N-CSRS 1 filing989.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-04118


Fidelity Securities Fund

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

 (Address of principal executive offices)       (Zip code)


Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

July 31



Date of reporting period:

January 31, 2020


Item 1.

Reports to Stockholders




Fidelity® Blue Chip Growth K6 Fund



Semi-Annual Report

January 31, 2020

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020

 % of fund's net assets 
Apple, Inc. 7.6 
Alphabet, Inc. Class A 7.3 
Amazon.com, Inc. 6.9 
Microsoft Corp. 5.2 
Facebook, Inc. Class A 4.2 
Salesforce.com, Inc. 3.0 
Visa, Inc. Class A 2.7 
NVIDIA Corp. 2.5 
Lyft, Inc. 2.1 
MasterCard, Inc. Class A 2.0 
 43.5 

Top Five Market Sectors as of January 31, 2020

 % of fund's net assets 
Information Technology 37.2 
Consumer Discretionary 21.5 
Communication Services 16.7 
Health Care 11.8 
Industrials 7.3 

Asset Allocation (% of fund's net assets)

As of January 31, 2020* 
   Stocks 97.9% 
   Convertible Securities 0.5% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.6% 


 * Foreign investments - 9.6%

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.9%   
 Shares Value 
COMMUNICATION SERVICES - 16.7%   
Entertainment - 3.7%   
Activision Blizzard, Inc. 386,465 $22,600,473 
Bilibili, Inc. ADR (a) 26,100 562,455 
Netflix, Inc. (a) 126,683 43,717,036 
Roku, Inc. Class A (a) 41,015 4,960,764 
Sea Ltd. ADR (a) 388,068 17,556,196 
Take-Two Interactive Software, Inc. (a) 21,084 2,627,910 
The Walt Disney Co. 110,271 15,251,582 
  107,276,416 
Interactive Media & Services - 12.8%   
Alphabet, Inc.:   
Class A (a) 146,104 209,334,889 
Class C (a) 10,256 14,709,463 
CarGurus, Inc. Class A (a) 35,897 1,279,728 
Facebook, Inc. Class A (a) 598,548 120,852,827 
Match Group, Inc. (a)(b) 68,862 5,386,386 
Snap, Inc. Class A (a) 49,500 909,810 
Tencent Holdings Ltd. 308,900 14,731,505 
  367,204,608 
Wireless Telecommunication Services - 0.2%   
T-Mobile U.S., Inc. (a) 70,619 5,592,319 
TOTAL COMMUNICATION SERVICES  480,073,343 
CONSUMER DISCRETIONARY - 21.4%   
Automobiles - 1.8%   
Ferrari NV 2,950 498,019 
Tesla, Inc. (a)(b) 78,912 51,337,780 
  51,835,799 
Diversified Consumer Services - 0.1%   
Afya Ltd. 38,649 1,154,059 
GSX Techedu, Inc. ADR (a) 18,100 591,689 
New Oriental Education & Technology Group, Inc. sponsored ADR (a) 10,900 1,324,895 
  3,070,643 
Hotels, Restaurants & Leisure - 2.3%   
Aristocrat Leisure Ltd. 23,101 550,940 
Chipotle Mexican Grill, Inc. (a) 7,118 6,169,598 
Churchill Downs, Inc. 11,870 1,713,791 
Eldorado Resorts, Inc. (a) 110,050 6,578,789 
Kambi Group PLC (a) 39,800 538,279 
Las Vegas Sands Corp. 9,100 594,321 
Melco Crown Entertainment Ltd. sponsored ADR 28,700 578,879 
MGM Mirage, Inc. 55,000 1,708,300 
Penn National Gaming, Inc. (a) 181,300 5,408,179 
Planet Fitness, Inc. (a) 84,033 6,789,026 
Royal Caribbean Cruises Ltd. 28,974 3,392,276 
Shake Shack, Inc. Class A (a) 35,008 2,361,290 
Starbucks Corp. 213,475 18,109,084 
Vail Resorts, Inc. 12,409 2,910,035 
Wynn Resorts Ltd. 57,227 7,219,758 
Yum China Holdings, Inc. 20,400 878,628 
  65,501,173 
Household Durables - 0.0%   
Sony Corp. sponsored ADR 19,800 1,389,564 
Internet & Direct Marketing Retail - 9.6%   
Alibaba Group Holding Ltd. sponsored ADR (a) 133,938 27,670,251 
Amazon.com, Inc. (a) 98,756 198,373,152 
Delivery Hero AG (a)(c) 9,400 725,793 
MakeMyTrip Ltd. (a) 23,700 545,100 
MercadoLibre, Inc. (a) 12,664 8,396,232 
Ocado Group PLC (a) 48,723 787,184 
Pinduoduo, Inc. ADR (a) 267,336 9,415,574 
The Booking Holdings, Inc. (a) 12,152 22,244,844 
The RealReal, Inc. (b) 332,893 4,816,962 
Wayfair LLC Class A (a) 53,379 5,001,612 
  277,976,704 
Leisure Products - 0.1%   
Mattel, Inc. (a)(b) 190,300 2,784,089 
Multiline Retail - 0.9%   
Dollar General Corp. 17,804 2,731,312 
Dollar Tree, Inc. (a) 206,098 17,944,953 
Ollie's Bargain Outlet Holdings, Inc. (a)(b) 14,495 768,815 
Target Corp. 28,800 3,189,312 
  24,634,392 
Specialty Retail - 3.5%   
American Eagle Outfitters, Inc. (b) 143,943 2,072,779 
Best Buy Co., Inc. 29,300 2,481,417 
Burlington Stores, Inc. (a) 35,132 7,640,156 
Carvana Co. Class A (a) 100,406 7,957,176 
Dick's Sporting Goods, Inc. 29,600 1,309,208 
Five Below, Inc. (a) 30,637 3,468,721 
Floor & Decor Holdings, Inc. Class A (a) 124,196 6,124,105 
L Brands, Inc. 53,900 1,248,324 
Lowe's Companies, Inc. 271,058 31,507,782 
RH (a) 52,499 10,959,166 
The Home Depot, Inc. 107,484 24,517,100 
Urban Outfitters, Inc. (a) 38,100 975,360 
  100,261,294 
Textiles, Apparel & Luxury Goods - 3.1%   
adidas AG 28,001 8,875,379 
Allbirds, Inc. (a)(d)(e) 11,760 133,711 
Anta Sports Products Ltd. 88,000 766,144 
Aritzia LP (a) 48,500 917,300 
Burberry Group PLC 63,693 1,642,602 
Capri Holdings Ltd. (a) 23,454 702,682 
Crocs, Inc. (a) 101,923 3,863,901 
Deckers Outdoor Corp. (a) 16,063 3,066,587 
lululemon athletica, Inc. (a) 117,674 28,169,979 
LVMH Moet Hennessy Louis Vuitton SE 9,002 3,920,122 
Moncler SpA 82,314 3,560,323 
NIKE, Inc. Class B 281,003 27,060,589 
PVH Corp. 67,792 5,909,429 
  88,588,748 
TOTAL CONSUMER DISCRETIONARY  616,042,406 
CONSUMER STAPLES - 1.6%   
Food & Staples Retailing - 0.4%   
BJ's Wholesale Club Holdings, Inc. (a) 125,126 2,567,586 
Costco Wholesale Corp. 24,641 7,528,318 
Kroger Co. 57,600 1,547,136 
  11,643,040 
Food Products - 0.0%   
Tyson Foods, Inc. Class A 7,635 630,880 
Household Products - 0.1%   
Energizer Holdings, Inc. 34,282 1,585,885 
Personal Products - 0.2%   
Estee Lauder Companies, Inc. Class A 20,491 3,999,024 
Herbalife Nutrition Ltd. (a) 67,300 2,614,605 
  6,613,629 
Tobacco - 0.9%   
Altria Group, Inc. 456,107 21,678,766 
JUUL Labs, Inc. Class A (a)(d)(e) 23,134 2,795,281 
  24,474,047 
TOTAL CONSUMER STAPLES  44,947,481 
ENERGY - 0.4%   
Oil, Gas & Consumable Fuels - 0.4%   
Hess Corp. 18,792 1,063,063 
Reliance Industries Ltd. 595,642 11,716,276 
  12,779,339 
FINANCIALS - 1.3%   
Banks - 0.6%   
Bank of America Corp. 279,439 9,173,982 
Citigroup, Inc. 73,600 5,476,576 
Kotak Mahindra Bank Ltd. 84,202 1,986,624 
  16,637,182 
Capital Markets - 0.4%   
Goldman Sachs Group, Inc. 6,000 1,426,500 
HDFC Asset Management Co. Ltd. (c) 110 4,863 
London Stock Exchange Group PLC 16,837 1,739,949 
Moody's Corp. 7,829 2,010,409 
MSCI, Inc. 13,558 3,874,876 
S&P Global, Inc. 746 219,123 
XP, Inc. Class A (a) 17,600 706,464 
  9,982,184 
Consumer Finance - 0.0%   
Capital One Financial Corp. 10,400 1,037,920 
Insurance - 0.2%   
eHealth, Inc. (a) 64,677 6,801,433 
Thrifts & Mortgage Finance - 0.1%   
Housing Development Finance Corp. Ltd. 65,160 2,196,073 
LendingTree, Inc. (a) 900 280,080 
  2,476,153 
TOTAL FINANCIALS  36,934,872 
HEALTH CARE - 11.8%   
Biotechnology - 3.8%   
AbbVie, Inc. 134,719 10,914,933 
ACADIA Pharmaceuticals, Inc. (a) 26,788 1,069,913 
Acceleron Pharma, Inc. (a) 33,911 3,078,441 
Agios Pharmaceuticals, Inc. (a) 36,192 1,763,636 
Aimmune Therapeutics, Inc. (a)(b) 63,136 1,960,373 
Alexion Pharmaceuticals, Inc. (a) 120,939 12,020,127 
Allakos, Inc. (a)(b) 6,648 479,986 
Alnylam Pharmaceuticals, Inc. (a) 75,034 8,613,153 
Arcutis Biotherapeutics, Inc. (a) 35,300 769,540 
Argenx SE ADR (a) 5,847 843,664 
Ascendis Pharma A/S sponsored ADR (a) 35,398 4,782,270 
Aurinia Pharmaceuticals, Inc. (a) 48,200 882,060 
BeiGene Ltd. (a) 49,000 570,691 
BeiGene Ltd. ADR (a) 13,055 1,989,060 
BioNTech SE ADR (a) 23,300 680,593 
Black Diamond Therapeutics, Inc. (a) 15,400 577,500 
bluebird bio, Inc. (a) 30,132 2,401,219 
Bridgebio Pharma, Inc. 13,081 451,164 
Cibus Corp.:   
Series C (a)(d)(e)(f) 133,810 239,679 
Series D (a)(d)(e)(f) 134,400 168,000 
Coherus BioSciences, Inc. (a) 47,007 848,006 
Crinetics Pharmaceuticals, Inc. (a) 26,731 574,182 
FibroGen, Inc. (a) 43,128 1,804,907 
Global Blood Therapeutics, Inc. (a) 63,036 4,113,729 
Intercept Pharmaceuticals, Inc. (a) 25,941 2,397,208 
Ionis Pharmaceuticals, Inc. (a) 17,115 998,147 
Karuna Therapeutics, Inc. (a) 16,500 1,566,015 
Mirati Therapeutics, Inc. (a) 5,300 460,199 
Morphic Holding, Inc. 15,348 308,495 
Neurocrine Biosciences, Inc. (a) 49,409 4,944,853 
Principia Biopharma, Inc. (a) 16,444 865,777 
Regeneron Pharmaceuticals, Inc. (a) 15,300 5,170,482 
Sage Therapeutics, Inc. (a) 44,929 2,977,894 
Sarepta Therapeutics, Inc. (a) 49,324 5,719,611 
Seattle Genetics, Inc. (a) 8,300 899,637 
Turning Point Therapeutics, Inc. 50,635 2,962,148 
Vertex Pharmaceuticals, Inc. (a) 63,890 14,506,225 
Xencor, Inc. (a) 32,717 1,110,415 
Zai Lab Ltd. ADR (a) 42,327 2,158,254 
  108,642,186 
Health Care Equipment & Supplies - 3.3%   
Axonics Modulation Technologies, Inc. (a)(b) 34,628 1,005,251 
Becton, Dickinson & Co. 10,156 2,794,728 
Boston Scientific Corp. (a) 734,200 30,740,954 
Danaher Corp. 41,278 6,640,392 
DexCom, Inc. (a) 36,105 8,692,279 
Edwards Lifesciences Corp. (a) 14,841 3,262,942 
Hoya Corp. 2,900 277,546 
Insulet Corp. (a) 25,584 4,964,319 
Intuitive Surgical, Inc. (a) 49,342 27,620,665 
Novocure Ltd. (a) 24,903 2,028,598 
Shockwave Medical, Inc. (a) 69,277 3,008,007 
Tandem Diabetes Care, Inc. (a) 54,398 4,136,424 
  95,172,105 
Health Care Providers & Services - 2.2%   
1Life Healthcare, Inc. (a) 21,600 476,712 
Centene Corp. (a) 28,600 1,796,366 
Cigna Corp. 18,500 3,559,030 
Guardant Health, Inc. (a) 32,835 2,496,773 
Humana, Inc. 24,682 8,299,076 
Notre Dame Intermedica Participacoes SA 92,500 1,516,468 
UnitedHealth Group, Inc. 169,620 46,212,969 
  64,357,394 
Life Sciences Tools & Services - 0.6%   
10X Genomics, Inc. (a) 23,496 2,147,299 
Adaptive Biotechnologies Corp. 8,757 261,878 
IQVIA Holdings, Inc. (a) 12,282 1,906,781 
Thermo Fisher Scientific, Inc. 38,868 12,173,069 
  16,489,027 
Pharmaceuticals - 1.9%   
AstraZeneca PLC sponsored ADR 240,870 11,730,369 
Axsome Therapeutics, Inc. (a)(b) 5,900 512,238 
Bristol-Myers Squibb Co. 260,811 16,418,052 
Eli Lilly & Co. 20,800 2,904,512 
Hansoh Pharmaceutical Group Co. Ltd. (c) 262,000 927,571 
Horizon Pharma PLC (a) 46,745 1,612,235 
Intra-Cellular Therapies, Inc. (a) 41,400 939,366 
MyoKardia, Inc. (a) 8,074 549,274 
Nektar Therapeutics (a) 88,463 1,759,529 
OptiNose, Inc. (a) 67,627 529,519 
Roche Holding AG (participation certificate) 7,524 2,524,066 
Sanofi SA sponsored ADR 47,000 2,268,690 
Zoetis, Inc. Class A 91,752 12,314,036 
Zogenix, Inc. (a) 14,569 733,841 
  55,723,298 
TOTAL HEALTH CARE  340,384,010 
INDUSTRIALS - 7.3%   
Aerospace & Defense - 1.2%   
Airbus Group NV 1,900 279,042 
Lockheed Martin Corp. 38,944 16,672,705 
Northrop Grumman Corp. 14,090 5,277,691 
The Boeing Co. 39,323 12,515,331 
  34,744,769 
Airlines - 0.3%   
Spirit Airlines, Inc. (a) 181,814 7,467,101 
United Continental Holdings, Inc. (a) 3,700 276,760 
  7,743,861 
Commercial Services & Supplies - 0.1%   
HomeServe PLC 139,642 2,363,973 
Electrical Equipment - 0.0%   
Generac Holdings, Inc. (a) 5,100 528,309 
Rockwell Automation, Inc. 3,900 747,474 
  1,275,783 
Industrial Conglomerates - 1.7%   
General Electric Co. 3,393,677 42,251,279 
Honeywell International, Inc. 38,621 6,689,930 
  48,941,209 
Machinery - 0.1%   
Fanuc Corp. 2,400 437,112 
Fortive Corp. 13,400 1,004,062 
Rational AG 1,245 938,231 
  2,379,405 
Professional Services - 0.1%   
Equifax, Inc. 24,593 3,686,491 
Road & Rail - 3.8%   
Knight-Swift Transportation Holdings, Inc. Class A 143,856 5,334,180 
Lyft, Inc. (b) 1,296,660 61,565,417 
Uber Technologies, Inc. 1,195,577 43,387,489 
  110,287,086 
TOTAL INDUSTRIALS  211,422,577 
INFORMATION TECHNOLOGY - 37.0%   
Electronic Equipment & Components - 0.3%   
CDW Corp. 2,100 273,945 
Flextronics International Ltd. (a) 145,100 1,908,065 
II-VI, Inc. (a)(b) 170,600 5,740,690 
  7,922,700 
IT Services - 7.2%   
Akamai Technologies, Inc. (a) 63,777 5,953,583 
Black Knight, Inc. (a) 45,728 3,060,118 
Endava PLC ADR (a) 30,346 1,401,075 
Fidelity National Information Services, Inc. 19,189 2,756,692 
Fiserv, Inc. (a) 13,676 1,622,110 
MasterCard, Inc. Class A 185,598 58,637,832 
MongoDB, Inc. Class A (a) 15,739 2,579,779 
Okta, Inc. (a) 37,120 4,753,216 
PagSeguro Digital Ltd. (a) 15,900 516,591 
PayPal Holdings, Inc. (a) 231,897 26,410,749 
Riskified Ltd. (d)(e) 900 203,370 
Riskified Ltd. warrants (a)(d)(e) 273 0 
Shopify, Inc. Class A (a) 23,382 10,889,397 
Square, Inc. (a) 12,200 911,218 
Twilio, Inc. Class A (a)(b) 87,953 10,936,076 
Visa, Inc. Class A 389,854 77,569,250 
  208,201,056 
Semiconductors & Semiconductor Equipment - 9.8%   
Advanced Micro Devices, Inc. (a) 351,229 16,507,763 
Ambarella, Inc. (a) 13,800 816,132 
Applied Materials, Inc. 56,826 3,295,340 
ASML Holding NV 10,074 2,827,369 
Enphase Energy, Inc. (a)(b) 18,300 576,816 
Lam Research Corp. 70,237 20,945,376 
Marvell Technology Group Ltd. 2,400,168 57,700,039 
Micron Technology, Inc. (a) 509,299 27,038,684 
NVIDIA Corp. 305,816 72,304,077 
NXP Semiconductors NV 293,300 37,208,038 
Qualcomm, Inc. 392,957 33,523,162 
Skyworks Solutions, Inc. 21,500 2,432,725 
SolarEdge Technologies, Inc. (a) 22,300 2,182,278 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 38,262 2,063,852 
Universal Display Corp. 11,990 2,112,278 
  281,533,929 
Software - 11.8%   
Adobe, Inc. (a) 120,833 42,429,300 
Alteryx, Inc. Class A (a)(b) 2,300 320,781 
Anaplan, Inc. (a) 15,200 875,368 
Autodesk, Inc. (a) 1,500 295,275 
Ceridian HCM Holding, Inc. (a) 4,200 307,818 
Cloudflare, Inc. 30,300 514,100 
Coupa Software, Inc. (a) 15,122 2,436,910 
Elastic NV (a) 61,752 4,006,470 
Fair Isaac Corp. (a) 4,200 1,689,996 
HubSpot, Inc. (a) 20,567 3,721,393 
Lightspeed POS, Inc. (a) 120,081 3,901,680 
LivePerson, Inc. (a) 40,583 1,664,309 
Microsoft Corp. 873,316 148,664,583 
Nutanix, Inc. Class A (a) 10,503 341,032 
Paycom Software, Inc. (a) 24,041 7,648,885 
RingCentral, Inc. (a) 37,884 7,788,193 
Salesforce.com, Inc. (a) 478,246 87,189,028 
ServiceNow, Inc. (a) 25,278 8,549,778 
The Trade Desk, Inc. (a) 22,825 6,144,034 
Workday, Inc. Class A (a) 62,617 11,560,977 
  340,049,910 
Technology Hardware, Storage & Peripherals - 7.9%   
Apple, Inc. 703,342 217,691,372 
Pure Storage, Inc. Class A (a) 63,000 1,121,400 
Western Digital Corp. 120,180 7,871,790 
  226,684,562 
TOTAL INFORMATION TECHNOLOGY  1,064,392,157 
MATERIALS - 0.1%   
Chemicals - 0.1%   
Air Products & Chemicals, Inc. 1,200 286,452 
Livent Corp. (a) 29,700 279,477 
Olin Corp. 18,300 272,121 
The Chemours Co. LLC 208,172 2,887,346 
  3,725,396 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.1%   
Ant International Co. Ltd. Class C (a)(d)(e) 274,458 2,228,599 
Real Estate Management & Development - 0.1%   
Redfin Corp. (a)(b) 132,000 3,211,560 
TOTAL REAL ESTATE  5,440,159 
UTILITIES - 0.1%   
Electric Utilities - 0.1%   
NextEra Energy, Inc. 6,591 1,767,706 
ORSTED A/S (c) 2,884 315,028 
  2,082,734 
TOTAL COMMON STOCKS   
(Cost $2,094,776,020)  2,818,224,474 
Convertible Preferred Stocks - 0.5%   
CONSUMER DISCRETIONARY - 0.1%   
Hotels, Restaurants & Leisure - 0.1%   
Neutron Holdings, Inc.:   
Series C (a)(d)(e) 3,178,083 770,685 
Series D (d)(e) 5,904,173 1,431,762 
Topgolf International, Inc. Series F (a)(d)(e) 9,181 135,512 
  2,337,959 
Internet & Direct Marketing Retail - 0.0%   
The Honest Co., Inc. Series E (a)(d)(e) 11,802 231,319 
Textiles, Apparel & Luxury Goods - 0.0%   
Allbirds, Inc.:   
Series A (a)(d)(e) 4,640 52,757 
Series B (a)(d)(e) 815 9,267 
Series C (a)(d)(e) 7,790 88,572 
Series Seed (a)(d)(e) 2,495 28,368 
  178,964 
TOTAL CONSUMER DISCRETIONARY  2,748,242 
CONSUMER STAPLES - 0.2%   
Food & Staples Retailing - 0.2%   
Blink Health LLC Series C (d)(e) 7,913 302,087 
Roofoods Ltd. Series F (a)(d)(e) 337 169,275 
Sweetgreen, Inc.:   
Series C (d)(e) 1,240 18,290 
Series D (d)(e) 19,947 294,218 
Series H (a)(d)(e) 211,642 3,121,720 
Series I (d)(e) 47,013 693,442 
  4,599,032 
Food Products - 0.0%   
Agbiome LLC Series C (a)(d)(e) 68,700 612,804 
Tobacco - 0.0%   
JUUL Labs, Inc. Series E (a)(d)(e) 12,508 1,511,342 
TOTAL CONSUMER STAPLES  6,723,178 
FINANCIALS - 0.0%   
Diversified Financial Services - 0.0%   
Sonder Holdings, Inc. Series D (d)(e) 47,507 458,918 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
23andMe, Inc. Series F (a)(d)(e) 6,504 90,926 
Generation Bio:   
Series B (a)(d)(e) 22,400 142,240 
Series C (d)(e) 44,000 246,022 
Nuvation Bio, Inc. Series A (d)(e)(g) 658,600 508,031 
  987,219 
INFORMATION TECHNOLOGY - 0.2%   
Internet Software & Services - 0.1%   
ContextLogic, Inc. Series G (a)(d)(e) 2,862 420,600 
Starry, Inc.:   
Series C (a)(d)(e) 158,250 226,298 
Series D (d)(e) 296,910 424,581 
  1,071,479 
IT Services - 0.0%   
Riskified Ltd. Series E (d)(e) 1,300 309,218 
Software - 0.1%   
ACV Auctions, Inc. Series E (d)(e) 76,518 423,160 
Bird Rides, Inc.:   
Series C (a)(d)(e) 146,154 1,887,974 
Series D (d)(e) 22,200 286,773 
Compass, Inc. Series E (a)(d)(e) 1,181 186,614 
UiPath, Inc.:   
Series A1 (d)(e) 9,939 410,183 
Series B1 (d)(e) 495 20,429 
Series B2 (d)(e) 2,466 101,772 
  3,316,905 
TOTAL INFORMATION TECHNOLOGY  4,697,602 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $13,495,713)  15,615,159 
Money Market Funds - 4.6%   
Fidelity Cash Central Fund 1.58% (h) 47,965,206 47,974,800 
Fidelity Securities Lending Cash Central Fund 1.59% (h)(i) 84,303,883 84,312,313 
TOTAL MONEY MARKET FUNDS   
(Cost $132,287,113)  132,287,113 
TOTAL INVESTMENT IN SECURITIES - 103.0%   
(Cost $2,240,558,846)  2,966,126,746 
NET OTHER ASSETS (LIABILITIES) - (3.0)%  (86,683,214) 
NET ASSETS - 100%  $2,879,443,532 

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,973,255 or 0.1% of net assets.

 (d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $21,383,799 or 0.7% of net assets.

 (e) Level 3 security

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

 (g) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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

 (i) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
23andMe, Inc. Series F 8/31/17 $90,303 
ACV Auctions, Inc. Series E 11/6/19 $423,160 
Agbiome LLC Series C 6/29/18 $435,125 
Allbirds, Inc. 10/9/18 $128,974 
Allbirds, Inc. Series A 10/9/18 $50,888 
Allbirds, Inc. Series B 10/9/18 $8,938 
Allbirds, Inc. Series C 10/9/18 $85,434 
Allbirds, Inc. Series Seed 10/9/18 $27,363 
Ant International Co. Ltd. Class C 5/16/18 $1,539,709 
Bird Rides, Inc. Series C 12/21/18 $1,716,652 
Bird Rides, Inc. Series D 9/30/19 $286,773 
Blink Health LLC Series C 11/7/19 $302,087 
Cibus Corp. Series C 2/16/18 $281,001 
Cibus Corp. Series D 5/10/19 168,000 
Compass, Inc. Series E 11/3/17 $79,692 
ContextLogic, Inc. Series G 10/24/17 $385,033 
Generation Bio Series B 2/21/18 $204,864 
Generation Bio Series C 1/9/20 $246,022 
JUUL Labs, Inc. Class A 12/20/17 - 7/6/18 $645,585 
JUUL Labs, Inc. Series E 12/20/17 - 7/6/18 $342,963 
Neutron Holdings, Inc. Series C 7/3/18 $581,081 
Neutron Holdings, Inc. Series D 1/25/19 $1,431,762 
Nuvation Bio, Inc. Series A 6/17/19 $508,030 
Riskified Ltd. 12/20/19 $203,370 
Riskified Ltd. Series E 10/28/19 $309,218 
Riskified Ltd. warrants 10/28/19 $-- 
Roofoods Ltd. Series F 9/12/17 $119,153 
Sonder Holdings, Inc. Series D 5/21/19 $498,633 
Starry, Inc. Series C 12/8/17 $145,907 
Starry, Inc. Series D 3/6/19 $424,581 
Sweetgreen, Inc. Series C 9/13/19 $21,204 
Sweetgreen, Inc. Series D 9/13/19 $341,094 
Sweetgreen, Inc. Series H 11/9/18 $2,759,812 
Sweetgreen, Inc. Series I 9/13/19 $803,922 
The Honest Co., Inc. Series E 9/28/17 $231,376 
Topgolf International, Inc. Series F 11/10/17 $127,005 
UiPath, Inc. Series A1 6/14/19 $391,117 
UiPath, Inc. Series B1 6/14/19 $19,479 
UiPath, Inc. Series B2 6/14/19 $97,041 

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 $369,830 
Fidelity Securities Lending Cash Central Fund 554,960 
Total $924,790 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $480,073,343 $465,341,838 $14,731,505 $-- 
Consumer Discretionary 618,790,648 610,671,489 5,237,206 2,881,953 
Consumer Staples 51,670,659 42,152,200 -- 9,518,459 
Energy 12,779,339 1,063,063 11,716,276 -- 
Financials 37,393,790 31,007,363 5,927,509 458,918 
Health Care 341,371,229 335,676,457 4,299,874 1,394,898 
Industrials 211,422,577 210,706,423 716,154 -- 
Information Technology 1,069,089,759 1,063,674,687 514,100 4,900,972 
Materials 3,725,396 3,725,396 -- -- 
Real Estate 5,440,159 3,211,560 -- 2,228,599 
Utilities 2,082,734 2,082,734 -- -- 
Money Market Funds 132,287,113 132,287,113 -- -- 
Total Investments in Securities: $2,966,126,746 $2,901,600,323 $43,142,624 $21,383,799 

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


Financial Statements

Statement of Assets and Liabilities

  January 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $82,900,891) — See accompanying schedule:
Unaffiliated issuers (cost $2,108,271,733) 		$2,833,839,633  
Fidelity Central Funds (cost $132,287,113) 132,287,113  
Total Investment in Securities (cost $2,240,558,846)  $2,966,126,746 
Cash  186,968 
Foreign currency held at value (cost $23)  23 
Receivable for investments sold  8,070,135 
Receivable for fund shares sold  3,928,393 
Dividends receivable  604,847 
Distributions receivable from Fidelity Central Funds  101,728 
Other receivables  34,647 
Total assets  2,979,053,487 
Liabilities   
Payable for investments purchased   
Regular delivery $9,730,689  
Delayed delivery 254,015  
Payable for fund shares redeemed 4,108,207  
Accrued management fee 1,080,322  
Other payables and accrued expenses 122,597  
Collateral on securities loaned 84,314,125  
Total liabilities  99,609,955 
Net Assets  $2,879,443,532 
Net Assets consist of:   
Paid in capital  $2,199,924,811 
Total accumulated earnings (loss)  679,518,721 
Net Assets  $2,879,443,532 
Net Asset Value, offering price and redemption price per share ($2,879,443,532 ÷ 185,139,809 shares)  $15.55 

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


Statement of Operations

  Six months ended January 31, 2020 (Unaudited) 
Investment Income   
Dividends  $7,749,631 
Income from Fidelity Central Funds (including $554,960 from security lending)  924,790 
Total income  8,674,421 
Expenses   
Management fee $5,578,176  
Independent trustees' fees and expenses 7,173  
Commitment fees 2,841  
Total expenses before reductions 5,588,190  
Expense reductions (44,680)  
Total expenses after reductions  5,543,510 
Net investment income (loss)  3,130,911 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 22,288,002  
Fidelity Central Funds 167  
Foreign currency transactions (6,407)  
Total net realized gain (loss)  22,281,762 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $122,623) 315,696,821  
Assets and liabilities in foreign currencies 2,236  
Total change in net unrealized appreciation (depreciation)  315,699,057 
Net gain (loss)  337,980,819 
Net increase (decrease) in net assets resulting from operations  $341,111,730 

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


Statement of Changes in Net Assets

 Six months ended January 31, 2020 (Unaudited) Year ended July 31, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $3,130,911 $6,471,231 
Net realized gain (loss) 22,281,762 (52,938,435) 
Change in net unrealized appreciation (depreciation) 315,699,057 203,296,824 
Net increase (decrease) in net assets resulting from operations 341,111,730 156,829,620 
Distributions to shareholders (7,277,415) (7,070,490) 
Share transactions   
Proceeds from sales of shares 485,529,325 912,565,199 
Reinvestment of distributions 7,277,415 7,070,490 
Cost of shares redeemed (237,434,239) (459,202,456) 
Net increase (decrease) in net assets resulting from share transactions 255,372,501 460,433,233 
Total increase (decrease) in net assets 589,206,816 610,192,363 
Net Assets   
Beginning of period 2,290,236,716 1,680,044,353 
End of period $2,879,443,532 $2,290,236,716 
Other Information   
Shares   
Sold 34,067,679 72,428,803 
Issued in reinvestment of distributions 517,651 568,533 
Redeemed (16,795,163) (37,024,976) 
Net increase (decrease) 17,790,167 35,972,360 

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


Financial Highlights

Fidelity Blue Chip Growth K6 Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,   
 2020 2019 2018 2017 A 
Selected Per–Share Data     
Net asset value, beginning of period $13.69 $12.79 $10.32 $10.00 
Income from Investment Operations     
Net investment income (loss)B .02 .04 .05C –D 
Net realized and unrealized gain (loss) 1.88 .91 2.44 .32 
Total from investment operations 1.90 .95 2.49 .32 
Distributions from net investment income (.04) (.05) (.01) – 
Distributions from net realized gain –D – –D – 
Total distributions (.04) (.05) (.02)E – 
Net asset value, end of period $15.55 $13.69 $12.79 $10.32 
Total ReturnF,G 13.93% 7.48% 24.10% 3.20% 
Ratios to Average Net AssetsH,I     
Expenses before reductions .45%J .45% .45% .45%J 
Expenses net of fee waivers, if any .45%J .45% .45% .45%J 
Expenses net of all reductions .45%J .45% .45% .45%J 
Net investment income (loss) .25%J .34% .45%C (.24)%J 
Supplemental Data     
Net assets, end of period (000 omitted) $2,879,444 $2,290,237 $1,680,044 $180,223 
Portfolio turnover rateK 37%J,L 51%L 40%L 3%L,M 

 A For the period May 25, 2017 (commencement of operations) to July 31, 2017.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .29%.

 D Amount represents less than $.005 per share.

 E Total distributions of $.02 per share is comprised of distributions from net investment income of $.013 and distributions from net realized gain of $.002 per share.

 F Total returns for periods of less than one year are not annualized.

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

 H Fees and expenses of any underlying 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.

 I 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. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. 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.

 J Annualized

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

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

 M Amount not annualized.

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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2020

1. Organization.

Fidelity Blue Chip Growth K6 Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

Effective January 1, 2020:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .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 Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • 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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2020 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. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $756,026,239 
Gross unrealized depreciation (37,286,170) 
Net unrealized appreciation (depreciation) $718,740,069 
Tax cost $2,247,386,677 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(53,083,216) 
Long-term (5,670,745) 
Total capital loss carryforward $(58,753,961) 

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. 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.

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $407,679 in this Subsidiary, representing .01% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $621,046,689 and $450,358,323, respectively.

Unaffiliated Exchanges In-Kind. During the period, the Fund received investments and cash valued at $61,760,524 in exchange for 4,643,747 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

Prior Fiscal Year Unaffiliated Exchanges In-Kind. During the prior period, the Fund received investments and cash valued at $393,959,653 in exchange for 30,892,923 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .45% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity Blue Chip Growth K6 Fund $12,904 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $13,472.

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 $2,841 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, 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. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $58,223. 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, and includes $85,144 from securities loaned to NFS, as affiliated borrower.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $44,379 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $301.

9. 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.

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 (August 1, 2019 to January 31, 2020).

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. 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. 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.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2019 		Ending
Account Value
January 31, 2020 		Expenses Paid
During Period-B
August 1, 2019
to January 31, 2020 
Actual .45% $1,000.00 $1,139.30 $2.42 
Hypothetical-C  $1,000.00 $1,022.87 $2.29 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Blue Chip Growth K6 Fund

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

Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.

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

At its January 2020 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

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

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

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

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

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

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

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

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

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

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

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net total return information for the fund and an appropriate benchmark index and peer group for the most recent one-year period ended June 30, 2019, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Blue Chip Growth K6 Fund


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

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

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

Fidelity Blue Chip Growth K6 Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2019.

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

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

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

Total Expense Ratio.  In its review of the fund's total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of the fund compared to competitive fund median expenses. The fund is compared to those funds 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 the competitive median for the 12-month period ended June 30, 2019.

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

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

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

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

PricewaterhouseCoopers LLP (PwC), 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 the fund profitability information 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 potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and met periodically, to evaluate potential fall-out benefits (PFOB Committee). The Board noted that the PFOB Committee, among other things: (i) discussed the legal framework surrounding potential fall-out benefits; (ii) reviewed the Board's responsibilities and approach to potential fall-out benefits; and (iii) reviewed practices employed by competitor funds regarding the review of potential fall-out benefits.

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

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

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

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of performance fees for additional funds; (iii) changes in Fidelity's non-fund businesses and the impact of such changes on the funds; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (vi) the expense structures for different funds and classes; (vii) information regarding other accounts managed by Fidelity, including collective investment trusts and separately managed accounts; and (viii) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

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





Fidelity Investments

BCFK6-SANN-0320
1.9884006.102

Fidelity® Blue Chip Growth Fund



Semi-Annual Report

January 31, 2020

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020

 % of fund's net assets 
Apple, Inc. 7.6 
Alphabet, Inc. Class A 7.4 
Amazon.com, Inc. 7.0 
Microsoft Corp. 6.0 
Facebook, Inc. Class A 4.0 
Salesforce.com, Inc. 2.9 
Visa, Inc. Class A 2.6 
NVIDIA Corp. 2.4 
Marvell Technology Group Ltd. 2.1 
MasterCard, Inc. Class A 1.9 
 43.9 

Top Five Market Sectors as of January 31, 2020

 % of fund's net assets 
Information Technology 37.8 
Consumer Discretionary 21.9 
Communication Services 16.2 
Health Care 11.9 
Industrials 7.3 

Asset Allocation (% of fund's net assets)

As of January 31, 2020* 
   Stocks 97.6% 
   Convertible Securities 2.4% 


 * Foreign investments - 9.7%

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.6%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 16.2%   
Entertainment - 3.5%   
Activision Blizzard, Inc. 3,913,538 $228,864 
Bilibili, Inc. ADR (a) 278,100 5,993 
Netflix, Inc. (a) 1,289,575 445,019 
Roku, Inc. Class A (a)(b) 408,329 49,387 
Sea Ltd. ADR (a)(b) 3,982,208 180,155 
Take-Two Interactive Software, Inc. (a) 228,457 28,475 
The Walt Disney Co. 749,401 103,650 
WME Entertainment Parent, LLC Class A (a)(c)(d)(e) 9,962,399 29,588 
  1,071,131 
Interactive Media & Services - 12.5%   
Alphabet, Inc.:   
Class A (a) 1,563,418 2,240,034 
Class C (a) 59,215 84,928 
CarGurus, Inc. Class A (a) 336,151 11,984 
Facebook, Inc. Class A (a) 6,085,361 1,228,695 
Match Group, Inc. (a)(b) 734,561 57,457 
Snap, Inc. Class A (a) 530,600 9,752 
Tencent Holdings Ltd. 3,167,700 151,068 
  3,783,918 
Wireless Telecommunication Services - 0.2%   
T-Mobile U.S., Inc. (a) 736,274 58,306 
TOTAL COMMUNICATION SERVICES  4,913,355 
CONSUMER DISCRETIONARY - 21.6%   
Automobiles - 1.8%   
Ferrari NV 34,659 5,851 
Tesla, Inc. (a)(b) 829,681 539,766 
  545,617 
Diversified Consumer Services - 0.1%   
Afya Ltd. 451,499 13,482 
GSX Techedu, Inc. ADR (a) 192,000 6,276 
New Oriental Education & Technology Group, Inc. sponsored ADR (a) 119,300 14,501 
  34,259 
Hotels, Restaurants & Leisure - 2.3%   
Aristocrat Leisure Ltd. 247,115 5,893 
Chipotle Mexican Grill, Inc. (a) 73,479 63,689 
Churchill Downs, Inc. 115,578 16,687 
Eldorado Resorts, Inc. (a) 1,237,900 74,002 
Kambi Group PLC (a) 455,910 6,166 
Las Vegas Sands Corp. 96,600 6,309 
Melco Crown Entertainment Ltd. sponsored ADR 304,100 6,134 
MGM Mirage, Inc. 613,092 19,043 
Penn National Gaming, Inc. (a) 2,041,209 60,889 
Planet Fitness, Inc. (a) 899,997 72,711 
Royal Caribbean Cruises Ltd. 295,892 34,643 
Shake Shack, Inc. Class A (a)(b) 351,085 23,681 
Starbucks Corp. 2,281,700 193,557 
Vail Resorts, Inc. 129,015 30,255 
Wynn Resorts Ltd. 592,083 74,697 
Yum China Holdings, Inc. 216,400 9,320 
  697,676 
Household Durables - 0.0%   
Sony Corp. sponsored ADR 217,100 15,236 
Internet & Direct Marketing Retail - 9.6%   
Alibaba Group Holding Ltd. sponsored ADR (a) 1,211,882 250,363 
Amazon.com, Inc. (a) 1,056,657 2,122,528 
Delivery Hero AG (a)(f) 101,065 7,803 
MakeMyTrip Ltd. (a) 253,300 5,826 
MercadoLibre, Inc. (a) 131,087 86,911 
Ocado Group PLC (a) 561,714 9,075 
Pinduoduo, Inc. ADR (a) 2,694,114 94,887 
The Booking Holdings, Inc. (a) 126,566 231,685 
The Honest Co., Inc. (a)(d)(e) 150,143 2,049 
The RealReal, Inc. (b) 3,622,947 52,424 
Wayfair LLC Class A (a) 605,781 56,762 
  2,920,313 
Leisure Products - 0.2%   
Mattel, Inc. (a)(b) 1,905,200 27,873 
Peloton Interactive, Inc. 1,341,716 41,247 
  69,120 
Multiline Retail - 0.9%   
Dollar General Corp. 185,138 28,402 
Dollar Tree, Inc. (a) 2,193,834 191,017 
Ollie's Bargain Outlet Holdings, Inc. (a)(b) 145,347 7,709 
Target Corp. 297,000 32,890 
  260,018 
Specialty Retail - 3.4%   
American Eagle Outfitters, Inc. (b) 1,614,927 23,255 
Best Buy Co., Inc. 293,800 24,882 
Burlington Stores, Inc. (a) 357,315 77,705 
Carvana Co. Class A (a)(b) 1,063,854 84,310 
Dick's Sporting Goods, Inc. 317,700 14,052 
Five Below, Inc. (a) 313,803 35,529 
Floor & Decor Holdings, Inc. Class A (a) 1,321,981 65,187 
L Brands, Inc. 572,800 13,266 
Lowe's Companies, Inc. 2,766,053 321,526 
RH (a)(b) 628,902 131,283 
The Home Depot, Inc. 1,089,039 248,410 
Urban Outfitters, Inc. (a) 422,500 10,816 
  1,050,221 
Textiles, Apparel & Luxury Goods - 3.3%   
adidas AG 282,909 89,673 
Allbirds, Inc. (a)(d)(e) 181,080 2,059 
Anta Sports Products Ltd. 945,000 8,227 
Aritzia LP (a) 516,900 9,776 
Burberry Group PLC 719,351 18,552 
Capri Holdings Ltd. (a) 273,333 8,189 
Crocs, Inc. (a) 1,026,941 38,931 
Deckers Outdoor Corp. (a) 165,742 31,642 
lululemon athletica, Inc. (a) 1,484,090 355,276 
LVMH Moet Hennessy Louis Vuitton SE 96,037 41,821 
Moncler SpA 862,163 37,291 
NIKE, Inc. Class B 2,867,858 276,175 
PVH Corp. 688,531 60,019 
Tory Burch LLC (a)(c)(d)(e) 293,611 15,268 
  992,899 
TOTAL CONSUMER DISCRETIONARY  6,585,359 
CONSUMER STAPLES - 1.4%   
Food & Staples Retailing - 0.4%   
BJ's Wholesale Club Holdings, Inc. (a) 1,456,715 29,892 
Costco Wholesale Corp. 244,138 74,589 
Kroger Co. 631,200 16,954 
  121,435 
Household Products - 0.1%   
Energizer Holdings, Inc. 338,504 15,659 
Personal Products - 0.2%   
Estee Lauder Companies, Inc. Class A 192,883 37,643 
Herbalife Nutrition Ltd. (a) 729,200 28,329 
  65,972 
Tobacco - 0.7%   
Altria Group, Inc. 4,575,918 217,493 
JUUL Labs, Inc.:   
Class A (a)(d)(e) 21,148 2,555 
Class B (a)(d)(e) 6,625 800 
  220,848 
TOTAL CONSUMER STAPLES  423,914 
ENERGY - 0.5%   
Oil, Gas & Consumable Fuels - 0.5%   
Hess Corp. 181,029 10,241 
Reliance Industries Ltd. 6,374,938 125,395 
  135,636 
FINANCIALS - 1.2%   
Banks - 0.5%   
Bank of America Corp. 2,200,390 72,239 
Citigroup, Inc. 780,600 58,084 
Kotak Mahindra Bank Ltd. 900,886 21,255 
  151,578 
Capital Markets - 0.3%   
Goldman Sachs Group, Inc. 63,600 15,121 
HDFC Asset Management Co. Ltd. (f) 1,726 76 
London Stock Exchange Group PLC 163,742 16,921 
Moody's Corp. 76,806 19,723 
MSCI, Inc. 144,987 41,437 
XP, Inc. Class A (a) 196,200 7,875 
  101,153 
Consumer Finance - 0.1%   
Capital One Financial Corp. 114,600 11,437 
Oportun Financial Corp. 322,920 6,455 
  17,892 
Insurance - 0.2%   
eHealth, Inc. (a) 679,778 71,485 
Thrifts & Mortgage Finance - 0.1%   
Housing Development Finance Corp. Ltd. 697,722 23,515 
LendingTree, Inc. (a) 10,100 3,143 
  26,658 
TOTAL FINANCIALS  368,766 
HEALTH CARE - 11.8%   
Biotechnology - 3.8%   
AbbVie, Inc. 1,429,358 115,807 
ACADIA Pharmaceuticals, Inc. (a) 250,911 10,021 
Acceleron Pharma, Inc. (a) 387,438 35,172 
Agios Pharmaceuticals, Inc. (a) 370,435 18,051 
Aimmune Therapeutics, Inc. (a)(b) 640,637 19,892 
Alexion Pharmaceuticals, Inc. (a) 1,223,062 121,560 
Allakos, Inc. (a)(b) 78,829 5,691 
Alnylam Pharmaceuticals, Inc. (a) 795,750 91,344 
Arcutis Biotherapeutics, Inc. (a) 374,300 8,160 
Argenx SE ADR (a) 66,816 9,641 
Ascendis Pharma A/S sponsored ADR (a) 394,759 53,332 
Aurinia Pharmaceuticals, Inc. (a) 539,400 9,871 
BeiGene Ltd. (a) 578,000 6,732 
BeiGene Ltd. ADR (a) 134,426 20,481 
BioNTech SE ADR (a) 262,282 7,661 
Black Diamond Therapeutics, Inc. (a) 164,000 6,150 
bluebird bio, Inc. (a) 308,787 24,607 
Bridgebio Pharma, Inc. 157,585 5,435 
Cibus Corp.:   
Series C (a)(c)(d)(e) 3,045,600 5,093 
Series D (a)(c)(d)(e) 1,716,640 2,146 
Coherus BioSciences, Inc. (a) 562,153 10,141 
Crinetics Pharmaceuticals, Inc. (a) 320,794 6,891 
CytomX Therapeutics, Inc. (a)(f) 378,621 2,809 
FibroGen, Inc. (a) 429,312 17,967 
Global Blood Therapeutics, Inc. (a) 673,713 43,967 
Intercept Pharmaceuticals, Inc. (a) 316,874 29,282 
Ionis Pharmaceuticals, Inc. (a) 152,754 8,909 
Karuna Therapeutics, Inc. (a) 185,300 17,587 
Mirati Therapeutics, Inc. (a) 57,600 5,001 
Morphic Holding, Inc. 182,958 3,677 
Neurocrine Biosciences, Inc. (a) 528,157 52,858 
Principia Biopharma, Inc. (a) 188,260 9,912 
Regeneron Pharmaceuticals, Inc. (a) 160,100 54,104 
Sage Therapeutics, Inc. (a) 558,590 37,023 
Sarepta Therapeutics, Inc. (a) 524,806 60,857 
Seattle Genetics, Inc. (a) 89,700 9,723 
Turning Point Therapeutics, Inc. 539,516 31,562 
Vertex Pharmaceuticals, Inc. (a) 643,890 146,195 
Xencor, Inc. (a) 403,305 13,688 
Zai Lab Ltd. ADR (a) 501,698 25,582 
  1,164,582 
Health Care Equipment & Supplies - 3.2%   
Axonics Modulation Technologies, Inc. (a)(b) 393,389 11,420 
Becton, Dickinson & Co. 107,318 29,532 
Boston Scientific Corp. (a) 7,439,077 311,474 
Danaher Corp. 428,780 68,978 
DexCom, Inc. (a) 387,413 93,270 
Edwards Lifesciences Corp. (a) 105,500 23,195 
Hoya Corp. 32,200 3,082 
Insulet Corp. (a) 310,191 60,189 
Intuitive Surgical, Inc. (a) 504,269 282,280 
Novocure Ltd. (a) 257,994 21,016 
Shockwave Medical, Inc. (a) 794,845 34,512 
Tandem Diabetes Care, Inc. (a) 553,598 42,096 
  981,044 
Health Care Providers & Services - 2.2%   
1Life Healthcare, Inc. (a) 229,200 5,058 
Centene Corp. (a) 279,400 17,549 
Cigna Corp. 186,900 35,956 
Guardant Health, Inc. (a)(b) 333,527 25,361 
Humana, Inc. 266,539 89,621 
Notre Dame Intermedica Participacoes SA 989,000 16,214 
UnitedHealth Group, Inc. 1,800,033 490,419 
  680,178 
Life Sciences Tools & Services - 0.6%   
10X Genomics, Inc. (a) 229,289 20,955 
Adaptive Biotechnologies Corp. (b) 104,856 3,136 
IQVIA Holdings, Inc. (a) 123,172 19,122 
Thermo Fisher Scientific, Inc. 413,031 129,357 
  172,570 
Pharmaceuticals - 2.0%   
AstraZeneca PLC sponsored ADR 2,553,169 124,339 
Axsome Therapeutics, Inc. (a)(b) 65,000 5,643 
Bristol-Myers Squibb Co. 2,728,795 171,778 
Chiasma, Inc. warrants 12/16/24 (a) 55,391 62 
Eli Lilly & Co. 220,800 30,833 
Hansoh Pharmaceutical Group Co. Ltd. (f) 3,122,000 11,053 
Horizon Pharma PLC (a) 510,556 17,609 
Intra-Cellular Therapies, Inc. (a) 452,500 10,267 
MyoKardia, Inc. (a) 95,612 6,504 
Nektar Therapeutics (a) 864,157 17,188 
OptiNose, Inc. (a)(b) 897,186 7,025 
Roche Holding AG (participation certificate) 76,295 25,595 
Sanofi SA sponsored ADR 523,700 25,279 
Zoetis, Inc. Class A 987,611 132,547 
Zogenix, Inc. (a) 170,453 8,586 
  594,308 
TOTAL HEALTH CARE  3,592,682 
INDUSTRIALS - 7.2%   
Aerospace & Defense - 1.3%   
Airbus Group NV 20,600 3,025 
Lockheed Martin Corp. 403,854 172,898 
Northrop Grumman Corp. 150,667 56,435 
Space Exploration Technologies Corp.:   
Class A (a)(d)(e) 242,545 51,905 
Class C (a)(d)(e) 2,783 596 
The Boeing Co. 345,104 109,836 
  394,695 
Airlines - 0.3%   
Spirit Airlines, Inc. (a) 2,015,209 82,765 
United Continental Holdings, Inc. (a) 39,300 2,940 
  85,705 
Commercial Services & Supplies - 0.1%   
HomeServe PLC 1,467,078 24,836 
Electrical Equipment - 0.0%   
Generac Holdings, Inc. (a) 56,900 5,894 
Rockwell Automation, Inc. 42,600 8,165 
  14,059 
Industrial Conglomerates - 1.7%   
General Electric Co. 36,308,897 452,046 
Honeywell International, Inc. 394,961 68,415 
  520,461 
Machinery - 0.1%   
Fanuc Corp. 27,600 5,027 
Fortive Corp. 151,000 11,314 
Rational AG 14,536 10,954 
  27,295 
Professional Services - 0.1%   
Equifax, Inc. 255,020 38,227 
Road & Rail - 3.6%   
Knight-Swift Transportation Holdings, Inc. Class A 1,682,442 62,385 
Lyft, Inc. (b) 11,958,635 567,796 
Uber Technologies, Inc. 12,763,054 463,171 
  1,093,352 
TOTAL INDUSTRIALS  2,198,630 
INFORMATION TECHNOLOGY - 37.3%   
Electronic Equipment & Components - 0.3%   
CDW Corp. 22,700 2,961 
Flextronics International Ltd. (a) 1,625,800 21,379 
II-VI, Inc. (a)(b) 1,782,800 59,991 
  84,331 
IT Services - 7.0%   
Akamai Technologies, Inc. (a) 628,853 58,703 
Black Knight, Inc. (a) 481,134 32,197 
Endava PLC ADR (a) 283,845 13,105 
Fidelity National Information Services, Inc. 199,483 28,658 
Fiserv, Inc. (a) 129,353 15,343 
MasterCard, Inc. Class A 1,872,866 591,713 
MongoDB, Inc. Class A (a) 184,181 30,189 
Okta, Inc. (a) 370,969 47,503 
PagSeguro Digital Ltd. (a) 170,100 5,527 
PayPal Holdings, Inc. (a) 2,336,837 266,142 
Riskified Ltd. (d)(e) 10,200 2,305 
Riskified Ltd. warrants (a)(d)(e) 3,105 0 
Shopify, Inc. Class A (a) 276,052 128,562 
Square, Inc. (a) 130,400 9,740 
Twilio, Inc. Class A (a)(b) 938,862 116,738 
Visa, Inc. Class A 3,936,107 783,167 
  2,129,592 
Semiconductors & Semiconductor Equipment - 9.6%   
Advanced Micro Devices, Inc. (a) 3,775,536 177,450 
Ambarella, Inc. (a) 153,500 9,078 
Applied Materials, Inc. 546,102 31,668 
ASML Holding NV 105,632 29,647 
Enphase Energy, Inc. (a)(b) 195,000 6,146 
Lam Research Corp. 705,353 210,343 
Marvell Technology Group Ltd. 26,880,415 646,205 
Micron Technology, Inc. (a) 5,330,103 282,975 
NVIDIA Corp. 3,080,589 728,344 
NXP Semiconductors NV 3,038,544 385,470 
Qualcomm, Inc. 3,831,576 326,872 
Skyworks Solutions, Inc. 229,900 26,013 
SolarEdge Technologies, Inc. (a) 219,100 21,441 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 379,869 20,490 
Universal Display Corp. 119,837 21,112 
  2,923,254 
Software - 12.5%   
Adobe, Inc. (a) 1,235,304 433,765 
Alteryx, Inc. Class A (a)(b) 25,900 3,612 
Anaplan, Inc. (a) 164,000 9,445 
Atom Tickets LLC (a)(c)(d)(e) 1,204,239 1,782 
Autodesk, Inc. (a) 15,400 3,031 
Ceridian HCM Holding, Inc. (a) 46,400 3,401 
Cloudflare, Inc. 1,160,525 19,691 
Coupa Software, Inc. (a) 160,764 25,907 
Elastic NV (a) 660,311 42,841 
Fair Isaac Corp. (a) 46,400 18,670 
HubSpot, Inc. (a) 219,991 39,805 
Lightspeed POS, Inc. (a) 1,281,986 41,654 
LivePerson, Inc. (a) 483,562 19,831 
Microsoft Corp. 10,719,185 1,824,727 
Nutanix, Inc. Class A (a) 91,324 2,965 
Paycom Software, Inc. (a) 243,794 77,565 
RingCentral, Inc. (a) 398,134 81,848 
Salesforce.com, Inc. (a) 4,806,637 876,298 
ServiceNow, Inc. (a) 263,425 89,098 
Tanium, Inc. Class B (a)(d)(e) 554,900 6,026 
The Trade Desk, Inc. (a)(b) 234,072 63,008 
Workday, Inc. Class A (a) 649,348 119,889 
  3,804,859 
Technology Hardware, Storage & Peripherals - 7.9%   
Apple, Inc. 7,527,427 2,329,828 
Pure Storage, Inc. Class A (a) 670,500 11,935 
Western Digital Corp. 1,294,949 84,819 
  2,426,582 
TOTAL INFORMATION TECHNOLOGY  11,368,618 
MATERIALS - 0.1%   
Chemicals - 0.1%   
Air Products & Chemicals, Inc. 12,900 3,079 
Livent Corp. (a) 331,100 3,116 
Olin Corp. 193,900 2,883 
The Chemours Co. LLC 2,194,913 30,443 
  39,521 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.1%   
Ant International Co. Ltd. Class C (a)(d)(e) 4,367,660 35,465 
Real Estate Management & Development - 0.1%   
Redfin Corp. (a)(b) 1,338,819 32,573 
TOTAL REAL ESTATE  68,038 
UTILITIES - 0.1%   
Electric Utilities - 0.1%   
NextEra Energy, Inc. 63,016 16,901 
ORSTED A/S (f) 34,428 3,761 
  20,662 
TOTAL COMMON STOCKS   
(Cost $14,705,913)  29,715,181 
Preferred Stocks - 2.4%   
Convertible Preferred Stocks - 2.4%   
CONSUMER DISCRETIONARY - 0.3%   
Hotels, Restaurants & Leisure - 0.2%   
MOD Super Fast Pizza Holdings LLC:   
Series 3 (a)(c)(d)(e) 68,723 10,093 
Series 4 (a)(c)(d)(e) 6,272 921 
Series 5 (a)(c)(d)(e) 25,187 3,699 
Neutron Holdings, Inc.:   
Series C (a)(d)(e) 50,654,200 12,284 
Series D (d)(e) 85,315,542 20,689 
Topgolf International, Inc. Series F (a)(d)(e) 415,730 6,136 
  53,822 
Internet & Direct Marketing Retail - 0.1%   
Reddit, Inc. Series B (a)(d)(e) 524,232 19,119 
The Honest Co., Inc.:   
Series C (a)(d)(e) 350,333 13,540 
Series D (a)(d)(e) 77,448 3,544 
Series E (a)(d)(e) 551,397 10,807 
  47,010 
Textiles, Apparel & Luxury Goods - 0.0%   
Allbirds, Inc.:   
Series A (a)(d)(e) 71,465 813 
Series B (a)(d)(e) 12,560 143 
Series C (a)(d)(e) 119,995 1,364 
Series Seed (a)(d)(e) 38,400 437 
  2,757 
TOTAL CONSUMER DISCRETIONARY  103,589 
CONSUMER STAPLES - 1.4%   
Food & Staples Retailing - 0.3%   
Blink Health LLC Series C (d)(e) 89,676 3,423 
Roofoods Ltd. Series F (a)(d)(e) 41,941 21,067 
Sweetgreen, Inc.:   
Series C (d)(e) 15,004 221 
Series D (d)(e) 241,354 3,560 
Series H (a)(d)(e) 3,242,523 47,827 
Series I (d)(e) 568,842 8,390 
  84,488 
Food Products - 0.1%   
Agbiome LLC Series C (a)(d)(e) 1,091,300 9,734 
Tobacco - 1.0%   
JUUL Labs, Inc.:   
Series C (a)(d)(e) 2,570,575 310,603 
Series D (a)(d)(e) 13,822 1,670 
Series E (a)(d)(e) 14,959 1,807 
  314,080 
TOTAL CONSUMER STAPLES  408,302 
FINANCIALS - 0.0%   
Diversified Financial Services - 0.0%   
Sonder Holdings, Inc. Series D (d)(e) 606,719 5,861 
HEALTH CARE - 0.1%   
Biotechnology - 0.1%   
23andMe, Inc. Series F (a)(d)(e) 800,982 11,198 
Generation Bio:   
Series B (a)(d)(e) 460,500 2,924 
Series C (d)(e) 475,900 2,661 
Immunocore Ltd. Series A (a)(d)(e) 11,275 1,432 
Nuvation Bio, Inc. Series A (d)(e)(g) 8,221,300 6,342 
  24,557 
Health Care Providers & Services - 0.0%   
Mulberry Health, Inc. Series A-8 (a)(d)(e) 2,728,716 14,571 
Pharmaceuticals - 0.0%   
Castle Creek Pharmaceutical Holdings, Inc. Series B (a)(d)(e) 3,301 1,360 
TOTAL HEALTH CARE  40,488 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp.:   
Series G (a)(d)(e) 97,277 20,817 
Series H (a)(d)(e) 25,767 5,514 
  26,331 
Professional Services - 0.0%   
YourPeople, Inc. Series C (a)(d)(e) 692,196 2,471 
TOTAL INDUSTRIALS  28,802 
INFORMATION TECHNOLOGY - 0.5%   
Internet Software & Services - 0.1%   
ContextLogic, Inc. Series G (a)(d)(e) 133,922 19,681 
Starry, Inc.:   
Series C (a)(d)(e) 5,833,836 8,342 
Series D (d)(e) 4,312,627 6,167 
  34,190 
IT Services - 0.0%   
AppNexus, Inc. Series E (Escrow) (a)(d)(e) 646,522 20 
Riskified Ltd. Series E (d)(e) 14,800 3,520 
  3,540 
Software - 0.4%   
ACV Auctions, Inc. Series E (d)(e) 866,184 4,790 
Bird Rides, Inc.:   
Series C (a)(d)(e) 2,114,013 27,308 
Series D (d)(e) 265,200 3,426 
Compass, Inc. Series E (a)(d)(e) 53,263 8,416 
Dataminr, Inc. Series D (a)(d)(e) 277,250 4,896 
Delphix Corp. Series D (a)(d)(e) 675,445 5,282 
Jet.Com, Inc. Series B1 (Escrow) (a)(d)(e) 2,928,086 0 
Malwarebytes Corp. Series B (a)(d)(e) 1,056,193 22,708 
Taboola.Com Ltd. Series E (a)(d)(e) 634,902 17,720 
UiPath, Inc.:   
Series A1 (d)(e) 128,283 5,294 
Series B1 (d)(e) 6,390 264 
Series B2 (d)(e) 31,827 1,314 
  101,418 
TOTAL INFORMATION TECHNOLOGY  139,148 
TOTAL CONVERTIBLE PREFERRED STOCKS  726,190 
Nonconvertible Preferred Stocks - 0.0%   
HEALTH CARE - 0.0%   
Pharmaceuticals - 0.0%   
Castle Creek Pharmaceutical Holdings, Inc. Series A4 (a)(d)(e) 29,758 12,256 
TOTAL PREFERRED STOCKS   
(Cost $352,715)  738,446 
Money Market Funds - 2.7%   
Fidelity Cash Central Fund 1.58% (h) 14,084,145 14,087 
Fidelity Securities Lending Cash Central Fund 1.59% (h)(i) 813,154,848 813,236 
TOTAL MONEY MARKET FUNDS   
(Cost $827,323)  827,323 
TOTAL INVESTMENT IN SECURITIES - 102.7%   
(Cost $15,885,951)  31,280,950 
NET OTHER ASSETS (LIABILITIES) - (2.7)%  (829,265) 
NET ASSETS - 100%  $30,451,685 

