the assets and liabilities of the Acquired Fund and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward and will be utilized for purposes of the Fund's ongoing reporting of realized and unrealized gains and losses to more closely align subsequent reporting of realized gains with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.
 
Acquired Fund
Investments $
Unrealized appreciation (depreciation) $
Net Assets $
Shares Exchanged
Shares Exchanged Ratio
Fidelity Advisor Value Leaders Fund
27,309,864
6,110,539
 
 
 
Class A
 
 
17,164,577
837,351
.8242340169
Class M
 
 
4,932,193
238,947
.8299678327
Class C
 
 
1,731,370
87,361
.7968918376
Class I
 
 
3,533,426
171,012
.8307921190
 
Acquiring Fund
Net Assets $
Total net assets after the acquisition $
Fidelity Blue Chip Value Fund
570,402,478
597,764,044
 
Pro forma results of operations of the combined entity for the entire period ended January 31, 2026, as though the acquisition had occurred as of the beginning of the year (rather than on the actual acquisition date), are as follows:
 
Net investment income (loss)
 $4,794,543
Total net realized gain (loss)
103,398,377
Total change in net unrealized appreciation (depreciation)
(24,364,265)
Net increase (decrease) in net assets resulting from operations
$83,828,655
 
Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that has been included in the Fund's accompanying Statement of Operations since September 19, 2025.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.789715.123
BCV-SANN-0426
Fidelity® Blue Chip Growth K6 Fund
 
 
 
 
Semi-Annual Report
January 31, 2026

Contents

Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Blue Chip Growth K6 Fund

Notes to Consolidated Financial Statements

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 1-800-835-5092 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2026 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Blue Chip Growth K6 Fund
Consolidated Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.8%
 
 
Shares
Value ($)
 
AUSTRALIA - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Canva Australia Holdings Pty Ltd Class A (b)(c)(d)
 
5,800
8,968,424
BELGIUM - 0.1%
 
 
 
Health Care - 0.1%
 
 
 
Pharmaceuticals - 0.1%
 
 
 
UCB SA
 
43,400
13,138,846
BRAZIL - 0.0%
 
 
 
Financials - 0.0%
 
 
 
Banks - 0.0%
 
 
 
NU Holdings Ltd/Cayman Islands Class A (b)
 
243,739
4,326,367
Materials - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
Vale SA ADR
 
230,300
3,700,921
TOTAL BRAZIL
 
 
8,027,288
BURKINA FASO - 0.1%
 
 
 
Materials - 0.1%
 
 
 
Metals & Mining - 0.1%
 
 
 
IAMGOLD Corp (United States) (b)
 
533,900
9,706,302
CANADA - 1.5%
 
 
 
Consumer Discretionary - 0.3%
 
 
 
Specialty Retail - 0.3%
 
 
 
Aritzia Inc Subordinate Voting Shares (b)
 
701,849
55,322,185
Energy - 0.0%
 
 
 
Oil, Gas & Consumable Fuels - 0.0%
 
 
 
Suncor Energy Inc
 
141,800
7,494,838
Information Technology - 1.2%
 
 
 
Electronic Equipment, Instruments & Components - 0.8%
 
 
 
Celestica Inc (United States) (b)
 
455,535
128,000,780
IT Services - 0.4%
 
 
 
Shopify Inc Class A (b)
 
467,697
61,369,238
Software - 0.0%
 
 
 
Taalas Inc warrants (b)(c)(d)
 
115,080
118,532
TOTAL INFORMATION TECHNOLOGY
 
 
189,488,550
Materials - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
Agnico Eagle Mines Ltd/CA (United States)
 
32,800
6,248,400
TOTAL CANADA
 
 
258,553,973
CHILE - 0.0%
 
 
 
Materials - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
Antofagasta PLC
 
76,600
3,823,673
CHINA - 0.2%
 
 
 
Communication Services - 0.2%
 
 
 
Interactive Media & Services - 0.2%
 
 
 
Tencent Holdings Ltd
 
311,000
23,904,022
Consumer Discretionary - 0.0%
 
 
 
Automobile Components - 0.0%
 
 
 
WeRide Inc ADR (b)(h)
 
383,478
3,071,659
Hotels, Restaurants & Leisure - 0.0%
 
 
 
Luckin Coffee Inc ADR (b)
 
139,300
4,648,441
TOTAL CONSUMER DISCRETIONARY
 
 
7,720,100
Consumer Staples - 0.0%
 
 
 
Beverages - 0.0%
 
 
 
Eastroc Beverage Group Co Ltd H Shares
 
22,300
707,927
Financials - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Ant International Co Ltd Class C (c)(d)
 
201,988
323,181
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Pony AI Inc ADR (b)
 
403,275
5,597,457
TOTAL CHINA
 
 
38,252,687
DENMARK - 0.1%
 
 
 
Health Care - 0.1%
 
 
 
Biotechnology - 0.1%
 
 
 
Ascendis Pharma A/S ADR (b)
 
67,905
15,353,321
FINLAND - 0.2%
 
 
 
Consumer Discretionary - 0.2%
 
 
 
Textiles, Apparel & Luxury Goods - 0.2%
 
 
 
Amer Sports Inc (b)
 
1,072,210
39,275,052
GERMANY - 0.0%
 
 
 
Financials - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Trade Republic Bank GmbH (c)(d)(f)
 
141
3,897,389
INDIA - 0.7%
 
 
 
Communication Services - 0.1%
 
 
 
Wireless Telecommunication Services - 0.1%
 
 
 
Bharti Airtel Ltd
 
395,500
8,491,514
Vodafone Idea Ltd (b)
 
68,281,468
8,317,927
TOTAL COMMUNICATION SERVICES
 
 
16,809,441
Consumer Discretionary - 0.3%
 
 
 
Broadline Retail - 0.1%
 
 
 
Meesho (e)
 
7,858,830
14,925,898
Hotels, Restaurants & Leisure - 0.1%
 
 
 
Eternal Ltd (b)
 
4,704,300
14,036,867
Specialty Retail - 0.1%
 
 
 
Lenskart Solutions Ltd (e)
 
2,451,712
12,228,613
TOTAL CONSUMER DISCRETIONARY
 
 
41,191,378
Consumer Staples - 0.0%
 
 
 
Food Products - 0.0%
 
 
 
Patanjali Foods Ltd
 
646,000
3,525,404
Energy - 0.1%
 
 
 
Oil, Gas & Consumable Fuels - 0.1%
 
 
 
Reliance Industries Ltd
 
1,220,982
18,580,914
Financials - 0.2%
 
 
 
Capital Markets - 0.2%
 
 
 
Authum Investment & Infrastucture Ltd
 
5,345,125
29,449,660
Financial Services - 0.0%
 
 
 
Jio Financial Services Ltd
 
747,491
2,074,688
Pine Labs Ltd (e)
 
926,488
2,304,853
 
 
 
4,379,541
TOTAL FINANCIALS
 
 
33,829,201
Health Care - 0.0%
 
 
 
Health Care Providers & Services - 0.0%
 
 
 
Max Healthcare Institute Ltd
 
284,100
2,964,499
Industrials - 0.0%
 
 
 
Aerospace & Defense - 0.0%
 
 
 
Hindustan Aeronautics Ltd (i)
 
63,700
3,209,106
Passenger Airlines - 0.0%
 
 
 
InterGlobe Aviation Ltd (g)(i)
 
73,000
3,659,395
Transportation Infrastructure - 0.0%
 
 
 
JSW Infrastructure Ltd
 
428,200
1,207,164
TOTAL INDUSTRIALS
 
 
8,075,665
Materials - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
Welspun Corp Ltd
 
1,129,300
8,981,417
TOTAL INDIA
 
 
133,957,919
ISRAEL - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Semiconductors & Semiconductor Equipment - 0.0%
 
 
 
Xsight Labs Ltd warrants 7/24/2032 (b)(c)
 
78,355
108,913
ITALY - 0.1%
 
 
 
Consumer Discretionary - 0.1%
 
 
 
Hotels, Restaurants & Leisure - 0.1%
 
 
 
Lottomatica Group Spa
 
477,000
11,715,336
KOREA (SOUTH) - 0.0%
 
 
 
Consumer Staples - 0.0%
 
 
 
Personal Care Products - 0.0%
 
 
 
APR Corp/Korea
 
9,630
1,792,270
LUXEMBOURG - 0.0%
 
 
 
Financials - 0.0%
 
 
 
Capital Markets - 0.0%
 
 
 
CVC Capital Partners PLC (g)(i)
 
307,257
5,437,612
NETHERLANDS - 0.2%
 
 
 
Information Technology - 0.2%
 
 
 
Semiconductors & Semiconductor Equipment - 0.2%
 
 
 
NXP Semiconductors NV
 
155,513
35,167,710
SINGAPORE - 0.0%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Broadline Retail - 0.0%
 
 
 
Sea Ltd Class A ADR (b)
 
54,900
6,395,301
SWITZERLAND - 0.2%
 
 
 
Consumer Discretionary - 0.2%
 
 
 
Textiles, Apparel & Luxury Goods - 0.2%
 
 
 
On Holding AG Class A (b)
 
661,834
29,947,989
Health Care - 0.0%
 
 
 
Pharmaceuticals - 0.0%
 
 
 
Galderma Group AG
 
69,401
12,936,275
TOTAL SWITZERLAND
 
 
42,884,264
TAIWAN - 1.2%
 
 
 
Information Technology - 1.2%
 
 
 
Electronic Equipment, Instruments & Components - 0.0%
 
 
 
Delta Electronics Inc
 
115,000
4,444,796
Semiconductors & Semiconductor Equipment - 1.2%
 
 
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
586,713
193,943,850
TOTAL TAIWAN
 
 
198,388,646
UNITED KINGDOM - 0.1%
 
 
 
Consumer Staples - 0.1%
 
 
 
Tobacco - 0.1%
 
 
 
British American Tobacco PLC ADR
 
218,692
13,270,231
Financials - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Revolut Group Holdings Ltd (b)(c)(d)
 
3,207
4,499,678
TOTAL UNITED KINGDOM
 
 
17,769,909
UNITED STATES - 93.1%
 
 
 
Communication Services - 17.1%
 
 
 
Diversified Telecommunication Services - 0.0%
 
 
 
AST SpaceMobile Inc Class A (b)
 
51,100
5,682,831
Entertainment - 2.7%
 
 
 
Netflix Inc (b)
 
4,840,080
404,098,280
ROBLOX Corp Class A (b)
 
747,494
49,155,205
Roku Inc Class A (b)
 
44,500
4,236,400
Take-Two Interactive Software Inc (b)
 
128,794
28,373,318
 
 
 
485,863,203
Interactive Media & Services - 14.4%
 
 
 
Alphabet Inc Class A
 
4,347,068
1,469,308,984
Epic Games Inc (b)(c)(d)
 
607
394,605
Meta Platforms Inc Class A
 
1,375,580
985,603,070
Reddit Inc Class A (b)
 
96,231
17,347,562
Reddit Inc Class B (b)
 
30,951
5,579,537
Snap Inc Class A (b)
 
13,407,181
92,911,764
 
 
 
2,571,145,522
Media - 0.0%
 
 
 
EchoStar Corp Class A (b)
 
31,500
3,566,430
TOTAL COMMUNICATION SERVICES
 
 
3,066,257,986
Consumer Discretionary - 14.7%
 
 
 
Automobiles - 1.9%
 
 
 
General Motors Co
 
22,900
1,923,600
Neutron Holdings Inc (b)(c)(d)
 
491,550
47,090
Rad Power Bikes Inc (b)(c)(d)
 
101,681
1
Rad Power Bikes Inc warrants 10/6/2033 (b)(c)(d)
 
110,642
1
Tesla Inc (b)
 
801,314
344,893,559
 
 
 
346,864,251
Broadline Retail - 5.7%
 
 
 
Amazon.com Inc (b)
 
4,266,275
1,020,919,608
Diversified Consumer Services - 0.0%
 
 
 
Phoenix Education Partners Inc
 
10,147
309,584
Hotels, Restaurants & Leisure - 2.3%
 
 
 
Brinker International Inc (b)
 
359,852
56,755,857
Cava Group Inc (b)(h)
 
96,700
5,861,954
Cheesecake Factory Inc/The
 
86,400
5,007,744
Chipotle Mexican Grill Inc (b)
 
1,246,745
48,460,978
DoorDash Inc Class A (b)
 
231,886
47,448,513
DraftKings Inc Class A (b)(h)
 
1,503,344
41,356,993
Dutch Bros Inc Class A (b)
 
92,593
5,036,133
Expedia Group Inc Class A
 
18,400
4,873,056
Hilton Worldwide Holdings Inc
 
78,200
23,343,482
Marriott International Inc/MD Class A1
 
72,400
22,827,720
Sonder Holdings Inc Stage 1 rights (b)(c)
 
1,448
0
Sonder Holdings Inc Stage 2 rights (b)(c)
 
1,447
0
Sonder Holdings Inc Stage 3 rights (b)(c)
 
1,447
0
Sonder Holdings Inc Stage 4 rights (b)(c)
 
1,447
0
Sonder Holdings Inc Stage 5 rights (b)(c)
 
1,447
0
Sonder Holdings Inc Stage 5 rights (b)(c)
 
1,447
0
Starbucks Corp
 
1,294,946
119,070,286
Texas Roadhouse Inc
 
51,300
9,226,818
Wingstop Inc (h)
 
86,100
22,853,523
 
 
 
412,123,057
Household Durables - 0.9%
 
 
 
SharkNinja Inc (b)(h)
 
1,215,068
143,621,038
Somnigroup International Inc
 
119,195
10,471,280
 
 
 
154,092,318
Leisure Products - 0.0%
 
 
 
Peloton Interactive Inc Class A (b)
 
2,659,962
14,869,188
Specialty Retail - 3.1%
 
 
 
Abercrombie & Fitch Co Class A (b)
 
97,808
9,548,995
American Eagle Outfitters Inc
 
121,390
2,829,601
AutoZone Inc (b)
 
1,500
5,556,435
Bath & Body Works Inc
 
447,918
9,764,612
Carvana Co Class A (b)
 
256,799
103,004,647
Fanatics Inc Class A (b)(c)(d)
 
225,366
18,029,280
Five Below Inc (b)
 
103,890
19,909,480
Floor & Decor Holdings Inc Class A (b)
 
54,900
3,621,204
Gap Inc/The
 
337,600
9,446,048
Home Depot Inc/The
 
67,360
25,232,382
Lowe's Cos Inc
 
397,577
106,176,915
RealReal Inc/The (b)
 
578,100
8,480,727
RH (b)(h)
 
262,027
52,098,828
Ross Stores Inc
 
19,200
3,622,080
TJX Cos Inc/The
 
558,983
83,741,243
Urban Outfitters Inc (b)
 
134,965
9,562,270
Victoria's Secret & Co (b)
 
426,600
23,253,966
Warby Parker Inc Class A (b)
 
978,202
24,953,933
Wayfair Inc Class A (b)
 
340,165
35,203,676
 
 
 
554,036,322
Textiles, Apparel & Luxury Goods - 0.8%
 
 
 
Capri Holdings Ltd (b)
 
1,332,058
30,064,549
Deckers Outdoor Corp (b)
 
164,384
19,617,587
Lululemon Athletica Inc (b)
 
264,961
46,235,695
NIKE Inc Class B
 
603,374
37,294,547
Tapestry Inc
 
87,104
11,054,369
VF Corp
 
165,700
3,246,062
 
 
 
147,512,809
TOTAL CONSUMER DISCRETIONARY
 
 
2,650,727,137
Consumer Staples - 1.0%
 
 
 
Beverages - 0.1%
 
 
 
Celsius Holdings Inc (b)
 
362,757
19,037,487
Consumer Staples Distribution & Retail - 0.7%
 
 
 
Chobani Inc Class A (c)(d)(f)
 
764
3,404,651
Costco Wholesale Corp
 
101,759
95,678,900
Sprouts Farmers Market Inc (b)
 
94,800
6,722,268
Target Corp
 
147,200
15,525,184
 
 
 
121,331,003
Food Products - 0.0%
 
 
 
Real Good Food Co LLC /The Class B (b)(c)
 
11,626
0
Real Good Food Co LLC /The Class B unit (b)(g)
 
11,626
1,163
 
 
 
1,163
Personal Care Products - 0.1%
 
 
 
Estee Lauder Cos Inc/The Class A
 
57,900
6,674,712
Herbalife Ltd (b)
 
499,000
8,602,760
 
 
 
15,277,472
Tobacco - 0.1%
 
 
 
JUUL Labs Inc Class A (b)(c)(d)
 
10,979,673
20,861,379
TOTAL CONSUMER STAPLES
 
 
176,508,504
Energy - 0.1%
 
 
 
Energy Equipment & Services - 0.0%
 
 
 
WaterBridge Infrastructure LLC Class A
 
91,900
2,016,286
Oil, Gas & Consumable Fuels - 0.1%
 
 
 
Chevron Corp
 
41,100
7,270,590
Exxon Mobil Corp
 
107,900
15,257,060
 
 
 
22,527,650
TOTAL ENERGY
 
 
24,543,936
Financials - 3.4%
 
 
 
Capital Markets - 1.3%
 
 
 
Ares Management Corp Class A
 
113,594
17,001,614
Blue Owl Capital Inc Class A
 
1,180,521
16,102,306
Goldman Sachs Group Inc/The
 
84,552
79,090,787
KKR & Co Inc Class A
 
184,743
21,108,735
Morgan Stanley
 
203,045
37,116,626
Robinhood Markets Inc Class A (b)
 
604,401
60,125,811
 
 
 
230,545,879
Consumer Finance - 0.1%
 
 
 
Figure Technology Solutions Inc Class A (h)
 
237,200
13,491,936
Financial Services - 2.0%
 
 
 
Affirm Holdings Inc Class A (b)
 
649,790
39,182,337
Apollo Global Management Inc
 
249,939
33,626,793
Mastercard Inc Class A
 
372,544
200,722,983
Rocket Cos Inc Class A
 
389,438
6,982,623
Toast Inc Class A (b)
 
307,249
9,558,516
Visa Inc Class A
 
231,373
74,462,773
 
 
 
364,536,025
TOTAL FINANCIALS
 
 
608,573,840
Health Care - 6.6%
 
 
 
Biotechnology - 1.8%
 
 
 
AbbVie Inc
 
365,798
81,576,612
Alnylam Pharmaceuticals Inc (b)
 
132,122
44,665,163
Apogee Therapeutics Inc (b)
 
100,755
6,600,460
Arcellx Inc (b)
 
20,039
1,368,864
Caris Life Sciences Inc (b)
 
27,836
644,682
Cibus Inc Class A (b)
 
7,991
15,582
Gilead Sciences Inc
 
1,054,444
149,678,327
Janux Therapeutics Inc (b)
 
51,820
710,452
Legend Biotech Corp ADR (b)
 
110,625
1,935,938
Moderna Inc (b)
 
107,400
4,733,118
Praxis Precision Medicines Inc (b)
 
13,400
4,207,600
Regeneron Pharmaceuticals Inc
 
19,400
14,384,130
Revolution Medicines Inc (b)
 
15,300
1,483,335
Scholar Rock Holding Corp (b)
 
93,257
4,135,015
Travere Therapeutics Inc (b)
 
190,000
5,907,100
 
 
 
322,046,378
Health Care Equipment & Supplies - 1.0%
 
 
 
Blink Health LLC Class A1 (b)(c)(d)
 
7,044
260,980
Boston Scientific Corp (b)
 
1,536,079
143,669,469
Insulet Corp (b)
 
81,147
20,758,214
Intuitive Surgical Inc (b)
 
9,400
4,739,668
Kestra Medical Technologies Ltd
 
96,654
2,384,454
Medline Inc Class A
 
297,600
13,153,920
 
 
 
184,966,705
Health Care Providers & Services - 0.6%
 
 
 
Cardinal Health Inc
 
179,652
38,603,622
Cencora Inc
 
59,404
21,339,105
Guardant Health Inc (b)
 
80,000
9,123,200
McKesson Corp
 
40,266
33,469,502
 
 
 
102,535,429
Health Care Technology - 0.0%
 
 
 
Claritev Corp warrants (b)(c)
 
