N-CSR 1 main.htm

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 811-4118

Fidelity Securities Fund
(Exact name of registrant as specified in charter)

245 Summer St., Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)

Scott C. Goebel, Secretary

245 Summer St.

Boston, Massachusetts 02210
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:	July 31

Date of reporting period:	July 31, 2014

Item 1. Reports to Stockholders

Fidelity®

Blue Chip Growth

Fund -
Class K

Annual Report

July 31, 2014

(Fidelity Cover Art)

Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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.

Annual Report

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-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q 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.advisor.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.

Annual Report

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the class' distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended July 31, 2014	Past 1 year	Past 5 years	Past 10 years
Class K^A	21.23%	19.39%	9.26%

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

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Blue Chip Growth Fund - Class K on July 31, 2004. The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Growth Index performed over the same period. See footnote A above for additional information regarding the performance of Class K.

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Annual Report

Management's Discussion of Fund Performance

Market Recap: U.S. stocks overcame a slowing economy early in 2014 to post a strong gain for the 12-month period ending July 31, 2014, supported by corporate profits and continued low interest rates. The S&P 500® Index rose 16.94%, reaching an all-time high near period end. The technology-heavy Nasdaq Composite Index® gained 22.00%. The Russell 2000® Index returned 8.56%, reflecting the relatively lackluster performance of small-cap stocks. Information technology (+28%) was the top-performing sector within the S&P 500®, driven by strong semiconductor and computer hardware sales. Materials (+23%) gained amid higher prices for many commodity products. Health care (+21%) rose, driven by gains in pharmaceuticals, biotechnology & life sciences companies. Energy stocks (+19%) advanced in the latter part of the period amid healthy U.S. output and the threat of supply disruptions in Iraq. Conversely, most defensive sectors, including consumer staples, utilities and telecommunication services, lagged the broader market. Volatility remained tame throughout most of the period, with markets supported by declining unemployment, near-record profit margins for companies, muted cost inflation and fairly low corporate debt levels. Geopolitical tension remained a concern at period end, with conflict in Ukraine and strained relations between Russia and the West posing a potential threat to global growth.

Comments from Sonu Kalra, Portfolio Manager of Fidelity® Blue Chip Growth Fund: For the year, the fund's Class K shares advanced 21.23%, outpacing the 18.69% gain of the Russell 1000® Growth Index. Security selection in the software & services industry helped the most, including social networking firm Facebook, our largest position, on average, and the fund's largest relative contributor. Strong revenue from its mobile advertising business helped Facebook produce much better-than-expected first- and second-quarter 2014 earnings and sales results, lifting its stock. Notably, Facebook's increasing popularity among consumers, including its website and mobile application, boosted its share of advertising dollars. I continued to believe in the company's growth potential due to its massive reach and its ability to target ads to very specific consumers. Conversely, not owning enough of software and index giant Microsoft hurt results. Shares began to rally just before the start of the period after the firm reported sales greater than analysts' estimates. The stock was further driven by an improved macroeconomic environment and a stabilizing market for personal computers. The company also appointed a new CEO in February, a move that prompted us to add to our position in the stock, even though Microsoft remained an underweighting at period end.

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

Annual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2014 to July 31, 2014).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

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

Annual Report

	Annualized Expense Ratio^B	Beginning Account Value February 1, 2014	Ending Account Value July 31, 2014	Expenses Paid During Period* February 1, 2014 to July 31, 2014
Blue Chip Growth	.80%
Actual		$ 1,000.00	$ 1,069.20	$ 4.10
Hypothetical^A		$ 1,000.00	$ 1,020.83	$ 4.01
Class K	.68%
Actual		$ 1,000.00	$ 1,070.00	$ 3.49
Hypothetical^A		$ 1,000.00	$ 1,021.42	$ 3.41

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of July 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Apple, Inc.	6.5	3.7
Google, Inc. Class A	2.9	6.0
Gilead Sciences, Inc.	2.7	3.1
Google, Inc. Class C	2.7	0.0
Facebook, Inc. Class A	2.4	2.8
Amazon.com, Inc.	2.3	2.3
Home Depot, Inc.	1.6	1.5
The Walt Disney Co.	1.6	0.3
Keurig Green Mountain, Inc.	1.5	1.3
Comcast Corp. Class A	1.5	1.5
	25.7
Top Five Market Sectors as of July 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	33.5	31.1
Consumer Discretionary	21.2	21.2
Health Care	15.3	16.4
Industrials	9.1	10.5
Consumer Staples	8.9	10.3

Asset Allocation (% of fund's net assets)
As of July 31, 2014*			As of January 31, 2014**
	Stocks 99.3%			Stocks 99.8%
	Convertible Securities 0.6%			Convertible Securities 0.1%
	Short-Term Investments and Net Other Assets (Liabilities) 0.1%			Short-Term Investments and Net Other Assets (Liabilities) 0.1%
* Foreign investments		10.8%	** Foreign investments		9.8%

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Annual Report

Investments July 31, 2014

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 21.1%
Auto Components - 0.4%
Johnson Controls, Inc.	549,600		$ 25,963
Magna International, Inc. Class A (sub. vtg.)	319,725		34,334
			60,297
Automobiles - 0.3%
Mahindra & Mahindra Ltd.	169,209		3,331
Tesla Motors, Inc. (a)(e)	202,856		45,298
			48,629
Diversified Consumer Services - 0.5%
H&R Block, Inc.	1,229,500		39,504
Kroton Educacional SA	1,180,000		31,425
ServiceMaster Global Holdings, Inc.	490,500		8,618
			79,547
Hotels, Restaurants & Leisure - 5.2%
500.com Ltd. sponsored ADR Class A (e)	342,236		12,625
Buffalo Wild Wings, Inc. (a)	77,538		11,268
China Lodging Group Ltd. ADR (a)	270,800		6,756
Chipotle Mexican Grill, Inc. (a)	228,417		153,610
Domino's Pizza, Inc.	116,300		8,374
Dunkin' Brands Group, Inc.	398,300		17,071
Fiesta Restaurant Group, Inc. (a)	253,700		11,513
Hilton Worldwide Holdings, Inc.	496,600		12,023
Home Inns & Hotels Management, Inc. sponsored ADR (a)	308,094		10,993
Hyatt Hotels Corp. Class A (a)	601,100		35,363
Las Vegas Sands Corp.	2,174,794		160,609
Melco Crown Entertainment Ltd. sponsored ADR	547,600		18,180
MGM Mirage, Inc. (a)	1,207,300		32,404
Multimedia Games Holding Co., Inc. (a)	263,585		6,358
Panera Bread Co. Class A (a)	344,256		50,709
Starbucks Corp.	2,555,922		198,544
Whitbread PLC	310,250		22,539
Wynn Resorts Ltd.	99,461		21,205
Yum! Brands, Inc.	1,023,649		71,041
Zoe's Kitchen, Inc. (e)	172,800		5,013
			866,198
Household Durables - 0.4%
D.R. Horton, Inc.	1,166,200		24,140
Whirlpool Corp.	267,400		38,142
			62,282
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Internet & Catalog Retail - 4.3%
Amazon.com, Inc. (a)	1,215,944		$ 380,578
Ctrip.com International Ltd. sponsored ADR (a)	388,484		24,875
Expedia, Inc.	285,489		22,674
Groupon, Inc. Class A (a)(e)	1,564,200		10,120
HomeAway, Inc. (a)	376,500		13,072
MakeMyTrip Ltd. (a)	327,100		9,901
Netflix, Inc. (a)	66,623		28,163
priceline.com, Inc. (a)	156,700		194,692
RetailMeNot, Inc. (e)	223,500		5,467
Vipshop Holdings Ltd. ADR (a)	91,500		18,807
			708,349
Leisure Products - 0.1%
NJOY, Inc. (a)(f)	1,178,168		19,942
Media - 3.5%
Comcast Corp. Class A	4,620,836		248,278
DISH Network Corp. Class A (a)	221,600		13,708
Lions Gate Entertainment Corp.	285,400		8,790
Naspers Ltd. Class N	55,700		6,912
The Walt Disney Co.	3,018,200		259,203
Time Warner Cable, Inc.	118,545		17,201
Time Warner, Inc.	228,100		18,937
			573,029
Multiline Retail - 1.1%
Dollar General Corp. (a)	165,700		9,152
Macy's, Inc.	1,396,785		80,720
Target Corp.	1,519,723		90,560
			180,432
Specialty Retail - 3.7%
Abercrombie & Fitch Co. Class A	443,592		17,451
AutoZone, Inc. (a)	12,726		6,580
Home Depot, Inc.	3,296,500		266,522
L Brands, Inc.	754,082		43,714
Lumber Liquidators Holdings, Inc. (a)	195,600		10,605
Murphy U.S.A., Inc. (a)	792,770		39,179
Restoration Hardware Holdings, Inc. (a)	983,822		80,467
Ross Stores, Inc.	947,063		60,991
TJX Companies, Inc.	1,806,752		96,282
			621,791
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - 1.6%
G-III Apparel Group Ltd. (a)	65,000		$ 5,049
Kate Spade & Co. (a)	1,493,804		56,511
lululemon athletica, Inc. (a)	369,881		14,229
Michael Kors Holdings Ltd. (a)	667,372		54,377
NIKE, Inc. Class B	556,575		42,929
Pandora A/S	240,500		16,517
PVH Corp.	424,176		46,736
Ralph Lauren Corp.	201,700		31,437
Under Armour, Inc. Class A (sub. vtg.) (a)	28,200		1,882
			269,667
TOTAL CONSUMER DISCRETIONARY			3,490,163
CONSUMER STAPLES - 8.9%
Beverages - 2.7%
Anheuser-Busch InBev SA NV ADR	444,891		48,039
Monster Beverage Corp. (a)	1,046,435		66,930
PepsiCo, Inc.	1,881,054		165,721
The Coca-Cola Co.	4,173,852		163,991
			444,681
Food & Staples Retailing - 2.4%
Costco Wholesale Corp.	882,500		103,729
CVS Caremark Corp.	1,902,400		145,267
Kroger Co.	1,959,787		95,990
Sprouts Farmers Market LLC (e)	952,877		29,072
Whole Foods Market, Inc.	747,110		28,555
			402,613
Food Products - 2.4%
Associated British Foods PLC	392,700		18,418
Bunge Ltd.	359,267		28,325
Dean Foods Co.	290,300		4,447
Keurig Green Mountain, Inc.	2,130,788		254,160
Mead Johnson Nutrition Co. Class A	885,994		81,015
WhiteWave Foods Co. (a)	470,269		14,009
			400,374
Household Products - 0.6%
Procter & Gamble Co.	1,093,004		84,511
Svenska Cellulosa AB (SCA) (B Shares)	537,600		13,288
			97,799
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Personal Products - 0.2%
Coty, Inc. Class A	521,400		$ 8,921
Herbalife Ltd.	586,158		30,715
Natura Cosmeticos SA	89,700		1,397
			41,033
Tobacco - 0.6%
Lorillard, Inc.	1,584,827		95,850
TOTAL CONSUMER STAPLES			1,482,350
ENERGY - 5.0%
Energy Equipment & Services - 1.0%
Halliburton Co.	2,035,876		140,455
National Oilwell Varco, Inc.	141,900		11,500
Schlumberger Ltd.	103,100		11,175
Seventy Seven Energy, Inc. (a)	17,719		397
Transocean Partners LLC (a)	113,800		2,765
			166,292
Oil, Gas & Consumable Fuels - 4.0%
Anadarko Petroleum Corp.	908,400		97,063
BG Group PLC	317,500		6,261
Cabot Oil & Gas Corp.	297,078		9,789
Canadian Natural Resources Ltd.	297,800		12,982
Carrizo Oil & Gas, Inc. (a)	234,600		14,407
Cheniere Energy, Inc. (a)	220,880		15,629
Chevron Corp.	25,400		3,283
Cimarex Energy Co.	396,607		55,136
Continental Resources, Inc. (a)	434,000		63,703
EOG Resources, Inc.	832,524		91,111
Golar LNG Ltd.	143,000		8,810
Hess Corp.	293,178		29,019
Marathon Petroleum Corp.	185,900		15,519
Memorial Resource Development Corp.	276,000		6,342
Navigator Holdings Ltd. (a)	113,800		3,169
Newfield Exploration Co. (a)	986,600		39,760
Phillips 66 Co.	282,833		22,941
Pioneer Natural Resources Co.	451,000		99,878
PrairieSky Royalty Ltd.	191,600		6,924
Rice Energy, Inc.	543,200		14,286
Scorpio Tankers, Inc.	682,500		6,409
Targa Resources Corp.	69,700		8,887
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Teekay Corp.	54,300		$ 3,022
Valero Energy Corp.	414,944		21,079
			655,409
TOTAL ENERGY			821,701
FINANCIALS - 4.6%
Banks - 2.4%
Axis Bank Ltd.	953,180		6,305
Bank of America Corp.	6,449,587		98,356
Citigroup, Inc.	2,178,590		106,555
HDFC Bank Ltd. sponsored ADR	409,100		19,391
ICICI Bank Ltd. sponsored ADR	476,229		23,821
JPMorgan Chase & Co.	2,401,777		138,510
Punjab National Bank	189,600		3,034
Yes Bank Ltd.	170,103		1,500
			397,472
Capital Markets - 1.1%
Ameriprise Financial, Inc.	187,753		22,455
BlackRock, Inc. Class A	179,900		54,821
Carlyle Group LP	275,200		9,186
Invesco Ltd.	620,572		23,352
Morgan Stanley	1,475,351		47,713
Och-Ziff Capital Management Group LLC Class A	936,700		12,748
State Street Corp.	72,100		5,079
The Blackstone Group LP	425,600		13,909
			189,263
Consumer Finance - 0.7%
American Express Co.	1,193,544		105,032
Capital One Financial Corp.	137,900		10,969
Shriram Transport Finance Co. Ltd.	339,455		5,006
			121,007
Insurance - 0.1%
MetLife, Inc.	275,700		14,502
Real Estate Management & Development - 0.2%
Howard Hughes Corp. (a)	53,100		7,722
Parsvnath Developers Ltd. (a)(d)	21,771,340		9,495
Realogy Holdings Corp. (a)	465,467		17,111
			34,328
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Thrifts & Mortgage Finance - 0.1%
Housing Development Finance Corp. Ltd.	697,722		$ 12,219
TOTAL FINANCIALS			768,791
HEALTH CARE - 15.3%
Biotechnology - 8.4%
Acceleron Pharma, Inc.	42,800		1,268
Agios Pharmaceuticals, Inc.	161,640		6,514
Alexion Pharmaceuticals, Inc. (a)	628,996		100,004
Alkermes PLC (a)	711,400		30,419
Alnylam Pharmaceuticals, Inc. (a)	616,063		33,298
Amgen, Inc.	1,470,202		187,289
Avalanche Biotechnologies, Inc. (a)	22,200		621
BioCryst Pharmaceuticals, Inc. (a)	833,700		10,438
Biogen Idec, Inc. (a)	742,100		248,151
BioMarin Pharmaceutical, Inc. (a)	281,704		17,415
Bluebird Bio, Inc. (a)	124,700		4,165
Celgene Corp. (a)	28,000		2,440
Dicerna Pharmaceuticals, Inc.	161,260		2,422
Exelixis, Inc. (a)	2,632,000		10,633
Gilead Sciences, Inc. (a)	4,887,260		447,429
Grifols SA	130,700		5,919
Intercept Pharmaceuticals, Inc. (a)	85,300		19,820
InterMune, Inc. (a)	375,237		16,462
Intrexon Corp. (e)	234,059		5,170
Ironwood Pharmaceuticals, Inc. Class A (a)	907,481		13,431
Isis Pharmaceuticals, Inc. (a)	63,700		1,974
Keryx Biopharmaceuticals, Inc. (a)(e)	528,873		7,960
KYTHERA Biopharmaceuticals, Inc. (a)(e)	263,156		8,837
Merrimack Pharmaceuticals, Inc. (a)	1,594,658		9,424
Neurocrine Biosciences, Inc. (a)	442,100		6,004
NPS Pharmaceuticals, Inc. (a)	88,000		2,459
Pharmacyclics, Inc. (a)	170,900		20,583
Puma Biotechnology, Inc. (a)	51,700		11,463
Regeneron Pharmaceuticals, Inc. (a)	329,489		104,191
Seattle Genetics, Inc. (a)	158,900		5,593
Synageva BioPharma Corp. (a)	130,800		8,948
Ultragenyx Pharmaceutical, Inc. (e)	26,500		1,158
uniQure B.V.	305,687		3,124
Vertex Pharmaceuticals, Inc. (a)	421,660		37,490
			1,392,516
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - 0.9%
Accuray, Inc. (a)(e)	935,165		$ 7,360
Boston Scientific Corp. (a)	2,388,900		30,530
Insulet Corp. (a)	88,000		3,110
Intuitive Surgical, Inc. (a)	92,207		42,189
Novadaq Technologies, Inc. (a)	607,819		9,324
The Cooper Companies, Inc.	324,630		52,226
Zeltiq Aesthetics, Inc. (a)	203,500		4,119
			148,858
Health Care Providers & Services - 0.7%
Apollo Hospitals Enterprise Ltd.	936,371		15,608
Cardinal Health, Inc.	313,331		22,450
Express Scripts Holding Co. (a)	48,000		3,343
HCA Holdings, Inc. (a)	762,500		49,799
Healthequity, Inc. (a)	41,900		737
iKang Healthcare Group, Inc. sponsored ADR (e)	270,505		5,075
Qualicorp SA (a)	1,151,000		13,317
			110,329
Health Care Technology - 0.3%
Allscripts Healthcare Solutions, Inc. (a)	310,100		4,937
athenahealth, Inc. (a)	76,475		9,513
Castlight Health, Inc. Class B (a)(e)	133,859		1,795
Cerner Corp. (a)	751,218		41,467
			57,712
Life Sciences Tools & Services - 0.9%
Agilent Technologies, Inc.	366,510		20,558
Genfit (a)	89,600		3,370
Illumina, Inc. (a)	688,535		110,104
Lonza Group AG	38,412		4,269
Thermo Fisher Scientific, Inc.	55,800		6,780
			145,081
Pharmaceuticals - 4.1%
AbbVie, Inc.	2,397,806		125,501
Achaogen, Inc. (a)	331,200		3,580
Actavis PLC (a)	845,755		181,211
Allergan, Inc.	278,273		46,154
GW Pharmaceuticals PLC ADR (a)(e)	265,666		22,475
Jazz Pharmaceuticals PLC (a)	11,500		1,607
Johnson & Johnson	188,500		18,867
Merck & Co., Inc.	588,603		33,397
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Pacira Pharmaceuticals, Inc. (a)	117,166		$ 10,779
Perrigo Co. PLC	135,440		20,377
Salix Pharmaceuticals Ltd. (a)	235,837		31,109
Shire PLC sponsored ADR	160,659		39,602
Teva Pharmaceutical Industries Ltd. sponsored ADR	1,034,900		55,367
Valeant Pharmaceuticals International (Canada) (a)	824,300		96,639
			686,665
TOTAL HEALTH CARE			2,541,161
INDUSTRIALS - 9.1%
Aerospace & Defense - 1.8%
Honeywell International, Inc.	890,300		81,756
Precision Castparts Corp.	272,800		62,417
The Boeing Co.	983,626		118,507
United Technologies Corp.	277,900		29,221
			291,901
Air Freight & Logistics - 0.7%
C.H. Robinson Worldwide, Inc.	80,900		5,458
FedEx Corp.	233,678		34,323
Hub Group, Inc. Class A (a)	168,200		7,767
United Parcel Service, Inc. Class B	551,800		53,574
XPO Logistics, Inc. (a)(e)	524,500		16,202
			117,324
Airlines - 1.8%
American Airlines Group, Inc.	4,098,693		159,234
Azul-Linhas Aereas Brasileiras warrants (f)	165,571		0
Delta Air Lines, Inc.	1,778,500		66,623
Southwest Airlines Co.	421,502		11,920
Spirit Airlines, Inc. (a)	856,400		56,026
United Continental Holdings, Inc. (a)	167,700		7,780
			301,583
Building Products - 0.1%
A.O. Smith Corp.	274,454		12,817
Electrical Equipment - 0.7%
Acuity Brands, Inc.	145,800		15,640
Eaton Corp. PLC	684,100		46,464
Generac Holdings, Inc. (a)	187,701		8,146
SolarCity Corp. (a)(e)	410,032		29,330
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Electrical Equipment - continued
TCP International Holdings Ltd.	470,900		$ 4,069
Vestas Wind Systems A/S (a)	231,300		10,464
			114,113
Industrial Conglomerates - 0.8%
Danaher Corp.	1,876,700		138,651
Machinery - 1.4%
Caterpillar, Inc.	500,900		50,466
Cummins, Inc.	716,661		99,895
Ingersoll-Rand PLC	599,184		35,226
ITT Corp.	388,800		17,873
Manitowoc Co., Inc.	640,900		17,022
Navistar International Corp. (a)(e)	364,600		12,823
			233,305
Professional Services - 0.2%
Huron Consulting Group, Inc. (a)	194,520		11,757
Towers Watson & Co.	205,587		20,974
			32,731
Road & Rail - 1.4%
Avis Budget Group, Inc. (a)	260,463		14,635
Canadian Pacific Railway Ltd.	192,000		36,509
Hertz Global Holdings, Inc. (a)	1,182,296		33,364
J.B. Hunt Transport Services, Inc.	509,700		39,379
Landstar System, Inc.	76,700		5,072
Union Pacific Corp.	1,142,600		112,329
			241,288
Trading Companies & Distributors - 0.2%
United Rentals, Inc. (a)	257,800		27,301
TOTAL INDUSTRIALS			1,511,014
INFORMATION TECHNOLOGY - 33.0%
Communications Equipment - 2.0%
Arista Networks, Inc. (e)	112,200		7,419
Cisco Systems, Inc.	195,100		4,922
F5 Networks, Inc. (a)	237,906		26,786
Palo Alto Networks, Inc. (a)	345,746		27,957
QUALCOMM, Inc.	3,153,414		232,407
Riverbed Technology, Inc. (a)	1,434,841		25,684
			325,175
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - 0.3%
InvenSense, Inc. (a)(e)	1,264,980		$ 29,107
Samsung SDI Co. Ltd.	10,144		1,562
TE Connectivity Ltd.	360,812		22,331
			53,000
Internet Software & Services - 11.2%
Akamai Technologies, Inc. (a)	563,430		33,254
Baidu.com, Inc. sponsored ADR (a)	313,600		67,753
Cornerstone OnDemand, Inc. (a)	264,000		11,046
Dropbox, Inc. (a)(f)	1,003,814		19,174
Facebook, Inc. Class A (a)	5,456,001		396,378
Gogo, Inc. (a)(e)	821,400		13,315
Google, Inc.:
Class A (a)	827,454		479,551
Class C (a)	776,454		443,821
IAC/InterActiveCorp	592,300		39,803
INFO Edge India Ltd.	405,018		4,590
Just Dial Ltd. (a)	669,562		18,381
LinkedIn Corp. (a)	58,500		10,567
Naver Corp.	54,864		39,170
Rackspace Hosting, Inc. (a)	1,746,801		52,911
Tencent Holdings Ltd.	3,704,500		60,160
Twitter, Inc.	1,214,700		54,892
Wix.com Ltd. (a)	172,600		2,926
Xoom Corp. (a)	418,275		9,060
Xunlei Ltd. sponsored ADR (e)	88,400		1,062
Yahoo!, Inc. (a)	2,666,576		95,490
Zoopla Property Group PLC	1,328,700		5,653
			1,858,957
IT Services - 4.1%
Cognizant Technology Solutions Corp. Class A (a)	3,939,554		193,235
MasterCard, Inc. Class A	2,820,400		209,133
VeriFone Systems, Inc. (a)	991,400		33,222
Visa, Inc. Class A	1,127,999		238,019
			673,609
Semiconductors & Semiconductor Equipment - 4.1%
Broadcom Corp. Class A	680,000		26,017
Canadian Solar, Inc. (a)(e)	484,500		12,093
Cavium, Inc. (a)	882,401		41,164
Cree, Inc. (a)	698,453		32,988
Cypress Semiconductor Corp. (e)	3,118,484		31,528
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
eMemory Technology, Inc.	155,000		$ 1,405
First Solar, Inc. (a)	1,142,300		72,091
Freescale Semiconductor, Inc. (a)	1,654,654		33,126
GCL-Poly Energy Holdings Ltd. (a)	11,669,000		3,767
GT Advanced Technologies, Inc. (a)(e)	320,400		4,434
Integrated Device Technology, Inc. (a)	796,400		11,436
MediaTek, Inc.	491,000		7,580
Mellanox Technologies Ltd. (a)	138,000		5,748
Micron Technology, Inc. (a)	3,097,500		94,629
Monolithic Power Systems, Inc.	201,194		8,297
NVIDIA Corp.	1,196,370		20,936
NXP Semiconductors NV (a)	3,689,907		230,066
RF Micro Devices, Inc. (a)	1,054,300		11,766
Silicon Laboratories, Inc. (a)	94,053		3,831
SunEdison, Inc. (a)	846,845		16,937
SunPower Corp. (a)(e)	145,100		5,330
			675,169
Software - 4.2%
Activision Blizzard, Inc.	4,452,900		99,656
Adobe Systems, Inc. (a)	924,250		63,875
CommVault Systems, Inc. (a)	21,788		1,046
Concur Technologies, Inc. (a)	60,600		5,633
Electronic Arts, Inc. (a)	612,486		20,580
Fortinet, Inc. (a)	568,596		13,959
Imperva, Inc. (a)	129,076		2,862
Intuit, Inc.	122,800		10,066
Microsoft Corp.	5,376,644		232,056
Red Hat, Inc. (a)	212,400		12,345
salesforce.com, Inc. (a)	4,125,869		223,828
Zynga, Inc. (a)	2,267,483		6,621
			692,527
Technology Hardware, Storage & Peripherals - 7.1%
Apple, Inc.	11,237,609		1,073,976
BlackBerry Ltd. (a)	4,993,900		46,593
Cray, Inc. (a)	60,000		1,591
Hewlett-Packard Co.	1,059,400		37,725
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Technology Hardware, Storage & Peripherals - continued
NCR Corp. (a)	716,126		$ 22,164
Nimble Storage, Inc.	119,706		3,098
			1,185,147
TOTAL INFORMATION TECHNOLOGY			5,463,584
MATERIALS - 2.0%
Chemicals - 1.9%
Cabot Corp.	319,799		16,754
Celanese Corp. Class A	251,250		14,625
Eastman Chemical Co.	751,300		59,187
Huntsman Corp.	675,161		17,588
Intrepid Potash, Inc. (a)(e)	515,965		7,641
LyondellBasell Industries NV Class A	167,425		17,789
Monsanto Co.	1,154,300		130,540
Orion Engineered Carbons SA (a)	195,700		3,327
Potash Corp. of Saskatchewan, Inc. (e)	433,661		15,396
The Mosaic Co.	315,219		14,535
Westlake Chemical Corp.	154,900		13,537
			310,919
Construction Materials - 0.1%
CaesarStone Sdot-Yam Ltd.	221,500		9,604
Metals & Mining - 0.0%
Freeport-McMoRan Copper & Gold, Inc.	226,200		8,419
TOTAL MATERIALS			328,942
TELECOMMUNICATION SERVICES - 0.2%
Diversified Telecommunication Services - 0.0%
Jazztel PLC (a)	573,300		7,731
Wireless Telecommunication Services - 0.2%
Bharti Infratel Ltd. (a)	3,161,156		13,351
RingCentral, Inc.	140,250		2,094
T-Mobile U.S., Inc. (a)	305,909		10,077
			25,522
TOTAL TELECOMMUNICATION SERVICES			33,253
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - 0.1%
Independent Power and Renewable Electricity Producers - 0.1%
Abengoa Yield PLC	83,100		$ 3,007
NextEra Energy Partners LP	229,100		7,799
			10,806
Independent Power Producers & Energy Traders - 0.0%
Dynegy, Inc. (a)	390,232		10,361
TOTAL UTILITIES			21,167
TOTAL COMMON STOCKS (Cost $11,209,369)		16,462,126
Convertible Preferred Stocks - 0.6%