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

Legend

 (a) Non-income producing

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

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

 (d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $896,083,000 or 2.9% of net assets.

 (e) Level 3 security

 (f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $25,502,000 or 0.1% of net assets.

 (g) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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

 (i) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
23andMe, Inc. Series F 8/31/17 $11,121 
ACV Auctions, Inc. Series E 11/6/19 $4,790 
Agbiome LLC Series C 6/29/18 $6,912 
Allbirds, Inc. 10/9/18 $1,986 
Allbirds, Inc. Series A 10/9/18 $784 
Allbirds, Inc. Series B 10/9/18 $138 
Allbirds, Inc. Series C 10/9/18 $1,316 
Allbirds, Inc. Series Seed 10/9/18 $421 
Ant International Co. Ltd. Class C 5/16/18 $24,503 
AppNexus, Inc. Series E (Escrow) 8/1/14 $-- 
Atom Tickets LLC 8/15/17 $7,000 
Bird Rides, Inc. Series C 12/21/18 $24,830 
Bird Rides, Inc. Series D 9/30/19 $3,426 
Blink Health LLC Series C 11/7/19 $3,423 
Castle Creek Pharmaceutical Holdings, Inc. Series A4 9/29/16 $9,831 
Castle Creek Pharmaceutical Holdings, Inc. Series B 10/9/18 $1,360 
Cibus Corp. Series C 2/16/18 $6,396 
Cibus Corp. Series D 5/10/19 2,146 
Compass, Inc. Series E 11/3/17 $3,594 
ContextLogic, Inc. Series G 10/24/17 $18,017 
Dataminr, Inc. Series D 3/6/15 $3,535 
Delphix Corp. Series D 7/10/15 $6,079 
Generation Bio Series B 2/21/18 $4,212 
Generation Bio Series C 1/9/20 $2,661 
Immunocore Ltd. Series A 7/27/15 $2,122 
Jet.Com, Inc. Series B1 (Escrow) 3/19/18 $-- 
JUUL Labs, Inc. Class A 12/20/17-7/6/18 $453 
JUUL Labs, Inc. Class B 11/21/17 $-- 
JUUL Labs, Inc. Series C 5/22/15 - 7/6/18 $-- 
JUUL Labs, Inc. Series D 6/25/18 - 7/6/18 $-- 
JUUL Labs, Inc. Series E 12/20/17-7/6/18 $321 
Malwarebytes Corp. Series B 12/21/15 $10,958 
MOD Super Fast Pizza Holdings LLC Series 3 11/3/16 $9,415 
MOD Super Fast Pizza Holdings LLC Series 4 12/14/17 878 
MOD Super Fast Pizza Holdings LLC Series 5 5/15/19 3,590 
Mulberry Health, Inc. Series A-8 1/20/16 $18,432 
Neutron Holdings, Inc. Series C 7/3/18 $9,262 
Neutron Holdings, Inc. Series D 1/25/19 $20,689 
Nuvation Bio, Inc. Series A 6/17/19 $6,342 
Reddit, Inc. Series B 7/26/17 $7,442 
Riskified Ltd. 12/20/19 $2,305 
Riskified Ltd. Series E 10/28/19 $3,520 
Riskified Ltd. warrants 10/28/19 $-- 
Roofoods Ltd. Series F 9/12/17 $14,829 
Sonder Holdings, Inc. Series D 5/21/19 $6,368 
Space Exploration Technologies Corp. Class A 10/16/15 - 9/11/17 $23,515 
Space Exploration Technologies Corp. Class C 9/11/17 $376 
Space Exploration Technologies Corp. Series G 1/20/15 $7,535 
Space Exploration Technologies Corp. Series H 8/4/17 $3,479 
Starry, Inc. Series C 12/8/17 $5,379 
Starry, Inc. Series D 3/6/19 $6,167 
Sweetgreen, Inc. Series C 9/13/19 $257 
Sweetgreen, Inc. Series D 9/13/19 $4,127 
Sweetgreen, Inc. Series H 11/9/18 $42,282 
Sweetgreen, Inc. Series I 9/13/19 $9,727 
Taboola.Com Ltd. Series E 12/22/14 $6,619 
Tanium, Inc. Class B 4/21/17 $2,755 
The Honest Co., Inc. 8/21/14 $4,062 
The Honest Co., Inc. Series C 8/21/14 $9,479 
The Honest Co., Inc. Series D 8/3/15 $3,544 
The Honest Co., Inc. Series E 9/28/17 $10,810 
Topgolf International, Inc. Series F 11/10/17 $5,751 
Tory Burch LLC 5/14/15 $20,890 
UiPath, Inc. Series A1 6/14/19 $5,048 
UiPath, Inc. Series B1 6/14/19 $251 
UiPath, Inc. Series B2 6/14/19 $1,252 
WME Entertainment Parent, LLC Class A 4/13/16 - 8/16/16 $19,025 
YourPeople, Inc. Series C 5/1/15 $10,314 

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 $67 
Fidelity Securities Lending Cash Central Fund 6,257 
Total $6,324 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $4,913,355 $4,732,699 $151,068 $29,588 
Consumer Discretionary 6,688,948 6,468,795 97,188 122,965 
Consumer Staples 832,216 420,559 -- 411,657 
Energy 135,636 10,241 125,395 -- 
Financials 374,627 300,544 68,222 5,861 
Health Care 3,645,426 3,538,919 46,524 59,983 
Industrials 2,227,432 2,138,077 8,052 81,303 
Information Technology 11,507,766 11,338,814 19,691 149,261 
Materials 39,521 39,521 -- -- 
Real Estate 68,038 32,573 -- 35,465 
Utilities 20,662 20,662 -- -- 
Money Market Funds 827,323 827,323 -- -- 
Total Investments in Securities: $31,280,950 $29,868,727 $516,140 $896,083 

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

(Amounts in thousands)  
Investments in Securities:  
Equities - Consumer Staples  
Beginning Balance $833,380 
Net Realized Gain (Loss) on Investment Securities 11,992 
Net Unrealized Gain (Loss) on Investment Securities (439,257) 
Cost of Purchases 17,534 
Proceeds of Sales (11,992) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $411,657 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2020 $(439,257) 
Other Investments in Securities  
Beginning Balance $534,410 
Net Realized Gain (Loss) on Investment Securities 42 
Net Unrealized Gain (Loss) on Investment Securities (2,116) 
Cost of Purchases 23,190 
Proceeds of Sales (7,575) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (63,525) 
Ending Balance $484,426 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2020 $(2,116) 

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  January 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $790,723) — See accompanying schedule:
Unaffiliated issuers (cost $15,058,628) 		$30,453,627  
Fidelity Central Funds (cost $827,323) 827,323  
Total Investment in Securities (cost $15,885,951)  $31,280,950 
Restricted cash  401 
Receivable for investments sold  87,021 
Receivable for fund shares sold  36,777 
Dividends receivable  7,162 
Distributions receivable from Fidelity Central Funds  550 
Prepaid expenses  31 
Other receivables  2,016 
Total assets  31,414,908 
Liabilities   
Payable for investments purchased   
Regular delivery $99,436  
Delayed delivery 3,171  
Payable for fund shares redeemed 26,119  
Accrued management fee 17,040  
Other affiliated payables 2,958  
Other payables and accrued expenses 1,296  
Collateral on securities loaned 813,203  
Total liabilities  963,223 
Net Assets  $30,451,685 
Net Assets consist of:   
Paid in capital  $14,409,562 
Total accumulated earnings (loss)  16,042,123 
Net Assets  $30,451,685 
Net Asset Value and Maximum Offering Price   
Blue Chip Growth:   
Net Asset Value, offering price and redemption price per share ($24,845,124 ÷ 223,519 shares)  $111.15 
Class K:   
Net Asset Value, offering price and redemption price per share ($5,606,561 ÷ 50,323 shares)  $111.41 

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


Statement of Operations

Amounts in thousands  Six months ended January 31, 2020 (Unaudited) 
Investment Income   
Dividends  $87,776 
Income from Fidelity Central Funds (including $6,257 from security lending)  6,325 
Total income  94,101 
Expenses   
Management fee   
Basic fee $75,340  
Performance adjustment 11,655  
Transfer agent fees 16,703  
Accounting fees 981  
Custodian fees and expenses 192  
Independent trustees' fees and expenses 86  
Registration fees 156  
Audit 61  
Legal 44  
Interest 95  
Miscellaneous 75  
Total expenses before reductions 105,388  
Expense reductions (608)  
Total expenses after reductions  104,780 
Net investment income (loss)  (10,679) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 738,521  
Redemptions in-kind with affiliated entities 135,027  
Fidelity Central Funds 2  
Foreign currency transactions (1)  
Total net realized gain (loss)  873,549 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 2,433,966  
Assets and liabilities in foreign currencies 31  
Total change in net unrealized appreciation (depreciation)  2,433,997 
Net gain (loss)  3,307,546 
Net increase (decrease) in net assets resulting from operations  $3,296,867 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended January 31, 2020 (Unaudited) Year ended July 31, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(10,679) $(5,839) 
Net realized gain (loss) 873,549 1,736,350 
Change in net unrealized appreciation (depreciation) 2,433,997 509,431 
Net increase (decrease) in net assets resulting from operations 3,296,867 2,239,942 
Distributions to shareholders (1,088,560) (1,427,021) 
Share transactions - net increase (decrease) (95,515) 1,142,357 
Total increase (decrease) in net assets 2,112,792 1,955,278 
Net Assets   
Beginning of period 28,338,893 26,383,615 
End of period $30,451,685 $28,338,893 

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


Financial Highlights

Fidelity Blue Chip Growth Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $103.05 $99.75 $83.20 $69.52 $75.25 $66.72 
Income from Investment Operations       
Net investment income (loss)A (.05) (.04) .11B .11 .09 .05 
Net realized and unrealized gain (loss) 12.14 8.65 20.20 16.30 (2.16) 12.56 
Total from investment operations 12.09 8.61 20.31 16.41 (2.07) 12.61 
Distributions from net investment income – (.11) (.08) (.15) (.03) (.09) 
Distributions from net realized gain (3.99) (5.20) (3.68) (2.58) (3.63) (3.99) 
Total distributions (3.99) (5.31) (3.76) (2.73) (3.66) (4.08) 
Net asset value, end of period $111.15 $103.05 $99.75 $83.20 $69.52 $75.25 
Total ReturnC,D 12.22% 9.09% 25.21% 24.48% (2.59)% 19.72% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .76%G .80% .72% .70% .82% .89% 
Expenses net of fee waivers, if any .76%G .80% .72% .70% .82% .89% 
Expenses net of all reductions .76%G .80% .72% .69% .82% .88% 
Net investment income (loss) (.09)%G (.04)% .12%B .15% .13% .07% 
Supplemental Data       
Net assets, end of period (in millions) $24,845 $23,023 $20,714 $16,993 $14,230 $15,346 
Portfolio turnover rateH 34%G,I 45%I 41%I 43%I 50%I 51%I 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .02%.

 C Total returns for periods of less than one year are not annualized.

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

 E Fees and expenses of any underlying 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.

 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 Annualized

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

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

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


Fidelity Blue Chip Growth Fund Class K

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $103.24 $99.92 $83.34 $69.67 $75.36 $66.82 
Income from Investment Operations       
Net investment income (loss)A –B .05 .20C .19 .16 .13 
Net realized and unrealized gain (loss) 12.16 8.66 20.22 16.32 (2.15) 12.57 
Total from investment operations 12.16 8.71 20.42 16.51 (1.99) 12.70 
Distributions from net investment income – (.19) (.16) (.27) (.07) (.17) 
Distributions from net realized gain (3.99) (5.20) (3.68) (2.58) (3.63) (3.99) 
Total distributions (3.99) (5.39) (3.84) (2.84)D (3.70) (4.16) 
Net asset value, end of period $111.41 $103.24 $99.92 $83.34 $69.67 $75.36 
Total ReturnE,F 12.27% 9.20% 25.33% 24.63% (2.47)% 19.84% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .67%I .70% .62% .59% .70% .78% 
Expenses net of fee waivers, if any .67%I .70% .62% .59% .70% .77% 
Expenses net of all reductions .67%I .70% .62% .58% .70% .77% 
Net investment income (loss) - %I,J .05% .22%C .26% .25% .19% 
Supplemental Data       
Net assets, end of period (in millions) $5,607 $5,316 $5,669 $5,665 $5,158 $5,898 
Portfolio turnover rateK 34%I,L 45%L 41%L 43%L 50%L 51%L 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Net investment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .12%.

 D Total distributions of $2.84 per share is comprised of distributions from net investment income of $.267 and distributions from net realized gain of $2.576 per share.

 E Total returns for periods of less than one year are not annualized.

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

 G Fees and expenses of any underlying 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.

 H 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.

 I Annualized

 J Amount represents less than .005%.

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

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

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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2020
(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. Each class has exclusive voting rights with respect to matters that affect that class.

Effective January 1, 2020:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".

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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .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 Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • 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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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

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

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $896,083 Market comparable Enterprise value/Sales multiple (EV/S)
 		1.2 - 19.1 / 6.4
 		Increase 
   Transaction price
 		$0.77 - $411.85 / $217.94
 		Increase
 
   Discount rate
 		6.0% - 75.0% / 16.5%
 		Decrease 
   Liquidity preference $14.90 - $45.76 / $30.77
 		Increase 
   Enterprise value/EBITDA multiple (EV/EBTIDA)
 		13.0
 		Increase 
   Premium rate
 		$6.9% - 172.9% / 78.9%
 		Increase 
   Discount for lack of marketability
 		10.0% - 25.0% / 10.9%
 		Decrease 
   Proxy discount 22.7%
 		Decrease 
  Market approach
 		Transaction price
 		$0.00 - $237.86 / $77.72
 		Increase 
   Tender price
 		$52.00
 		Increase 
  Recovery value
 		Recovery value
 		0.0%
 		Increase 

 (a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2020, as well as a roll forward of Level 3 investments, 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 include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of 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) for the Fund, certain independent Trustees have elected 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 of $1,033 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, partnerships, deferred trustees compensation and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $15,723,475 
Gross unrealized depreciation (378,576) 
Net unrealized appreciation (depreciation) $15,344,899 
Tax cost $15,936,051 

The Fund elected to defer to its next fiscal year approximately $10,615 of ordinary losses recognized during the period January 1, 2019 to July 31, 2019.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. 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.

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $68,991 in these Subsidiaries, representing .23% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiaries is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $4,864,813 and $5,755,308, respectively.

Unaffiliated Redemptions In-Kind. During the period, 633 shares of the Fund were redeemed in-kind for investments and cash with a value of $61,761. The net realized gain of $32,070 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

Prior Fiscal Year Unaffiliated Redemptions In-Kind. During the prior period, 5,962 shares of the Fund were redeemed in-kind for investments and cash with a value of $553,702. The Fund had a net realized gain of $337,523 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of 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 annualized 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 LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for each class of the Fund. FIIOC receives account fees and asset-based fees that vary according to the account size and type of account of the shareholders of Blue Chip Growth, except for Class K. FIIOC receives an asset-based fee of Class K's average net assets. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements.

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

 Amount % of Class-Level Average Net Assets(a) 
Blue Chip Growth $15,542 .14 
Class K 1,161 .04 
 $16,703  

 (a) Annualized

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

 % of Average Net Assets 
Fidelity Blue Chip Growth Fund .01 

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity Blue Chip Growth Fund $140 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity Blue Chip Growth Fund Borrower $15,780 2.15% $85 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Affiliated Redemptions In-Kind. During the period, 2,673 shares of the Fund were redeemed in-kind for investments and cash with a value of $256,703. The net realized gain of $135,027 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. 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 $188.

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 $33 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, 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 NFS, as affiliated borrower, at period end was $1,656. Total fees paid by the Fund to NFS, as lending agent, amounted to $657. 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, and includes $1,021 from securities loaned to NFS, as affiliated borrower.

8. Bank Borrowings.

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

 Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity Blue Chip Growth Fund $9,698 2.38% $10 

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 $537 for the period. In addition, through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $10. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

 Expense reduction 
Blue Chip Growth $3 

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $58.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2020 		Year ended
July 31, 2019 
Distributions to shareholders   
Blue Chip Growth $886,288 $1,117,762 
Class K 202,272 309,259 
Total $1,088,560 $1,427,021 

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2020 Year ended July 31, 2019 Six months ended January 31, 2020 Year ended July 31, 2019 
Blue Chip Growth     
Shares sold 15,498 46,648 $1,611,539 $4,497,772 
Reinvestment of distributions 8,416 11,015 833,120 1,055,435 
Shares redeemed (23,801)(a),(b) (41,910)(c) (2,418,283)(a),(b) (3,958,336)(c) 
Net increase (decrease) 113 15,753 $26,376 $1,594,871 
Class K     
Shares sold 4,773 12,360 $494,158 $1,191,601 
Reinvestment of distributions 2,039 3,225 202,272 309,259 
Shares redeemed (7,982)(a) (20,830)(c) (818,321)(a) (1,953,374)(c) 
Net increase (decrease) (1,170) (5,245) $(121,891) $(452,514) 

 (a) Amount includes in-kind redemptions (see the Unaffiliated Redemptions In-Kind note for additional details).

 (b) Amount includes in-kind redemptions (see the Affiliated Redemptions In-Kind note for additional details).

 (c) Amount includes in-kind redemptions (see the Prior fiscal Year Unaffiliated Redemptions In-Kind note for additional details).

12. 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.

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 (August 1, 2019 to January 31, 2020).

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. 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. 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.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2019 		Ending
Account Value
January 31, 2020 		Expenses Paid
During Period-B
August 1, 2019
to January 31, 2020 
Blue Chip Growth .76%    
Actual  $1,000.00 $1,122.20 $4.05 
Hypothetical-C  $1,000.00 $1,021.32 $3.86 
Class K .67%    
Actual  $1,000.00 $1,122.70 $3.57 
Hypothetical-C  $1,000.00 $1,021.77 $3.40 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C 5% return per year before expenses

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 LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile and considered that the definition of "group assets" for purposes of the fund's group fee would be modified to avoid double-counting assets once the reorganization is complete. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.

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

At its January 2020 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

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

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

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

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

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

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

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

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

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

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

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended June 30, 2019, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Blue Chip Growth Fund


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

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

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

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

Fidelity Blue Chip Growth Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2019. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.

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

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

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

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of 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 the competitive median for the 12-month period ended June 30, 2019.

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

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

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

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

PricewaterhouseCoopers LLP (PwC), 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 the fund profitability information 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 potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and met periodically, to evaluate potential fall-out benefits (PFOB Committee). The Board noted that the PFOB Committee, among other things: (i) discussed the legal framework surrounding potential fall-out benefits; (ii) reviewed the Board's responsibilities and approach to potential fall-out benefits; and (iii) reviewed practices employed by competitor funds regarding the review of potential fall-out benefits.

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

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

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

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

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of performance fees for additional funds; (iii) changes in Fidelity's non-fund businesses and the impact of such changes on the funds; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (vi) the expense structures for different funds and classes; (vii) information regarding other accounts managed by Fidelity, including collective investment trusts and separately managed accounts; and (viii) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

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





Fidelity Investments

BCF-SANN-0320
1.700126.123

Fidelity® Blue Chip Value Fund



Semi-Annual Report

January 31, 2020

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020

 % of fund's net assets 
Wells Fargo & Co. 4.5 
Verizon Communications, Inc. 4.1 
Chevron Corp. 4.0 
Berkshire Hathaway, Inc. Class B 3.5 
Exxon Mobil Corp. 3.3 
Roche Holding AG (participation certificate) 3.0 
U.S. Bancorp 2.6 
Capital One Financial Corp. 2.4 
Cigna Corp. 2.4 
Chubb Ltd. 2.4 
 32.2 

Top Five Market Sectors as of January 31, 2020

 % of fund's net assets 
Financials 33.2 
Energy 13.3 
Health Care 12.0 
Industrials 10.1 
Information Technology 8.5 

Asset Allocation (% of fund's net assets)

As of January 31, 2020 * 
   Stocks 96.8% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.2% 


 * Foreign investments - 17.7%

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 94.6%   
 Shares Value 
COMMUNICATION SERVICES - 5.7%   
Diversified Telecommunication Services - 4.1%   
Verizon Communications, Inc. 333,500 $19,823,240 
Media - 1.6%   
Comcast Corp. Class A 177,800 7,679,182 
TOTAL COMMUNICATION SERVICES  27,502,422 
CONSUMER DISCRETIONARY - 5.6%   
Multiline Retail - 2.0%   
Dollar General Corp. 60,700 9,311,987 
Textiles, Apparel & Luxury Goods - 3.6%   
PVH Corp. 104,500 9,109,265 
Tapestry, Inc. 319,000 8,220,630 
  17,329,895 
TOTAL CONSUMER DISCRETIONARY  26,641,882 
CONSUMER STAPLES - 6.8%   
Beverages - 2.1%   
C&C Group PLC (United Kingdom) 2,080,412 9,834,919 
Food & Staples Retailing - 3.2%   
Sysco Corp. 65,300 5,363,742 
Walmart, Inc. 86,200 9,869,038 
  15,232,780 
Tobacco - 1.5%   
Altria Group, Inc. 155,800 7,405,174 
TOTAL CONSUMER STAPLES  32,472,873 
ENERGY - 13.3%   
Oil, Gas & Consumable Fuels - 13.3%   
Chevron Corp. 179,300 19,210,202 
Exxon Mobil Corp. 255,300 15,859,236 
GasLog Partners LP 250,000 2,560,000 
Parex Resources, Inc. (a) 589,400 9,330,459 
Suncor Energy, Inc. 282,300 8,635,557 
Teekay LNG Partners LP 632,200 8,123,770 
  63,719,224 
FINANCIALS - 33.2%   
Banks - 11.6%   
M&T Bank Corp. 60,800 10,246,016 
PNC Financial Services Group, Inc. 78,100 11,601,755 
U.S. Bancorp 229,300 12,203,346 
Wells Fargo & Co. 455,800 21,395,252 
  55,446,369 
Capital Markets - 4.2%   
Affiliated Managers Group, Inc. 120,900 9,653,865 
State Street Corp. 141,300 10,686,519 
  20,340,384 
Consumer Finance - 4.4%   
Capital One Financial Corp. 118,200 11,796,360 
Discover Financial Services 125,400 9,421,302 
  21,217,662 
Diversified Financial Services - 3.5%   
Berkshire Hathaway, Inc. Class B (a) 75,300 16,899,579 
Insurance - 9.0%   
Allstate Corp. 94,900 11,249,446 
Chubb Ltd. 77,000 11,703,230 
FNF Group 203,900 9,940,125 
The Travelers Companies, Inc. 77,000 10,134,740 
  43,027,541 
Mortgage Real Estate Investment Trusts - 0.5%   
MFA Financial, Inc. 331,200 2,583,360 
TOTAL FINANCIALS  159,514,895 
HEALTH CARE - 12.0%   
Biotechnology - 2.2%   
Amgen, Inc. 50,200 10,845,710 
Health Care Providers & Services - 6.1%   
Anthem, Inc. 25,300 6,711,584 
Cigna Corp. 61,000 11,735,180 
CVS Health Corp. 157,600 10,688,432 
  29,135,196 
Pharmaceuticals - 3.7%   
Bristol-Myers Squibb Co. 40,400 2,543,180 
Bristol-Myers Squibb Co. rights (a) 153,400 533,832 
Roche Holding AG (participation certificate) 43,300 14,525,791 
  17,602,803 
TOTAL HEALTH CARE  57,583,709 
INDUSTRIALS - 10.1%   
Aerospace & Defense - 1.8%   
General Dynamics Corp. 48,500 8,508,840 
Airlines - 2.0%   
Alaska Air Group, Inc. 152,100 9,824,139 
Building Products - 1.9%   
Owens Corning 154,500 9,345,705 
Electrical Equipment - 1.8%   
Acuity Brands, Inc. 74,000 8,722,380 
Machinery - 0.5%   
Oshkosh Corp. 28,700 2,469,348 
Trading Companies & Distributors - 2.1%   
HD Supply Holdings, Inc. (a) 241,300 9,830,562 
TOTAL INDUSTRIALS  48,700,974 
INFORMATION TECHNOLOGY - 6.3%   
Communications Equipment - 2.2%   
Cisco Systems, Inc. 229,500 10,550,115 
IT Services - 4.1%   
Amdocs Ltd. 136,500 9,821,175 
Cognizant Technology Solutions Corp. Class A 162,100 9,949,698 
  19,770,873 
TOTAL INFORMATION TECHNOLOGY  30,320,988 
REAL ESTATE - 1.6%   
Real Estate Management & Development - 1.6%   
CBRE Group, Inc. (a) 122,676 7,489,370 
TOTAL COMMON STOCKS   
(Cost $445,438,588)  453,946,337 
Nonconvertible Preferred Stocks - 2.2%   
INFORMATION TECHNOLOGY - 2.2%   
Technology Hardware, Storage & Peripherals - 2.2%   
Samsung Electronics Co. Ltd.   
(Cost $10,585,004) 268,200 10,447,725 
Money Market Funds - 3.0%   
Fidelity Cash Central Fund 1.58% (b)   
(Cost $14,574,958) 14,572,148 14,575,062 
TOTAL INVESTMENT IN SECURITIES - 99.8%   
(Cost $470,598,550)  478,969,124 
NET OTHER ASSETS (LIABILITIES) - 0.2%  735,574 
NET ASSETS - 100%  $479,704,698 

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 are available on the SEC's website or upon request.

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 $148,621 
Fidelity Securities Lending Cash Central Fund 1,249 
Total $149,870 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $27,502,422 $27,502,422 $-- $-- 
Consumer Discretionary 26,641,882 26,641,882 -- -- 
Consumer Staples 32,472,873 32,472,873 -- -- 
Energy 63,719,224 63,719,224 -- -- 
Financials 159,514,895 159,514,895 -- -- 
Health Care 57,583,709 43,057,918 14,525,791 -- 
Industrials 48,700,974 48,700,974 -- -- 
Information Technology 40,768,713 30,320,988 10,447,725 -- 
Real Estate 7,489,370 7,489,370 -- -- 
Money Market Funds 14,575,062 14,575,062 -- -- 
Total Investments in Securities: $478,969,124 $453,995,608 $24,973,516 $-- 

Other Information

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

United States of America 82.3% 
Switzerland 5.4% 
Canada 3.8% 
Marshall Islands 2.2% 
Korea (South) 2.2% 
Ireland 2.1% 
Bailiwick of Guernsey 2.0% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  January 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $456,023,592) 		$464,394,062  
Fidelity Central Funds (cost $14,574,958) 14,575,062  
Total Investment in Securities (cost $470,598,550)  $478,969,124 
Receivable for investments sold  5,538,330 
Receivable for fund shares sold  723,477 
Dividends receivable  681,572 
Distributions receivable from Fidelity Central Funds  20,169 
Prepaid expenses  537 
Other receivables  5,133 
Total assets  485,938,342 
Liabilities   
Payable for investments purchased $5,594,363  
Payable for fund shares redeemed 368,796  
Accrued management fee 150,970  
Other affiliated payables 86,207  
Other payables and accrued expenses 33,308  
Total liabilities  6,233,644 
Net Assets  $479,704,698 
Net Assets consist of:   
Paid in capital  $451,284,863 
Total accumulated earnings (loss)  28,419,835 
Net Assets  $479,704,698 
Net Asset Value, offering price and redemption price per share ($479,704,698 ÷ 24,177,305 shares)  $19.84 

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


Statement of Operations

  Six months ended January 31, 2020 (Unaudited) 
Investment Income   
Dividends  $4,779,337 
Income from Fidelity Central Funds (including $1,249 from security lending)  149,870 
Total income  4,929,207 
Expenses   
Management fee   
Basic fee $1,290,783  
Performance adjustment (264,088)  
Transfer agent fees 416,583  
Accounting fees 94,013  
Custodian fees and expenses 6,699  
Independent trustees' fees and expenses 1,493  
Registration fees 11,137  
Audit 31,713  
Legal 1,966  
Miscellaneous 1,276  
Total expenses before reductions 1,591,575  
Expense reductions (3,334)  
Total expenses after reductions  1,588,241 
Net investment income (loss)  3,340,966 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 41,708,694  
Fidelity Central Funds 6  
Foreign currency transactions (815)  
Total net realized gain (loss)  41,707,885 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (32,707,940)  
Fidelity Central Funds (1)  
Assets and liabilities in foreign currencies 1,980  
Total change in net unrealized appreciation (depreciation)  (32,705,961) 
Net gain (loss)  9,001,924 
Net increase (decrease) in net assets resulting from operations  $12,342,890 

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


Statement of Changes in Net Assets

 Six months ended January 31, 2020 (Unaudited) Year ended July 31, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $3,340,966 $7,369,646 
Net realized gain (loss) 41,707,885 (16,632,779) 
Change in net unrealized appreciation (depreciation) (32,705,961) 22,180,185 
Net increase (decrease) in net assets resulting from operations 12,342,890 12,917,052 
Distributions to shareholders (8,938,882) (7,544,165) 
Share transactions   
Proceeds from sales of shares 37,144,427 199,999,548 
Reinvestment of distributions 6,231,606 6,832,544 
Cost of shares redeemed (44,781,384) (128,002,430) 
Net increase (decrease) in net assets resulting from share transactions (1,405,351) 78,829,662 
Total increase (decrease) in net assets 1,998,657 84,202,549 
Net Assets   
Beginning of period 477,706,041 393,503,492 
End of period $479,704,698 $477,706,041 
Other Information   
Shares   
Sold 1,879,537 10,886,053 
Issued in reinvestment of distributions 315,279 358,609 
Redeemed (2,253,230) (6,786,952) 
Net increase (decrease) (58,414) 4,457,710 

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


Financial Highlights

Fidelity Blue Chip Value Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $19.71 $19.90 $18.85 $16.19 $16.88 $15.22 
Income from Investment Operations       
Net investment income (loss)A .14 .32 .26 .18 .19 .35B 
Net realized and unrealized gain (loss) .36 (.14)C,D 1.01 2.66 (.59) 1.54 
Total from investment operations .50 .18 1.27 2.84 (.40) 1.89 
Distributions from net investment income (.31) (.29) (.21) (.18) (.28) (.23) 
Distributions from net realized gain (.06) (.09) –E – (.01) – 
Total distributions (.37) (.37)F (.22)G (.18) (.29) (.23) 
Net asset value, end of period $19.84 $19.71 $19.90 $18.85 $16.19 $16.88 
Total ReturnH,I 2.54% .99%D 6.79% 17.68% (2.31)% 12.52% 
Ratios to Average Net AssetsJ,K       
Expenses before reductions .66%L .65% .70% .79% .88% .82% 
Expenses net of fee waivers, if any .66%L .65% .70% .79% .88% .82% 
Expenses net of all reductions .66%L .65% .70% .78% .88% .82% 
Net investment income (loss) 1.38%L 1.67% 1.34% 1.04% 1.23% 2.15%B 
Supplemental Data       
Net assets, end of period (000 omitted) $479,705 $477,706 $393,503 $412,230 $457,177 $410,968 
Portfolio turnover rateM 144%L 44% 45% 32% 54% 138% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.13 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been 1.35%.

 C The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

 D Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.02 per share. Excluding these litigation proceeds, the total return would have been .91%.

 E Amount represents less than $.005 per share.

 F Total distributions of $.37 per share is comprised of distributions from net investment income of $.285 and distributions from net realized gain of $.087 per share.

 G Total distributions of $.22 per share is comprised of distributions from net investment income of $.213 and distributions from net realized gain of $.004 per share.

 H Total returns for periods of less than one year are not annualized.

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

 J 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.

 K 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.

 L Annualized

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

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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2020

1. Organization.

Fidelity Blue Chip Value Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

Effective January 1, 2020:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".

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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .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 Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • 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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2020 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 include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

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

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $30,852,647 
Gross unrealized depreciation (26,788,907) 
Net unrealized appreciation (depreciation) $4,063,740 
Tax cost $474,905,384 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(1,290,531) 
Long-term (15,035,947) 
Total capital loss carryforward $(16,326,478) 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $336,820,386 and $342,890,842, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the 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 annualized management fee rate, including the performance adjustment, was .43% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

Transfer Agent Fees. Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the 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 annualized rate of .17% of average net assets.

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

 % of Average Net Assets 
Fidelity Blue Chip Value Fund .04 

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity Blue Chip Value Fund $10,899 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $2,274.

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 $573 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, 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. At period end, there were no security loans outstanding. Total fees paid by the Fund to NFS, as lending agent, amounted to $123. 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. During the period, there were no securities loaned to NFS.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $2,288 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $41.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of operating expenses in the amount of $1,005.

9. 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.

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 (August 1, 2019 to January 31, 2020).

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. 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. 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.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2019 		Ending
Account Value
January 31, 2020 		Expenses Paid
During Period-B
August 1, 2019
to January 31, 2020 
Actual .66% $1,000.00 $1,025.40 $3.36 
Hypothetical-C  $1,000.00 $1,021.82 $3.35 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Blue Chip Value Fund

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

Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile and considered that the definition of "group assets" for purposes of the fund's group fee would be modified to avoid double-counting assets once the reorganization is complete. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.

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

At its January 2020 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

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

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

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

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

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

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

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

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

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

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

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended June 30, 2019, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Blue Chip Value Fund


The Board considered the fund's underperformance for different time periods ended June 30, 2019. The Board noted that the fund's underperformance has continued since the Board approved the management contract in January 2019. The Board's discussions with FMR regarding underperformance cover topics including, but not limited to: the longer-term track record of a fund's portfolio manager(s); broader trends in the market that may adversely impact a fund's performance; and attribution reports on contributors to the fund's underperformance. The Board engages with FMR on steps that might be taken to address a fund's underperformance. For a fund with underperformance over longer periods of time, the Board typically monitors the fund's performance more closely.

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

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

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

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

Fidelity Blue Chip Value Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2019. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.

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

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

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

Total Expense Ratio.  In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of 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 the competitive median for the 12-month period ended June 30, 2019.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 1.00% through November 30, 2020.

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

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

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

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

PricewaterhouseCoopers LLP (PwC), 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 the fund profitability information 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 potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and met periodically, to evaluate potential fall-out benefits (PFOB Committee). The Board noted that the PFOB Committee, among other things: (i) discussed the legal framework surrounding potential fall-out benefits; (ii) reviewed the Board's responsibilities and approach to potential fall-out benefits; and (iii) reviewed practices employed by competitor funds regarding the review of potential fall-out benefits.