13,856
0
HeartFlow Inc (e)
 
106,157
3,170,910
 
 
 
3,170,910
Life Sciences Tools & Services - 0.1%
 
 
 
Danaher Corp
 
31,800
6,960,702
Veterinary Emergency Group (b)(c)(d)(f)
 
62,379
6,136,222
 
 
 
13,096,924
Pharmaceuticals - 3.1%
 
 
 
Crinetics Pharmaceuticals Inc (b)
 
79,100
3,950,254
Elanco Animal Health Inc (b)
 
138,800
3,342,304
Eli Lilly & Co
 
509,336
528,257,832
Johnson & Johnson
 
98,900
22,475,025
Roche Holding AG non-voting shares
 
13,790
6,270,864
 
 
 
564,296,279
TOTAL HEALTH CARE
 
 
1,190,112,625
Industrials - 8.1%
 
 
 
Aerospace & Defense - 4.7%
 
 
 
Anduril Industries Inc Class B (c)(d)
 
6,297
314,472
Anduril Industries Inc Class C (c)(d)
 
3
150
Axon Enterprise Inc (b)
 
58,970
28,516,713
Beta Technologies Inc (e)
 
114,383
2,459,235
Beta Technologies Inc Class A (b)
 
89,900
1,932,850
Boeing Co (b)
 
596,727
139,467,034
Carpenter Technology Corp
 
90,752
28,843,708
GE Aerospace
 
361,271
110,834,330
Howmet Aerospace Inc
 
266,388
55,430,015
Red Cat Holdings Inc (b)
 
191,900
2,590,650
Relativity Space Inc (b)(c)
 
3,834
4,064
Rocket Lab Corp
 
121,300
9,712,491
Space Exploration Technologies Corp (b)(c)(d)
 
940,035
395,754,735
Space Exploration Technologies Corp Class C (b)(c)(d)
 
162,357
68,352,297
 
 
 
844,212,744
Air Freight & Logistics - 0.0%
 
 
 
CH Robinson Worldwide Inc
 
9,900
1,930,005
FedEx Corp
 
7,700
2,481,325
 
 
 
4,411,330
Construction & Engineering - 0.2%
 
 
 
Comfort Systems USA Inc
 
20,148
23,011,031
Construction Partners Inc Class A (b)
 
23,900
2,626,132
IES Holdings Inc (b)
 
15,100
5,742,379
Legence Corp Class A
 
28,900
1,355,699
 
 
 
32,735,241
Electrical Equipment - 0.8%
 
 
 
Bloom Energy Corp Class A (b)
 
23,600
3,572,332
GE Vernova Inc
 
170,746
124,024,772
Nextpower Inc Class A (b)
 
147,200
17,235,648
 
 
 
144,832,752
Ground Transportation - 0.6%
 
 
 
Lyft Inc Class A (b)
 
1,223,523
20,640,833
Old Dominion Freight Line Inc
 
66,500
11,517,800
Uber Technologies Inc (b)
 
913,600
73,133,680
XPO Inc (b)
 
48,000
7,109,280
 
 
 
112,401,593
Machinery - 0.3%
 
 
 
Caterpillar Inc
 
11,200
7,362,432
Cummins Inc
 
38,800
22,458,216
PACCAR Inc
 
102,400
12,585,984
RBC Bearings Inc (b)
 
11,705
5,848,637
 
 
 
48,255,269
Passenger Airlines - 0.6%
 
 
 
Alaska Air Group Inc (b)
 
141,108
7,172,520
Delta Air Lines Inc
 
791,117
52,126,699
United Airlines Holdings Inc (b)
 
499,322
51,090,627
 
 
 
110,389,846
Trading Companies & Distributors - 0.9%
 
 
 
Ferguson Enterprises Inc
 
36,967
9,332,688
FTAI Aviation Ltd
 
566,655
154,311,490
 
 
 
163,644,178
TOTAL INDUSTRIALS
 
 
1,460,882,953
Information Technology - 41.1%
 
 
 
Communications Equipment - 0.6%
 
 
 
Arista Networks Inc (b)
 
53,400
7,568,916
Lumentum Holdings Inc (b)(h)
 
241,795
94,744,953
 
 
 
102,313,869
Electronic Equipment, Instruments & Components - 0.9%
 
 
 
Amphenol Corp Class A
 
483,014
69,592,657
Coherent Corp (b)
 
280,728
59,564,867
Corning Inc
 
161,760
16,701,720
Jabil Inc
 
61,500
14,587,185
 
 
 
160,446,429
IT Services - 1.0%
 
 
 
Akamai Technologies Inc (b)
 
40,500
3,934,575
Cloudflare Inc Class A (b)
 
221,857
39,346,339
MongoDB Inc Class A (b)
 
19,025
7,064,553
Snowflake Inc (b)
 
329,424
63,480,005
Twilio Inc Class A (b)
 
398,875
48,048,483
X.Ai Holdings Corp Class A (c)(d)
 
127,501
9,621,225
 
 
 
171,495,180
Semiconductors & Semiconductor Equipment - 24.4%
 
 
 
Astera Labs Inc (b)
 
571,399
86,064,117
Broadcom Inc
 
2,655,745
879,848,319
GlobalFoundries Inc (b)
 
340,309
14,361,040
Impinj Inc (b)
 
133
18,367
Marvell Technology Inc
 
3,836,078
302,743,276
Monolithic Power Systems Inc
 
149,842
168,444,884
NVIDIA Corp
 
15,482,149
2,959,103,139
 
 
 
4,410,583,142
Software - 7.7%
 
 
 
Applied Intuition Inc Class A (b)(c)(d)
 
7,903
895,252
AppLovin Corp Class A (b)
 
533,952
252,618,031
Celestial AI Inc (c)(d)
 
10,310
276,513
Circle Internet Group Inc Class A (h)
 
39,100
2,499,663
Crowdstrike Holdings Inc Class A (b)
 
43,479
19,191,848
Figma Inc Class A
 
101,166
2,622,223
Microsoft Corp
 
1,898,036
816,705,910
OpenAI Group Pbc Class A (c)(d)
 
11,900
5,682,012
Oracle Corp
 
701,901
115,518,867
Palantir Technologies Inc Class A (b)
 
462,410
67,784,682
Rubrik Inc Class A (b)
 
125,100
6,999,345
Salesforce Inc
 
78,700
16,707,223
Samsara Inc Class A (b)
 
226,700
6,358,935
Servicenow Inc (b)
 
461,255
53,971,448
Stripe LLC Class B (b)(c)(d)
 
19,200
795,264
Unity Software Inc (b)
 
108,960
3,170,736
Zoom Communications Inc Class A (b)
 
98,800
9,099,480
 
 
 
1,380,897,432
Technology Hardware, Storage & Peripherals - 6.5%
 
 
 
Apple Inc
 
3,835,243
995,168,854
Sandisk Corp/DE
 
109,100
62,868,875
Seagate Technology Holdings PLC
 
29,700
12,108,393
Western Digital Corp
 
429,800
107,548,854
 
 
 
1,177,694,976
TOTAL INFORMATION TECHNOLOGY
 
 
7,403,431,028
Materials - 0.2%
 
 
 
Construction Materials - 0.2%
 
 
 
Martin Marietta Materials Inc
 
26,158
17,053,708
Vulcan Materials Co
 
60,735
18,253,297
 
 
 
35,307,005
Metals & Mining - 0.0%
 
 
 
Alcoa Corp
 
56,700
3,221,127
Century Aluminum Co (b)
 
75,500
3,422,415
 
 
 
6,643,542
TOTAL MATERIALS
 
 
41,950,547
Real Estate - 0.6%
 
 
 
Health Care REITs - 0.6%
 
 
 
Welltower Inc
 
526,956
99,257,432
Real Estate Management & Development - 0.0%
 
 
 
Compass Inc Class A (b)
 
800,614
10,023,687
TOTAL REAL ESTATE
 
 
109,281,119
Utilities - 0.2%
 
 
 
Electric Utilities - 0.2%
 
 
 
Constellation Energy Corp
 
23,600
6,624,048
Entergy Corp
 
129,852
12,451,508
NRG Energy Inc
 
71,620
10,931,361
 
 
 
30,006,917
Independent Power and Renewable Electricity Producers - 0.0%
 
 
 
Vistra Corp
 
62,063
9,827,676
TOTAL UTILITIES
 
 
39,834,593
TOTAL UNITED STATES
 
 
16,772,104,268
ZAMBIA - 0.0%
 
 
 
Materials - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
First Quantum Minerals Ltd (b)
 
245,600
6,942,418
 
TOTAL COMMON STOCKS
 (Cost $7,709,192,748)
 
 
 
17,631,661,521
 
 
 
 
Convertible Corporate Bonds - 0.0%
 
 
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 0.0%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Automobiles - 0.0%
 
 
 
Neutron Holdings Inc 4% 5/22/2027 (c)(d)
 
237,400
1,066,401
Neutron Holdings Inc 4% 6/12/2027 (c)(d)
 
64,200
288,386
Neutron Holdings Inc 8% 10/29/2026 (c)(d)(j)
 
3,017,519
5,394,118
TOTAL CONSUMER DISCRETIONARY
 
 
6,748,905
Information Technology - 0.0%
 
 
 
Electronic Equipment, Instruments & Components - 0.0%
 
 
 
Enevate Corp 10% 5/12/2199 (c)(d)
 
20,586
6,880
TOTAL UNITED STATES
 
 
6,755,785
 
TOTAL CONVERTIBLE CORPORATE BONDS
 (Cost $3,339,706)
 
 
 
6,755,785
 
 
 
 
Convertible Preferred Stocks - 1.9%
 
 
Shares
Value ($)
 
CANADA - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Taalas Inc Series B (c)(d)
 
38,100
2,644,902
CHINA - 0.0%
 
 
 
Communication Services - 0.0%
 
 
 
Interactive Media & Services - 0.0%
 
 
 
Bytedance Ltd Series E1 (b)(c)(d)
 
31,950
8,204,121
ESTONIA - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Bolt Technology OU Series E (b)(c)(d)
 
20,165
4,375,368
FINLAND - 0.1%
 
 
 
Health Care - 0.1%
 
 
 
Health Care Technology - 0.1%
 
 
 
Oura Health Oy Series D (b)(c)(d)
 
215,427
11,540,424
Oura Health Oy Series E (c)(d)
 
238,021
12,750,785
 
 
 
 
TOTAL FINLAND
 
 
24,291,209
ISRAEL - 0.0%
 
 
 
Industrials - 0.0%
 
 
 
Electrical Equipment - 0.0%
 
 
 
Element Labs Inc Series A (c)(d)
 
216,700
1,711,930
Element Labs Inc Series B (c)(d)
 
144,300
1,266,954
TOTAL INDUSTRIALS
 
 
2,978,884
Information Technology - 0.0%
 
 
 
Semiconductors & Semiconductor Equipment - 0.0%
 
 
 
Xsight Labs Ltd Series D (b)(c)(d)
 
130,900
196,350
Xsight Labs Ltd Series F (c)(d)
 
261,182
1,096,964
TOTAL INFORMATION TECHNOLOGY
 
 
1,293,314
TOTAL ISRAEL
 
 
4,272,198
UNITED KINGDOM - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
NScale Global Holdings Ltd Series B (c)(d)
 
1,200
512,388
UNITED STATES - 1.8%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Automobiles - 0.0%
 
 
 
Neutron Holdings Inc Series 1C (b)(c)(d)
 
3,178,083
304,460
Neutron Holdings Inc Series 1D (b)(c)(d)
 
5,904,173
565,620
Rad Power Bikes Inc Series A (b)(c)(d)
 
13,256
0
Rad Power Bikes Inc Series C (b)(c)(d)
 
52,162
0
Rad Power Bikes Inc Series D (b)(c)(d)
 
102,800
1
Waymo LLC Series A2 (b)(c)(d)
 
7,817
1,195,141
Waymo LLC Series C2 (b)(c)(d)
 
35,524
5,289,168
 
 
 
7,354,390
Hotels, Restaurants & Leisure - 0.0%
 
 
 
Discord Inc Series I (b)(c)(d)
 
700
171,836
TOTAL CONSUMER DISCRETIONARY
 
 
7,526,226
Consumer Staples - 0.0%
 
 
 
Consumer Staples Distribution & Retail - 0.0%
 
 
 
GoBrands Inc Series G (b)(c)(d)
 
18,300
889,014
GoBrands Inc Series H (b)(c)(d)
 
11,467
710,381
 
 
 
1,599,395
Food Products - 0.0%
 
 
 
AgBiome LLC Series C (b)(c)(d)
 
68,700
1
Tobacco - 0.0%
 
 
 
JUUL Labs Inc Series E (b)(c)(d)
 
12,508
23,765
TOTAL CONSUMER STAPLES
 
 
1,623,161
Financials - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Akeana Series C (b)(c)(d)
 
85,300
1,014,217
Tenstorrent Holdings Inc Series C1 (b)(c)(d)
 
16,673
1,178,948
Tenstorrent Holdings Inc Series D1 (b)(c)(d)
 
26,748
1,996,471
Tenstorrent Holdings Inc Series D2 (b)(c)(d)
 
7,862
567,557
TOTAL FINANCIALS
 
 
4,757,193
Health Care - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
Neurona Therapeutics Inc Series F (c)(d)
 
438,700
1,030,945
Health Care Equipment & Supplies - 0.0%
 
 
 
Blink Health LLC Series C (b)(c)(d)
 
16,970
628,739
Blink Health LLC Series D (b)(c)(d)
 
3,936
145,828
 
 
 
774,567
TOTAL HEALTH CARE
 
 
1,805,512
Industrials - 0.2%
 
 
 
Aerospace & Defense - 0.2%
 
 
 
ABL Space Systems Co Series A10 (b)(c)(d)
 
183,227
47,639
ABL Space Systems Co Series A8 (b)(c)(d)
 
33,728
8,769
ABL Space Systems Co Series A9 (b)(c)(d)
 
19,187
4,989
Anduril Industries Inc Series F (b)(c)(d)
 
129,683
6,476,369
Anduril Industries Inc Series G (c)(d)
 
59,000
2,946,460
 
 
 
9,484,226
Air Freight & Logistics - 0.0%
 
 
 
Zipline International Inc Series G (b)(c)(d)
 
65,890
3,706,971
Zipline International Inc Series H (c)(d)
 
55,600
3,128,056
 
 
 
6,835,027
Electrical Equipment - 0.0%
 
 
 
Empower Semiconductor Inc Series D (c)(d)
 
270,300
2,062,389
TOTAL INDUSTRIALS
 
 
18,381,642
Information Technology - 1.6%
 
 
 
Electronic Equipment, Instruments & Components - 0.1%
 
 
 
Cellink Corp Series D (b)(c)(d)
 
92,760
304,253
Cerebras Systems Inc Series G (c)(d)
 
239,800
21,346,996
Enevate Corp Series E (b)(c)(d)
 
1,325,513
106,040
Frore Systems Inc Series C (b)(c)(d)
 
85,893
2,226,347
Menlo Microsystems Inc Series C (b)(c)(d)
 
560,500
308,275
 
 
 
24,291,911
IT Services - 0.5%
 
 
 
Gupshup Inc (b)(c)(d)
 
78,911
358,256
X.Ai Holdings Corp Series B (c)(d)
 
872,295
65,823,382
X.Ai Holdings Corp Series C (c)(d)
 
160,442
12,106,953
Yanka Industries Inc Series F (b)(c)(d)
 
55,991
147,256
 
 
 
78,435,847
Semiconductors & Semiconductor Equipment - 0.0%
 
 
 
Alif Semiconductor Series C (b)(c)(d)
 
47,598
1,365,587
Alif Semiconductor Series D (c)(d)
 
50,000
1,518,000
Danger Devices Inc Series B (c)(d)
 
1,028,200
935,661
Retym Inc Series C (b)(c)(d)
 
154,149
1,607,774
Retym Inc Series D (b)(c)(d)
 
45,360
498,960
SiMa Technologies Inc Series B (b)(c)(d)
 
313,000
2,056,410
SiMa Technologies Inc Series B1 (b)(c)(d)
 
20,966
159,342
 
 
 
8,141,734
Software - 0.9%
 
 
 
Algolia Inc Series D (b)(c)(d)
 
30,436
479,063
Anthropic PBC Series D (b)(c)(d)
 
92,022
25,189,183
Anthropic PBC Series E (c)(d)
 
9,200
2,384,088
Anthropic PBC Series F (c)(d)
 
62,100
16,092,594
Applied Intuition Inc Series A2 (b)(c)(d)
 
10,287
1,165,311
Applied Intuition Inc Series B2 (b)(c)(d)
 
4,960
561,869
Celestial AI Inc Series A (c)(d)
 
65,737
1,763,066
Celestial AI Inc Series B (c)(d)
 
49,465
1,326,651
Celestial AI Inc Series C1 (c)(d)
 
198,147
5,314,303
Crusoe Energy Systems LLC Series D (b)(c)(d)
 
70,763
7,642,404
Crusoe Energy Systems LLC Series E (c)(d)
 
37,473
4,047,084
Databricks Inc Series G (b)(c)(d)
 
48,000
9,120,001
Databricks Inc Series H (b)(c)(d)
 
31,572
5,998,680
Databricks Inc Series I (b)(c)(d)
 
1,359
258,210
Databricks Inc Series J (b)(c)(d)
 
44,987
8,547,530
Databricks Inc Series K (c)(d)
 
12,400
2,356,000
Databricks Inc Series L (c)(d)
 
47,200
8,968,000
Density Ai Inc (c)(d)
 
534,900
797,001
Lyte Ai Inc Series B (b)(c)(d)
 
165,469
1,739,079
MOLOCO Inc Series A (b)(c)(d)
 
20,180
1,373,653
Nuro Inc/DE Series E (c)(d)
 
107,458
1,230,394
OpenAI Group Pbc Series A-2 (c)(d)
 
37,152
17,739,337
OpenAI Group Pbc Series A-3 (c)(d)
 
9,742
4,651,610
Physical Intelligence Inc Series B (c)(d)
 
4,600
1,247,566
Runway AI Inc Series D (b)(c)(d)
 
129,200
1,890,196
Runway AI Inc Series P (c)(d)
 
7,345
107,457
Skyryse Inc Series B (b)(c)(d)
 
67,400
1,762,510
Skyryse Inc Series C (c)(d)
 
59,100
1,596,882
Skyryse Inc Series C-1 (c)(d)
 
7,862
206,063
Stripe LLC Series H (b)(c)(d)
 
8,086
334,922
Stripe LLC Series I (b)(c)(d)
 
124,536
5,158,281
 
 
 
141,048,988
Technology Hardware, Storage & Peripherals - 0.1%
 
 
 
Lightmatter Inc Series C1 (b)(c)(d)
 
70,909
3,802,141
Lightmatter Inc Series C2 (b)(c)(d)
 
11,138
613,926
Lightmatter Inc Series D (b)(c)(d)
 
86,242
6,103,346
 
 
 
10,519,413
TOTAL INFORMATION TECHNOLOGY
 
 
262,437,893
Materials - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
Diamond Foundry Inc Series C (b)(c)(d)
 
249,802
7,758,850
Utilities - 0.0%
 
 
 
Independent Power and Renewable Electricity Producers - 0.0%
 
 
 
Redwood Materials Series C (b)(c)(d)
 
37,990
1,813,643
Redwood Materials Series D (b)(c)(d)
 
10,886
519,698
Redwood Materials Series E (c)(d)
 
3,529
168,474
TOTAL UTILITIES
 
 
2,501,815
TOTAL UNITED STATES
 
 
306,792,292
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $197,623,559)
 
 
 
351,092,478
 
 
 
 
Preferred Securities - 0.0%
 
 
Principal
Amount (a)
 
Value ($)
 
CANADA - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Taalas Inc 0% (c)(d)(k)
 
569,920
566,671
UNITED STATES - 0.0%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Automobiles - 0.0%
 
 
 
Rad Power Bikes Inc 8% 12/31/2199 (c)(d)
 
110,642
20,667
Information Technology - 0.0%
 
 
 
Electronic Equipment, Instruments & Components - 0.0%
 
 
 
Enevate Corp 6% (c)(d)(k)
 
77,629
9,788
Semiconductors & Semiconductor Equipment - 0.0%
 
 
 
SiMa Technologies Inc 10% 12/31/2027 (c)(d)
 
356,309
409,898
TOTAL INFORMATION TECHNOLOGY
 
 
419,686
TOTAL UNITED STATES
 
 
440,353
 
TOTAL PREFERRED SECURITIES
 (Cost $1,114,500)
 
 
 
1,007,024
 
 
 
 
Money Market Funds - 0.7%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (l)
 
3.70
51,455,680
51,465,970
Fidelity Securities Lending Cash Central Fund (l)(m)
 
3.70
67,604,863
67,611,624
 
TOTAL MONEY MARKET FUNDS
 (Cost $119,077,594)
 
 
 
119,077,594
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.4%
 (Cost $8,030,348,107)
 
 
 
18,109,594,402
NET OTHER ASSETS (LIABILITIES) - (0.4)%  
(67,410,921)
NET ASSETS - 100.0%
18,042,183,481
 
 
Legend
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing.
 