CONSUMER DISCRETIONARY - 0.1%
Leisure Products - 0.1%
NJOY, Inc.:
Series C (a)(f)	607,766		10,287
Series D (f)	149,114		2,524
			12,811
INDUSTRIALS - 0.0%
Airlines - 0.0%
Azul-Linhas Aereas Brasileiras Series B (f)	165,571		7,298
INFORMATION TECHNOLOGY - 0.5%
Internet Software & Services - 0.5%
New Relic, Inc. Series F (f)	152,912		4,127
Uber Technologies, Inc. 8.00% (f)	1,289,237		80,000
			84,127
Software - 0.0%
Cloudera, Inc. Series F (f)	186,078		2,910
TOTAL INFORMATION TECHNOLOGY			87,037
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $101,593)		107,146
Money Market Funds - 1.2%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.11% (b)	9,495,233		$ 9,495
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	185,310,929		185,311
TOTAL MONEY MARKET FUNDS (Cost $194,806)		194,806
TOTAL INVESTMENT PORTFOLIO - 101.1% (Cost $11,505,768)		16,764,078
NET OTHER ASSETS (LIABILITIES) - (1.1)%			(182,107)
NET ASSETS - 100%		$ 16,581,971

Legend

(a) Non-income producing

(b) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(d) Affiliated company

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

(f) Restricted securities - 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 $146,262,000 or 0.9% of net assets.

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Azul-Linhas Aereas Brasileiras Series B	12/24/13	$ 7,023
Azul-Linhas Aereas Brasileiras warrants	12/24/13	$ 0
Cloudera, Inc. Series F	2/5/14	$ 2,709
Dropbox, Inc.	5/2/12	$ 9,084
New Relic, Inc. Series F	4/17/14	$ 4,424
NJOY, Inc.	9/11/13	$ 9,520
NJOY, Inc. Series C	6/7/13	$ 4,913
Security	Acquisition Date	Acquisition Cost (000s)
NJOY, Inc. Series D	2/14/14	$ 2,524
Uber Technologies, Inc. 8.00%	6/6/14	$ 80,000

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 24
Fidelity Securities Lending Cash Central Fund	1,908
Total	$ 1,932

Other Affiliated Issuers

An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are as follows:

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Parsvnath Developers Ltd.	$ 10,232	$ -	$ -	$ -	$ 9,495

Other Information

The following is a summary of the inputs used, as of July 31, 2014, 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 in the table below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 3,502,974	$ 3,466,890	$ 3,331	$ 32,753
Consumer Staples	1,482,350	1,482,350	-	-
Energy	821,701	815,440	6,261	-
Financials	768,791	731,232	37,559	-
Health Care	2,541,161	2,525,553	15,608	-
Industrials	1,518,312	1,511,014	-	7,298
Information Technology	5,550,621	5,307,795	136,615	106,211
Materials	328,942	328,942	-	-
Telecommunication Services	33,253	19,902	13,351	-
Utilities	21,167	21,167	-	-
Money Market Funds	194,806	194,806	-	-
Total Investments in Securities:	$ 16,764,078	$ 16,405,091	$ 212,725	$ 146,262

Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):

United States of America	89.2%
Ireland	1.9%
Canada	1.9%
Cayman Islands	1.5%
Netherlands	1.5%
Others (Individually Less Than 1%)	4.0%
	100.0%

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	July 31, 2014

Assets
Investment in securities, at value (including securities loaned of $175,711) - See accompanying schedule: Unaffiliated issuers (cost $11,280,111)	$ 16,559,777
Fidelity Central Funds (cost $194,806)	194,806
Other affiliated issuers (cost $30,851)	9,495
Total Investments (cost $11,505,768)		$ 16,764,078
Cash		443
Foreign currency held at value (cost $2,445)		2,445
Receivable for investments sold		113,939
Receivable for fund shares sold		19,313
Dividends receivable		6,394
Distributions receivable from Fidelity Central Funds		248
Receivable from investment adviser for expense reductions		7
Other receivables		820
Total assets		16,907,687

Liabilities
Payable for investments purchased	$ 107,464
Payable for fund shares redeemed	20,068
Accrued management fee	8,550
Other affiliated payables	2,007
Other payables and accrued expenses	2,316
Collateral on securities loaned, at value	185,311
Total liabilities		325,716

Net Assets		$ 16,581,971
Net Assets consist of:
Paid in capital		$ 10,478,889
Undistributed net investment income		17,541
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		828,668
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		5,256,873
Net Assets		$ 16,581,971

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

Annual Report

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	July 31, 2014

Blue Chip Growth: Net Asset Value, offering price and redemption price per share ($11,969,523 ÷ 179,406 shares)		$ 66.72

Class K: Net Asset Value, offering price and redemption price per share ($4,612,448 ÷ 69,033 shares)		$ 66.82

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

Annual Report

Financial Statements - continued

Statement of Operations

Amounts in thousands	Year ended July 31, 2014

Investment Income
Dividends		$ 176,722
Income from Fidelity Central Funds		1,932
Total income		178,654

Expenses
Management fee Basic fee	$ 95,242
Performance adjustment	11,359
Transfer agent fees	22,396
Accounting and security lending fees	1,655
Custodian fees and expenses	403
Independent trustees' compensation	75
Appreciation in deferred trustee compensation account	1
Registration fees	157
Audit	97
Legal	65
Interest	6
Miscellaneous	163
Total expenses before reductions	131,619
Expense reductions	(481)	131,138
Net investment income (loss)		47,516
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	1,380,300
Redemption in-kind with affiliated entities	3,310,457
Foreign currency transactions	(452)
Total net realized gain (loss)		4,690,305
Change in net unrealized appreciation (depreciation) on: Investment securities	(1,368,324)
Assets and liabilities in foreign currencies	47
Total change in net unrealized appreciation (depreciation)		(1,368,277)
Net gain (loss)		3,322,028
Net increase (decrease) in net assets resulting from operations		$ 3,369,544

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

Annual Report

Statement of Changes in Net Assets

Amounts in thousands	Year ended July 31, 2014	Year ended July 31, 2013
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 47,516	$ 139,090
Net realized gain (loss)	4,690,305	1,392,019
Change in net unrealized appreciation (depreciation)	(1,368,277)	2,900,667
Net increase (decrease) in net assets resulting from operations	3,369,544	4,431,776
Distributions to shareholders from net investment income	(80,757)	(85,342)
Distributions to shareholders from net realized gain	(1,378,625)	(230,904)
Total distributions	(1,459,382)	(316,246)
Share transactions - net increase (decrease)	(5,511,393)	1,247,958
Total increase (decrease) in net assets	(3,601,231)	5,363,488

Net Assets
Beginning of period	20,183,202	14,819,714
End of period (including undistributed net investment income of $17,541 and undistributed net investment income of $56,036, respectively)	$ 16,581,971	$ 20,183,202

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

Annual Report

Financial Highlights - Blue Chip Growth

Years ended July 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 59.65	$ 47.38	$ 48.17	$ 37.63	$ 31.97
Income from Investment Operations
Net investment income (loss)^B	.15	.39	.10	(.03)	.04
Net realized and unrealized gain (loss)	11.63	12.79	.75	10.61	5.80
Total from investment operations	11.78	13.18	.85	10.58	5.84
Distributions from net investment income	(.24)	(.23)	(.04)	.00 ^{E, G}	(.18)
Distributions from net realized gain	(4.47)	(.68)	(1.60)	(.04) ^E	-
Total distributions	(4.71)	(.91)	(1.64)	(.04)	(.18)
Net asset value, end of period	$ 66.72	$ 59.65	$ 47.38	$ 48.17	$ 37.63
Total Return^A	21.07%	28.25%	2.27%	28.12%	18.29%
Ratios to Average Net Assets^{C, F}
Expenses before reductions	.80%	.76%	.90%	.94%	.94%
Expenses net of fee waivers, if any	.80%	.76%	.90%	.94%	.94%
Expenses net of all reductions	.80%	.74%	.89%	.92%	.93%
Net investment income (loss)	.23%	.75%	.21%	(.06)%	.10%
Supplemental Data
Net assets, end of period (in millions)	$ 11,970	$ 12,927	$ 10,595	$ 12,024	$ 10,295
Portfolio turnover rate^D	57% ^H	75%	95%	132%	135%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^C Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^E The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

^F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

^G Amount represents less than $.01 per share.