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

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

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

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

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of performance fees for additional funds; (iii) changes in Fidelity's non-fund businesses and the impact of such changes on the funds; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (vi) the expense structures for different funds and classes; (vii) information regarding other accounts managed by Fidelity, including collective investment trusts and separately managed accounts; and (viii) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

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





Fidelity Investments

BCV-SANN-0320
1.789715.117

Fidelity® Dividend Growth Fund



Semi-Annual Report

January 31, 2020

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020

 % of fund's net assets 
Berkshire Hathaway, Inc. Class B 7.2 
General Electric Co. 6.6 
Comcast Corp. Class A 5.2 
Apple, Inc. 4.5 
Exxon Mobil Corp. 4.1 
Bank of America Corp. 4.0 
JPMorgan Chase & Co. 4.0 
Microsoft Corp. 3.6 
Altria Group, Inc. 2.9 
UnitedHealth Group, Inc. 2.7 
 44.8 

Top Five Market Sectors as of January 31, 2020

 % of fund's net assets 
Financials 23.5 
Industrials 20.8 
Health Care 13.3 
Information Technology 13.1 
Communication Services 11.1 

Asset Allocation (% of fund's net assets)

As of January 31, 2020* 
   Stocks 99.8% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.2% 


 * Foreign investments - 4.0%

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.8%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 11.1%   
Entertainment - 0.4%   
Cinemark Holdings, Inc. 935,300 $29,471 
Media - 10.7%   
CBS Corp. Class B 1,099,800 37,536 
Comcast Corp. Class A 8,614,892 372,077 
Discovery Communications, Inc. Class A (a)(b) 1,448,800 42,392 
Interpublic Group of Companies, Inc. 4,115,400 93,420 
Liberty Media Corp. Liberty SiriusXM Series A (a) 1,621,759 78,769 
Omnicom Group, Inc. 1,088,200 81,952 
Sinclair Broadcast Group, Inc. Class A 2,133,400 63,831 
  769,977 
TOTAL COMMUNICATION SERVICES  799,448 
CONSUMER DISCRETIONARY - 7.4%   
Auto Components - 1.1%   
BorgWarner, Inc. 1,084,700 37,194 
Lear Corp. 326,900 40,268 
  77,462 
Automobiles - 1.4%   
General Motors Co. 3,019,700 100,828 
Distributors - 1.0%   
LKQ Corp. (a) 2,113,100 69,067 
Diversified Consumer Services - 1.0%   
H&R Block, Inc. 3,113,600 72,236 
Household Durables - 0.8%   
Whirlpool Corp. 390,700 57,109 
Internet & Direct Marketing Retail - 0.5%   
The Booking Holdings, Inc. (a) 18,300 33,499 
Specialty Retail - 0.1%   
AutoNation, Inc. (a) 240,862 10,222 
Textiles, Apparel & Luxury Goods - 1.5%   
PVH Corp. 626,001 54,569 
Tapestry, Inc. 2,207,700 56,892 
  111,461 
TOTAL CONSUMER DISCRETIONARY  531,884 
CONSUMER STAPLES - 4.9%   
Food Products - 0.6%   
Conagra Brands, Inc. 182,000 5,991 
The Kraft Heinz Co. 1,247,700 36,433 
  42,424 
Household Products - 1.4%   
Energizer Holdings, Inc. 875,100 40,482 
Spectrum Brands Holdings, Inc. 1,060,175 65,105 
  105,587 
Tobacco - 2.9%   
Altria Group, Inc. 4,369,214 207,669 
TOTAL CONSUMER STAPLES  355,680 
ENERGY - 5.7%   
Oil, Gas & Consumable Fuels - 5.7%   
Equinor ASA sponsored ADR 3,620,600 65,823 
Exxon Mobil Corp. 4,791,597 297,654 
Phillips 66 Co. 497,600 45,466 
  408,943 
FINANCIALS - 23.5%   
Banks - 14.2%   
Bank of America Corp. 8,827,217 289,798 
JPMorgan Chase & Co. 2,173,835 287,729 
M&T Bank Corp. 546,000 92,012 
PNC Financial Services Group, Inc. 718,500 106,733 
U.S. Bancorp 1,713,600 91,198 
Wells Fargo & Co. 3,325,693 156,108 
  1,023,578 
Capital Markets - 0.7%   
Raymond James Financial, Inc. 558,500 51,064 
Consumer Finance - 0.5%   
Discover Financial Services 487,900 36,656 
Diversified Financial Services - 7.2%   
Berkshire Hathaway, Inc. Class B (a) 2,327,400 522,336 
Insurance - 0.9%   
The Travelers Companies, Inc. 492,700 64,849 
TOTAL FINANCIALS  1,698,483 
HEALTH CARE - 13.3%   
Health Care Equipment & Supplies - 1.3%   
Becton, Dickinson & Co. 190,600 52,449 
Envista Holdings Corp. (a) 1,423,500 42,121 
  94,570 
Health Care Providers & Services - 7.9%   
AmerisourceBergen Corp. 775,700 66,369 
Anthem, Inc. 385,900 102,372 
Cigna Corp. 567,600 109,195 
CVS Health Corp. 1,047,400 71,035 
HCA Holdings, Inc. 182,500 25,331 
UnitedHealth Group, Inc. 717,406 195,457 
  569,759 
Pharmaceuticals - 4.1%   
Bayer AG 1,231,900 98,867 
Bristol-Myers Squibb Co. 3,086,600 194,301 
  293,168 
TOTAL HEALTH CARE  957,497 
INDUSTRIALS - 20.8%   
Aerospace & Defense - 0.7%   
General Dynamics Corp. 84,300 14,790 
TransDigm Group, Inc. 57,700 37,117 
  51,907 
Air Freight & Logistics - 1.8%   
FedEx Corp. 302,500 43,754 
United Parcel Service, Inc. Class B 794,700 82,267 
  126,021 
Airlines - 1.2%   
Delta Air Lines, Inc. 1,567,900 87,395 
Electrical Equipment - 0.6%   
AMETEK, Inc. 460,300 44,718 
Industrial Conglomerates - 6.6%   
General Electric Co. 38,362,900 477,618 
Machinery - 4.8%   
Allison Transmission Holdings, Inc. 725,802 32,080 
Caterpillar, Inc. 316,100 41,520 
Cummins, Inc. 474,000 75,826 
Fortive Corp. 542,600 40,657 
PACCAR, Inc. 1,117,400 82,922 
Snap-On, Inc. 472,500 75,425 
  348,430 
Professional Services - 1.0%   
Nielsen Holdings PLC 3,360,900 68,562 
Road & Rail - 2.3%   
Knight-Swift Transportation Holdings, Inc. Class A (b) 4,522,284 167,686 
Trading Companies & Distributors - 1.8%   
Air Lease Corp. Class A 1,666,700 71,568 
HD Supply Holdings, Inc. (a) 1,423,110 57,978 
  129,546 
TOTAL INDUSTRIALS  1,501,883 
INFORMATION TECHNOLOGY - 13.1%   
Communications Equipment - 1.6%   
Cisco Systems, Inc. 2,428,000 111,615 
IT Services - 1.6%   
Amdocs Ltd. 742,900 53,452 
Cognizant Technology Solutions Corp. Class A 1,056,400 64,842 
  118,294 
Software - 5.4%   
Microsoft Corp. 1,522,500 259,175 
Oracle Corp. 1,109,400 58,188 
SS&C Technologies Holdings, Inc. 1,127,100 71,019 
  388,382 
Technology Hardware, Storage & Peripherals - 4.5%   
Apple, Inc. 1,059,018 327,777 
TOTAL INFORMATION TECHNOLOGY  946,068 
TOTAL COMMON STOCKS   
(Cost $6,375,839)  7,199,886 
Money Market Funds - 3.6%   
Fidelity Cash Central Fund 1.58% (c) 59,717,033 59,729 
Fidelity Securities Lending Cash Central Fund 1.59% (c)(d) 203,605,746 203,626 
TOTAL MONEY MARKET FUNDS   
(Cost $263,355)  263,355 
TOTAL INVESTMENT IN SECURITIES - 103.4%   
(Cost $6,639,194)  7,463,241 
NET OTHER ASSETS (LIABILITIES) - (3.4)%  (246,789) 
NET ASSETS - 100%  $7,216,452 

Legend

 (a) Non-income producing

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

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

 (d) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $116 
Fidelity Securities Lending Cash Central Fund 620 
Total $736 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $799,448 $799,448 $-- $-- 
Consumer Discretionary 531,884 531,884 -- -- 
Consumer Staples 355,680 355,680 -- -- 
Energy 408,943 408,943 -- -- 
Financials 1,698,483 1,698,483 -- -- 
Health Care 957,497 858,630 98,867 -- 
Industrials 1,501,883 1,501,883 -- -- 
Information Technology 946,068 946,068 -- -- 
Money Market Funds 263,355 263,355 -- -- 
Total Investments in Securities: $7,463,241 $7,364,374 $98,867 $-- 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  January 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $193,643) — See accompanying schedule:
Unaffiliated issuers (cost $6,375,839) 		$7,199,886  
Fidelity Central Funds (cost $263,355) 263,355  
Total Investment in Securities (cost $6,639,194)  $7,463,241 
Receivable for investments sold  46,142 
Receivable for fund shares sold  3,140 
Dividends receivable  3,677 
Distributions receivable from Fidelity Central Funds  44 
Prepaid expenses  8 
Other receivables  1,076 
Total assets  7,517,328 
Liabilities   
Payable for investments purchased $89,344  
Payable for fund shares redeemed 4,323  
Accrued management fee 2,134  
Other affiliated payables 831  
Other payables and accrued expenses 610  
Collateral on securities loaned 203,634  
Total liabilities  300,876 
Net Assets  $7,216,452 
Net Assets consist of:   
Paid in capital  $6,304,756 
Total accumulated earnings (loss)  911,696 
Net Assets  $7,216,452 
Net Asset Value and Maximum Offering Price   
Dividend Growth:   
Net Asset Value, offering price and redemption price per share ($5,699,542 ÷ 190,637 shares)  $29.90 
Class K:   
Net Asset Value, offering price and redemption price per share ($1,516,910 ÷ 50,810 shares)  $29.85 

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


Statement of Operations

Amounts in thousands  Six months ended January 31, 2020 (Unaudited) 
Investment Income   
Dividends  $73,815 
Income from Fidelity Central Funds (including $620 from security lending)  736 
Total income  74,551 
Expenses   
Management fee   
Basic fee $19,060  
Performance adjustment (7,019)  
Transfer agent fees 4,365  
Accounting fees 584  
Custodian fees and expenses 28  
Independent trustees' fees and expenses 22  
Registration fees 23  
Audit 39  
Legal 12  
Interest 6  
Miscellaneous 18  
Total expenses before reductions 17,138  
Expense reductions (43)  
Total expenses after reductions  17,095 
Net investment income (loss)  57,456 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 181,112  
Fidelity Central Funds 2  
Foreign currency transactions (9)  
Total net realized gain (loss)  181,105 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 190,665  
Fidelity Central Funds (3)  
Assets and liabilities in foreign currencies 2  
Total change in net unrealized appreciation (depreciation)  190,664 
Net gain (loss)  371,769 
Net increase (decrease) in net assets resulting from operations  $429,225 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended January 31, 2020 (Unaudited) Year ended July 31, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $57,456 $141,419 
Net realized gain (loss) 181,105 275,109 
Change in net unrealized appreciation (depreciation) 190,664 (78,122) 
Net increase (decrease) in net assets resulting from operations 429,225 338,406 
Distributions to shareholders (360,272) (1,248,508) 
Share transactions - net increase (decrease) (60,576) 851,366 
Total increase (decrease) in net assets 8,377 (58,736) 
Net Assets   
Beginning of period 7,208,075 7,266,811 
End of period $7,216,452 $7,208,075 

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


Financial Highlights

Fidelity Dividend Growth Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $29.59 $33.79 $35.06 $31.51 $34.46 $37.27 
Income from Investment Operations       
Net investment income (loss)A .23 .59 .65 .53 .48 .49 
Net realized and unrealized gain (loss) 1.58 1.01B 3.72 3.53 (.61)C 2.71 
Total from investment operations 1.81 1.60 4.37 4.06 (.13) 3.20 
Distributions from net investment income (.49) (.60) (.60) (.51) (.47) (.51) 
Distributions from net realized gain (1.01) (5.20) (5.04) – (2.36) (5.49) 
Total distributions (1.50) (5.80) (5.64) (.51) (2.82)D (6.01)E 
Net asset value, end of period $29.90 $29.59 $33.79 $35.06 $31.51 $34.46 
Total ReturnF,G 6.27% 5.38%B 13.60% 13.06% .26%C 9.54% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .50%J .50% .50% .52% .62% .69% 
Expenses net of fee waivers, if any .50%J .50% .50% .52% .61% .68% 
Expenses net of all reductions .50%J .49% .49% .52% .61% .68% 
Net investment income (loss) 1.59%J 2.05% 1.94% 1.60% 1.59% 1.43% 
Supplemental Data       
Net assets, end of period (in millions) $5,700 $5,728 $6,055 $5,952 $5,849 $6,474 
Portfolio turnover rateK 64%J 101% 115% 43% 30% 64% 

 A Calculated based on average shares outstanding during the period.

 B Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.05 per share. Excluding these litigation proceeds, the total return would have been 5.19%.

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been .22%.

 D Total distributions of $2.82 per share is comprised of distributions from net investment income of $.465 and distributions from net realized gain of $2.358 per share.

 E Total distributions of $6.01 per share is comprised of distributions from net investment income of $.512 and distributions from net realized gain of $5.493 per share.

 F Total returns for periods of less than one year are not annualized.

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

 H Fees and expenses of any underlying 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.

 I 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.

 J Annualized

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

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


Fidelity Dividend Growth Fund Class K

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $29.56 $33.76 $35.04 $31.50 $34.45 $37.27 
Income from Investment Operations       
Net investment income (loss)A .25 .63 .69 .56 .52 .53 
Net realized and unrealized gain (loss) 1.57 1.01B 3.71 3.53 (.61)C 2.70 
Total from investment operations 1.82 1.64 4.40 4.09 (.09) 3.23 
Distributions from net investment income (.52) (.63) (.64) (.55) (.50) (.56) 
Distributions from net realized gain (1.01) (5.20) (5.04) – (2.36) (5.49) 
Total distributions (1.53) (5.84)D (5.68) (.55) (2.86) (6.05) 
Net asset value, end of period $29.85 $29.56 $33.76 $35.04 $31.50 $34.45 
Total ReturnE,F 6.32% 5.50%B 13.70% 13.16% .39%C 9.65% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .40%I .40% .40% .41% .50% .57% 
Expenses net of fee waivers, if any .40%I .39% .40% .41% .50% .57% 
Expenses net of all reductions .40%I .38% .39% .41% .49% .57% 
Net investment income (loss) 1.69%I 2.16% 2.05% 1.71% 1.71% 1.54% 
Supplemental Data       
Net assets, end of period (in millions) $1,517 $1,480 $1,212 $1,477 $1,691 $1,942 
Portfolio turnover rateJ 64%I 101% 115% 43% 30% 64% 

 A Calculated based on average shares outstanding during the period.

 B Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.05 per share. Excluding these litigation proceeds, the total return would have been 5.31%

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.01 per share. Excluding these litigation proceeds, the total return would have been .35%

 D Total distributions of $5.84 per share is comprised of distributions from net investment income of $.632 and distributions from net realized gain of $5.203 per share.

 E Total returns for periods of less than one year are not annualized.

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

 G Fees and expenses of any underlying 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.

 H 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.

 I Annualized

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

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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2020
(Amounts in thousands except percentages)

1. Organization.

Fidelity Dividend Growth Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Dividend Growth and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

Effective January 1, 2020:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".

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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .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 Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • 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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2020 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 include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of 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) for the Fund, certain independent Trustees have elected 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 of $552 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

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

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $1,058,481 
Gross unrealized depreciation (259,274) 
Net unrealized appreciation (depreciation) $799,207 
Tax cost $6,664,034 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $2,260,483 and $2,615,170, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Dividend Growth as compared to its benchmark index, the S&P 500 Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .34% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

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

 Amount % of Class-Level Average Net Assets(a) 
Dividend Growth $4,035 .14 
Class K 330 .04 
 $4,365  

 (a) Annualized

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

 % of Average Net Assets 
Fidelity Dividend Growth Fund .02 

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity Dividend Growth Fund $75 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity Dividend Growth Fund Borrower $8,890 1.94% $5 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

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 $8 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, 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. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $46. 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, and includes $2 from securities loaned to NFS, as affiliated borrower.

8. Bank Borrowings.

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

 Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity Dividend Growth Fund $7,137 2.75% $1 

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 $27 for the period. In addition, through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $1. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

 Expense reduction 
Dividend Growth $1 

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $14.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2020 		Year ended
July 31, 2019 
Distributions to shareholders   
Dividend Growth $283,522 $1,046,442 
Class K 76,750 202,066 
Total $360,272 $1,248,508 

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2020 Year ended July 31, 2019 Six months ended January 31, 2020 Year ended July 31, 2019 
Dividend Growth     
Shares sold 4,690 10,720 $140,901 $305,981 
Reinvestment of distributions 9,212 34,200 270,346 997,153 
Shares redeemed (16,866) (30,538) (494,056) (872,370) 
Net increase (decrease) (2,964) 14,382 $(82,809) $430,764 
Class K     
Shares sold 5,353 25,736 $158,926 $751,445 
Reinvestment of distributions 2,620 6,925 76,750 202,066 
Shares redeemed (7,230) (18,490) (213,443) (532,909) 
Net increase (decrease) 743 14,171 $22,233 $420,602 

12. 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.

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 (August 1, 2019 to January 31, 2020).

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. 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. 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.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2019 		Ending
Account Value
January 31, 2020 		Expenses Paid
During Period-B
August 1, 2019
to January 31, 2020 
Dividend Growth .50%    
Actual  $1,000.00 $1,062.70 $2.59 
Hypothetical-C  $1,000.00 $1,022.62 $2.54 
Class K .40%    
Actual  $1,000.00 $1,063.20 $2.07 
Hypothetical-C  $1,000.00 $1,023.13 $2.03 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Dividend Growth Fund

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

Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile and considered that the definition of "group assets" for purposes of the fund's group fee would be modified to avoid double-counting assets once the reorganization is complete. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.

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

At its January 2020 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

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

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

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

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

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

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

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

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there were portfolio management changes for the fund in April 2017 and January 2018. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management changes.

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

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

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended June 30, 2019, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Dividend Growth Fund


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

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

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

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

Fidelity Dividend Growth Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2019. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.

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

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

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

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of 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 the competitive median for the 12-month period ended June 30, 2019.

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

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

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

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

PricewaterhouseCoopers LLP (PwC), 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 the fund profitability information 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 potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and met periodically, to evaluate potential fall-out benefits (PFOB Committee). The Board noted that the PFOB Committee, among other things: (i) discussed the legal framework surrounding potential fall-out benefits; (ii) reviewed the Board's responsibilities and approach to potential fall-out benefits; and (iii) reviewed practices employed by competitor funds regarding the review of potential fall-out benefits.

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

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

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

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

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of performance fees for additional funds; (iii) changes in Fidelity's non-fund businesses and the impact of such changes on the funds; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (vi) the expense structures for different funds and classes; (vii) information regarding other accounts managed by Fidelity, including collective investment trusts and separately managed accounts; and (viii) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

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





Fidelity Investments

DGF-SANN-0320
1.470802.123

Fidelity® Growth & Income Portfolio



Semi-Annual Report

January 31, 2020

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020

 % of fund's net assets 
General Electric Co. 6.8 
Microsoft Corp. 5.1 
Exxon Mobil Corp. 4.3 
Comcast Corp. Class A 3.9 
Altria Group, Inc. 3.6 
Wells Fargo & Co. 3.0 
Bank of America Corp. 2.8 
Bristol-Myers Squibb Co. 2.7 
Apple, Inc. 2.7 
Johnson & Johnson 2.5 
 37.4 

Top Five Market Sectors as of January 31, 2020

 % of fund's net assets 
Health Care 18.5 
Financials 16.4 
Industrials 16.0 
Information Technology 15.1 
Consumer Staples 9.6 

Asset Allocation (% of fund's net assets)

As of January 31, 2020*,** 
   Stocks 95.6% 
   Convertible Securities 0.4% 
   Other Investments 0.1% 
   Short-Term Investments and Net Other Assets (Liabilities) 3.9% 


 * Foreign investments - 11.7%

 ** Written options - (0.0)%

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

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 95.6%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 8.3%   
Diversified Telecommunication Services - 1.4%   
Verizon Communications, Inc. 1,517,974 $90,228 
Entertainment - 1.7%   
Activision Blizzard, Inc. 603,000 35,263 
The Walt Disney Co. 174,100 24,080 
Vivendi SA 1,981,700 54,418 
  113,761 
Interactive Media & Services - 0.5%   
Alphabet, Inc.:   
Class A (a) 11,407 16,344 
Class C (a) 11,136 15,972 
  32,316 
Media - 4.7%   
Comcast Corp. Class A 6,018,800 259,952 
Interpublic Group of Companies, Inc. 1,207,000 27,399 
Omnicom Group, Inc. 99,700 7,508 
Sinclair Broadcast Group, Inc. Class A 724,800 21,686 
  316,545 
TOTAL COMMUNICATION SERVICES  552,850 
CONSUMER DISCRETIONARY - 1.4%   
Household Durables - 0.3%   
Mohawk Industries, Inc. (a) 2,600 342 
Whirlpool Corp. 128,600 18,797 
  19,139 
Specialty Retail - 1.0%   
Lowe's Companies, Inc. 441,779 51,352 
TJX Companies, Inc. 256,600 15,150 
  66,502 
Textiles, Apparel & Luxury Goods - 0.1%   
Puma AG 9,693 778 
PVH Corp. 105,300 9,179 
Tapestry, Inc. 76,200 1,964 
  11,921 
TOTAL CONSUMER DISCRETIONARY  97,562 
CONSUMER STAPLES - 9.6%   
Beverages - 1.3%   
The Coca-Cola Co. 1,434,603 83,781 
Food & Staples Retailing - 1.8%   
Walgreens Boots Alliance, Inc. 433,600 22,049 
Walmart, Inc. 870,800 99,698 
  121,747 
Food Products - 0.3%   
Nestle SA sponsored ADR 194,800 21,479 
Household Products - 1.3%   
Colgate-Palmolive Co. 75,300 5,556 
Energizer Holdings, Inc. 154,400 7,143 
Procter & Gamble Co. (b) 431,615 53,788 
Spectrum Brands Holdings, Inc. 322,100 19,780 
  86,267 
Personal Products - 0.2%   
Unilever NV 169,200 9,873 
Tobacco - 4.7%   
Altria Group, Inc. 5,044,700 239,775 
British American Tobacco PLC sponsored ADR 1,238,900 54,574 
Philip Morris International, Inc. 270,100 22,337 
  316,686 
TOTAL CONSUMER STAPLES  639,833 
ENERGY - 7.9%   
Energy Equipment & Services - 0.1%   
Schlumberger Ltd. 134,000 4,490 
Oil, Gas & Consumable Fuels - 7.8%   
Cenovus Energy, Inc. 37,200 324 
Cenovus Energy, Inc. (Canada) (c) 9,876,300 85,972 
Equinor ASA sponsored ADR 3,502,900 63,683 
Exxon Mobil Corp. 4,628,500 287,522 
Hess Corp. 1,110,600 62,827 
Kosmos Energy Ltd. 3,742,585 19,125 
Noble Energy, Inc. 106,600 2,107 
  521,560 
TOTAL ENERGY  526,050 
FINANCIALS - 16.4%   
Banks - 10.9%   
Bank of America Corp. 5,626,056 184,703 
BB&T Corp. 1,422,630 73,365 
Citigroup, Inc. 227,630 16,938 
First Hawaiian, Inc. 143,600 4,173 
JPMorgan Chase & Co. 729,992 96,622 
M&T Bank Corp. 80,000 13,482 
PNC Financial Services Group, Inc. 560,854 83,315 
U.S. Bancorp 940,773 50,068 
Wells Fargo & Co. 4,310,241 202,323 
  724,989 
Capital Markets - 4.3%   
Apollo Global Management LLC Class A 15,600 738 
Brookfield Asset Management, Inc. Class A 247,957 15,177 
Cboe Global Markets, Inc. 45,000 5,545 
Charles Schwab Corp. 303,643 13,831 
FS KKR Capital Corp. 26,109 162 
Julius Baer Group Ltd. 76,795 3,837 
KKR & Co. LP 768,643 24,520 
Morgan Stanley 380,597 19,890 
Northern Trust Corp. 998,164 97,630 
Raymond James Financial, Inc. 174,600 15,964 
S&P Global, Inc. 2,600 764 
State Street Corp. 1,138,327 86,092 
Virtu Financial, Inc. Class A 103,117 1,721 
  285,871 
Consumer Finance - 0.0%   
Shriram Transport Finance Co. Ltd. 170,100 2,420 
Insurance - 0.9%   
Chubb Ltd. 176,800 26,872 
Marsh & McLennan Companies, Inc. 198,607 22,216 
The Travelers Companies, Inc. 105,300 13,860 
  62,948 
Thrifts & Mortgage Finance - 0.3%   
Radian Group, Inc. 723,968 17,730 
TOTAL FINANCIALS  1,093,958 
HEALTH CARE - 18.1%   
Biotechnology - 1.8%   
AbbVie, Inc. 352,500 28,560 
Alexion Pharmaceuticals, Inc. (a) 338,100 33,604 
Amgen, Inc. 158,600 34,266 
Intercept Pharmaceuticals, Inc. (a) 230,704 21,319 
  117,749 
Health Care Equipment & Supplies - 0.3%   
Becton, Dickinson & Co. 51,300 14,117 
Boston Scientific Corp. (a) 174,000 7,285 
  21,402 
Health Care Providers & Services - 7.2%   
AmerisourceBergen Corp. 480,300 41,094 
Cardinal Health, Inc. 993,400 50,872 
Cigna Corp. 438,600 84,378 
CVS Health Corp. 1,927,504 130,723 
McKesson Corp. 524,787 74,840 
Patterson Companies, Inc. (c) 717,470 15,792 
UnitedHealth Group, Inc. 304,500 82,961 
  480,660 
Pharmaceuticals - 8.8%   
Bayer AG 1,417,235 113,741 
Bristol-Myers Squibb Co. 2,852,810 179,584 
GlaxoSmithKline PLC sponsored ADR 2,564,312 120,010 
Johnson & Johnson 1,121,769 166,998 
Novartis AG sponsored ADR 7,344 694 
Sanofi SA sponsored ADR 98,900 4,774 
  585,801 
TOTAL HEALTH CARE  1,205,612 
INDUSTRIALS - 16.0%   
Aerospace & Defense - 1.7%   
General Dynamics Corp. 155,600 27,298 
Huntington Ingalls Industries, Inc. 88,500 23,099 
Meggitt PLC 4,480 40 
The Boeing Co. 100,500 31,986 
United Technologies Corp. 214,282 32,185 
  114,608 
Air Freight & Logistics - 2.1%   
C.H. Robinson Worldwide, Inc. 74,700 5,395 
Expeditors International of Washington, Inc. 9,700 708 
FedEx Corp. 150,900 21,826 
United Parcel Service, Inc. Class B (b) 1,053,604 109,069 
  136,998 
Building Products - 0.0%   
Johnson Controls International PLC 16,700 659 
Commercial Services & Supplies - 0.5%   
Healthcare Services Group, Inc. (c) 694,800 17,787 
Interface, Inc. 586,900 9,437 
KAR Auction Services, Inc. 32,600 685 
Ritchie Bros. Auctioneers, Inc. 19,100 806 
Stericycle, Inc. (a) 125,675 7,877 
  36,592 
Electrical Equipment - 0.6%   
Acuity Brands, Inc. 113,300 13,355 
Hubbell, Inc. Class B 160,239 22,951 
Rockwell Automation, Inc. 22,800 4,370 
  40,676 
Industrial Conglomerates - 7.0%   
3M Co. 94,300 14,962 
General Electric Co. 36,049,327 448,809 
  463,771 
Machinery - 0.8%   
Donaldson Co., Inc. 227,400 11,791 
Flowserve Corp.  296,400 13,836 
Fortive Corp. 118,900 8,909 
JOST Werke AG (d) 38,500 1,452 
Westinghouse Air Brake Co. 238,590 17,622 
  53,610 
Professional Services - 0.7%   
RELX PLC (London Stock Exchange) 1,695,665 45,074 
Robert Half International, Inc. 22,100 1,286 
  46,360 
Road & Rail - 1.9%   
J.B. Hunt Transport Services, Inc. (b) 397,840 42,939 
Knight-Swift Transportation Holdings, Inc. Class A 1,441,000 53,432 
Union Pacific Corp. 166,000 29,784 
  126,155 
Trading Companies & Distributors - 0.7%   
Fastenal Co. 183,400 6,397 
MSC Industrial Direct Co., Inc. Class A 8,600 585 
Watsco, Inc. 231,492 40,261 
  47,243 
TOTAL INDUSTRIALS  1,066,672 
INFORMATION TECHNOLOGY - 15.1%   
Communications Equipment - 0.4%   
Cisco Systems, Inc. 475,952 21,880 
IT Services - 2.5%   
DXC Technology Co. 156,700 4,996 
Fidelity National Information Services, Inc. 5,000 718 
Genpact Ltd. 308,000 13,635 
IBM Corp. 174,900 25,138 
Paychex, Inc. 106,352 9,122 
Unisys Corp. (a) 882,218 8,566 
Visa, Inc. Class A 533,979 106,246 
  168,421 
Semiconductors & Semiconductor Equipment - 2.6%   
Analog Devices, Inc. 75,900 8,330 
Applied Materials, Inc. 262,800 15,240 
Marvell Technology Group Ltd. 173,800 4,178 
NVIDIA Corp. 3,500 828 
Qualcomm, Inc. 1,657,346 141,388 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 97,000 5,232 
  175,196 
Software - 6.9%   
Microsoft Corp. 2,012,599 342,605 
Open Text Corp. 155,200 6,985 
Oracle Corp. 692,253 36,309 
SAP SE sponsored ADR (c) 574,900 75,180 
  461,079 
Technology Hardware, Storage & Peripherals - 2.7%   
Apple, Inc. 577,094 178,616 
TOTAL INFORMATION TECHNOLOGY  1,005,192 
MATERIALS - 1.1%   
Chemicals - 0.5%   
Corteva, Inc. 298,866 8,643 
International Flavors & Fragrances, Inc. (c) 48,900 6,411 
Nutrien Ltd. 506,380 21,615 
  36,669 
Containers & Packaging - 0.3%   
Reynolds Consumer Products, Inc. (a) 621,700 17,750 
Metals & Mining - 0.3%   
BHP Billiton Ltd. sponsored ADR (c) 348,600 17,817 
TOTAL MATERIALS  72,236 
REAL ESTATE - 1.2%   
Equity Real Estate Investment Trusts (REITs) - 1.2%   
American Tower Corp. 119,500 27,693 
CoreSite Realty Corp. 113,500 13,331 
Equinix, Inc. 33,500 19,756 
Public Storage 41,400 9,264 
Simon Property Group, Inc. 83,300 11,091 
  81,135 
UTILITIES - 0.5%   
Electric Utilities - 0.3%   
Duke Energy Corp. 134,800 13,161 
Exelon Corp. 141,400 6,729 
PPL Corp. 69,300 2,508 
Southern Co. 9,400 662 
  23,060 
Multi-Utilities - 0.2%   
Sempra Energy 79,700 12,803 
TOTAL UTILITIES  35,863 
TOTAL COMMON STOCKS   
(Cost $5,275,223)  6,376,963 
Convertible Preferred Stocks - 0.4%   
HEALTH CARE - 0.4%   
Health Care Equipment & Supplies - 0.3%   
Becton, Dickinson & Co. Series A, 6.125% 322,800 21,173 
Life Sciences Tools & Services - 0.1%   
Avantor, Inc. Series A 6.25% 60,400 3,828 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $21,389)  25,001 
 Principal Amount (000s) Value (000s) 
Convertible Bonds - 0.0%   
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
Intercept Pharmaceuticals, Inc. 2% 5/15/26
(Cost $2,235) 		2,221 2,461 
 Shares Value (000s) 
Other - 0.1%   
ENERGY - 0.1%   
Oil, Gas & Consumable Fuels - 0.1%   
Utica Shale Drilling Program (non-operating revenue interest) (e)(f)(g)   
(Cost $18,052) 18,052,449 7,994 
Money Market Funds - 4.8%   
Fidelity Cash Central Fund 1.58% (h) 280,586,969 280,643 
Fidelity Securities Lending Cash Central Fund 1.59% (h)(i) 40,822,002 40,826 
TOTAL MONEY MARKET FUNDS   
(Cost $321,464)  321,469 
TOTAL INVESTMENT IN SECURITIES - 100.9%   
(Cost $5,638,363)  6,733,888 
NET OTHER ASSETS (LIABILITIES) - (0.9)%  (62,626) 
NET ASSETS - 100%  $6,671,262 

Written Options       
 Counterparty Number of Contracts Notional Amount (000s) Exercise Price Expiration Date Value (000s) 
Call Options       
Flowserve Corp. Bank of America NA 2,370 $11,063 $55.00 2/21/20 $(11) 
J.B. Hunt Transport Services, Inc. Chicago Board Options Exchange 611 6,595 125.00 2/21/20 (3) 
Procter & Gamble Co. Chicago Board Options Exchange 460 5,733 125.00 3/20/20 (132) 
Procter & Gamble Co. Chicago Board Options Exchange 460 5,733 130.00 3/20/20 (41) 
United Parcel Service, Inc. Chicago Board Options Exchange 994 10,290 130.00 4/17/20 (4) 
TOTAL WRITTEN OPTIONS      $(191) 

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is pledged as collateral for call options written. At period end, the value of securities pledged amounted to $28,351,000.

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

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,452,000 or 0.0% of net assets.

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

 (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 $7,994,000 or 0.1% of net assets.

 (g) Level 3 security

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

 (i) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

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

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $2,702 
Fidelity Securities Lending Cash Central Fund 38 
Total $2,740 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $552,850 $552,850 $-- $-- 
Consumer Discretionary 97,562 97,562 -- -- 
Consumer Staples 639,833 629,960 9,873 -- 
Energy 526,050 526,050 -- -- 
Financials 1,093,958 1,087,701 6,257 -- 
Health Care 1,230,613 1,091,871 138,742 -- 
Industrials 1,066,672 1,066,672 -- -- 
Information Technology 1,005,192 1,005,192 -- -- 
Materials 72,236 72,236 -- -- 
Real Estate 81,135 81,135 -- -- 
Utilities 35,863 35,863 -- -- 
Corporate Bonds 2,461 -- 2,461 -- 
Other 7,994 -- -- 7,994 
Money Market Funds 321,469 321,469 -- -- 
Total Investments in Securities: $6,733,888 $6,568,561 $157,333 $7,994 
Derivative Instruments:     
Liabilities     
Written Options $(191) $(180) $(11) $-- 
Total Liabilities $(191) $(180) $(11) $-- 
Total Derivative Instruments: $(191) $(180) $(11) $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
(Amounts in thousands)   
Equity Risk   
Written Options(a) $0 $(191) 
Total Equity Risk 0 (191) 
Total Value of Derivatives $0 $(191) 

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

Other Information

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

United States of America 88.3% 
United Kingdom 3.3% 
Germany 2.8% 
Canada 1.9% 
Norway 1.0% 
Others (Individually Less Than 1%) 2.7% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  January 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $38,875) — See accompanying schedule:
Unaffiliated issuers (cost $5,316,899) 		$6,412,419  
Fidelity Central Funds (cost $321,464) 321,469  
Total Investment in Securities (cost $5,638,363)  $6,733,888 
Cash  640 
Restricted cash  1,045 
Receivable for investments sold  5,888 
Receivable for fund shares sold  1,448 
Dividends receivable  7,519 
Interest receivable  3 
Distributions receivable from Fidelity Central Funds  402 
Prepaid expenses  7 
Other receivables  1,050 
Total assets  6,751,890 
Liabilities   
Payable for investments purchased $31,809  
Payable for fund shares redeemed 3,719  
Accrued management fee 2,491  
Written options, at value (premium received $1,311) 191  
Other affiliated payables 836  
Other payables and accrued expenses 754  
Collateral on securities loaned 40,828  
Total liabilities  80,628 
Net Assets  $6,671,262 
Net Assets consist of:   
Paid in capital  $5,502,480 
Total accumulated earnings (loss)  1,168,782 
Net Assets  $6,671,262 
Net Asset Value and Maximum Offering Price   
Growth and Income:   
Net Asset Value, offering price and redemption price per share ($6,152,399 ÷ 149,236 shares)  $41.23 
Class K:   
Net Asset Value, offering price and redemption price per share ($518,863 ÷ 12,597 shares)  $41.19 

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


Statement of Operations

Amounts in thousands  Six months ended January 31, 2020 (Unaudited) 
Investment Income   
Dividends  $79,831 
Interest  146 
Income from Fidelity Central Funds (including $38 from security lending)  2,740 
Total income  82,717 
Expenses   
Management fee $14,213  
Transfer agent fees 4,424  
Accounting fees 572  
Custodian fees and expenses 56  
Independent trustees' fees and expenses 20  
Registration fees 22  
Audit 43  
Legal 9  
Miscellaneous 17  
Total expenses before reductions 19,376  
Expense reductions (125)  
Total expenses after reductions  19,251 
Net investment income (loss)  63,466 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 102,503  
Foreign currency transactions (10)  
Written options 2,990  
Total net realized gain (loss)  105,483 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 338,794  
Fidelity Central Funds (1)  
Assets and liabilities in foreign currencies 7  
Written options 1,493  
Total change in net unrealized appreciation (depreciation)  340,293 
Net gain (loss)  445,776 
Net increase (decrease) in net assets resulting from operations  $509,242 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended January 31, 2020 (Unaudited) Year ended July 31, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $63,466 $150,639 
Net realized gain (loss) 105,483 85,851 
Change in net unrealized appreciation (depreciation) 340,293 (98,315) 
Net increase (decrease) in net assets resulting from operations 509,242 138,175 
Distributions to shareholders (141,130) (205,560) 
Share transactions - net increase (decrease) (120,821) (380,141) 
Total increase (decrease) in net assets 247,291 (447,526) 
Net Assets   
Beginning of period 6,423,971 6,871,497 
End of period $6,671,262 $6,423,971 

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


Financial Highlights

Fidelity Growth & Income Portfolio

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $38.98 $39.34 $35.31 $30.48 $30.85 $29.02 
Income from Investment Operations       
Net investment income (loss)A .39 .87 .65 .61 .59 .55 
Net realized and unrealized gain (loss) 2.73 (.05)B 4.12 4.68 (.37) 1.82C 
Total from investment operations 3.12 .82 4.77 5.29 .22 2.37 
Distributions from net investment income (.41) (.77) (.74) (.46) (.58) (.54) 
Distributions from net realized gain (.46) (.42) – – (.01) – 
Total distributions (.87) (1.18)D (.74) (.46) (.59) (.54) 
Net asset value, end of period $41.23 $38.98 $39.34 $35.31 $30.48 $30.85 
Total ReturnE,F 8.09% 2.26%B 13.66% 17.48% .88% 8.23%C 
Ratios to Average Net AssetsG,H       
Expenses before reductions .60%I .61% .61% .63% .64% .64% 
Expenses net of fee waivers, if any .60%I .61% .61% .63% .64% .63% 
Expenses net of all reductions .60%I .61% .61% .63% .64% .63% 
Net investment income (loss) 1.93%I 2.31% 1.76% 1.84% 2.05% 1.83% 
Supplemental Data       
Net assets, end of period (in millions) $6,152 $5,927 $6,280 $6,356 $5,529 $6,563 
Portfolio turnover rateJ 25%I 36% 38% 37% 29% 35% 

 A Calculated based on average shares outstanding during the period.

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

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.06 per share. Excluding these litigation proceeds, the total return would have been 8.03%.

 D Total distributions of $1.18 per share is comprised of distributions from net investment income of $.765 and distributions from net realized gain of $.419 per share.

 E Total returns for periods of less than one year are not annualized.

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

 G Fees and expenses of any underlying 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.

 H 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.

 I Annualized

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

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


Fidelity Growth & Income Portfolio Class K

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $38.94 $39.31 $35.28 $30.46 $30.82 $29.00 
Income from Investment Operations       
Net investment income (loss)A .41 .91 .69 .65 .62 .59 
Net realized and unrealized gain (loss) 2.73 (.06)B 4.12 4.67 (.35) 1.81C 
Total from investment operations 3.14 .85 4.81 5.32 .27 2.40 
Distributions from net investment income (.43) (.81) (.78) (.50) (.62) (.58) 
Distributions from net realized gain (.46) (.42) – – (.01) – 
Total distributions (.89) (1.22)D (.78) (.50) (.63) (.58) 
Net asset value, end of period $41.19 $38.94 $39.31 $35.28 $30.46 $30.82 
Total ReturnE,F 8.15% 2.35%B 13.79% 17.60% 1.04% 8.34%C 
Ratios to Average Net AssetsG,H       
Expenses before reductions .50%I .51% .51% .52% .52% .52% 
Expenses net of fee waivers, if any .50%I .51% .51% .52% .52% .52% 
Expenses net of all reductions .50%I .50% .50% .52% .52% .52% 
Net investment income (loss) 2.03%I 2.41% 1.86% 1.95% 2.17% 1.95% 
Supplemental Data       
Net assets, end of period (in millions) $519 $497 $591 $890 $765 $862 
Portfolio turnover rateJ 25%I 36% 38% 37% 29% 35% 

 A Calculated based on average shares outstanding during the period.

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

 C Net realized and unrealized gain (loss) per share reflects proceeds received from litigation which amounted to $.06 per share. Excluding these litigation proceeds, the total return would have been 8.14%.

 D Total distributions of $1.22 per share is comprised of distributions from net investment income of $.805 and distributions from net realized gain of $.419 per share.

 E Total returns for periods of less than one year are not annualized.

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

 G Fees and expenses of any underlying 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.

 H 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.

 I Annualized

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

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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2020
(Amounts in thousands except percentages)

1. Organization.

Fidelity Growth & Income Portfolio (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Growth & Income and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

Effective January 1, 2020:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".

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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .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 Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • 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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price and are categorized as Level 1 in the hierarchy. Options traded over-the-counter are valued using vendor or broker-supplied valuations and are categorized as Level 2 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2020 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 include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of 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) for the Fund, certain independent Trustees have elected 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 of $681 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions, partnerships, certain conversion ratio adjustments, equity-debt classifications, deferred trustees compensation and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $1,492,434 
Gross unrealized depreciation (410,231) 
Net unrealized appreciation (depreciation) $1,082,203 
Tax cost $5,652,805 

The Fund elected to defer to its next fiscal year approximately $4,414 of capital losses recognized during the period November 1, 2018 to July 31, 2019.

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.

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $9,039 in this Subsidiary, representing .14% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiary is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including options. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

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

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

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

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Derivative counterparty credit risk is managed through formal evaluation of the creditworthiness of all potential counterparties. On certain OTC derivatives such as options, the Fund attempts to reduce its exposure to counterparty credit risk by entering into an International Swaps and Derivatives Association, Inc. (ISDA) Master Agreement with each of its counterparties. The ISDA Master Agreement gives the Fund the right to terminate all transactions traded under such agreement upon the deterioration in the credit quality of the counterparty beyond specified levels. The ISDA Master Agreement gives each party the right, upon an event of default by the other party or a termination of the agreement, to close out all transactions traded under such agreement and to net amounts owed under each transaction to one net payable by one party to the other. To mitigate counterparty credit risk on bi-lateral OTC derivatives, the Fund receives collateral in the form of cash or securities once the Fund's net unrealized appreciation on outstanding derivative contracts under an ISDA Master Agreement exceeds certain applicable thresholds, subject to certain minimum transfer provisions. The collateral received is held in segregated accounts with the Fund's custodian bank in accordance with the collateral agreements entered into between the Fund, the counterparty and the Fund's custodian bank. The Fund could experience delays and costs in gaining access to the collateral even though it is held by the Fund's custodian bank. The Fund's maximum risk of loss from counterparty credit risk related to bi-lateral OTC derivatives is generally the aggregate unrealized appreciation and unpaid counterparty payments in excess of any collateral pledged by the counterparty to the Fund. The Fund may be required to pledge collateral for the benefit of the counterparties on bi-lateral OTC derivatives in an amount not less than each counterparty's unrealized appreciation on outstanding derivative contracts, subject to certain minimum transfer provisions, and any such pledged collateral is identified in the Schedule of Investments. Counterparty credit risk related to exchange-traded options may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Options. Options give the purchaser the right, but not the obligation, to buy (call) or sell (put) an underlying security or financial instrument at an agreed exercise or strike price between or on certain dates. Options obligate the seller (writer) to buy (put) or sell (call) an underlying instrument at the exercise or strike price or cash settle an underlying derivative instrument if the holder exercises the option on or before the expiration date.

The Fund used exchange-traded and OTC written covered call options to manage its exposure to the market. When the Fund writes a covered call option, the Fund holds the underlying instrument which must be delivered to the holder upon the exercise of the option.

Upon entering into a written options contract, the Fund will receive a premium. Premiums received are reflected as a liability on the Statement of Assets and Liabilities. Options are valued daily and any unrealized appreciation (depreciation) is reflected on the Statement of Assets and Liabilities. When a written option is exercised, the premium is added to the proceeds from the sale of the underlying instrument in determining the gain or loss realized on that investment. When an option is closed the Fund will realize a gain or loss depending on whether the proceeds or amount paid for the closing sale transaction are greater or less than the premium received. When an option expires, gains and losses are realized to the extent of premiums received. The net realized gain (loss) on closed and expired written options and the change in net unrealized appreciation (depreciation) on written options are presented in the Statement of Operations.

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

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

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $771,625 and $935,661, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .20% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .43% of the Fund's average net assets.

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

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

 Amount % of Class-Level Average Net Assets(a) 
Growth and Income $4,311 .14 
Class K 113 .04 
 $4,424  

 (a) Annualized

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

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

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity Growth & Income Portfolio $18 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $15.

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 $8 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, 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. Total fees paid by the Fund to NFS, as lending agent, amounted to $4. 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. During the period, there were no securities loaned to NFS.

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 $104 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $2. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

 Expense reduction 
Growth and Income $5 

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $14.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2020 		Year ended
July 31, 2019 
Distributions to shareholders   
Growth and Income $129,855 $184,494 
Class K 11,275 21,066 
Total $141,130 $205,560 

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2020 Year ended July 31, 2019 Six months ended January 31, 2020 Year ended July 31, 2019 
Growth and Income     
Shares sold 2,059 4,033 $84,077 $152,368 
Reinvestment of distributions 3,085 4,678 122,459 174,463 
Shares redeemed (7,969) (16,278) (320,067) (613,720) 
Net increase (decrease) (2,825) (7,567) $(113,531) $(286,889) 
Class K     
Shares sold 1,122 7,816 $45,712 $289,822 
Reinvestment of distributions 284 570 11,275 21,066 
Shares redeemed (1,579) (10,656) (64,276) (404,140) 
Net increase (decrease) (173) (2,270) $(7,289) $(93,252) 

12. 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.

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 (August 1, 2019 to January 31, 2020).

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. 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. 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.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2019 		Ending
Account Value
January 31, 2020 		Expenses Paid
During Period-B
August 1, 2019
to January 31, 2020 
Growth and Income .60%    
Actual  $1,000.00 $1,080.90 $3.14 
Hypothetical-C  $1,000.00 $1,022.12 $3.05 
Class K .50%    
Actual  $1,000.00 $1,081.50 $2.62 
Hypothetical-C  $1,000.00 $1,022.62 $2.54 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Growth & Income Portfolio

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

Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile and considered that the definition of "group assets" for purposes of the fund's group fee would be modified to avoid double-counting assets once the reorganization is complete. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.

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

At its January 2020 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

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

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

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

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

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

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

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

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

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

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

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended June 30, 2019, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Growth & Income Portfolio


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

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

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

Fidelity Growth & Income Portfolio


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2019.

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

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

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

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. 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 the competitive median for the 12-month period ended June 30, 2019.

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

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

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

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

PricewaterhouseCoopers LLP (PwC), 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 the fund profitability information 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 potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and met periodically, to evaluate potential fall-out benefits (PFOB Committee). The Board noted that the PFOB Committee, among other things: (i) discussed the legal framework surrounding potential fall-out benefits; (ii) reviewed the Board's responsibilities and approach to potential fall-out benefits; and (iii) reviewed practices employed by competitor funds regarding the review of potential fall-out benefits.