(c)
Level 3 security.
 
(d)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $900,186,580 or 5.0% of net assets.
 
(e)
Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $35,089,509 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
 
(f)
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
 
(g)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $9,098,170 or 0.1% of net assets.
 
(h)
Security or a portion of the security is on loan at period end.
 
(i)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $12,306,113 or 0.1% of net assets.
 
(j)
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
 
(k)
Security is perpetual in nature with no stated maturity date.
 
(l)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(m)
Investment made with cash collateral received from securities on loan.
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
ABL Space Systems Co Series A10
12/14/2023
313,081
 
 
 
ABL Space Systems Co Series A8
3/24/2021
1,338,638
 
 
 
ABL Space Systems Co Series A9
10/22/2021
1,166,473
 
 
 
AgBiome LLC Series C
6/29/2018
435,125
 
 
 
Akeana Series C
1/23/2024
1,088,496
 
 
 
Algolia Inc Series D
7/23/2021
890,102
 
 
 
Alif Semiconductor Series C
3/8/2022
966,170
 
 
 
Alif Semiconductor Series D
4/11/2025
1,350,855
 
 
 
Anduril Industries Inc Class B
6/16/2025
257,439
 
 
 
Anduril Industries Inc Class C
6/16/2025
122
 
 
 
Anduril Industries Inc Series F
8/7/2024
2,818,868
 
 
 
Anduril Industries Inc Series G
4/17/2025
2,412,085
 
 
 
Ant International Co Ltd Class C
5/16/2018
769,853
 
 
 
Anthropic PBC Series D
5/31/2024
2,761,074
 
 
 
Anthropic PBC Series E
2/14/2025
515,996
 
 
 
Anthropic PBC Series F
8/18/2025
8,754,089
 
 
 
Applied Intuition Inc Class A
7/2/2024
471,769
 
 
 
Applied Intuition Inc Series A2
7/2/2024
614,081
 
 
 
Applied Intuition Inc Series B2
7/2/2024
296,087
 
 
 
Blink Health LLC Class A1
12/30/2020 - 6/17/2024
199,200
 
 
 
Blink Health LLC Series C
11/7/2019 - 7/14/2021
647,847
 
 
 
Blink Health LLC Series D
6/17/2024 - 6/25/2024
165,311
 
 
 
Bolt Technology OU Series E
1/3/2022
5,238,796
 
 
 
Bytedance Ltd Series E1
11/18/2020
3,500,895
 
 
 
Canva Australia Holdings Pty Ltd Class A
8/19/2025 - 11/12/2025
9,547,612
 
 
 
Celestial AI Inc
2/25/2025
152,750
 
 
 
Celestial AI Inc Series A
2/25/2025
973,940
 
 
 
Celestial AI Inc Series B
2/25/2025
732,858
 
 
 
Celestial AI Inc Series C1
2/25/2025
3,453,742
 
 
 
Cellink Corp Series D
1/20/2022
1,931,625
 
 
 
Cerebras Systems Inc Series G
9/19/2025
8,688,530
 
 
 
Chobani Inc Class A
10/14/2025
3,404,654
 
 
 
Crusoe Energy Systems LLC Series D
12/10/2024
2,064,286
 
 
 
Crusoe Energy Systems LLC Series E
10/8/2025
3,148,042
 
 
 
Danger Devices Inc Series B
3/5/2025
925,894
 
 
 
Databricks Inc Series G
2/1/2021
2,837,886
 
 
 
Databricks Inc Series H
8/31/2021
2,320,041
 
 
 
Databricks Inc Series I
9/14/2023
99,887
 
 
 
Databricks Inc Series J
12/17/2024
4,161,298
 
 
 
Databricks Inc Series K
9/8/2025
1,860,000
 
 
 
Databricks Inc Series L
12/18/2025
8,968,000
 
 
 
Density Ai Inc
12/5/2025
796,993
 
 
 
Diamond Foundry Inc Series C
3/15/2021
5,995,248
 
 
 
Discord Inc Series I
9/15/2021
385,437
 
 
 
Element Labs Inc Series A
2/11/2025
799,319
 
 
 
Element Labs Inc Series B
6/27/2025
1,266,795
 
 
 
Empower Semiconductor Inc Series D
6/27/2025
2,169,374
 
 
 
Enevate Corp 10% 5/12/2199
11/12/2024
20,586
 
 
 
Enevate Corp 6%
11/2/2023 - 10/31/2025
77,629
 
 
 
Enevate Corp Series E
1/29/2021
1,469,576
 
 
 
Epic Games Inc
7/30/2020
349,025
 
 
 
Fanatics Inc Class A
8/13/2020 - 10/24/2022
10,009,624
 
 
 
Frore Systems Inc Series C
5/10/2024
1,380,335
 
 
 
GoBrands Inc Series G
3/2/2021
4,569,827
 
 
 
GoBrands Inc Series H
7/22/2021
4,454,821
 
 
 
Gupshup Inc
6/8/2021
1,804,316
 
 
 
JUUL Labs Inc Class A
12/20/2017 - 11/4/2025
15,291,136
 
 
 
JUUL Labs Inc Series E
12/20/2017 - 7/6/2018
342,963
 
 
 
Lightmatter Inc Series C1
5/19/2023
1,166,935
 
 
 
Lightmatter Inc Series C2
12/18/2023
289,608
 
 
 
Lightmatter Inc Series D
10/11/2024
6,919,239
 
 
 
Lyte Ai Inc Series B
8/13/2024
2,099,156
 
 
 
Menlo Microsystems Inc Series C
2/9/2022
742,942
 
 
 
MOLOCO Inc Series A
6/26/2023
1,210,800
 
 
 
Neurona Therapeutics Inc Series F
3/28/2025
903,722
 
 
 
Neutron Holdings Inc
2/4/2021
4,916
 
 
 
Neutron Holdings Inc 4% 5/22/2027
6/4/2020
237,400
 
 
 
Neutron Holdings Inc 4% 6/12/2027
6/12/2020
64,200
 
 
 
Neutron Holdings Inc 8% 10/29/2026
10/29/2021 - 10/29/2025
3,017,520
 
 
 
Neutron Holdings Inc Series 1C
7/3/2018
581,081
 
 
 
Neutron Holdings Inc Series 1D
1/25/2019
1,431,762
 
 
 
NScale Global Holdings Ltd Series B
9/25/2025
455,856
 
 
 
Nuro Inc/DE Series E
4/1/2025
1,374,763
 
 
 
OpenAI Group Pbc Class A
9/3/2025
5,117,000
 
 
 
OpenAI Group Pbc Series A-2
9/30/2024
6,979,271
 
 
 
OpenAI Group Pbc Series A-3
4/11/2025
2,989,577
 
 
 
Oura Health Oy Series D
12/18/2024
5,534,320
 
 
 
Oura Health Oy Series E
9/24/2025
12,750,785
 
 
 
Physical Intelligence Inc Series B
10/24/2025
1,249,173
 
 
 
Rad Power Bikes Inc
1/21/2021
490,493
 
 
 
Rad Power Bikes Inc 8% 12/31/2199
10/6/2023
110,642
 
 
 
Rad Power Bikes Inc Series A
1/21/2021
63,944
 
 
 
Rad Power Bikes Inc Series C
1/21/2021
251,621
 
 
 
Rad Power Bikes Inc Series D
9/17/2021
985,215
 
 
 
Rad Power Bikes Inc warrants 10/6/2033
10/6/2023
0
 
 
 
Redwood Materials Series C
5/28/2021
1,800,858
 
 
 
Redwood Materials Series D
6/2/2023
519,653
 
 
 
Redwood Materials Series E
10/20/2025
168,459
 
 
 
Retym Inc Series C
5/17/2023 - 6/20/2023
1,199,557
 
 
 
Retym Inc Series D
1/29/2025
480,226
 
 
 
Revolut Group Holdings Ltd
12/27/2024
2,789,311
 
 
 
Runway AI Inc Series D
9/6/2024
1,400,758
 
 
 
Runway AI Inc Series P
11/4/2025
107,444
 
 
 
SiMa Technologies Inc 10% 12/31/2027
4/8/2024 - 1/5/2026
356,309
 
 
 
SiMa Technologies Inc Series B
5/10/2021
1,604,876
 
 
 
SiMa Technologies Inc Series B1
4/25/2022
148,668
 
 
 
Skyryse Inc Series B
10/21/2021
1,663,430
 
 
 
Skyryse Inc Series C
9/16/2025 - 11/21/2025
1,597,130
 
 
 
Skyryse Inc Series C-1
8/13/2024
159,357
 
 
 
Space Exploration Technologies Corp
8/4/2020 - 8/30/2024
75,341,379
 
 
 
Space Exploration Technologies Corp Class C
12/15/2022 - 7/1/2024
14,499,349
 
 
 
Stripe LLC Class B
5/18/2021
770,465
 
 
 
Stripe LLC Series H
3/15/2021
324,451
 
 
 
Stripe LLC Series I
3/20/2023 - 5/12/2023
2,507,425
 
 
 
Taalas Inc 0%
12/23/2025
569,920
 
 
 
Taalas Inc Series B
2/19/2025
2,092,201
 
 
 
Taalas Inc warrants
12/23/2025
115,080
 
 
 
Tenstorrent Holdings Inc Series C1
4/23/2021
991,307
 
 
 
Tenstorrent Holdings Inc Series D1
7/16/2024 - 1/15/2025
2,108,450
 
 
 
Tenstorrent Holdings Inc Series D2
7/17/2024
597,355
 
 
 
Trade Republic Bank GmbH
12/16/2025
3,862,535
 
 
 
Veterinary Emergency Group
9/16/2021 - 3/17/2022
2,585,288
 
 
 
Waymo LLC Series A2
5/8/2020
671,224
 
 
 
Waymo LLC Series C2
10/18/2024
2,778,023
 
 
 
X.Ai Holdings Corp Class A
10/25/2022 - 7/18/2025
4,624,384
 
 
 
X.Ai Holdings Corp Series B
5/13/2024
10,441,371
 
 
 
X.Ai Holdings Corp Series C
11/22/2024
3,473,569
 
 
 
Xsight Labs Ltd Series D
2/16/2021
1,046,676
 
 
 
Xsight Labs Ltd Series F
1/11/2024 - 12/30/2024
1,209,270
 
 
 
Yanka Industries Inc Series F
4/8/2021
1,784,814
 
 
 
Zipline International Inc Series G
6/7/2024
2,763,842
 
 
 
Zipline International Inc Series H
12/3/2025
3,128,293
 
 
 
Additional information on each lock-up restriction is as follows:
Security
Restriction Expiration Date
Beta Technologies Inc
5/4/2026
 
 
HeartFlow Inc
2/4/2026
 
 
Lenskart Solutions Ltd
5/7/2026
 
 
Meesho
6/10/2026
 
 
Pine Labs Ltd
5/13/2026
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
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
111,325,104
857,605,185
917,471,133
2,812,936
6,814
-
51,465,970
51,455,680
0.1%
Fidelity Securities Lending Cash Central Fund
132,911,064
698,491,571
763,786,738
203,503
(4,273)
-
67,611,624
67,604,863
0.2%
Total
244,236,168
1,556,096,756
1,681,257,871
3,016,439
2,541
-
119,077,594
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Investment Valuation
 
The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Common Stocks
 
 
 
 
Communication Services
3,106,971,449
3,082,672,822
23,904,022
394,605
Consumer Discretionary
2,842,294,478
2,824,218,106
-
18,076,372
Consumer Staples
195,804,336
171,538,306
-
24,266,030
Energy
50,619,688
50,619,688
-
-
Financials
660,887,268
652,167,020
-
8,720,248
Health Care
1,234,505,566
1,208,901,225
19,207,139
6,397,202
Industrials
1,468,958,618
1,004,532,900
-
464,425,718
Information Technology
7,841,150,728
7,814,684,593
-
26,466,135
Materials
81,353,678
81,353,678
-
-
Real Estate
109,281,119
109,281,119
-
-
Utilities
39,834,593
39,834,593
-
-
 Convertible Corporate Bonds
 
 
 
 
Consumer Discretionary
6,748,905
-
-
6,748,905
Information Technology
6,880
-
-
6,880
 Convertible Preferred Stocks
 
 
 
 
Communication Services
8,204,121
-
-
8,204,121
Consumer Discretionary
7,526,226
-
-
7,526,226
Consumer Staples
1,623,161
-
-
1,623,161
Financials
4,757,193
-
-
4,757,193
Health Care
26,096,721
-
-
26,096,721
Industrials
21,360,526
-
-
21,360,526
Information Technology
271,263,865
-
-
271,263,865
Materials
7,758,850
-
-
7,758,850
Utilities
2,501,815
-
-
2,501,815
 Preferred Securities
 
 
 
 
Consumer Discretionary
20,667
-
-
20,667
Information Technology
986,357
-
-
986,357
 Money Market Funds
119,077,594
119,077,594
-
-
 Total Investments in Securities:
18,109,594,402
17,158,881,644
43,111,161
907,601,597
 
 
 
 
 
 Net Unrealized Appreciation (Depreciation) on Unfunded Commitments
(11,225)
-
-
(11,225)
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 ($)
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2026 ($)
Common Stocks
209,784,193
-
296,705,811
63,240,840
(20,984,534)
-
-
-
548,746,310
305,078,973
Convertible Preferred Stocks
280,575,972
-
50,764,507
61,800,998
(42,048,999)
-
-
-
351,092,478
114,210,168
Convertible Corporate Bonds
4,907,902
-
1,731,825
116,058
-
-
-
-
6,755,785
1,731,825
Preferred Securities
2,475,769
-
(284,980)
589,192
(1,772,957)
-
-
-
1,007,024
(41,901)
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations.
 
 
 
 
Consolidated Financial Statements (Unaudited)
Consolidated Statement of Assets and Liabilities
 
As of January 31, 2026 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value (including  securities loaned of $86,001,142) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $7,911,270,513)
$
17,990,516,808
 
 
Fidelity Central Funds (cost $119,077,594)
119,077,594
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $8,030,348,107)
 
 
$
18,109,594,402
Cash
 
 
12,806
Foreign currency held at value (cost $1,158,790)
 
 
1,161,702
Receivable for investments sold
 
 
19,567,827
Receivable for fund shares sold
 
 
21,395,414
Dividends receivable
 
 
2,322,363
Interest receivable
 
 
135,138
Distributions receivable from Fidelity Central Funds
 
 
79,907
Other receivables
 
 
156,684
  Total assets
 
 
18,154,426,243
Liabilities
 
 
 
 
Payable for investments purchased
$
14,605,915
 
 
Unrealized depreciation on unfunded commitments
11,225
 
 
Payable for fund shares redeemed
19,439,125
 
 
Accrued management fee
6,832,332
 
 
Other payables and accrued expenses
3,735,540
 
 
Collateral on securities loaned
67,618,625
 
 
  Total liabilities
 
 
 
112,242,762
Commitments and contingent liabilities (see Significant Accounting Policies note)
 
 
 
 
Net Assets  
 
 
$
18,042,183,481
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
7,616,749,992
Total accumulated earnings (loss)
 
 
 
10,425,433,489
Net Assets
 
 
$
18,042,183,481
Net Asset Value, offering price and redemption price per share ($18,042,183,481 ÷ 408,466,232 shares)
 
 
$
44.17
Consolidated Statement of Operations
Six months ended January 31, 2026 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
30,977,520
Interest  
 
 
126,722
Income from Fidelity Central Funds (including $203,503 from security lending)
 
 
3,016,439
 Total income
 
 
 
34,120,681
Expenses
 
 
 
 
Management fee
$
40,104,820
 
 
Independent trustees' fees and expenses
35,226
 
 
Interest
35,336
 
 
 Total expenses before reductions
 
40,175,382
 
 
 Expense reductions
 
(3,759)
 
 
 Total expenses after reductions
 
 
 
40,171,623
Net Investment income (loss)
 
 
 
(6,050,942)
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $288,104)
 
259,984,299
 
 
   Redemptions in-kind
 
186,763,704
 
 
   Fidelity Central Funds
 
2,541
 
 
 Foreign currency transactions
 
(133,473)
 
 
Total net realized gain (loss)
 
 
 
446,617,071
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,327,155)  
 
1,167,805,220
 
 
 Unfunded commitments
 
(11,225)
 
 
 Assets and liabilities in foreign currencies
 
2,911
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
1,167,796,906
Net gain (loss)
 
 
 
1,614,413,977
Net increase (decrease) in net assets resulting from operations
 
 
$
1,608,363,035
Consolidated Statement of Changes in Net Assets
 
 
Six months ended
January 31, 2026
(Unaudited)
 
Year ended
July 31, 2025
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
(6,050,942)
$
22,201,973
Net realized gain (loss)
 
446,617,071
 
589,415,876
Change in net unrealized appreciation (depreciation)
 
1,167,796,906
 
2,991,685,301
Net increase (decrease) in net assets resulting from operations
 
1,608,363,035
 
3,603,303,150
Distributions to shareholders
 
(176,438,573)
 
(107,111,324)
 
 
 
 
 
Share transactions
 
 
 
 
Proceeds from sales of shares
 
1,844,653,936
 
3,649,025,767
  Reinvestment of distributions
 
175,654,174
 
106,831,062
Cost of shares redeemed
 
(2,608,635,750)
 
(5,506,938,052)
 
 
 
 
 
  Net increase (decrease) in net assets resulting from share transactions
 
(588,327,640)
 
(1,751,081,223)
Total increase (decrease) in net assets
 
843,596,822
 
1,745,110,603
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
17,198,586,659
 
15,453,476,056
End of period
$
18,042,183,481
$
17,198,586,659
 
 
 
 
 
Other Information
 
 
 
 
Shares
 
 
 
 
Sold
 
42,876,342
 
103,008,293
  Issued in reinvestment of distributions
 
4,133,003
 
3,133,661
Redeemed
 
(60,676,345)
 
(156,451,624)
Net increase (decrease)
 
(13,667,000)
 
(50,309,670)
 
 
 
 
 
Consolidated Financial Highlights
 
Fidelity® Blue Chip Growth K6 Fund
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
40.74
$
32.71
$
25.32
$
20.19
$
27.89
$
19.32
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.01)
 
.05
 
.12
 
.05
 
- C
 
(.03)
     Net realized and unrealized gain (loss)
 
3.87
 
8.21
 
7.34
 
5.10
 
(5.83)
 
8.91
  Total from investment operations
 
3.86  
 
8.26  
 
7.46  
 
5.15  
 
(5.83)
 
8.88
  Distributions from net investment income
 
(.02)
 
(.23)
 
(.07)
 
(.02)
 
-
 
(.02)
  Distributions from net realized gain
 
(.41)
 
-
 
-
 
-
 
(1.87)
 
(.29)
     Total distributions
 
(.43)
 
(.23)
 
(.07)
 
(.02)
 
(1.87)
 
(.31)
  Net asset value, end of period
$
44.17
$
40.74
$
32.71
$
25.32
$
20.19
$
27.89
 Total Return D,E
 
9.51
%
 
25.38%
 
29.54%
 
25.55%
 
(22.62)%
 
46.28%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.45% H
 
.45%
 
.45%
 
.45%
 
.45%
 
.45%
    Expenses net of fee waivers, if any
 
.45
% H
 
.45%
 
.45%
 
.45%
 
.45%
 
.45%
    Expenses net of all reductions, if any
 
.45% H
 
.45%
 
.45%
 
.45%
 
.45%
 
.45%
    Net investment income (loss)
 