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

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

Annual Report

Financial Highlights - Class K

Years ended July 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 59.74	$ 47.46	$ 48.21	$ 37.66	$ 32.01
Income from Investment Operations
Net investment income (loss)^B	.23	.47	.17	.05	.11
Net realized and unrealized gain (loss)	11.64	12.79	.75	10.62	5.79
Total from investment operations	11.87	13.26	.92	10.67	5.90
Distributions from net investment income	(.33)	(.30)	(.08)	(.05) ^E	(.25)
Distributions from net realized gain	(4.47)	(.68)	(1.60)	(.07) ^E	-
Total distributions	(4.79)^I	(.98)	(1.67) ^H	(.12)	(.25)
Net asset value, end of period	$ 66.82	$ 59.74	$ 47.46	$ 48.21	$ 37.66
Total Return^A	21.23%	28.42%	2.43%	28.37%	18.48%
Ratios to Average Net Assets^{C, F}
Expenses before reductions	.68%	.61%	.74%	.77%	.75%
Expenses net of fee waivers, if any	.68%	.61%	.74%	.77%	.75%
Expenses net of all reductions	.67%	.60%	.73%	.76%	.74%
Net investment income (loss)	.36%	.89%	.37%	.11%	.30%
Supplemental Data
Net assets, end of period (in millions)	$ 4,612	$ 3,506	$ 2,467	$ 1,455	$ 932
Portfolio turnover rate^D	57%^G	75%	95%	132%	135%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^E The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

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

^H Total distributions of $1.67 per share is comprised of distributions from net investment income of $.076 and distributions from net realized gain of $1.598 per share.

^I Total distributions of $4.79 per share is comprised of distributions from net investment income of $.325 and distributions from net realized gain of $4.466 per share.

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

Annual Report

Notes to Financial Statements

For the period ended July 31, 2014

(Amounts in thousands except percentages)

1. Organization.

Fidelity Blue Chip 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 Blue Chip Growth and Class K shares, each of which has equal rights as to assets and voting privileges. The Fund offered Class F shares during the period June 26, 2009 through November 19, 2013, and all outstanding shares were redeemed by November 19, 2013. Each class has exclusive voting rights with respect to matters that affect that class.

2. Investments in Fidelity Central Funds.

The Fund invests 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 Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .01%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The 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. In accordance with valuation policies and procedures

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Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Valuation - continued

approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.

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 - 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 vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, 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. Utilizing these techniques may result in transfers between Level 1 and Level 2. 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.

Annual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of July 31, 2014, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. The Fund 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 may include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of

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Notes to Financial Statements - continued

(Amounts in thousands except percentages)

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the 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 the Fund. Each class differs with respect to transfer agent fees incurred. Certain expense reductions may also differ by class. 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. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), independent Trustees may elect to defer receipt of a portion of their annual compensation. Deferred amounts are invested in a cross-section of Fidelity funds, are marked-to-market and remain in the Fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees are included in the accompanying Statement of Assets and Liabilities.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of July 31, 2014, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

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

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to foreign currency transactions, redemptions in kind, partnerships, deferred trustees compensation and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 5,476,623
Gross unrealized depreciation	(245,385)
Net unrealized appreciation (depreciation) on securities	$ 5,231,238

Tax Cost	$ 11,532,840

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

Undistributed ordinary income	$ 80,477
Undistributed long-term capital gain	$ 793,526
Net unrealized appreciation (depreciation) on securities and other investments	$ 5,231,281

The tax character of distributions paid was as follows:

	July 31, 2014	July 31, 2013
Ordinary Income	$ 155,664	$ 85,342
Long-term Capital Gains	1,303,718	230,904
Total	$ 1,459,382	$ 316,246

Restricted Securities. The Fund 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 is included at the end of the Fund's Schedule of Investments.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $10,440,292 and $10,009,929, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Blue Chip Growth as compared to its benchmark index, the Russell 1000 Growth Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .62% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

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

	Amount	% of Average Net Assets
Blue Chip Growth	$ 20,474	.17
Class K	1,922	.05
	$ 22,396

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5. Fees and Other Transactions with Affiliates - continued

Accounting and Security Lending Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains the Fund's accounting records. The accounting fee is based on the level of average net assets for each month. Under a separate contract, FSC administers the security lending program. The security lending fee is based on the number and duration of lending transactions.

Brokerage Commissions. The Fund placed a portion of its portfolio transactions 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 $93 for the period.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the Fund, along with other registered investment companies having management contracts with FMR or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the funds to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. The Fund's 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
Borrower	$ 18,386	.32%	$ 6

Redemptions In-Kind. During the period, 120,385 shares of the Fund held by affiliated entities were redeemed for investments with a value of $7,325,217. The net realized gain of $3,310,457 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as Note 10: Share Transactions. The Fund recognized no gain or loss for federal income tax purposes.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $390.

6. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $30 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

Annual Report

Notes to Financial Statements - continued

(Amounts in thousands except percentages)

7. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. The value of securities loaned to FCM at period end was $699. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $1,908, including $50 from securities loaned to FCM.

8. Expense Reductions.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $191.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

Years ended July 31,	2014 ^A	2013
From net investment income
Blue Chip Growth	$ 47,730	$ 51,844
Class K	19,791	16,348
Class F	13,236	17,150
Total	$ 80,757	$ 85,342

Annual Report

9. Distributions to Shareholders - continued

Years ended July 31,	2014 ^A	2013
From net realized gain
Blue Chip Growth	$ 908,543	$ 155,106
Class K	269,912	36,829
Class F	200,170	38,969
Total	$ 1,378,625	$ 230,904

^AAll Class F shares were redeemed on November 19, 2013.

10. Share Transactions.

Transactions for each class of shares were as follows:

	Shares		Dollars
Years ended July 31,	2014 ^A	2013	2014 ^A	2013
Blue Chip Growth
Shares sold	30,779	41,304 ^C	$ 1,939,078	$ 2,121,491 ^C
Reinvestment of distributions	16,131	4,171	933,288	202,506
Shares redeemed	(84,222) ^B	(52,364)	(5,182,185) ^B	(2,708,546)
Net increase (decrease)	(37,312)	(6,889)	$ (2,309,819)	$ (384,549)
Class K
Shares sold	17,861	17,299	$ 1,132,520	$ 899,333
Reinvestment of distributions	4,984	1,092	289,703	53,178
Shares redeemed	(12,491)	(11,703)	(788,832)	(608,221)
Net increase (decrease)	10,354	6,688	$ 633,391	$ 344,290
Class F
Shares sold	3,759	28,168 ^C	$ 226,491	$ 1,424,726 ^C
Reinvestment of distributions	3,740	1,153	213,405	56,119
Shares redeemed	(70,205) ^B	(3,595)	(4,274,861) ^B	(192,628)
Net increase (decrease)	(62,706)	25,726	$ (3,834,965)	$ 1,288,217

^AAll Class F shares were redeemed on November 19, 2013.

^BAmount includes in-kind redemptions (see note 5: Redemptions In-Kind).

^CAmount includes in-kind exchanges.

11. Other.

The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Securities Fund and Shareholders of Fidelity Blue Chip Growth Fund:

We have audited the accompanying statement of assets and liabilities of Fidelity Blue Chip Growth Fund (the Fund), a fund of Fidelity Securities Fund, including the schedule of investments, as of July 31, 2014, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of July 31, 2014, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Blue Chip Growth Fund as of July 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP

Boston, Massachusetts

September 15, 2014

Annual Report

Trustees and Officers

The Trustees, Member of the Advisory Board, and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance. Except for James C. Curvey, each of the Trustees oversees 173 funds. Mr. Curvey oversees 397 funds.

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

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

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

Annual Report

Board Structure and Oversight Function. James C. Curvey is an interested person (as defined in the 1940 Act) and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Ned C. Lautenbach serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

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

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

Annual Report

Trustees and Officers - continued

The fund's Statements of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-835-5092.

Interested Trustees*:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (1935)
Year of Election or Appointment: 2007 Trustee Chairman of the Board of Trustees
	Mr. Curvey also serves as Trustee of other Fidelity funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (2009-present), and Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (2009-2014), a Director of FMR (2007-2014), a Director of FMR Co., Inc. (2007-2014) and was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Charles S. Morrison (1960)
Year of Election or Appointment: 2014 Trustee
	Mr. Morrison also serves as Trustee of other funds. He serves as President, Asset Management (2014-present) and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

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

Annual Report

Trustees and Officers - continued

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005 Trustee
	Mr. Dirks also serves as Trustee of other Fidelity funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008 Trustee
	Mr. Lacy also serves as Trustee of other Fidelity funds. Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's Entertainment, Inc. (restaurant and entertainment complexes, 2010-present), Earth Fare, Inc. (retail grocery, 2012-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000 Trustee Chairman of the Independent Trustees
	Mr. Lautenbach also serves as Trustee of other Fidelity funds. Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is Chairman of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (2012-present) and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (1944)
Year of Election or Appointment: 2008 Trustee
	Mr. Mauriello also serves as Trustee of other Fidelity funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).
Robert W. Selander (1950)
Year of Election or Appointment: 2011 Trustee
	Mr. Selander also serves as Trustee of other Fidelity funds. Previously, Mr. Selander served as a Member of the Advisory Board of other Fidelity funds (2011), and Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (1944)
Year of Election or Appointment: 2005 Trustee
	Ms. Small also serves as Trustee of other Fidelity funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (1939)
Year of Election or Appointment: 2002 Trustee Vice Chairman of the Independent Trustees
	Mr. Stavropoulos also serves as Trustee of other Fidelity funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and Maersk Inc. (industrial conglomerate), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of the Naples Philharmonic Center for the Arts. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).
David M. Thomas (1949)
Year of Election or Appointment: 2008 Trustee
	Mr. Thomas also serves as Trustee of other Fidelity funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), and as a member of the Board of Directors of Interpublic Group of Companies, Inc. (marketing communication, 2004-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

Advisory Board Member and Officers:

Correspondence intended for each officer and Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003 Member of the Advisory Board
	Mr. Lynch also serves as Member of the Advisory Board of other Fidelity funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2012 Anti-Money Laundering (AML) Officer
	Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer of FMR LLC (2012-present) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as Vice President and Deputy Anti-Money Laundering Officer (2007-2012).
William C. Coffey (1969)
Year of Election or Appointment: 2009 Assistant Secretary
	Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010 Assistant Treasurer
	Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2008 Deputy Treasurer
	Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2010 Assistant Treasurer
	Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014 Chief Financial Officer
	Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO)
	Mr. Goebel serves as Secretary and CLO of other funds. Mr. Goebel also serves as Secretary of Fidelity SelectCo, LLC (2013-present), Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present); and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present) and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Secretary and CLO of other Fidelity funds (2008-2013), Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007). Mr. Goebel has been employed by FMR LLC or an affiliate since 2001.
Brian B. Hogan (1964)
Year of Election or Appointment: 2009 Vice President
	Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Chris Maher (1972)
Year of Election or Appointment: 2013 Assistant Treasurer
	Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of FMR's Program Management Group (2010-2013), and Vice President of Valuation Oversight (2008-2010).
Melissa M. Reilly (1971)
Year of Election or Appointment: 2014 Vice President of certain Equity Funds
	Ms. Reilly also serves as Vice President of other funds. Ms. Reilly is an employee of Fidelity Investments (2004-present).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2008 President and Treasurer
	Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.
Stephen Sadoski (1971)
Year of Election or Appointment: 2012 Deputy Treasurer
	Mr. Sadoski also serves as Deputy Treasurer of other funds. He is an employee of Fidelity Investments (2012-present) and has served in another fund officer role. Prior to joining Fidelity Investments, Mr. Sadoski served as an assistant chief accountant in the Division of Investment Management of the Securities and Exchange Commission (SEC) (2009-2012) and as a senior manager at Deloitte & Touche LLP (1997-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013 Deputy Treasurer
	Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).
Renee Stagnone (1975)
Year of Election or Appointment: 2013 Deputy Treasurer
	Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments.
Linda J. Wondrack (1964)
Year of Election or Appointment: 2014 Chief Compliance Officer
	Ms. Wondrack also serves as Chief Compliance Officer of other funds. Ms. Wondrack is Executive Vice President and head of the Ethics Office and Asset Management Compliance for Fidelity Investments (2012-present). Ms. Wondrack also serves as Chief Compliance Officer of Fidelity SelectCo, LLC (2014-present); Chief Compliance Officer of Impresa Management LLC (2013-present); and Chief Compliance Officer of FMR Co., Inc., Fidelity Investments Money Management, Inc., Fidelity Management & Research (Japan) Inc., Fidelity Management & Research (U.K.) Inc., Fidelity Management & Research (Hong Kong), Fidelity Management & Research Company, Pyramis Global Advisors, LLC, and Strategic Advisers, Inc., Ballyrock Investment Advisors LLC, and Northern Neck Investors LLC (2012-present). Previously, Ms. Wondrack served as Senior Vice President and Chief Compliance Officer for Columbia Management Investment Advisers, LLC (2005-2012); Chief Compliance Officer for certain funds within the Columbia Family of Funds (2007-2012); and Senior Vice President of Compliance Risk Management at Bank of America (2005-2010).
Joseph F. Zambello (1957)
Year of Election or Appointment: 2011 Deputy Treasurer
	Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).

Annual Report

Distributions (Unaudited)

The Board of Trustees of Fidelity Blue Chip Growth Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities; and dividends derived from net investment income:

	Pay Date	Record Date	Dividends	Capital Gains
Class K	09/08/14	09/05/14	$0.107	$3.421

The fund hereby designates as a capital gain dividend with respect to the taxable year ended July 31, 2014, $1,099,559,018, or, if subsequently determined to be different, the net capital gain of such year.

Class K designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

Class K designates 100% of the dividends distributed during the fiscal year as amounts which can be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2015 of amounts for use in preparing 2014 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Blue Chip Growth Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established various standing committees (Committees), each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to consider matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through ad hoc joint committees to discuss certain matters relevant to the Fidelity funds.

At its July 2014 meeting, the Board, including the Independent Trustees, unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services to be provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services to be provided by and the profits to be realized by Fidelity from its relationship with the fund; (iv) the extent to which economies of scale exist and would be realized as the fund grows; and (v) whether fee levels reflect these economies of scale, if any, for the benefit of fund shareholders. In connection with separate internal corporate reorganizations involving Fidelity Management & Research (U.K.) Inc. (FMR U.K.) and Fidelity Management & Research (Japan) Inc. (FMR Japan), the Board approved certain non-material amendments to the fund's sub-advisory agreements with FMR U.K. and FMR Japan to reflect that, after these reorganizations, FMR Investment Management (UK) Limited and Fidelity Management & Research (Japan) Limited will carry on the business of FMR U.K. and FMR Japan, respectively. The Board noted that no changes to the portfolio managers or to the foreign research or investment advisory services provided to the fund were expected in connection with either reorganization and that the same personnel and resources would continue to be available to the fund at the new entities.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

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

Nature, Extent, and Quality of Services Provided. The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of FMR and the sub-advisers (together, the Investment Advisers), and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the portfolio manager compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund. Additionally, the Board considered the portfolio managers' investments, if any, in the funds that they manage.

Resources Dedicated to Investment Management and Support Services. The Board and the Fund Oversight and Research Committees reviewed the general qualifications and capabilities of Fidelity's investment staff, including its size, education, experience, and resources, as well as Fidelity's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity has continued to increase the resources devoted to non-U.S. offices, including expansion of Fidelity's global investment organization. The Board also noted that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board believes that Fidelity's investment professionals have sufficient access to global information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously, as well as to transmit new information and research conclusions rapidly around the world. Additionally, in its deliberations, the Board considered Fidelity's trading and risk management capabilities and resources and global compliance infrastructure, which are an integral part of the investment management process.