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

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

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

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

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of performance fees for additional funds; (iii) changes in Fidelity's non-fund businesses and the impact of such changes on the funds; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (vi) the expense structures for different funds and classes; (vii) information regarding other accounts managed by Fidelity, including collective investment trusts and separately managed accounts; and (viii) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

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





Fidelity Investments

GAI-SANN-0320
1.700483.123

Fidelity® Leveraged Company Stock Fund



Semi-Annual Report

January 31, 2020

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020

 % of fund's net assets 
Eldorado Resorts, Inc. 4.4 
Air Canada 4.1 
Adobe, Inc. 3.3 
Microsoft Corp. 3.1 
JBS SA 2.9 
Global Payments, Inc. 2.8 
MasterCard, Inc. Class A 2.6 
IQVIA Holdings, Inc. 2.5 
Visa, Inc. Class A 2.4 
Vistra Energy Corp. 2.3 
 30.4 

Top Five Market Sectors as of January 31, 2020

 % of fund's net assets 
Information Technology 35.0 
Consumer Discretionary 12.5 
Health Care 12.1 
Industrials 11.0 
Communication Services 10.4 

Asset Allocation (% of fund's net assets)

As of January 31, 2020* 
   Stocks 97.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.8% 


 * Foreign investments - 11.4%

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.2%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 10.4%   
Interactive Media & Services - 4.1%   
Alphabet, Inc. Class A (a) 36,600 $52,440 
Facebook, Inc. Class A (a) 199,400 40,261 
  92,701 
Media - 4.0%   
Altice U.S.A., Inc. Class A (a) 1,829,600 50,058 
Nexstar Broadcasting Group, Inc. Class A 347,798 42,136 
  92,194 
Wireless Telecommunication Services - 2.3%   
T-Mobile U.S., Inc. (a) 653,000 51,711 
TOTAL COMMUNICATION SERVICES  236,606 
CONSUMER DISCRETIONARY - 12.5%   
Hotels, Restaurants & Leisure - 10.3%   
Boyd Gaming Corp. 1,482,700 44,259 
Eldorado Resorts, Inc. (a)(b) 1,658,780 99,160 
Melco Crown Entertainment Ltd. sponsored ADR 75,332 1,519 
MGM Mirage, Inc. 369,500 11,477 
Penn National Gaming, Inc. (a) 1,317,970 39,315 
Royal Caribbean Cruises Ltd. 214,400 25,102 
Studio City International Holdings Ltd. ADR (a) 695,700 13,140 
  233,972 
Household Durables - 0.8%   
Tempur Sealy International, Inc. (a) 192,400 17,628 
Internet & Direct Marketing Retail - 0.9%   
Amazon.com, Inc. (a) 10,100 20,288 
Multiline Retail - 0.5%   
Dollar Tree, Inc. (a) 122,700 10,683 
TOTAL CONSUMER DISCRETIONARY  282,571 
CONSUMER STAPLES - 3.7%   
Food & Staples Retailing - 0.2%   
Performance Food Group Co. (a) 93,300 4,832 
Food Products - 3.5%   
Darling International, Inc. (a) 526,083 14,273 
JBS SA 10,119,700 65,171 
  79,444 
TOTAL CONSUMER STAPLES  84,276 
ENERGY - 0.5%   
Oil, Gas & Consumable Fuels - 0.5%   
MEG Energy Corp. (a) 2,098,400 10,719 
FINANCIALS - 5.4%   
Banks - 2.1%   
Bank of America Corp. 652,399 21,418 
JPMorgan Chase & Co. 199,700 26,432 
  47,850 
Consumer Finance - 3.3%   
American Express Co. 328,100 42,610 
OneMain Holdings, Inc. 773,100 32,756 
  75,366 
TOTAL FINANCIALS  123,216 
HEALTH CARE - 12.1%   
Biotechnology - 0.6%   
Alexion Pharmaceuticals, Inc. (a) 134,100 13,328 
Health Care Providers & Services - 4.5%   
Cigna Corp. 113,300 21,797 
Humana, Inc. 67,900 22,831 
Tenet Healthcare Corp. (a) 691,500 21,879 
UnitedHealth Group, Inc. 133,500 36,372 
  102,879 
Life Sciences Tools & Services - 4.6%   
Charles River Laboratories International, Inc. (a) 80,900 12,506 
IQVIA Holdings, Inc. (a) 370,100 57,458 
Thermo Fisher Scientific, Inc. 107,500 33,668 
  103,632 
Pharmaceuticals - 2.4%   
Bausch Health Cos., Inc. (Canada) (a) 408,100 11,197 
Bristol-Myers Squibb Co. 290,300 18,274 
Jazz Pharmaceuticals PLC (a) 166,400 23,853 
  53,324 
TOTAL HEALTH CARE  273,163 
INDUSTRIALS - 11.0%   
Airlines - 4.9%   
Air Canada (a) 2,765,400 92,633 
Delta Air Lines, Inc. 335,100 18,678 
  111,311 
Commercial Services & Supplies - 0.0%   
Novus Holdings Ltd. 46,866 7 
Machinery - 1.8%   
Allison Transmission Holdings, Inc. 510,200 22,551 
Fortive Corp. 242,600 18,178 
  40,729 
Marine - 0.0%   
Genco Shipping & Trading Ltd. 831 7 
Professional Services - 0.5%   
ASGN, Inc. (a) 162,500 11,000 
Trading Companies & Distributors - 3.8%   
Air Lease Corp. Class A 459,820 19,745 
HD Supply Holdings, Inc. (a) 713,100 29,052 
United Rentals, Inc. (a) 273,000 37,043 
  85,840 
TOTAL INDUSTRIALS  248,894 
INFORMATION TECHNOLOGY - 35.0%   
Electronic Equipment & Components - 2.4%   
CDW Corp. 205,900 26,860 
Zebra Technologies Corp. Class A (a) 111,300 26,603 
  53,463 
IT Services - 14.3%   
EPAM Systems, Inc. (a) 228,100 52,039 
Fiserv, Inc. (a) 264,609 31,385 
Global Payments, Inc. 327,600 64,029 
GoDaddy, Inc. (a) 261,600 17,582 
MasterCard, Inc. Class A 189,300 59,807 
PayPal Holdings, Inc. (a) 309,400 35,238 
Verra Mobility Corp. (a) 593,900 9,461 
Visa, Inc. Class A 276,300 54,975 
  324,516 
Semiconductors & Semiconductor Equipment - 7.7%   
Advanced Micro Devices, Inc. (a) 410,600 19,298 
Broadcom, Inc. 36,300 11,077 
Lam Research Corp. 149,800 44,672 
Microchip Technology, Inc. (b) 408,600 39,830 
Micron Technology, Inc. (a) 380,800 20,217 
ON Semiconductor Corp. (a) 1,177,900 27,268 
Skyworks Solutions, Inc. 113,600 12,854 
  175,216 
Software - 10.6%   
Adobe, Inc. (a) 210,500 73,915 
Microsoft Corp. 414,800 70,611 
Palo Alto Networks, Inc. (a) 108,300 25,427 
Salesforce.com, Inc. (a) 112,500 20,510 
SS&C Technologies Holdings, Inc. 489,797 30,862 
VMware, Inc. Class A (a) 125,500 18,582 
  239,907 
TOTAL INFORMATION TECHNOLOGY  793,102 
MATERIALS - 1.8%   
Chemicals - 1.3%   
CF Industries Holdings, Inc. 330,200 13,300 
The Chemours Co. LLC 1,129,328 15,664 
  28,964 
Metals & Mining - 0.5%   
First Quantum Minerals Ltd. 1,634,200 12,793 
TOTAL MATERIALS  41,757 
REAL ESTATE - 0.8%   
Equity Real Estate Investment Trusts (REITs) - 0.8%   
Crown Castle International Corp. 122,700 18,385 
UTILITIES - 4.0%   
Independent Power and Renewable Electricity Producers - 4.0%   
NRG Energy, Inc. 1,000,400 36,905 
Vistra Energy Corp. 2,332,265 52,523 
  89,428 
TOTAL COMMON STOCKS   
(Cost $1,535,381)  2,202,117 
Money Market Funds - 5.6%   
Fidelity Cash Central Fund 1.58% (c) 55,745,720 55,757 
Fidelity Securities Lending Cash Central Fund 1.59% (c)(d) 69,712,607 69,720 
TOTAL MONEY MARKET FUNDS   
(Cost $125,474)  125,477 
TOTAL INVESTMENT IN SECURITIES - 102.8%   
(Cost $1,660,855)  2,327,594 
NET OTHER ASSETS (LIABILITIES) - (2.8)%  (62,784) 
NET ASSETS - 100%  $2,264,810 

Legend

 (a) Non-income producing

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

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

 (d) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

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

Fund Income earned 
 (Amounts in thousands) 
Fidelity Cash Central Fund $658 
Fidelity Securities Lending Cash Central Fund 116 
Total $774 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Other Information

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

United States of America 88.6% 
Canada 5.6% 
Brazil 2.9% 
Liberia 1.1% 
Ireland 1.1% 
Others (Individually Less Than 1%) 0.7% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  January 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $66,116) — See accompanying schedule:
Unaffiliated issuers (cost $1,535,381) 		$2,202,117  
Fidelity Central Funds (cost $125,474) 125,477  
Total Investment in Securities (cost $1,660,855)  $2,327,594 
Receivable for investments sold  8,872 
Receivable for fund shares sold  506 
Dividends receivable  679 
Distributions receivable from Fidelity Central Funds  72 
Prepaid expenses  3 
Other receivables  43 
Total assets  2,337,769 
Liabilities   
Payable for fund shares redeemed $1,695  
Accrued management fee 1,140  
Other affiliated payables 308  
Other payables and accrued expenses 94  
Collateral on securities loaned 69,722  
Total liabilities  72,959 
Net Assets  $2,264,810 
Net Assets consist of:   
Paid in capital  $1,650,194 
Total accumulated earnings (loss)  614,616 
Net Assets  $2,264,810 
Net Asset Value and Maximum Offering Price   
Leveraged Company Stock:   
Net Asset Value, offering price and redemption price per share ($1,918,672 ÷ 59,997 shares)  $31.98 
Class K:   
Net Asset Value, offering price and redemption price per share ($346,138 ÷ 10,784 shares)  $32.10 

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


Statement of Operations

Amounts in thousands  Six months ended January 31, 2020 (Unaudited) 
Investment Income   
Dividends  $10,062 
Income from Fidelity Central Funds (including $116 from security lending)  774 
Total income  10,836 
Expenses   
Management fee $6,531  
Transfer agent fees 1,502  
Accounting fees 336  
Custodian fees and expenses 21  
Independent trustees' fees and expenses 7  
Registration fees 26  
Audit 33  
Legal 40  
Miscellaneous 7  
Total expenses before reductions 8,503  
Expense reductions (84)  
Total expenses after reductions  8,419 
Net investment income (loss)  2,417 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (4,992)  
Fidelity Central Funds 2  
Foreign currency transactions 4  
Total net realized gain (loss)  (4,986) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 151,923  
Total change in net unrealized appreciation (depreciation)  151,923 
Net gain (loss)  146,937 
Net increase (decrease) in net assets resulting from operations  $149,354 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended January 31, 2020 (Unaudited) Year ended July 31, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $2,417 $(1,093) 
Net realized gain (loss) (4,986) 44,029 
Change in net unrealized appreciation (depreciation) 151,923 (35,293) 
Net increase (decrease) in net assets resulting from operations 149,354 7,643 
Distributions to shareholders (2,522) (382,089) 
Share transactions - net increase (decrease) (173,869) (136,527) 
Total increase (decrease) in net assets (27,037) (510,973) 
Net Assets   
Beginning of period 2,291,847 2,802,820 
End of period $2,264,810 $2,291,847 

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


Financial Highlights

Fidelity Leveraged Company Stock Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $29.94 $34.31 $37.25 $40.68 $46.90 $45.82 
Income from Investment Operations       
Net investment income (loss)A .03 (.02) .02 .19 .41 .41 
Net realized and unrealized gain (loss) 2.04 .42 3.42B 5.53 (3.77) 1.01 
Total from investment operations 2.07 .40 3.44 5.72 (3.36) 1.42 
Distributions from net investment income (.03) – (.07) (.37) (.40) (.34) 
Distributions from net realized gain – (4.77) (6.32) (8.78) (2.46) – 
Total distributions (.03) (4.77) (6.38)C (9.15) (2.86) (.34) 
Redemption fees added to paid in capitalA – – – –D –D –D 
Net asset value, end of period $31.98 $29.94 $34.31 $37.25 $40.68 $46.90 
Total ReturnE,F 6.92% 1.93% 10.91%B 17.45% (7.23)% 3.12% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .78%I .78% .78% .80% .80% .79% 
Expenses net of fee waivers, if any .78%I .78% .78% .79% .80% .78% 
Expenses net of all reductions .77%I .78% .77% .78% .80% .78% 
Net investment income (loss) .20%I (.06)% .07% .51% 1.03% .87% 
Supplemental Data       
Net assets, end of period (in millions) $1,919 $1,945 $2,372 $2,644 $2,861 $3,755 
Portfolio turnover rateJ 42%I 53% 67% 100% 9% 4% 

 A Calculated based on average shares outstanding during the period.

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

 C Total distributions of $6.38 per share is comprised of distributions from net investment income of $.066 and distributions from net realized gain of $6.318 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

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

 G Fees and expenses of any underlying 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.

 H 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.

 I Annualized

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

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


Fidelity Leveraged Company Stock Fund Class K

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $30.04 $34.40 $37.34 $40.76 $47.00 $45.91 
Income from Investment Operations       
Net investment income (loss)A .05 .01 .06 .23 .46 .46 
Net realized and unrealized gain (loss) 2.06 .42 3.42B 5.55 (3.79) 1.03 
Total from investment operations 2.11 .43 3.48 5.78 (3.33) 1.49 
Distributions from net investment income (.05) – (.11) (.42) (.45) (.40) 
Distributions from net realized gain – (4.79) (6.32) (8.78) (2.46) – 
Total distributions (.05) (4.79) (6.42)C (9.20) (2.91) (.40) 
Redemption fees added to paid in capitalA – – – –D –D –D 
Net asset value, end of period $32.10 $30.04 $34.40 $37.34 $40.76 $47.00 
Total ReturnE,F 7.01% 2.03% 11.01%B 17.60% (7.14)% 3.26% 
Ratios to Average Net AssetsG,H       
Expenses before reductions .67%I .67% .67% .68% .68% .67% 
Expenses net of fee waivers, if any .67%I .67% .67% .68% .68% .67% 
Expenses net of all reductions .66%I .67% .66% .67% .68% .67% 
Net investment income (loss) .31%I .05% .18% .63% 1.15% .99% 
Supplemental Data       
Net assets, end of period (in millions) $346 $347 $431 $489 $573 $991 
Portfolio turnover rateJ 42%I 53% 67% 100% 9% 4% 

 A Calculated based on average shares outstanding during the period.

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

 C Total distributions of $6.42 per share is comprised of distributions from net investment income of $.106 and distributions from net realized gain of $6.318 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

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

 G Fees and expenses of any underlying 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.

 H 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.

 I Annualized

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

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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2020
(Amounts in thousands except percentages)

1. Organization.

Fidelity Leveraged Company Stock Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Leveraged Company Stock and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

Effective January 1, 2020:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".

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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .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 Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • 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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

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 include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions, market discount, net operating losses and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $707,451 
Gross unrealized depreciation (41,249) 
Net unrealized appreciation (depreciation) $666,202 
Tax cost $1,661,392 

The Fund elected to defer to its next fiscal year approximately $41,109 of capital losses recognized during the period November 1,2018 to July 31, 2019. The Fund intends to elect to defer to its next fiscal year $688 of ordinary losses recognized during the period January 1, 2019 to July 31, 2019.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $453,850 and $611,390, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .35% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .58% of the Fund's average net assets.

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

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

 Amount % of Class-Level Average Net Assets(a) 
Leveraged Company Stock $1,427 .15 
Class K 75 .04 
 $1,502  

 (a) Annualized

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

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

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity Leveraged Company Stock Fund $20 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

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 $3 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, 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. Total fees paid by the Fund to NFS, as lending agent, amounted to $12. 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. During the period, there were no securities loaned to NFS.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $79 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses in the amount less than five hundred dollars.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $5.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2020 		Year ended
July 31, 2019 
Distributions to shareholders   
Leveraged Company Stock $2,012 $323,491 
Class K 510 58,598 
Total $2,522 $382,089 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2020 Year ended July 31, 2019 Six months ended January 31, 2020 Year ended July 31, 2019 
Leveraged Company Stock     
Shares sold 919 2,630 $28,317 $74,697 
Reinvestment of distributions 59 10,500 1,907 306,391 
Shares redeemed (5,953) (17,289) (181,289) (490,093) 
Net increase (decrease) (4,975) (4,159) $(151,065) $(109,005) 
Class K     
Shares sold 465 1,048 $14,642 $29,782 
Reinvestment of distributions 16 2,004 510 58,598 
Shares redeemed (1,244) (4,033) (37,956) (115,902) 
Net increase (decrease) (763) (981) $(22,804) $(27,522) 

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.

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 (August 1, 2019 to January 31, 2020).

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. 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. 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.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2019 		Ending
Account Value
January 31, 2020 		Expenses Paid
During Period-B
August 1, 2019
to January 31, 2020 
Leveraged Company Stock .78%    
Actual  $1,000.00 $1,069.20 $4.06 
Hypothetical-C  $1,000.00 $1,021.22 $3.96 
Class K .67%    
Actual  $1,000.00 $1,070.10 $3.49 
Hypothetical-C  $1,000.00 $1,021.77 $3.40 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Leveraged Company Stock Fund

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

Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile and considered that the definition of "group assets" for purposes of the fund's group fee would be modified to avoid double-counting assets once the reorganization is complete. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.

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

At its January 2020 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

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

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

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

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

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

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

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

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

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

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

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended June 30, 2019, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Leveraged Company Stock Fund


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

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

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

Fidelity Leveraged Company Stock Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2019.

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

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

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

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. 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 the competitive median for the 12-month period ended June 30, 2019.

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

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

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

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

PricewaterhouseCoopers LLP (PwC), 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 the fund profitability information 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 potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and met periodically, to evaluate potential fall-out benefits (PFOB Committee). The Board noted that the PFOB Committee, among other things: (i) discussed the legal framework surrounding potential fall-out benefits; (ii) reviewed the Board's responsibilities and approach to potential fall-out benefits; and (iii) reviewed practices employed by competitor funds regarding the review of potential fall-out benefits.

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

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

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

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

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of performance fees for additional funds; (iii) changes in Fidelity's non-fund businesses and the impact of such changes on the funds; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (vi) the expense structures for different funds and classes; (vii) information regarding other accounts managed by Fidelity, including collective investment trusts and separately managed accounts; and (viii) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

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





Fidelity Investments

LSF-SANN-0320
1.753758.120

Fidelity® OTC K6 Portfolio



Semi-Annual Report

January 31, 2020

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020

 % of fund's net assets 
Apple, Inc. 11.0 
Microsoft Corp. 10.7 
Amazon.com, Inc. 5.7 
Alphabet, Inc. Class A 5.6 
Facebook, Inc. Class A 4.4 
Alphabet, Inc. Class C 2.8 
Adobe, Inc. 2.0 
Qualcomm, Inc. 1.5 
Charter Communications, Inc. Class A 1.3 
Salesforce.com, Inc. 1.3 
 46.3 

Top Five Market Sectors as of January 31, 2020

 % of fund's net assets 
Information Technology 45.8 
Communication Services 19.8 
Consumer Discretionary 15.1 
Health Care 7.2 
Consumer Staples 5.2 

Asset Allocation (% of fund's net assets)

As of January 31, 2020* 
   Stocks 99.6% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.4% 


 * Foreign investments - 11.9%

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 99.6%   
 Shares Value 
COMMUNICATION SERVICES - 19.8%   
Entertainment - 2.5%   
Activision Blizzard, Inc. 45,631 $2,668,501 
Electronic Arts, Inc. (a) 34 3,669 
NetEase, Inc. ADR 4,577 1,468,119 
Netflix, Inc. (a) 3,186 1,099,457 
Nintendo Co. Ltd. ADR 12,523 574,806 
Take-Two Interactive Software, Inc. (a) 5,472 682,030 
Tencent Music Entertainment Group ADR (a) 8,353 106,000 
Ubisoft Entertainment SA (a) 1,594 120,892 
Zynga, Inc. (a) 113,084 680,766 
  7,404,240 
Interactive Media & Services - 15.4%   
58.com, Inc. ADR (a) 147 8,176 
Alphabet, Inc.:   
Class A (a) 11,789 16,891,043 
Class C (a) 5,819 8,345,784 
ANGI Homeservices, Inc. Class A (a) 36,596 293,866 
CarGurus, Inc. Class A (a) 21,694 773,391 
Eventbrite, Inc. (a) 305 6,451 
Facebook, Inc. Class A (a) 66,587 13,444,581 
IAC/InterActiveCorp (a) 4,195 1,021,860 
Match Group, Inc. (a)(b) 13,738 1,074,586 
Scout24 AG (c) 7,400 510,063 
Tencent Holdings Ltd. sponsored ADR (b) 62,894 3,013,252 
Twitter, Inc. (a) 40,441 1,313,524 
  46,696,577 
Media - 1.9%   
Cardlytics, Inc. (a) 21,500 1,804,280 
Charter Communications, Inc. Class A (a) 7,777 4,024,286 
  5,828,566 
Wireless Telecommunication Services - 0.0%   
Boingo Wireless, Inc. (a) 2,465 27,707 
TOTAL COMMUNICATION SERVICES  59,957,090 
CONSUMER DISCRETIONARY - 15.1%   
Automobiles - 0.0%   
Tesla, Inc. (a) 12 7,807 
Diversified Consumer Services - 0.6%   
Adtalem Global Education, Inc. (a) 1,575 54,353 
Koolearn Technology Holding Ltd. (a)(c) 107,500 374,693 
New Oriental Education & Technology Group, Inc. sponsored ADR (a) 4,777 580,644 
TAL Education Group ADR (a) 14,307 713,919 
  1,723,609 
Hotels, Restaurants & Leisure - 2.3%   
Eldorado Resorts, Inc. (a) 8,666 518,053 
Hilton Grand Vacations, Inc. (a) 1,584 50,545 
Hilton Worldwide Holdings, Inc. 130 14,014 
Marriott International, Inc. Class A 7,496 1,049,890 
Planet Fitness, Inc. (a) 23,664 1,911,815 
Restaurant Brands International, Inc. 3,894 237,571 
Royal Caribbean Cruises Ltd. 4,608 539,505 
Starbucks Corp. 11,274 956,373 
Texas Roadhouse, Inc. Class A 1,729 108,063 
Vail Resorts, Inc. 3,484 817,033 
Wynn Resorts Ltd. 4,920 620,707 
Yum! Brands, Inc. 2,465 260,723 
  7,084,292 
Internet & Direct Marketing Retail - 8.5%   
Amazon.com, Inc. (a) 8,567 17,208,704 
Ctrip.com International Ltd. ADR (a) 35,209 1,131,265 
eBay, Inc. 39,392 1,321,996 
Meituan Dianping Class B (a) 95,446 1,208,331 
MercadoLibre, Inc. (a) 4,163 2,760,069 
The Booking Holdings, Inc. (a) 1,100 2,013,605 
  25,643,970 
Multiline Retail - 0.7%   
Dollar General Corp. 1,135 174,120 
Dollar Tree, Inc. (a) 23,425 2,039,615 
  2,213,735 
Specialty Retail - 1.5%   
Burlington Stores, Inc. (a) 4,057 882,276 
Five Below, Inc. (a) 5,202 588,970 
Lowe's Companies, Inc. 3,223 374,642 
National Vision Holdings, Inc. (a) 7,685 262,212 
Ross Stores, Inc. 15,370 1,724,360 
Ulta Beauty, Inc. (a) 2,036 545,465 
  4,377,925 
Textiles, Apparel & Luxury Goods - 1.5%   
G-III Apparel Group Ltd. (a) 2,589 70,447 
Kontoor Brands, Inc. 127 4,844 
lululemon athletica, Inc. (a) 13,775 3,297,597 
LVMH Moet Hennessy Louis Vuitton SE 1,990 866,590 
PVH Corp. 3,200 278,944 
VF Corp. 592 49,118 
  4,567,540 
TOTAL CONSUMER DISCRETIONARY  45,618,878 
CONSUMER STAPLES - 5.2%   
Beverages - 2.1%   
Diageo PLC 31,945 1,263,205 
Fever-Tree Drinks PLC 33,532 609,279 
Keurig Dr. Pepper, Inc. 18,575 529,945 
Kweichow Moutai Co. Ltd. (A Shares) 7,100 1,042,794 
Monster Beverage Corp. (a) 25,342 1,687,777 
PepsiCo, Inc. 8,743 1,241,681 
  6,374,681 
Food & Staples Retailing - 1.9%   
BJ's Wholesale Club Holdings, Inc. (a) 40,643 833,994 
Costco Wholesale Corp. 10,719 3,274,869 
Performance Food Group Co. (a) 14,534 752,716 
U.S. Foods Holding Corp. (a) 15,921 639,547 
Walmart, Inc. 3,480 398,425 
  5,899,551 
Food Products - 0.4%   
Darling International, Inc. (a) 5,622 152,525 
Mondelez International, Inc. 12,237 702,159 
The Kraft Heinz Co. 7,946 232,023 
  1,086,707 
Personal Products - 0.3%   
Coty, Inc. Class A 89,453 917,788 
Tobacco - 0.5%   
Altria Group, Inc. 30,086 1,429,988 
TOTAL CONSUMER STAPLES  15,708,715 
ENERGY - 0.0%   
Oil, Gas & Consumable Fuels - 0.0%   
Cenovus Energy, Inc. (Canada) 2,500 21,762 
Centennial Resource Development, Inc. Class A (a) 13,433 43,792 
EOG Resources, Inc. 164 11,957 
  77,511 
FINANCIALS - 2.5%   
Banks - 0.3%   
Huntington Bancshares, Inc. 44,338 601,667 
PacWest Bancorp 7,221 253,096 
  854,763 
Capital Markets - 2.1%   
Cboe Global Markets, Inc. 9,288 1,144,467 
CME Group, Inc. 7,610 1,652,207 
E*TRADE Financial Corp. 6,812 290,327 
London Stock Exchange Group PLC 10,700 1,105,747 
Northern Trust Corp. 7,760 759,006 
S&P Global, Inc. 2,107 618,889 
TD Ameritrade Holding Corp. 14,836 704,413 
Virtu Financial, Inc. Class A 5,060 84,451 
  6,359,507 
Consumer Finance - 0.1%   
Capital One Financial Corp. 4,070 406,186 
TOTAL FINANCIALS  7,620,456 
HEALTH CARE - 7.2%   
Biotechnology - 4.6%   
Acceleron Pharma, Inc. (a) 4,200 381,276 
Agios Pharmaceuticals, Inc. (a) 6,477 315,624 
Alexion Pharmaceuticals, Inc. (a) 20,014 1,989,191 
Allakos, Inc. (a)(b) 741 53,500 
Alnylam Pharmaceuticals, Inc. (a) 3,608 414,162 
Amgen, Inc. 15,446 3,337,108 
Arcutis Biotherapeutics, Inc. (a) 3,700 80,660 
Ascendis Pharma A/S sponsored ADR (a) 1,068 144,287 
Blueprint Medicines Corp. (a) 2,014 127,788 
Cellectis SA sponsored ADR (a) 5,229 80,893 
Chimerix, Inc. (a) 713 1,176 
Crinetics Pharmaceuticals, Inc. (a) 1,281 27,516 
CSL Ltd. 1,500 308,503 
DBV Technologies SA sponsored ADR (a)(b) 14,012 136,337 
FibroGen, Inc. (a) 2,590 108,392 
G1 Therapeutics, Inc. (a) 4,189 81,099 
GenSight Biologics SA (a)(b)(c) 3,168 12,631 
Global Blood Therapeutics, Inc. (a) 3,600 234,936 
Heron Therapeutics, Inc. (a) 26,691 556,774 
Intercept Pharmaceuticals, Inc. (a) 5,467 505,205 
Ionis Pharmaceuticals, Inc. (a) 1,369 79,840 
Neurocrine Biosciences, Inc. (a) 10,388 1,039,631 
Regeneron Pharmaceuticals, Inc. (a) 428 144,638 
Sage Therapeutics, Inc. (a) 3,792 251,334 
Sarepta Therapeutics, Inc. (a) 3,771 437,285 
Scholar Rock Holding Corp. (a) 1,725 21,200 
Trevena, Inc. (a)(b) 6,675 5,881 
uniQure B.V. (a) 7,107 409,079 
Vertex Pharmaceuticals, Inc. (a) 8,941 2,030,054 
Xencor, Inc. (a) 16,841 571,584 
  13,887,584 
Health Care Equipment & Supplies - 1.4%   
Boston Scientific Corp. (a) 18,225 763,081 
DexCom, Inc. (a) 1,591 383,033 
Hoya Corp. ADR 10,594 1,020,732 
Insulet Corp. (a) 4,757 923,048 
Intuitive Surgical, Inc. (a) 1,987 1,112,283 
Neuronetics, Inc. (a) 580 2,105 
ViewRay, Inc. (a)(b) 14,165 44,195 
  4,248,477 
Health Care Providers & Services - 0.4%   
Humana, Inc. 3,130 1,052,431 
UnitedHealth Group, Inc. 224 61,029 
  1,113,460 
Health Care Technology - 0.0%   
Castlight Health, Inc. Class B (a) 712 883 
Life Sciences Tools & Services - 0.4%   
10X Genomics, Inc. (a)(b) 7,389 675,281 
Thermo Fisher Scientific, Inc. 1,449 453,812 
  1,129,093 
Pharmaceuticals - 0.4%   
AstraZeneca PLC:   
(United Kingdom) 1,507 147,426 
sponsored ADR 17,059 830,773 
Elanco Animal Health, Inc. (a) 1,313 40,572 
TherapeuticsMD, Inc. (a) 5,191 11,680 
Zogenix, Inc. (a) 3,741 188,434 
  1,218,885 
TOTAL HEALTH CARE  21,598,382 
INDUSTRIALS - 3.3%   
Airlines - 0.3%   
Spirit Airlines, Inc. (a) 14,425 592,435 
United Continental Holdings, Inc. (a) 5,652 422,770 
  1,015,205 
Commercial Services & Supplies - 0.6%   
Copart, Inc. (a) 17,319 1,757,186 
Machinery - 0.0%   
Evoqua Water Technologies Corp. (a) 3,486 69,615 
Professional Services - 0.5%   
CoStar Group, Inc. (a) 65 42,444 
Recruit Holdings Co. Ltd. 904 35,235 
Verisk Analytics, Inc. 8,235 1,337,940 
  1,415,619 
Road & Rail - 1.9%   
CSX Corp. 15,332 1,170,445 
J.B. Hunt Transport Services, Inc. 249 26,875 
Lyft, Inc. 46,768 2,220,545 
Rumo SA (a) 142,700 773,044 
Uber Technologies, Inc. 39,764 1,443,036 
  5,633,945 
Trading Companies & Distributors - 0.0%   
HD Supply Holdings, Inc. (a) 3,615 147,275 
TOTAL INDUSTRIALS  10,038,845 
INFORMATION TECHNOLOGY - 45.8%   
Communications Equipment - 1.2%   
Arista Networks, Inc. (a) 4,085 912,344 
Cisco Systems, Inc. 58,422 2,685,659 
  3,598,003 
IT Services - 4.7%   
Akamai Technologies, Inc. (a) 8,748 816,626 
Black Knight, Inc. (a) 19,701 1,318,391 
Fastly, Inc. Class A 568 12,786 
Fidelity National Information Services, Inc. 10,471 1,504,264 
Fiserv, Inc. (a) 2,603 308,742 
GoDaddy, Inc. (a) 21,295 1,431,237 
MasterCard, Inc. Class A 8,749 2,764,159 
PayPal Holdings, Inc. (a) 8,772 999,043 
Shopify, Inc. Class A (a) 5,000 2,328,585 
Twilio, Inc. Class A (a) 6,798 845,263 
Verra Mobility Corp. (a) 35,200 560,736 
Visa, Inc. Class A 2,812 559,504 
Wix.com Ltd. (a) 4,321 616,563 
  14,065,899 
Semiconductors & Semiconductor Equipment - 11.1%   
Analog Devices, Inc. 12,291 1,348,937 
Applied Materials, Inc. 41,755 2,421,372 
ASML Holding NV 7,173 2,013,174 
Broadcom, Inc. 8,561 2,612,475 
Cirrus Logic, Inc. (a) 2,335 179,351 
Intel Corp. 16,849 1,077,157 
KLA-Tencor Corp. 1,289 213,639 
Lam Research Corp. 5,988 1,785,681 
Marvell Technology Group Ltd. 123,394 2,966,392 
Mellanox Technologies Ltd. (a) 8,472 1,024,265 
Microchip Technology, Inc. 1,884 183,652 
Micron Technology, Inc. (a) 38,019 2,018,429 
NVIDIA Corp. 15,655 3,701,312 
NXP Semiconductors NV 23,624 2,996,941 
Qorvo, Inc. (a) 2,355 249,300 
Qualcomm, Inc. 51,870 4,425,030 
Skyworks Solutions, Inc. 21,244 2,403,759 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 33,919 1,829,591 
  33,450,457 
Software - 17.0%   
2U, Inc. (a) 11,110 220,089 
Adobe, Inc. (a) 17,032 5,980,616 
Aspen Technology, Inc. (a) 1,300 154,674 
Autodesk, Inc. (a) 12,327 2,426,570 
Bill.Com Holdings, Inc. (a) 331 16,656 
Cloudflare, Inc. (a) 3,500 62,510 
DocuSign, Inc. (a) 2,190 171,937 
Dropbox, Inc. Class A (a) 2,894 49,256 
Everbridge, Inc. (a) 13,600 1,232,704 
HIVE Blockchain Technologies Ltd. (a) 37,659 4,980 
HubSpot, Inc. (a) 889 160,856 
Intuit, Inc. 6,160 1,727,141 
Manhattan Associates, Inc. (a) 13,428 1,147,557 
Microsoft Corp. 190,579 32,442,263 
Netcompany Group A/S (a)(c) 962 43,660 
New Relic, Inc. (a) 1,044 68,914 
Nortonlifelock, Inc. 5,490 156,026 
Parametric Technology Corp. (a) 723 60,096 
Paylocity Holding Corp. (a) 2,455 348,340 
Q2 Holdings, Inc. (a) 1,987 173,247 
Salesforce.com, Inc. (a) 21,117 3,849,840 
ServiceNow, Inc. (a) 155 52,426 
Talend SA ADR (a)(b) 16,162 596,378 
Workday, Inc. Class A (a) 1,868 344,889 
  51,491,625 
Technology Hardware, Storage & Peripherals - 11.8%   
Apple, Inc. 108,076 33,450,599 
Samsung Electronics Co. Ltd. 26,032 1,201,951 
Western Digital Corp. 17,461 1,143,696 
  35,796,246 
TOTAL INFORMATION TECHNOLOGY  138,402,230 
MATERIALS - 0.1%   
Chemicals - 0.1%   
FMC Corp. 712 68,060 
LG Chemical Ltd. 622 172,836 
Livent Corp. (a) 18,298 172,184 
  413,080 
REAL ESTATE - 0.6%   
Equity Real Estate Investment Trusts (REITs) - 0.6%   
American Tower Corp. 4,975 1,152,907 
Crown Castle International Corp. 2,034 304,775 
Equinix, Inc. 707 416,939 
  1,874,621 
TOTAL COMMON STOCKS   
(Cost $266,035,417)  301,309,808 
Money Market Funds - 1.9%   
Fidelity Securities Lending Cash Central Fund 1.59% (d)(e)   
(Cost $5,701,494) 5,700,924 5,701,494 
TOTAL INVESTMENT IN SECURITIES - 101.5%   
(Cost $271,736,911)  307,011,302 
NET OTHER ASSETS (LIABILITIES) - (1.5)%  (4,479,644) 
NET ASSETS - 100%  $302,531,658 

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $941,047 or 0.3% of net assets.

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

 (e) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

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 $7,629 
Fidelity Securities Lending Cash Central Fund 9,145 
Total $16,774 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $59,957,090 $59,836,198 $120,892 $-- 
Consumer Discretionary 45,618,878 43,169,264 2,449,614 -- 
Consumer Staples 15,708,715 13,402,716 2,305,999 -- 
Energy 77,511 77,511 -- -- 
Financials 7,620,456 6,514,709 1,105,747 -- 
Health Care 21,598,382 21,142,453 455,929 -- 
Industrials 10,038,845 10,003,610 35,235 -- 
Information Technology 138,402,230 137,200,279 1,201,951 -- 
Materials 413,080 240,244 172,836 -- 
Real Estate 1,874,621 1,874,621 -- -- 
Money Market Funds 5,701,494 5,701,494 -- -- 
Total Investments in Securities: $307,011,302 $299,163,099 $7,848,203 $-- 

Other Information

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

United States of America 88.1% 
Cayman Islands 2.9% 
Netherlands 1.8% 
United Kingdom 1.3% 
Bermuda 1.0% 
Others (Individually Less Than 1%) 4.9% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  January 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $5,438,689) — See accompanying schedule:
Unaffiliated issuers (cost $266,035,417) 		$301,309,808  
Fidelity Central Funds (cost $5,701,494) 5,701,494  
Total Investment in Securities (cost $271,736,911)  $307,011,302 
Receivable for investments sold  2,135,102 
Receivable for fund shares sold  757,668 
Dividends receivable  11,451 
Distributions receivable from Fidelity Central Funds  5,188 
Other receivables  936 
Total assets  309,921,647 
Liabilities   
Payable to custodian bank $254,754  
Payable for investments purchased 834,377  
Payable for fund shares redeemed 410,622  
Accrued management fee 122,862  
Deferred dividend income 65,880  
Collateral on securities loaned 5,701,494  
Total liabilities  7,389,989 
Net Assets  $302,531,658 
Net Assets consist of:   
Paid in capital  $266,885,109 
Total accumulated earnings (loss)  35,646,549 
Net Assets  $302,531,658 
Net Asset Value, offering price and redemption price per share ($302,531,658 ÷ 25,299,704 shares)  $11.96 

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


Statement of Operations

  Six months ended January 31, 2020 (Unaudited) 
Investment Income   
Dividends  $684,079 
Income from Fidelity Central Funds (including $9,145 from security lending)  16,774 
Total income  700,853 
Expenses   
Management fee $495,956  
Independent trustees' fees and expenses 355  
Total expenses before reductions 496,311  
Expense reductions (1,662)  
Total expenses after reductions  494,649 
Net investment income (loss)  206,204 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 1,007,220  
Foreign currency transactions (1,777)  
Total net realized gain (loss)  1,005,443 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 35,226,479  
Assets and liabilities in foreign currencies (456)  
Total change in net unrealized appreciation (depreciation)  35,226,023 
Net gain (loss)  36,231,466 
Net increase (decrease) in net assets resulting from operations  $36,437,670 

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


Statement of Changes in Net Assets

 Six months ended January 31, 2020 (Unaudited) For the period
June 13, 2019 (commencement of operations) to July 31, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $206,204 $107 
Net realized gain (loss) 1,005,443 2,342 
Change in net unrealized appreciation (depreciation) 35,226,023 47,911 
Net increase (decrease) in net assets resulting from operations 36,437,670 50,360 
Distributions to shareholders (841,481) – 
Share transactions   
Proceeds from sales of shares 296,613,423 1,000,000 
Reinvestment of distributions 841,481 – 
Cost of shares redeemed (31,569,795) – 
Net increase (decrease) in net assets resulting from share transactions 265,885,109 1,000,000 
Total increase (decrease) in net assets 301,481,298 1,050,360 
Net Assets   
Beginning of period 1,050,360 – 
End of period $302,531,658 $1,050,360 
Other Information   
Shares   
Sold 27,953,672 100,000 
Issued in reinvestment of distributions 74,239 – 
Redeemed (2,828,207) – 
Net increase (decrease) 25,199,704 100,000 

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


Financial Highlights

Fidelity OTC K6 Portfolio

 Six months ended (Unaudited) January 31, Years endedJuly 31, 
 2020 2019 A 
Selected Per–Share Data   
Net asset value, beginning of period $10.50 $10.00 
Income from Investment Operations   
Net investment income (loss)B .01 –C 
Net realized and unrealized gain (loss) 1.49 .50 
Total from investment operations 1.50 .50 
Distributions from net investment income (.01) – 
Distributions from net realized gain (.02) – 
Total distributions (.04)D – 
Net asset value, end of period $11.96 $10.50 
Total ReturnE,F 14.28% 5.00% 
Ratios to Average Net AssetsG,H   
Expenses before reductions .50%I .50%I 
Expenses net of fee waivers, if any .50%I .50%I 
Expenses net of all reductions .50%I .50%I 
Net investment income (loss) .21%I .08%I 
Supplemental Data   
Net assets, end of period (000 omitted) $302,532 $1,050 
Portfolio turnover rateJ 67%I,K 5%L 

 A For the period June 13, 2019 (commencement of operations) to July 31, 2019.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total distributions of $.04 per share is comprised of distributions from net investment income of $.013 and distributions from net realized gain of $.024 per share.

 E Total returns for periods of less than one year are not annualized.

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

 G Fees and expenses of any underlying 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.

 H 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.

 I Annualized

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

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

 L Amount not annualized.

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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2020

1. Organization.

Fidelity OTC K6 Portfolio (the Fund) is a non-diversified fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity.

Effective January 1, 2020:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .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 Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • 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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2020 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. 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. A large, non-recurring dividend with a payable date of January 31, 2020 and an ex-date of February 3, 2020 is presented in the Statement of Assets and Liabilities as "Deferred dividend income". 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $38,812,711 
Gross unrealized depreciation (3,750,718) 
Net unrealized appreciation (depreciation) $35,061,993 
Tax cost $271,949,309 

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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $62,467,154 and $50,823,823, respectively.

Unaffiliated Exchanges In-Kind. During the period, the Fund received investments and cash valued at $82,445,168 in exchange for 7,272,170 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .50% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity OTC K6 Portfolio $636 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Affiliated Exchanges In-Kind. During the period, the Fund received investments and cash valued at $170,107,551 in exchange for 16,726,406 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

6. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, 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. Total fees paid by the Fund to NFS, as lending agent, amounted to $965. 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. During the period, there were no securities loaned to NFS.

7. 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 $1,642 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $20.

8. 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.

Unaffiliated Exchanges In-Kind. Effective after the close of business on January 31, 2020, the Fund received investments and cash valued at $141,131,967 in exchange for 12,353,843 shares of the Fund.

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 (August 1, 2019 to January 31, 2020).

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. 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. 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.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2019 		Ending
Account Value
January 31, 2020 		Expenses Paid
During Period-B
August 1, 2019
to January 31, 2020 
Actual .50% $1,000.00 $1,142.80 $2.69 
Hypothetical-C  $1,000.00 $1,022.62 $2.54 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity OTC K6 Portfolio

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

Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.

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

At its January 2020 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

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

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

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

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

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

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

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

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. As the fund recently commenced operations, the Board did not believe that it was appropriate to assign significant weight to its limited investment performance.

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

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

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

Fidelity OTC K6 Portfolio


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the period ended June 30, 2019.

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

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

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

Total Expense Ratio.  In its review of the fund's total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current total expense ratio of the fund compared to competitive fund median expenses. The fund is compared to those funds 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 the competitive median for the period ended June 30, 2019.

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

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

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

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

PricewaterhouseCoopers LLP (PwC), 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 the fund profitability information 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 potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and met periodically, to evaluate potential fall-out benefits (PFOB Committee). The Board noted that the PFOB Committee, among other things: (i) discussed the legal framework surrounding potential fall-out benefits; (ii) reviewed the Board's responsibilities and approach to potential fall-out benefits; and (iii) reviewed practices employed by competitor funds regarding the review of potential fall-out benefits.

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

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

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

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of performance fees for additional funds; (iii) changes in Fidelity's non-fund businesses and the impact of such changes on the funds; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (vi) the expense structures for different funds and classes; (vii) information regarding other accounts managed by Fidelity, including collective investment trusts and separately managed accounts; and (viii) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

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





Fidelity Investments

OTC-K6-SANN-0320
1.9893896.100

Fidelity® OTC Portfolio



Semi-Annual Report

January 31, 2020

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020

 % of fund's net assets 
Apple, Inc. 10.7 
Microsoft Corp. 10.4 
Amazon.com, Inc. 5.5 
Alphabet, Inc. Class A 5.4 
Facebook, Inc. Class A 4.4 
Alphabet, Inc. Class C 2.7 
Adobe, Inc. 1.9 
Qualcomm, Inc. 1.4 
Charter Communications, Inc. Class A 1.3 
Salesforce.com, Inc. 1.2 
 44.9 

Top Five Market Sectors as of January 31, 2020

 % of fund's net assets 
Information Technology 45.1 
Communication Services 19.4 
Consumer Discretionary 15.3 
Health Care 7.1 
Consumer Staples 5.3 

Asset Allocation (% of fund's net assets)

As of January 31, 2020* 
   Stocks 98.2% 
   Convertible Securities 1.6% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.2% 