(.07)% H
 
.14%
 
.43%
 
.23%
 
.01%
 
(.10)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
18,042,183
$
17,198,587
$
15,453,476
$
9,888,912
$
6,821,284
$
6,455,689
    Portfolio turnover rate I,J
 
22
% H
 
34%
 
17%
 
24%
 
37%
 
44%
 
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.
CAmount represents less than $.005 per share.
DTotal returns for periods of less than one year are not annualized.
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.
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.
HAnnualized.
IPortfolio turnover rate excludes securities received or delivered in-kind.
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.
Notes to Consolidated Financial Statements
 (Unaudited)
For the period ended January 31, 2026
 
1. Organization.
Fidelity Blue Chip Growth K6 Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Consolidated Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
 
Asset Type
Fair Value
Valuation Technique(s)
Unobservable Input
Amount or Range/Weighted Average
Impact to Valuation from an Increase in InputA
Common Stocks
$548,746,310
 Market comparable
 Enterprise value/Revenue multiple (EV/R)
0.9 - 82.7 / 20.5
Increase
 
 
 
 Enterprise value/EBITDA multiple (EV/EBITDA)
22.7 - 51.1 / 50.9
Increase
 
 
 
 Enterprise value/Net income (EV/NI)
27.4 - 38.2 / 32.4
Increase
 
 
 Market approach
 Transaction price
$4.63 - $54.91 / $30.83
Increase
 
 
 
 Discount rate
17.6%
Decrease
 
 
 
 Probability rate
10.0% - 70.0% / 33.3%
Increase
 
 
 Recovery value
Recovery value
$0.00
Increase
 
 
 Black scholes
Discount rate
3.5% - 3.8% / 3.6%
Increase
 
 
 
Volatility
70.0% - 80.0% / 75.3%
Increase
 
 
 
Term
1.0 - 5.0 / 2.0
Increase
 
 
 Book value
Book value multiple
1.4
Increase
Convertible Corporate Bonds
$6,755,785
 Market comparable
Enterprise value/Revenue multiple (EV/R)
3.8
Increase
 
 
 
Discount rate
29.2%
Decrease
 
 
 
Probability rate
10.0% - 75.0% / 33.3%
Increase
 
 
Market approach
Transaction price
$100.00
Increase
 
 
 
Discount rate
21.7%
Decrease
 
 
 
Probability rate
0.0% - 75.0% / 33.3%
Increase
 
 
Black scholes
Discount rate
3.7% - 4.2% / 3.7%
Increase
 
 
 
Volatility
75.0% - 100.0% / 75.0%
Increase
 
 
 
Term
0.4
Increase
Convertible Preferred Stocks
$351,092,478
Market comparable
Enterprise value/Revenue multiple (EV/R)
0.7 - 82.7 / 38.2
Increase
 
 
 
Enterprise value/Gross profit multiple (EV/GP)
11.9
Increase
 
 
Market approach
Transaction price
$0.90 - $271.56 / $34.42
Increase
 
 
 
Discount rate
10.0% - 95.0% / 19.8%
Decrease
 
 
 
Premium rate
10.0% - 65.0% / 38.9%
Increase
 
 
Recovery value
Recovery value
$0.00
Increase
 
 
Black scholes
Discount rate
3.6% - 3.8% / 3.7%
Increase
 
 
 
Volatility
40.0% - 100.0% / 68.3%
Increase
 
 
 
Term
2.0 - 5.0 / 3.3
Increase
Preferred Securities
$1,007,024
Market approach
Transaction price
$100.00
Increase
 
 
 
Discount rate
17.6% - 37.9% / 26.2%
Decrease
 
 
 
Probability rate
0.0% - 75.0% / 34.5%
Increase
 
 
Recovery value
Recovery value
$0.00
Increase
 
 
Black scholes
Discount rate
3.5% - 4.2% / 3.5%
Increase
 
 
 
Volatility
55.0% - 100.0% / 69.8%
Increase
 
 
 
Term
0.4 - 1.0 / 1.0
Increase
 
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end. 
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2026, as well as a roll forward of Level 3 investments, is included at the end of the Fund's Consolidated Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Consolidated Statement of Assets and Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$10,320,613,827
Gross unrealized depreciation
(300,944,720)
Net unrealized appreciation (depreciation)
$10,019,669,107
Tax cost
$8,089,925,295
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Consolidated Schedule of Investments, if applicable.
 
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Consolidated Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Consolidated Statement of Operations, as applicable based on contractual conditions of each commitment.
 
 
Investment to be Acquired
Commitment Amount ($)
Unrealized Appreciation (Depreciation)($)
Fidelity Blue Chip Growth K6 Fund
Spinny Series G Convertible Preferred
1,806,826
-
Fidelity Blue Chip Growth K6 Fund
Revolut Group Holdings, Ltd.
2,256,153
(11,225)
 
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
 
As of period end, investments in Subsidiaries were as follows:
 
 
Amount ($)
% of Total Assets
Fidelity Blue Chip Growth K6 Fund
 13,438,262
 .07
 
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
 
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Blue Chip Growth K6 Fund
1,936,847,455
2,371,439,114
 
Unaffiliated Redemptions In-Kind. Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Consolidated Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Net realized gain or loss on Unaffiliated Issuers ($)
Total net realized gain or loss on Investments ($)
Total Proceeds ($)
Fidelity Blue Chip Growth K6 Fund
6,626,820
186,763,704
186,763,704
273,422,585
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss on Investments ($)
Total Proceeds ($)
Fidelity Blue Chip Growth K6 Fund
17,234,936
349,420,316
575,938,420
5. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity Blue Chip Growth K6 Fund
 49,487
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity Blue Chip Growth K6 Fund 
 Borrower
 20,486,375
3.88%
 35,336
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Blue Chip Growth K6 Fund
 129,400,331
 145,525,513
 4,907,973
6. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
7. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Blue Chip Growth K6 Fund
22,027
 313
-
 
At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Consolidated Schedule of Investments or Consolidated Statement of Assets and Liabilities.
 
 
Amount ($)
Fidelity Blue Chip Growth K6 Fund
23,044,851
8. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $3,759.
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.9884006.108
BCFK6-SANN-0426
Fidelity® Blue Chip Growth Fund
 
 
 
 
Semi-Annual Report
January 31, 2026
Includes Fidelity and Fidelity Advisor share classes

Contents

Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)

Fidelity® Blue Chip Growth Fund

Notes to Consolidated Financial Statements

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.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2026 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Blue Chip Growth Fund
Consolidated Schedule of Investments January 31, 2026 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.0%
 
 
Shares
Value ($)
 
AUSTRALIA - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Canva Australia Holdings Pty Ltd Class A (b)(c)(d)
 
27,100
41,904,188
BELGIUM - 0.1%
 
 
 
Health Care - 0.1%
 
 
 
Pharmaceuticals - 0.1%
 
 
 
UCB SA
 
188,200
56,975,365
BRAZIL - 0.0%
 
 
 
Financials - 0.0%
 
 
 
Banks - 0.0%
 
 
 
NU Holdings Ltd/Cayman Islands Class A (b)
 
1,108,923
19,683,383
Materials - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
Vale SA ADR
 
1,132,600
18,200,882
TOTAL BRAZIL
 
 
37,884,265
BURKINA FASO - 0.1%
 
 
 
Materials - 0.1%
 
 
 
Metals & Mining - 0.1%
 
 
 
IAMGOLD Corp (United States) (b)
 
2,583,000
46,958,940
CANADA - 1.3%
 
 
 
Consumer Discretionary - 0.3%
 
 
 
Specialty Retail - 0.3%
 
 
 
Aritzia Inc Subordinate Voting Shares (b)
 
3,362,936
265,078,339
Energy - 0.0%
 
 
 
Oil, Gas & Consumable Fuels - 0.0%
 
 
 
Suncor Energy Inc
 
699,800
36,987,923
Information Technology - 1.0%
 
 
 
Electronic Equipment, Instruments & Components - 0.7%
 
 
 
Celestica Inc (United States) (b)
 
1,946,382
546,913,879
IT Services - 0.3%
 
 
 
Shopify Inc Class A (b)
 
2,025,317
265,753,599
Software - 0.0%
 
 
 
Taalas Inc warrants (b)(c)(d)
 
554,030
570,651
TOTAL INFORMATION TECHNOLOGY
 
 
813,238,129
Materials - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
Agnico Eagle Mines Ltd/CA (United States)
 
161,600
30,784,800
TOTAL CANADA
 
 
1,146,089,191
CHILE - 0.0%
 
 
 
Materials - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
Antofagasta PLC
 
376,800
18,808,878
CHINA - 0.2%
 
 
 
Communication Services - 0.2%
 
 
 
Interactive Media & Services - 0.2%
 
 
 
Tencent Holdings Ltd
 
1,415,300
108,782,518
Consumer Discretionary - 0.0%
 
 
 
Automobile Components - 0.0%
 
 
 
WeRide Inc ADR (b)(h)
 
1,763,133
14,122,695
Hotels, Restaurants & Leisure - 0.0%
 
 
 
Luckin Coffee Inc ADR (b)
 
647,000
21,590,390
TOTAL CONSUMER DISCRETIONARY
 
 
35,713,085
Consumer Staples - 0.0%
 
 
 
Beverages - 0.0%
 
 
 
Eastroc Beverage Group Co Ltd H Shares
 
110,400
3,504,717
Financials - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Ant International Co Ltd Class C (c)(d)
 
3,214,400
5,143,040
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Pony AI Inc ADR (b)
 
1,878,873
26,078,757
TOTAL CHINA
 
 
179,222,117
DENMARK - 0.1%
 
 
 
Health Care - 0.1%
 
 
 
Biotechnology - 0.1%
 
 
 
Ascendis Pharma A/S ADR (b)
 
416,896
94,260,186
FINLAND - 0.2%
 
 
 
Consumer Discretionary - 0.2%
 
 
 
Textiles, Apparel & Luxury Goods - 0.2%
 
 
 
Amer Sports Inc (b)
 
4,715,958
172,745,542
GERMANY - 0.0%
 
 
 
Financials - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Trade Republic Bank GmbH (c)(d)(f)
 
663
18,326,022
INDIA - 0.8%
 
 
 
Communication Services - 0.1%
 
 
 
Wireless Telecommunication Services - 0.1%
 
 
 
Bharti Airtel Ltd
 
1,759,200
37,770,596
Vodafone Idea Ltd (b)
 
287,941,126
35,076,476
TOTAL COMMUNICATION SERVICES
 
 
72,847,072
Consumer Discretionary - 0.3%
 
 
 
Broadline Retail - 0.1%
 
 
 
Meesho (e)
 
51,599,045
97,999,582
Hotels, Restaurants & Leisure - 0.1%
 
 
 
Eternal Ltd (b)
 
18,746,668
55,937,012
Specialty Retail - 0.1%
 
 
 
Lenskart Solutions Ltd (e)
 
10,406,170
51,903,744
Lenskart Solutions Ltd (e)
 
341,954
1,705,593
 
 
 
53,609,337
TOTAL CONSUMER DISCRETIONARY
 
 
207,545,931
Consumer Staples - 0.0%
 
 
 
Food Products - 0.0%
 
 
 
Patanjali Foods Ltd
 
3,072,736
16,768,786
Energy - 0.2%
 
 
 
Oil, Gas & Consumable Fuels - 0.2%
 
 
 
Reliance Industries Ltd
 
11,292,286
171,846,096
Financials - 0.2%
 
 
 
Capital Markets - 0.2%
 
 
 
Authum Investment & Infrastucture Ltd
 
25,045,170
137,989,616
Financial Services - 0.0%
 
 
 
Jio Financial Services Ltd
 
6,689,593
18,567,206
Pine Labs Ltd (e)
 
8,277,220
20,591,497
 
 
 
39,158,703
TOTAL FINANCIALS
 
 
177,148,319
Health Care - 0.0%
 
 
 
Health Care Providers & Services - 0.0%
 
 
 
Max Healthcare Institute Ltd
 
1,343,300
14,016,941
Industrials - 0.0%
 
 
 
Aerospace & Defense - 0.0%
 
 
 
Hindustan Aeronautics Ltd (j)
 
289,000
14,559,367
Passenger Airlines - 0.0%
 
 
 
InterGlobe Aviation Ltd (g)(j)
 
341,100
17,098,896
Transportation Infrastructure - 0.0%
 
 
 
JSW Infrastructure Ltd
 
1,831,400
5,163,008
TOTAL INDUSTRIALS
 
 
36,821,271
Materials - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
Welspun Corp Ltd
 
5,004,153
39,798,445
TOTAL INDIA
 
 
736,792,861
ISRAEL - 0.0%
 
 
 
Financials - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Rapyd Financial Network 2016 Ltd (b)(c)(d)
 
204,327
8,293,633
Rapyd Financial Network 2016 Ltd warrants 3/5/2038 (b)(c)(d)
 
4,241
44,700
TOTAL FINANCIALS
 
 
8,338,333
Information Technology - 0.0%
 
 
 
Semiconductors & Semiconductor Equipment - 0.0%
 
 
 
Xsight Labs Ltd warrants 7/24/2032 (b)(c)
 
713,512
991,781
TOTAL ISRAEL
 
 
9,330,114
ITALY - 0.1%
 
 
 
Consumer Discretionary - 0.1%
 
 
 
Hotels, Restaurants & Leisure - 0.1%
 
 
 
Lottomatica Group Spa
 
2,262,100
55,558,199
JAPAN - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Semiconductors & Semiconductor Equipment - 0.0%
 
 
 
Kioxia Holdings Corp (b)
 
299,700
41,364,642
KOREA (SOUTH) - 0.1%
 
 
 
Consumer Staples - 0.0%
 
 
 
Personal Care Products - 0.0%
 
 
 
APR Corp/Korea
 
45,350
8,440,234
Information Technology - 0.1%
 
 
 
Semiconductors & Semiconductor Equipment - 0.1%
 
 
 
SK Hynix Inc
 
104,660
65,577,978
TOTAL KOREA (SOUTH)
 
 
74,018,212
LUXEMBOURG - 0.0%
 
 
 
Financials - 0.0%
 
 
 
Capital Markets - 0.0%
 
 
 
CVC Capital Partners PLC (g)(j)
 
1,342,215
23,753,549
NETHERLANDS - 0.3%
 
 
 
Information Technology - 0.3%
 
 
 
Semiconductors & Semiconductor Equipment - 0.3%
 
 
 
ASML Holding NV depository receipt
 
65,000
92,495,000
NXP Semiconductors NV
 
648,908
146,744,055
 
 
 
 
TOTAL NETHERLANDS
 
 
239,239,055
SINGAPORE - 0.0%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Broadline Retail - 0.0%
 
 
 
Sea Ltd Class A ADR (b)
 
270,100
31,463,949
SWITZERLAND - 0.2%
 
 
 
Consumer Discretionary - 0.1%
 
 
 
Textiles, Apparel & Luxury Goods - 0.1%
 
 
 
On Holding AG Class A (b)
 
2,915,083
131,907,506
Health Care - 0.1%
 
 
 
Pharmaceuticals - 0.1%
 
 
 
Galderma Group AG
 
308,821
57,563,920
TOTAL SWITZERLAND
 
 
189,471,426
TAIWAN - 1.1%
 
 
 
Information Technology - 1.1%
 
 
 
Electronic Equipment, Instruments & Components - 0.0%
 
 
 
Delta Electronics Inc
 
553,000
21,373,673
Semiconductors & Semiconductor Equipment - 1.1%
 
 
 
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
2,774,327
917,081,533
TOTAL TAIWAN
 
 
938,455,206
UNITED KINGDOM - 0.1%
 
 
 
Consumer Staples - 0.1%
 
 
 
Tobacco - 0.1%
 
 
 
British American Tobacco PLC ADR
 
1,012,429
61,434,192
Financials - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Revolut Group Holdings Ltd (b)(c)(d)
 
13,549
19,010,331
TOTAL UNITED KINGDOM
 
 
80,444,523
UNITED STATES - 92.3%
 
 
 
Communication Services - 16.2%
 
 
 
Diversified Telecommunication Services - 0.0%
 
 
 
AST SpaceMobile Inc Class A (b)
 
251,500
27,969,315
Entertainment - 2.4%
 
 
 
Netflix Inc (b)
 
20,768,390
1,733,952,881
ROBLOX Corp Class A (b)
 
3,145,990
206,880,302
Roku Inc Class A (b)
 
218,200
20,772,640
Take-Two Interactive Software Inc (b)
 
438,465
96,593,840
 
 
 
2,058,199,663
Interactive Media & Services - 13.8%
 
 
 
Alphabet Inc Class A
 
22,044,915
7,451,181,270
Epic Games Inc (b)(c)(d)
 
6,131
3,985,702
Meta Platforms Inc Class A
 
5,926,422
4,246,281,363
Reddit Inc Class A (b)
 
365,902
65,961,154
Reddit Inc Class B (b)
 
566,705
102,159,910
Snap Inc Class A (b)
 
57,258,582
396,801,973
 
 
 
12,266,371,372
Media - 0.0%
 
 
 
EchoStar Corp Class A (b)
 
155,500
17,605,710
TOTAL COMMUNICATION SERVICES
 
 
14,370,146,060
Consumer Discretionary - 15.5%
 
 
 
Automobiles - 1.6%
 
 
 
General Motors Co
 
113,000
9,492,000
Neutron Holdings Inc (b)(c)(d)
 
7,152,433
685,203
Rad Power Bikes Inc (b)(c)(d)
 
928,091
9
Rad Power Bikes Inc warrants 10/6/2033 (b)(c)(d)
 
980,651
10
Tesla Inc (b)
 
3,325,958
1,431,525,583
 
 
 
1,441,702,805
Broadline Retail - 7.7%
 
 
 
Amazon.com Inc (b)
 
28,798,886
6,891,573,420
Diversified Consumer Services - 0.0%
 
 
 
Phoenix Education Partners Inc (h)
 
53,866
1,643,451
Hotels, Restaurants & Leisure - 2.0%
 
 
 
Brinker International Inc (b)
 
1,666,962
262,913,247
Cava Group Inc (b)(h)
 
469,400
28,455,028
Cheesecake Factory Inc/The
 
414,600
24,030,216
Chipotle Mexican Grill Inc (b)
 
4,751,908
184,706,664
DoorDash Inc Class A (b)
 
1,097,753
224,622,219
DraftKings Inc Class A (b)
 
6,837,583
188,101,908
Dutch Bros Inc Class A (b)
 
421,843
22,944,041
Expedia Group Inc Class A
 
90,900
24,073,956
Hilton Worldwide Holdings Inc
 
382,400
114,150,224
Marriott International Inc/MD Class A1
 
355,100
111,963,030
Sonder Holdings Inc Stage 1 rights (b)(c)
 
16,222
0
Sonder Holdings Inc Stage 2 rights (b)(c)
 
16,221
0
Sonder Holdings Inc Stage 3 rights (b)(c)
 
16,222
0
Sonder Holdings Inc Stage 4 rights (b)(c)
 
16,221
0
Sonder Holdings Inc Stage 5 rights (b)(c)
 
16,221
0
Sonder Holdings Inc Stage 5 rights (b)(c)
 
16,221
0
Starbucks Corp
 
5,082,877
467,370,540
Texas Roadhouse Inc
 
246,800
44,389,448
Wingstop Inc (h)
 
414,300
109,967,649
 
 
 
1,807,688,170
Household Durables - 0.8%
 
 
 
SharkNinja Inc (b)
 
5,525,800
653,149,560
Somnigroup International Inc
 
374,949
32,939,270
 
 
 
686,088,830
Leisure Products - 0.1%
 
 
 
Peloton Interactive Inc Class A (b)(h)
 
11,953,169
66,818,214
Specialty Retail - 2.7%
 
 
 
Abercrombie & Fitch Co Class A (b)
 
160,303
15,650,382
American Eagle Outfitters Inc
 
529,900
12,351,969
AutoZone Inc (b)
 
7,200
26,670,888
Bath & Body Works Inc
 
2,065,071
45,018,548
Carvana Co Class A (b)
 