Annual Report

Shareholder and Administrative Services. The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians and subcustodians; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers, the use of brokerage commissions to pay fund expenses, and the use of "soft" commission dollars to pay for research services.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value or convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information through telephone representatives and over the Internet, investor education materials and asset allocation tools, and the expanded availability of Fidelity Investor Centers.

In 2014, the Board formed an ad hoc Committee on Transfer Agency Fees to review the variety of transfer agency fee structures throughout the industry and Fidelity's competitive positioning with respect to industry participants.

Investment in a Large Fund Family. The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including (i) continuing to dedicate additional resources to investment research and to the support of the senior management team that oversees asset management; (ii) persisting in efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and making other enhancements to meet client needs for income-oriented solutions; (iv) reducing fund expenses for certain index funds; (v) continuing to launch dedicated lower cost underlying funds to meet portfolio construction needs related to expanding underlying fund options for Fidelity funds of funds, specifically for the Freedom Fund product lines; (vi) rationalizing product lines and gaining increased efficiencies through fund mergers; (vii) launching sector-based exchange-traded funds and establishing a new Fidelity adviser to manage sector-based funds and products; (viii) continuing to develop and implement technology to improve security and increase efficiency; (ix) modifying the eligibility criteria for certain share classes to increase their marketability to a portion of the defined contribution plan market; (x) waiving redemption fees for certain qualified fund-of-fund and wrap programs and certain retirement plan transactions; and (xi) launching new Institutional Class shares of certain money market funds to attract and retain assets and to fill a gap in the money market fund lineup.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

The Board took into account discussions with the Investment Advisers about fund investment performance that occur at Board meetings throughout the year. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board periodically considers annualized return information for the fund, for different time periods, measured against a securities market index ("benchmark index") and a peer group of funds with similar objectives ("peer group"). In its evaluation of fund investment performance, the Board gave particular attention to information indicating changes in performance of certain Fidelity funds for specific time periods and the Investment Advisers' explanations for any overperformance or underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that fund performance should be evaluated based on net performance (after fees and expenses) of both the highest performing and lowest performing classes, where applicable, compared to appropriate benchmark indices, over appropriate time periods which may include full market cycles, and compared to peer groups, as applicable, over the same periods, taking into account relevant factors including the following: general market conditions; issuer-specific information; tactical opportunities for investment; and fund cash flows and other factors.

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

Annual Report

Fidelity Blue Chip Growth Fund

ang1781225

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

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Competitiveness of Management Fee and Total Expense Ratio. The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison and by reducing the number of universes to which various Fidelity funds are compared.

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

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Blue Chip Growth Fund

ang1781227

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2013. The Board also noted the effect of the fund's positive performance adjustment on the fund's management fee ranking.

Annual Report

Furthermore, the Board considered that shareholders approved a prospective change in the index used to calculate the fund's performance adjustment beginning June 1, 2006. The Board also considered that, because the performance adjustment is based on a rolling 36- month measurement period, during a transition period the fund's performance is compared to a blended index return that reflects the performance of the former index for the portion of the measurement period prior to June 1, 2006 and the performance of the current index for the remainder of the measurement period. The Board noted that the fund's performance adjustment for 2009 shown in the chart above reflects the effect of using the blended index return to calculate the fund's performance adjustment.

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

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of each class's total expense ratio, the Board considered the fund's management fee as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses, as well as the impact of the fund's performance adjustment. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. Each class of the fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the total expense ratio of each class ranked below its competitive median for 2013.

Fees Charged to Other Fidelity Clients. The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity, such as other funds advised or subadvised by Fidelity, pension plan clients, and other institutional clients. The Board noted the findings of the 2013 ad hoc joint committee (created with the board of other Fidelity funds), which reviewed and compared Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds, including the differences in services provided, fees charged, and costs incurred, as well as competition in their respective marketplaces.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the total expense ratio of each class of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability. The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board Fidelity's profitability for the fund. Fidelity calculates the profitability for each fund, as well as aggregate profitability for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies.

PricewaterhouseCoopers LLP (PwC), independent registered public accounting firm and auditor to Fidelity and certain Fidelity funds, has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. PwC's engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of fund profitability and its conformity to established allocation methodologies. After considering PwC's reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's non-fund businesses and fall-out benefits related to the mutual fund business as well as cases where Fidelity's affiliates may benefit from or be related to the fund's business.

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

Economies of Scale. The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that in 2013, it and the boards of other Fidelity funds created an ad hoc committee (the Economies of Scale Committee) to analyze whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

Annual Report

The Board recognized that the fund's management contract incorporates a "group fee" structure, which provides for lower group fee rates as total group assets increase, and for higher group fee rates as total group assets decrease (with "group assets" defined to include fund assets under FMR's management plus sector fund assets previously under FMR's management and currently managed by Fidelity SelectCo, LLC). FMR calculates the group fee rates based on a tiered asset "breakpoint" schedule that varies based on asset class. The Board considered that the group fee is designed to deliver the benefits of economies of scale to fund shareholders when total Fidelity fund assets increase, even if assets of any particular fund are unchanged or have declined, because some portion of Fidelity's costs are attributable to services provided to all Fidelity funds, and all funds benefit if those costs can be allocated among more assets. The Board concluded that, given the group fee structure, fund shareholders will benefit from lower management fees as group assets increase at the fund complex level, regardless of whether Fidelity achieves any such economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board. In order to develop fully the factual basis for consideration of the Fidelity funds' Advisory Contracts, the Board requested and received additional information on certain topics, including: (i) fund performance trends and Fidelity's long-term strategies for certain funds; (ii) Fidelity's strategic marketing and product lineup goals; (iii) the methodology with respect to competitive fund data and peer group classifications; (iv) the arrangements with, and performance of, certain sub-advisers on behalf of the Fidelity funds, as well as certain proposed participating affiliate arrangements; (v) the realization of fall-out benefits in certain Fidelity business units; (vi) Fidelity's group fee structures, including the rationale for the individual fee rates of certain categories of funds and the definition of group assets; (vii) trends regarding industry use of performance fee structures and the performance adjustment methodologies applicable to the Fidelity funds; (viii) additional competitive analysis regarding the total expenses for certain classes; (ix) fund profitability methodology, including Fidelity's cost allocation methodology, and the impact of certain factors on fund profitability results; and (x) the process by which Fidelity determines sub-advisory fees for funds it advises.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

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

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Hong Kong) Limited

Fidelity Management & Research
(Japan) Inc.

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Citibank, N.A.
New York, NY

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com

BCF-K-UANN-0914
1.863112.105

Fidelity®

Blue Chip Value

Fund

Annual Report

July 31, 2014

(Fidelity Cover Art)

Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past 6 months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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.

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

Periods ended July 31, 2014	Past 1 year	Past 5 years	Past 10 years
Fidelity® Blue Chip Value Fund	14.99%	12.92%	5.59%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Blue Chip Value Fund on July 31, 2004. The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Value Index performed over the same period.

ang1781240

Annual Report

Management's Discussion of Fund Performance

Market Recap: U.S. stocks overcame a slowing economy early in 2014 to post a strong gain for the 12-months ending July 31, 2014, supported by corporate profits and continued low interest rates. The S&P 500® Index rose 16.94%, reaching an all-time high near period end. The technology-heavy Nasdaq Composite Index® gained 22.00%. The Russell 2000® Index returned 8.56%, reflecting the relatively lackluster performance of small-cap stocks. Information technology (+28%) was the top-performing sector within the S&P 500®, driven by strong semiconductor and computer hardware sales. Materials (+23%) gained amid higher prices for many commodity products. Health care (+21%) rose, driven by gains in pharmaceuticals, biotechnology & life sciences companies. Energy stocks (+19%) advanced in the latter part of the period amid healthy U.S. output and the threat of supply disruptions in Iraq. Conversely, most defensive sectors, including consumer staples, utilities and telecommunication services, lagged the broader market. Volatility remained tame throughout most of the period, with markets supported by declining unemployment, near-record profit margins for companies, muted cost inflation and fairly low corporate debt levels. Geopolitical tension remained a concern at period end, with conflict in Ukraine and strained relations between Russia and the West posing a potential threat to global growth.

Comments from Michael Chren, Portfolio Manager of Fidelity® Blue Chip Value Fund: For the year ending July 31, 2014, the fund gained 14.99%, modestly trailing the benchmark Russell 1000®Value Index, which advanced 15.47%. The fund's average cash stake of roughly 5% was detrimental amid strong gains for global stocks. Security selection in the materials sector also hurt results, especially my position in gold producer Newmont Mining, which struggled as gold prices fell. Roughly midway through the period, I sold the fund's position in search of other opportunities. The fund's non-index position in software and services provider Comverse also detracted from performance. When the company reported weaker-than-expected revenue in April 2014, investors quickly exited the stock, though I took advantage of the lower price to increase the fund's position. On the positive side, security selection in telecommunication services added value, especially Level 3 Communications. As the integrated network communications company's shares approached my target price, I scaled back the fund's position. Stock picking in consumer discretionary also was helpful, particularly Apollo Education Group, a for-profit education provider. When the stock came relatively close to my target price, I sold the fund's stake in the first quarter of 2014.

Annual Report

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2014 to July 31, 2014).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Annual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio^B	Beginning Account Value February 1, 2014	Ending Account Value July 31, 2014	Expenses Paid During Period* February 1, 2014 to July 31, 2014
Actual	.67%	$ 1,000.00	$ 1,086.40	$ 3.47
Hypothetical^A		$ 1,000.00	$ 1,021.47	$ 3.36

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of July 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Exxon Mobil Corp.	4.7	4.3
General Electric Co.	4.5	4.4
Pfizer, Inc.	3.9	4.0
Merck & Co., Inc.	3.1	3.9
JPMorgan Chase & Co.	2.7	3.0
Citigroup, Inc.	2.7	2.9
Johnson & Johnson	2.6	0.0
Anadarko Petroleum Corp.	2.3	0.4
Verint Systems, Inc.	2.0	1.1
Comverse, Inc.	2.0	1.4
	30.5
Top Five Market Sectors as of July 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Financials	26.6	26.4
Health Care	14.0	12.6
Information Technology	13.0	14.7
Energy	13.0	11.6
Industrials	7.3	7.6

Asset Allocation (% of fund's net assets)
As of July 31, 2014*			As of January 31, 2014**
	Stocks 95.1%			Stocks and Equity Futures 94.3%
	Short-Term Investments and Net Other Assets (Liabilities) 4.9%			Short-Term Investments and Net Other Assets (Liabilities) 5.7%
* Foreign investments		4.4%	** Foreign investments		1.1%

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Annual Report

Investments July 31, 2014

Showing Percentage of Net Assets

Common Stocks - 95.1%
	Shares		Value
CONSUMER DISCRETIONARY - 6.1%
Auto Components - 1.1%
Johnson Controls, Inc.	79,014		$ 3,732,621
Automobiles - 2.0%
Ford Motor Co.	174,879		2,976,441
General Motors Co.	110,851		3,748,981
			6,725,422
Diversified Consumer Services - 0.3%
DeVry, Inc.	24,272		970,152
Media - 1.3%
Time Warner Cable, Inc.	14,700		2,132,970
Time Warner, Inc.	25,400		2,108,708
			4,241,678
Specialty Retail - 1.4%
Foot Locker, Inc.	31,700		1,506,701
Gap, Inc.	33,300		1,335,663
Office Depot, Inc. (a)	339,400		1,700,394
			4,542,758
TOTAL CONSUMER DISCRETIONARY			20,212,631
CONSUMER STAPLES - 6.2%
Beverages - 0.4%
PepsiCo, Inc.	15,136		1,333,482
Food & Staples Retailing - 1.9%
CVS Caremark Corp.	29,782		2,274,154
Wal-Mart Stores, Inc.	52,543		3,866,114
			6,140,268
Food Products - 2.0%
Dean Foods Co.	99,400		1,522,808
Kraft Foods Group, Inc.	54,194		2,903,985
Mondelez International, Inc.	60,906		2,192,616
			6,619,409
Household Products - 1.9%
Procter & Gamble Co.	81,804		6,325,085
TOTAL CONSUMER STAPLES			20,418,244
ENERGY - 13.0%
Energy Equipment & Services - 1.8%
National Oilwell Varco, Inc.	16,300		1,320,952
Common Stocks - continued
	Shares		Value
ENERGY - continued
Energy Equipment & Services - continued
Schlumberger Ltd.	21,500		$ 2,330,385
Weatherford International Ltd. (a)	108,611		2,429,628
			6,080,965
Oil, Gas & Consumable Fuels - 11.2%
Anadarko Petroleum Corp.	70,800		7,564,980
Apache Corp.	49,875		5,120,168
Chevron Corp.	20,735		2,679,791
Exxon Mobil Corp.	155,230		15,358,451
Occidental Petroleum Corp.	62,322		6,089,483
			36,812,873
TOTAL ENERGY			42,893,838
FINANCIALS - 26.6%
Banks - 12.6%
Bank of America Corp.	290,735		4,433,709
Citigroup, Inc.	179,387		8,773,818
Fifth Third Bancorp	211,900		4,339,712
JPMorgan Chase & Co.	154,516		8,910,938
KeyCorp	325,635		4,409,098
U.S. Bancorp	68,297		2,870,523
Wells Fargo & Co.	122,798		6,250,418
Zions Bancorporation	60,580		1,745,916
			41,734,132
Capital Markets - 4.9%
Ares Capital Corp.	181,403		3,031,244
Bank of New York Mellon Corp.	20,600		804,224
E*TRADE Financial Corp. (a)	157,345		3,307,392
Goldman Sachs Group, Inc.	15,487		2,677,238
Raymond James Financial, Inc.	56,181		2,862,422
State Street Corp.	48,004		3,381,402
			16,063,922
Consumer Finance - 2.0%
Capital One Financial Corp.	61,733		4,910,243
Springleaf Holdings, Inc. (d)	60,700		1,589,126
			6,499,369
Diversified Financial Services - 0.4%
IntercontinentalExchange Group, Inc.	6,300		1,210,986
Common Stocks - continued
	Shares		Value
FINANCIALS - continued
Insurance - 4.1%
AFLAC, Inc.	70,200		$ 4,193,748
Allstate Corp.	31,900		1,864,555
American International Group, Inc.	51,275		2,665,275
FNF Group	90,455		2,452,235
MetLife, Inc.	30,400		1,599,040
The Chubb Corp.	9,616		833,803
			13,608,656
Real Estate Investment Trusts - 2.6%
CBL & Associates Properties, Inc.	125,900		2,354,330
Senior Housing Properties Trust (SBI)	80,400		1,837,944
Washington Prime Group, Inc. (a)	230,300		4,350,367
			8,542,641
TOTAL FINANCIALS			87,659,706
HEALTH CARE - 14.0%
Health Care Equipment & Supplies - 0.4%
Boston Scientific Corp. (a)	92,300		1,179,594
Health Care Providers & Services - 1.4%
HCA Holdings, Inc. (a)	15,491		1,011,717
Humana, Inc.	31,000		3,647,150
			4,658,867
Life Sciences Tools & Services - 0.6%
Agilent Technologies, Inc.	35,600		1,996,804
Pharmaceuticals - 11.6%
AbbVie, Inc.	17,000		889,780
Johnson & Johnson	87,100		8,717,839
Merck & Co., Inc.	178,932		10,152,602
Pfizer, Inc.	443,601		12,731,349
Teva Pharmaceutical Industries Ltd. sponsored ADR	54,900		2,937,150
Zoetis, Inc. Class A	85,432		2,811,567
			38,240,287
TOTAL HEALTH CARE			46,075,552
INDUSTRIALS - 7.3%
Air Freight & Logistics - 1.3%
FedEx Corp.	28,000		4,112,640
Common Stocks - continued
	Shares		Value
INDUSTRIALS - continued
Construction & Engineering - 0.5%
URS Corp.	29,765		$ 1,704,642
Industrial Conglomerates - 4.5%
General Electric Co.	590,873		14,860,456
Machinery - 0.3%
Caterpillar, Inc.	11,265		1,134,949
Road & Rail - 0.7%
Hertz Global Holdings, Inc. (a)	81,700		2,305,574
TOTAL INDUSTRIALS			24,118,261
INFORMATION TECHNOLOGY - 13.0%
Communications Equipment - 1.5%
Cisco Systems, Inc.	131,185		3,309,798
Juniper Networks, Inc.	73,400		1,727,836
			5,037,634
Internet Software & Services - 0.3%
Yahoo!, Inc. (a)	30,800		1,102,948
IT Services - 1.4%
EVERTEC, Inc.	128,500		2,873,260
Xerox Corp.	117,519		1,558,302
			4,431,562
Semiconductors & Semiconductor Equipment - 1.7%
Intel Corp.	167,315		5,670,305
Software - 7.6%
Activision Blizzard, Inc.	228,046		5,103,669
Citrix Systems, Inc. (a)	50,100		3,393,273
Comverse, Inc. (a)	252,348		6,480,297
Symantec Corp.	155,455		3,678,065
Verint Systems, Inc. (a)	138,337		6,493,539
			25,148,843
Technology Hardware, Storage & Peripherals - 0.5%
Hewlett-Packard Co.	46,867		1,668,934
TOTAL INFORMATION TECHNOLOGY			43,060,226
MATERIALS - 3.8%
Chemicals - 0.3%
Axiall Corp.	11,100		475,413
Common Stocks - continued
	Shares		Value
MATERIALS - continued
Chemicals - continued
The Dow Chemical Co.	4,992		$ 254,941
Tronox Ltd. Class A	6,300		167,202
			897,556
Containers & Packaging - 0.7%
Crown Holdings, Inc. (a)	47,612		2,216,339
Metals & Mining - 2.8%
Agnico Eagle Mines Ltd. (Canada)	96,700		3,595,376
Freeport-McMoRan Copper & Gold, Inc.	153,745		5,722,389
			9,317,765
TOTAL MATERIALS			12,431,660
TELECOMMUNICATION SERVICES - 2.6%
Diversified Telecommunication Services - 2.0%
AT&T, Inc.	144,077		5,127,700
Level 3 Communications, Inc. (a)	32,262		1,418,883
			6,546,583
Wireless Telecommunication Services - 0.6%
T-Mobile U.S., Inc. (a)	59,791		1,969,516
TOTAL TELECOMMUNICATION SERVICES			8,516,099
UTILITIES - 2.5%
Electric Utilities - 2.1%
Exelon Corp.	177,000		5,501,160
FirstEnergy Corp.	28,600		892,606
PPL Corp.	20,600		679,594
			7,073,360
Independent Power Producers & Energy Traders - 0.4%
Calpine Corp. (a)	51,600		1,137,264
TOTAL UTILITIES			8,210,624
TOTAL COMMON STOCKS (Cost $296,312,551)		313,596,841