 * Foreign investments - 12.3%

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%   
 Shares Value (000s) 
COMMUNICATION SERVICES - 19.4%   
Entertainment - 2.4%   
Activision Blizzard, Inc. 3,303,781 $193,205 
Electronic Arts, Inc. (a) 2,543 274 
NetEase, Inc. ADR 324,234 104,001 
Netflix, Inc. (a) 229,810 79,305 
Nintendo Co. Ltd. ADR (b) 829,088 38,055 
Take-Two Interactive Software, Inc. (a) 394,629 49,187 
Tencent Music Entertainment Group ADR (a) 636,563 8,078 
Ubisoft Entertainment SA (a) 119,328 9,050 
Zynga, Inc. (a) 7,503,838 45,173 
  526,328 
Interactive Media & Services - 15.1%   
58.com, Inc. ADR (a) 11,054 615 
Alphabet, Inc.:   
Class A (a) 828,420 1,186,944 
Class C (a) 405,089 580,991 
ANGI Homeservices, Inc. Class A (a)(b) 2,662,766 21,382 
CarGurus, Inc. Class A (a) 1,477,722 52,681 
Eventbrite, Inc. (a) 24,672 522 
Facebook, Inc. Class A (a) 4,722,643 953,549 
IAC/InterActiveCorp (a) 282,875 68,906 
Match Group, Inc. (a)(b) 994,481 77,788 
Scout24 AG (c) 518,800 35,760 
Tencent Holdings Ltd. sponsored ADR (b) 4,362,693 209,017 
Twitter, Inc. (a) 2,815,900 91,460 
  3,279,615 
Media - 1.9%   
Cardlytics, Inc. (a)(d) 1,534,028 128,736 
Charter Communications, Inc. Class A (a)(b) 560,471 290,021 
Turn, Inc. (Escrow) (a)(e)(f) 1,199,041 56 
  418,813 
Wireless Telecommunication Services - 0.0%   
Boingo Wireless, Inc. (a) 182,674 2,053 
TOTAL COMMUNICATION SERVICES  4,226,809 
CONSUMER DISCRETIONARY - 14.8%   
Automobiles - 0.0%   
Tesla, Inc. (a) 901 586 
Diversified Consumer Services - 0.6%   
Adtalem Global Education, Inc. (a) 111,914 3,862 
Koolearn Technology Holding Ltd. (a)(b)(c) 6,722,000 23,430 
New Oriental Education & Technology Group, Inc. sponsored ADR (a) 342,088 41,581 
TAL Education Group ADR (a) 1,029,803 51,387 
  120,260 
Hotels, Restaurants & Leisure - 2.3%   
Eldorado Resorts, Inc. (a) 626,029 37,424 
Hilton Grand Vacations, Inc. (a) 115,764 3,694 
Hilton Worldwide Holdings, Inc. 7,105 766 
Marriott International, Inc. Class A 530,948 74,365 
Planet Fitness, Inc. (a) 1,634,393 132,043 
Restaurant Brands International, Inc. 278,000 16,961 
Royal Caribbean Cruises Ltd. 331,299 38,788 
Starbucks Corp. 812,871 68,956 
Texas Roadhouse, Inc. Class A 124,447 7,778 
Vail Resorts, Inc. 250,964 58,854 
Wynn Resorts Ltd. 338,701 42,731 
Yum! Brands, Inc. 180,108 19,050 
  501,410 
Internet & Direct Marketing Retail - 8.2%   
Amazon.com, Inc. (a) 599,733 1,204,696 
Ctrip.com International Ltd. ADR (a) 2,549,973 81,931 
eBay, Inc. 2,841,429 95,358 
Meituan Dianping Class B (a) 6,781,400 85,851 
MercadoLibre, Inc. (a) 287,778 190,797 
The Booking Holdings, Inc. (a) 77,249 141,408 
  1,800,041 
Multiline Retail - 0.7%   
Dollar General Corp. 78,853 12,097 
Dollar Tree, Inc. (a) 1,688,480 147,016 
  159,113 
Specialty Retail - 1.4%   
Burlington Stores, Inc. (a) 272,185 59,192 
Five Below, Inc. (a) 376,894 42,672 
Lowe's Companies, Inc. 235,472 27,371 
National Vision Holdings, Inc. (a) 561,339 19,153 
Ross Stores, Inc. 1,091,701 122,478 
Ulta Beauty, Inc. (a) 149,524 40,059 
  310,925 
Textiles, Apparel & Luxury Goods - 1.6%   
G-III Apparel Group Ltd. (a) 185,635 5,051 
Kontoor Brands, Inc. (b) 6,372 243 
lululemon athletica, Inc. (a) 1,059,468 253,626 
LVMH Moet Hennessy Louis Vuitton SE 143,830 62,634 
PVH Corp. 235,374 20,518 
VF Corp. 44,903 3,726 
  345,798 
TOTAL CONSUMER DISCRETIONARY  3,238,133 
CONSUMER STAPLES - 5.1%   
Beverages - 2.1%   
Diageo PLC 2,270,046 89,765 
Fever-Tree Drinks PLC 2,289,707 41,604 
Keurig Dr. Pepper, Inc. (b) 1,342,645 38,306 
Kweichow Moutai Co. Ltd. (A Shares) 497,475 73,065 
Monster Beverage Corp. (a) 1,835,993 122,277 
PepsiCo, Inc. 619,276 87,950 
  452,967 
Food & Staples Retailing - 1.9%   
BJ's Wholesale Club Holdings, Inc. (a) 2,957,291 60,684 
Costco Wholesale Corp. 773,895 236,440 
Performance Food Group Co. (a) 1,043,837 54,060 
U.S. Foods Holding Corp. (a) 1,040,481 41,796 
Walmart, Inc. 254,026 29,083 
  422,063 
Food Products - 0.3%   
Darling International, Inc. (a) 405,515 11,002 
Mondelez International, Inc. 808,711 46,404 
The Kraft Heinz Co. 575,555 16,806 
  74,212 
Personal Products - 0.3%   
Coty, Inc. Class A 6,202,349 63,636 
Tobacco - 0.5%   
Altria Group, Inc. 2,080,799 98,900 
TOTAL CONSUMER STAPLES  1,111,778 
ENERGY - 0.5%   
Oil, Gas & Consumable Fuels - 0.5%   
Cenovus Energy, Inc. (Canada) 180,900 1,575 
Centennial Resource Development, Inc. Class A (a) 973,077 3,172 
EOG Resources, Inc. 15,001 1,094 
Reliance Industries Ltd. 5,252,273 103,312 
  109,153 
FINANCIALS - 2.5%   
Banks - 0.3%   
Huntington Bancshares, Inc. 2,924,261 39,682 
PacWest Bancorp 522,955 18,330 
  58,012 
Capital Markets - 2.1%   
Cboe Global Markets, Inc. 657,863 81,062 
CME Group, Inc. 539,041 117,031 
E*TRADE Financial Corp. 497,118 21,187 
London Stock Exchange Group PLC 767,500 79,314 
Northern Trust Corp. 528,974 51,739 
S&P Global, Inc. 149,831 44,010 
TD Ameritrade Holding Corp. 1,062,292 50,438 
Virtu Financial, Inc. Class A 367,421 6,132 
  450,913 
Consumer Finance - 0.1%   
Capital One Financial Corp. 301,438 30,084 
TOTAL FINANCIALS  539,009 
HEALTH CARE - 6.8%   
Biotechnology - 4.4%   
Acceleron Pharma, Inc. (a) 305,838 27,764 
Agios Pharmaceuticals, Inc. (a) 471,571 22,980 
Alexion Pharmaceuticals, Inc. (a) 1,375,126 136,674 
Allakos, Inc. (a)(b) 56,944 4,111 
Alnylam Pharmaceuticals, Inc. (a) 264,190 30,326 
Amgen, Inc. 1,072,786 231,775 
Arcutis Biotherapeutics, Inc. (a) 267,700 5,836 
Ascendis Pharma A/S sponsored ADR (a) 25,109 3,392 
Blueprint Medicines Corp. (a) 144,679 9,180 
Cellectis SA sponsored ADR (a) 383,408 5,931 
Chimerix, Inc. (a) 50,134 83 
Crinetics Pharmaceuticals, Inc. (a) 90,595 1,946 
CSL Ltd. 107,700 22,151 
DBV Technologies SA sponsored ADR (a)(b) 1,015,020 9,876 
FibroGen, Inc. (a) 185,931 7,781 
G1 Therapeutics, Inc. (a) 307,389 5,951 
GenSight Biologics SA (a)(b)(c) 232,281 926 
Global Blood Therapeutics, Inc. (a) 266,000 17,359 
Heron Therapeutics, Inc. (a) 1,762,901 36,774 
Intercept Pharmaceuticals, Inc. (a) 397,836 36,764 
Ionis Pharmaceuticals, Inc. (a) 98,079 5,720 
Neurocrine Biosciences, Inc. (a) 726,847 72,743 
Regeneron Pharmaceuticals, Inc. (a) 30,100 10,172 
Sage Therapeutics, Inc. (a) 239,506 15,874 
Sarepta Therapeutics, Inc. (a) 275,639 31,963 
Scholar Rock Holding Corp. (a) 125,137 1,538 
Trevena, Inc. (a)(b) 488,236 430 
uniQure B.V. (a) 519,401 29,897 
Vertex Pharmaceuticals, Inc. (a) 633,288 143,788 
Xencor, Inc. (a) 1,244,688 42,245 
  971,950 
Health Care Equipment & Supplies - 1.4%   
Boston Scientific Corp. (a) 1,300,230 54,441 
DexCom, Inc. (a) 115,466 27,798 
Hoya Corp. ADR 750,433 72,304 
Insulet Corp. (a) 341,637 66,291 
Intuitive Surgical, Inc. (a) 138,211 77,368 
Neuronetics, Inc. (a) 42,238 153 
ViewRay, Inc. (a)(b) 1,027,256 3,205 
  301,560 
Health Care Providers & Services - 0.4%   
Humana, Inc. 218,119 73,340 
UnitedHealth Group, Inc. 16,482 4,491 
  77,831 
Health Care Technology - 0.0%   
Castlight Health, Inc. Class B (a) 50,430 63 
Life Sciences Tools & Services - 0.2%   
10X Genomics, Inc. (a)(b) 208,336 19,040 
Thermo Fisher Scientific, Inc. 105,696 33,103 
  52,143 
Pharmaceuticals - 0.4%   
AstraZeneca PLC:   
(United Kingdom) 116,900 11,436 
sponsored ADR 1,214,075 59,125 
Elanco Animal Health, Inc. (a) 97,110 3,001 
TherapeuticsMD, Inc. (a)(b) 374,328 842 
Zogenix, Inc. (a) 268,435 13,521 
  87,925 
TOTAL HEALTH CARE  1,491,472 
INDUSTRIALS - 3.5%   
Aerospace & Defense - 0.2%   
Space Exploration Technologies Corp.:   
Class A (a)(e)(f) 203,488 43,546 
Class C (a)(e)(f) 7,092 1,518 
  45,064 
Airlines - 0.4%   
Spirit Airlines, Inc. (a) 1,046,304 42,972 
United Continental Holdings, Inc. (a) 412,225 30,834 
Wheels Up Partners Holdings LLC Series B (a)(e)(f)(g) 1,760,377 6,126 
  79,932 
Commercial Services & Supplies - 0.6%   
Copart, Inc. (a) 1,226,707 124,462 
Machinery - 0.0%   
Evoqua Water Technologies Corp. (a) 255,705 5,106 
Professional Services - 0.5%   
CoStar Group, Inc. (a) 4,692 3,064 
Recruit Holdings Co. Ltd. 69,400 2,705 
Verisk Analytics, Inc. 575,984 93,580 
  99,349 
Road & Rail - 1.8%   
CSX Corp. 1,070,383 81,713 
J.B. Hunt Transport Services, Inc. 22,741 2,454 
Lyft, Inc. 3,218,561 152,817 
Rumo SA (a) 10,313,900 55,873 
Uber Technologies, Inc. 2,758,052 100,090 
  392,947 
Trading Companies & Distributors - 0.0%   
HD Supply Holdings, Inc. (a) 261,622 10,658 
TOTAL INDUSTRIALS  757,518 
INFORMATION TECHNOLOGY - 44.6%   
Communications Equipment - 1.1%   
Arista Networks, Inc. (a) 281,169 62,796 
Cisco Systems, Inc. 4,045,964 185,993 
  248,789 
IT Services - 4.6%   
Akamai Technologies, Inc. (a) 623,124 58,169 
Black Knight, Inc. (a) 1,375,432 92,044 
Fastly, Inc. Class A 39,574 891 
Fidelity National Information Services, Inc. 727,013 104,443 
Fiserv, Inc. (a) 189,680 22,498 
GoDaddy, Inc. (a) 1,509,610 101,461 
MasterCard, Inc. Class A 605,514 191,306 
PayPal Holdings, Inc. (a) 637,965 72,658 
Shopify, Inc. Class A (a) 372,226 173,352 
Twilio, Inc. Class A (a)(b) 492,781 61,272 
Verra Mobility Corp. (a) 2,551,232 40,641 
Visa, Inc. Class A 191,570 38,117 
Wix.com Ltd. (a) 283,041 40,387 
  997,239 
Semiconductors & Semiconductor Equipment - 10.7%   
Analog Devices, Inc. 870,538 95,542 
Applied Materials, Inc. 2,886,670 167,398 
ASML Holding NV 508,079 142,597 
Broadcom, Inc. 606,413 185,053 
Cirrus Logic, Inc. (a) 175,668 13,493 
Intel Corp. 1,141,243 72,960 
KLA-Tencor Corp. 91,583 15,179 
Lam Research Corp. 405,433 120,904 
Marvell Technology Group Ltd. 8,550,019 205,542 
Mellanox Technologies Ltd. (a) 612,298 74,027 
Microchip Technology, Inc. (b) 137,573 13,411 
Micron Technology, Inc. (a) 2,692,879 142,965 
NVIDIA Corp. 1,087,535 257,126 
NXP Semiconductors NV 1,637,846 207,777 
Qorvo, Inc. (a) 174,876 18,512 
Qualcomm, Inc. 3,624,339 309,192 
Skyworks Solutions, Inc. 1,462,178 165,445 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 2,402,492 129,590 
  2,336,713 
Software - 16.7%   
2U, Inc. (a)(b) 859,889 17,034 
Adobe, Inc. (a) 1,192,166 418,617 
Aspen Technology, Inc. (a) 90,800 10,803 
Atom Tickets LLC (a)(e)(f)(g) 516,103 764 
Autodesk, Inc. (a) 894,994 176,180 
Bill.Com Holdings, Inc. (a) 25,140 1,265 
Cloudflare, Inc. 395,787 6,715 
Dataminr, Inc. Series E (a)(e)(f) 950,001 16,777 
DocuSign, Inc. (a) 164,713 12,932 
Dropbox, Inc. Class A (a) 210,520 3,583 
Everbridge, Inc. (a) 963,277 87,311 
HIVE Blockchain Technologies Ltd. (a)(b) 2,746,600 363 
HubSpot, Inc. (a) 67,187 12,157 
Intuit, Inc. 436,306 122,331 
Manhattan Associates, Inc. (a) 966,608 82,606 
Microsoft Corp. 13,364,102 2,274,971 
Netcompany Group A/S (a)(c) 70,898 3,218 
New Relic, Inc. (a) 112,266 7,411 
Nortonlifelock, Inc. 403,244 11,460 
Parametric Technology Corp. (a) 52,305 4,348 
Paylocity Holding Corp. (a) 177,838 25,233 
Q2 Holdings, Inc. (a) 147,145 12,830 
Salesforce.com, Inc. (a) 1,467,359 267,514 
ServiceNow, Inc. (a) 13,028 4,406 
Talend SA ADR (a)(b) 1,167,888 43,095 
Tanium, Inc. Class B (a)(e)(f) 392,200 4,259 
Workday, Inc. Class A (a) 133,824 24,708 
  3,652,891 
Technology Hardware, Storage & Peripherals - 11.5%   
Apple, Inc. 7,578,143 2,345,515 
Samsung Electronics Co. Ltd. 1,825,780 84,300 
Western Digital Corp. 1,236,774 81,009 
  2,510,824 
TOTAL INFORMATION TECHNOLOGY  9,746,456 
MATERIALS - 0.1%   
Chemicals - 0.1%   
FMC Corp. 49,719 4,753 
LG Chemical Ltd. 43,715 12,147 
Livent Corp. (a) 948,140 8,922 
  25,822 
REAL ESTATE - 0.9%   
Equity Real Estate Investment Trusts (REITs) - 0.9%   
American Tower Corp. 352,420 81,670 
Ant International Co. Ltd. Class C (a)(e)(f) 6,818,398 55,365 
Crown Castle International Corp. 149,020 22,329 
Equinix, Inc. 48,851 28,809 
  188,173 
TOTAL COMMON STOCKS   
(Cost $12,451,625)  21,434,323 
Preferred Stocks - 1.6%   
Convertible Preferred Stocks - 1.6%   
COMMUNICATION SERVICES - 0.0%   
Wireless Telecommunication Services - 0.0%   
Altiostar Networks, Inc. Series A1 (a)(e)(f) 2,113,909 9,026 
CONSUMER DISCRETIONARY - 0.5%   
Internet & Direct Marketing Retail - 0.5%   
One Kings Lane, Inc. Series E (Escrow) (a)(e)(f) 648,635 259 
Reddit, Inc.:   
Series B (a)(e)(f) 1,337,584 48,782 
Series C (a)(e)(f) 300,673 10,966 
Series D (e)(f) 929,200 33,888 
The Honest Co., Inc. Series D (a)(e)(f) 75,268 3,444 
  97,339 
CONSUMER STAPLES - 0.2%   
Food & Staples Retailing - 0.2%   
Roofoods Ltd. Series F (a)(e)(f) 93,930 47,181 
FINANCIALS - 0.0%   
Insurance - 0.0%   
Clover Health Series D (a)(e)(f) 620,983 2,378 
HEALTH CARE - 0.3%   
Biotechnology - 0.2%   
23andMe, Inc.:   
Series E (a)(e)(f) 1,817,170 25,404 
Series F (a)(e)(f) 683,367 9,553 
  34,957 
Health Care Providers & Services - 0.1%   
Mulberry Health, Inc. Series A-8 (a)(e)(f) 4,342,250 23,188 
TOTAL HEALTH CARE  58,145 
INDUSTRIALS - 0.1%   
Aerospace & Defense - 0.1%   
Space Exploration Technologies Corp.:   
Series G (a)(e)(f) 62,037 13,276 
Series H (a)(e)(f) 65,670 14,053 
  27,329 
Professional Services - 0.0%   
YourPeople, Inc. Series C (a)(e)(f) 335,546 1,198 
TOTAL INDUSTRIALS  28,527 
INFORMATION TECHNOLOGY - 0.5%   
Internet Software & Services - 0.0%   
Starry, Inc. Series B (a)(e)(f) 1,811,120 2,590 
IT Services - 0.0%   
AppNexus, Inc.:   
Series E (Escrow) (a)(e)(f) 1,416,796 44 
Series F (Escrow) (a)(e)(f) 90,913 25 
  69 
Software - 0.5%   
Dataminr, Inc. Series D (a)(e)(f) 2,219,446 39,195 
Delphix Corp. Series D (a)(e)(f) 427,177 3,341 
Jello Labs, Inc. Series C (a)(e)(f) 302,678 0 
Jet.Com, Inc. Series B1 (Escrow) (a)(e)(f) 4,896,249 0 
Taboola.Com Ltd. Series E (a)(e)(f) 1,918,392 53,542 
  96,078 
TOTAL INFORMATION TECHNOLOGY  98,737 
REAL ESTATE - 0.0%   
Real Estate Management & Development - 0.0%   
WeWork Companies, Inc.:   
Series E (a)(e)(f) 269,091 5,164 
Series F (a)(e)(f) 14,513 279 
  5,443 
TOTAL CONVERTIBLE PREFERRED STOCKS  346,776 
Nonconvertible Preferred Stocks - 0.0%   
HEALTH CARE - 0.0%   
Pharmaceuticals - 0.0%   
Castle Creek Pharmaceutical Holdings, Inc. Series A4 (a)(e)(f) 30,303 12,480 
TOTAL PREFERRED STOCKS   
(Cost $251,301)  359,256 
Money Market Funds - 2.0%   
Fidelity Cash Central Fund 1.58% (h) 340 0 
Fidelity Securities Lending Cash Central Fund 1.59% (h)(i) 445,390,766 445,435 
TOTAL MONEY MARKET FUNDS   
(Cost $445,435)  445,435 
TOTAL INVESTMENT IN SECURITIES - 101.8%   
(Cost $13,148,361)  22,239,014 
NET OTHER ASSETS (LIABILITIES) - (1.8)%  (401,612) 
NET ASSETS - 100%  $21,837,402 

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

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $63,334,000 or 0.3% of net assets.

 (d) Affiliated company

 (e) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $487,667,000 or 2.2% of net assets.

 (f) Level 3 security

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

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

 (i) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost (000s) 
23andMe, Inc. Series E 6/18/15 $19,675 
23andMe, Inc. Series F 8/31/17 $9,488 
Altiostar Networks, Inc. Series A1 1/10/17 $9,724 
Ant International Co. Ltd. Class C 5/16/18 $38,251 
AppNexus, Inc. Series E (Escrow) 8/1/14 - 9/17/14 $0 
AppNexus, Inc. Series F (Escrow) 8/23/16 $40 
Atom Tickets LLC 8/15/17 $3,000 
Castle Creek Pharmaceutical Holdings, Inc. Series A4 9/29/16 $10,011 
Clover Health Series D 6/7/17 $5,823 
Dataminr, Inc. Series D 2/18/15 - 3/6/15 $28,298 
Dataminr, Inc. Series E 7/28/17 - 5/21/18 $14,368 
Delphix Corp. Series D 7/10/15 $3,845 
Jello Labs, Inc. Series C 12/22/16 $4,899 
Jet.Com, Inc. Series B1 (Escrow) 3/19/18 $0 
Mulberry Health, Inc. Series A-8 1/20/16 $29,331 
One Kings Lane, Inc. Series E (Escrow) 1/29/14 $401 
Reddit, Inc. Series B 7/26/17 $18,989 
Reddit, Inc. Series C 7/24/17 $4,743 
Reddit, Inc. Series D 2/4/19 $20,151 
Roofoods Ltd. Series F 9/12/17 $33,211 
Space Exploration Technologies Corp. Class A 10/16/15 - 9/11/17 $21,156 
Space Exploration Technologies Corp. Class C 9/11/17 $957 
Space Exploration Technologies Corp. Series G 1/20/15 $4,805 
Space Exploration Technologies Corp. Series H 8/4/17 $8,865 
Starry, Inc. Series B 12/1/16 $980 
Taboola.Com Ltd. Series E 12/22/14 $20,000 
Tanium, Inc. Class B 4/21/17 $1,947 
The Honest Co., Inc. Series D 8/3/15 $3,444 
Turn, Inc. (Escrow) 4/11/17 $0 
WeWork Companies, Inc. Series E 6/23/15 $8,850 
WeWork Companies, Inc. Series F 12/1/16 $728 
Wheels Up Partners Holdings LLC Series B 9/18/15 $5,000 
YourPeople, Inc. Series C 5/1/15 $5,000 

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 $528 
Fidelity Securities Lending Cash Central Fund 1,172 
Total $1,700 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Other Affiliated Issuers

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

Affiliate (Amounts in thousands) Value, beginning of period Purchases Sales Proceeds(a) Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Cardlytics, Inc. $7,743 $59,916 $2,692 $-- $1,348 $62,421 $128,736 
Total $7,743 $59,916 $2,692 $-- $1,348 $62,421 $128,736 

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

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
(Amounts in thousands)     
Investments in Securities:     
Equities:     
Communication Services $4,235,835 $4,217,703 $9,050 $9,082 
Consumer Discretionary 3,335,472 3,066,218 171,915 97,339 
Consumer Staples 1,158,959 948,948 162,830 47,181 
Energy 109,153 5,841 103,312 -- 
Financials 541,387 459,695 79,314 2,378 
Health Care 1,562,097 1,457,885 33,587 70,625 
Industrials 786,045 703,623 2,705 79,717 
Information Technology 9,845,193 9,633,641 91,015 120,537 
Materials 25,822 13,675 12,147 -- 
Real Estate 193,616 132,808 -- 60,808 
Money Market Funds 445,435 445,435 -- -- 
Total Investments in Securities: $22,239,014 $21,085,472 $665,875 $487,667 

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

(Amounts in thousands)  
Investments in Securities:  
Beginning Balance $470,041 
Net Realized Gain (Loss) on Investment Securities 899 
Net Unrealized Gain (Loss) on Investment Securities 28,860 
Cost of Purchases 86 
Proceeds of Sales (4,386) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (7,833) 
Ending Balance $487,667 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2020 $28,860 

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

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

United States of America 87.7% 
Cayman Islands 3.2% 
Netherlands 1.6% 
United Kingdom 1.5% 
Others (Individually Less Than 1%) 6.0% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

Amounts in thousands (except per-share amounts)  January 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $436,514) — See accompanying schedule:
Unaffiliated issuers (cost $12,637,197) 		$21,664,843  
Fidelity Central Funds (cost $445,435) 445,435  
Other affiliated issuers (cost $65,729) 128,736  
Total Investment in Securities (cost $13,148,361)  $22,239,014 
Cash  7 
Receivable for investments sold  146,428 
Receivable for fund shares sold  27,096 
Dividends receivable  896 
Distributions receivable from Fidelity Central Funds  460 
Prepaid expenses  22 
Other receivables  918 
Total assets  22,414,841 
Liabilities   
Payable for investments purchased $75,573  
Payable for fund shares redeemed 24,714  
Accrued management fee 13,753  
Notes payable to affiliates 8,240  
Deferred dividend income  4,839  
Other affiliated payables 1,972  
Other payables and accrued expenses 2,921  
Collateral on securities loaned 445,427  
Total liabilities  577,439 
Net Assets  $21,837,402 
Net Assets consist of:   
Paid in capital  $12,392,203 
Total accumulated earnings (loss)  9,445,199 
Net Assets  $21,837,402 
Net Asset Value and Maximum Offering Price   
OTC:   
Net Asset Value, offering price and redemption price per share ($14,765,618 ÷ 1,126,304 shares)  $13.11 
Class K:   
Net Asset Value, offering price and redemption price per share ($7,071,784 ÷ 530,497 shares)  $13.33 

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


Statement of Operations

Amounts in thousands  Six months ended January 31, 2020 (Unaudited) 
Investment Income   
Dividends  $81,548 
Income from Fidelity Central Funds (including $1,172 from security lending)  1,700 
Total income  83,248 
Expenses   
Management fee   
Basic fee $58,615  
Performance adjustment 16,138  
Transfer agent fees 10,666  
Accounting fees 850  
Custodian fees and expenses 267  
Independent trustees' fees and expenses 61  
Registration fees 130  
Audit 47  
Legal 27  
Interest 35  
Miscellaneous 52  
Total expenses before reductions 86,888  
Expense reductions (304)  
Total expenses after reductions  86,584 
Net investment income (loss)  (3,336) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 594,532  
Redemptions in-kind with affiliated entities 91,387  
Other affiliated issuers 1,348  
Foreign currency transactions 196  
Total net realized gain (loss)  687,463 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $1,966) 1,926,574  
Affiliated issuers 62,421  
Assets and liabilities in foreign currencies (24)  
Total change in net unrealized appreciation (depreciation)  1,988,971 
Net gain (loss)  2,676,434 
Net increase (decrease) in net assets resulting from operations  $2,673,098 

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


Statement of Changes in Net Assets

Amounts in thousands Six months ended January 31, 2020 (Unaudited) Year ended July 31, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(3,336) $(13,547) 
Net realized gain (loss) 687,463 2,129,510 
Change in net unrealized appreciation (depreciation) 1,988,971 (1,100,213) 
Net increase (decrease) in net assets resulting from operations 2,673,098 1,015,750 
Distributions to shareholders (1,522,644) (1,313,763) 
Share transactions - net increase (decrease) 769,164 (412,601) 
Total increase (decrease) in net assets 1,919,618 (710,614) 
Net Assets   
Beginning of period 19,917,784 20,628,398 
End of period $21,837,402 $19,917,784 

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


Financial Highlights

Fidelity OTC Portfolio

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 A 2017 A 2016 A 2015 A 
Selected Per–Share Data       
Net asset value, beginning of period $12.45 $12.50 $10.57 $8.53 $8.70 $8.12 
Income from Investment Operations       
Net investment income (loss)B –C (.01) (.02) (.02) (.01) (.01) 
Net realized and unrealized gain (loss) 1.63 .75 2.48 2.33 .29 1.62 
Total from investment operations 1.63 .74 2.46 2.31 .28 1.61 
Distributions from net realized gain (.97) (.79) (.53) (.27) (.45) (1.03) 
Total distributions (.97) (.79) (.53) (.27) (.45) (1.03) 
Net asset value, end of period $13.11 $12.45 $12.50 $10.57 $8.53 $8.70 
Total ReturnD,E 14.05% 6.43% 24.34% 27.97% 3.68% 21.34% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .90%H .88% .88% .81% .91% .83% 
Expenses net of fee waivers, if any .90%H .88% .88% .81% .91% .83% 
Expenses net of all reductions .89%H .88% .88% .81% .90% .83% 
Net investment income (loss) (.06)%H (.10)% (.17)% (.16)% (.07)% (.13)% 
Supplemental Data       
Net assets, end of period (in millions) $14,766 $13,166 $13,340 $12,136 $9,845 $9,710 
Portfolio turnover rateI,J 20%H 34% 38% 71% 56% 66% 

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

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

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

 F Fees and expenses of any underlying 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.

 G 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.

 H Annualized

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

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

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


Fidelity OTC Portfolio Class K

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 A 2017 A 2016 A 2015 A 
Selected Per–Share Data       
Net asset value, beginning of period $12.64 $12.67 $10.70 $8.62 $8.79 $8.20 
Income from Investment Operations       
Net investment income (loss)B –C –C (.01) (.01) –C –C 
Net realized and unrealized gain (loss) 1.66 .76 2.52 2.36 .29 1.63 
Total from investment operations 1.66 .76 2.51 2.35 .29 1.63 
Distributions from net investment income –C – – – – – 
Distributions from net realized gain (.97) (.79) (.54) (.27) (.46) (1.04) 
Total distributions (.97) (.79) (.54) (.27) (.46) (1.04) 
Net asset value, end of period $13.33 $12.64 $12.67 $10.70 $8.62 $8.79 
Total ReturnD,E 14.11% 6.50% 24.48% 28.12% 3.80% 21.49% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .80%H .79% .78% .70% .79% .72% 
Expenses net of fee waivers, if any .80%H .79% .78% .70% .79% .72% 
Expenses net of all reductions .80%H .78% .77% .70% .79% .71% 
Net investment income (loss) .03%H (.01)% (.07)% (.05)% .05% (.02)% 
Supplemental Data       
Net assets, end of period (in millions) $7,072 $6,752 $7,288 $3,662 $3,508 $3,836 
Portfolio turnover rateI,J 20%H 34% 38% 71% 56% 66% 

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

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

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

 F Fees and expenses of any underlying 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.

 G 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.

 H Annualized

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

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

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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2020
(Amounts in thousands except percentages)

1. Organization.

Fidelity OTC Portfolio (the Fund) is a non-diversified fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers OTC and Class K shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class.

Effective January 1, 2020:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".

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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .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 Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • 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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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

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

Asset Type Fair Value Valuation Technique (s) Unobservable Input Amount or Range / Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities  $487,667 Market comparable Enterprise value/Sales multiple (EV/S)  0.5 - 19.1 / 8.7 Increase 
   Transaction price $411.85 Increase 
   Discount rate 6.0% - 75.0% / 42.2% Decrease 
   Liquidity preference $14.90 - $45.76 / $37.80 Increase 
   Conversion ratio 4.0 Increase 
   Premium rate 6.9% - 172.9% / 104.8% Increase 
   Discount for lack of marketability 10.0% - 25.0% / 15.3% Decrease 
  Market approach Transaction price $1.43 - $214.00 / $191.31 Increase 
   Tender price $19.19 Increase 
  Recovery value Recovery value 0.0% - 0.4% / 0.3% Increase 

 (a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2020, as well as a roll forward of Level 3 investments, 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 include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. A large, non-recurring dividend with a payable date of January 31, 2020 and an ex-date of February 3, 2020 is presented in the Statement of Assets and Liabilities as "Deferred dividend income". 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) for the Fund, certain independent Trustees have elected 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 of $573 are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, respectively.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), redemptions in kind, partnerships, net operating losses, deferred trustees compensation, losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $9,604,592 
Gross unrealized depreciation (542,264) 
Net unrealized appreciation (depreciation) $9,062,328 
Tax cost $13,176,686 

The Fund elected to defer to its next fiscal year approximately $59,839 of capital losses recognized during the period November 1, 2018 to July 31, 2019.

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.

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $6,890 in these Subsidiaries, representing .03% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $2,039,004 and $2,353,283, respectively.

Unaffiliated Redemptions In-Kind. During the period, 20,720 shares of the Fund were redeemed in-kind for investments and cash with a value of $268,575. The net realized gain of $152,778 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

Prior Fiscal Year Unaffiliated Redemptions In-Kind. During the prior period, 41,188 shares of the Fund were redeemed in-kind for investments and cash with a value of $420,938. The Fund had a net realized gain of $216,334 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .35% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of OTC as compared to its benchmark index, the Nasdaq Composite Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .75% of the Fund's average net assets. The performance adjustment included in the management fee rate may be higher or lower than the maximum performance adjustment rate due to the difference between the average net assets for the reporting and performance periods.

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

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

 Amount % of Class-Level Average Net Assets(a) 
OTC $9,174 .14 
Class K 1,492 .04 
 $10,666  

 (a) Annualized

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

 % of Average Net Assets 
Fidelity OTC Portfolio .01 

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity OTC Portfolio $48 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the fund to borrow from, or lend money to, other participating affiliated funds. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable to affiliates" in the Statement of Assets and Liabilities. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity OTC Portfolio Borrower $14,690 2.32% $32 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Affiliated Redemptions In-Kind. During the period, 13,875 shares of the Fund were redeemed in-kind for investments and cash with a value of $170,108. The net realized gain of $91,387 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. 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 $130.

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 $24 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, 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 NFS, as affiliated borrower, at period end was $522. Total fees paid by the Fund to NFS, as lending agent, amounted to $119. 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, and includes $49 from securities loaned to NFS, as affiliated borrower.

8. Bank Borrowings.

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

 Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity OTC Portfolio $12,512 2.62% $3 

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 $254 for the period. In addition, through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $6. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

 Expense reduction 
OTC $2 

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $42.

10. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2020 		Year ended
July 31, 2019 
Distributions to shareholders   
OTC $1,018,790 $854,603 
Class K 503,854 459,160 
Total $1,522,644 $1,313,763 

11. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2020 Year ended July 31, 2019 Six months ended January 31, 2020 Year ended July 31, 2019 
OTC     
Shares sold 97,794 182,454 $1,226,859 $2,166,729 
Reinvestment of distributions 81,896 69,503 965,894 812,954 
Shares redeemed (110,895) (261,680) (1,358,562) (2,992,015) 
Net increase (decrease) 68,795 (9,723) $834,191 $(12,332) 
Class K     
Shares sold 38,835 66,477 $491,567 $791,678 
Reinvestment of distributions 42,016 38,747 503,854 459,160 
Shares redeemed (84,480)(a) (146,402)(b) (1,060,448)(a) (1,651,108)(b) 
Net increase (decrease) (3,629) (41,178) $(65,027) $(400,270) 

 (a) Amount includes in-kind redemptions (see the Unaffiliated Redemption In-Kind and Affiliated Redemption In-Kind notes for additional details).

 (b) Amount includes in-kind redemptions (see the Prior Fiscal Year Unaffiliated Redemption In-Kind note for additional details).

12. 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.

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 (August 1, 2019 to January 31, 2020).

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. 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. 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.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2019 		Ending
Account Value
January 31, 2020 		Expenses Paid
During Period-B
August 1, 2019
to January 31, 2020 
OTC .90%    
Actual  $1,000.00 $1,140.50 $4.84 
Hypothetical-C  $1,000.00 $1,020.61 $4.57 
Class K .80%    
Actual  $1,000.00 $1,141.10 $4.31 
Hypothetical-C  $1,000.00 $1,021.11 $4.06 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity OTC Portfolio

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

Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile and considered that the definition of "group assets" for purposes of the fund's group fee would be modified to avoid double-counting assets once the reorganization is complete. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.

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

At its January 2020 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

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

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

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

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

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

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

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

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there were portfolio management changes for the fund in September 2017 and January 2019. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management changes.

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

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

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended June 30, 2019, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity OTC Portfolio


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

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

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

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

Fidelity OTC Portfolio


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2019. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.

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

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

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

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of 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 the competitive median for the 12-month period ended June 30, 2019.

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

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

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

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

PricewaterhouseCoopers LLP (PwC), 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 the fund profitability information 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 potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and met periodically, to evaluate potential fall-out benefits (PFOB Committee). The Board noted that the PFOB Committee, among other things: (i) discussed the legal framework surrounding potential fall-out benefits; (ii) reviewed the Board's responsibilities and approach to potential fall-out benefits; and (iii) reviewed practices employed by competitor funds regarding the review of potential fall-out benefits.

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

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

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

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

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of performance fees for additional funds; (iii) changes in Fidelity's non-fund businesses and the impact of such changes on the funds; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (vi) the expense structures for different funds and classes; (vii) information regarding other accounts managed by Fidelity, including collective investment trusts and separately managed accounts; and (viii) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

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





Fidelity Investments

OTC-SANN-0320
1.700332.122

Fidelity® Real Estate Income Fund



Semi-Annual Report

January 31, 2020

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Stocks as of January 31, 2020

 % of fund's net assets 
American Tower Corp. 2.7 
Equity Lifestyle Properties, Inc. 2.6 
Apartment Investment & Management Co. Class A 2.1 
New Residential Investment Corp. 1.8 
MFA Financial, Inc. 1.6 
 10.8 

Top 5 Bonds as of January 31, 2020

 % of fund's net assets 
Western Asset Mortgage Capital Corp. 6.75% 10/1/22 0.8 
Kennedy-Wilson, Inc. 5.875% 4/1/24 0.8 
Redwood Trust, Inc. 5.625% 7/15/24 0.7 
Senior Housing Properties Trust 4.75% 5/1/24 0.7 
Howard Hughes Corp. 5.375% 3/15/25 0.6 
 3.6 

Top Five REIT Sectors as of January 31, 2020

 % of fund's net assets 
REITs - Mortgage 19.0 
REITs - Diversified 10.4 
REITs - Apartments 5.9 
REITs - Health Care 5.8 
REITs - Management/Investment 5.6 

Asset Allocation (% of fund's net assets)

As of January 31, 2020* 
   Common Stocks 30.4% 
   Preferred Stocks 18.8% 
   Bonds 31.9% 
   Convertible Securities 6.1% 
   Other Investments 5.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 7.6% 