1,036,481
415,742,894
Fanatics Inc Class A (b)(c)(d)
 
1,938,909
155,112,720
Five Below Inc (b)(h)
 
336,354
64,458,881
Floor & Decor Holdings Inc Class A (b)
 
259,200
17,096,832
Gap Inc/The
 
1,645,700
46,046,686
Home Depot Inc/The
 
304,434
114,037,932
Lowe's Cos Inc
 
1,652,697
441,369,261
RealReal Inc/The (b)
 
2,755,100
40,417,317
RH (b)(i)
 
1,138,122
226,292,797
Ross Stores Inc
 
94,000
17,733,100
TJX Cos Inc/The
 
2,096,966
314,146,476
Urban Outfitters Inc (b)
 
646,338
45,793,047
Victoria's Secret & Co (b)(h)
 
2,033,600
110,851,536
Warby Parker Inc Class A (b)
 
4,643,456
118,454,563
Wayfair Inc Class A (b)
 
1,783,957
184,621,710
 
 
 
2,411,867,539
Textiles, Apparel & Luxury Goods - 0.6%
 
 
 
Capri Holdings Ltd (b)(i)
 
5,973,923
134,831,442
Deckers Outdoor Corp (b)
 
193,166
23,052,430
Lululemon Athletica Inc (b)
 
1,008,961
176,063,695
NIKE Inc Class B
 
2,009,822
124,227,098
Tapestry Inc
 
413,000
52,413,830
Tory Burch LLC Class A (b)(c)(d)(f)
 
293,611
11,999,882
VF Corp
 
761,300
14,913,867
 
 
 
537,502,244
TOTAL CONSUMER DISCRETIONARY
 
 
13,844,884,673
Consumer Staples - 0.5%
 
 
 
Beverages - 0.1%
 
 
 
Celsius Holdings Inc (b)
 
1,684,165
88,384,979
Consumer Staples Distribution & Retail - 0.2%
 
 
 
Chobani Inc Class A (c)(d)(f)
 
3,602
16,051,773
Costco Wholesale Corp
 
71,723
67,437,551
Sprouts Farmers Market Inc (b)
 
456,300
32,356,233
Target Corp
 
699,700
73,797,359
 
 
 
189,642,916
Food Products - 0.0%
 
 
 
Real Good Food Co LLC /The Class B (b)(c)
 
105,172
0
Real Good Food Co LLC /The Class B unit (b)(g)
 
105,172
10,517
 
 
 
10,517
Personal Care Products - 0.1%
 
 
 
Estee Lauder Cos Inc/The Class A
 
278,900
32,151,592
Herbalife Ltd (b)
 
2,420,400
41,727,696
 
 
 
73,879,288
Tobacco - 0.1%
 
 
 
JUUL Labs Inc Class A (b)(c)(d)
 
48,026,139
91,249,664
JUUL Labs Inc Class B (b)(c)(d)
 
6,625
12,588
 
 
 
91,262,252
TOTAL CONSUMER STAPLES
 
 
443,179,952
Energy - 0.1%
 
 
 
Energy Equipment & Services - 0.0%
 
 
 
WaterBridge Infrastructure LLC Class A
 
429,000
9,412,260
Oil, Gas & Consumable Fuels - 0.1%
 
 
 
Chevron Corp
 
202,500
35,822,250
Exxon Mobil Corp
 
531,800
75,196,520
 
 
 
111,018,770
TOTAL ENERGY
 
 
120,431,030
Financials - 2.8%
 
 
 
Capital Markets - 1.1%
 
 
 
Ares Management Corp Class A
 
494,355
73,990,113
Blue Owl Capital Inc Class A
 
4,375,441
59,681,015
Goldman Sachs Group Inc/The
 
366,885
343,187,898
KKR & Co Inc Class A
 
792,341
90,532,883
Morgan Stanley
 
916,220
167,485,016
Robinhood Markets Inc Class A (b)
 
2,689,507
267,552,156
 
 
 
1,002,429,081
Consumer Finance - 0.1%
 
 
 
Figure Technology Solutions Inc Class A (h)
 
1,162,700
66,134,376
Financial Services - 1.6%
 
 
 
Affirm Holdings Inc Class A (b)
 
2,812,598
169,599,659
Apollo Global Management Inc
 
1,087,939
146,371,313
Mastercard Inc Class A
 
1,514,763
816,139,157
Rocket Cos Inc Class A
 
1,757,184
31,506,309
Toast Inc Class A (b)
 
1,345,883
41,870,420
Visa Inc Class A
 
743,749
239,360,741
 
 
 
1,444,847,599
TOTAL FINANCIALS
 
 
2,513,411,056
Health Care - 5.9%
 
 
 
Biotechnology - 1.6%
 
 
 
AbbVie Inc
 
1,703,987
380,006,141
Alnylam Pharmaceuticals Inc (b)
 
578,056
195,417,611
Apogee Therapeutics Inc (b)
 
506,150
33,157,887
Arcellx Inc (b)
 
87,461
5,974,461
Caris Life Sciences Inc (b)
 
132,300
3,064,068
Cibus Inc Class A (b)
 
153,600
299,519
Gilead Sciences Inc
 
4,759,577
675,621,955
Janux Therapeutics Inc (b)
 
232,662
3,189,796
Legend Biotech Corp ADR (b)
 
488,003
8,540,053
Moderna Inc (b)
 
527,900
23,264,553
Praxis Precision Medicines Inc (b)
 
65,600
20,598,400
Regeneron Pharmaceuticals Inc
 
92,300
68,435,835
Revolution Medicines Inc (b)
 
75,100
7,280,945
Scholar Rock Holding Corp (b)
 
413,385
18,329,491
Travere Therapeutics Inc (b)
 
921,400
28,646,326
 
 
 
1,471,827,041
Health Care Equipment & Supplies - 0.9%
 
 
 
Blink Health LLC Class A1 (b)(c)(d)
 
63,681
2,359,381
Boston Scientific Corp (b)
 
6,183,021
578,297,954
Insulet Corp (b)
 
362,107
92,630,592
Intuitive Surgical Inc (b)
 
45,200
22,790,744
Kestra Medical Technologies Ltd
 
436,803
10,775,930
Medline Inc Class A
 
1,445,500
63,891,100
 
 
 
770,745,701
Health Care Providers & Services - 0.5%
 
 
 
Cardinal Health Inc
 
820,800
176,373,504
Cencora Inc
 
271,464
97,515,298
Guardant Health Inc (b)
 
381,500
43,506,260
McKesson Corp
 
185,443
154,142,076
 
 
 
471,537,138
Health Care Technology - 0.0%
 
 
 
Claritev Corp warrants (b)(c)
 
138,859
0
HeartFlow Inc (e)
 
460,506
13,755,314
 
 
 
13,755,314
Life Sciences Tools & Services - 0.1%
 
 
 
Danaher Corp
 
154,600
33,840,394
Veterinary Emergency Group (b)(c)(d)(f)
 
524,494
51,594,475
 
 
 
85,434,869
Pharmaceuticals - 2.8%
 
 
 
Crinetics Pharmaceuticals Inc (b)
 
387,900
19,371,726
Elanco Animal Health Inc (b)
 
683,600
16,461,088
Eli Lilly & Co
 
2,216,696
2,299,046,257
Johnson & Johnson
 
481,200
109,352,700
Roche Holding AG non-voting shares
 
66,610
30,290,226
 
 
 
2,474,521,997
TOTAL HEALTH CARE
 
 
5,287,822,060
Industrials - 6.0%
 
 
 
Aerospace & Defense - 3.1%
 
 
 
Anduril Industries Inc Class B (c)(d)
 
27,087
1,352,725
Anduril Industries Inc Class C (c)(d)
 
13
649
Axon Enterprise Inc (b)
 
264,272
127,796,654
Beta Technologies Inc (e)
 
828,079
17,803,699
Beta Technologies Inc Class A (b)
 
424,400
9,124,600
Boeing Co (b)
 
2,417,171
564,941,206
Carpenter Technology Corp
 
371,091
117,943,853
GE Aerospace
 
1,130,887
346,944,823
Howmet Aerospace Inc
 
1,195,667
248,794,389
Red Cat Holdings Inc (b)
 
943,700
12,739,950
Relativity Space Inc (b)(c)
 
34,453
36,519
Rocket Lab Corp
 
596,700
47,777,769
Space Exploration Technologies Corp (b)(c)(d)
 
3,006,587
1,265,773,127
Space Exploration Technologies Corp Class C (b)(c)(d)
 
104,067
43,812,207
 
 
 
2,804,842,170
Air Freight & Logistics - 0.0%
 
 
 
CH Robinson Worldwide Inc
 
49,200
9,591,540
FedEx Corp
 
38,000
12,245,500
 
 
 
21,837,040
Construction & Engineering - 0.2%
 
 
 
Comfort Systems USA Inc
 
95,400
108,956,340
Construction Partners Inc Class A (b)
 
112,000
12,306,560
IES Holdings Inc (b)
 
73,300
27,875,257
Legence Corp Class A
 
127,300
5,971,643
 
 
 
155,109,800
Electrical Equipment - 0.6%
 
 
 
Bloom Energy Corp Class A (b)
 
116,800
17,680,016
GE Vernova Inc
 
594,909
432,124,050
Nextpower Inc Class A (b)
 
704,600
82,501,614
 
 
 
532,305,680
Ground Transportation - 0.5%
 
 
 
Lyft Inc Class A (b)
 
4,844,252
81,722,531
Old Dominion Freight Line Inc
 
322,900
55,926,280
Uber Technologies Inc (b)
 
3,047,355
243,940,768
XPO Inc (b)
 
234,600
34,746,606
 
 
 
416,336,185
Machinery - 0.3%
 
 
 
Caterpillar Inc
 
52,900
34,774,344
Cummins Inc
 
182,300
105,518,886
PACCAR Inc
 
500,600
61,528,746
RBC Bearings Inc (b)
 
56,175
28,068,962
 
 
 
229,890,938
Passenger Airlines - 0.6%
 
 
 
Alaska Air Group Inc (b)(h)
 
573,918
29,172,252
Delta Air Lines Inc
 
3,697,204
243,608,772
United Airlines Holdings Inc (b)
 
2,301,597
235,499,405
 
 
 
508,280,429
Trading Companies & Distributors - 0.7%
 
 
 
Ferguson Enterprises Inc
 
172,325
43,505,170
FTAI Aviation Ltd
 
2,235,735
608,835,355
 
 
 
652,340,525
TOTAL INDUSTRIALS
 
 
5,320,942,767
Information Technology - 44.4%
 
 
 
Communications Equipment - 0.5%
 
 
 
Arista Networks Inc (b)
 
262,100
37,150,054
Lumentum Holdings Inc (b)(h)
 
1,100,987
431,410,746
 
 
 
468,560,800
Electronic Equipment, Instruments & Components - 0.8%
 
 
 
Amphenol Corp Class A
 
2,118,391
305,217,775
Coherent Corp (b)
 
1,257,616
266,840,963
Corning Inc
 
765,000
78,986,250
Jabil Inc
 
301,900
71,607,661
 
 
 
722,652,649
IT Services - 0.9%
 
 
 
Akamai Technologies Inc (b)
 
200,000
19,430,000
Cloudflare Inc Class A (b)
 
1,037,855
184,063,584
MongoDB Inc Class A (b)
 
89,200
33,122,636
Snowflake Inc (b)
 
1,526,496
294,155,779
Twilio Inc Class A (b)
 
1,881,769
226,677,894
X.Ai Holdings Corp Class A (c)(d)
 
820,912
61,946,020
 
 
 
819,395,913
Semiconductors & Semiconductor Equipment - 23.1%
 
 
 
Advanced Micro Devices Inc (b)
 
1,500,500
355,213,365
Astera Labs Inc (b)
 
2,568,270
386,832,827
Broadcom Inc
 
8,762,228
2,902,926,137
GlobalFoundries Inc (b)
 
1,296,261
54,702,214
Impinj Inc (b)
 
7,153
987,829
KLA Corp
 
28,100
40,125,114
Lam Research Corp
 
595,900
139,118,814
Marvell Technology Inc
 
17,821,340
1,406,460,153
Micron Technology Inc
 
1,511,100
626,925,168
Monolithic Power Systems Inc
 
619,256
696,136,632
NVIDIA Corp
 
72,767,995
13,908,146,885
Onto Innovation Inc (b)
 
53,800
10,870,290
 
 
 
20,528,445,428
Software - 8.6%
 
 
 
Applied Intuition Inc Class A (b)(c)(d)
 
33,762
3,824,559
AppLovin Corp Class A (b)
 
2,345,260
1,109,565,959
Atom Tickets LLC (b)(c)(d)(f)
 
1,204,239
12
Celestial AI Inc (c)(d)
 
44,508
1,193,705
Circle Internet Group Inc Class A (h)
 
193,200
12,351,276
Crowdstrike Holdings Inc Class A (b)
 
199,626
88,115,915
Figma Inc Class A
 
447,530
11,599,978
Microsoft Corp
 
12,585,910
5,415,591,214
OpenAI Group Pbc Class A (c)(d)
 
56,300
26,882,124
Oracle Corp
 
2,311,193
380,376,144
Palantir Technologies Inc Class A (b)
 
2,213,406
324,463,186
Rubrik Inc Class A (b)
 
614,800
34,398,060
Salesforce Inc
 
375,400
79,693,666
Samsara Inc Class A (b)
 
1,107,900
31,076,595
Servicenow Inc (b)
 
976,745
114,288,932
Stripe LLC Class B (b)(c)(d)
 
173,600
7,190,512
Tanium Inc Class B (b)(c)(d)
 
554,900
4,300,475
Unity Software Inc (b)
 
515,500
15,001,050
Zoom Communications Inc Class A (b)
 
479,200
44,134,320
 
 
 
7,704,047,682
Technology Hardware, Storage & Peripherals - 10.5%
 
 
 
Apple Inc
 
32,535,223
8,442,239,664
Sandisk Corp/DE
 
517,200
298,036,500
Seagate Technology Holdings PLC
 
146,900
59,889,661
Western Digital Corp
 
2,040,600
510,619,338
 
 
 
9,310,785,163
TOTAL INFORMATION TECHNOLOGY
 
 
39,553,887,635
Materials - 0.2%
 
 
 
Construction Materials - 0.2%
 
 
 
Martin Marietta Materials Inc
 
118,151
77,028,544
Vulcan Materials Co
 
274,211
82,411,374
 
 
 
159,439,918
Metals & Mining - 0.0%
 
 
 
Alcoa Corp
 
279,000
15,849,990
Century Aluminum Co (b)
 
371,500
16,840,095
 
 
 
32,690,085
TOTAL MATERIALS
 
 
192,130,003
Real Estate - 0.5%
 
 
 
Health Care REITs - 0.5%
 
 
 
Welltower Inc
 
2,252,957
424,366,981
Real Estate Management & Development - 0.0%
 
 
 
Compass Inc Class A (b)
 
3,767,800
47,172,856
TOTAL REAL ESTATE
 
 
471,539,837
Utilities - 0.2%
 
 
 
Electric Utilities - 0.2%
 
 
 
Constellation Energy Corp
 
112,164
31,482,191
Entergy Corp
 
608,900
58,387,421
NRG Energy Inc
 
338,790
51,709,518
 
 
 
141,579,130
Independent Power and Renewable Electricity Producers - 0.0%
 
 
 
Vistra Corp
 
288,856
45,740,348
TOTAL UTILITIES
 
 
187,319,478
TOTAL UNITED STATES
 
 
82,305,694,551
ZAMBIA - 0.0%
 
 
 
Materials - 0.0%
 
 
 
Metals & Mining - 0.0%
 
 
 
First Quantum Minerals Ltd (b)
 
1,209,300
34,183,496
 
TOTAL COMMON STOCKS
 (Cost $30,686,143,269)
 
 
 
86,572,944,477
 
 
 
 
Convertible Corporate Bonds - 0.1%
 
 
Principal
Amount (a)
 
Value ($)
 
UNITED STATES - 0.1%
 
 
 
Consumer Discretionary - 0.1%
 
 
 
Automobiles - 0.1%
 
 
 
Neutron Holdings Inc 4% 5/22/2027 (c)(d)
 
2,432,800
10,928,138
Neutron Holdings Inc 4% 6/12/2027 (c)(d)
 
647,200
2,907,222
Neutron Holdings Inc 8% 10/29/2026 (c)(d)(k)
 
24,887,736
44,489,317
TOTAL CONSUMER DISCRETIONARY
 
 
58,324,677
Information Technology - 0.0%
 
 
 
Electronic Equipment, Instruments & Components - 0.0%
 
 
 
Enevate Corp 10% 5/12/2199 (c)(d)
 
187,681
62,723
TOTAL UNITED STATES
 
 
58,387,400
 
TOTAL CONVERTIBLE CORPORATE BONDS
 (Cost $28,155,417)
 
 
 
58,387,400
 
 
 
 
Convertible Preferred Stocks - 3.0%
 
 
Shares
Value ($)
 
CANADA - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Taalas Inc Series B (c)(d)
 
164,500
11,419,590
CHINA - 0.1%
 
 
 
Communication Services - 0.1%
 
 
 
Interactive Media & Services - 0.1%
 
 
 
Bytedance Ltd Series E1 (b)(c)(d)
 
293,038
75,246,298
ESTONIA - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Bolt Technology OU Series E (b)(c)(d)
 
170,267
36,944,247
FINLAND - 0.1%
 
 
 
Health Care - 0.1%
 
 
 
Health Care Technology - 0.1%
 
 
 
Oura Health Oy Series D (b)(c)(d)
 
913,194
48,919,802
Oura Health Oy Series E (c)(d)
 
1,105,259
59,208,725
 
 
 
 
TOTAL FINLAND
 
 
108,128,527
ISRAEL - 0.0%
 
 
 
Financials - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Rapyd Financial Network 2016 Ltd Series F (c)(d)
 
14,138
552,796
Industrials - 0.0%
 
 
 
Electrical Equipment - 0.0%
 
 
 
Element Labs Inc Series A (c)(d)
 
932,003
7,362,824
Element Labs Inc Series B (c)(d)
 
674,000
5,917,720
TOTAL INDUSTRIALS
 
 
13,280,544
Information Technology - 0.0%
 
 
 
Semiconductors & Semiconductor Equipment - 0.0%
 
 
 
Xsight Labs Ltd Series D (b)(c)(d)
 
1,192,000
1,788,000
Xsight Labs Ltd Series F (c)(d)
 
2,378,372
9,989,162
TOTAL INFORMATION TECHNOLOGY
 
 
11,777,162
TOTAL ISRAEL
 
 
25,610,502
UNITED KINGDOM - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
NScale Global Holdings Ltd Series B (c)(d)
 
5,700
2,433,843
UNITED STATES - 2.8%
 
 
 
Consumer Discretionary - 0.1%
 
 
 
Automobiles - 0.1%
 
 
 
Neutron Holdings Inc Series 1C (b)(c)(d)
 
50,654,200
4,852,672
Neutron Holdings Inc Series 1D (b)(c)(d)
 
85,315,542
8,173,229
Rad Power Bikes Inc Series A (b)(c)(d)
 
120,997
0
Rad Power Bikes Inc Series C (b)(c)(d)
 
476,111
5
Rad Power Bikes Inc Series D (b)(c)(d)
 
867,000
9
Waymo LLC Series A2 (b)(c)(d)
 
81,316
12,432,403
Waymo LLC Series C2 (b)(c)(d)
 
149,427
22,248,186
 
 
 
47,706,504
Hotels, Restaurants & Leisure - 0.0%
 
 
 
Discord Inc Series I (b)(c)(d)
 
6,100
1,497,428
TOTAL CONSUMER DISCRETIONARY
 
 
49,203,932
Consumer Staples - 0.0%
 
 
 
Consumer Staples Distribution & Retail - 0.0%
 
 
 
GoBrands Inc Series G (b)(c)(d)
 
166,200
8,073,996
GoBrands Inc Series H (b)(c)(d)
 
104,029
6,444,597
 
 
 
14,518,593
Food Products - 0.0%
 
 
 
AgBiome LLC Series C (b)(c)(d)
 
1,091,300
11
Tobacco - 0.0%
 
 
 