U.S. Treasury Obligations - 0.0%
	Principal Amount	Value
U.S. Treasury Bills, yield at date of purchase 0.02% 9/25/14 (Cost $149,995)	$ 150,000	$ 149,998

Money Market Funds - 5.1%
	Shares
Fidelity Cash Central Fund, 0.11% (b)	16,080,806		16,080,806
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	770,000		770,000
TOTAL MONEY MARKET FUNDS (Cost $16,850,806)		16,850,806
TOTAL INVESTMENT PORTFOLIO - 100.2% (Cost $313,313,352)			330,597,645
NET OTHER ASSETS (LIABILITIES) - (0.2)%			(771,677)
NET ASSETS - 100%		$ 329,825,968

Legend

(a) Non-income producing

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

Affiliated Central Funds

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

Fund	Income earned
Fidelity Cash Central Fund	$ 25,799
Fidelity Securities Lending Cash Central Fund	3,555
Total	$ 29,354

Other Information

Valuation Inputs at Reporting Date:
Description	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 20,212,631	$ 20,212,631	$ -	$ -
Consumer Staples	20,418,244	20,418,244	-	-
Energy	42,893,838	42,893,838	-	-
Financials	87,659,706	87,659,706	-	-
Health Care	46,075,552	46,075,552	-	-
Industrials	24,118,261	24,118,261	-	-
Information Technology	43,060,226	43,060,226	-	-
Materials	12,431,660	12,431,660	-	-
Telecommunication Services	8,516,099	8,516,099	-	-
Utilities	8,210,624	8,210,624	-	-
U.S. Government and Government Agency Obligations	149,998	-	149,998	-
Money Market Funds	16,850,806	16,850,806	-	-
Total Investments in Securities:	$ 330,597,645	$ 330,447,647	$ 149,998	$ -

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

	July 31, 2014

Assets
Investment in securities, at value (including securities loaned of $733,040) - See accompanying schedule: Unaffiliated issuers (cost $296,462,546)	$ 313,746,839
Fidelity Central Funds (cost $16,850,806)	16,850,806
Total Investments (cost $313,313,352)		$ 330,597,645
Receivable for investments sold		4,057,915
Receivable for fund shares sold		429,128
Dividends receivable		423,864
Distributions receivable from Fidelity Central Funds		1,924
Receivable from investment adviser for expense reductions		255
Other receivables		367,936
Total assets		335,878,667

Liabilities
Payable for investments purchased	$ 4,402,906
Payable for fund shares redeemed	638,668
Accrued management fee	110,174
Other affiliated payables	79,911
Other payables and accrued expenses	51,040
Collateral on securities loaned, at value	770,000
Total liabilities		6,052,699

Net Assets		$ 329,825,968
Net Assets consist of:
Paid in capital		$ 412,355,197
Undistributed net investment income		2,682,966
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		(102,496,473)
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		17,284,278
Net Assets, for 21,669,899 shares outstanding		$ 329,825,968
Net Asset Value, offering price and redemption price per share ($329,825,968 ÷ 21,669,899 shares)		$ 15.22

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

Annual Report

Statement of Operations

	Year ended July 31, 2014

Investment Income
Dividends		$ 6,662,222
Interest		83
Income from Fidelity Central Funds		29,354
Total income		6,691,659

Expenses
Management fee Basic fee	$ 1,899,113
Performance adjustment	(647,159)
Transfer agent fees	782,426
Accounting and security lending fees	134,414
Custodian fees and expenses	22,396
Independent trustees' compensation	1,389
Registration fees	26,063
Audit	56,714
Legal	1,406
Miscellaneous	2,432
Total expenses before reductions	2,279,194
Expense reductions	(9,687)	2,269,507
Net investment income (loss)		4,422,152
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	40,420,523
Redemption in-kind with affiliated entities	6,806,604
Foreign currency transactions	880
Futures contracts	2,036,529
Total net realized gain (loss)		49,264,536
Change in net unrealized appreciation (depreciation) on: Investment securities	(4,025,518)
Assets and liabilities in foreign currencies	(13)
Total change in net unrealized appreciation (depreciation)		(4,025,531)
Net gain (loss)		45,239,005
Net increase (decrease) in net assets resulting from operations		$ 49,661,157

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

	Year ended July 31, 2014	Year ended July 31, 2013
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 4,422,152	$ 4,052,295
Net realized gain (loss)	49,264,536	24,688,456
Change in net unrealized appreciation (depreciation)	(4,025,531)	44,945,456
Net increase (decrease) in net assets resulting from operations	49,661,157	73,686,207
Distributions to shareholders from net investment income	(2,139,474)	(6,479,162)
Share transactions Proceeds from sales of shares	137,673,635	49,942,277
Reinvestment of distributions	2,081,150	6,279,261
Cost of shares redeemed	(139,310,785)	(79,700,390)
Net increase (decrease) in net assets resulting from share transactions	444,000	(23,478,852)
Total increase (decrease) in net assets	47,965,683	43,728,193

Net Assets
Beginning of period	281,860,285	238,132,092
End of period (including undistributed net investment income of $2,682,966 and undistributed net investment income of $459,935, respectively)	$ 329,825,968	$ 281,860,285
Other Information Shares
Sold	9,827,800	4,200,000
Issued in reinvestment of distributions	150,333	585,069
Redeemed	(9,464,241)	(6,830,380)
Net increase (decrease)	513,892	(2,045,311)

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

Annual Report

Financial Highlights

Years ended July 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 13.32	$ 10.26	$ 10.86	$ 9.82	$ 8.95
Income from Investment Operations
Net investment income (loss)^B	.18	.18	.18	.14	.10
Net realized and unrealized gain (loss)	1.81	3.17	(.62)	1.04	.90
Total from investment operations	1.99	3.35	(.44)	1.18	1.00
Distributions from net investment income	(.09)	(.29)	(.16)	(.14)	(.13)
Distributions from net realized gain	-	-	-	(.01)	-
Total distributions	(.09)	(.29)	(.16)	(.14) ^F	(.13)
Net asset value, end of period	$ 15.22	$ 13.32	$ 10.26	$ 10.86	$ 9.82
Total Return^A	14.99%	33.33%	(3.95)%	12.14%	11.20%
Ratios to Average Net Assets^{C, E}
Expenses before reductions	.66%	.64%	.77%	.75%	.87%
Expenses net of fee waivers, if any	.66%	.64%	.77%	.75%	.87%
Expenses net of all reductions	.66%	.62%	.76%	.74%	.86%
Net investment income (loss)	1.28%	1.58%	1.76%	1.31%	1.05%
Supplemental Data
Net assets, end of period (000 omitted)	$ 329,826	$ 281,860	$ 238,132	$ 433,047	$ 324,913
Portfolio turnover rate^D	102% ^G	88%	102%	141%	59%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from brokerage service arrangements or reductions from other expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from brokerage service arrangements or other expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

^F Total distributions of $.14 per share is comprised of distributions from net investment income of $.135 and distributions from net realized gain of $.005 per share.

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

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

Annual Report

Notes to Financial Statements

For the period ended July 31, 2014

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.

2. Investments in Fidelity Central Funds.

3. Significant Accounting Policies.

Annual Report

3. Significant Accounting Policies - continued

Investment Valuation - continued

reliable, investments will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.

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 - 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:

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Investment Valuation - continued

vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level, as of July 31, 2014 is included at the end of the Fund's Schedule of Investments.

Annual Report

3. Significant Accounting Policies - continued

Investment Transactions and Income - continued

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. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Subsequent to ex-dividend date the Fund determines the components of these distributions, based upon receipt of tax filings or other correspondence relating to the underlying investment. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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.

Annual Report

Notes to Financial Statements - continued

3. Significant Accounting Policies - continued

Income Tax Information and Distributions to Shareholders - continued

Book-tax differences are primarily due to in-kind transactions, futures contracts, foreign currency transactions, partnerships, capital loss carryforwards and losses deferred due to wash sales.

The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:

Gross unrealized appreciation	$ 26,413,395
Gross unrealized depreciation	(14,616,673)
Net unrealized appreciation (depreciation) on securities	$ 11,796,722

Tax Cost	$ 318,800,923

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

Undistributed ordinary income	$ 2,682,966
Capital loss carryforward	$ (97,008,902)
Net unrealized appreciation (depreciation) on securities and other investments	$ 11,796,707

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

Fiscal year of expiration
2017	$ (41,508,774)
2018	(55,500,128)
Total capital loss carryforward	$ (97,008,902)

The tax character of distributions paid was as follows:

	July 31, 2014	July 31, 2013
Ordinary Income	$ 2,139,474	$ 6,479,162

Annual Report

4. Derivative Instruments.

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

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

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

Equity Risk

Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures 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. The Fund used futures contracts to manage its exposure to the stock market.

Annual Report

Notes to Financial Statements - continued

4. Derivative Instruments - continued

Futures Contracts - continued

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 for derivative instruments in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract.

During the period the Fund recognized net realized gain (loss) of $2,036,529 related to its investment in futures contracts. This amount is included in the Statement of Operations.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $368,255,871 and $322,094,618, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .25% during the period. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of ± .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the Fund's relative investment performance as compared to its benchmark index, the Russell 1000® Value Index, over the same 36 month performance period. For the reporting period, the total annual management fee rate, including the performance adjustment, was .36% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Annual Report

6. Fees and Other Transactions with Affiliates - continued

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the Fund's transfer, dividend disbursing and shareholder servicing agent. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to an annual rate of .23% of average net assets.

Redemptions In-Kind. During the period, 2,660,518 shares of the Fund held by affiliated entities were redeemed in kind for cash and investments, with a value of $41,211,423. The net realized gain of $6,806,604 on securities delivered through the in-kind redemption is included in the accompanying Statement of Operations. The amount of in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. The Fund recognized no gain or loss for federal income tax purposes.

7. Committed Line of Credit.

The Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The Fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which amounted to $576 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

Annual Report

Notes to Financial Statements - continued

8. Security Lending.

The Fund lends portfolio securities through a lending agent from time to time in order to earn additional income. For equity securities, a lending agent is used and may loan securities to certain qualified borrowers, including Fidelity Capital Markets (FCM), a broker-dealer affiliated with the Fund. On the settlement date of the loan, the Fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day. If the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Fund may apply collateral received from the borrower against the obligation. The Fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. The value of loaned securities and cash collateral at period end are disclosed on the Fund's Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Total security lending income during the period amounted to $3,555. During the period, there were no securities loaned to FCM.

9. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $5,868 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's custody expenses by $26.

In addition, the investment adviser reimbursed a portion of the Fund's operating expenses during the period in the amount of $3,793.

10. Other.

Annual Report

Report of Independent Registered Public Accounting Firm

To the Trustees of Fidelity Securities Fund and the Shareholders of Fidelity Blue Chip Value Fund:

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Blue Chip Value Fund (a fund of Fidelity Securities Fund) at July 31, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Blue Chip Value Fund's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at July 31, 2014 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

September 12, 2014

Annual Report

Trustees and Officers

Annual Report

Trustees and Officers - continued

The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Interested Trustees*:

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

Name, Year of Birth; Principal Occupations and Other Relevant Experience⁺
James C. Curvey (1935)
Year of Election or Appointment: 2007 Trustee Chairman of the Board of Trustees
	Mr. Curvey also serves as Trustee of other Fidelity funds. Mr. Curvey is a Director of Fidelity Research & Analysis Co. (2009-present), and Vice Chairman (2007-present) and Director of FMR LLC. In addition, Mr. Curvey serves as an Overseer for the Boston Symphony Orchestra and a member of the Trustees of Villanova University. Previously, Mr. Curvey served as a Director of Fidelity Investments Money Management, Inc. (2009-2014), a Director of FMR (2007-2014), a Director of FMR Co., Inc. (2007-2014) and was the Vice Chairman (2006-2007) and Director (2000-2007) of FMR Corp.
Charles S. Morrison (1960)
Year of Election or Appointment: 2014 Trustee
	Mr. Morrison also serves as Trustee of other funds. He serves as President, Asset Management (2014-present) and is an employee of Fidelity Investments. Previously, Mr. Morrison served as Vice President of Fidelity's Fixed Income and Asset Allocation Funds (2012-2014), President, Fixed Income (2011-2014), Vice President of Fidelity's Money Market Funds (2005-2009), President, Money Market Group Leader of FMR (2009), and Senior Vice President, Money Market Group of FMR (2004-2009). Mr. Morrison also served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007), and as Senior Vice President (2002-2005) of Fidelity's Bond Division.

* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.

Annual Report

Trustees and Officers - continued

Independent Trustees:

Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience⁺
Dennis J. Dirks (1948)
Year of Election or Appointment: 2005 Trustee
	Mr. Dirks also serves as Trustee of other Fidelity funds. Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Company (DTC) and President and Board member of the National Securities Clearing Corporation (NSCC). In addition, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation, Chief Executive Officer and Board member of the Mortgage-Backed Securities Clearing Corporation, as a Trustee and a member of the Finance Committee of Manhattan College (2005-2008), and as a Trustee and a member of the Finance Committee of AHRC of Nassau County (2006-2008). Mr. Dirks is a member of the Independent Directors Council (IDC) Governing Council (2010-present) and Board of Directors for The Brookville Center for Children's Services, Inc. (2009-present).
Alan J. Lacy (1953)
Year of Election or Appointment: 2008 Trustee
	Mr. Lacy also serves as Trustee of other Fidelity funds. Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (private equity). Mr. Lacy also served as Chief Executive Officer (2000-2005) and Vice Chairman (2005-2006) of Sears Holdings Corporation and Sears, Roebuck and Co. (retail). In addition, Mr. Lacy serves as a member of the Board of Directors of Dave & Buster's Entertainment, Inc. (restaurant and entertainment complexes, 2010-present), Earth Fare, Inc. (retail grocery, 2012-present), The Hillman Companies, Inc. (hardware wholesalers, 2010-present), and Bristol-Myers Squibb Company (global pharmaceuticals, 2008-present). Mr. Lacy is a member of the Board of Trustees of The National Parks Conservation Association (2006-present). Previously, Mr. Lacy served as Chairman of the Board of Trustees of the National Parks Conservation Association (2008-2011) and as a member of the Board of Directors for the Western Union Company (global money transfer, 2006-2011).
Ned C. Lautenbach (1944)
Year of Election or Appointment: 2000 Trustee Chairman of the Independent Trustees
	Mr. Lautenbach also serves as Trustee of other Fidelity funds. Mr. Lautenbach currently serves as the Lead Director of the Eaton Corporation Board of Directors (diversified industrial, 1997-present). Mr. Lautenbach is Chairman of the Board of Directors of the Philharmonic Center for the Arts in Naples, Florida (2012-present) and a member of the Council on Foreign Relations (1994-present). Previously, Mr. Lautenbach was a Partner/Advisory Partner at Clayton, Dubilier & Rice, LLC (private equity investment, 1998-2010), as well as a Director of Sony Corporation (2006-2007).
Joseph Mauriello (1944)
Year of Election or Appointment: 2008 Trustee
	Mr. Mauriello also serves as Trustee of other Fidelity funds. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Group plc. (global insurance and re-insurance, 2006-present). Previously, Mr. Mauriello served as a Director of the Hamilton Funds of the Bank of New York (2006-2007) and of Arcadia Resources Inc. (health care services and products, 2007-2012).
Robert W. Selander (1950)
Year of Election or Appointment: 2011 Trustee
	Mr. Selander also serves as Trustee of other Fidelity funds. Previously, Mr. Selander served as a Member of the Advisory Board of other Fidelity funds (2011), and Executive Vice Chairman (2010), Chief Executive Officer (2009-2010), and President and Chief Executive Officer (1997-2009) of Mastercard, Inc.
Cornelia M. Small (1944)
Year of Election or Appointment: 2005 Trustee
	Ms. Small also serves as Trustee of other Fidelity funds. Ms. Small is a member of the Board of Directors (2009-present) and Chair of the Investment Committee (2010-present) of the Teagle Foundation. Ms. Small also serves on the Investment Committee of the Berkshire Taconic Community Foundation (2008-present). Previously, Ms. Small served as Chairperson (2002-2008) and a member of the Investment Committee and Chairperson (2008-2012) and a member of the Board of Trustees of Smith College. In addition, Ms. Small served as Chief Investment Officer, Director of Global Equity Investments, and a member of the Board of Directors of Scudder, Stevens & Clark and Scudder Kemper Investments.
William S. Stavropoulos (1939)
Year of Election or Appointment: 2002 Trustee Vice Chairman of the Independent Trustees
	Mr. Stavropoulos also serves as Trustee of other Fidelity funds. Mr. Stavropoulos serves as President and Founder of the Michigan Baseball Foundation, the Great Lakes Loons (2007-present). Mr. Stavropoulos is Chairman Emeritus of the Board of Directors of The Dow Chemical Company, where he previously served in numerous senior management positions, including President, CEO (1995-2000; 2002-2004), Chairman of the Executive Committee (2000-2006), and as a member of the Board of Directors (1990-2006). Currently, Mr. Stavropoulos is Chairman of the Board of Directors of Univar Inc. (global distributor of commodity and specialty chemicals), a Director of Teradata Corporation (data warehousing and technology solutions), and Maersk Inc. (industrial conglomerate), and a member of the Advisory Board for Metalmark Capital LLC (private equity investment, 2005-present). Mr. Stavropoulos is an operating advisor to Clayton, Dubilier & Rice, LLC (private equity investment). In addition, Mr. Stavropoulos is a member of the University of Notre Dame Advisory Council for the College of Science, a Trustee of the Rollin L. Gerstacker Foundation, and a Director of the Naples Philharmonic Center for the Arts. Previously, Mr. Stavropoulos served as a Director of Chemical Financial Corporation (bank holding company, 1993-2012) and Tyco International, Ltd. (multinational manufacturing and services, 2007-2012).
David M. Thomas (1949)
Year of Election or Appointment: 2008 Trustee
	Mr. Thomas also serves as Trustee of other Fidelity funds. Mr. Thomas serves as Non-Executive Chairman of the Board of Directors of Fortune Brands Home and Security (home and security products, 2011-present), and as a member of the Board of Directors of Interpublic Group of Companies, Inc. (marketing communication, 2004-present). Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions), and a Director of Fortune Brands, Inc. (consumer products, 2000-2011).