 * Foreign investments - 3.1%

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 30.4%   
 Shares Value 
CONSUMER DISCRETIONARY - 0.2%   
Hotels, Restaurants & Leisure - 0.2%   
Wyndham Destinations, Inc. 270,700 $13,137,071 
FINANCIALS - 7.6%   
Capital Markets - 0.7%   
Brookfield Asset Management, Inc. (Canada) Class A 764,400 46,774,303 
Mortgage Real Estate Investment Trusts - 6.9%   
AGNC Investment Corp. 1,264,400 23,505,196 
Anworth Mortgage Asset Corp. 367,236 1,314,705 
Broadmark Realty Capital, Inc. (a) 1,826,800 22,944,608 
Capstead Mortgage Corp. 1,158,100 9,519,582 
Chimera Investment Corp. 729,700 15,469,640 
Colony NorthStar Credit Real Estate, Inc. 2,200,294 27,393,660 
Dynex Capital, Inc. (b) 2,107,662 37,558,537 
Ellington Financial LLC 1,720,275 31,429,424 
Ellington Residential Mortgage REIT 478,500 5,148,660 
Great Ajax Corp. (a)(b) 1,660,062 25,050,336 
Hunt Companies Finance Trust, Inc. 541,801 1,777,107 
MFA Financial, Inc. 13,662,011 106,563,686 
New Residential Investment Corp. 7,041,200 117,869,688 
Redwood Trust, Inc. 1,286,252 22,676,623 
Two Harbors Investment Corp. 702,170 10,715,114 
  458,936,566 
TOTAL FINANCIALS  505,710,869 
INDUSTRIALS - 0.3%   
Construction & Engineering - 0.3%   
Williams Scotsman Corp. (c) 1,091,800 20,580,430 
REAL ESTATE - 22.3%   
Equity Real Estate Investment Trusts (REITs) - 22.3%   
Acadia Realty Trust (SBI) 3,376,604 83,807,311 
American Homes 4 Rent Class A 1,004,300 27,447,519 
American Tower Corp. 772,200 178,949,596 
Apartment Investment & Management Co. Class A 2,714,373 143,074,601 
AvalonBay Communities, Inc. 140,100 30,358,269 
Boardwalk (REIT) (a) 256,100 9,137,859 
Colony Capital, Inc. 6,476,880 30,247,030 
CoreSite Realty Corp. 89,500 10,511,775 
Crown Castle International Corp. 653,210 97,876,986 
Easterly Government Properties, Inc. 784,000 18,980,640 
Equinix, Inc. 117,300 69,175,329 
Equity Lifestyle Properties, Inc. 2,415,896 175,756,434 
Equity Residential (SBI) 351,703 29,219,485 
Gaming & Leisure Properties 546,400 25,820,132 
Healthcare Trust of America, Inc. 1,225,460 39,251,484 
iStar Financial, Inc. 3,339,913 48,629,133 
Lexington Corporate Properties Trust 4,263,474 47,196,657 
Mid-America Apartment Communities, Inc. 613,906 84,234,042 
Monmouth Real Estate Investment Corp. Class A 1,743,769 25,511,340 
Outfront Media, Inc. 196,363 5,839,836 
Public Storage 90,700 20,295,032 
Retail Value, Inc. 286,702 9,423,895 
Sabra Health Care REIT, Inc. 2,395,075 51,494,113 
Safety Income and Growth, Inc. (a) 540,835 24,315,942 
Senior Housing Properties Trust (SBI) 3,382,189 26,110,499 
SITE Centers Corp. 1,483,974 18,861,310 
Store Capital Corp. 468,700 18,396,475 
Terreno Realty Corp. 222,328 12,730,501 
UMH Properties, Inc. 776,330 12,266,014 
Ventas, Inc. 1,652,186 95,595,482 
VEREIT, Inc. 525,434 5,128,236 
Weyerhaeuser Co. 637,100 18,444,045 
  1,494,087,002 
TOTAL COMMON STOCKS   
(Cost $1,534,091,203)  2,033,515,372 
Preferred Stocks - 19.8%   
Convertible Preferred Stocks - 1.0%   
FINANCIALS - 0.3%   
Mortgage Real Estate Investment Trusts - 0.3%   
Great Ajax Corp. 7.25% (b) 357,950 9,700,445 
ZAIS Financial Corp. 7.00% 404,062 10,707,643 
  20,408,088 
REAL ESTATE - 0.7%   
Equity Real Estate Investment Trusts (REITs) - 0.6%   
Braemar Hotels & Resorts, Inc. 5.50% 98,091 1,771,523 
Lexington Corporate Properties Trust Series C, 6.50% 440,102 25,037,403 
QTS Realty Trust, Inc. 6.50% 41,525 5,546,494 
RLJ Lodging Trust Series A, 1.95% 31,585 869,219 
Wheeler REIT, Inc. 8.75% (c) 510,973 7,742,995 
  40,967,634 
Real Estate Management & Development - 0.1%   
Landmark Infrastructure Partners LP 3 month U.S. LIBOR + 4.690% 6.856%(d)(e) 189,650 4,915,011 
TOTAL REAL ESTATE  45,882,645 
TOTAL CONVERTIBLE PREFERRED STOCKS  66,290,733 
Nonconvertible Preferred Stocks - 18.8%   
ENERGY - 0.6%   
Oil, Gas & Consumable Fuels - 0.6%   
DCP Midstream Partners LP:   
7.95% (d) 206,262 5,104,985 
Series B, 7.875% (d) 256,314 6,323,266 
Enbridge, Inc.:   
Series 1 5 year U.S. Treasury Index + 3.140% 5.949%(d)(e) 498,275 10,962,050 
Series L 5 year U.S. Treasury Index + 3.150% 4.959% (d)(e) 111,400 2,240,254 
Energy Transfer Partners LP 7.60% (d) 471,751 11,888,125 
Global Partners LP 9.75% (d) 161,507 4,254,094 
  40,772,774 
FINANCIALS - 10.2%   
Mortgage Real Estate Investment Trusts - 10.0%   
AG Mortgage Investment Trust, Inc.:   
8.00% 611,362 15,809,821 
8.25% 38,510 995,561 
Series C 8.00% (d) 633,838 17,024,889 
AGNC Investment Corp.:   
6.875% (d) 874,072 22,787,057 
Series C, 7.00% (d) 448,340 11,764,442 
Series E 6.50% (d) 640,170 16,612,412 
Annaly Capital Management, Inc.:   
6.75% (d) 89,000 2,316,670 
Series D, 7.50% 599,401 15,434,576 
Series F, 6.95% (d) 1,581,352 41,447,236 
Series G, 6.50% (d) 1,217,230 31,331,500 
Anworth Mortgage Asset Corp. Series A, 8.625% 235,600 6,118,532 
Arbor Realty Trust, Inc.:   
Series A, 8.25% 186,964 4,954,546 
Series B, 7.75% 237,325 6,215,542 
Series C, 8.50% 98,875 2,630,075 
Arlington Asset Investment Corp.:   
6.625% 240,823 5,912,205 
8.25% (d) 147,125 3,310,313 
Armour Residential REIT, Inc.:   
Series B, 7.875% 151,929 3,817,976 
Series C 7.00% 102,500 2,573,775 
Capstead Mortgage Corp. Series E, 7.50% 426,533 10,855,265 
Cherry Hill Mortgage Investment Corp.:   
8.25% (d) 245,925 6,573,575 
Series A, 8.20% 243,750 6,333,113 
Chimera Investment Corp.:   
8.00% (d) 857,722 22,712,479 
Series A, 8.00% 202,500 5,467,500 
Series B, 8.00% (d) 1,795,704 49,166,376 
Series C, 7.75% (d) 2,206,386 58,160,335 
Dynex Capital, Inc.:   
Series A, 8.50% (b) 358,882 9,397,325 
Series B, 7.625% (b) 249,295 6,329,550 
Ellington Financial LLC 6.75%  324,470 8,403,773 
Exantas Capital Corp. 8.625% (d) 236,708 6,260,927 
Invesco Mortgage Capital, Inc.:   
7.50%(d) 1,397,689 38,162,081 
Series A, 7.75% 121,967 3,201,634 
Series B, 7.75% (d) 846,904 23,184,844 
MFA Financial, Inc.:   
8.00% 532,905 13,935,466 
Series B, 7.50% 609,332 15,757,326 
New Residential Investment Corp.:   
7.125% (d) 780,976 20,578,718 
Series A 7.50% (d) 455,239 12,168,538 
New York Mortgage Trust, Inc.:   
Series B, 7.75% 281,092 7,148,170 
Series C, 7.875% 317,125 8,051,804 
Series D, 8.00% (d) 317,918 8,249,972 
PennyMac Mortgage Investment Trust:   
8.125% (d) 414,254 11,106,150 
Series B, 8.00% (d) 746,321 19,792,433 
Two Harbors Investment Corp.:   
7.50% 491,117 12,569,256 
7.75% 117,103 2,996,666 
Series A, 8.125% (d) 444,975 12,966,572 
Series B, 7.625% (d) 889,404 24,832,160 
Series C, 7.25% (d) 899,517 23,999,114 
ZAIS Financial Corp. Series C 6.20% 378,550 10,128,787 
  669,547,037 
Real Estate Management & Development - 0.2%   
Brookfield Properties Corp. Series EE, 5.10% (d) 679,025 11,498,376 
TOTAL FINANCIALS  681,045,413 
REAL ESTATE - 7.9%   
Equity Real Estate Investment Trusts (REITs) - 7.9%   
American Finance Trust, Inc. 7.50% 874,787 22,213,816 
American Homes 4 Rent:   
6.25% 98,905 2,711,975 
Series D, 6.50% 276,875 7,323,344 
Series E, 6.35% 250,075 6,644,493 
Series F, 5.875% 248,009 6,574,719 
Series G, 5.875% 199,750 5,255,423 
Armada Hoffler Properties, Inc. 6.75% 154,250 4,226,450 
Ashford Hospitality Trust, Inc.:   
Series D, 8.45% 292,820 7,496,192 
Series F, 7.375% 494,500 11,111,415 
Series G, 7.375% 238,068 5,242,257 
Series H, 7.50% 215,411 4,857,518 
Series I, 7.50% 323,909 7,239,366 
Bluerock Residential Growth (REIT), Inc.:   
Series A, 8.25% 481,325 12,649,221 
Series C, 7.625% 252,994 6,626,039 
Series D, 7.125% 168,100 4,382,670 
Braemar Hotels & Resorts, Inc. Series D, 8.25% 173,050 4,706,960 
Cedar Realty Trust, Inc.:   
Series B, 7.25% 181,872 4,610,455 
Series C, 6.50% 291,600 6,969,240 
City Office REIT, Inc. Series A, 6.625% 178,475 4,688,538 
Colony Capital, Inc.:   
Series G, 7.50% 520,734 13,039,179 
Series H, 7.125% 727,701 17,459,512 
Series I, 7.15% 874,492 20,983,436 
Series J, 7.15% 1,151,024 27,604,778 
Digital Realty Trust, Inc.:   
Series C, 6.625% 83,050 2,223,249 
Series G, 5.875% 39,994 1,032,245 
Farmland Partners, Inc. Series B, 6.00% 623,150 15,890,325 
Gladstone Commercial Corp.:   
6.625% 98,875 2,667,766 
Series D, 7.00% 532,775 13,921,411 
Gladstone Land Corp. Series A, 6.375% 63,275 1,646,283 
Global Medical REIT, Inc. Series A, 7.50% 150,848 4,027,642 
Global Net Lease, Inc.:   
Series A, 7.25% 531,595 14,129,795 
Series B 6.875% (c) 294,000 7,608,691 
Government Properties Income Trust 5.875% 200,225 5,249,900 
Healthcare Trust, Inc. Series A 7.375% (c) 128,500 3,302,450 
Hersha Hospitality Trust:   
Series C, 6.875% 49,450 1,260,481 
Series D, 6.50% 197,750 5,103,928 
Investors Real Estate Trust Series C, 6.625% 317,300 8,545,016 
iStar Financial, Inc.:   
Series D, 8.00% 208,220 5,351,254 
Series G, 7.65% 271,473 6,968,712 
Series I, 7.50% 159,569 4,069,010 
Jernigan Capital, Inc. Series B, 7.00% 141,037 3,732,248 
Monmouth Real Estate Investment Corp. Series C, 6.125% 342,800 8,621,420 
National Storage Affiliates Trust Series A, 6.00% 91,575 2,496,335 
Pebblebrook Hotel Trust:   
6.30% 237,325 6,232,155 
6.375% 351,372 8,910,794 
Series C, 6.50% 202,046 5,160,255 
Series D, 6.375% 346,075 9,091,390 
Pennsylvania (REIT):   
Series B, 7.375% 99,385 1,831,666 
Series C, 7.20% 50,425 867,814 
Series D, 6.875% 150,100 3,012,507 
Plymouth Industrial REIT, Inc. Series A, 7.50% 171,625 4,640,740 
Prologis, Inc. Series Q, 8.54% 93,396 6,817,908 
PS Business Parks, Inc. Series Z 4.875% 52,000 1,316,120 
Public Storage Series F, 5.15% 171,450 4,588,002 
QTS Realty Trust, Inc. Series A, 7.125% 29,675 823,778 
RAIT Financial Trust 7.625% 222,965 5,562,977 
Rexford Industrial Realty, Inc.:   
Series A, 5.875% 133,500 3,481,466 
Series B, 5.875% 78,600 2,056,962 
Series C 5.625% 68,225 1,764,299 
Saul Centers, Inc.:   
Series D, 6.125% 82,775 2,162,083 
Series E 6.00% 76,841 2,007,087 
Senior Housing Properties Trust 5.625% 3,750 93,713 
Seritage Growth Properties Series A, 7.00% 91,986 2,436,709 
SITE Centers Corp. Series K, 6.25% 226,338 5,832,730 
Sotherly Hotels, Inc.:   
Series B, 8.00% 67,250 1,761,950 
Series C, 7.875% 107,000 2,835,500 
Spirit Realty Capital, Inc. Series A, 6.00% 94,125 2,508,431 
Stag Industrial, Inc. Series C, 6.875% 82,075 2,171,073 
Summit Hotel Properties, Inc.:   
Series D, 6.45% 207,650 5,417,589 
Series E, 6.25% 278,490 7,423,959 
Sunstone Hotel Investors, Inc.:   
Series E, 6.95% 41,525 1,080,049 
Series F, 6.45% 83,050 2,159,283 
Taubman Centers, Inc. Series K, 6.25% 155,572 4,019,980 
UMH Properties, Inc.:   
Series B, 8.00% 316,029 8,251,517 
Series C, 6.75% 430,965 11,386,095 
Series D, 6.375% 513,725 12,848,262 
Urstadt Biddle Properties, Inc.:   
Series H, 6.25% 281,325 7,553,576 
Series K 5.875% 69,225 1,786,005 
VEREIT, Inc. Series F, 6.70% 1,395,263 35,607,112 
Washington Prime Group, Inc.:   
Series H, 7.50% 196,302 3,926,040 
Series I, 6.875% 294,790 5,469,740 
  527,362,473 
Real Estate Management & Development - 0.0%   
Brookfield Property Partners LP 6.50% 34,125 907,043 
Landmark Infrastructure Partners LP Series B, 7.90% 116,375 2,984,670 
  3,891,713 
TOTAL REAL ESTATE  531,254,186 
UTILITIES - 0.1%   
Multi-Utilities - 0.1%   
Brookfield Infrastructure Partners LP Series 5, 5.35% (d) 182,825 3,489,617 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  1,256,561,990 
TOTAL PREFERRED STOCKS   
(Cost $1,260,901,413)  1,322,852,723 
 Principal Amount Value 
Corporate Bonds - 20.8%   
Convertible Bonds - 5.1%   
FINANCIALS - 5.1%   
Diversified Financial Services - 0.5%   
RWT Holdings, Inc. 5.75% 10/1/25 (f) 30,970,000 32,394,291 
Mortgage Real Estate Investment Trusts - 4.6%   
Apollo Commercial Real Estate Finance, Inc. 5.375% 10/15/23 1,681,000 1,705,164 
Arbor Realty Trust, Inc. 4.75% 11/1/22 (f) 12,826,000 12,834,338 
Blackstone Mortgage Trust, Inc. 4.75% 3/15/23 3,856,000 4,144,332 
Colony Financial, Inc.:   
3.875% 1/15/21 19,064,000 19,064,000 
5% 4/15/23 25,791,000 25,694,284 
Granite Point Mortgage Trust, Inc.:   
5.625% 12/1/22 (f) 6,694,000 6,777,675 
6.375% 10/1/23 10,099,000 10,446,153 
KKR Real Estate Finance Trust, Inc. 6.125% 5/15/23 8,009,000 8,419,862 
MFA Financial, Inc. 6.25% 6/15/24 21,952,000 23,142,320 
New York Mortgage Trust, Inc. 6.25% 1/15/22 2,472,000 2,530,710 
PennyMac Corp.:   
5.375% 5/1/20 35,208,000 35,384,801 
5.5% 11/1/24 (f) 25,934,000 26,149,350 
Redwood Trust, Inc.:   
4.75% 8/15/23 11,695,000 12,156,595 
5.625% 7/15/24 47,936,000 50,195,215 
Starwood Property Trust, Inc. 4.375% 4/1/23 10,956,000 11,469,563 
Two Harbors Investment Corp. 6.25% 1/15/22 4,331,000 4,524,544 
Western Asset Mortgage Capital Corp. 6.75% 10/1/22 53,526,000 54,592,828 
  309,231,734 
TOTAL FINANCIALS  341,626,025 
Nonconvertible Bonds - 15.7%   
COMMUNICATION SERVICES - 0.0%   
Media - 0.0%   
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp. 5.625% 2/15/24 1,285,000 1,311,535 
CONSUMER DISCRETIONARY - 4.6%   
Hotels, Restaurants & Leisure - 0.3%   
FelCor Lodging LP 6% 6/1/25 1,824,000 1,892,400 
GLP Capital LP/GLP Financing II, Inc. 5.25% 6/1/25 4,500,000 5,039,775 
Marriott Ownership Resorts, Inc. 6.5% 9/15/26 3,955,000 4,281,288 
Times Square Hotel Trust 8.528% 8/1/26 (f) 5,528,513 6,491,161 
Wyndham Destinations, Inc. 4.625% 3/1/30 (f) 3,435,000 3,525,169 
  21,229,793 
Household Durables - 4.3%   
Adams Homes, Inc. 7.5% 2/15/25 (f)(g) 9,530,000 9,792,075 
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.:   
6.625% 1/15/28 (f) 9,925,000 10,111,094 
6.75% 8/1/25 (f) 26,458,000 27,251,740 
9.875% 4/1/27 (f) 21,220,000 24,403,000 
Beazer Homes U.S.A., Inc. 5.875% 10/15/27 10,051,000 10,427,913 
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp.:   
6.125% 7/1/22 (f) 5,434,000 5,508,718 
6.25% 9/15/27 (f) 8,533,000 9,130,310 
Brookfield Residential Properties, Inc. 6.375% 5/15/25 (f) 5,518,000 5,711,130 
Century Communities, Inc.:   
5.875% 7/15/25 5,982,000 6,281,100 
6.75% 6/1/27 (f) 13,230,000 14,354,550 
KB Home:   
4.8% 11/15/29 8,548,000 8,868,550 
6.875% 6/15/27 2,966,000 3,488,758 
LGI Homes, Inc. 6.875% 7/15/26 (f) 24,116,000 25,472,525 
M/I Homes, Inc.:   
4.95% 2/1/28 (f) 2,145,000 2,209,350 
5.625% 8/1/25 10,842,000 11,356,995 
Mason Finance Sub, Inc. 6.875% 8/15/23 (f) 11,866,000 12,463,216 
Meritage Homes Corp.:   
5.125% 6/6/27 4,979,000 5,352,425 
6% 6/1/25 3,955,000 4,469,150 
7% 4/1/22 7,441,000 8,110,690 
New Home Co. LLC 7.25% 4/1/22 16,142,000 16,061,290 
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.875% 4/15/23 (f) 4,054,000 4,368,185 
TRI Pointe Homes, Inc.:   
5.25% 6/1/27 13,898,000 14,766,625 
5.875% 6/15/24 14,175,000 15,379,875 
William Lyon Homes, Inc.:   
5.875% 1/31/25 10,022,000 10,322,660 
6% 9/1/23 6,922,000 7,216,185 
6.625% 7/15/27 (f) 8,573,000 9,258,840 
7% 8/15/22 1,115,000 1,117,788 
  283,254,737 
TOTAL CONSUMER DISCRETIONARY  304,484,530 
CONSUMER STAPLES - 0.1%   
Food & Staples Retailing - 0.1%   
C&S Group Enterprises LLC 5.375% 7/15/22 (f) 9,596,000 9,631,985 
ENERGY - 0.3%   
Oil, Gas & Consumable Fuels - 0.3%   
EG Global Finance PLC:   
6.75% 2/7/25 (f) 7,750,000 7,846,875 
8.5% 10/30/25 (f) 6,160,000 6,529,600 
Global Partners LP/GLP Finance Corp.:   
7% 6/15/23 3,955,000 4,053,875 
7% 8/1/27 (f) 3,955,000 4,241,738 
  22,672,088 
FINANCIALS - 1.2%   
Banks - 0.1%   
HAT Holdings I LLC/HAT Holdings II LLC 5.25% 7/15/24 (f) 4,257,000 4,469,850 
Capital Markets - 0.1%   
CyrusOne LP/CyrusOne Finance Corp. 3.45% 11/15/29 4,500,000 4,644,090 
Diversified Financial Services - 1.0%   
Brixmor Operating Partnership LP:   
3.65% 6/15/24 5,933,000 6,304,199 
3.85% 2/1/25 8,290,000 8,874,737 
3.875% 8/15/22 4,000,000 4,187,566 
Five Point Operation Co. LP 7.875% 11/15/25 (f) 22,013,000 22,783,455 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
4.75% 9/15/24 (f) 4,000,000 4,095,000 
5.25% 5/15/27 (f) 9,225,000 9,248,063 
5.875% 2/1/22 3,639,000 3,639,000 
6.25% 2/1/22 1,676,000 1,705,330 
6.25% 5/15/26 4,944,000 5,189,618 
  66,026,968 
Mortgage Real Estate Investment Trusts - 0.0%   
Starwood Property Trust, Inc. 4.75% 3/15/25 4,188,000 4,376,879 
TOTAL FINANCIALS  79,517,787 
HEALTH CARE - 0.5%   
Health Care Providers & Services - 0.5%   
Sabra Health Care LP 5.125% 8/15/26 20,264,000 22,172,638 
Sabra Health Care LP/Sabra Capital Corp.:   
3.9% 10/15/29 989,000 1,018,670 
4.8% 6/1/24 7,475,000 8,017,835 
  31,209,143 
INDUSTRIALS - 0.2%   
Building Products - 0.2%   
Shea Homes Ltd. Partnership/Corp. 6.125% 4/1/25 (f) 10,491,000 10,805,730 
REAL ESTATE - 8.8%   
Equity Real Estate Investment Trusts (REITs) - 5.3%   
American Homes 4 Rent 4.9% 2/15/29 989,000 1,138,566 
ARC Properties Operating Partnership LP 4.6% 2/6/24 10,363,000 11,310,717 
CBL & Associates LP:   
4.6% 10/15/24 26,459,000 14,287,860 
5.25% 12/1/23 11,371,000 6,822,600 
5.95% 12/15/26 10,317,000 5,162,163 
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 7,492,000 7,772,950 
Equinix, Inc. 5.375% 5/15/27 6,546,000 7,094,555 
ESH Hospitality, Inc. 5.25% 5/1/25 (f) 7,154,000 7,332,850 
HCP, Inc.:   
4% 6/1/25 989,000 1,078,371 
4.25% 11/15/23 792,000 853,921 
Healthcare Realty Trust, Inc. 3.75% 4/15/23 955,000 995,496 
Healthcare Trust of America Holdings LP 3.75% 7/1/27 8,301,000 8,984,175 
Hospitality Properties Trust:   
4.65% 3/15/24 3,500,000 3,687,501 
5% 8/15/22 3,141,000 3,310,364 
iStar Financial, Inc.:   
4.25% 8/1/25 10,300,000 10,351,500 
4.75% 10/1/24 15,485,000 16,104,400 
5.25% 9/15/22 7,000,000 7,144,382 
Lexington Corporate Properties Trust 4.4% 6/15/24 2,156,000 2,276,888 
MPT Operating Partnership LP/MPT Finance Corp.:   
4.625% 8/1/29 494,000 516,848 
5% 10/15/27 9,448,000 9,931,738 
5.25% 8/1/26 7,614,000 7,985,183 
Omega Healthcare Investors, Inc.:   
4.375% 8/1/23 3,266,000 3,493,502 
4.5% 4/1/27 2,434,000 2,678,612 
4.75% 1/15/28 12,067,000 13,494,328 
4.95% 4/1/24 2,866,000 3,153,392 
5.25% 1/15/26 1,953,000 2,211,814 
Regency Centers LP 3.6% 2/1/27 2,529,000 2,718,656 
SBA Communications Corp. 4% 10/1/22 5,473,000 5,568,778 
Select Income REIT:   
4.15% 2/1/22 11,045,000 11,370,098 
4.25% 5/15/24 4,974,000 5,242,494 
4.5% 2/1/25 21,056,000 22,468,509 
Senior Housing Properties Trust:   
4.75% 5/1/24 44,393,000 46,865,668 
4.75% 2/15/28 9,933,000 10,408,611 
6.75% 4/15/20 13,472,000 13,517,181 
6.75% 12/15/21 7,910,000 8,397,128 
SITE Centers Corp.:   
3.625% 2/1/25 5,489,000 5,762,814 
4.625% 7/15/22 651,000 682,382 
VEREIT Operating Partnership LP:   
3.1% 12/15/29 3,000,000 3,050,608 
4.875% 6/1/26 15,305,000 17,297,505 
VICI Properties, Inc.:   
3.75% 2/15/27 (f)(g) 4,275,000 4,296,375 
4.125% 8/15/30 (f)(g) 5,980,000 6,069,700 
4.625% 12/1/29 (f) 6,585,000 6,881,325 
WP Carey, Inc.:   
4% 2/1/25 6,907,000 7,399,082 
4.25% 10/1/26 8,261,000 9,048,855 
4.6% 4/1/24 11,196,000 12,143,713 
  358,364,158 
Real Estate Management & Development - 3.5%   
Forestar Group, Inc. 8% 4/15/24 (f) 25,132,000 27,393,880 
Greystar Real Estate Partners 5.75% 12/1/25 (f) 15,480,000 16,004,308 
Howard Hughes Corp. 5.375% 3/15/25 (f) 42,007,000 43,267,210 
Kennedy-Wilson, Inc. 5.875% 4/1/24 50,939,000 52,215,022 
Mack-Cali Realty LP:   
3.15% 5/15/23 10,000 9,971 
4.5% 4/18/22 517,000 530,425 
Mattamy Group Corp.:   
5.25% 12/15/27 (f) 17,145,000 17,959,388 
6.5% 10/1/25 (f) 23,840,000 25,508,800 
Mid-America Apartments LP:   
3.75% 6/15/24 1,644,000 1,760,212 
4.3% 10/15/23 2,178,000 2,350,038 
Taylor Morrison Communities, Inc./Monarch Communities, Inc.:   
5.625% 3/1/24 (f) 9,824,000 10,609,920 
5.75% 1/15/28 (f) 989,000 1,082,955 
5.875% 6/15/27 (f) 9,888,000 11,000,400 
Washington Prime Group LP 6.45% 8/15/24 27,181,000 24,259,043 
  233,951,572 
TOTAL REAL ESTATE  592,315,730 
TOTAL NONCONVERTIBLE BONDS  1,051,948,528 
TOTAL CORPORATE BONDS   
(Cost $1,345,903,281)  1,393,574,553 
Asset-Backed Securities - 1.8%   
American Homes 4 Rent:   
Series 2014-SFR2 Class E, 6.231% 10/17/36 (f) 3,000,000 3,367,224 
Series 2014-SFR3 Class E, 6.418% 12/17/36 (f) 8,924,000 10,067,044 
Series 2015-SFR1:   
Class E, 5.639% 4/17/52 (f) 1,999,310 2,212,663 
Class F, 5.885% 4/17/52 (f) 2,000,000 2,185,233 
Series 2015-SFR2:   
Class E, 6.07% 10/17/52 (f) 8,259,000 9,257,711 
Class XS, 0% 10/17/52 (d)(f)(h)(i) 4,673,127 47 
Capital Trust RE CDO Ltd. Series 2005-1A Class D, 1 month U.S. LIBOR + 1.500% 3.3464% 3/20/50 (d)(e)(f)(i) 2,250,000 225 
Conseco Finance Securitizations Corp. Series 2002-2 Class M2, 9.163% 3/1/33 405,252 373,037 
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27 568,120 571,494 
GPMT Ltd. Series 2019-FL2 Class D, 1 month U.S. LIBOR + 2.950% 4.6263% 2/22/36 (d)(e)(f) 2,142,000 2,154,055 
Green Tree Financial Corp.:   
Series 1996-4 Class M1, 7.75% 6/15/27 (d) 668,437 671,994 
Series 1997-3 Class M1, 7.53% 3/15/28 4,642,500 4,669,546 
Home Partners America Trust Series 2019-2 Class F, 3.866% 10/19/39 (f) 2,996,908 2,981,130 
Home Partners of America Credit Trust Series 2017-1 Class F, 1 month U.S. LIBOR + 3.530% 5.208% 7/17/34 (d)(e)(f) 6,318,500 6,326,384 
Home Partners of America Trust Series 2018-1 Class F, 1 month U.S. LIBOR + 2.350% 4.019% 7/17/37 (d)(e)(f) 3,896,000 3,893,659 
Invitation Homes Trust Series 2018-SFR2 Class F, 1 month U.S. LIBOR + 2.250% 3.9263% 6/17/37 (d)(e)(f) 1,755,227 1,755,222 
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40 681,646 541,326 
Merit Securities Corp. Series 13 Class M1, 7.3303% 12/28/33 (d) 1,444,579 1,505,602 
Progress Residential Trust:   
Series 2015-SFR3 Class F, 6.643% 11/12/32 (f) 2,940,000 2,939,306 
Series 2017-SFR1 Class F, 5.35% 8/17/34 (f) 3,073,000 3,187,475 
Series 2017-SFR2 Class F, 4.836% 12/17/34(f) 2,568,000 2,626,145 
Series 2018-SFR2 Class F, 4.953% 8/17/35 (f) 3,402,000 3,513,169 
Series 2018-SFR3 Class F, 5.368% 10/17/35 (f) 3,412,000 3,547,636 
Series 2019-SFR1 Class F, 5.061% 8/17/35 (f) 3,000,000 3,115,362 
Series 2019-SFR2 Class F, 4.837% 5/17/36 (f) 3,902,000 4,039,075 
Starwood Waypoint Homes Trust Series 2017-1:   
Class E, 1 month U.S. LIBOR + 2.600% 4.2763% 1/17/35 (d)(e)(f) 5,906,000 5,910,354 
Class F, 1 month U.S. LIBOR + 3.400% 5.0763% 1/17/35 (d)(e)(f) 12,529,000 12,538,072 
Taberna Preferred Funding III Ltd. Series 2005-3A Class D, 3 month U.S. LIBOR + 2.650% 4.5405% 2/5/36 (d)(e)(f)(i) 4,708,494 353 
Tricon American Homes:   
Series 2016-SFR1 Class F, 5.769% 11/17/33 (f) 2,544,000 2,606,723 
Series 2017-SFR1 Class F, 5.151% 9/17/34 (f) 8,442,000 8,769,191 
Series 2017-SFR2 Class F, 5.104% 1/17/36 (f) 3,785,000 3,965,778 
Series 2018-SFR1 Class F, 4.96% 5/17/37 (f) 4,000,000 4,260,926 
VB-S1 Issuer LLC:   
Series 2016-1A Class F, 6.901% 6/15/46 (f) 7,710,000 7,880,636 
Series 2018-1A Class F, 5.25% 2/15/48 (f) 1,354,000 1,359,139 
Wrightwood Capital Real Estate CDO Ltd. Series 2005-1A Class F, 3 month U.S. LIBOR + 1.950% 3.8446% 11/21/40 (d)(e)(f) 250,000 249,996 
TOTAL ASSET-BACKED SECURITIES   
(Cost $123,433,079)  123,042,932 
Collateralized Mortgage Obligations - 0.0%   
Private Sponsor - 0.0%   
Fannie Mae REMIC Trust:   
Series 2002-W1 subordinate REMIC pass thru certificates, Class 3B3, 4.1196% 2/25/42 (d)(f) 39,715 14,674 
Series 2003-W10 subordinate REMIC pass thru certificates, Class 2B3, 4.1169% 6/25/43 (d)(f) 68,991 26,567 
FREMF Mortgage Trust Series 2010-K7 Class B, 5.7284% 4/25/20 (d)(f) 3,164,000 3,171,663 
RESI Finance LP/RESI Finance DE Corp. floater Series 2003-B Class B9, 1 month U.S. LIBOR + 11.950% 13.6271% 6/10/35 (d)(e)(f)(i) 34,909 10,514 
TOTAL PRIVATE SPONSOR  3,223,418 
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS   
(Cost $3,273,331)  3,223,418 
Commercial Mortgage Securities - 14.4%   
Americold LLC Trust Series 2010-ARTA Class D, 7.443% 1/14/29 (f) 2,000,000 2,046,881 
Banc of America Merrill Lynch Large Loan, Inc. floater Series 2019-AHT Class C, 1 month U.S. LIBOR + 2.000% 3.6763% 3/15/34 (d)(e)(f) 7,168,000 7,170,318 
BANK:   
Series 2017-BNK4 Class D, 3.357% 5/15/50 (f) 3,312,000 3,113,801 
Series 2017-BNK8 Class E, 2.8% 11/15/50 (f) 11,374,393 8,563,871 
Series 2018-BN12 Class D, 3% 5/15/61 (f) 1,682,000 1,555,918 
Series 2019-BN21 Class F, 2.6818% 10/17/52 (f) 12,047,000 8,656,899 
Barclays Commercial Mortgage Securities LLC Series 2015-STP:   
Class E, 4.4272% 9/10/28 (d)(f) 8,413,000 8,366,627 
Class F, 4.4272% 9/10/28 (d)(f) 4,074,000 3,984,549 
Benchmark Mortgage Trust sequential payer Series 2019-B14:   
Class 225D, 3.4041% 12/15/62 (d)(f) 3,427,000 3,318,035 
Class 225E, 3.4041% 12/15/62 (d)(f) 5,141,000 4,818,226 
Braemar Hotels & Resorts Trust floater Series 2018-PRME Class E, 1 month U.S. LIBOR + 2.400% 4.0763% 6/15/35 (d)(e)(f) 1,500,000 1,501,878 
BX Commercial Mortgage Trust floater:   
Series 2018-BIOA Class E, 1 month U.S. LIBOR + 1.950% 3.6273% 3/15/37 (d)(e)(f) 2,000,000 2,005,620 
Series 2019-CALM Class E, 1 month U.S. LIBOR + 2.000% 3.6763% 11/25/32 (d)(e)(f) 6,426,000 6,430,034 
Series 2020-BXLP Class G, 1 month U.S. LIBOR + 2.500% 4.25% 12/15/29 (d)(e)(f) 6,013,000 6,037,430 
BX Trust:   
floater:   
Series 2018-IND:   
Class G, 1 month U.S. LIBOR + 2.050% 3.7263% 11/15/35 (d)(e)(f) 3,281,600 3,296,088 
Class H, 1 month U.S. LIBOR + 3.000% 4.6763% 11/15/35 (d)(e)(f) 6,206,900 6,210,626 
Series 2019-IMC Class G, 1 month U.S. LIBOR + 3.600% 5.2763% 4/15/34 (d)(e)(f) 5,181,000 5,216,856 
Series 2019-XL:   
Class G, 1 month U.S. LIBOR + 2.300% 3.9763% 10/15/36 (d)(e)(f) 2,575,000 2,584,811 
Class J, 1 month U.S. LIBOR + 2.650% 4.3263% 10/15/36 (d)(e)(f) 18,376,000 18,457,097 
Series 2019-OC11 Class E, 4.0755% 12/9/41 (f) 18,585,000 19,209,248 
CALI Mortgage Trust Series 2019-101C Class F, 4.4686% 3/10/39 (d)(f) 4,099,000 4,254,182 
CAMB Commercial Mortgage Trust floater Series 2019-LIFE Class G, 1 month U.S. LIBOR + 3.250% 4.9263% 12/15/37 (d)(e)(f) 7,428,000 7,488,417 
CCRESG Commercial Mortgage Trust Series 2016-HEAT:   
Class E, 5.6712% 4/10/29 (d)(f) 4,536,000 4,593,973 
Class F, 5.6712% 4/10/29 (d)(f) 9,601,000 9,685,168 
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/50 (f) 3,353,000 3,176,509 
CGMS Commercial Mortgage Trust Series 2017-MDRB:   
Class D, 1 month U.S. LIBOR + 3.250% 4.9263% 7/15/30 (d)(e)(f) 6,131,000 6,129,018 
Class E, 1 month U.S. LIBOR + 3.870% 5.5478% 7/15/30 (d)(e)(f) 6,666,000 6,623,939 
CHC Commercial Mortgage Trust floater Series 2019-CHC Class F, 1 month U.S. LIBOR + 2.600% 4.2845% 6/15/34 (d)(e)(f) 1,500,000 1,500,937 
Citigroup Commercial Mortgage Trust:   
Series 2013-GC15 Class D, 5.3878% 9/10/46 (d)(f) 5,254,000 5,583,190 
Series 2016-C3 Class D, 3% 11/15/49 (f) 7,010,000 5,982,999 
COMM Mortgage Trust:   
floater Series 2018-HCLV:   
Class F, 1 month U.S. LIBOR + 3.050% 4.7263% 9/15/33 (d)(e)(f) 4,265,000 4,276,072 
Class G, 1 month U.S. LIBOR + 5.050% 6.7326% 9/15/33(d)(e)(f) 4,265,000 4,115,435 
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (f) 7,300,000 6,457,259 
Series 2012-CR1:   
Class C, 5.4973% 5/15/45 (d) 989,000 1,035,939 
Class D, 5.4973% 5/15/45 (d)(f) 5,550,000 5,752,973 
Class G, 2.462% 5/15/45 (f) 6,346,000 5,373,604 
Series 2012-LC4 Class C, 5.7215% 12/10/44 (d) 1,978,000 2,063,611 
Series 2013-CR10 Class D, 4.9487% 8/10/46 (d)(f) 4,544,000 4,789,686 
Series 2013-CR12 Class D, 5.2451% 10/10/46 (d)(f) 4,500,000 4,028,989 
Series 2013-LC6 Class D, 4.4072% 1/10/46 (d)(f) 8,301,000 8,546,906 
Series 2014-CR17 Class E, 5.0093% 5/10/47 (d)(f) 3,098,000 3,031,054 
Series 2014-UBS2 Class D, 5.169% 3/10/47 (d)(f) 3,713,000 3,581,001 
Series 2016-CD1 Class D, 2.9% 8/10/49 (d)(f) 9,346,000 8,480,862 
Series 2017-CD4 Class D, 3.3% 5/10/50 (f) 2,769,000 2,572,599 
COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (f) 2,769,000 2,651,622 
Commercial Mortgage Trust pass-thru certificates Series 2012-CR2:   
Class D, 4.992% 8/15/45 (d)(f) 4,500,000 4,637,264 
Class E, 4.992% 8/15/45 (d)(f) 8,000,000 8,008,131 
Class F, 4.25% 8/15/45 (f) 2,000,000 1,831,019 
Credit Suisse Mortgage Trust floater:   
Series 2019-ICE4 Class F, 1 month U.S. LIBOR + 2.650% 4.3263% 5/15/36 (d)(e)(f) 14,767,000 14,832,155 
Series 2019-SKLZ Class D, 1 month U.S. LIBOR + 3.600% 5.2763% 1/15/34 (d)(e)(f) 7,788,000 7,826,944 
CSAIL Commercial Mortgage Trust:   
Series 2017-C8 Class D, 4.4701% 6/15/50 (f) 4,297,000 4,220,588 
Series 2017-CX10 Class UESD, 4.3778% 10/15/32 (d)(f) 7,129,000 7,274,950 
Series 2017-CX9 Class D, 4.2916% 9/15/50 (d)(f) 2,539,000 2,470,782 
DBCCRE Mortgage Trust Series 2014-ARCP:   
Class D, 5.099% 1/10/34 (d)(f) 1,000,000 1,043,912 
Class E, 5.099% 1/10/34 (d)(f) 10,732,000 11,003,433 
DBUBS Mortgage Trust:   
Series 2011-LC1A:   
Class E, 5.8778% 11/10/46 (d)(f) 13,874,000 14,169,735 
Class G, 4.652% 11/10/46 (f) 12,222,000 11,831,474 
Series 2011-LC3A Class D, 5.5121% 8/10/44 (d)(f) 3,945,000 4,063,822 
Freddie Mac:   
pass-thru certificates:   
Series K011 Class X3, 2.6605% 12/25/43 (d)(h) 12,069,096 184,454 
Series K012 Class X3, 2.3291% 1/25/41 (d)(h) 20,492,732 310,555 
Series K013 Class X3, 2.9101% 1/25/43 (d)(h) 14,199,000 277,069 
Series KAIV Class X2, 3.6147% 6/25/41 (d)(h) 7,430,000 286,371 
GPMT Ltd. floater Series 2018-FL1 Class D, 1 month U.S. LIBOR + 2.950% 4.6034% 11/21/35 (d)(e)(f) 2,500,000 2,506,230 
GS Mortgage Securities Corp. Trust floater Series 2019-SOHO Class F, 1 month U.S. LIBOR + 2.200% 3.8763% 6/15/36 (d)(e)(f) 2,000,000 1,988,707 
GS Mortgage Securities Trust:   
floater Series 2018-RIVR Class G, 1 month U.S. LIBOR + 2.600% 4.2763% 7/15/35 (d)(e)(f) 3,808,000 3,793,945 
Series 2010-C2 Class D, 5.3522% 12/10/43 (d)(f) 3,000,000 3,060,169 
Series 2011-GC5:   
Class C, 5.5559% 8/10/44 (d)(f) 8,899,000 9,209,194 
Class D, 5.5559% 8/10/44 (d)(f) 9,452,000 9,441,372 
Class E, 5.5559% 8/10/44 (d)(f) 8,138,000 7,607,122 
Class F, 4.5% 8/10/44 (f) 7,897,000 5,643,234 
Series 2012-GC6:   
Class C, 5.8395% 1/10/45 (d)(f) 3,560,000 3,744,659 
Class D, 5.8395% 1/10/45 (d)(f) 6,590,000 6,783,166 
Class E, 5% 1/10/45 (d)(f) 7,432,000 7,023,429 
Series 2012-GCJ7:   
Class C, 5.8751% 5/10/45 (d) 6,427,000 6,765,008 
Class D, 5.8751% 5/10/45 (d)(f) 10,078,000 10,152,050 
Series 2012-GCJ9:   
Class D, 4.8999% 11/10/45 (d)(f) 5,503,000 5,669,809 
Class E, 4.8999% 11/10/45 (d)(f) 1,908,000 1,846,887 
Series 2013-GC14 Class D, 4.9035% 8/10/46 (d)(f) 1,661,000 1,728,542 
Series 2013-GC16:   
Class D, 5.4877% 11/10/46 (d)(f) 3,708,000 4,031,443 
Class F, 3.5% 11/10/46 (f) 7,221,000 6,685,158 
Series 2016-GS3 Class D, 2.62% 10/10/49 (f) 3,360,000 3,016,076 
Series 2016-REMZ Class MZB, 7.727% 2/10/21 (f) 29,492,000 29,880,153 
Series 2016-RENT:   
Class E, 4.2022% 2/10/29 (d)(f) 4,340,000 4,375,980 
Class F, 4.2022% 2/10/29 (d)(f) 19,971,000 20,019,078 
Hilton U.S.A. Trust:   
Series 2016-HHV Class F, 4.3333% 11/5/38 (d)(f) 8,440,000 8,619,853 
Series 2016-SFP Class F, 6.1552% 11/5/35 (f) 10,093,000 10,134,648 
IMT Trust Series 2017-APTS:   
Class EFX, 3.6132% 6/15/34 (d)(f) 9,213,000 9,270,173 
Class FFL, 1 month U.S. LIBOR + 2.850% 4.5263% 6/15/34 (d)(e)(f) 3,532,751 3,537,179 
Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (f) 2,896,000 3,095,850 
Invitation Homes Trust floater:   
Series 2018-SFR3 Class F, 1 month U.S. LIBOR + 2.250% 3.919% 7/17/37 (d)(e)(f) 4,946,290 4,946,276 
Series 2018-SFR4 Class F, 1 month U.S. LIBOR + 2.200% 3.869% 1/17/38 (d)(e)(f) 3,410,000 3,409,990 
JP Morgan Chase Commercial Mortgage Securities Trust floater Series 2018-LAQ:   
Class C, 1 month U.S. LIBOR + 1.600% 3.2763% 6/15/32 (d)(e)(f) 5,307,521 5,319,112 
Class E, 1 month U.S. LIBOR + 3.000% 4.6763% 6/15/35 (d)(e)(f) 1,469,299 1,474,347 
JPMBB Commercial Mortgage Securities Trust:   
Series 2014-C23 Class UH5, 4.7094% 9/15/47 (f) 8,640,000 7,774,453 
Series 2014-C26 Class D, 4.0058% 1/15/48 (d)(f) 3,398,000 3,365,492 
JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class D, 3.5756% 12/15/49 (d)(f) 10,126,000 9,452,175 
JPMDB Commercial Mortgage Securities Trust:   
Series 2016-C4 Class D, 3.2185% 12/15/49 (d)(f) 7,388,000 6,894,186 
Series 2018-C8 Class D, 3.4026% 6/15/51 (d)(f) 1,698,000 1,578,031 
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2012-CBX:   
Class C, 5.3032% 6/15/45 (d) 4,479,000 4,667,627 
Class E, 5.3032% 6/15/45 (d)(f) 5,892,000 5,738,835 
Class F, 4% 6/15/45 (f) 8,192,000 7,184,990 
Class G 4% 6/15/45 (f) 4,044,000 2,678,564 
JPMorgan Chase Commercial Mortgage Securities Trust:   
Series 2011-C3:   
Class E, 5.8528% 2/15/46 (d)(f) 13,774,000 13,699,934 
Class G, 4.409% 2/15/46 (d)(f) 4,671,000 4,151,266 
Class H, 4.409% 2/15/46 (d)(f) 7,077,000 5,236,496 
Series 2011-C4 Class F, 3.873% 7/15/46 (f) 1,400,000 1,410,439 
Series 2013-LC11:   
Class D, 4.3066% 4/15/46 (d) 7,722,000 7,000,986 
Class E, 3.25% 4/15/46 (d)(f) 472,000 372,977 
Class F, 3.25% 4/15/46 (d)(f) 2,518,000 1,176,868 
Series 2014-DSTY Class E, 3.9314% 6/10/27 (d)(f)(i) 8,161,000 3,184,477 
Series 2015-UES Class F, 3.7417% 9/5/32 (d)(f) 6,896,000 6,891,548 
Series 2018-AON Class F, 4.767% 7/5/31 (d)(f) 5,039,000 5,158,656 
Kref Ltd. floater Series 2018-FL1 Class D, 1 month U.S. LIBOR + 2.550% 4.219% 6/15/36 (d)(e)(f) 2,560,000 2,574,393 
Morgan Stanley BAML Trust:   
Series 2012-C5 Class E, 4.8334% 8/15/45 (d)(f) 3,845,000 3,994,628 
Series 2012-C6 Class D, 4.7611% 11/15/45 (d)(f) 2,000,000 2,085,996 
Series 2012-C6, Class F, 4.7611% 11/15/45 (d)(f) 2,500,000 2,484,896 
Series 2013-C12 Class D, 4.9246% 10/15/46 (d)(f) 7,164,000 7,427,957 
Series 2013-C13:   
Class D, 5.0709% 11/15/46 (d)(f) 5,218,000 5,457,830 
Class E, 5.0709% 11/15/46 (d)(f) 3,341,000 3,423,252 
Series 2013-C7:   
Class D, 4.3763% 2/15/46 (d)(f) 5,587,000 5,557,994 
Class E, 4.3763% 2/15/46 (d)(f) 989,000 886,383 
Series 2013-C9:   
Class C, 4.1719% 5/15/46 (d) 3,302,000 3,459,609 
Class D, 4.2599% 5/15/46 (d)(f) 5,137,000 5,286,258 
Series 2016-C30 Class D, 3% 9/15/49 (f) 5,347,000 4,701,839 
Series 2016-C31 Class D, 3% 11/15/49 (d)(f) 1,483,000 1,285,300 
Series 2016-C32 Class D, 3.396% 12/15/49 (f) 5,863,000 4,962,447 
Morgan Stanley Capital I Trust:   
floater Series 2019-AGLN:   
Class F, 1 month U.S. LIBOR + 2.600% 4.2763% 3/15/34 (d)(e)(f) 3,955,000 3,964,892 
Class G, 1 month U.S. LIBOR + 3.150% 4.8263% 3/15/34 (d)(e)(f) 5,946,000 5,968,620 
Series 1998-CF1 Class G, 7.2329% 7/15/32 (d)(f) 148,791 149,434 
Series 2011-C2:   
Class D, 5.6705% 6/15/44 (d)(f) 5,387,000 5,444,214 
Class E, 5.6705% 6/15/44 (d)(f) 12,014,000 11,736,098 
Class F, 5.6705% 6/15/44 (d)(f) 4,440,000 4,184,266 
Class XB, 0.3902% 6/15/44 (d)(f)(h) 55,708,619 226,316 
Series 2011-C3:   
Class D, 5.4193% 7/15/49 (d)(f) 7,317,000 7,413,590 
Class E, 5.4193% 7/15/49 (d)(f) 3,456,000 3,448,691 
Class F, 5.4193% 7/15/49 (d)(f) 5,624,050 5,485,409 
Class G, 5.4193% 7/15/49 (d)(f) 5,049,500 4,692,379 
Series 2012-C4 Class D, 5.5999% 3/15/45 (d)(f) 6,310,000 6,308,249 
Series 2015-MS1 Class D, 4.1654% 5/15/48 (d)(f) 10,833,000 10,584,660 
Series 2015-UBS8 Class D, 3.18% 12/15/48 (f) 4,957,000 4,535,642 
Series 2016-BNK2 Class C, 3% 11/15/49 (f) 2,966,000 2,778,527 
Motel 6 Trust floater:   
Series 2017-M6MZ, Class M, 1 month U.S. LIBOR + 6.920% 8.6028% 8/15/24 (d)(e)(f) 5,692,074 5,749,522 
Series 2017-MTL6 Class C, 1 month U.S. LIBOR + 1.400% 3.0763% 8/15/34 (d)(e)(f) 8,477,059 8,476,983 
Series 2017-MTL6, Class F, 1 month U.S. LIBOR + 4.250% 5.9263% 8/15/34 (d)(e)(f) 10,881,193 10,929,059 
MSCCG Trust floater Series 2018-SELF Class E, 1 month U.S. LIBOR + 2.150% 3.8263% 10/15/37 (d)(e)(f) 5,061,000 5,064,042 
MSCG Trust Series 2016-SNR:   
Class D, 6.55% 11/15/34 (f) 10,833,250 11,118,827 
Class E, 6.8087% 11/15/34 (f) 9,551,450 9,465,731 
MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 5.0127% 9/5/47 (d)(f) 1,500,000 1,620,047 
Natixis Commercial Mortgage Securities Trust:   
floater Series 2018-FL1:   
Class WAN1, 1 month U.S. LIBOR + 2.750% 4.49% 6/15/35 (d)(e)(f) 1,743,000 1,750,169 
Class WAN2, 1 month U.S. LIBOR + 3.750% 5.49% 6/15/35 (d)(e)(f) 651,000 649,823 
Series 2019-1776 Class F, 4.2988% 10/15/36 (f) 3,454,000 3,482,900 
Series 2020-2PAC Class AMZ3, 3.5% 1/15/25 (d)(f) 2,502,675 2,429,827 
Progress Residential Series 2019-SFR3 Class F, 3.867% 9/17/36 (f) 1,000,000 1,020,250 
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (f) 3,802,381 4,739,454 
ReadyCap Commercial Mortgage Trust floater Series 2019-FL3 Class D, 1 month U.S. LIBOR + 2.900% 4.5609% 3/25/34 (d)(e)(f) 3,401,000 3,400,990 
UBS Commercial Mortgage Trust Series 2012-C1:   
Class D, 5.7559% 5/10/45 (d)(f) 2,296,000 2,335,097 
Class E, 5% 5/10/45 (d)(f) 6,268,000 5,154,497 
Class F, 5% 5/10/45 (d)(f) 2,221,350 947,709 
UBS-BAMLL Trust Series 12-WRM Class D, 4.3793% 6/10/30 (d)(f) 2,143,000 2,122,016 
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 Class B, 6.2521% 1/10/45 (d)(f) 2,966,000 3,152,404 
Wells Fargo Commercial Mortgage Trust:   
floater Series 2020-SOP Class E, 1 month U.S. LIBOR + 2.710% 4.36% 1/15/35 (d)(e)(f) 3,250,000 3,246,396 
Series 2012-LC5:   
Class D, 4.9134% 10/15/45 (d)(f) 12,819,000 13,417,290 
Class E, 4.9134% 10/15/45 (d)(f) 8,347,000 8,432,403 
Class F, 4.9134% 10/15/45 (d)(f) 2,000,000 1,899,569 
Series 2016-BNK1 Class D, 3% 8/15/49 (f) 6,979,000 5,907,816 
Series 2016-C35 Class D, 3.142% 7/15/48 (f) 18,335,000 16,268,631 
Series 2016-NXS6 Class D, 3.059% 11/15/49 (f) 5,037,000 4,611,762 
WF-RBS Commercial Mortgage Trust:   
sequential payer Series 2011-C4I Class G, 5% 6/15/44 3,955,000 3,020,346 
Series 2011-C3:   
Class C, 5.335% 3/15/44 (f) 4,845,000 4,982,467 
Class D, 5.8567% 3/15/44 (d)(f) 1,000,000 784,272 
Class E, 5% 3/15/44 (f) 2,966,000 1,017,942 
Series 2011-C5:   
Class E, 5.8597% 11/15/44 (d)(f) 5,097,000 5,243,876 
Class F, 5.25% 11/15/44 (d)(f) 3,500,000 3,465,905 
Class G, 5.25% 11/15/44 (d)(f) 2,000,000 1,834,933 
Series 2012-C7:   
Class D, 4.9675% 6/15/45 (d)(f) 2,380,000 2,248,928 
Class F, 4.5% 6/15/45 (f) 2,000,000 1,047,362 
Series 2012-C8 Class E, 5.0479% 8/15/45 (d)(f) 2,889,500 2,947,995 
Series 2013-C11:   
Class D, 4.4027% 3/15/45 (d)(f) 5,765,000 5,947,397 
Class E, 4.4027% 3/15/45 (d)(f) 4,727,000 4,790,403 
Series 2013-C13 Class D, 4.2771% 5/15/45 (d)(f) 3,955,000 4,061,920 
Series 2013-C16 Class D, 5.1977% 9/15/46 (d)(f) 3,686,000 3,683,394 
Series 2013-UBS1 Class D, 4.8966% 3/15/46 (d)(f) 4,538,000 4,678,112 
WP Glimcher Mall Trust Series 2015-WPG:   
Class PR1, 3.6332% 6/5/35 (d)(f) 6,725,000 5,905,047 
Class PR2, 3.6332% 6/5/35 (d)(f) 2,541,000 2,138,305 
TOTAL COMMERCIAL MORTGAGE SECURITIES   
(Cost $913,156,413)  966,691,841 
Bank Loan Obligations - 5.1%   
COMMUNICATION SERVICES - 0.2%   
Wireless Telecommunication Services - 0.2%   
SBA Senior Finance II, LLC Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.4% 4/11/25 (d)(e)(j) 15,693,576 15,703,463 
CONSUMER DISCRETIONARY - 0.8%   
Hotels, Restaurants & Leisure - 0.8%   
Caesars Resort Collection LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.3953% 12/22/24 (d)(e)(j) 7,978,079 7,969,861 
LTF Merger Sub, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.6586% 6/10/22 (d)(e)(j) 6,182,606 6,189,345 
Marriott Ownership Resorts, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 1.750% 3.3953% 8/31/25 (d)(e)(j) 4,024,588 4,022,092 
Playa Resorts Holding BV Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.4% 4/27/24 (d)(e)(j) 25,818,982 25,539,362 
Wyndham Destinations, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 3.8953% 5/31/25 (d)(e)(j) 6,246,950 6,235,268 
  49,955,928 
ENERGY - 0.6%   
Energy Equipment & Services - 0.1%   
Kestrel Acquisition LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.05% 6/1/25 (d)(e)(j) 5,913,703 5,204,059 
Oil, Gas & Consumable Fuels - 0.5%   
Moxie Patriot LLC Tranche B, term loan 3 month U.S. LIBOR + 5.750% 7.6946% 12/19/20 (d)(e)(j) 30,890,495 29,654,875 
TPF II Power LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.5494% 10/2/23 (d)(e)(j) 7,939,122 7,901,412 
  37,556,287 
TOTAL ENERGY  42,760,346 
FINANCIALS - 0.6%   
Capital Markets - 0.1%   
Blackstone CQP Holdco LP Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.408% 9/30/24 (d)(e)(j) 5,116,806 5,112,559 
Diversified Financial Services - 0.2%   
Veritas-B Junior Mezz C LLC 10.48% 2/6/21 (d)(i)(j) 12,171,000 12,405,900 
Mortgage Real Estate Investment Trusts - 0.2%   
Apollo Commercial Real Estate Finance, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.4263% 5/7/26 (d)(e)(j) 3,442,700 3,442,700 
Blackstone Mortgage Trust, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 3.8953% 4/23/26 (d)(e)(j) 8,565,607 8,603,125 
  12,045,825 
Thrifts & Mortgage Finance - 0.1%   
Ocwen Loan Servicing LLC Tranche B, term loan 3 month U.S. LIBOR + 5.000% 6.7994% 12/5/20 (d)(e)(j) 6,661,920 6,616,153 
TOTAL FINANCIALS  36,180,437 
INDUSTRIALS - 0.2%   
Commercial Services & Supplies - 0.2%   
Lineage Logistics Holdings, LLC. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.6453% 2/27/25 (d)(e)(j) 15,047,381 15,043,620 
INFORMATION TECHNOLOGY - 0.1%   
Electronic Equipment & Components - 0.1%   
Compass Power Generation LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.2994% 12/20/24 (d)(e)(j) 8,737,608 8,680,289 
REAL ESTATE - 2.1%   
Equity Real Estate Investment Trusts (REITs) - 1.0%   
CoreCivic, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 6.16% 12/18/24 (d)(e)(j) 11,935,000 11,706,206 
ESH Hospitality, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.000% 3.6453% 9/18/26 (d)(e)(j) 5,990,681 6,020,994 
Invitation Homes Operating Par Tranche B, term loan 3 month U.S. LIBOR + 1.700% 3.3609% 2/6/22 (d)(e)(i)(j) 23,975,000 23,735,250 
iStar Financial, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.4571% 6/28/23 (d)(e)(j) 13,038,214 13,054,512 
The GEO Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 3.65% 3/23/24 (d)(e)(j) 10,232,811 9,641,252 
  64,158,214 
Real Estate Management & Development - 1.1%   
DTZ U.S. Borrower LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.0494% 8/21/25 (d)(e)(j) 31,433,778 31,567,372 
Lightstone Holdco LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.3953% 1/30/24 (d)(e)(j) 16,797,750 15,726,893 
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.3953% 1/30/24 (d)(e)(j) 947,420 887,022 
MGM Growth Properties Operating Partner LP Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.5655% 3/23/25 (d)(e)(j) 1,856,369 1,858,690 
Realogy Group LLC Tranche B, term loan 3 month U.S. LIBOR + 2.250% 3.8953% 2/8/25 (d)(e)(j) 3,939,699 3,892,422 
VICI Properties, LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 3.4094% 12/22/24 (d)(e)(j) 22,235,000 22,237,891 
  76,170,290 
TOTAL REAL ESTATE  140,328,504 
UTILITIES - 0.5%   
Electric Utilities - 0.3%   
Green Energy Partners/Stonewall LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.500% 7.4446% 11/13/21 (d)(e)(j) 10,931,127 10,472,019 
Tranche B 2LN, term loan 3 month U.S. LIBOR + 5.500% 7.4446% 11/13/21 (d)(e)(j) 1,930,253 1,849,183 
Lonestar II Generation Holding:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 5.000% 6.6453% 4/10/26 (d)(e)(j) 5,330,357 5,350,346 
Tranche C 1LN, term loan 3 month U.S. LIBOR + 5.000% 6.6453% 4/10/26 (d)(e)(j) 642,857 645,268 
Southeast Powergen LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.15% 12/2/21 (d)(e)(j) 1,288,564 1,217,306 
  19,534,122 
Independent Power and Renewable Electricity Producers - 0.2%   
APLP Holdings LP Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.3953% 4/13/23 (d)(e)(j) 6,449,382 6,457,443 
Oregon Clean Energy LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.3953% 3/1/26 (d)(e)(j) 5,835,949 5,828,654 
  12,286,097 
TOTAL UTILITIES  31,820,219 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $341,097,447)  340,472,806 
Preferred Securities - 0.1%   
ENERGY - 0.1%   
Oil, Gas & Consumable Fuels - 0.1%   
Energy Transfer Partners LP 7.125% (d) 6,000,000 6,146,771 
FINANCIALS - 0.0%   
Diversified Financial Services - 0.0%   
Crest Dartmouth Street 2003-1 Ltd. Series 2003-1A Class PS, 6/28/38 (f)(i) 1,206,350 121 
Thrifts & Mortgage Finance - 0.0%   
Crest Clarendon Street 2002-1 Ltd. Series 2002-1A Class PS, 12/28/35 (f)(i) 500,000 10,250 
TOTAL FINANCIALS  10,371 
TOTAL PREFERRED SECURITIES   
(Cost $7,295,311)  6,157,142 
 Shares Value 
Money Market Funds - 8.5%   
Fidelity Cash Central Fund 1.58% (k) 536,458,677 536,565,968 
Fidelity Securities Lending Cash Central Fund 1.59% (k)(l) 33,563,602 33,566,958 
TOTAL MONEY MARKET FUNDS   
(Cost $570,076,208)  570,132,926 
TOTAL INVESTMENT IN SECURITIES - 100.9%   
(Cost $6,099,227,686)  6,759,663,713 
NET OTHER ASSETS (LIABILITIES) - (0.9)%  (61,143,911) 
NET ASSETS - 100%  $6,698,519,802 

Legend

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

 (b) Affiliated company

 (c) Non-income producing

 (d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (e) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

 (f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,560,830,112 or 23.3% of net assets.

 (g) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (h) Security represents right to receive monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period.

 (i) Level 3 security

 (j) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

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

 (l) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

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 $4,476,175 
Fidelity Securities Lending Cash Central Fund 69,549 
Total $4,545,724 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

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 Value, beginning of period Purchases Sales Proceeds(a) Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Dynex Capital, Inc. $32,908,461 $1,751,423 $361,760 $346,161 $15,893 $4,861,523 $37,558,537 
Dynex Capital, Inc. Series A, 8.50% 9,278,320 -- 104,600 383,464 3,350 220,255 9,397,325 
Dynex Capital, Inc. Series B, 7.625% 6,300,479 -- 71,249 238,956 1,330 98,990 6,329,550 
Ellington Financial LLC 29,822,348 1,009,514 752,857 1,300,200 68,849 1,592,613 -- 
Great Ajax Corp. 21,946,669 1,512,804 272,049 849,908 79,263 2,105,024 25,050,336 
Great Ajax Corp. 7.25% 9,285,423 -- 109,609 326,227 9,615 515,016 9,700,445 
Trinity Merger Corp. Class A -- 180,949 181,477 -- 528 -- -- 
Total $109,541,700 $4,454,690 $1,853,601 $3,444,916 $178,828 $9,393,421 $88,036,193 

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

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $13,137,071 $13,137,071 $-- $-- 
Energy 40,772,774 40,772,774 -- -- 
Financials 1,207,164,370 1,186,756,282 20,408,088 -- 
Industrials 20,580,430 20,580,430 -- -- 
Real Estate 2,071,223,833 2,025,341,188 45,882,645 -- 
Utilities 3,489,617 3,489,617 -- -- 
Corporate Bonds 1,393,574,553 -- 1,393,574,553 -- 
Asset-Backed Securities 123,042,932 -- 123,042,307 625 
Collateralized Mortgage Obligations 3,223,418 -- 3,212,904 10,514 
Commercial Mortgage Securities 966,691,841 -- 963,507,364 3,184,477 
Bank Loan Obligations 340,472,806 -- 304,331,656 36,141,150 
Preferred Securities 6,157,142 -- 6,146,771 10,371 
Money Market Funds 570,132,926 570,132,926 -- -- 
Total Investments in Securities: $6,759,663,713 $3,860,210,288 $2,860,106,288 $39,347,137 

Other Information

The composition of credit quality ratings as a percentage of Total Net Assets is as follows (Unaudited):

AAA,AA,A 1.1% 
BBB 5.9% 
BB 12.1% 
B 9.4% 
CCC,CC,C 1.9% 
Not Rated 11.8% 
Equities 50.2% 
Short-Term Investments and Net Other Assets 7.6% 
 100.0% 

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

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


Financial Statements

Statement of Assets and Liabilities

  January 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $32,202,208) — See accompanying schedule:
Unaffiliated issuers (cost $5,446,732,830) 		$6,101,494,594  
Fidelity Central Funds (cost $570,076,208) 570,132,926  
Other affiliated issuers (cost $82,418,648) 88,036,193  
Total Investment in Securities (cost $6,099,227,686)  $6,759,663,713 
Cash  184,838 
Receivable for investments sold  1,877 
Receivable for fund shares sold  14,121,048 
Dividends receivable  3,479,378 
Interest receivable  26,118,791 
Distributions receivable from Fidelity Central Funds  675,759 
Prepaid expenses  7,088 
Other receivables  22,829 
Total assets  6,804,275,321 
Liabilities   
Payable for investments purchased   
Regular delivery $43,844,071  
Delayed delivery 19,785,000  
Payable for fund shares redeemed 4,363,436  
Accrued management fee 2,923,124  
Distribution and service plan fees payable 281,211  
Other affiliated payables 906,460  
Other payables and accrued expenses 88,856  
Collateral on securities loaned 33,563,361  
Total liabilities  105,755,519 
Net Assets  $6,698,519,802 
Net Assets consist of:   
Paid in capital  $6,015,641,757 
Total accumulated earnings (loss)  682,878,045 
Net Assets  $6,698,519,802 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($445,305,998 ÷ 35,329,609 shares)(a)  $12.60 
Maximum offering price per share (100/96.00 of $12.60)  $13.13 
Class M:   
Net Asset Value and redemption price per share ($65,627,906 ÷ 5,204,697 shares)(a)  $12.61 
Maximum offering price per share (100/96.00 of $12.61)  $13.14 
Class C:   
Net Asset Value and offering price per share ($218,760,574 ÷ 17,556,181 shares)(a)  $12.46 
Real Estate Income:   
Net Asset Value, offering price and redemption price per share ($2,412,525,230 ÷ 190,319,056 shares)  $12.68 
Class I:   
Net Asset Value, offering price and redemption price per share ($2,634,690,074 ÷ 208,658,384 shares)  $12.63 
Class Z:   
Net Asset Value, offering price and redemption price per share ($921,610,020 ÷ 73,003,357 shares)  $12.62 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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


Statement of Operations

  Six months ended January 31, 2020 (Unaudited) 
Investment Income   
Dividends (including $3,444,916 earned from other affiliated issuers)  $59,284,833 
Interest  81,930,514 
Income from Fidelity Central Funds (including $69,549 from security lending)  4,545,724 
Total income  145,761,071 
Expenses   
Management fee $16,941,191  
Transfer agent fees 4,770,323  
Distribution and service plan fees 1,593,339  
Accounting fees 710,849  
Custodian fees and expenses 33,555  
Independent trustees' fees and expenses 19,315  
Registration fees 163,114  
Audit 51,670  
Legal 7,453  
Miscellaneous 16,763  
Total expenses before reductions 24,307,572  
Expense reductions (85,303)  
Total expenses after reductions  24,222,269 
Net investment income (loss)  121,538,802 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 56,467,940  
Redemptions in-kind with affiliated entities 12,315,468  
Fidelity Central Funds 61  
Other affiliated issuers 178,828  
Foreign currency transactions 3,921  
Total net realized gain (loss)  68,966,218 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 157,956,712  
Affiliated issuers 9,393,421  
Assets and liabilities in foreign currencies 919  
Total change in net unrealized appreciation (depreciation)  167,351,052 
Net gain (loss)  236,317,270 
Net increase (decrease) in net assets resulting from operations  $357,856,072 

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


Statement of Changes in Net Assets

 Six months ended January 31, 2020 (Unaudited) Year ended July 31, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $121,538,802 $251,654,617 
Net realized gain (loss) 68,966,218 75,252,607 
Change in net unrealized appreciation (depreciation) 167,351,052 239,246,951 
Net increase (decrease) in net assets resulting from operations 357,856,072 566,154,175 
Distributions to shareholders (269,397,051) (340,039,890) 
Share transactions - net increase (decrease) 468,616,032 661,318,743 
Total increase (decrease) in net assets 557,075,053 887,433,028 
Net Assets   
Beginning of period 6,141,444,749 5,254,011,721 
End of period $6,698,519,802 $6,141,444,749 

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


Financial Highlights

Fidelity Real Estate Income Fund Class A

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $12.43 $11.99 $12.32 $12.25 $11.66 $11.86 
Income from Investment Operations       
Net investment income (loss)A .23 .51 .47 .49 .49 .52 
Net realized and unrealized gain (loss) .46 .65 (.22) .14 .73 .02 
Total from investment operations .69 1.16 .25 .63 1.22 .54 
Distributions from net investment income (.36) (.51) (.45) (.48) (.48) (.52) 
Distributions from net realized gain (.16) (.21) (.13) (.08) (.14) (.21) 
Total distributions (.52) (.72) (.58) (.56) (.63)B (.74)C 
Redemption fees added to paid in capitalA – – –D –D –D –D 
Net asset value, end of period $12.60 $12.43 $11.99 $12.32 $12.25 $11.66 
Total ReturnE,F,G 5.67% 10.15% 2.13% 5.37% 11.01% 4.65% 
Ratios to Average Net AssetsH,I       
Expenses before reductions .99%J 1.01% 1.02% 1.03% 1.03% 1.04% 
Expenses net of fee waivers, if any .99%J 1.01% 1.02% 1.03% 1.03% 1.03% 
Expenses net of all reductions .99%J 1.01% 1.01% 1.02% 1.03% 1.03% 
Net investment income (loss) 3.60%J 4.29% 3.98% 4.08% 4.29% 4.40% 
Supplemental Data       
Net assets, end of period (000 omitted) $445,306 $325,296 $297,722 $355,400 $548,649 $495,462 
Portfolio turnover rateK 21%J,L 17% 27% 22% 26% 19% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.63 per share is comprised of distributions from net investment income of $.483 and distributions from net realized gain of $.142 per share.