JUUL Labs Inc Series C (b)(c)(d)
 
2,570,575
4,884,093
JUUL Labs Inc Series D (b)(c)(d)
 
13,822
26,261
JUUL Labs Inc Series E (b)(c)(d)
 
14,959
28,422
 
 
 
4,938,776
TOTAL CONSUMER STAPLES
 
 
19,457,380
Financials - 0.0%
 
 
 
Financial Services - 0.0%
 
 
 
Akeana Series C (b)(c)(d)
 
363,100
4,317,259
Tenstorrent Holdings Inc Series C1 (b)(c)(d)
 
150,460
10,639,027
Tenstorrent Holdings Inc Series D1 (b)(c)(d)
 
112,771
8,417,227
Tenstorrent Holdings Inc Series D2 (b)(c)(d)
 
47,443
3,424,910
TOTAL FINANCIALS
 
 
26,798,423
Health Care - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
Castle Creek Biosciences Inc Series B (b)(c)(d)
 
3,301
715,821
Castle Creek Biosciences Inc Series D2 (b)(c)(d)
 
5,347
1,071,165
Neurona Therapeutics Inc Series F (c)(d)
 
1,902,800
4,471,580
 
 
 
6,258,566
Health Care Equipment & Supplies - 0.0%
 
 
 
Blink Health LLC Series C (b)(c)(d)
 
170,685
6,323,879
Blink Health LLC Series D (b)(c)(d)
 
38,410
1,423,091
 
 
 
7,746,970
TOTAL HEALTH CARE
 
 
14,005,536
Industrials - 1.1%
 
 
 
Aerospace & Defense - 1.1%
 
 
 
ABL Space Systems Co Series A10 (b)(c)(d)
 
789,444
205,256
ABL Space Systems Co Series A8 (b)(c)(d)
 
306,520
79,695
ABL Space Systems Co Series A9 (b)(c)(d)
 
158,338
41,168
Anduril Industries Inc Series F (b)(c)(d)
 
544,932
27,213,904
Anduril Industries Inc Series G (c)(d)
 
254,700
12,719,718
Space Exploration Technologies Corp Series G (b)(c)(d)
 
98,074
412,891,540
Space Exploration Technologies Corp Series H (b)(c)(d)
 
25,767
108,479,070
Space Exploration Technologies Corp Series J (b)(c)(d)
 
5,376
22,632,960
Space Exploration Technologies Corp Series N (b)(c)(d)
 
79,406
334,299,260
 
 
 
918,562,571
Air Freight & Logistics - 0.0%
 
 
 
Zipline International Inc Series G (b)(c)(d)
 
281,500
15,837,190
Zipline International Inc Series H (c)(d)
 
265,700
14,948,282
 
 
 
30,785,472
Electrical Equipment - 0.0%
 
 
 
Empower Semiconductor Inc Series D (c)(d)
 
1,263,700
9,642,031
TOTAL INDUSTRIALS
 
 
958,990,074
Information Technology - 1.5%
 
 
 
Electronic Equipment, Instruments & Components - 0.1%
 
 
 
Cellink Corp Series D (b)(c)(d)
 
771,513
2,530,563
Cerebras Systems Inc Series G (c)(d)
 
1,109,600
98,776,592
Enevate Corp Series E (b)(c)(d)
 
12,084,432
966,755
Frore Systems Inc Series C (b)(c)(d)
 
366,694
9,504,708
Menlo Microsystems Inc Series C (b)(c)(d)
 
4,680,700
2,574,385
 
 
 
114,353,003
IT Services - 0.4%
 
 
 
Gupshup Inc (b)(c)(d)
 
709,497
3,221,116
X.Ai Holdings Corp Series B (c)(d)
 
3,688,585
278,340,625
X.Ai Holdings Corp Series C (c)(d)
 
674,457
50,894,525
Yanka Industries Inc Series F (b)(c)(d)
 
508,854
1,338,286
 
 
 
333,794,552
Semiconductors & Semiconductor Equipment - 0.1%
 
 
 
Alif Semiconductor Series C (b)(c)(d)
 
391,847
11,242,090
Alif Semiconductor Series D (c)(d)
 
217,800
6,612,408
Danger Devices Inc Series B (c)(d)
 
4,462,000
4,060,420
Retym Inc Series C (b)(c)(d)
 
810,037
8,448,686
Retym Inc Series D (b)(c)(d)
 
194,389
2,138,279
SiMa Technologies Inc Series B (b)(c)(d)
 
2,821,200
18,535,284
SiMa Technologies Inc Series B1 (b)(c)(d)
 
188,978
1,436,233
 
 
 
52,473,400
Software - 0.8%
 
 
 
Algolia Inc Series D (b)(c)(d)
 
276,495
4,352,031
Anthropic PBC Series D (b)(c)(d)
 
393,051
107,589,850
Anthropic PBC Series E (c)(d)
 
39,600
10,261,944
Anthropic PBC Series F (c)(d)
 
287,400
74,476,836
Applied Intuition Inc Series A2 (b)(c)(d)
 
43,948
4,978,429
Applied Intuition Inc Series B2 (b)(c)(d)
 
21,192
2,400,630
Celestial AI Inc Series A (c)(d)
 
283,807
7,611,704
Celestial AI Inc Series B (c)(d)
 
213,558
5,727,625
Celestial AI Inc Series C1 (c)(d)
 
855,468
22,943,652
Crusoe Energy Systems LLC Series D (b)(c)(d)
 
300,371
32,440,068
Crusoe Energy Systems LLC Series E (c)(d)
 
176,563
19,068,804
Databricks Inc Series G (b)(c)(d)
 
437,958
83,212,020
Databricks Inc Series H (b)(c)(d)
 
273,924
52,045,560
Databricks Inc Series I (b)(c)(d)
 
6,675
1,268,250
Databricks Inc Series J (b)(c)(d)
 
190,149
36,128,310
Databricks Inc Series K (c)(d)
 
58,500
11,115,000
Dataminr Inc Series D, 8% (b)(c)(d)
 
277,250
2,098,783
Density Ai Inc (c)(d)
 
2,558,700
3,812,463
Lyte Ai Inc Series B (b)(c)(d)
 
692,307
7,276,147
MOLOCO Inc Series A (b)(c)(d)
 
103,822
7,067,164
Nuro Inc/DE Series E (c)(d)
 
465,136
5,325,807
OpenAI Group Pbc Series A-2 (c)(d)
 
156,615
74,780,531
OpenAI Group Pbc Series A-3 (c)(d)
 
43,828
20,926,993
Physical Intelligence Inc Series B (c)(d)
 
21,600
5,858,136
Runway AI Inc Series D (b)(c)(d)
 
540,130
7,902,102
Runway AI Inc Series P (c)(d)
 
34,558
505,583
Skyryse Inc Series B (b)(c)(d)
 
560,000
14,644,000
Skyryse Inc Series C (c)(d)
 
274,500
7,416,990
Skyryse Inc Series C-1 (c)(d)
 
65,325
1,712,168
Stripe LLC Series H (b)(c)(d)
 
73,100
3,027,802
Stripe LLC Series I (b)(c)(d)
 
1,129,819
46,797,103
 
 
 
684,772,485
Technology Hardware, Storage & Peripherals - 0.1%
 
 
 
Lightmatter Inc Series C1 (b)(c)(d)
 
372,617
19,979,724
Lightmatter Inc Series C2 (b)(c)(d)
 
58,528
3,226,063
Lightmatter Inc Series D (b)(c)(d)
 
363,511
25,725,673
 
 
 
48,931,460
TOTAL INFORMATION TECHNOLOGY
 
 
1,234,324,900
Materials - 0.1%
 
 
 
Metals & Mining - 0.1%
 
 
 
Diamond Foundry Inc Series C (b)(c)(d)
 
2,271,329
70,547,479
Utilities - 0.0%
 
 
 
Independent Power and Renewable Electricity Producers - 0.0%
 
 
 
Redwood Materials Series C (b)(c)(d)
 
341,408
16,298,818
Redwood Materials Series D (b)(c)(d)
 
97,832
4,670,500
Redwood Materials Series E (c)(d)
 
16,614
793,152
TOTAL UTILITIES
 
 
21,762,470
TOTAL UNITED STATES
 
 
2,395,090,194
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $1,158,063,681)
 
 
 
2,654,873,201
 
 
 
 
Non-Convertible Preferred Stocks - 0.0%
 
 
Shares
Value ($)
 
UNITED STATES - 0.0%
 
 
 
Health Care - 0.0%
 
 
 
Biotechnology - 0.0%
 
 
 
Castle Creek Biosciences Inc Series A4 (b)(c)(d)
  (Cost $9,830,736)
 
29,758
6,717,869
 
 
 
 
Preferred Securities - 0.0%
 
 
Principal
Amount (a)
 
Value ($)
 
CANADA - 0.0%
 
 
 
Information Technology - 0.0%
 
 
 
Software - 0.0%
 
 
 
Taalas Inc 0% (c)(d)(l)
 
2,743,770
2,728,130
UNITED STATES - 0.0%
 
 
 
Consumer Discretionary - 0.0%
 
 
 
Automobiles - 0.0%
 
 
 
Rad Power Bikes Inc 8% 12/31/2199 (c)(d)
 
980,651
183,055
Information Technology - 0.0%
 
 
 
Electronic Equipment, Instruments & Components - 0.0%
 
 
 
Enevate Corp 6% (c)(d)(l)
 
707,738
89,151
Semiconductors & Semiconductor Equipment - 0.0%
 
 
 
SiMa Technologies Inc 10% 12/31/2027 (c)(d)
 
3,211,571
4,204,019
SiMa Technologies Inc 7.5% 12/31/2027 (c)(d)
 
2,189,200
2,602,557
 
 
 
6,806,576
TOTAL INFORMATION TECHNOLOGY
 
 
6,895,727
TOTAL UNITED STATES
 
 
7,078,782
 
TOTAL PREFERRED SECURITIES
 (Cost $9,832,930)
 
 
 
9,806,912
 
 
 
 
Money Market Funds - 0.2%
 
 
Yield (%)
Shares
Value ($)
 
Fidelity Securities Lending Cash Central Fund (m)(n)
 (Cost $217,439,288)
 
3.70
217,417,546
217,439,288
 
 
 
 
 
 
TOTAL INVESTMENT IN SECURITIES - 100.3%
 (Cost $32,109,465,321)
 
 
 
89,520,169,147
NET OTHER ASSETS (LIABILITIES) - (0.3)%  
(247,194,279)
NET ASSETS - 100.0%
89,272,974,868
 
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing.
 
(c)
Level 3 security.
 
(d)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $4,538,027,674 or 5.1% of net assets.
 
(e)
Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $203,759,429 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
 
(f)
Investment is owned by a wholly-owned subsidiary (Subsidiary) that is treated as a corporation for U.S. tax purposes.
 
(g)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $40,862,962 or 0.0% of net assets.
 
(h)
Security or a portion of the security is on loan at period end.
 
(i)
Affiliated company.
 
(j)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $55,411,812 or 0.1% of net assets.
 
(k)
Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.
 
(l)
Security is perpetual in nature with no stated maturity date.
 
(m)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(n)
Investment made with cash collateral received from securities on loan.
 
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
ABL Space Systems Co Series A10
12/14/2023
1,348,924
 
 
 
ABL Space Systems Co Series A8
3/24/2021
12,165,467
 
 
 
ABL Space Systems Co Series A9
10/22/2021
9,626,140
 
 
 
AgBiome LLC Series C
6/29/2018
6,911,967
 
 
 
Akeana Series C
1/23/2024
4,633,446
 
 
 
Algolia Inc Series D
7/23/2021
8,086,110
 
 
 
Alif Semiconductor Series C
3/8/2022
7,953,922
 
 
 
Alif Semiconductor Series D
4/11/2025
5,884,324
 
 
 
Anduril Industries Inc Class B
6/16/2025
1,107,392
 
 
 
Anduril Industries Inc Class C
6/16/2025
531
 
 
 
Anduril Industries Inc Series F
8/7/2024
11,844,969
 
 
 
Anduril Industries Inc Series G
4/17/2025
10,412,849
 
 
 
Ant International Co Ltd Class C
5/16/2018
12,251,284
 
 
 
Anthropic PBC Series D
5/31/2024
11,793,299
 
 
 
Anthropic PBC Series E
2/14/2025
2,221,025
 
 
 
Anthropic PBC Series F
8/18/2025
40,514,088
 
 
 
Applied Intuition Inc Class A
7/2/2024
2,015,419
 
 
 
Applied Intuition Inc Series A2
7/2/2024
2,623,472
 
 
 
Applied Intuition Inc Series B2
7/2/2024
1,265,054
 
 
 
Atom Tickets LLC
8/15/2017
7,000,000
 
 
 
Blink Health LLC Class A1
12/30/2020 - 6/17/2024
1,806,910
 
 
 
Blink Health LLC Series C
11/7/2019 - 7/14/2021
6,516,071
 
 
 
Blink Health LLC Series D
6/17/2024 - 6/25/2024
1,613,220
 
 
 
Bolt Technology OU Series E
1/3/2022
44,234,771
 
 
 
Bytedance Ltd Series E1
11/18/2020
32,109,399
 
 
 
Canva Australia Holdings Pty Ltd Class A
8/19/2025 - 11/12/2025
44,610,394
 
 
 
Castle Creek Biosciences Inc Series A4
9/29/2016
9,830,736
 
 
 
Castle Creek Biosciences Inc Series B
10/9/2018
1,359,517
 
 
 
Castle Creek Biosciences Inc Series D2
6/28/2021
916,699
 
 
 
Celestial AI Inc
2/25/2025
659,417
 
 
 
Celestial AI Inc Series A
2/25/2025
4,204,799
 
 
 
Celestial AI Inc Series B
2/25/2025
3,164,011
 
 
 
Celestial AI Inc Series C1
2/25/2025
14,910,979
 
 
 
Cellink Corp Series D
1/20/2022
16,065,910
 
 
 
Cerebras Systems Inc Series G
9/19/2025
40,203,471
 
 
 
Chobani Inc Class A
10/14/2025
16,051,785
 
 
 
Crusoe Energy Systems LLC Series D
12/10/2024
8,762,375
 
 
 
Crusoe Energy Systems LLC Series E
10/8/2025
14,832,750
 
 
 
Danger Devices Inc Series B
3/5/2025
4,018,031
 
 
 
Databricks Inc Series G
2/1/2021
25,893,230
 
 
 
Databricks Inc Series H
8/31/2021
20,129,068
 
 
 
Databricks Inc Series I
9/14/2023
490,613
 
 
 
Databricks Inc Series J
12/17/2024
17,588,783
 
 
 
Databricks Inc Series K
9/8/2025
8,775,000
 
 
 
Dataminr Inc Series D, 8%
3/6/2015
3,534,938
 
 
 
Density Ai Inc
12/5/2025
3,812,425
 
 
 
Diamond Foundry Inc Series C
3/15/2021
54,511,896
 
 
 
Discord Inc Series I
9/15/2021
3,358,809
 
 
 
Element Labs Inc Series A
2/11/2025
3,437,784
 
 
 
Element Labs Inc Series B
6/27/2025
5,916,979
 
 
 
Empower Semiconductor Inc Series D
6/27/2025
10,142,203
 
 
 
Enevate Corp 10% 5/12/2199
11/12/2024
187,681
 
 
 
Enevate Corp 6%
11/2/2023 - 10/31/2025
707,738
 
 
 
Enevate Corp Series E
1/29/2021
13,397,828
 
 
 
Epic Games Inc
7/30/2020
3,525,324
 
 
 
Fanatics Inc Class A
8/13/2020 - 10/24/2022
78,989,836
 
 
 
Frore Systems Inc Series C
5/10/2024
5,892,919
 
 
 
GoBrands Inc Series G
3/2/2021
41,503,015
 
 
 
GoBrands Inc Series H
7/22/2021
40,414,287
 
 
 
Gupshup Inc
6/8/2021
16,222,791
 
 
 
JUUL Labs Inc Class A
12/20/2017 - 11/4/2025
65,791,361
 
 
 
JUUL Labs Inc Class B
11/21/2017
0
 
 
 
JUUL Labs Inc Series C
5/22/2015 - 7/6/2018
0
 
 
 
JUUL Labs Inc Series D
6/25/2018 - 7/6/2018
0
 
 
 
JUUL Labs Inc Series E
12/20/2017
320,664
 
 
 
Lightmatter Inc Series C1
5/19/2023
6,132,083
 
 
 
Lightmatter Inc Series C2
12/18/2023
1,521,833
 
 
 
Lightmatter Inc Series D
10/11/2024
29,164,670
 
 
 
Lyte Ai Inc Series B
8/13/2024
8,782,676
 
 
 
Menlo Microsystems Inc Series C
2/9/2022
6,204,268
 
 
 
MOLOCO Inc Series A
6/26/2023
6,229,320
 
 
 
Neurona Therapeutics Inc Series F
3/28/2025
3,919,768
 
 
 
Neutron Holdings Inc
2/4/2021
71,531
 
 
 
Neutron Holdings Inc 4% 5/22/2027
6/4/2020
2,432,800
 
 
 
Neutron Holdings Inc 4% 6/12/2027
6/12/2020
647,200
 
 
 
Neutron Holdings Inc 8% 10/29/2026
10/29/2021 - 10/29/2025
24,887,736
 
 
 
Neutron Holdings Inc Series 1C
7/3/2018
9,261,614
 
 
 
Neutron Holdings Inc Series 1D
1/25/2019
20,689,019
 
 
 
NScale Global Holdings Ltd Series B
9/25/2025
2,165,316
 
 
 
Nuro Inc/DE Series E
4/1/2025
5,950,713
 
 
 
OpenAI Group Pbc Class A
9/3/2025
24,209,000
 
 
 
OpenAI Group Pbc Series A-2
9/30/2024
29,421,124
 
 
 
OpenAI Group Pbc Series A-3
4/11/2025
13,449,203
 
 
 
Oura Health Oy Series D
12/18/2024
23,459,953
 
 
 
Oura Health Oy Series E
9/24/2025
59,208,725
 
 
 
Physical Intelligence Inc Series B
10/24/2025
5,865,681
 
 
 
Rad Power Bikes Inc
1/21/2021
4,476,962
 
 
 
Rad Power Bikes Inc 8% 12/31/2199
10/6/2023
980,651
 
 
 
Rad Power Bikes Inc Series A
1/21/2021
583,670
 
 
 
Rad Power Bikes Inc Series C
1/21/2021
2,296,683
 
 
 
Rad Power Bikes Inc Series D
9/17/2021
8,309,155
 
 
 
Rad Power Bikes Inc warrants 10/6/2033
10/6/2023
0
 
 
 
Rapyd Financial Network 2016 Ltd
3/30/2021
14,999,992
 
 
 
Rapyd Financial Network 2016 Ltd Series F
3/6/2025
618,930
 
 
 
Rapyd Financial Network 2016 Ltd warrants 3/5/2038
3/6/2025
0
 
 
 
Redwood Materials Series C
5/28/2021
16,183,924
 
 
 
Redwood Materials Series D
6/2/2023
4,670,095
 
 
 
Redwood Materials Series E
10/20/2025
793,083
 
 
 
Retym Inc Series C
5/17/2023 - 6/20/2023
6,303,546
 
 
 
Retym Inc Series D
1/29/2025
2,057,996
 
 
 
Revolut Group Holdings Ltd
12/27/2024
11,784,207
 
 
 
Runway AI Inc Series D
9/6/2024
5,855,969
 
 
 
Runway AI Inc Series P
11/4/2025
505,521
 
 
 
SiMa Technologies Inc 10% 12/31/2027
4/8/2024 - 1/5/2026
3,211,571
 
 
 
SiMa Technologies Inc 7.5% 12/31/2027
7/18/2025
2,189,200
 
 
 
SiMa Technologies Inc Series B
5/10/2021
14,465,422
 
 
 
SiMa Technologies Inc Series B1
4/25/2022
1,340,024
 
 
 
Skyryse Inc Series B
10/21/2021
13,820,783
 
 
 
Skyryse Inc Series C
9/16/2025 - 11/21/2025
7,418,143
 
 
 
Skyryse Inc Series C-1
8/13/2024
1,324,031
 
 
 