Advisory Board Member and Officers:

Correspondence intended for each officer and Peter S. Lynch may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210. Officers appear below in alphabetical order.

Name, Year of Birth; Principal Occupation
Peter S. Lynch (1944)
Year of Election or Appointment: 2003 Member of the Advisory Board
	Mr. Lynch also serves as Member of the Advisory Board of other Fidelity funds. Mr. Lynch is Vice Chairman and a Director of FMR and FMR Co., Inc. In addition, Mr. Lynch serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. Previously, Mr. Lynch served on the Special Olympics International Board of Directors (1997-2006).
Elizabeth Paige Baumann (1968)
Year of Election or Appointment: 2012 Anti-Money Laundering (AML) Officer
	Ms. Baumann also serves as AML Officer of other funds. She is Chief AML Officer of FMR LLC (2012-present) and is an employee of Fidelity Investments. Previously, Ms. Baumann served as Vice President and Deputy Anti-Money Laundering Officer (2007-2012).
William C. Coffey (1969)
Year of Election or Appointment: 2009 Assistant Secretary
	Mr. Coffey also serves as Assistant Secretary of other funds. He is Senior Vice President and Deputy General Counsel of FMR LLC (2010-present), and is an employee of Fidelity Investments. Previously, Mr. Coffey served as Vice President and Associate General Counsel of FMR LLC (2005-2009).
Jonathan Davis (1968)
Year of Election or Appointment: 2010 Assistant Treasurer
	Mr. Davis also serves as Assistant Treasurer of other funds. Mr. Davis is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (2003-2010).
Adrien E. Deberghes (1967)
Year of Election or Appointment: 2008 Deputy Treasurer
	Mr. Deberghes also serves as an officer of other funds. He is an employee of Fidelity Investments (2008-present). Prior to joining Fidelity Investments, Mr. Deberghes was Senior Vice President of Mutual Fund Administration at State Street Corporation (2007-2008), Senior Director of Mutual Fund Administration at Investors Bank & Trust (2005-2007), and Director of Finance for Dunkin' Brands (2000-2005).
Stephanie J. Dorsey (1969)
Year of Election or Appointment: 2010 Assistant Treasurer
	Ms. Dorsey also serves as an officer of other funds. She is an employee of Fidelity Investments (2008-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Vice President (2004-2008) of JPMorgan Chase Bank.
Howard J. Galligan III (1966)
Year of Election or Appointment: 2014 Chief Financial Officer
	Mr. Galligan also serves as Chief Financial Officer of other funds. Mr. Galligan serves as President of Fidelity Pricing and Cash Management Services (FPCMS) (2014-present) and as a Director of Strategic Advisers, Inc. (2008-present). Previously, Mr. Galligan served as Chief Administrative Officer of Asset Management (2011-2014) and Chief Operating Officer and Senior Vice President of Investment Support for Strategic Advisers, Inc. (2003-2011).
Scott C. Goebel (1968)
Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO)
	Mr. Goebel serves as Secretary and CLO of other funds. Mr. Goebel also serves as Secretary of Fidelity SelectCo, LLC (2013-present), Fidelity Investments Money Management, Inc. (FIMM) (2010-present) and Fidelity Research and Analysis Company (FRAC) (2010-present); General Counsel, Secretary, and Senior Vice President of FMR (2008-present) and FMR Co., Inc. (2008-present); Chief Legal Officer of Fidelity Management & Research (Hong Kong) Limited (2008-present); and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present) and Fidelity Management & Research (U.K.) Inc. (2008-present). Previously, Mr. Goebel served as Secretary and CLO of other Fidelity funds (2008-2013), Assistant Secretary of FIMM (2008-2010), FRAC (2008-2010), and certain funds (2007-2008); and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007). Mr. Goebel has been employed by FMR LLC or an affiliate since 2001.
Thomas C. Hense (1964)
Year of Election or Appointment: 2008/2010 Vice President
	Mr. Hense also serves as Vice President of other funds (High Income (2008), Small Cap (2008), and Value (2010) funds). Previously, Mr. Hense served as a portfolio manager for Fidelity's Institutional Money Management Group (Pyramis) (2003-2008).
Brian B. Hogan (1964)
Year of Election or Appointment: 2009 Vice President
	Mr. Hogan also serves as Trustee or Vice President of other funds. Mr. Hogan serves as President of FMR's Equity Division (2009-present). Previously, Mr. Hogan served as Senior Vice President, Equity Research of FMR (2006-2009) and as a portfolio manager.
Chris Maher (1972)
Year of Election or Appointment: 2013 Assistant Treasurer
	Mr. Maher serves as Assistant Treasurer of other funds. Mr. Maher is Vice President of Valuation Oversight and is an employee of Fidelity Investments. Previously, Mr. Maher served as Vice President of Asset Management Compliance (2013), Vice President of FMR's Program Management Group (2010-2013), and Vice President of Valuation Oversight (2008-2010).
Kenneth B. Robins (1969)
Year of Election or Appointment: 2008 President and Treasurer
	Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Executive Vice President of Fidelity Investments Money Management, Inc. (FIMM) (2013-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served in other fund officer roles.
Stephen Sadoski (1971)
Year of Election or Appointment: 2012 Deputy Treasurer
	Mr. Sadoski also serves as Deputy Treasurer of other funds. He is an employee of Fidelity Investments (2012-present) and has served in another fund officer role. Prior to joining Fidelity Investments, Mr. Sadoski served as an assistant chief accountant in the Division of Investment Management of the Securities and Exchange Commission (SEC) (2009-2012) and as a senior manager at Deloitte & Touche LLP (1997-2009).
Stacie M. Smith (1974)
Year of Election or Appointment: 2013 Deputy Treasurer
	Ms. Smith also serves as an officer of other funds. She is an employee of Fidelity Investments (2009-present) and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (1996-2009).
Renee Stagnone (1975)
Year of Election or Appointment: 2013 Deputy Treasurer
	Ms. Stagnone also serves as Deputy Treasurer of other funds. Ms. Stagnone is an employee of Fidelity Investments.
Linda J. Wondrack (1964)
Year of Election or Appointment: 2014 Chief Compliance Officer
	Ms. Wondrack also serves as Chief Compliance Officer of other funds. Ms. Wondrack is Executive Vice President and head of the Ethics Office and Asset Management Compliance for Fidelity Investments (2012-present). Ms. Wondrack also serves as Chief Compliance Officer of Fidelity SelectCo, LLC (2014-present); Chief Compliance Officer of Impresa Management LLC (2013-present); and Chief Compliance Officer of FMR Co., Inc., Fidelity Investments Money Management, Inc., Fidelity Management & Research (Japan) Inc., Fidelity Management & Research (U.K.) Inc., Fidelity Management & Research (Hong Kong), Fidelity Management & Research Company, Pyramis Global Advisors, LLC, and Strategic Advisers, Inc., Ballyrock Investment Advisors LLC, and Northern Neck Investors LLC (2012-present). Previously, Ms. Wondrack served as Senior Vice President and Chief Compliance Officer for Columbia Management Investment Advisers, LLC (2005-2012); Chief Compliance Officer for certain funds within the Columbia Family of Funds (2007-2012); and Senior Vice President of Compliance Risk Management at Bank of America (2005-2010).
Joseph F. Zambello (1957)
Year of Election or Appointment: 2011 Deputy Treasurer
	Mr. Zambello also serves as Deputy Treasurer of other funds. Mr. Zambello is an employee of Fidelity Investments. Previously, Mr. Zambello served as Vice President of FMR's Program Management Group (2009-2011) and Vice President of the Transfer Agent Oversight Group (2005-2009).

Annual Report

Distributions (Unaudited)

The fund designates 100% of the dividends distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2015 of amounts for use in preparing 2014 income tax returns.

Annual Report

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Blue Chip Value Fund

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

Fidelity Blue Chip Value Fund

ang1781248

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should benefit the fund's shareholders.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Fidelity Blue Chip Value Fund

ang1781250

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2013. The Board also noted the effect of the fund's negative performance adjustment on the fund's management fee ranking.

Annual Report

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio. In its review of the fund's total expense ratio, the Board considered the fund's management fee as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted the effects of any waivers and reimbursements on fees and expenses, as well as the impact of the fund's performance adjustment. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure.

The Board noted that the fund's total expense ratio ranked below its competitive median for 2013.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Annual Report

Board Approval of Investment Advisory Contracts and
Management Fees - continued

Annual Report

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Annual Report

Investment Adviser

Fidelity Management & Research Company

Boston, MA

Investment Sub-Advisers

FMR Co., Inc.

Fidelity Management & Research
(U.K.) Inc.

Fidelity Management & Research
(Japan) Inc.

Fidelity Management & Research
(Hong Kong) Limited

General Distributor

Fidelity Distributors Corporation

Smithfield, RI

Transfer and Service Agents

Fidelity Investments Institutional
Operations Company, Inc.

Boston, MA

Fidelity Service Company, Inc.

Boston, MA

Custodian

Brown Brothers Harriman & Co.
Boston, MA

The Fidelity Telephone Connection

Mutual Fund 24-Hour Service

Exchanges/Redemptions
and Account Assistance 1-800-544-6666

Product Information 1-800-544-6666

Retirement Accounts 1-800-544-4774
(8 a.m. - 9 p.m.)

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for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)

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Telephone (FAST®) ang1781252
1-800-544-5555

Automated line for quickest service

(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com

BCV-UANN-0914
1.789709.111

Fidelity®

Blue Chip Growth

Fund

Annual Report

July 31, 2014

(Fidelity Cover Art)

Performance	(Click Here)	How the fund has done over time.
Management's Discussion of Fund Performance	(Click Here)	The Portfolio Manager's review of fund performance and strategy.
Shareholder Expense Example	(Click Here)	An example of shareholder expenses.
Investment Changes	(Click Here)	A summary of major shifts in the fund's investments over the past six months.
Investments	(Click Here)	A complete list of the fund's investments with their market values.
Financial Statements	(Click Here)	Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights.
Notes	(Click Here)	Notes to the financial statements.
Report of Independent Registered Public Accounting Firm	(Click Here)
Trustees and Officers	(Click Here)
Distributions	(Click Here)
Board Approval of Investment Advisory Contracts and Management Fees	(Click Here)

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.

Annual Report

NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE

Neither the fund nor Fidelity Distributors Corporation is a bank.

Annual Report

Performance: The Bottom Line

Average Annual Total Returns

Periods ended July 31, 2014	Past 1 year	Past 5 years	Past 10 years
Fidelity® Blue Chip Growth Fund	21.07%	19.20%	9.14%

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Blue Chip Growth Fund, a class of the fund, on July 31, 2004. The chart shows how the value of your investment would have changed, and also shows how the Russell 1000® Growth Index performed over the same period.

ang1781266

Annual Report

Management's Discussion of Fund Performance

Comments from Sonu Kalra, Portfolio Manager of Fidelity® Blue Chip Growth Fund: For the year, the fund's Retail Class shares advanced 21.07%, outpacing the 18.69% gain of the Russell 1000® Growth Index. Security selection in the software & services industry helped the most, including social networking firm Facebook, our largest position, on average, and the fund's largest relative contributor. Strong revenue from its mobile advertising business helped Facebook produce much better-than-expected first- and second-quarter 2014 earnings and sales results, lifting its stock. Notably, Facebook's increasing popularity among consumers, including its website and mobile application, boosted its share of advertising dollars. I continued to believe in the company's growth potential due to its massive reach and its ability to target ads to very specific consumers. Conversely, not owning enough of software and index giant Microsoft hurt results. Shares began to rally just before the start of the period after the firm reported sales greater than analysts' estimates. The stock was further driven by an improved macroeconomic environment and a stabilizing market for personal computers. The company also appointed a new CEO in February, a move that prompted us to add to our position in the stock, even though Microsoft remained an underweighting at period end.

Annual Report

Shareholder Expense Example

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2014 to July 31, 2014).

Actual Expenses

Hypothetical Example for Comparison Purposes

Annual Report

Shareholder Expense Example - continued

	Annualized Expense Ratio^B	Beginning Account Value February 1, 2014	Ending Account Value July 31, 2014	Expenses Paid During Period* February 1, 2014 to July 31, 2014
Blue Chip Growth	.80%
Actual		$ 1,000.00	$ 1,069.20	$ 4.10
Hypothetical^A		$ 1,000.00	$ 1,020.83	$ 4.01
Class K	.68%
Actual		$ 1,000.00	$ 1,070.00	$ 3.49
Hypothetical^A		$ 1,000.00	$ 1,021.42	$ 3.41

^A 5% return per year before expenses

^B Annualized expense ratio reflects expenses net of applicable fee waivers.

* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Annual Report

Investment Changes (Unaudited)

Top Ten Stocks as of July 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Apple, Inc.	6.5	3.7
Google, Inc. Class A	2.9	6.0
Gilead Sciences, Inc.	2.7	3.1
Google, Inc. Class C	2.7	0.0
Facebook, Inc. Class A	2.4	2.8
Amazon.com, Inc.	2.3	2.3
Home Depot, Inc.	1.6	1.5
The Walt Disney Co.	1.6	0.3
Keurig Green Mountain, Inc.	1.5	1.3
Comcast Corp. Class A	1.5	1.5
	25.7
Top Five Market Sectors as of July 31, 2014
	% of fund's net assets	% of fund's net assets 6 months ago
Information Technology	33.5	31.1
Consumer Discretionary	21.2	21.2
Health Care	15.3	16.4
Industrials	9.1	10.5
Consumer Staples	8.9	10.3

Asset Allocation (% of fund's net assets)
As of July 31, 2014*			As of January 31, 2014**
	Stocks 99.3%			Stocks 99.8%
	Convertible Securities 0.6%			Convertible Securities 0.1%
	Short-Term Investments and Net Other Assets (Liabilities) 0.1%			Short-Term Investments and Net Other Assets (Liabilities) 0.1%
* Foreign investments		10.8%	** Foreign investments		9.8%

ang1781274

Annual Report

Investments July 31, 2014

Showing Percentage of Net Assets

Common Stocks - 99.3%
	Shares		Value (000s)
CONSUMER DISCRETIONARY - 21.1%
Auto Components - 0.4%
Johnson Controls, Inc.	549,600		$ 25,963
Magna International, Inc. Class A (sub. vtg.)	319,725		34,334
			60,297
Automobiles - 0.3%
Mahindra & Mahindra Ltd.	169,209		3,331
Tesla Motors, Inc. (a)(e)	202,856		45,298
			48,629
Diversified Consumer Services - 0.5%
H&R Block, Inc.	1,229,500		39,504
Kroton Educacional SA	1,180,000		31,425
ServiceMaster Global Holdings, Inc.	490,500		8,618
			79,547
Hotels, Restaurants & Leisure - 5.2%
500.com Ltd. sponsored ADR Class A (e)	342,236		12,625
Buffalo Wild Wings, Inc. (a)	77,538		11,268
China Lodging Group Ltd. ADR (a)	270,800		6,756
Chipotle Mexican Grill, Inc. (a)	228,417		153,610
Domino's Pizza, Inc.	116,300		8,374
Dunkin' Brands Group, Inc.	398,300		17,071
Fiesta Restaurant Group, Inc. (a)	253,700		11,513
Hilton Worldwide Holdings, Inc.	496,600		12,023
Home Inns & Hotels Management, Inc. sponsored ADR (a)	308,094		10,993
Hyatt Hotels Corp. Class A (a)	601,100		35,363
Las Vegas Sands Corp.	2,174,794		160,609
Melco Crown Entertainment Ltd. sponsored ADR	547,600		18,180
MGM Mirage, Inc. (a)	1,207,300		32,404
Multimedia Games Holding Co., Inc. (a)	263,585		6,358
Panera Bread Co. Class A (a)	344,256		50,709
Starbucks Corp.	2,555,922		198,544
Whitbread PLC	310,250		22,539
Wynn Resorts Ltd.	99,461		21,205
Yum! Brands, Inc.	1,023,649		71,041
Zoe's Kitchen, Inc. (e)	172,800		5,013
			866,198
Household Durables - 0.4%
D.R. Horton, Inc.	1,166,200		24,140
Whirlpool Corp.	267,400		38,142
			62,282
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Internet & Catalog Retail - 4.3%
Amazon.com, Inc. (a)	1,215,944		$ 380,578
Ctrip.com International Ltd. sponsored ADR (a)	388,484		24,875
Expedia, Inc.	285,489		22,674
Groupon, Inc. Class A (a)(e)	1,564,200		10,120
HomeAway, Inc. (a)	376,500		13,072
MakeMyTrip Ltd. (a)	327,100		9,901
Netflix, Inc. (a)	66,623		28,163
priceline.com, Inc. (a)	156,700		194,692
RetailMeNot, Inc. (e)	223,500		5,467
Vipshop Holdings Ltd. ADR (a)	91,500		18,807
			708,349
Leisure Products - 0.1%
NJOY, Inc. (a)(f)	1,178,168		19,942
Media - 3.5%
Comcast Corp. Class A	4,620,836		248,278
DISH Network Corp. Class A (a)	221,600		13,708
Lions Gate Entertainment Corp.	285,400		8,790
Naspers Ltd. Class N	55,700		6,912
The Walt Disney Co.	3,018,200		259,203
Time Warner Cable, Inc.	118,545		17,201
Time Warner, Inc.	228,100		18,937
			573,029
Multiline Retail - 1.1%
Dollar General Corp. (a)	165,700		9,152
Macy's, Inc.	1,396,785		80,720
Target Corp.	1,519,723		90,560
			180,432
Specialty Retail - 3.7%
Abercrombie & Fitch Co. Class A	443,592		17,451
AutoZone, Inc. (a)	12,726		6,580
Home Depot, Inc.	3,296,500		266,522
L Brands, Inc.	754,082		43,714
Lumber Liquidators Holdings, Inc. (a)	195,600		10,605
Murphy U.S.A., Inc. (a)	792,770		39,179
Restoration Hardware Holdings, Inc. (a)	983,822		80,467
Ross Stores, Inc.	947,063		60,991
TJX Companies, Inc.	1,806,752		96,282
			621,791
Common Stocks - continued
	Shares		Value (000s)
CONSUMER DISCRETIONARY - continued
Textiles, Apparel & Luxury Goods - 1.6%
G-III Apparel Group Ltd. (a)	65,000		$ 5,049
Kate Spade & Co. (a)	1,493,804		56,511
lululemon athletica, Inc. (a)	369,881		14,229
Michael Kors Holdings Ltd. (a)	667,372		54,377
NIKE, Inc. Class B	556,575		42,929
Pandora A/S	240,500		16,517
PVH Corp.	424,176		46,736
Ralph Lauren Corp.	201,700		31,437
Under Armour, Inc. Class A (sub. vtg.) (a)	28,200		1,882
			269,667
TOTAL CONSUMER DISCRETIONARY			3,490,163
CONSUMER STAPLES - 8.9%
Beverages - 2.7%
Anheuser-Busch InBev SA NV ADR	444,891		48,039
Monster Beverage Corp. (a)	1,046,435		66,930
PepsiCo, Inc.	1,881,054		165,721
The Coca-Cola Co.	4,173,852		163,991
			444,681
Food & Staples Retailing - 2.4%
Costco Wholesale Corp.	882,500		103,729
CVS Caremark Corp.	1,902,400		145,267
Kroger Co.	1,959,787		95,990
Sprouts Farmers Market LLC (e)	952,877		29,072
Whole Foods Market, Inc.	747,110		28,555
			402,613
Food Products - 2.4%
Associated British Foods PLC	392,700		18,418
Bunge Ltd.	359,267		28,325
Dean Foods Co.	290,300		4,447
Keurig Green Mountain, Inc.	2,130,788		254,160
Mead Johnson Nutrition Co. Class A	885,994		81,015
WhiteWave Foods Co. (a)	470,269		14,009
			400,374
Household Products - 0.6%
Procter & Gamble Co.	1,093,004		84,511
Svenska Cellulosa AB (SCA) (B Shares)	537,600		13,288
			97,799
Common Stocks - continued
	Shares		Value (000s)
CONSUMER STAPLES - continued
Personal Products - 0.2%
Coty, Inc. Class A	521,400		$ 8,921
Herbalife Ltd.	586,158		30,715
Natura Cosmeticos SA	89,700		1,397
			41,033
Tobacco - 0.6%
Lorillard, Inc.	1,584,827		95,850
TOTAL CONSUMER STAPLES			1,482,350
ENERGY - 5.0%
Energy Equipment & Services - 1.0%
Halliburton Co.	2,035,876		140,455
National Oilwell Varco, Inc.	141,900		11,500
Schlumberger Ltd.	103,100		11,175
Seventy Seven Energy, Inc. (a)	17,719		397
Transocean Partners LLC (a)	113,800		2,765
			166,292
Oil, Gas & Consumable Fuels - 4.0%
Anadarko Petroleum Corp.	908,400		97,063
BG Group PLC	317,500		6,261
Cabot Oil & Gas Corp.	297,078		9,789
Canadian Natural Resources Ltd.	297,800		12,982
Carrizo Oil & Gas, Inc. (a)	234,600		14,407
Cheniere Energy, Inc. (a)	220,880		15,629
Chevron Corp.	25,400		3,283
Cimarex Energy Co.	396,607		55,136
Continental Resources, Inc. (a)	434,000		63,703
EOG Resources, Inc.	832,524		91,111
Golar LNG Ltd.	143,000		8,810
Hess Corp.	293,178		29,019
Marathon Petroleum Corp.	185,900		15,519
Memorial Resource Development Corp.	276,000		6,342
Navigator Holdings Ltd. (a)	113,800		3,169
Newfield Exploration Co. (a)	986,600		39,760
Phillips 66 Co.	282,833		22,941
Pioneer Natural Resources Co.	451,000		99,878
PrairieSky Royalty Ltd.	191,600		6,924
Rice Energy, Inc.	543,200		14,286
Scorpio Tankers, Inc.	682,500		6,409
Targa Resources Corp.	69,700		8,887
Common Stocks - continued
	Shares		Value (000s)
ENERGY - continued
Oil, Gas & Consumable Fuels - continued
Teekay Corp.	54,300		$ 3,022
Valero Energy Corp.	414,944		21,079
			655,409
TOTAL ENERGY			821,701
FINANCIALS - 4.6%
Banks - 2.4%
Axis Bank Ltd.	953,180		6,305
Bank of America Corp.	6,449,587		98,356
Citigroup, Inc.	2,178,590		106,555
HDFC Bank Ltd. sponsored ADR	409,100		19,391
ICICI Bank Ltd. sponsored ADR	476,229		23,821
JPMorgan Chase & Co.	2,401,777		138,510
Punjab National Bank	189,600		3,034
Yes Bank Ltd.	170,103		1,500
			397,472
Capital Markets - 1.1%
Ameriprise Financial, Inc.	187,753		22,455
BlackRock, Inc. Class A	179,900		54,821
Carlyle Group LP	275,200		9,186
Invesco Ltd.	620,572		23,352
Morgan Stanley	1,475,351		47,713
Och-Ziff Capital Management Group LLC Class A	936,700		12,748
State Street Corp.	72,100		5,079
The Blackstone Group LP	425,600		13,909
			189,263
Consumer Finance - 0.7%
American Express Co.	1,193,544		105,032
Capital One Financial Corp.	137,900		10,969
Shriram Transport Finance Co. Ltd.	339,455		5,006
			121,007
Insurance - 0.1%
MetLife, Inc.	275,700		14,502
Real Estate Management & Development - 0.2%
Howard Hughes Corp. (a)	53,100		7,722
Parsvnath Developers Ltd. (a)(d)	21,771,340		9,495
Realogy Holdings Corp. (a)	465,467		17,111
			34,328
Common Stocks - continued
	Shares		Value (000s)
FINANCIALS - continued
Thrifts & Mortgage Finance - 0.1%
Housing Development Finance Corp. Ltd.	697,722		$ 12,219
TOTAL FINANCIALS			768,791
HEALTH CARE - 15.3%
Biotechnology - 8.4%
Acceleron Pharma, Inc.	42,800		1,268
Agios Pharmaceuticals, Inc.	161,640		6,514
Alexion Pharmaceuticals, Inc. (a)	628,996		100,004
Alkermes PLC (a)	711,400		30,419
Alnylam Pharmaceuticals, Inc. (a)	616,063		33,298
Amgen, Inc.	1,470,202		187,289
Avalanche Biotechnologies, Inc. (a)	22,200		621
BioCryst Pharmaceuticals, Inc. (a)	833,700		10,438
Biogen Idec, Inc. (a)	742,100		248,151
BioMarin Pharmaceutical, Inc. (a)	281,704		17,415
Bluebird Bio, Inc. (a)	124,700		4,165
Celgene Corp. (a)	28,000		2,440
Dicerna Pharmaceuticals, Inc.	161,260		2,422
Exelixis, Inc. (a)	2,632,000		10,633
Gilead Sciences, Inc. (a)	4,887,260		447,429
Grifols SA	130,700		5,919
Intercept Pharmaceuticals, Inc. (a)	85,300		19,820
InterMune, Inc. (a)	375,237		16,462
Intrexon Corp. (e)	234,059		5,170
Ironwood Pharmaceuticals, Inc. Class A (a)	907,481		13,431
Isis Pharmaceuticals, Inc. (a)	63,700		1,974
Keryx Biopharmaceuticals, Inc. (a)(e)	528,873		7,960
KYTHERA Biopharmaceuticals, Inc. (a)(e)	263,156		8,837
Merrimack Pharmaceuticals, Inc. (a)	1,594,658		9,424
Neurocrine Biosciences, Inc. (a)	442,100		6,004
NPS Pharmaceuticals, Inc. (a)	88,000		2,459
Pharmacyclics, Inc. (a)	170,900		20,583
Puma Biotechnology, Inc. (a)	51,700		11,463
Regeneron Pharmaceuticals, Inc. (a)	329,489		104,191
Seattle Genetics, Inc. (a)	158,900		5,593
Synageva BioPharma Corp. (a)	130,800		8,948
Ultragenyx Pharmaceutical, Inc. (e)	26,500		1,158
uniQure B.V.	305,687		3,124
Vertex Pharmaceuticals, Inc. (a)	421,660		37,490
			1,392,516
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Health Care Equipment & Supplies - 0.9%
Accuray, Inc. (a)(e)	935,165		$ 7,360
Boston Scientific Corp. (a)	2,388,900		30,530
Insulet Corp. (a)	88,000		3,110
Intuitive Surgical, Inc. (a)	92,207		42,189
Novadaq Technologies, Inc. (a)	607,819		9,324
The Cooper Companies, Inc.	324,630		52,226
Zeltiq Aesthetics, Inc. (a)	203,500		4,119
			148,858
Health Care Providers & Services - 0.7%
Apollo Hospitals Enterprise Ltd.	936,371		15,608
Cardinal Health, Inc.	313,331		22,450
Express Scripts Holding Co. (a)	48,000		3,343
HCA Holdings, Inc. (a)	762,500		49,799
Healthequity, Inc. (a)	41,900		737
iKang Healthcare Group, Inc. sponsored ADR (e)	270,505		5,075
Qualicorp SA (a)	1,151,000		13,317
			110,329
Health Care Technology - 0.3%
Allscripts Healthcare Solutions, Inc. (a)	310,100		4,937
athenahealth, Inc. (a)	76,475		9,513
Castlight Health, Inc. Class B (a)(e)	133,859		1,795
Cerner Corp. (a)	751,218		41,467
			57,712
Life Sciences Tools & Services - 0.9%
Agilent Technologies, Inc.	366,510		20,558
Genfit (a)	89,600		3,370
Illumina, Inc. (a)	688,535		110,104
Lonza Group AG	38,412		4,269
Thermo Fisher Scientific, Inc.	55,800		6,780
			145,081
Pharmaceuticals - 4.1%
AbbVie, Inc.	2,397,806		125,501
Achaogen, Inc. (a)	331,200		3,580
Actavis PLC (a)	845,755		181,211
Allergan, Inc.	278,273		46,154
GW Pharmaceuticals PLC ADR (a)(e)	265,666		22,475
Jazz Pharmaceuticals PLC (a)	11,500		1,607
Johnson & Johnson	188,500		18,867
Merck & Co., Inc.	588,603		33,397
Common Stocks - continued
	Shares		Value (000s)
HEALTH CARE - continued
Pharmaceuticals - continued
Pacira Pharmaceuticals, Inc. (a)	117,166		$ 10,779
Perrigo Co. PLC	135,440		20,377
Salix Pharmaceuticals Ltd. (a)	235,837		31,109
Shire PLC sponsored ADR	160,659		39,602
Teva Pharmaceutical Industries Ltd. sponsored ADR	1,034,900		55,367
Valeant Pharmaceuticals International (Canada) (a)	824,300		96,639
			686,665
TOTAL HEALTH CARE			2,541,161
INDUSTRIALS - 9.1%
Aerospace & Defense - 1.8%
Honeywell International, Inc.	890,300		81,756
Precision Castparts Corp.	272,800		62,417
The Boeing Co.	983,626		118,507
United Technologies Corp.	277,900		29,221
			291,901
Air Freight & Logistics - 0.7%
C.H. Robinson Worldwide, Inc.	80,900		5,458
FedEx Corp.	233,678		34,323
Hub Group, Inc. Class A (a)	168,200		7,767
United Parcel Service, Inc. Class B	551,800		53,574
XPO Logistics, Inc. (a)(e)	524,500		16,202
			117,324
Airlines - 1.8%
American Airlines Group, Inc.	4,098,693		159,234
Azul-Linhas Aereas Brasileiras warrants (f)	165,571		0
Delta Air Lines, Inc.	1,778,500		66,623
Southwest Airlines Co.	421,502		11,920
Spirit Airlines, Inc. (a)	856,400		56,026
United Continental Holdings, Inc. (a)	167,700		7,780
			301,583
Building Products - 0.1%
A.O. Smith Corp.	274,454		12,817
Electrical Equipment - 0.7%
Acuity Brands, Inc.	145,800		15,640
Eaton Corp. PLC	684,100		46,464
Generac Holdings, Inc. (a)	187,701		8,146
SolarCity Corp. (a)(e)	410,032		29,330
Common Stocks - continued
	Shares		Value (000s)
INDUSTRIALS - continued
Electrical Equipment - continued
TCP International Holdings Ltd.	470,900		$ 4,069
Vestas Wind Systems A/S (a)	231,300		10,464
			114,113
Industrial Conglomerates - 0.8%
Danaher Corp.	1,876,700		138,651
Machinery - 1.4%
Caterpillar, Inc.	500,900		50,466
Cummins, Inc.	716,661		99,895
Ingersoll-Rand PLC	599,184		35,226
ITT Corp.	388,800		17,873
Manitowoc Co., Inc.	640,900		17,022
Navistar International Corp. (a)(e)	364,600		12,823
			233,305
Professional Services - 0.2%
Huron Consulting Group, Inc. (a)	194,520		11,757
Towers Watson & Co.	205,587		20,974
			32,731
Road & Rail - 1.4%
Avis Budget Group, Inc. (a)	260,463		14,635
Canadian Pacific Railway Ltd.	192,000		36,509
Hertz Global Holdings, Inc. (a)	1,182,296		33,364
J.B. Hunt Transport Services, Inc.	509,700		39,379
Landstar System, Inc.	76,700		5,072
Union Pacific Corp.	1,142,600		112,329
			241,288
Trading Companies & Distributors - 0.2%
United Rentals, Inc. (a)	257,800		27,301
TOTAL INDUSTRIALS			1,511,014
INFORMATION TECHNOLOGY - 33.0%
Communications Equipment - 2.0%
Arista Networks, Inc. (e)	112,200		7,419
Cisco Systems, Inc.	195,100		4,922
F5 Networks, Inc. (a)	237,906		26,786
Palo Alto Networks, Inc. (a)	345,746		27,957
QUALCOMM, Inc.	3,153,414		232,407
Riverbed Technology, Inc. (a)	1,434,841		25,684
			325,175
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Electronic Equipment & Components - 0.3%
InvenSense, Inc. (a)(e)	1,264,980		$ 29,107
Samsung SDI Co. Ltd.	10,144		1,562
TE Connectivity Ltd.	360,812		22,331
			53,000
Internet Software & Services - 11.2%
Akamai Technologies, Inc. (a)	563,430		33,254
Baidu.com, Inc. sponsored ADR (a)	313,600		67,753
Cornerstone OnDemand, Inc. (a)	264,000		11,046
Dropbox, Inc. (a)(f)	1,003,814		19,174
Facebook, Inc. Class A (a)	5,456,001		396,378
Gogo, Inc. (a)(e)	821,400		13,315
Google, Inc.:
Class A (a)	827,454		479,551
Class C (a)	776,454		443,821
IAC/InterActiveCorp	592,300		39,803
INFO Edge India Ltd.	405,018		4,590
Just Dial Ltd. (a)	669,562		18,381
LinkedIn Corp. (a)	58,500		10,567
Naver Corp.	54,864		39,170
Rackspace Hosting, Inc. (a)	1,746,801		52,911
Tencent Holdings Ltd.	3,704,500		60,160
Twitter, Inc.	1,214,700		54,892
Wix.com Ltd. (a)	172,600		2,926
Xoom Corp. (a)	418,275		9,060
Xunlei Ltd. sponsored ADR (e)	88,400		1,062
Yahoo!, Inc. (a)	2,666,576		95,490
Zoopla Property Group PLC	1,328,700		5,653
			1,858,957
IT Services - 4.1%
Cognizant Technology Solutions Corp. Class A (a)	3,939,554		193,235
MasterCard, Inc. Class A	2,820,400		209,133
VeriFone Systems, Inc. (a)	991,400		33,222
Visa, Inc. Class A	1,127,999		238,019
			673,609
Semiconductors & Semiconductor Equipment - 4.1%
Broadcom Corp. Class A	680,000		26,017
Canadian Solar, Inc. (a)(e)	484,500		12,093
Cavium, Inc. (a)	882,401		41,164
Cree, Inc. (a)	698,453		32,988
Cypress Semiconductor Corp. (e)	3,118,484		31,528
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Semiconductors & Semiconductor Equipment - continued
eMemory Technology, Inc.	155,000		$ 1,405
First Solar, Inc. (a)	1,142,300		72,091
Freescale Semiconductor, Inc. (a)	1,654,654		33,126
GCL-Poly Energy Holdings Ltd. (a)	11,669,000		3,767
GT Advanced Technologies, Inc. (a)(e)	320,400		4,434
Integrated Device Technology, Inc. (a)	796,400		11,436
MediaTek, Inc.	491,000		7,580
Mellanox Technologies Ltd. (a)	138,000		5,748
Micron Technology, Inc. (a)	3,097,500		94,629
Monolithic Power Systems, Inc.	201,194		8,297
NVIDIA Corp.	1,196,370		20,936
NXP Semiconductors NV (a)	3,689,907		230,066
RF Micro Devices, Inc. (a)	1,054,300		11,766
Silicon Laboratories, Inc. (a)	94,053		3,831
SunEdison, Inc. (a)	846,845		16,937
SunPower Corp. (a)(e)	145,100		5,330
			675,169
Software - 4.2%
Activision Blizzard, Inc.	4,452,900		99,656
Adobe Systems, Inc. (a)	924,250		63,875
CommVault Systems, Inc. (a)	21,788		1,046
Concur Technologies, Inc. (a)	60,600		5,633
Electronic Arts, Inc. (a)	612,486		20,580
Fortinet, Inc. (a)	568,596		13,959
Imperva, Inc. (a)	129,076		2,862
Intuit, Inc.	122,800		10,066
Microsoft Corp.	5,376,644		232,056
Red Hat, Inc. (a)	212,400		12,345
salesforce.com, Inc. (a)	4,125,869		223,828
Zynga, Inc. (a)	2,267,483		6,621
			692,527
Technology Hardware, Storage & Peripherals - 7.1%
Apple, Inc.	11,237,609		1,073,976
BlackBerry Ltd. (a)	4,993,900		46,593
Cray, Inc. (a)	60,000		1,591
Hewlett-Packard Co.	1,059,400		37,725
Common Stocks - continued
	Shares		Value (000s)
INFORMATION TECHNOLOGY - continued
Technology Hardware, Storage & Peripherals - continued
NCR Corp. (a)	716,126		$ 22,164
Nimble Storage, Inc.	119,706		3,098
			1,185,147
TOTAL INFORMATION TECHNOLOGY			5,463,584
MATERIALS - 2.0%
Chemicals - 1.9%
Cabot Corp.	319,799		16,754
Celanese Corp. Class A	251,250		14,625
Eastman Chemical Co.	751,300		59,187
Huntsman Corp.	675,161		17,588
Intrepid Potash, Inc. (a)(e)	515,965		7,641
LyondellBasell Industries NV Class A	167,425		17,789
Monsanto Co.	1,154,300		130,540
Orion Engineered Carbons SA (a)	195,700		3,327
Potash Corp. of Saskatchewan, Inc. (e)	433,661		15,396
The Mosaic Co.	315,219		14,535
Westlake Chemical Corp.	154,900		13,537
			310,919
Construction Materials - 0.1%
CaesarStone Sdot-Yam Ltd.	221,500		9,604
Metals & Mining - 0.0%
Freeport-McMoRan Copper & Gold, Inc.	226,200		8,419
TOTAL MATERIALS			328,942
TELECOMMUNICATION SERVICES - 0.2%
Diversified Telecommunication Services - 0.0%
Jazztel PLC (a)	573,300		7,731
Wireless Telecommunication Services - 0.2%
Bharti Infratel Ltd. (a)	3,161,156		13,351
RingCentral, Inc.	140,250		2,094
T-Mobile U.S., Inc. (a)	305,909		10,077
			25,522
TOTAL TELECOMMUNICATION SERVICES			33,253
Common Stocks - continued
	Shares		Value (000s)
UTILITIES - 0.1%
Independent Power and Renewable Electricity Producers - 0.1%
Abengoa Yield PLC	83,100		$ 3,007
NextEra Energy Partners LP	229,100		7,799
			10,806
Independent Power Producers & Energy Traders - 0.0%
Dynegy, Inc. (a)	390,232		10,361
TOTAL UTILITIES			21,167
TOTAL COMMON STOCKS (Cost $11,209,369)		16,462,126
Convertible Preferred Stocks - 0.6%