 C Total distributions of $.74 per share is comprised of distributions from net investment income of $.523 and distributions from net realized gain of $.212 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

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

 G Total returns do not include the effect of the sales charges.

 H 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.

 I 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.

 J Annualized

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

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

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


Fidelity Real Estate Income Fund Class M

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $12.43 $11.99 $12.32 $12.26 $11.66 $11.86 
Income from Investment Operations       
Net investment income (loss)A .22 .51 .47 .49 .49 .51 
Net realized and unrealized gain (loss) .48 .65 (.22) .13 .73 .02 
Total from investment operations .70 1.16 .25 .62 1.22 .53 
Distributions from net investment income (.36) (.51) (.45) (.48) (.48) (.52) 
Distributions from net realized gain (.16) (.21) (.13) (.08) (.14) (.21) 
Total distributions (.52) (.72) (.58) (.56) (.62) (.73) 
Redemption fees added to paid in capitalA – – –B –B –B –B 
Net asset value, end of period $12.61 $12.43 $11.99 $12.32 $12.26 $11.66 
Total ReturnC,D,E 5.74% 10.12% 2.10% 5.26% 11.06% 4.62% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.02%H 1.04% 1.04% 1.06% 1.07% 1.06% 
Expenses net of fee waivers, if any 1.02%H 1.04% 1.04% 1.06% 1.07% 1.06% 
Expenses net of all reductions 1.02%H 1.04% 1.04% 1.05% 1.06% 1.06% 
Net investment income (loss) 3.58%H 4.26% 3.95% 4.05% 4.26% 4.37% 
Supplemental Data       
Net assets, end of period (000 omitted) $65,628 $60,540 $55,175 $64,158 $59,788 $55,424 
Portfolio turnover rateI 21%H,J 17% 27% 22% 26% 19% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

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

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying 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.

 G 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.

 H Annualized

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

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

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


Fidelity Real Estate Income Fund Class C

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $12.28 $11.85 $12.20 $12.14 $11.55 $11.77 
Income from Investment Operations       
Net investment income (loss)A .18 .42 .38 .40 .40 .43 
Net realized and unrealized gain (loss) .47 .64 (.22) .13 .73 .01 
Total from investment operations .65 1.06 .16 .53 1.13 .44 
Distributions from net investment income (.30) (.42) (.37) (.39) (.40) (.45) 
Distributions from net realized gain (.16) (.21) (.13) (.08) (.14) (.21) 
Total distributions (.47)B (.63) (.51)C (.47) (.54) (.66) 
Redemption fees added to paid in capitalA – – –D –D –D –D 
Net asset value, end of period $12.46 $12.28 $11.85 $12.20 $12.14 $11.55 
Total ReturnE,F,G 5.35% 9.34% 1.31% 4.54% 10.29% 3.82% 
Ratios to Average Net AssetsH,I       
Expenses before reductions 1.75%J 1.76% 1.76% 1.78% 1.79% 1.79% 
Expenses net of fee waivers, if any 1.75%J 1.76% 1.76% 1.78% 1.78% 1.78% 
Expenses net of all reductions 1.74%J 1.76% 1.76% 1.78% 1.78% 1.78% 
Net investment income (loss) 2.85%J 3.54% 3.23% 3.32% 3.54% 3.65% 
Supplemental Data       
Net assets, end of period (000 omitted) $218,761 $210,156 $227,458 $287,598 $289,430 $291,387 
Portfolio turnover rateK 21%J,L 17% 27% 22% 26% 19% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.47 per share is comprised of distributions from net investment income of $.303 and distributions from net realized gain of $.163 per share.

 C Total distributions of $.51 per share is comprised of distributions from net investment income of $.373 and distributions from net realized gain of $.132 per share.

 D Amount represents less than $.005 per share.

 E Total returns for periods of less than one year are not annualized.

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

 G Total returns do not include the effect of the contingent deferred sales charge.

 H 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.

 I 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.

 J Annualized

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

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

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


Fidelity Real Estate Income Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $12.50 $12.05 $12.38 $12.31 $11.71 $11.91 
Income from Investment Operations       
Net investment income (loss)A .24 .54 .51 .52 .52 .54 
Net realized and unrealized gain (loss) .48 .66 (.22) .14 .73 .02 
Total from investment operations .72 1.20 .29 .66 1.25 .56 
Distributions from net investment income (.38) (.54) (.48) (.51) (.51) (.55) 
Distributions from net realized gain (.16) (.21) (.13) (.08) (.14) (.21) 
Total distributions (.54) (.75) (.62)B (.59) (.65) (.76) 
Redemption fees added to paid in capitalA – – –C –C –C –C 
Net asset value, end of period $12.68 $12.50 $12.05 $12.38 $12.31 $11.71 
Total ReturnD,E 5.89% 10.47% 2.40% 5.60% 11.29% 4.84% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .72%H .75% .75% .78% .82% .83% 
Expenses net of fee waivers, if any .72%H .75% .75% .78% .81% .82% 
Expenses net of all reductions .72%H .75% .75% .77% .81% .82% 
Net investment income (loss) 3.87%H 4.55% 4.24% 4.33% 4.51% 4.61% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,412,525 $2,691,820 $2,531,397 $2,630,901 $2,719,387 $2,561,268 
Portfolio turnover rateI 21%H,J 17% 27% 22% 26% 19% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.62 per share is comprised of distributions from net investment income of $.484 and distributions from net realized gain of $.132 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

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

 F Fees and expenses of any underlying 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.

 G 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.

 H Annualized

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

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

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


Fidelity Real Estate Income Fund Class I

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $12.45 $12.01 $12.34 $12.27 $11.68 $11.88 
Income from Investment Operations       
Net investment income (loss)A .24 .54 .51 .52 .52 .55 
Net realized and unrealized gain (loss) .48 .65 (.22) .14 .73 .02 
Total from investment operations .72 1.19 .29 .66 1.25 .57 
Distributions from net investment income (.38) (.54) (.49) (.51) (.52) (.55) 
Distributions from net realized gain (.16) (.21) (.13) (.08) (.14) (.21) 
Total distributions (.54) (.75) (.62) (.59) (.66) (.77)B 
Redemption fees added to paid in capitalA – – –C –C –C –C 
Net asset value, end of period $12.63 $12.45 $12.01 $12.34 $12.27 $11.68 
Total ReturnD,E 5.91% 10.43% 2.41% 5.66% 11.30% 4.92% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .73%H .75% .75% .76% .77% .77% 
Expenses net of fee waivers, if any .73%H .74% .75% .76% .77% .77% 
Expenses net of all reductions .73%H .74% .75% .76% .76% .77% 
Net investment income (loss) 3.86%H 4.55% 4.25% 4.34% 4.56% 4.66% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,634,690 $2,386,308 $2,142,260 $1,951,293 $1,239,950 $913,475 
Portfolio turnover rateI 21%H,J 17% 27% 22% 26% 19% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.77 per share is comprised of distributions from net investment income of $.554 and distributions from net realized gain of $.212 per share.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

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

 F Fees and expenses of any underlying 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.

 G 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.

 H Annualized

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

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

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


Fidelity Real Estate Income Fund Class Z

 Six months ended (Unaudited) January 31, Years endedJuly 31, 
 2020 2019 A 
Selected Per–Share Data   
Net asset value, beginning of period $12.45 $11.74 
Income from Investment Operations   
Net investment income (loss)B .25 .47 
Net realized and unrealized gain (loss) .47 .67 
Total from investment operations .72 1.14 
Distributions from net investment income (.39) (.42) 
Distributions from net realized gain (.16) (.02) 
Total distributions (.55) (.43)C 
Net asset value, end of period $12.62 $12.45 
Total ReturnD,E 5.90% 10.00% 
Ratios to Average Net AssetsF,G   
Expenses before reductions .61%H .62%H 
Expenses net of fee waivers, if any .61%H .62%H 
Expenses net of all reductions .61%H .62%H 
Net investment income (loss) 3.99%H 4.71%H 
Supplemental Data   
Net assets, end of period (000 omitted) $921,610 $467,324 
Portfolio turnover rateI 21%H,J 17% 

 A For the period October 2, 2018 (commencement of sale of shares) to July 31, 2019.

 B Calculated based on average shares outstanding during the period.

 C Total distributions of $.43 per share is comprised of distributions from net investment income of $.416 and distributions from net realized gain of $.017 per share.

 D Total returns for periods of less than one year are not annualized.

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

 F Fees and expenses of any underlying 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.

 G 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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.

 H Annualized

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

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

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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2020

1. Organization.

Fidelity Real Estate Income Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Real Estate Income, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

Effective January 1, 2020:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".

Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".

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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .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 Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • 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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities, collateralized mortgage obligations and commercial mortgage securities are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing 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 January 31, 2020 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. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. For certain lower credit quality securitized assets that have contractual cash flows (for example, asset backed securities, collateralized mortgage obligations and commercial mortgage-backed securities), changes in estimated cash flows are periodically evaluated and the estimated yield is adjusted on a prospective basis, resulting in increases or decreases to Interest Income in the accompanying Statement of Operations. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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 and distribution and service plan 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), market discount, equity-debt classifications, certain conversion ratio adjustments, partnerships and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $805,336,938 
Gross unrealized depreciation (140,376,538) 
Net unrealized appreciation (depreciation) $664,960,400 
Tax cost $6,094,703,313 

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. 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.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and U.S. government securities and in-kind transactions, aggregated $977,801,245 and $608,170,623, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .30% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, the total annualized management fee rate was .53% of the Fund's average net assets.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $445,566 $18,445 
Class M -% .25% 78,805 – 
Class C .75% .25% 1,068,968 119,454 
   $1,593,339 $137,899 

Sales Load. FDC may receive a front-end sales charge of up to 4.00% for selling Class A shares and Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained by FDC 
Class A $29,296 
Class M 4,357 
Class C(a) 3,299 
 $36,952 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

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

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

 Amount % of Class-Level Average Net Assets(a) 
Class A $318,005 .18 
Class M 63,934 .20 
Class C 194,243 .18 
Real Estate Income 1,934,553 .16 
Class I 2,097,472 .17 
Class Z 162,116 .04 
 $4,770,323  

 (a) Annualized

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

 % of Average Net Assets 
Fidelity Real Estate Income Fund .02 

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity Real Estate Income Fund $15,090 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Affiliated Redemptions In-Kind. During the period, 5,621,404 shares of the Fund were redeemed in-kind for investments, including accrued interest and cash with a value of $71,229,507. The net realized gain of $12,315,468 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

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 $7,490 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, 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. Total fees paid by the Fund to NFS, as lending agent, amounted to $644. 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. During the period, there were no securities loaned to NFS.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $49,941 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $12,023.

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $12,939.

In addition, during the period, the investment adviser or an affiliate reimbursed the Fund $10,400 for an operational error which is included in the accompanying Statement of Operations.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2020 		Year ended
July 31, 2019(a) 
Distributions to shareholders   
Class A $14,301,571 $17,756,264 
Class M 2,587,980 3,318,773 
Class C 7,973,025 11,711,511 
Real Estate Income 106,292,820 164,869,904 
Class I 107,604,462 135,048,536 
Class Z 30,637,193 7,334,902 
Total $269,397,051 $340,039,890 

 (a) Distributions for Class Z are for the period October 2,2018 (commencement of sale of shares) to July 31, 2019.

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2020 Year ended July 31, 2019(a) Six months ended January 31, 2020 Year ended July 31, 2019(a) 
Class A     
Shares sold 11,508,715 7,652,744 $143,906,911 $91,491,023 
Reinvestment of distributions 1,123,917 1,474,957 13,945,169 17,330,478 
Shares redeemed (3,477,046) (7,793,544) (43,559,370) (92,014,816) 
Net increase (decrease) 9,155,586 1,334,157 $114,292,710 $16,806,685 
Class M     
Shares sold 496,293 1,028,225 $6,223,316 $12,240,983 
Reinvestment of distributions 205,908 277,847 2,555,844 3,265,577 
Shares redeemed (366,810) (1,038,297) (4,598,213) (12,307,088) 
Net increase (decrease) 335,391 267,775 $4,180,947 $3,199,472 
Class C     
Shares sold 1,769,781 2,842,876 $21,926,233 $33,441,407 
Reinvestment of distributions 604,494 940,228 7,422,255 10,920,406 
Shares redeemed (1,926,556) (5,865,438) (23,872,657) (68,911,422) 
Net increase (decrease) 447,719 (2,082,334) $5,475,831 $(24,549,609) 
Real Estate Income     
Shares sold 25,170,932 73,051,353 $317,503,013 $873,951,868 
Reinvestment of distributions 7,220,121 12,299,627 90,067,366 145,249,096 
Shares redeemed (57,443,943)(b) (80,067,017) (723,282,698)(b) (959,494,113) 
Net increase (decrease) (25,052,890) 5,283,963 $(315,712,319) $59,706,851 
Class I     
Shares sold 43,903,090 77,184,509 $551,643,589 $918,900,015 
Reinvestment of distributions 7,334,409 9,707,377 91,148,399 114,247,360 
Shares redeemed (34,211,528)(b) (73,658,363) (429,576,174)(b) (875,126,254) 
Net increase (decrease) 17,025,971 13,233,523 $213,215,814 $158,021,121 
Class Z     
Shares sold 43,627,646 39,008,440 $550,266,016 $465,579,262 
Reinvestment of distributions 1,911,434 397,454 23,727,509 4,775,264 
Shares redeemed (10,066,640) (1,874,977) (126,830,476) (22,220,303) 
Net increase (decrease) 35,472,440 37,530,917 $447,163,049 $448,134,223 

 (a) Share transactions for Class Z are for the period October 2, 2018 (commencement of sale of shares) to July 31, 2019.

 (b) Amount includes in-kind redemptions (see the Affiliated Redemptions In-Kind note for additional details).

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.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in 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 (August 1, 2019 to January 31, 2020).

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. 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. 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. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2019 		Ending
Account Value
January 31, 2020 		Expenses Paid
During Period-B
August 1, 2019
to January 31, 2020 
Class A .99%    
Actual  $1,000.00 $1,056.70 $5.12 
Hypothetical-C  $1,000.00 $1,020.16 $5.03 
Class M 1.02%    
Actual  $1,000.00 $1,057.40 $5.28 
Hypothetical-C  $1,000.00 $1,020.01 $5.18 
Class C 1.75%    
Actual  $1,000.00 $1,053.50 $9.03 
Hypothetical-C  $1,000.00 $1,016.34 $8.87 
Real Estate Income .72%    
Actual  $1,000.00 $1,058.90 $3.73 
Hypothetical-C  $1,000.00 $1,021.52 $3.66 
Class I .73%    
Actual  $1,000.00 $1,059.10 $3.78 
Hypothetical-C  $1,000.00 $1,021.47 $3.71 
Class Z .61%    
Actual  $1,000.00 $1,059.00 $3.16 
Hypothetical-C  $1,000.00 $1,022.07 $3.10 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Real Estate Income Fund

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

Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile and considered that the definition of "group assets" for purposes of the fund's group fee would be modified to avoid double-counting assets once the reorganization is complete. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.

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

At its January 2020 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

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

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

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

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

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

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

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

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

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

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

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended June 30, 2019, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Real Estate Income Fund


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

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. For this purpose, all sector focused equity funds are grouped in the same mapped group. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month periods ended June 30 (December 31 for periods prior to 2018) shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group is broader than the Lipper peer group used by the Board for performance comparisons because the Total Mapped Group combines several Lipper investment objective categories while the Lipper peer group does not. The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates (i.e., sector equities), regardless of whether their management fee structures also are comparable. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

Fidelity Real Estate Income Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2019.

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

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

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

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of each class of the fund compared to competitive fund median expenses. 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 the competitive median for the 12-month period ended June 30, 2019.

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

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

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

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

PricewaterhouseCoopers LLP (PwC), 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 the fund profitability information 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 potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and met periodically, to evaluate potential fall-out benefits (PFOB Committee). The Board noted that the PFOB Committee, among other things: (i) discussed the legal framework surrounding potential fall-out benefits; (ii) reviewed the Board's responsibilities and approach to potential fall-out benefits; and (iii) reviewed practices employed by competitor funds regarding the review of potential fall-out benefits.

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

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

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

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

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of performance fees for additional funds; (iii) changes in Fidelity's non-fund businesses and the impact of such changes on the funds; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (vi) the expense structures for different funds and classes; (vii) information regarding other accounts managed by Fidelity, including collective investment trusts and separately managed accounts; and (viii) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

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





Fidelity Investments

REI-SANN-0320
1.789716.116

Fidelity® Small Cap Growth K6 Fund



Semi-Annual Report

January 31, 2020

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-835-5092 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020

 % of fund's net assets 
Insulet Corp. 2.3 
Cardlytics, Inc. 2.3 
Generac Holdings, Inc. 2.0 
Verra Mobility Corp. 1.6 
CACI International, Inc. Class A 1.5 
Helen of Troy Ltd. 1.5 
LHC Group, Inc. 1.5 
Performance Food Group Co. 1.3 
FTI Consulting, Inc. 1.3 
Laureate Education, Inc. Class A 1.2 
 16.5 

Top Five Market Sectors as of January 31, 2020

 % of fund's net assets 
Health Care 26.1 
Information Technology 22.1 
Industrials 16.2 
Consumer Discretionary 12.3 
Financials 8.4 

Asset Allocation (% of fund's net assets)

As of January 31, 2020 * 
   Stocks 96.7% 
   Convertible Securities 1.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 2.1% 


 * Foreign investments - 13.1%

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%   
 Shares Value 
COMMUNICATION SERVICES - 5.2%   
Diversified Telecommunication Services - 0.3%   
Iridium Communications, Inc. (a) 117,874 $3,011,681 
Entertainment - 0.3%   
Gaia, Inc. Class A (a) 257,823 2,181,183 
Interactive Media & Services - 1.5%   
CarGurus, Inc. Class A (a)(b) 294,621 10,503,239 
Eventbrite, Inc. (a)(b) 157,008 3,320,719 
  13,823,958 
Media - 3.1%   
Cardlytics, Inc. (a) 245,345 20,589,352 
Gray Television, Inc. (a) 142,147 2,882,741 
Nexstar Broadcasting Group, Inc. Class A 41,821 5,066,614 
  28,538,707 
TOTAL COMMUNICATION SERVICES  47,555,529 
CONSUMER DISCRETIONARY - 12.3%   
Auto Components - 0.5%   
Fox Factory Holding Corp. (a) 64,650 4,255,263 
Diversified Consumer Services - 4.9%   
Afya Ltd. 174,769 5,218,602 
Arco Platform Ltd. Class A (a)(b) 181,918 9,437,906 
Bright Horizons Family Solutions, Inc. (a) 30,448 4,985,251 
Grand Canyon Education, Inc. (a) 99,820 7,813,910 
Laureate Education, Inc. Class A (a) 519,790 10,832,424 
OneSpaWorld Holdings Ltd. (b) 173,260 2,600,633 
Strategic Education, Inc. 23,766 3,856,984 
  44,745,710 
Hotels, Restaurants & Leisure - 2.3%   
Churchill Downs, Inc. 68,954 9,955,579 
Planet Fitness, Inc. (a) 79,799 6,446,961 
SeaWorld Entertainment, Inc. (a) 137,957 4,753,998 
  21,156,538 
Household Durables - 1.5%   
Helen of Troy Ltd. (a) 73,186 13,835,813 
Internet & Direct Marketing Retail - 0.5%   
Revolve Group, Inc. (b) 240,121 4,271,753 
Multiline Retail - 0.2%   
Ollie's Bargain Outlet Holdings, Inc. (a)(b) 31,821 1,687,786 
Specialty Retail - 1.3%   
Five Below, Inc. (a) 22,708 2,571,000 
The Children's Place Retail Stores, Inc. (b) 70,121 4,184,120 
Williams-Sonoma, Inc. 80,100 5,613,408 
  12,368,528 
Textiles, Apparel & Luxury Goods - 1.1%   
Aritzia LP (a) 130,200 2,462,525 
Deckers Outdoor Corp. (a) 18,518 3,535,271 
Steven Madden Ltd. 113,240 4,366,534 
  10,364,330 
TOTAL CONSUMER DISCRETIONARY  112,685,721 
CONSUMER STAPLES - 3.9%   
Beverages - 0.2%   
Boston Beer Co., Inc. Class A (a) 4,565 1,626,875 
Food & Staples Retailing - 2.3%   
BJ's Wholesale Club Holdings, Inc. (a) 294,148 6,035,917 
Grocery Outlet Holding Corp. (b) 91,137 2,983,825 
Performance Food Group Co. (a) 230,895 11,958,052 
  20,977,794 
Food Products - 1.1%   
Darling International, Inc. (a) 93,478 2,536,058 
Nomad Foods Ltd. (a) 167,845 3,387,112 
Post Holdings, Inc. (a) 45,432 4,750,824 
  10,673,994 
Personal Products - 0.3%   
BellRing Brands, Inc. Class A (a) 116,797 2,527,487 
TOTAL CONSUMER STAPLES  35,806,150 
ENERGY - 0.4%   
Oil, Gas & Consumable Fuels - 0.4%   
Ovintiv, Inc. 79,760 1,242,747 
PDC Energy, Inc. (a) 113,581 2,452,214 
  3,694,961 
FINANCIALS - 8.4%   
Banks - 1.6%   
First Citizens Bancshares, Inc. 16,333 8,604,551 
Popular, Inc. 108,348 6,063,154 
  14,667,705 
Capital Markets - 3.0%   
Apollo Global Management LLC Class A 80,452 3,806,989 
Hamilton Lane, Inc. Class A 48,462 3,147,607 
Lazard Ltd. Class A 78,231 3,282,573 
LPL Financial 83,865 7,726,482 
Morningstar, Inc. 58,802 9,225,446 
  27,189,097 
Consumer Finance - 0.7%   
First Cash Financial Services, Inc. 79,627 6,925,160 
Diversified Financial Services - 1.3%   
Cannae Holdings, Inc. (a) 159,589 6,488,889 
StepStone Group Holdings LLC (c)(d)(e) 3,217 2,573,600 
StepStone Group LP Class A (c)(d)(e) 3,217 2,573,600 
  11,636,089 
Insurance - 1.1%   
Enstar Group Ltd. (a) 18,483 3,609,545 
Primerica, Inc. 51,178 6,067,664 
  9,677,209 
Thrifts & Mortgage Finance - 0.7%   
Essent Group Ltd. 131,233 6,510,469 
TOTAL FINANCIALS  76,605,729 
HEALTH CARE - 26.0%   
Biotechnology - 9.4%   
Acceleron Pharma, Inc. (a) 84,729 7,691,699 
Agios Pharmaceuticals, Inc. (a) 43,700 2,129,501 
Allakos, Inc. (a)(b) 38,330 2,767,426 
Aprea Therapeutics, Inc. 46,256 1,773,455 
Arena Pharmaceuticals, Inc. (a) 58,413 2,668,890 
Argenx SE ADR (a) 43,926 6,338,083 
Ascendis Pharma A/S sponsored ADR (a) 63,620 8,595,062 
Aurinia Pharmaceuticals, Inc. (a) 96,927 1,773,764 
Blueprint Medicines Corp. (a) 69,589 4,415,422 
Deciphera Pharmaceuticals, Inc. (a) 43,852 2,746,451 
FibroGen, Inc. (a) 134,412 5,625,142 
G1 Therapeutics, Inc. (a) 95,421 1,847,351 
Global Blood Therapeutics, Inc. (a) 118,345 7,723,195 
Gritstone Oncology, Inc. (a) 113,794 1,008,215 
Insmed, Inc. (a) 64,589 1,326,658 
Iovance Biotherapeutics, Inc. (a) 125,654 2,731,718 
Kura Oncology, Inc. (a) 99,665 1,170,067 
Mirati Therapeutics, Inc. (a) 10,345 898,256 
Momenta Pharmaceuticals, Inc. (a) 23,024 668,156 
Morphic Holding, Inc. (b) 70,763 1,422,336 
Morphosys AG (a) 24,785 3,111,619 
Natera, Inc. (a) 96,319 3,372,128 
Neurocrine Biosciences, Inc. (a) 36,939 3,696,855 
Sarepta Therapeutics, Inc. (a) 41,959 4,865,566 
TG Therapeutics, Inc. (a)(b) 84,709 1,203,715 
Turning Point Therapeutics, Inc. 73,827 4,318,880 
Zymeworks, Inc. (a) 8,000 349,120 
  86,238,730 
Health Care Equipment & Supplies - 7.4%   
Cerus Corp. (a) 118,793 476,360 
CONMED Corp. 54,205 5,511,564 
Haemonetics Corp. (a) 31,627 3,396,424 
Hill-Rom Holdings, Inc. 68,724 7,318,419 
Insulet Corp. (a) 109,848 21,314,904 
Integer Holdings Corp. (a) 53,005 4,526,627 
Masimo Corp. (a) 54,443 9,287,976 
Novocure Ltd. (a) 103,038 8,393,475 
Tandem Diabetes Care, Inc. (a) 33,397 2,539,508 
TransMedics Group, Inc. 155,834 2,728,653 
ViewRay, Inc. (a) 536,722 1,674,573 
  67,168,483 
Health Care Providers & Services - 3.8%   
1Life Healthcare, Inc. (a) 34,800 768,036 
Chemed Corp. 16,849 7,869,157 
Encompass Health Corp. 47,900 3,689,737 
LHC Group, Inc. (a) 94,156 13,723,237 
Molina Healthcare, Inc. (a) 51,550 6,339,104 
Progyny, Inc. (a)(b) 72,957 2,028,205 
  34,417,476 
Health Care Technology - 2.4%   
Health Catalyst, Inc. (b) 55,044 1,797,187 
HMS Holdings Corp. (a) 117,772 3,217,531 
Inovalon Holdings, Inc. Class A (a) 345,510 7,000,033 
Phreesia, Inc. 214,301 6,643,331 
Teladoc Health, Inc. (a)(b) 33,599 3,417,354 
  22,075,436 
Life Sciences Tools & Services - 1.8%   
10X Genomics, Inc. (a)(b) 11,216 1,025,030 
Bruker Corp. 74,190 3,670,179 
ICON PLC (a) 54,682 9,220,479 
Repligen Corp. (a) 24,666 2,476,220 
  16,391,908 
Pharmaceuticals - 1.2%   
Arvinas Holding Co. LLC (a) 65,568 3,177,425 
Horizon Pharma PLC (a) 101,867 3,513,393 
Theravance Biopharma, Inc. (a) 44,666 1,245,288 
Zogenix, Inc. (a) 54,522 2,746,273 
  10,682,379 
TOTAL HEALTH CARE  236,974,412 
INDUSTRIALS - 15.9%   
Aerospace & Defense - 2.3%   
HEICO Corp. Class A 34,213 3,289,580 
Huntington Ingalls Industries, Inc. 17,355 4,529,655 
Moog, Inc. Class A 74,829 6,705,427 
Teledyne Technologies, Inc. (a) 18,712 6,831,003 
  21,355,665 
Airlines - 0.7%   
SkyWest, Inc. 111,282 6,139,428 
Building Products - 0.6%   
Armstrong World Industries, Inc. 57,766 5,795,663 
Commercial Services & Supplies - 0.5%   
Tetra Tech, Inc. 49,313 4,221,193 
Construction & Engineering - 2.1%   
AECOM (a) 134,953 6,508,783 
Argan, Inc. 64,937 2,734,497 
Dycom Industries, Inc. (a) 99,063 4,004,126 
MasTec, Inc. (a)(b) 108,272 6,252,708 
  19,500,114 
Electrical Equipment - 2.5%   
Atkore International Group, Inc. (a) 111,746 4,436,316 
Generac Holdings, Inc. (a) 173,293 17,951,422 
  22,387,738 
Machinery - 4.1%   
Allison Transmission Holdings, Inc. 127,189 5,621,754 
ITT, Inc. 127,496 8,552,432 
Luxfer Holdings PLC sponsored 157,483 2,511,854 
Rational AG 5,685 4,284,213 
SPX Flow, Inc. (a) 113,441 4,961,909 
Toro Co. 45,276 3,622,986 
Woodward, Inc. 66,720 7,760,203 
  37,315,351 
Marine - 0.3%   
SITC International Holdings Co. Ltd. 2,661,000 3,134,508 
Professional Services - 2.8%   
ASGN, Inc. (a) 65,059 4,403,844 
Clarivate Analytics PLC (a) 140,100 2,824,416 
Exponent, Inc. 84,470 6,146,882 
FTI Consulting, Inc. (a) 97,871 11,750,392 
  25,125,534 
TOTAL INDUSTRIALS  144,975,194 
INFORMATION TECHNOLOGY - 21.3%   
Communications Equipment - 0.2%   
ViaSat, Inc. (a) 28,399 1,807,596 
Electronic Equipment & Components - 2.8%   
Fabrinet (a) 106,845 6,735,509 
Itron, Inc. (a) 84,828 6,934,689 
Jabil, Inc. 45,400 1,765,606 
National Instruments Corp. 41,700 1,861,071 
SYNNEX Corp. 23,564 3,246,177 
Zebra Technologies Corp. Class A (a) 19,488 4,658,022 
  25,201,074 
IT Services - 7.8%   
Black Knight, Inc. (a) 73,509 4,919,222 
Booz Allen Hamilton Holding Corp. Class A 72,392 5,649,472 
CACI International, Inc. Class A (a) 52,459 14,029,635 
EPAM Systems, Inc. (a) 21,951 5,007,901 
Euronet Worldwide, Inc. (a) 18,132 2,858,328 
Fastly, Inc. Class A 41,000 922,910 
Genpact Ltd. 147,696 6,538,502 
KBR, Inc. 358,511 9,751,499 
Maximus, Inc. 29,534 2,119,065 
MongoDB, Inc. Class A (a)(b) 34,284 5,619,490 
Verra Mobility Corp. (a)(b) 900,261 14,341,158 
  71,757,182 
Semiconductors & Semiconductor Equipment - 2.8%   
Advanced Energy Industries, Inc. (a) 59,381 4,153,107 
Ambarella, Inc. (a) 50,441 2,983,081 
Cabot Microelectronics Corp. 17,247 2,509,611 
Cirrus Logic, Inc. (a) 121,500 9,332,415 
Enphase Energy, Inc. (a)(b) 87,179 2,747,882 
Entegris, Inc. 71,278 3,689,349 
  25,415,445 
Software - 7.7%   
2U, Inc. (a) 60,800 1,204,448 
Bill.Com Holdings, Inc. (a) 16 805 
BlackLine, Inc. (a) 57,600 3,523,392 
Ceridian HCM Holding, Inc. (a) 97,111 7,117,265 
Cornerstone OnDemand, Inc. (a) 48,433 2,847,860 
DocuSign, Inc. (a) 58,989 4,631,226 
Elastic NV (a) 67,472 4,377,583 
Everbridge, Inc. (a) 55,394 5,020,912 
Five9, Inc. (a) 58,500 4,196,205 
HubSpot, Inc. (a) 28,261 5,113,545 
Lightspeed POS, Inc. (a) 228,457 7,423,040 
LivePerson, Inc. (a)(b) 157,299 6,450,832 
Nuance Communications, Inc. (a) 95,510 1,807,049 
Pegasystems, Inc. 38,900 3,353,569 
Pluralsight, Inc. (a) 136,035 2,637,719 
PROS Holdings, Inc. (a) 85,058 5,103,480 
ShotSpotter, Inc. (a)(b) 43,085 1,182,683 
Workiva, Inc. (a) 96,749 4,401,112 
  70,392,725 
Technology Hardware, Storage & Peripherals - 0.0%   
Logitech International SA 1,395 62,259 
TOTAL INFORMATION TECHNOLOGY  194,636,281 
MATERIALS - 1.3%   
Chemicals - 0.3%   
Olin Corp. 169,135 2,515,037 
Containers & Packaging - 1.0%   
Avery Dennison Corp. 15,595 2,046,688 
Crown Holdings, Inc. (a) 41,821 3,096,009 
Graphic Packaging Holding Co. 264,123 4,128,242 
  9,270,939 
TOTAL MATERIALS  11,785,976 
REAL ESTATE - 2.0%   
Equity Real Estate Investment Trusts (REITs) - 2.0%   
Americold Realty Trust 208,594 7,190,235 
Essential Properties Realty Trust, Inc. 180,961 4,996,333 
Four Corners Property Trust, Inc. 65,070 1,970,970 
Store Capital Corp. 1,235 48,474 
Terreno Realty Corp. 68,106 3,899,750 
  18,105,762 
TOTAL COMMON STOCKS   
(Cost $718,567,141)  882,825,715 
Convertible Preferred Stocks - 1.2%   
HEALTH CARE - 0.1%   
Biotechnology - 0.1%   
REVOLUTION Medicines, Inc. Series C (d) 381,611 1,199,785 
INDUSTRIALS - 0.3%   
Road & Rail - 0.3%   
Convoy, Inc. Series D (d)(e) 192,936 2,612,353 
INFORMATION TECHNOLOGY - 0.8%   
Software - 0.8%   
Compass, Inc.:   
Series E (a)(d)(e) 16,661 2,632,670 
Series F (a)(d)(e) 27,147 4,187,941 
  6,820,611 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $7,741,546)  10,632,749 
Investment Companies - 0.0%   
iShares Russell 2000 Growth Index ETF   
(Cost $2,546) 12 2,544 
Money Market Funds - 6.7%   
Fidelity Cash Central Fund 1.58% (f) 16,884,578 16,887,955 
Fidelity Securities Lending Cash Central Fund 1.59% (f)(g) 44,250,067 44,254,492 
TOTAL MONEY MARKET FUNDS   
(Cost $61,142,447)  61,142,447 
TOTAL INVESTMENT IN SECURITIES - 104.6%   
(Cost $787,453,680)  954,603,455 
NET OTHER ASSETS (LIABILITIES) - (4.6)%  (41,732,316) 
NET ASSETS - 100%  $912,871,139 

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

 (a) Non-income producing

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

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

 (d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $15,779,949 or 1.7% of net assets.

 (e) Level 3 security

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

 (g) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Compass, Inc. Series E 11/3/17 $1,124,254 
Compass, Inc. Series F 10/22/18 $3,218,820 
Convoy, Inc. Series D 10/30/19 $2,612,353 
REVOLUTION Medicines, Inc. Series C 6/3/19 $786,119 
StepStone Group Holdings LLC 8/19/19 $2,573,600 
StepStone Group LP Class A 8/19/19 $2,573,600 

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 $159,513 
Fidelity Securities Lending Cash Central Fund 212,754 
Total $372,267 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $47,555,529 $47,555,529 $-- $-- 
Consumer Discretionary 112,685,721 112,685,721 -- -- 
Consumer Staples 35,806,150 35,806,150 -- -- 
Energy 3,694,961 3,694,961 -- -- 
Financials 76,605,729 71,458,529 -- 5,147,200 
Health Care 238,174,197 236,974,412 1,199,785 -- 
Industrials 147,587,547 141,840,686 3,134,508 2,612,353 
Information Technology 201,456,892 194,636,281 -- 6,820,611 
Materials 11,785,976 11,785,976 -- -- 
Real Estate 18,105,762 18,105,762 -- -- 
Investment Companies 2,544 2,544 -- -- 
Money Market Funds 61,142,447 61,142,447 -- -- 
Total Investments in Securities: $954,603,455 $935,688,998 $4,334,293 $14,580,164 

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

Investments in Securities:  
Beginning Balance $7,606,736 
Net Realized Gain (Loss) on Investment Securities (75,512) 
Net Unrealized Gain (Loss) on Investment Securities 75,506 
Cost of Purchases 7,759,553 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (786,119) 
Ending Balance $14,580,164 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2020 $-- 

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period.. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

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

United States of America 86.9% 
Bermuda 3.7% 
Cayman Islands 1.4% 
Ireland 1.4% 
Canada 1.2% 
Bailiwick of Jersey 1.2% 
Netherlands 1.2% 
Others (Individually Less Than 1%) 3.0% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  January 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $41,548,930) — See accompanying schedule:
Unaffiliated issuers (cost $726,311,233) 		$893,461,008  
Fidelity Central Funds (cost $61,142,447) 61,142,447  
Total Investment in Securities (cost $787,453,680)  $954,603,455 
Restricted cash  129,088 
Receivable for investments sold  7,791,140 
Receivable for fund shares sold  1,673,080 
Dividends receivable  70,766 
Distributions receivable from Fidelity Central Funds  114,371 
Other receivables  18,057 
Total assets  964,399,957 
Liabilities   
Payable for investments purchased $6,058,963  
Payable for fund shares redeemed 754,484  
Accrued management fee 463,176  
Collateral on securities loaned 44,252,195  
Total liabilities  51,528,818 
Net Assets  $912,871,139 
Net Assets consist of:   
Paid in capital  $755,950,611 
Total accumulated earnings (loss)  156,920,528 
Net Assets  $912,871,139 
Net Asset Value, offering price and redemption price per share ($912,871,139 ÷ 60,898,850 shares)  $14.99 

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


Statement of Operations

  Six months ended January 31, 2020 (Unaudited) 
Investment Income   
Dividends  $1,881,515 
Income from Fidelity Central Funds (including $212,754 from security lending)  372,267 
Total income  2,253,782 
Expenses   
Management fee $2,541,290  
Independent trustees' fees and expenses 2,564  
Commitment fees 994  
Total expenses before reductions 2,544,848  
Expense reductions (25,497)  
Total expenses after reductions  2,519,351 
Net investment income (loss)  (265,569) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 24,122,589  
Fidelity Central Funds (160)  
Foreign currency transactions 1,418  
Total net realized gain (loss)  24,123,847 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 38,073,309  
Fidelity Central Funds (194)  
Total change in net unrealized appreciation (depreciation)  38,073,115 
Net gain (loss)  62,196,962 
Net increase (decrease) in net assets resulting from operations  $61,931,393 

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


Statement of Changes in Net Assets

 Six months ended January 31, 2020 (Unaudited) Year ended July 31, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(265,569) $(654,113) 
Net realized gain (loss) 24,123,847 (31,681,274) 
Change in net unrealized appreciation (depreciation) 38,073,115 69,313,135 
Net increase (decrease) in net assets resulting from operations 61,931,393 36,977,748 
Distributions to shareholders – (11,807,695) 
Share transactions   
Proceeds from sales of shares 118,149,009 454,662,840 
Reinvestment of distributions – 11,807,695 
Cost of shares redeemed (100,953,461) (220,713,670) 
Net increase (decrease) in net assets resulting from share transactions 17,195,548 245,756,865 
Total increase (decrease) in net assets 79,126,941 270,926,918 
Net Assets   
Beginning of period 833,744,198 562,817,280 
End of period $912,871,139 $833,744,198 
Other Information   
Shares   
Sold 8,285,019 34,152,569 
Issued in reinvestment of distributions – 829,775 
Redeemed (7,125,961) (17,235,891) 
Net increase (decrease) 1,159,058 17,746,453 

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


Financial Highlights

Fidelity Small Cap Growth K6 Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,   
 2020 2019 2018 2017 A 
Selected Per–Share Data     
Net asset value, beginning of period $13.96 $13.40 $10.42 $10.00 
Income from Investment Operations     
Net investment income (loss)B –C (.01) (.01) (.01) 
Net realized and unrealized gain (loss) 1.03 .84 3.00 .43 
Total from investment operations 1.03 .83 2.99 .42 
Distributions from net investment income – – –C – 
Distributions from net realized gain – (.27) (.01) – 
Total distributions – (.27) (.01) – 
Net asset value, end of period $14.99 $13.96 $13.40 $10.42 
Total ReturnD,E 7.38% 6.14% 28.72% 4.20% 
Ratios to Average Net AssetsF,G     
Expenses before reductions .60%H .60% .60% .60%H 
Expenses net of fee waivers, if any .60%H .60% .60% .60%H 
Expenses net of all reductions .60%H .59% .59% .60%H 
Net investment income (loss) (.06)%H (.09)% (.06)% (.45)%H 
Supplemental Data     
Net assets, end of period (000 omitted) $912,871 $833,744 $562,817 $74,821 
Portfolio turnover rateI 86%J 108%J 114%J 79%J,K 

 A For the period May 25, 2017 (commencement of operations) to July 31, 2017.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

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

 F Fees and expenses of any underlying 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.

 G 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. Expense ratios before reductions for start-up periods may not be representative of longer term operating periods. 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.

 H Annualized

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

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

 K Amount not annualized.

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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2020

1. Organization.

Fidelity Small Cap Growth K6 Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Shares generally are available only to employer-sponsored retirement plans that are recordkept by Fidelity, or to certain employer-sponsored retirement plans that are not recordkept by Fidelity. Effective the close of business on February 2, 2018, the Fund was closed to new accounts with certain exceptions.

Effective January 1, 2020:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .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 Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • 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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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

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

Asset Type Fair Value Valuation Technique Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $ 14,580,164 Market approach Transaction price $13.54-$800.00/$357.69 Increase 

 (a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2020, as well as a roll forward of Level 3 investments, 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. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, net operating losses, capital loss carryforwards and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $198,051,078 
Gross unrealized depreciation (32,692,504) 
Net unrealized appreciation (depreciation) $165,358,574 
Tax cost $789,244,881 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(30,874,193) 
Total capital loss carryforward $(30,874,193) 

The Fund elected to defer to its next fiscal year approximately $739,968 of ordinary losses recognized during the period January 1, 2019 to July 31, 2019.

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $5,276,288 in this Subsidiary, representing .58% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiaries is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $359,523,975 and $359,038,417, respectively.

Unaffiliated Exchanges In-Kind. During the period, the Fund received investments and cash valued at $12,967,975 in exchange for 871,504 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

Prior Fiscal Year Unaffiliated Exchanges In-Kind. During the prior period, the Fund received investments and cash valued at $206,237,608 in exchange for 14,866,494 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .60% of average net assets. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity Small Cap Growth K6 Fund $16,167 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $4,791.

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 $994 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, 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 NFS, as affiliated borrower, at period end was $167,226. Total fees paid by the Fund to NFS, as lending agent, amounted to $22,400. 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, and includes $13,124 from securities loaned to NFS, as affiliated borrower.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $24,204 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,293.

9. 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.

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 (August 1, 2019 to January 31, 2020).

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. 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. 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.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2019 		Ending
Account Value
January 31, 2020 		Expenses Paid
During Period-B
August 1, 2019
to January 31, 2020 
Actual .60% $1,000.00 $1,073.80 $3.13 
Hypothetical-C  $1,000.00 $1,022.12 $3.05 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Small Cap Growth K6 Fund

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

Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.

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

At its January 2020 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

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

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

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

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

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

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

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

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

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

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

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net total return information for the fund and an appropriate benchmark index and peer group for the most recent one-year period ended June 30, 2019, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Small Cap Growth K6 Fund


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

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

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

Fidelity Small Cap Growth K6 Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2019.

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

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

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

Total Expense Ratio.  In its review of the fund's total expense ratio, the Board considered the fund's unitary fee rate as well as other fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current total expense ratio of the fund compared to competitive fund median expenses. The fund is compared to those funds 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 the competitive median for the 12-month period ended June 30, 2019.

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

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

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

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

PricewaterhouseCoopers LLP (PwC), 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 the fund profitability information 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 potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and met periodically, to evaluate potential fall-out benefits (PFOB Committee). The Board noted that the PFOB Committee, among other things: (i) discussed the legal framework surrounding potential fall-out benefits; (ii) reviewed the Board's responsibilities and approach to potential fall-out benefits; and (iii) reviewed practices employed by competitor funds regarding the review of potential fall-out benefits.