Space Exploration Technologies Corp
10/16/2015 - 12/9/2024
60,518,403
 
 
 
Space Exploration Technologies Corp Class C
9/11/2017 - 12/9/2024
11,127,463
 
 
 
Space Exploration Technologies Corp Series G
1/20/2015 - 9/7/2023
8,180,646
 
 
 
Space Exploration Technologies Corp Series H
8/4/2017
3,478,545
 
 
 
Space Exploration Technologies Corp Series J
9/7/2023
4,354,560
 
 
 
Space Exploration Technologies Corp Series N
8/4/2020
21,439,621
 
 
 
Stripe LLC Class B
5/18/2021
6,966,287
 
 
 
Stripe LLC Series H
3/15/2021
2,933,137
 
 
 
Stripe LLC Series I
3/20/2023 - 5/12/2023
22,747,934
 
 
 
Taalas Inc 0%
12/23/2025
2,743,770
 
 
 
Taalas Inc Series B
2/19/2025
9,033,254
 
 
 
Taalas Inc warrants
12/23/2025
554,030
 
 
 
Tanium Inc Class B
4/21/2017
2,754,690
 
 
 
Tenstorrent Holdings Inc Series C1
4/23/2021
8,945,545
 
 
 
Tenstorrent Holdings Inc Series D1
7/16/2024 - 1/15/2025
8,889,338
 
 
 
Tenstorrent Holdings Inc Series D2
7/17/2024
3,604,719
 
 
 
Tory Burch LLC Class A
5/14/2015
20,890,423
 
 
 
Trade Republic Bank GmbH
12/16/2025
18,162,133
 
 
 
Veterinary Emergency Group
9/16/2021 - 3/17/2022
21,635,527
 
 
 
Waymo LLC Series A2
5/8/2020
6,982,377
 
 
 
Waymo LLC Series C2
10/18/2024
11,685,386
 
 
 
X.Ai Holdings Corp Class A
10/25/2022 - 7/18/2025
29,717,656
 
 
 
X.Ai Holdings Corp Series B
5/13/2024
44,152,363
 
 
 
X.Ai Holdings Corp Series C
11/22/2024
14,601,994
 
 
 
Xsight Labs Ltd Series D
2/16/2021
9,531,232
 
 
 
Xsight Labs Ltd Series F
1/11/2024 - 12/30/2024
11,011,865
 
 
 
Yanka Industries Inc Series F
4/8/2021
16,220,636
 
 
 
Zipline International Inc Series G
6/7/2024
11,807,883
 
 
 
Zipline International Inc Series H
12/3/2025
14,949,414
 
 
 
Additional information on each lock-up restriction is as follows:
Security
Restriction Expiration Date
Beta Technologies Inc
5/4/2026
 
 
HeartFlow Inc
2/4/2026
 
 
Lenskart Solutions Ltd
2/3/2026
 
 
Lenskart Solutions Ltd
5/7/2026
 
 
Meesho
6/10/2026
 
 
Pine Labs Ltd
5/13/2026
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
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
15,397,957
2,107,759,806
2,123,127,389
1,682,061
(30,374)
-
-
-
0.0%
Fidelity Securities Lending Cash Central Fund
289,896,195
2,334,284,285
2,406,733,439
993,593
(7,753)
-
217,439,288
217,417,546
0.7%
Total
305,294,152
4,442,044,091
4,529,860,828
2,675,654
(38,127)
-
217,439,288
 
 
 
 
 
 
 
 
 
 
 
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Consolidated Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) and Shares end of period columns means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
 
 
Shares,
end
of period
Capri Holdings Ltd
101,240,501
8,202,141
-
-
-
25,388,800
134,831,442
5,973,923
Restoration Hardware Inc
234,020,646
-
-
-
-
(7,727,849)
226,292,797
1,138,122
Total
335,261,147
8,202,141
-
-
-
17,660,951
361,124,239
 
 
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of January 31, 2026, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Consolidated Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
 
 
 
 
 Common Stocks
 
 
 
 
Communication Services
14,551,775,650
14,439,007,430
108,782,518
3,985,702
Consumer Discretionary
14,744,897,224
14,577,099,400
-
167,797,824
Consumer Staples
533,327,881
426,013,856
-
107,314,025
Energy
329,265,049
329,265,049
-
-
Financials
2,784,814,033
2,733,996,307
-
50,817,726
Health Care
5,510,638,472
5,368,830,470
87,854,146
53,953,856
Industrials
5,357,764,038
4,046,788,811
-
1,310,975,227
Information Technology
41,720,737,371
41,571,933,344
-
148,804,027
Materials
380,865,444
380,865,444
-
-
Real Estate
471,539,837
471,539,837
-
-
Utilities
187,319,478
187,319,478
-
-
 Convertible Corporate Bonds
 
 
 
 
Consumer Discretionary
58,324,677
-
-
58,324,677
Information Technology
62,723
-
-
62,723
 Convertible Preferred Stocks
 
 
 
 
Communication Services
75,246,298
-
-
75,246,298
Consumer Discretionary
49,203,932
-
-
49,203,932
Consumer Staples
19,457,380
-
-
19,457,380
Financials
27,351,219
-
-
27,351,219
Health Care
122,134,063
-
-
122,134,063
Industrials
972,270,618
-
-
972,270,618
Information Technology
1,296,899,742
-
-
1,296,899,742
Materials
70,547,479
-
-
70,547,479
Utilities
21,762,470
-
-
21,762,470
 Non-Convertible Preferred Stocks
 
 
 
 
Health Care
6,717,869
-
-
6,717,869
 Preferred Securities
 
 
 
 
Consumer Discretionary
183,055
-
-
183,055
Information Technology
9,623,857
-
-
9,623,857
 Money Market Funds
217,439,288
217,439,288
-
-
 Total Investments in Securities:
89,520,169,147
84,750,098,714
196,636,664
4,573,433,769
 
 
 
 
 
 Net Unrealized Appreciation (Depreciation) on Unfunded Commitments
(51,914)
-
-
(51,914)
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 ($)
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2026 ($)
Common Stocks
1,069,527,697
5,611,661
709,004,477
170,206,687
(110,702,136)
-
1
-
1,843,648,387
747,381,935
Convertible Preferred Stocks
1,547,614,308
-
953,814,601
243,237,976
(89,793,684)
-
-
-
2,654,873,201
979,689,630
Non-Convertible Preferred Stocks
6,064,085
-
653,784
-
-
-
-
-
6,717,869
653,784
Convertible Corporate Bonds
42,365,469
-
15,064,710
957,221
-
-
-
-
58,387,400
15,064,710
Preferred Securities
16,322,009
-
(1,109,261)
2,917,895
(8,323,731)
-
-
-
9,806,912
147,299
 
The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Cost of purchases and proceeds of sales may include securities received and/or delivered through in-kind transactions, corporate actions or exchanges. Transfers into Level 3 were attributable to a lack of observable market data resulting from decreases in market activity, decreases in liquidity, security restructurings or corporate actions. Transfers out of Level 3 were attributable to observable market data becoming available for those securities. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. Realized and unrealized gains (losses) disclosed in the reconciliation are included in net gain (loss) on the Fund's consolidated Statement of Operations.
 
 
 
 
Consolidated Financial Statements (Unaudited)
Consolidated Statement of Assets and Liabilities
 
As of January 31, 2026 (Unaudited)
Assets
 
 
 
 
Investment in securities, at value (including  securities loaned of $218,851,531) - See accompanying schedule:
 
 
 
 
Unaffiliated issuers (cost $31,564,095,787)
$
88,941,605,620
 
 
Fidelity Central Funds (cost $217,439,288)
217,439,288
 
 
Other affiliated issuers (cost $327,930,246)
361,124,239
 
 
 
 
 
 
 
 
 
 
 
 
Total Investment in Securities (cost $32,109,465,321)
 
 
$
89,520,169,147
Foreign currency held at value (cost $6,681,921)
 
 
6,696,589
Receivable for investments sold
 
 
130,202,658
Receivable for fund shares sold
 
 
79,731,161
Dividends receivable
 
 
11,768,901
Interest receivable
 
 
1,247,216
Distributions receivable from Fidelity Central Funds
 
 
429,916
Prepaid expenses
 
 
52,311
Other receivables
 
 
1,889,728
  Total assets
 
 
89,752,187,627
Liabilities
 
 
 
 
Payable to custodian bank
$
12,663,074
 
 
Payable for investments purchased
108,089,946
 
 
Unrealized depreciation on unfunded commitments
51,914
 
 
Payable for fund shares redeemed
55,174,330
 
 
Accrued management fee
52,700,175
 
 
Distribution and service plan fees payable
28,633
 
 
Deferred taxes
31,811,212
 
 
Other payables and accrued expenses
1,284,196
 
 
Collateral on securities loaned
217,409,279
 
 
  Total liabilities
 
 
 
479,212,759
Commitments and contingent liabilities (see Significant Accounting Policies note)
 
 
 
 
Net Assets  
 
 
$
89,272,974,868
Net Assets consist of:
 
 
 
 
Paid in capital
 
 
$
31,982,089,562
Total accumulated earnings (loss)
 
 
 
57,290,885,306
Net Assets
 
 
$
89,272,974,868
 
 
 
 
 
Net Asset Value and Maximum Offering Price
 
 
 
 
Class A :
 
 
 
 
Net Asset Value and redemption price per share ($72,863,714 ÷ 274,564 shares)(a)
 
 
$
265.38
Maximum offering price per share (100/94.25 of $265.38)
 
 
$
281.57
Class M :
 
 
 
 
Net Asset Value and redemption price per share ($9,047,902 ÷ 34,181 shares)(a)
 
 
$
264.71
Maximum offering price per share (100/96.50 of $264.71)
 
 
$
274.31
Class C :
 
 
 
 
Net Asset Value and offering price per share ($12,901,754 ÷ 49,088 shares)(a)
 
 
$
262.83
Blue Chip Growth :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($72,483,276,210 ÷ 271,675,304 shares)
 
 
$
266.80
Class K :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($7,196,300,283 ÷ 26,797,340 shares)
 
 
$
268.55
Class I :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($322,383,137 ÷ 1,210,733 shares)
 
 
$
266.27
Class Z :
 
 
 
 
Net Asset Value, offering price and redemption price per share ($9,176,201,868 ÷ 34,425,013 shares)
 
 
$
266.56
(a)Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
Consolidated Statement of Operations
Six months ended January 31, 2026 (Unaudited)
 
 
Investment Income
 
 
 
 
Dividends
 
 
$
140,922,981
Interest  
 
 
1,082,005
Income from Fidelity Central Funds (including $993,593 from security lending)
 
 
2,675,654
 Total income
 
 
 
144,680,640
Expenses
 
 
 
 
Management fee
 
 
 
 
 Basic fee
$
240,872,362
 
 
 Performance adjustment
59,655,256
 
 
Distribution and service plan fees
135,743
 
 
Custodian fees and expenses
380,377
 
 
Independent trustees' fees and expenses
164,584
 
 
Registration fees
452,109
 
 
Audit fees
77,743
 
 
Legal
59,640
 
 
Interest
268,177
 
 
Miscellaneous
129,029
 
 
 Total expenses
 
 
 
302,195,020
Net Investment income (loss)
 
 
 
(157,514,380)
Realized and Unrealized Gain (Loss)
 
 
 
 
Net realized gain (loss) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of foreign taxes of $3,781,412)
 
1,283,934,109
 
 
   Fidelity Central Funds
 
(38,127)
 
 
 Foreign currency transactions
 
(868,548)
 
 
 Futures contracts
 
11,024,355
 
 
Total net realized gain (loss)
 
 
 
1,294,051,789
Change in net unrealized appreciation (depreciation) on:
 
 
 
 
 Investment Securities:
 
 
 
 
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $9,266,332)  
 
6,650,724,966
 
 
   Affiliated issuers
 
105,406,635
 
 
 Unfunded commitments
 
(51,914)
 
 
 Assets and liabilities in foreign currencies
 
(41,632)
 
 
Total change in net unrealized appreciation (depreciation)
 
 
 
6,756,038,055
Net gain (loss)
 
 
 
8,050,089,844
Net increase (decrease) in net assets resulting from operations
 
 
$
7,892,575,464
Consolidated Statement of Changes in Net Assets
 
 
Six months ended
January 31, 2026
(Unaudited)
 
Year ended
July 31, 2025
Increase (Decrease) in Net Assets
 
 
 
 
Operations
 
 
 
Net investment income (loss)
$
(157,514,380)
$
(119,566,658)
Net realized gain (loss)
 
1,294,051,789
 
1,878,214,125
Change in net unrealized appreciation (depreciation)
 
6,756,038,055
 
13,616,651,098
Net increase (decrease) in net assets resulting from operations
 
7,892,575,464
 
15,375,298,565
Distributions to shareholders
 
(1,632,271,792)
 
(4,175,320,825)
 
 
 
 
 
Share transactions - net increase (decrease)
 
3,235,049,091
 
3,337,051,589
Total increase (decrease) in net assets
 
9,495,352,763
 
14,537,029,329
 
 
 
 
 
Net Assets
 
 
 
 
Beginning of period
 
79,777,622,105
 
65,240,592,776
End of period
$
89,272,974,868
$
79,777,622,105
 
 
 
 
 
 
 
 
 
 
Consolidated Financial Highlights
 
Fidelity Advisor® Blue Chip Growth Fund Class A
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
246.63
$
211.52
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
(.87)
 
(1.00)
     Net realized and unrealized gain (loss)
 
24.69
 
38.43
  Total from investment operations
 
23.82  
 
37.43  
  Distributions from net investment income
 
-
 
(.40) D
  Distributions from net realized gain
 
(5.07)
 
(1.92) D
     Total distributions
 
(5.07)
 
(2.32)
  Net asset value, end of period
$
265.38
$
246.63
 Total Return E,F,G
 
9.77
%
 
17.77%
 Ratios to Average Net Assets C,H,I
 
 
 
 
    Expenses before reductions
 
1.02% J
 
.97% J,K
    Expenses net of fee waivers, if any
 
1.02
% J
 
.97% J,K
    Expenses net of all reductions, if any
 
1.02% J
 
.97% J,K
    Net investment income (loss)
 
(.68)% J
 
(.56)% J,K
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
72,864
$
38,767
    Portfolio turnover rate L
 
26
% J
 
34% M
 
AFor the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet 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.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal returns for periods of less than one year are not annualized.
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 Consolidated 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.
JAnnualized.
KAudit fees are not annualized.
LAmount 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.
MPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Blue Chip Growth Fund Class M
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
246.32
$
211.52
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
(1.20)
 
(1.41)
     Net realized and unrealized gain (loss)
 
24.66
 
38.36
  Total from investment operations
 
23.46  
 
36.95  
  Distributions from net investment income
 
-
 
(.23) D
  Distributions from net realized gain
 
(5.07)
 
(1.92) D
     Total distributions
 
(5.07)
 
(2.15)
  Net asset value, end of period
$
264.71
$
246.32
 Total Return E,F,G
 
9.63
%
 
17.54%
 Ratios to Average Net Assets C,H,I
 
 
 
 
    Expenses before reductions
 
1.27% J
 
1.21% J,K
    Expenses net of fee waivers, if any
 
1.27
% J
 
1.21% J,K
    Expenses net of all reductions, if any
 
1.27% J
 
1.21% J,K
    Net investment income (loss)
 
(.93)% J
 
(.79)% J,K
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
9,048
$
5,261
    Portfolio turnover rate L
 
26
% J
 
34% M
 
AFor the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet 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.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal returns for periods of less than one year are not annualized.
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 Consolidated 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.
JAnnualized.
KAudit fees are not annualized.
LAmount 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.
MPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Blue Chip Growth Fund Class C
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
245.21
$
211.52
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
(1.83)
 
(2.35)
     Net realized and unrealized gain (loss)
 
24.52
 
38.28
  Total from investment operations
 
22.69  
 
35.93  
  Distributions from net investment income
 
-
 
(.32) D
  Distributions from net realized gain
 
(5.07)
 
(1.92) D
     Total distributions
 
(5.07)
 
(2.24)
  Net asset value, end of period
$
262.83
$
245.21
 Total Return E,F
 
9.36
%
 
17.05%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
1.77% I
 
1.72% I,J
    Expenses net of fee waivers, if any
 
1.77
% I
 
1.72% I,J
    Expenses net of all reductions, if any
 
1.77% I
 
1.72% I,J
    Net investment income (loss)
 
(1.43)% I
 
(1.32)% I,J
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
12,902
$
6,030
    Portfolio turnover rate K
 
26
% I
 
34% L
 
AFor the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet 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.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal returns for periods of less than one year are not annualized.
FTotal returns do not include the effect of the contingent deferred sales charge.
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 Consolidated 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.
IAnnualized.
JAudit fees are not annualized.
KAmount 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.
LPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® Blue Chip Growth Fund
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
247.56
$
213.10
$
164.62
$
132.94
$
187.79
$
138.12
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.49)
 
(.38)
 
(.06)
 
(.13)
 
(.50)
 
(.73)
     Net realized and unrealized gain (loss)
 
24.80
 
48.35
 
50.16
 
32.45
 
(38.32)
 
60.84
  Total from investment operations
 
24.31  
 
47.97  
 
50.10  
 
32.32  
 
(38.82)
 
60.11
  Distributions from net investment income
 
-
 
(.51) C
 
-
 
-
 
-
 
-
  Distributions from net realized gain
 
(5.07)
 
(13.00) C
 
(1.62)
 
(.64)
 
(16.03)
 
(10.44)
     Total distributions
 
(5.07)
 
(13.51)
 
(1.62)
 
(.64)
 
(16.03)
 
(10.44)
  Net asset value, end of period
$
266.80
$
247.56
$
213.10
$
164.62
$
132.94
$
187.79
 Total Return D,E
 
9.93
%
 
23.78%
 
30.74%
 
24.43%
 
(22.85)%
 
45.70%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.72% H
 
.61%
 
.50%
 
.69%
 
.76%
 
.79%
    Expenses net of fee waivers, if any
 
.72
% H
 
.61%
 
.49%
 
.68%
 
.76%
 
.79%
    Expenses net of all reductions, if any
 
.72% H
 
.61%
 
.49%
 
.68%
 
.76%
 
.78%
    Net investment income (loss)
 
(.38)% H
 
(.17)%
 
(.03)%
 
(.10)%
 
(.31)%
 
(.44)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
72,483,276
$
67,405,448
$
59,681,817
$
45,272,122
$
36,726,496
$
48,318,328
    Portfolio turnover rate I
 
26
% H
 
34% J
 
22% J
 
19% J
 
34% J
 
41% J
 
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.
CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
DTotal returns for periods of less than one year are not annualized.
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.
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.
HAnnualized.
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.
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity® Blue Chip Growth Fund Class K
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 
 
2024  
 
2023 
 
2022 
 
2021   
  Selected Per-Share Data 
 
 
 
 
 
 
 
 
 
 
 
 
  Net asset value, beginning of period
$
249.07
$
214.37
$
165.45
$
133.48
$
188.45
$
138.50
  Income from Investment Operations
 
 
 
 
 
 
 
 
 
 
 
 
     Net investment income (loss) A,B
 
(.41)
 
(.23)
 
.10
 
(.01)
 
(.37)
 
(.60)
     Net realized and unrealized gain (loss)
 
24.96
 
48.64
 
50.44
 
32.62
 
(38.45)
 
61.04
  Total from investment operations
 
24.55  
 
48.41  
 
50.54  
 
32.61  
 
(38.82)
 
60.44
  Distributions from net investment income
 
-
 
(.71) C
 
-
 
-
 
-
 
-
  Distributions from net realized gain
 
(5.07)
 
(13.00) C
 
(1.62)
 
(.64)
 
(16.15)
 
(10.49)
     Total distributions
 
(5.07)
 
(13.71)
 
(1.62)
 
(.64)
 
(16.15)
 
(10.49)
  Net asset value, end of period
$
268.55
$
249.07
$
214.37
$
165.45
$
133.48
$
188.45
 Total Return D,E
 
9.97
%
 
23.87%
 
30.85%
 
24.55%
 
(22.78)%
 
45.83%
 Ratios to Average Net Assets B,F,G
 
 
 
 
 
 
 
 
 
 
 
 
    Expenses before reductions
 
.65% H
 
.54%
 
.42%
 
.59%
 
.68%
 
.71%
    Expenses net of fee waivers, if any
 
.65
% H
 
.54%
 
.41%
 
.59%
 
.68%
 
.71%
    Expenses net of all reductions, if any
 
.65% H
 
.54%
 
.41%
 
.59%
 
.68%
 
.70%
    Net investment income (loss)
 
(.31)% H
 
(.11)%
 
.05%
 
(.01)%
 
(.23)%
 
(.36)%
 Supplemental Data
 
 
 
 
 
 
 
 
 
 
 
 
    Net assets, end of period (000 omitted)
$
7,196,300
$
6,714,259
$
5,558,776
$
4,472,770
$
4,380,450
$
8,634,939
    Portfolio turnover rate I
 
26
% H
 
34% J
 
22% J
 
19% J
 
34% J
 
41% J
 
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.
CThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
DTotal returns for periods of less than one year are not annualized.
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.
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.
HAnnualized.
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.
JPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Blue Chip Growth Fund Class I
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
247.14
$
211.52
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
(.55)
 
(.63)
     Net realized and unrealized gain (loss)
 
24.75
 
38.57
  Total from investment operations
 
24.20  
 
37.94  
  Distributions from net investment income
 
-
 
(.40) D
  Distributions from net realized gain
 
(5.07)
 
(1.92) D
     Total distributions
 
(5.07)
 
(2.32)
  Net asset value, end of period
$
266.27
$
247.14
 Total Return E,F
 
9.90
%
 
18.01%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
.77% I
 
.72% I,J
    Expenses net of fee waivers, if any
 
.77
% I
 
.72% I,J
    Expenses net of all reductions, if any
 
.77% I
 
.72% I,J
    Net investment income (loss)
 
(.43)% I
 
(.35)% I,J
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
322,383
$
11,057
    Portfolio turnover rate K
 
26
% I
 
34% L
 
AFor the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet 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.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal returns for periods of less than one year are not annualized.
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 Consolidated 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.
IAnnualized.
JAudit fees are not annualized.
KAmount 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.
LPortfolio turnover rate excludes securities received or delivered in-kind.
 