CONSUMER DISCRETIONARY - 0.1%
Leisure Products - 0.1%
NJOY, Inc.:
Series C (a)(f)	607,766		10,287
Series D (f)	149,114		2,524
			12,811
INDUSTRIALS - 0.0%
Airlines - 0.0%
Azul-Linhas Aereas Brasileiras Series B (f)	165,571		7,298
INFORMATION TECHNOLOGY - 0.5%
Internet Software & Services - 0.5%
New Relic, Inc. Series F (f)	152,912		4,127
Uber Technologies, Inc. 8.00% (f)	1,289,237		80,000
			84,127
Software - 0.0%
Cloudera, Inc. Series F (f)	186,078		2,910
TOTAL INFORMATION TECHNOLOGY			87,037
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $101,593)		107,146
Money Market Funds - 1.2%
	Shares		Value (000s)
Fidelity Cash Central Fund, 0.11% (b)	9,495,233		$ 9,495
Fidelity Securities Lending Cash Central Fund, 0.11% (b)(c)	185,310,929		185,311
TOTAL MONEY MARKET FUNDS (Cost $194,806)		194,806
TOTAL INVESTMENT PORTFOLIO - 101.1% (Cost $11,505,768)		16,764,078
NET OTHER ASSETS (LIABILITIES) - (1.1)%			(182,107)
NET ASSETS - 100%		$ 16,581,971

Legend

(a) Non-income producing

(d) Affiliated company

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

Additional information on each restricted holding is as follows:

Security	Acquisition Date	Acquisition Cost (000s)
Azul-Linhas Aereas Brasileiras Series B	12/24/13	$ 7,023
Azul-Linhas Aereas Brasileiras warrants	12/24/13	$ 0
Cloudera, Inc. Series F	2/5/14	$ 2,709
Dropbox, Inc.	5/2/12	$ 9,084
New Relic, Inc. Series F	4/17/14	$ 4,424
NJOY, Inc.	9/11/13	$ 9,520
NJOY, Inc. Series C	6/7/13	$ 4,913
Security	Acquisition Date	Acquisition Cost (000s)
NJOY, Inc. Series D	2/14/14	$ 2,524
Uber Technologies, Inc. 8.00%	6/6/14	$ 80,000

Affiliated Central Funds

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

Fund	Income earned (Amounts in thousands)
Fidelity Cash Central Fund	$ 24
Fidelity Securities Lending Cash Central Fund	1,908
Total	$ 1,932

Other Affiliated Issuers

Affiliate (Amounts in thousands)	Value, beginning of period	Purchases	Sales Proceeds	Dividend Income	Value, end of period
Parsvnath Developers Ltd.	$ 10,232	$ -	$ -	$ -	$ 9,495

Other Information

Valuation Inputs at Reporting Date:
Description (Amounts in thousands)	Total	Level 1	Level 2	Level 3
Investments in Securities:
Equities:
Consumer Discretionary	$ 3,502,974	$ 3,466,890	$ 3,331	$ 32,753
Consumer Staples	1,482,350	1,482,350	-	-
Energy	821,701	815,440	6,261	-
Financials	768,791	731,232	37,559	-
Health Care	2,541,161	2,525,553	15,608	-
Industrials	1,518,312	1,511,014	-	7,298
Information Technology	5,550,621	5,307,795	136,615	106,211
Materials	328,942	328,942	-	-
Telecommunication Services	33,253	19,902	13,351	-
Utilities	21,167	21,167	-	-
Money Market Funds	194,806	194,806	-	-
Total Investments in Securities:	$ 16,764,078	$ 16,405,091	$ 212,725	$ 146,262

Distribution of investments by country or territory of incorporation, as a percentage of total net assets, is as follows (Unaudited):

United States of America	89.2%
Ireland	1.9%
Canada	1.9%
Cayman Islands	1.5%
Netherlands	1.5%
Others (Individually Less Than 1%)	4.0%
	100.0%

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

Annual Report

Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)	July 31, 2014

Assets
Investment in securities, at value (including securities loaned of $175,711) - See accompanying schedule: Unaffiliated issuers (cost $11,280,111)	$ 16,559,777
Fidelity Central Funds (cost $194,806)	194,806
Other affiliated issuers (cost $30,851)	9,495
Total Investments (cost $11,505,768)		$ 16,764,078
Cash		443
Foreign currency held at value (cost $2,445)		2,445
Receivable for investments sold		113,939
Receivable for fund shares sold		19,313
Dividends receivable		6,394
Distributions receivable from Fidelity Central Funds		248
Receivable from investment adviser for expense reductions		7
Other receivables		820
Total assets		16,907,687

Liabilities
Payable for investments purchased	$ 107,464
Payable for fund shares redeemed	20,068
Accrued management fee	8,550
Other affiliated payables	2,007
Other payables and accrued expenses	2,316
Collateral on securities loaned, at value	185,311
Total liabilities		325,716

Net Assets		$ 16,581,971
Net Assets consist of:
Paid in capital		$ 10,478,889
Undistributed net investment income		17,541
Accumulated undistributed net realized gain (loss) on investments and foreign currency transactions		828,668
Net unrealized appreciation (depreciation) on investments and assets and liabilities in foreign currencies		5,256,873
Net Assets		$ 16,581,971

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

Annual Report

Financial Statements - continued

Statement of Assets and Liabilities - continued

Amounts in thousands (except per-share amounts)	July 31, 2014

Blue Chip Growth: Net Asset Value, offering price and redemption price per share ($11,969,523 ÷ 179,406 shares)		$ 66.72

Class K: Net Asset Value, offering price and redemption price per share ($4,612,448 ÷ 69,033 shares)		$ 66.82

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

Annual Report

Statement of Operations

Amounts in thousands	Year ended July 31, 2014

Investment Income
Dividends		$ 176,722
Income from Fidelity Central Funds		1,932
Total income		178,654

Expenses
Management fee Basic fee	$ 95,242
Performance adjustment	11,359
Transfer agent fees	22,396
Accounting and security lending fees	1,655
Custodian fees and expenses	403
Independent trustees' compensation	75
Appreciation in deferred trustee compensation account	1
Registration fees	157
Audit	97
Legal	65
Interest	6
Miscellaneous	163
Total expenses before reductions	131,619
Expense reductions	(481)	131,138
Net investment income (loss)		47,516
Realized and Unrealized Gain (Loss) Net realized gain (loss) on:
Investment securities:
Unaffiliated issuers	1,380,300
Redemption in-kind with affiliated entities	3,310,457
Foreign currency transactions	(452)
Total net realized gain (loss)		4,690,305
Change in net unrealized appreciation (depreciation) on: Investment securities	(1,368,324)
Assets and liabilities in foreign currencies	47
Total change in net unrealized appreciation (depreciation)		(1,368,277)
Net gain (loss)		3,322,028
Net increase (decrease) in net assets resulting from operations		$ 3,369,544

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

Annual Report

Financial Statements - continued

Statement of Changes in Net Assets

Amounts in thousands	Year ended July 31, 2014	Year ended July 31, 2013
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$ 47,516	$ 139,090
Net realized gain (loss)	4,690,305	1,392,019
Change in net unrealized appreciation (depreciation)	(1,368,277)	2,900,667
Net increase (decrease) in net assets resulting from operations	3,369,544	4,431,776
Distributions to shareholders from net investment income	(80,757)	(85,342)
Distributions to shareholders from net realized gain	(1,378,625)	(230,904)
Total distributions	(1,459,382)	(316,246)
Share transactions - net increase (decrease)	(5,511,393)	1,247,958
Total increase (decrease) in net assets	(3,601,231)	5,363,488

Net Assets
Beginning of period	20,183,202	14,819,714
End of period (including undistributed net investment income of $17,541 and undistributed net investment income of $56,036, respectively)	$ 16,581,971	$ 20,183,202

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

Annual Report

Financial Highlights - Blue Chip Growth

Years ended July 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 59.65	$ 47.38	$ 48.17	$ 37.63	$ 31.97
Income from Investment Operations
Net investment income (loss)^B	.15	.39	.10	(.03)	.04
Net realized and unrealized gain (loss)	11.63	12.79	.75	10.61	5.80
Total from investment operations	11.78	13.18	.85	10.58	5.84
Distributions from net investment income	(.24)	(.23)	(.04)	.00 ^{E, G}	(.18)
Distributions from net realized gain	(4.47)	(.68)	(1.60)	(.04) ^E	-
Total distributions	(4.71)	(.91)	(1.64)	(.04)	(.18)
Net asset value, end of period	$ 66.72	$ 59.65	$ 47.38	$ 48.17	$ 37.63
Total Return^A	21.07%	28.25%	2.27%	28.12%	18.29%
Ratios to Average Net Assets^{C, F}
Expenses before reductions	.80%	.76%	.90%	.94%	.94%
Expenses net of fee waivers, if any	.80%	.76%	.90%	.94%	.94%
Expenses net of all reductions	.80%	.74%	.89%	.92%	.93%
Net investment income (loss)	.23%	.75%	.21%	(.06)%	.10%
Supplemental Data
Net assets, end of period (in millions)	$ 11,970	$ 12,927	$ 10,595	$ 12,024	$ 10,295
Portfolio turnover rate^D	57% ^H	75%	95%	132%	135%

^A Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

^B Calculated based on average shares outstanding during the period.

^D Amount does not include the portfolio activity of any underlying Fidelity Central Funds.

^E The amounts shown reflect certain reclassifications related to book to tax differences that were made in the year shown.

^G Amount represents less than $.01 per share.

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

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

Annual Report

Financial Highlights - Class K

Years ended July 31,	2014	2013	2012	2011	2010
Selected Per-Share Data
Net asset value, beginning of period	$ 59.74	$ 47.46	$ 48.21	$ 37.66	$ 32.01
Income from Investment Operations
Net investment income (loss)^B	.23	.47	.17	.05	.11
Net realized and unrealized gain (loss)	11.64	12.79	.75	10.62	5.79
Total from investment operations	11.87	13.26	.92	10.67	5.90
Distributions from net investment income	(.33)	(.30)	(.08)	(.05) ^E	(.25)
Distributions from net realized gain	(4.47)	(.68)	(1.60)	(.07) ^E	-
Total distributions	(4.79)^I	(.98)	(1.67) ^H	(.12)	(.25)
Net asset value, end of period	$ 66.82	$ 59.74	$ 47.46	$ 48.21	$ 37.66
Total Return^A	21.23%	28.42%	2.43%	28.37%	18.48%
Ratios to Average Net Assets^{C, F}
Expenses before reductions	.68%	.61%	.74%	.77%	.75%
Expenses net of fee waivers, if any	.68%	.61%	.74%	.77%	.75%
Expenses net of all reductions	.67%	.60%	.73%	.76%	.74%
Net investment income (loss)	.36%	.89%	.37%	.11%	.30%
Supplemental Data
Net assets, end of period (in millions)	$ 4,612	$ 3,506	$ 2,467	$ 1,455	$ 932
Portfolio turnover rate^D	57%^G	75%	95%	132%	135%