Fidelity Advisor® Blue Chip Growth Fund Class Z
 
 
Six months ended
January 31, 2026
(Unaudited) 
 
Years ended July 31, 2025 A
  Selected Per-Share Data 
 
 
 
 
  Net asset value, beginning of period
$
247.26
$
211.52
  Income from Investment Operations
 
 
 
 
     Net investment income (loss) B,C
 
(.41)
 
(.36)
     Net realized and unrealized gain (loss)
 
24.78
 
38.51
  Total from investment operations
 
24.37  
 
38.15  
  Distributions from net investment income
 
-
 
(.49) D
  Distributions from net realized gain
 
(5.07)
 
(1.92) D
     Total distributions
 
(5.07)
 
(2.41)
  Net asset value, end of period
$
266.56
$
247.26
 Total Return E,F
 
9.97
%
 
18.12%
 Ratios to Average Net Assets C,G,H
 
 
 
 
    Expenses before reductions
 
.65% I
 
.61% I,J
    Expenses net of fee waivers, if any
 
.65
% I
 
.61% I,J
    Expenses net of all reductions, if any
 
.65% I
 
.61% I,J
    Net investment income (loss)
 
(.32)% I
 
(.20)% I,J
 Supplemental Data
 
 
 
 
    Net assets, end of period (000 omitted)
$
9,176,202
$
5,596,801
    Portfolio turnover rate K
 
26
% I
 
34% L
 
AFor the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.
BCalculated based on average shares outstanding during the period.
CNet 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.
DThe amount shown reflects reclassifications related to book to tax differences that were made in the year shown.
ETotal returns for periods of less than one year are not annualized.
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 Consolidated 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.
IAnnualized.
JAudit fees are not annualized.
KAmount 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.
LPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Consolidated Financial Statements
 (Unaudited)
For the period ended January 31, 2026
 
1. Organization.
Fidelity Blue Chip Growth Fund (the Fund) is a non-diversified fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Blue Chip Growth, Class K, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Class A, Class M, Class C, Class I and Class Z are Fidelity Advisor classes. Each class has exclusive voting rights with respect to matters that affect that class. Class C shares will automatically convert to Class A shares after a holding period of eight years from the initial date of purchase, with certain exceptions.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Consolidated Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the consolidated financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the consolidated financial statements and consolidated financial highlights. Subsequent events, if any, through the date that the consolidated financial statements were issued have been evaluated in the preparation of the consolidated financial statements. The Fund's Consolidated Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. Corporate bonds and preferred securities are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
The following provides information on Level 3 securities held by the Fund that were valued at period end based on unobservable inputs. These amounts exclude valuations provided by a broker.
 
Asset Type
Fair Value
Valuation Technique(s)
Unobservable Input
Amount or Range/Weighted Average
Impact to Valuation from an Increase in InputA
Common Stocks
$1,843,648,387
 Market comparable
 Enterprise value/Revenue multiple (EV/R)
0.9 - 82.7 /18.9
Increase
 
 
 
 Enterprise value/EBITDA multiple (EV/EBITDA)
7.5 - 51.1 / 50.3
Increase
 
 
 
 Enterprise value/Net income (EV/NI)
27.4 - 38.2 / 32.7
Increase
 
 
 Market approach
 Transaction price
$4.63 - $54.91 / $23.00
Increase
 
 
 
 Discount rate
17.6%
Decrease
 
 
 
 Probability rate
10.0% - 70.0% / 33.3%
Increase
 
 
 Recovery value
Recovery value
$0.00
Increase
 
 
 Black scholes
Discount rate
3.5% - 3.8% / 3.6%
Increase
 
 
 
Volatility
50.0% - 80.0% / 73.2%
Increase
 
 
 
Term
1.0 - 5.0 / 2.3
Increase
 
 
 Book value
Book value multiple
1.4
Increase
Convertible Corporate Bonds
$58,387,400
 Market comparable
Enterprise value/Revenue multiple (EV/R)
3.8
Increase
 
 
 
Discount rate
29.2%
Decrease
 
 
 
Probability rate
10.0% - 75.0% / 33.3%
Increase
 
 
Market approach
Transaction price
$100.00
Increase
 
 
 
Discount rate
21.7%
Decrease
 
 
 
Probability rate
0.0% - 75.0% / 33.3%
Increase
 
 
Black scholes
Discount rate
3.7% - 4.2% / 3.7%
Increase
 
 
 
Volatility
75.0% - 100.0% / 75.0%
Increase
 
 
 
Term
0.4
Increase
Convertible Preferred Stocks
$2,654,873,201
Market comparable
Enterprise value/Revenue multiple (EV/R)
0.7 - 82.7 / 33.8
Increase
 
 
 
Enterprise value/EBITDA multiple (EV/EBITDA)
51.1
Increase
 
 
 
Enterprise value/Gross profit multiple (EV/GP)
11.9
Increase
 
 
Market approach
Transaction price
$0.90 - $271.56 / $32.97
Increase
 
 
 
Discount rate
10.0% - 95.0% / 27.0%
Decrease
 
 
 
Premium rate
10.0% - 65.0% / 37.7%
Increase
 
 
Recovery value
Recovery value
$0.00
Increase
 
 
Black scholes
Discount rate
3.6% - 3.8% / 3.7%
Increase
 
 
 
Volatility
40.0% - 100.0% / 68.3%
Increase
 
 
 
Term
2.0 - 5.0 / 3.2
Increase
Preferred Securities
$9,806,912
Market approach
Transaction price
$100.00
Increase
 
 
 
Discount rate
17.6% - 46.9% / 34.5%
Decrease
 
 
 
Probability rate
0.0% - 75.0% / 35.8%
Increase
 
 
Recovery value
Recovery value
$0.00
Increase
 
 
Black scholes
Discount rate
3.5% - 4.2% / 3.5%
Increase
 
 
 
Volatility
55.0% - 100.0% / 62.5%
Increase
 
 
 
Term
0.4 - 1.0 / 0.9
Increase
Non-Convertible Preferred Stocks
$6,717,869
Market approach
Transaction price
$215.03
Increase
 
 
 
Premium rate
10.0%
Increase
 
 
Black scholes
Discount rate
3.7%
Increase
 
 
 
Volatility
85.0%
Increase
 
 
 
Term
3.0
Increase
 
A Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end. 
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2026, as well as a roll forward of Level 3 investments, is included at the end of the Fund's  Consolidated Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Consolidated Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Consolidated Statement of Operations in dividends. Any receivables for withholding tax reclaims are included in the Consolidated Statement of Assets and Liabilities in dividends receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Consolidated Statement of Operations in dividends. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying consolidated financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the Consolidated Statement of Assets and Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences resulted in distribution reclassifications.
 
Capital accounts within the consolidated financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in-kind, partnerships, deferred Trustee compensation and losses deferred due to wash sales, options and excise tax regulations.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$58,531,660,432
Gross unrealized depreciation
(1,382,457,487)
Net unrealized appreciation (depreciation)
$57,149,202,945
Tax cost
$32,370,966,202
 
The Fund intends to elect to defer to its next fiscal year $811,522,559 of capital losses recognized during the period November 1, 2024 to July 31, 2025, and $107,852,436 of ordinary losses recognized during the period January 1, 2025 to July 31, 2025.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Consolidated Schedule of Investments, if applicable.
 
Commitments. A commitment is an agreement to acquire an investment at a future date (subject to conditions) in connection with a potential public or non-public offering. Commitments outstanding at period end are presented in the table below. Unrealized appreciation (depreciation) on any commitments outstanding at period end is separately presented in the Consolidated Statement of Assets and Liabilities as Unrealized appreciation (depreciation) on unfunded commitments, and any change in unrealized appreciation (depreciation) on unfunded commitments during the period is separately presented in the Consolidated Statement of Operations, as applicable based on contractual conditions of each commitment.
 
 
Investment to be Acquired
Commitment Amount ($)
Unrealized Appreciation (Depreciation)($)
Fidelity Blue Chip Growth Fund
Revolut Group Holdings, Ltd.
10,434,706
(51,914)
 
Spinny Series G Convertible Preferred
8,662,596
-
 
Consolidated Subsidiary. The Funds included in the table below hold certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.
 
As of period end, investments in Subsidiaries were as follows:
 
 
Amount ($)
% of Total Assets
Fidelity Blue Chip Growth Fund
 97,972,164
 .11
 
The financial statements have been consolidated to include the Subsidiary accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
 
At period end, any estimated tax liability for these investments is presented as "Deferred taxes" in the Consolidated Statement of Assets and Liabilities and included in "Change in net unrealized appreciation (depreciation) on investment securities" in the Consolidated Statement of Operations. The tax liability incurred may differ materially depending on conditions when these investments are disposed. Any cash held by a Subsidiary is restricted as to its use and is presented as "Restricted cash" in the Consolidated Statement of Assets and Liabilities, if applicable.
 
Consolidated Special Purpose Vehicle. The Funds included in the table below hold private equity of Indian issuers through a wholly owned special purpose vehicle (SPV). As of period end, the investment in the SPV was as follows:
 
 
SPV Name
Net Assets of SPV
% of Fund's Total Assets
Fidelity Blue Chip Growth Fund
Fid FDI 312, LLC
157,756,828
.2
 
The financial statements have been consolidated to include the SPV accounts where applicable. Accordingly, all inter-company transactions and balances have been eliminated.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. The Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Consolidated Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Consolidated Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Consolidated Statement of Operations.
 
Any open futures contracts at period end are presented in the Consolidated Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.
 
Any securities deposited to meet initial margin requirements are identified in the Consolidated Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Consolidated Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity Blue Chip Growth Fund
12,758,103,942
11,227,511,018
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Unaffiliated shareholders that redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss on Investments ($)
Total Proceeds ($)
Fidelity Blue Chip Growth Fund
1,467,936
242,747,794
335,775,699
 
Prior Year Unaffiliated Exchanges In-Kind.  Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Consolidated Statement of Changes in Net Assets.
 
 
Shares
Total Proceeds ($)
Fidelity Blue Chip Growth Fund
953,777
215,191,169
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.
 
The Fund's management contract incorporates a basic fee rate that may vary by class (subject to a performance adjustment). The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. The management fee is determined by calculating a basic fee and then applying a performance adjustment. When determining a class's basic fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual basic fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.
 
 
Maximum Management Fee Rate %
Class A
.67
Class M
.67
Class C
.67
Blue Chip Growth
.63
Class K
.54
Class I
.67
Class Z
.54
 
One-twelfth of the basic fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the basic fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:
 
 
Total Management Fee Rate %
Class A
.62
Class M
.62
Class C
.62
Blue Chip Growth
.58
Class K
.51
Class I
.62
Class Z
.51
 
The performance adjustment rate is calculated monthly by comparing over the performance period the Fund's performance to that of the performance adjustment index listed below. Returns for certain performance adjustment indexes are adjusted for tax withholding rates applicable to U.S. based mutual funds.
 
 
Performance Adjustment Index
Fidelity Blue Chip Growth Fund
Russell 1000 Growth Index
 
For the purposes of calculating the performance adjustment for the Fund, the Fund's investment performance is based on the performance of Blue Chip Growth. To the extent that other classes of the Fund have higher expenses, this could result in those classes bearing a larger positive performance adjustment and smaller negative performance adjustment than would be the case if each class's own performance were considered. The performance period is the most recent 36 month period. The maximum annualized performance adjustment rate is ±.20% of the Fund's average net assets over the performance period. The performance adjustment rate is divided by twelve and multiplied by the Fund's average net assets over the performance period, and the resulting dollar amount is proportionately added to or subtracted from a class's basic fee. For the reporting period, the total annualized performance adjustment was .14%.
 
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:
 
 
Distribution Fee
Service Fee
Total Fees ($)
Retained by FDC ($)
Class A
 - %
 .25%
69,326
12,563
Class M
 .25%
 .25%
 18,800
 22
Class C
 .75%
 .25%
47,617
37,107
 
 
 
135,743
49,692
 
 
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
 75,592
Class M
 2,589
Class CA
         1,242
 
       79,423
A When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.
 
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Consolidated Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
 
Fidelity Blue Chip Growth Fund
$1,073,172
 
Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Consolidated Statement of Operations. The commissions paid to these affiliated firms were as follows:
 
 
Amount ($)
Fidelity Blue Chip Growth Fund
 240,079
 
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
 
Borrower or Lender
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity Blue Chip Growth Fund 
 Borrower
 17,517,445
4.27%
 266,098
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity Blue Chip Growth Fund
 820,483,110
 620,514,890
 68,979,081
 
Other. During the period, the investment adviser reimbursed the Fund for certain losses as follows:
 
 
Amount ($)
Fidelity Blue Chip Growth Fund
 34,508
 
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Consolidated Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
 
Amount ($)
Fidelity Blue Chip Growth Fund
65,041
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Consolidated Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Consolidated Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Consolidated Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Consolidated Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity Blue Chip Growth Fund
105,431
 5,699
-
 
At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Consolidated Schedule of Investments or Consolidated Statement of Assets and Liabilities.
 
 
Amount ($)
Fidelity Blue Chip Growth Fund
13,981,951
9. Bank Borrowings.
The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Consolidated Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:
 
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity Blue Chip Growth Fund
16,309,000
4.59%
 2,079
10. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
 
 
Six months ended
January 31, 2026
Year ended
July 31, 2025A
Fidelity Blue Chip Growth Fund
 
 
Distributions to shareholders
 
 
Class A
$908,456
 $70,438
Class M
 121,244
 17,850
Class C
 158,284
 8,569
Blue Chip Growth
 1,374,358,882
 3,816,391,104
Class K
 135,870,776
 355,175,421
Class I
 5,120,616
 7,119
Class Z
115,733,534
  3,650,324
Total  
$1,632,271,792
$4,175,320,825
A Distributions for Class A, Class M, Class C, Class I and Class Z are for the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.
11. Share Transactions.
Share transactions for each class were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:
 
 
Shares
Shares
Dollars
Dollars
 
Six months ended
 January 31, 2026
Year ended
 July 31, 2025A
Six months ended
 January 31, 2026
Year ended
 July 31, 2025A
Fidelity Blue Chip Growth Fund
 
 
 
 
Class A
 
 
 
 
Shares sold
144,221
170,299
$37,420,504
$37,757,867
Reinvestment of distributions 
3,592
306
905,800
70,438
Shares redeemed
(30,437)
(13,417)
(7,898,264)
(2,916,799)
Net increase (decrease)
117,376
157,188
$30,428,040
$34,911,506
Class M
 
 
 
 
Shares sold
14,695
25,217
$3,766,011
$5,603,881
Reinvestment of distributions 
473
78
119,086
17,850
Shares redeemed
(2,345)
(3,937)
(599,554)
(860,390)
Net increase (decrease)
12,823
21,358
$3,285,543
$4,761,341
Class C
 
 
 
 
Shares sold
26,149
26,703
$6,710,629
$5,932,854
Reinvestment of distributions 
630
37
157,764
8,569
Shares redeemed
(2,283)
(2,148)
(591,238)
(455,391)
Net increase (decrease)
24,496
24,592
$6,277,155
$5,486,032
Blue Chip Growth
 
 
 
 
Shares sold
18,127,401
49,614,739
$4,717,407,737
$10,838,630,621
Reinvestment of distributions 
4,907,073
16,660,152
1,242,618,079
3,462,396,207
Shares redeemed
(23,634,017)
(74,061,675)
(6,146,788,918)
(16,128,727,864)
Net increase (decrease)
(599,543)
(7,786,784)
$(186,763,102)
$(1,827,701,036)
Class K
 
 
 
 
Shares sold
2,655,240
7,567,043
$695,923,880
$1,653,307,661
Reinvestment of distributions 
532,826
1,697,164
135,779,969
355,004,226
Shares redeemed
(3,348,044)
(8,237,638)
(876,871,944)
(1,745,391,174)
Net increase (decrease)
(159,978)
1,026,569
$(45,168,095)
$262,920,713
Class I
 
 
 
 
Shares sold
1,185,508
53,000
$296,942,595
$11,976,596
Reinvestment of distributions 
20,242
31
5,116,869
7,119
Shares redeemed
(39,757)
(8,291)
(10,419,727)
(1,700,738)
Net increase (decrease)
1,165,993
44,740
$291,639,737
$10,282,977
Class Z
 
 
 
 
Shares sold
12,054,684
22,958,409
$3,209,423,880
$4,918,298,465
Reinvestment of distributions 
442,526
13,409
111,932,517
3,088,154
Shares redeemed
(707,397)
(336,618)
(186,006,584)
(74,996,563)
Net increase (decrease)
11,789,813
22,635,200
$3,135,349,813
$4,846,390,056
A Share transactions for Class A, Class M, Class C, Class I and Class Z are for the period October 8, 2024 (commencement of sale of shares) through July 31, 2025.
12. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
13. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
 
 
 
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the consolidated financial statements for each Fund as part of Item 7: Consolidated Financial Statements and Consolidated Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.700126.129
BCF-SANN-0426


Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies


See Item 7.


Item 9.

Proxy Disclosures for Open-End Management Investment Companies


See Item 7.


Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies


See Item 7.


Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract


See Item 7.


Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 13.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 14.  

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 15.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Securities Fund’s Board of Trustees.


Item 16.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Securities Fund’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


(a)(ii) There was no change in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.


Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies


Not applicable.


Item 18.

Recovery of Erroneously Awarded Compensation


(a)

Not applicable.


(b)

Not applicable.


Item 19.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)

 

Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Securities Fund



By:

/s/Stacie M. Smith

 

Stacie M. Smith

 

President and Treasurer (Principal Executive Officer)

 

 

Date:

March 25, 2026


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Stacie M. Smith

 

Stacie M. Smith

 

President and Treasurer (Principal Executive Officer)

 

 

Date:

March 25, 2026



By:

/s/Stephanie Caron

 

Stephanie Caron

 

Chief Financial Officer (Principal Financial Officer)

 

 

Date:

March 25, 2026

 






ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

EX99CERT.HTM

EX99906CERT.HTM

FMR-20260401.XSD

IDEA: R1.htm

IDEA: R2.htm

IDEA: R3.htm

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: filing11205_htm.xml