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

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

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

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of performance fees for additional funds; (iii) changes in Fidelity's non-fund businesses and the impact of such changes on the funds; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (vi) the expense structures for different funds and classes; (vii) information regarding other accounts managed by Fidelity, including collective investment trusts and separately managed accounts; and (viii) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

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





Fidelity Investments

SCPK6-SANN-0320
1.9884010.102

Fidelity® Small Cap Growth Fund



Semi-Annual Report

January 31, 2020

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020

 % of fund's net assets 
Insulet Corp. 2.3 
Cardlytics, Inc. 2.3 
Generac Holdings, Inc. 1.9 
Verra Mobility Corp. 1.6 
CACI International, Inc. Class A 1.5 
Helen of Troy Ltd. 1.5 
LHC Group, Inc. 1.5 
Compass, Inc. Series E 1.4 
Performance Food Group Co. 1.3 
FTI Consulting, Inc. 1.3 
 16.6 

Top Five Market Sectors as of January 31, 2020

 % of fund's net assets 
Health Care 26.6 
Information Technology 23.0 
Industrials 16.3 
Consumer Discretionary 12.4 
Financials 8.4 

Asset Allocation (% of fund's net assets)

As of January 31, 2020 * 
   Stocks 98.1% 
   Convertible Securities 1.8% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.1% 


 * Foreign investments - 13.7%

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 97.8%   
 Shares Value 
COMMUNICATION SERVICES - 5.2%   
Diversified Telecommunication Services - 0.3%   
Iridium Communications, Inc. (a) 532,526 $13,606,039 
Entertainment - 0.2%   
Gaia, Inc. Class A (a)(b) 1,184,425 10,020,236 
Interactive Media & Services - 1.5%   
CarGurus, Inc. Class A (a) 1,331,947 47,483,911 
Eventbrite, Inc. (a)(b) 720,892 15,246,866 
  62,730,777 
Media - 3.2%   
Cardlytics, Inc. (a) 1,115,474 93,610,578 
Gray Television, Inc. (a) 652,603 13,234,789 
Nexstar Broadcasting Group, Inc. Class A 189,479 22,955,381 
  129,800,748 
TOTAL COMMUNICATION SERVICES  216,157,800 
CONSUMER DISCRETIONARY - 12.4%   
Auto Components - 0.5%   
Fox Factory Holding Corp. (a) 296,650 19,525,503 
Diversified Consumer Services - 4.9%   
Afya Ltd. 802,631 23,966,562 
Arco Platform Ltd. Class A (a) 822,593 42,676,125 
Bright Horizons Family Solutions, Inc. (a) 144,663 23,685,673 
Grand Canyon Education, Inc. (a) 451,260 35,324,633 
Laureate Education, Inc. Class A (a) 2,354,610 49,070,072 
OneSpaWorld Holdings Ltd. (b) 776,808 11,659,888 
Strategic Education, Inc. 108,934 17,678,899 
  204,061,852 
Hotels, Restaurants & Leisure - 2.3%   
Churchill Downs, Inc. 311,546 44,981,011 
Planet Fitness, Inc. (a) 360,701 29,141,034 
SeaWorld Entertainment, Inc. (a) 629,243 21,683,714 
  95,805,759 
Household Durables - 1.5%   
Helen of Troy Ltd. (a) 330,714 62,521,482 
Internet & Direct Marketing Retail - 0.5%   
Revolve Group, Inc. (b) 1,093,879 19,460,107 
Multiline Retail - 0.2%   
Ollie's Bargain Outlet Holdings, Inc. (a)(b) 145,098 7,695,998 
Specialty Retail - 1.4%   
Five Below, Inc. (a) 103,292 11,694,720 
The Children's Place Retail Stores, Inc. 314,482 18,765,141 
Williams-Sonoma, Inc. 365,500 25,614,240 
  56,074,101 
Textiles, Apparel & Luxury Goods - 1.1%   
Aritzia LP (a) 593,800 11,230,780 
Deckers Outdoor Corp. (a) 83,882 16,013,913 
Steven Madden Ltd. 512,160 19,748,890 
  46,993,583 
TOTAL CONSUMER DISCRETIONARY  512,138,385 
CONSUMER STAPLES - 4.0%   
Beverages - 0.2%   
Boston Beer Co., Inc. Class A (a) 20,335 7,246,987 
Food & Staples Retailing - 2.3%   
BJ's Wholesale Club Holdings, Inc. (a) 1,357,647 27,858,916 
Grocery Outlet Holding Corp. (b) 418,363 13,697,205 
Performance Food Group Co. (a) 1,044,034 54,070,521 
  95,626,642 
Food Products - 1.2%   
Darling International, Inc. (a) 429,518 11,652,823 
Nomad Foods Ltd. (a) 770,955 15,557,872 
Post Holdings, Inc. (a) 208,173 21,768,651 
  48,979,346 
Personal Products - 0.3%   
BellRing Brands, Inc. Class A (a) 530,203 11,473,593 
TOTAL CONSUMER STAPLES  163,326,568 
ENERGY - 0.4%   
Oil, Gas & Consumable Fuels - 0.4%   
Ovintiv, Inc. 359,080 5,594,854 
PDC Energy, Inc. (a) 527,219 11,382,658 
  16,977,512 
FINANCIALS - 8.4%   
Banks - 1.6%   
First Citizens Bancshares, Inc. 72,928 38,419,929 
Popular, Inc. 489,752 27,406,522 
  65,826,451 
Capital Markets - 3.0%   
Apollo Global Management LLC Class A 372,972 17,649,035 
Hamilton Lane, Inc. Class A 218,438 14,187,548 
Lazard Ltd. Class A 353,269 14,823,167 
LPL Financial 375,924 34,633,878 
Morningstar, Inc. 263,722 41,375,345 
  122,668,973 
Consumer Finance - 0.8%   
First Cash Financial Services, Inc. 359,873 31,298,155 
Diversified Financial Services - 1.3%   
Cannae Holdings, Inc. (a) 721,511 29,336,637 
StepStone Group Holdings LLC (c)(d)(e) 15,533 12,426,400 
StepStone Group LP Class A (c)(d)(e) 15,533 12,426,400 
  54,189,437 
Insurance - 1.0%   
Enstar Group Ltd. (a) 83,072 16,223,131 
Primerica, Inc. 231,522 27,449,248 
  43,672,379 
Thrifts & Mortgage Finance - 0.7%   
Essent Group Ltd. 593,067 29,422,054 
TOTAL FINANCIALS  347,077,449 
HEALTH CARE - 26.5%   
Biotechnology - 9.7%   
Acceleron Pharma, Inc. (a) 382,271 34,702,561 
Agios Pharmaceuticals, Inc. (a) 198,700 9,682,651 
Allakos, Inc. (a)(b) 176,431 12,738,318 
Aprea Therapeutics, Inc. 197,244 7,562,335 
Arena Pharmaceuticals, Inc. (a) 264,344 12,077,877 
Argenx SE ADR (a) 229,434 33,105,032 
Ascendis Pharma A/S sponsored ADR (a) 293,527 39,655,498 
Aurinia Pharmaceuticals, Inc. (a) 445,773 8,157,646 
Blueprint Medicines Corp. (a) 314,567 19,959,276 
Deciphera Pharmaceuticals, Inc. (a) 203,548 12,748,211 
FibroGen, Inc. (a) 615,874 25,774,327 
G1 Therapeutics, Inc. (a) 509,730 9,868,373 
Global Blood Therapeutics, Inc. (a) 536,281 34,997,698 
Gritstone Oncology, Inc. (a) 582,202 5,158,310 
Insmed, Inc. (a) 297,923 6,119,338 
Iovance Biotherapeutics, Inc. (a) 577,146 12,547,154 
Kura Oncology, Inc. (a) 457,167 5,367,141 
Mirati Therapeutics, Inc. (a) 48,155 4,181,299 
Momenta Pharmaceuticals, Inc. (a) 101,076 2,933,226 
Morphic Holding, Inc. 324,743 6,527,334 
Morphosys AG (a) 111,572 14,007,247 
Natera, Inc. (a) 443,281 15,519,268 
Neurocrine Biosciences, Inc. (a) 180,961 18,110,577 
Sarepta Therapeutics, Inc. (a) 192,941 22,373,438 
TG Therapeutics, Inc. (a) 344,029 4,888,652 
Turning Point Therapeutics, Inc. 333,783 19,526,306 
Zymeworks, Inc. (a) 36,200 1,579,768 
  399,868,861 
Health Care Equipment & Supplies - 7.5%   
Cerus Corp. (a) 545,519 2,187,531 
CONMED Corp. 244,895 24,900,924 
Haemonetics Corp. (a) 143,173 15,375,348 
Hill-Rom Holdings, Inc. 310,476 33,062,589 
Insulet Corp. (a) 498,138 96,658,691 
Integer Holdings Corp. (a) 242,660 20,723,164 
Masimo Corp. (a) 262,057 44,706,924 
Novocure Ltd. (a) 465,600 37,927,776 
Tandem Diabetes Care, Inc. (a) 155,103 11,794,032 
TransMedics Group, Inc. (b) 757,532 13,264,385 
ViewRay, Inc. (a) 2,474,478 7,720,371 
  308,321,735 
Health Care Providers & Services - 3.8%   
1Life Healthcare, Inc. (a) 154,165 3,402,422 
Chemed Corp. 76,676 35,810,759 
Encompass Health Corp. 218,400 16,823,352 
LHC Group, Inc. (a) 425,544 62,023,038 
Molina Healthcare, Inc. (a) 236,250 29,051,663 
Progyny, Inc. (a)(b) 330,894 9,198,853 
  156,310,087 
Health Care Technology - 2.4%   
Health Catalyst, Inc. (b) 253,555 8,278,571 
HMS Holdings Corp. (a) 541,728 14,800,009 
Inovalon Holdings, Inc. Class A (a) 1,561,890 31,643,891 
Phreesia, Inc. 968,699 30,029,669 
Teladoc Health, Inc. (a)(b) 156,001 15,866,862 
  100,619,002 
Life Sciences Tools & Services - 1.8%   
10X Genomics, Inc. (a) 36,284 3,315,995 
Bruker Corp. 340,410 16,840,083 
ICON PLC (a) 259,852 43,816,244 
Repligen Corp. (a) 114,434 11,488,029 
  75,460,351 
Pharmaceuticals - 1.3%   
Arvinas Holding Co. LLC (a) 302,432 14,655,855 
Horizon Pharma PLC (a) 460,584 15,885,542 
SCYNEXIS, Inc. warrants 6/21/21 (a) 168,750 1,045 
Theravance Biopharma, Inc. (a) 392,636 10,946,692 
Zogenix, Inc. (a) 254,278 12,807,983 
  54,297,117 
TOTAL HEALTH CARE  1,094,877,153 
INDUSTRIALS - 16.0%   
Aerospace & Defense - 2.4%   
HEICO Corp. Class A 162,400 15,614,760 
Huntington Ingalls Industries, Inc. 79,745 20,813,445 
Moog, Inc. Class A 338,471 30,330,386 
Teledyne Technologies, Inc. (a) 84,827 30,966,945 
  97,725,536 
Airlines - 0.7%   
SkyWest, Inc. 503,510 27,778,647 
Building Products - 0.6%   
Armstrong World Industries, Inc. 259,034 25,988,881 
Commercial Services & Supplies - 0.5%   
Tetra Tech, Inc. 222,787 19,070,567 
Construction & Engineering - 2.2%   
AECOM (a) 609,947 29,417,744 
Argan, Inc. 297,961 12,547,138 
Dycom Industries, Inc. (a) 454,937 18,388,554 
MasTec, Inc. (a) 489,628 28,276,017 
  88,629,453 
Electrical Equipment - 2.4%   
Atkore International Group, Inc. (a) 514,154 20,411,914 
Generac Holdings, Inc. (a) 777,216 80,511,805 
  100,923,719 
Machinery - 4.1%   
Allison Transmission Holdings, Inc. 575,217 25,424,591 
ITT, Inc. 576,511 38,672,358 
Luxfer Holdings PLC sponsored 748,642 11,940,840 
Rational AG 26,615 20,057,050 
SPX Flow, Inc. (a) 512,659 22,423,705 
Toro Co. 215,324 17,230,226 
Woodward, Inc. 301,580 35,076,770 
  170,825,540 
Marine - 0.4%   
SITC International Holdings Co. Ltd. 12,200,000 14,370,912 
Professional Services - 2.7%   
ASGN, Inc. (a) 293,792 19,886,780 
Clarivate Analytics PLC (a)(b) 634,800 12,797,568 
Exponent, Inc. 379,028 27,581,868 
FTI Consulting, Inc. (a) 438,921 52,696,855 
  112,963,071 
TOTAL INDUSTRIALS  658,276,326 
INFORMATION TECHNOLOGY - 21.6%   
Communications Equipment - 0.2%   
ViaSat, Inc. (a) 128,499 8,178,961 
Electronic Equipment & Components - 2.8%   
Fabrinet (a) 483,355 30,470,699 
Itron, Inc. (a) 383,572 31,357,011 
Jabil, Inc. 205,900 8,007,451 
National Instruments Corp. 188,800 8,426,144 
SYNNEX Corp. 106,110 14,617,714 
Zebra Technologies Corp. Class A (a) 89,912 21,490,766 
  114,369,785 
IT Services - 8.0%   
Black Knight, Inc. (a) 341,291 22,839,194 
Booz Allen Hamilton Holding Corp. Class A 343,508 26,807,364 
CACI International, Inc. Class A (a) 237,041 63,394,245 
EPAM Systems, Inc. (a) 104,574 23,857,512 
Euronet Worldwide, Inc. (a) 87,848 13,848,359 
Fastly, Inc. Class A 186,400 4,195,864 
Genpact Ltd. 686,104 30,373,824 
KBR, Inc. 1,620,889 44,088,181 
Maximus, Inc. 135,666 9,734,036 
MongoDB, Inc. Class A (a)(b) 157,616 25,834,839 
Verra Mobility Corp. (a)(b) 4,068,747 64,815,140 
  329,788,558 
Semiconductors & Semiconductor Equipment - 2.8%   
Advanced Energy Industries, Inc. (a) 268,419 18,773,225 
Ambarella, Inc. (a) 231,459 13,688,485 
Cabot Microelectronics Corp. 77,153 11,226,533 
Cirrus Logic, Inc. (a) 548,800 42,153,328 
Enphase Energy, Inc. (a)(b) 399,521 12,592,902 
Entegris, Inc. 325,547 16,850,313 
  115,284,786 
Software - 7.8%   
2U, Inc. (a)(b) 276,500 5,477,465 
Bill.Com Holdings, Inc. (a) 4,984 250,795 
BlackLine, Inc. (a) 262,500 16,057,125 
Ceridian HCM Holding, Inc. (a) 445,289 32,635,231 
Cornerstone OnDemand, Inc. (a) 218,010 12,818,988 
DocuSign, Inc. (a) 272,011 21,355,584 
Elastic NV (a) 309,422 20,075,299 
Everbridge, Inc. (a) 254,606 23,077,488 
Five9, Inc. (a) 266,500 19,116,045 
HubSpot, Inc. (a) 129,546 23,440,053 
Lightspeed POS, Inc. (a)(b) 1,032,850 33,559,430 
LivePerson, Inc. (a) 718,501 29,465,726 
Nuance Communications, Inc. (a) 440,590 8,335,963 
Pegasystems, Inc. 176,900 15,250,549 
Pluralsight, Inc. (a) 624,579 12,110,587 
PROS Holdings, Inc. (a) 390,747 23,444,820 
ShotSpotter, Inc. (a)(b) 188,535 5,175,286 
Workiva, Inc. (a) 444,451 20,218,076 
  321,864,510 
Technology Hardware, Storage & Peripherals - 0.0%   
Logitech International SA (b) 5,478 244,483 
TOTAL INFORMATION TECHNOLOGY  889,731,083 
MATERIALS - 1.3%   
Chemicals - 0.3%   
Olin Corp. 764,765 11,372,056 
Containers & Packaging - 1.0%   
Avery Dennison Corp. 72,784 9,552,172 
Crown Holdings, Inc. (a) 194,079 14,367,668 
Graphic Packaging Holding Co. 1,194,177 18,664,987 
  42,584,827 
TOTAL MATERIALS  53,956,883 
REAL ESTATE - 2.0%   
Equity Real Estate Investment Trusts (REITs) - 2.0%   
Americold Realty Trust 942,806 32,498,523 
Essential Properties Realty Trust, Inc. 831,339 22,953,270 
Four Corners Property Trust, Inc. 296,075 8,968,112 
Store Capital Corp. 5,677 222,822 
Terreno Realty Corp. 307,707 17,619,303 
  82,262,030 
TOTAL COMMON STOCKS   
(Cost $3,128,345,061)  4,034,781,189 
Convertible Preferred Stocks - 1.8%   
HEALTH CARE - 0.1%   
Biotechnology - 0.1%   
REVOLUTION Medicines, Inc. Series C (d) 1,919,534 6,035,015 
INDUSTRIALS - 0.3%   
Road & Rail - 0.3%   
Convoy, Inc. Series D (d)(e) 913,444 12,368,032 
INFORMATION TECHNOLOGY - 1.4%   
Software - 1.4%   
Compass, Inc. Series E (a)(d)(e) 353,803 55,905,792 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $40,196,262)  74,308,839 
Investment Companies - 0.3%   
iShares Russell 2000 Growth Index ETF (b)   
(Cost $13,893,279) 65,488 13,882,801 
Money Market Funds - 4.7%   
Fidelity Cash Central Fund 1.58% (f) 241 241 
Fidelity Securities Lending Cash Central Fund 1.59% (f)(g) 194,067,707 194,087,114 
TOTAL MONEY MARKET FUNDS   
(Cost $194,087,355)  194,087,355 
TOTAL INVESTMENT IN SECURITIES - 104.6%   
(Cost $3,376,521,957)  4,317,060,184 
NET OTHER ASSETS (LIABILITIES) - (4.6)%  (190,178,134) 
NET ASSETS - 100%  $4,126,882,050 

Security Type Abbreviations

ETF – Exchange-Traded Fund

Legend

 (a) Non-income producing

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

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

 (d) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $99,161,639 or 2.4% of net assets.

 (e) Level 3 security

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

 (g) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Compass, Inc. Series E 11/3/17 $23,873,990 
Convoy, Inc. Series D 10/30/19 $12,368,032 
REVOLUTION Medicines, Inc. Series C 6/3/19 $3,954,240 
StepStone Group Holdings LLC 8/19/19 $12,426,400 
StepStone Group LP Class A 8/19/19 $12,426,400 

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 $323,966 
Fidelity Securities Lending Cash Central Fund 955,468 
Total $1,279,434 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

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 Value, beginning of period Purchases Sales Proceeds(a) Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Cardlytics, Inc. $50,647,708 $2,970,237 $49,836,887 $-- $36,745,003 $53,084,517 $-- 
Total $50,647,708 $2,970,237 $49,836,887 $-- $36,745,003 $53,084,517 $-- 

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

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $216,157,800 $216,157,800 $-- $-- 
Consumer Discretionary 512,138,385 512,138,385 -- -- 
Consumer Staples 163,326,568 163,326,568 -- -- 
Energy 16,977,512 16,977,512 -- -- 
Financials 347,077,449 322,224,649 -- 24,852,800 
Health Care 1,100,912,168 1,094,876,108 6,036,060 -- 
Industrials 670,644,358 643,905,414 14,370,912 12,368,032 
Information Technology 945,636,875 889,731,083 -- 55,905,792 
Materials 53,956,883 53,956,883 -- -- 
Real Estate 82,262,030 82,262,030 -- -- 
Investment Companies 13,882,801 13,882,801 -- -- 
Money Market Funds 194,087,355 194,087,355 -- -- 
Total Investments in Securities: $4,317,060,184 $4,203,526,588 $20,406,972 $93,126,624 

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

Investments in Securities:  
Equities - Information Technology  
Beginning Balance $55,905,792 
Net Realized Gain (Loss) on Investment Securities -- 
Net Unrealized Gain (Loss) on Investment Securities -- 
Cost of Purchases -- 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $55,905,792 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2020 $-- 
Equities - Other Invesmtments in Securities  
Beginning Balance $3,954,314 
Net Realized Gain (Loss) on Investment Securities (12,485,784) 
Net Unrealized Gain (Loss) on Investment Securities 12,485,710 
Cost of Purchases 37,220,832 
Proceeds of Sales -- 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (3,954,240) 
Ending Balance $37,220,832 

The information used in the above reconciliation represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

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

United States of America 86.3% 
Bermuda 3.7% 
Cayman Islands 1.7% 
Ireland 1.4% 
Netherlands 1.3% 
Canada 1.2% 
Bailiwick of Jersey 1.2% 
Denmark 1.0% 
Others (Individually Less Than 1%) 2.2% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  January 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $181,826,359) — See accompanying schedule:
Unaffiliated issuers (cost $3,182,434,602) 		$4,122,972,829  
Fidelity Central Funds (cost $194,087,355) 194,087,355  
Total Investment in Securities (cost $3,376,521,957)  $4,317,060,184 
Restricted cash  623,292 
Receivable for investments sold  40,593,207 
Receivable for fund shares sold  3,864,243 
Dividends receivable  326,778 
Distributions receivable from Fidelity Central Funds  409,977 
Prepaid expenses  4,569 
Other receivables  87,616 
Total assets  4,362,969,866 
Liabilities   
Payable for investments purchased $27,118,867  
Payable for fund shares redeemed 7,964,254  
Accrued management fee 3,037,965  
Distribution and service plan fees payable 169,703  
Notes payable to affiliates 3,046,000  
Other affiliated payables 626,066  
Other payables and accrued expenses 49,248  
Collateral on securities loaned 194,075,713  
Total liabilities  236,087,816 
Net Assets  $4,126,882,050 
Net Assets consist of:   
Paid in capital  $3,071,528,815 
Total accumulated earnings (loss)  1,055,353,235 
Net Assets  $4,126,882,050 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($286,868,334 ÷ 10,908,136 shares)(a)  $26.30 
Maximum offering price per share (100/94.25 of $26.30)  $27.90 
Class M:   
Net Asset Value and redemption price per share ($74,296,486 ÷ 2,941,504 shares)(a)  $25.26 
Maximum offering price per share (100/96.50 of $25.26)  $26.18 
Class C:   
Net Asset Value and offering price per share ($90,481,173 ÷ 3,958,620 shares)(a)  $22.86 
Small Cap Growth:   
Net Asset Value, offering price and redemption price per share ($2,898,899,413 ÷ 104,770,334 shares)  $27.67 
Class I:   
Net Asset Value, offering price and redemption price per share ($575,639,605 ÷ 20,744,412 shares)  $27.75 
Class Z:   
Net Asset Value, offering price and redemption price per share ($200,697,039 ÷ 7,209,303 shares)  $27.84 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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


Statement of Operations

  Six months ended January 31, 2020 (Unaudited) 
Investment Income   
Dividends  $8,956,997 
Income from Fidelity Central Funds (including $955,468 from security lending)  1,279,434 
Total income  10,236,431 
Expenses   
Management fee   
Basic fee $13,689,004  
Performance adjustment 3,729,232  
Transfer agent fees 3,260,933  
Distribution and service plan fees 980,004  
Accounting fees 520,068  
Custodian fees and expenses 25,765  
Independent trustees' fees and expenses 12,461  
Registration fees 100,717  
Audit 54,198  
Legal 6,955  
Interest 5,072  
Miscellaneous 10,513  
Total expenses before reductions 22,394,922  
Expense reductions (146,900)  
Total expenses after reductions  22,248,022 
Net investment income (loss)  (12,011,591) 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 153,737,912  
Fidelity Central Funds 1,558  
Other affiliated issuers 36,745,003  
Foreign currency transactions 7,287  
Total net realized gain (loss)  190,491,760 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 43,772,451  
Affiliated issuers 53,084,517  
Assets and liabilities in foreign currencies 3  
Total change in net unrealized appreciation (depreciation)  96,856,971 
Net gain (loss)  287,348,731 
Net increase (decrease) in net assets resulting from operations  $275,337,140 

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


Statement of Changes in Net Assets

 Six months ended January 31, 2020 (Unaudited) Year ended July 31, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $(12,011,591) $(25,723,754) 
Net realized gain (loss) 190,491,760 318,467,319 
Change in net unrealized appreciation (depreciation) 96,856,971 (84,135,999) 
Net increase (decrease) in net assets resulting from operations 275,337,140 208,607,566 
Distributions to shareholders (217,764,841) (497,059,513) 
Share transactions - net increase (decrease) (49,624,958) (211,501,516) 
Total increase (decrease) in net assets 7,947,341 (499,953,463) 
Net Assets   
Beginning of period 4,118,934,709 4,618,888,172 
End of period $4,126,882,050 $4,118,934,709 

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


Financial Highlights

Fidelity Small Cap Growth Fund Class A

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $26.03 $27.45 $22.99 $19.17 $20.55 $17.99 
Income from Investment Operations       
Net investment income (loss)A (.10) (.21) (.18) (.14) (.10) (.13) 
Net realized and unrealized gain (loss) 1.82 1.79 6.32 4.12 (.51) 4.23 
Total from investment operations 1.72 1.58 6.14 3.98 (.61) 4.10 
Distributions from net realized gain (1.45) (3.00) (1.68) (.16) (.78) (1.54) 
Total distributions (1.45) (3.00) (1.68) (.16) (.78) (1.54) 
Redemption fees added to paid in capital – – –A,B –A,B .01 –A,B 
Net asset value, end of period $26.30 $26.03 $27.45 $22.99 $19.17 $20.55 
Total ReturnC,D,E 7.01% 5.88% 28.47% 20.90% (2.85)% 24.46% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.35%H 1.33% 1.31% 1.35% 1.37% 1.21% 
Expenses net of fee waivers, if any 1.35%H 1.33% 1.31% 1.35% 1.37% 1.21% 
Expenses net of all reductions 1.34%H 1.32% 1.30% 1.34% 1.36% 1.20% 
Net investment income (loss) (.83)%H (.85)% (.74)% (.66)% (.58)% (.67)% 
Supplemental Data       
Net assets, end of period (000 omitted) $286,868 $285,554 $315,894 $218,905 $176,988 $123,370 
Portfolio turnover rateI 77%H,J 91%J 106%J 140%J 143% 156% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

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

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying 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.

 G 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.

 H Annualized

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

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

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


Fidelity Small Cap Growth Fund Class M

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $25.09 $26.59 $22.35 $18.69 $20.08 $17.66 
Income from Investment Operations       
Net investment income (loss)A (.13) (.26) (.24) (.19) (.15) (.17) 
Net realized and unrealized gain (loss) 1.75 1.72 6.13 4.01 (.50) 4.13 
Total from investment operations 1.62 1.46 5.89 3.82 (.65) 3.96 
Distributions from net realized gain (1.45) (2.96) (1.65) (.16) (.75) (1.54) 
Total distributions (1.45) (2.96) (1.65) (.16) (.75) (1.54) 
Redemption fees added to paid in capital – – –A,B –A,B .01 –A,B 
Net asset value, end of period $25.26 $25.09 $26.59 $22.35 $18.69 $20.08 
Total ReturnC,D,E 6.87% 5.60% 28.15% 20.57% (3.14)% 24.10% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 1.62%H 1.60% 1.58% 1.62% 1.66% 1.49% 
Expenses net of fee waivers, if any 1.61%H 1.60% 1.58% 1.62% 1.66% 1.48% 
Expenses net of all reductions 1.61%H 1.59% 1.57% 1.61% 1.64% 1.47% 
Net investment income (loss) (1.10)%H (1.12)% (1.01)% (.94)% (.87)% (.95)% 
Supplemental Data       
Net assets, end of period (000 omitted) $74,296 $75,030 $82,567 $64,034 $53,447 $52,667 
Portfolio turnover rateI 77%H,J 91%J 106%J 140%J 143% 156% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

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

 E Total returns do not include the effect of the sales charges.

 F Fees and expenses of any underlying 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.

 G 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.

 H Annualized

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

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

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


Fidelity Small Cap Growth Fund Class C

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $22.89 $24.56 $20.83 $17.52 $18.90 $16.78 
Income from Investment Operations       
Net investment income (loss)A (.18) (.35) (.34) (.27) (.22) (.25) 
Net realized and unrealized gain (loss) 1.60 1.58 5.69 3.74 (.48) 3.91 
Total from investment operations 1.42 1.23 5.35 3.47 (.70) 3.66 
Distributions from net realized gain (1.45) (2.90) (1.62) (.16) (.69) (1.54) 
Total distributions (1.45) (2.90) (1.62) (.16) (.69) (1.54) 
Redemption fees added to paid in capital – – –A,B –A,B .01 –A,B 
Net asset value, end of period $22.86 $22.89 $24.56 $20.83 $17.52 $18.90 
Total ReturnC,D,E 6.64% 5.06% 27.51% 19.95% (3.64)% 23.53% 
Ratios to Average Net AssetsF,G       
Expenses before reductions 2.11%H 2.09% 2.07% 2.11% 2.16% 2.00% 
Expenses net of fee waivers, if any 2.11%H 2.09% 2.07% 2.11% 2.16% 2.00% 
Expenses net of all reductions 2.11%H 2.08% 2.06% 2.10% 2.14% 1.99% 
Net investment income (loss) (1.60)%H (1.61)% (1.50)% (1.43)% (1.37)% (1.46)% 
Supplemental Data       
Net assets, end of period (000 omitted) $90,481 $96,449 $139,375 $102,669 $73,731 $55,671 
Portfolio turnover rateI 77%H,J 91%J 106%J 140%J 143% 156% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

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

 E Total returns do not include the effect of the contingent deferred sales charge.

 F Fees and expenses of any underlying 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.

 G 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.

 H Annualized

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

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

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


Fidelity Small Cap Growth Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $27.27 $28.59 $23.84 $19.82 $21.20 $18.45 
Income from Investment Operations       
Net investment income (loss)A (.07) (.15) (.12) (.09) (.06) (.07) 
Net realized and unrealized gain (loss) 1.92 1.87 6.57 4.27 (.52) 4.36 
Total from investment operations 1.85 1.72 6.45 4.18 (.58) 4.29 
Distributions from net realized gain (1.45) (3.04) (1.70) (.16) (.81) (1.54) 
Total distributions (1.45) (3.04) (1.70) (.16) (.81) (1.54) 
Redemption fees added to paid in capital – – –A,B –A,B .01 –A,B 
Net asset value, end of period $27.67 $27.27 $28.59 $23.84 $19.82 $21.20 
Total ReturnC,D 7.17% 6.17% 28.81% 21.22% (2.63)% 24.91% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.07%G 1.05% 1.02% 1.08% 1.12% .91% 
Expenses net of fee waivers, if any 1.07%G 1.05% 1.02% 1.08% 1.12% .91% 
Expenses net of all reductions 1.06%G 1.04% 1.01% 1.07% 1.11% .90% 
Net investment income (loss) (.55)%G (.57)% (.45)% (.40)% (.33)% (.37)% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,898,899 $2,888,038 $3,269,548 $2,336,762 $1,580,264 $1,345,684 
Portfolio turnover rateH 77%G,I 91%I 106%I 140%I 143% 156% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

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

 E Fees and expenses of any underlying 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.

 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 Annualized

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

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

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


Fidelity Small Cap Growth Fund Class I

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $27.35 $28.66 $23.90 $19.86 $21.24 $18.49 
Income from Investment Operations       
Net investment income (loss)A (.08) (.15) (.12) (.08) (.05) (.07) 
Net realized and unrealized gain (loss) 1.93 1.88 6.58 4.28 (.53) 4.36 
Total from investment operations 1.85 1.73 6.46 4.20 (.58) 4.29 
Distributions from net realized gain (1.45) (3.04) (1.70) (.16) (.81) (1.54) 
Total distributions (1.45) (3.04) (1.70) (.16) (.81) (1.54) 
Redemption fees added to paid in capital – – –A,B –A,B .01 –A,B 
Net asset value, end of period $27.75 $27.35 $28.66 $23.90 $19.86 $21.24 
Total ReturnC,D 7.15% 6.18% 28.78% 21.28% (2.62)% 24.85% 
Ratios to Average Net AssetsE,F       
Expenses before reductions 1.09%G 1.06% 1.03% 1.06% 1.09% .93% 
Expenses net of fee waivers, if any 1.09%G 1.06% 1.03% 1.06% 1.09% .93% 
Expenses net of all reductions 1.08%G 1.06% 1.02% 1.05% 1.07% .91% 
Net investment income (loss) (.57)%G (.58)% (.46)% (.38)% (.30)% (.39)% 
Supplemental Data       
Net assets, end of period (000 omitted) $575,640 $590,311 $678,576 $390,032 $163,696 $97,897 
Portfolio turnover rateH 77%G,I 91%I 106%I 140%I 143% 156% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

 C Total returns for periods of less than one year are not annualized.

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

 E Fees and expenses of any underlying 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.

 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 Annualized

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

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

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


Fidelity Small Cap Growth Fund Class Z

 Six months ended (Unaudited) January 31, Years endedJuly 31,   
 2020 2019 2018 2017 A 
Selected Per–Share Data     
Net asset value, beginning of period $27.41 $28.71 $23.91 $21.39 
Income from Investment Operations     
Net investment income (loss)B (.06) (.11) (.09) (.05) 
Net realized and unrealized gain (loss) 1.94 1.87 6.61 2.57 
Total from investment operations 1.88 1.76 6.52 2.52 
Distributions from net realized gain (1.45) (3.06) (1.72) – 
Total distributions (1.45) (3.06) (1.72) – 
Redemption fees added to paid in capital – – –B,C –B,C 
Net asset value, end of period $27.84 $27.41 $28.71 $23.91 
Total ReturnD,E 7.25% 6.29% 29.02% 11.78% 
Ratios to Average Net AssetsF,G     
Expenses before reductions .95%H .92% .89% .90%H 
Expenses net of fee waivers, if any .95%H .92% .89% .90%H 
Expenses net of all reductions .95%H .92% .88% .89%H 
Net investment income (loss) (.43)%H (.44)% (.32)% (.44)%H 
Supplemental Data     
Net assets, end of period (000 omitted) $200,697 $183,552 $132,928 $18,447 
Portfolio turnover rateI 77%H,J 91%J 106%J 140%J 

 A For the period February 1, 2017 (commencement of sale of shares) to July 31, 2017.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

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

 F Fees and expenses of any underlying 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.

 G 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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.

 H Annualized

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

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

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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2020

1. Organization.

Fidelity Small Cap Growth Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Fidelity Small Cap Growth, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Effective the close of business on February 2, 2018, the Fund was closed to new accounts with certain exceptions. Each class has exclusive voting rights with respect to matters that affect that class.

Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

Effective January 1, 2020:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".

Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".

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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .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 Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • 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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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

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

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities $ 93,126,624 Market approach Transaction price $13.54-$800.00/$310.15 Increase 

 (a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2020, as well as a roll forward of Level 3 investments, 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 include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of 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 and distribution and service plan 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), redemptions in kind, partnerships, net operating losses and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $1,064,386,100 
Gross unrealized depreciation (129,844,697) 
Net unrealized appreciation (depreciation) $934,541,403 
Tax cost $3,382,518,782 

The fund intends to elect to defer to its next fiscal year $16,963,983 of ordinary losses recognized during the period January 1, 2019 to July 31, 2019.

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.

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $25,476,092 in this Subsidiary, representing 0.62% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and the Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiary is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $1,540,348,250 and $1,706,016,160, respectively.

Unaffiliated Redemptions In-Kind. During the period, 472,078 shares of the Fund were redeemed in-kind for investments and cash with a value of $12,967,975. The net realized gain of $4,043,748 on investments delivered through in-kind redemptions is included in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

Prior Fiscal Year Unaffiliated Redemptions In-Kind. During the prior period, 7,436,140 shares of the Fund were redeemed in-kind for investments and cash with a value of $206,237,608. The Fund had a net realized gain of $60,346,637 on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets as well as the Notes to Financial Statements. The Fund recognized no gain or loss for federal income tax purposes.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Small Cap Growth as compared to its benchmark index, the Russell 2000 Growth Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .87% 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.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $344,822 $3,464 
Class M .25% .25% 181,270 – 
Class C .75% .25% 453,912 13,515 
   $980,004 $16,979 

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained by FDC 
Class A $13,193 
Class M 1,949 
Class C(a) 902 
 $16,044 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

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

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

 Amount % of Class-Level Average Net Assets(a) 
Class A $267,106 .19 
Class M 75,197 .21 
Class C 93,556 .21 
Small Cap Growth 2,260,379 .16 
Class I 522,326 .18 
Class Z 42,369 .04 
 $3,260,933  

 (a) Annualized

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

 % of Average Net Assets 
Fidelity Small Cap Growth Fund .03 

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity Small Cap Growth Fund $74,581 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity Small Cap Growth Fund Borrower $8,903,600 2.18% $5,072 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $20,602.

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 $4,766 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, 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 NFS, as affiliated borrower, at period end was $15,004,485. Total fees paid by the Fund to NFS, as lending agent, amounted to $98,338. 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, and includes $69,256 from securities loaned to NFS, as affiliated borrower.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $114,894 for the period. In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $4,686. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

 Expense reduction 
Small Cap Growth $104 

During the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $8,196.

In addition, during the period, the investment adviser or an affiliate reimbursed the Fund $19,020 for an operational error which is included in the accompanying Statement of Operations.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2020 		Year ended
July 31, 2019 
Distributions to shareholders   
Class A $15,613,883 $34,685,218 
Class M 4,255,300 9,164,126 
Class C 5,910,629 16,135,660 
Small Cap Growth 151,308,285 350,367,749 
Class I 30,684,941 71,811,488 
Class Z 9,991,803 14,895,272 
Total $217,764,841 $497,059,513 

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2020 Year ended July 31, 2019 Six months ended January 31, 2020 Year ended July 31, 2019 
Class A     
Shares sold 809,572 2,133,430 $20,717,611 $51,723,419 
Reinvestment of distributions 624,187 1,321,086 15,459,267 34,480,523 
Shares redeemed (1,497,745) (3,991,085) (37,675,901) (95,100,431) 
Net increase (decrease) (63,986) (536,569) $(1,499,023) $(8,896,489) 
Class M     
Shares sold 77,315 317,719 $1,886,513 $7,433,229 
Reinvestment of distributions 177,358 361,926 4,224,386 9,120,199 
Shares redeemed (304,124) (794,185) (7,354,060) (18,054,920) 
Net increase (decrease) (49,451) (114,540) $(1,243,161) $(1,501,492) 
Class C     
Shares sold 68,175 309,686 $1,499,810 $6,516,456 
Reinvestment of distributions 267,451 689,073 5,778,310 15,944,303 
Shares redeemed (590,074) (2,460,326) (13,037,467) (52,214,985) 
Net increase (decrease) (254,448) (1,461,567) $(5,759,347) $(29,754,226) 
Small Cap Growth     
Shares sold 6,182,480 17,891,444 $164,393,574 $464,089,780 
Reinvestment of distributions 5,544,742 12,256,590 144,309,689 334,955,420 
Shares redeemed (12,867,200)(a) (38,604,543)(b) (340,207,889)(a) (977,681,337)(b) 
Net increase (decrease) (1,139,978) (8,456,509) $(31,504,626) $(178,636,137) 
Class I     
Shares sold 1,813,677 4,729,284 $48,335,090 $123,093,185 
Reinvestment of distributions 1,151,125 2,543,850 30,047,788 69,666,847 
Shares redeemed (3,806,738) (9,361,050) (101,247,665) (237,801,656) 
Net increase (decrease) (841,936) (2,087,916) $(22,864,787) $(45,041,624) 
Class Z     
Shares sold 1,463,248 3,951,932 $38,822,794 $99,696,861 
Reinvestment of distributions 306,867 395,743 8,038,145 10,820,866 
Shares redeemed (1,257,013) (2,281,679) (33,614,953) (58,189,275) 
Net increase (decrease) 513,102 2,065,996 $13,245,986 $52,328,452 

 (a) Amount includes in-kind redemptions (see Unaffiliated Redemptions In-Kind note for additional details).

 (b) Amount includes in-kind redemptions (see the Prior Fiscal Year Unaffiliated Redemptions In-Kind note for additional details).

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.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in 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 (August 1, 2019 to January 31, 2020).

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. 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. 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. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2019 		Ending
Account Value
January 31, 2020 		Expenses Paid
During Period-B
August 1, 2019
to January 31, 2020 
Class A 1.35%    
Actual  $1,000.00 $1,070.10 $7.02 
Hypothetical-C  $1,000.00 $1,018.35 $6.85 
Class M 1.61%    
Actual  $1,000.00 $1,068.70 $8.37 
Hypothetical-C  $1,000.00 $1,017.04 $8.16 
Class C 2.11%    
Actual  $1,000.00 $1,066.40 $10.96 
Hypothetical-C  $1,000.00 $1,014.53 $10.68 
Small Cap Growth 1.07%    
Actual  $1,000.00 $1,071.70 $5.57 
Hypothetical-C  $1,000.00 $1,019.76 $5.43 
Class I 1.09%    
Actual  $1,000.00 $1,071.50 $5.68 
Hypothetical-C  $1,000.00 $1,019.66 $5.53 
Class Z .95%    
Actual  $1,000.00 $1,072.50 $4.95 
Hypothetical-C  $1,000.00 $1,020.36 $4.82 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Small Cap Growth Fund

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

Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile and considered that the definition of "group assets" for purposes of the fund's group fee would be modified to avoid double-counting assets once the reorganization is complete. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.

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

At its January 2020 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

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

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

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

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

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

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

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

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there were portfolio management changes for the fund in February 2018 and September 2018. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management changes.

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

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

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended June 30, 2019, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Small Cap Growth Fund


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

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

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

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

Fidelity Small Cap Growth Fund

The Board noted that the comparisons for 2015 and later reflect a revised Total Mapped Group that no longer includes funds with micro-cap objectives and that FMR believes this Total Mapped Group is a more appropriate comparison because the fund does not have a micro-cap objective.


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2019. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.

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

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

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

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of 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 of Class Z and the retail class ranked below the competitive median for the 12-month period ended June 30, 2019 and the total expense ratio of each of Class A, Class M, Class C, and Class I ranked above the competitive median for the 12-month period ended June 30, 2019. The Board considered that, in general, various factors can affect total expense ratios. The Board noted that the total expense ratio of Class A was above the competitive median because of positive performance fees. Excluding performance fees, the total expense ratio of Class A ranked below the median. The Board noted that the total expense ratio of Class M was above the competitive median primarily because of higher 12b-1 fees on Class M as compared to most competitor funds. Class M has a higher 12b-1 fee, but a lower front-end sales charge, than traditionally priced front-end sales charge classes. The Board considered that Class M is primarily sold load-waived to retirement plans and intermediary wrap programs where its 0.50% 12b-1 fee is comparable to competing no-load, higher 12b-1 fee classes designed specifically for retirement plans and wrap programs. The Board noted that the total expense ratio of Class C was above the competitive median primarily because of its 1.00% 12b-1 fee. The Board noted that, although Class I is categorized by Lipper as an institutional class, Class I has a significantly lower investment minimum than most other funds and classes categorized as institutional. As a result, FMR believes Class I is generally more comparable to retail funds and classes. The Board noted that the fund offers multiple classes, each of which has a different sales load and 12b-1 fee structure, and that the multiple structures are intended to offer a range of pricing options for the intermediary market. The Board also noted that the total expense ratios of the classes vary primarily by the level of their 12b-1 fees, although differences in transfer agent fees may also cause expenses to vary from class to class.

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

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

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

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

PricewaterhouseCoopers LLP (PwC), 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 the fund profitability information 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 potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and met periodically, to evaluate potential fall-out benefits (PFOB Committee). The Board noted that the PFOB Committee, among other things: (i) discussed the legal framework surrounding potential fall-out benefits; (ii) reviewed the Board's responsibilities and approach to potential fall-out benefits; and (iii) reviewed practices employed by competitor funds regarding the review of potential fall-out benefits.

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

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

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

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

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of performance fees for additional funds; (iii) changes in Fidelity's non-fund businesses and the impact of such changes on the funds; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (vi) the expense structures for different funds and classes; (vii) information regarding other accounts managed by Fidelity, including collective investment trusts and separately managed accounts; and (viii) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

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





Fidelity Investments

SCP-SANN-0320
1.803700.115

Fidelity® Small Cap Value Fund



Semi-Annual Report

January 31, 2020

Includes Fidelity and Fidelity Advisor share classes

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 if you’re an individual investing directly with Fidelity, call 1-800-835-5092 if you’re a plan sponsor or participant with Fidelity as your recordkeeper or call 1-877-208-0098 on institutional accounts or if you’re an advisor or invest through one to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020

 % of fund's net assets 
Portland General Electric Co. 2.9 
Corporate Office Properties Trust (SBI) 2.3 
Moog, Inc. Class A 2.1 
Enstar Group Ltd. 2.1 
Wyndham Destinations, Inc. 2.1 
WSFS Financial Corp. 2.0 
Popular, Inc. 2.0 
Regal Beloit Corp. 2.0 
Lazard Ltd. Class A 2.0 
SYNNEX Corp. 1.9 
 21.4 

Top Five Market Sectors as of January 31, 2020

 % of fund's net assets 
Financials 31.1 
Industrials 13.6 
Consumer Discretionary 10.6 
Real Estate 9.8 
Information Technology 9.3 

Asset Allocation (% of fund's net assets)

As of January 31, 2020* 
   Stocks 98.2% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.8% 


 * Foreign investments - 18.8%

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.2%   
 Shares Value 
COMMUNICATION SERVICES - 4.7%   
Diversified Telecommunication Services - 1.5%   
Iridium Communications, Inc. (a) 1,182,100 $30,202,655 
Media - 3.2%   
Gray Television, Inc. (a) 1,735,900 35,204,052 
Tegna, Inc. (b) 1,732,400 29,277,560 
  64,481,612 
TOTAL COMMUNICATION SERVICES  94,684,267 
CONSUMER DISCRETIONARY - 10.6%   
Auto Components - 1.3%   
Standard Motor Products, Inc. 560,500 27,229,090 
Hotels, Restaurants & Leisure - 2.1%   
Wyndham Destinations, Inc. 865,600 42,007,568 
Household Durables - 2.9%   
KB Home 790,700 29,690,785 
Taylor Morrison Home Corp. (a) 1,115,200 28,861,376 
  58,552,161 
Leisure Products - 1.5%   
Brunswick Corp. 489,900 30,790,215 
Specialty Retail - 1.6%   
Aaron's, Inc. Class A 208,400 12,370,624 
Urban Outfitters, Inc. (a) 794,100 20,328,960 
  32,699,584 
Textiles, Apparel & Luxury Goods - 1.2%   
Capri Holdings Ltd. (a) 246,200 7,376,152 
G-III Apparel Group Ltd. (a) 597,600 16,260,696 
  23,636,848 
TOTAL CONSUMER DISCRETIONARY  214,915,466 
CONSUMER STAPLES - 2.3%   
Food & Staples Retailing - 1.4%   
BJ's Wholesale Club Holdings, Inc. (a) 1,372,400 28,161,648 
Food Products - 0.9%   
Nomad Foods Ltd. (a) 908,400 18,331,512 
TOTAL CONSUMER STAPLES  46,493,160 
ENERGY - 2.5%   
Energy Equipment & Services - 1.0%   
Oil States International, Inc. (a) 955,500 10,300,290 
ShawCor Ltd. Class A 1,247,775 9,918,840 
  20,219,130 
Oil, Gas & Consumable Fuels - 1.5%   
Berry Petroleum Corp. 190,384 1,304,130 
Viper Energy Partners LP 1,337,700 29,175,237 
  30,479,367 
TOTAL ENERGY  50,698,497 
FINANCIALS - 31.1%   
Banks - 14.9%   
Associated Banc-Corp. 1,669,200 33,267,156 
BOK Financial Corp. 300,600 23,717,340 
Camden National Corp. 188,000 8,884,880 
First Citizens Bancshares, Inc. 66,224 34,888,128 
Heartland Financial U.S.A., Inc. 280,600 13,724,146 
Hilltop Holdings, Inc. 1,094,100 24,770,424 
PacWest Bancorp 204,900 7,181,745 
Popular, Inc. 734,900 41,125,004 
Trico Bancshares 980,051 35,673,856 
Umpqua Holdings Corp. 1,629,200 27,533,480 
United Community Bank, Inc. 1,195,373 33,374,814 
Wintrust Financial Corp. 249,300 15,775,704 
  299,916,677 
Capital Markets - 5.0%   
BrightSphere Investment Group, Inc. 2,489,901 22,931,988 
Donnelley Financial Solutions, Inc. (a) 802,172 7,267,678 
Lazard Ltd. Class A 947,100 39,740,316 
LPL Financial 245,800 22,645,554 
Morningstar, Inc. 55,237 8,666,133 
  101,251,669 
Consumer Finance - 1.3%   
Encore Capital Group, Inc. (a)(b) 798,500 27,109,075 
Diversified Financial Services - 1.1%   
ECN Capital Corp. 5,037,151 21,314,830 
Insurance - 6.8%   
Axis Capital Holdings Ltd. 370,400 23,798,200 
Enstar Group Ltd. (a) 219,696 42,904,432 
First American Financial Corp. 403,575 25,013,579 
Old Republic International Corp. 1,336,000 30,126,800 
Primerica, Inc. 134,800 15,981,888 
  137,824,899 
Thrifts & Mortgage Finance - 2.0%   
WSFS Financial Corp. 1,035,365 41,300,710 
TOTAL FINANCIALS  628,717,860 
HEALTH CARE - 4.1%   
Health Care Providers & Services - 1.1%   
Premier, Inc. (a) 603,718 20,991,275 
Health Care Technology - 1.3%   
Cegedim SA (a) 779,877 26,207,154 
Pharmaceuticals - 1.7%   
Perrigo Co. PLC 615,500 35,108,120 
TOTAL HEALTH CARE  82,306,549 
INDUSTRIALS - 13.6%   
Aerospace & Defense - 2.1%   
Moog, Inc. Class A 481,300 43,129,293 
Commercial Services & Supplies - 0.6%   
Knoll, Inc. 478,500 11,847,660 
Construction & Engineering - 3.4%   
AECOM (a) 657,600 31,716,048 
Argan, Inc. 609,100 25,649,201 
MasTec, Inc. (a) 179,800 10,383,450 
  67,748,699 
Electrical Equipment - 2.0%   
Regal Beloit Corp. 517,768 40,624,077 
Machinery - 2.3%   
Luxfer Holdings PLC sponsored 1,191,600 19,006,020 
SPX Flow, Inc.(a) 629,100 27,516,834 
  46,522,854 
Professional Services - 0.6%   
CBIZ, Inc. (a) 469,000 12,663,000 
Road & Rail - 1.6%   
Schneider National, Inc. Class B 1,426,700 31,772,609 
Trading Companies & Distributors - 1.0%   
GMS, Inc. (a) 400,400 10,698,688 
Titan Machinery, Inc. (a) 771,895 9,424,838 
  20,123,526 
TOTAL INDUSTRIALS  274,431,718 
INFORMATION TECHNOLOGY - 9.3%   
Communications Equipment - 0.6%   
CommScope Holding Co., Inc. (a) 1,035,300 12,615,131 
Electronic Equipment & Components - 3.6%   
Jabil, Inc. 245,800 9,559,162 
SYNNEX Corp. 285,860 39,380,074 
TTM Technologies, Inc. (a) 1,659,494 23,880,119 
  72,819,355 
IT Services - 4.7%   
Computer Services, Inc. 638,088 31,929,924 
Conduent, Inc. (a) 1,990,400 8,518,912 
Perspecta, Inc. 1,099,400 30,860,158 
Unisys Corp. (a) 2,431,100 23,605,981 
  94,914,975 
Software - 0.4%   
j2 Global, Inc. 85,100 8,157,686 
TOTAL INFORMATION TECHNOLOGY  188,507,147 
MATERIALS - 4.1%   
Chemicals - 2.4%   
Intrepid Potash, Inc. (a)(b) 2,936,100 6,987,918 
Livent Corp. (a) 2,010,617 18,919,906 
Olin Corp. 1,484,900 22,080,463 
  47,988,287 
Containers & Packaging - 1.7%   
Ardagh Group SA 1,775,600 33,878,448 
TOTAL MATERIALS  81,866,735 
REAL ESTATE - 9.8%   
Equity Real Estate Investment Trusts (REITs) - 6.8%   
Clipper Realty, Inc. 762,051 8,123,464 
Corporate Office Properties Trust (SBI) 1,530,900 45,574,893 
Lexington Corporate Properties Trust 2,240,390 24,801,117 
Outfront Media, Inc. 663,100 19,720,594 
Potlatch Corp. 893,700 38,429,100 
  136,649,168 
Real Estate Management & Development - 3.0%   
Cushman & Wakefield PLC (a) 1,548,200 29,756,404 
DIC Asset AG 1,625,900 30,474,154 
  60,230,558 
TOTAL REAL ESTATE  196,879,726 
UTILITIES - 6.1%   
Electric Utilities - 3.6%   
IDACORP, Inc. 132,800 14,898,832 
Portland General Electric Co. 953,000 58,609,499 
  73,508,331 
Gas Utilities - 2.5%   
ONE Gas, Inc. 247,900 23,426,550 
Spire, Inc. 318,500 26,855,920 
  50,282,470 
TOTAL UTILITIES  123,790,801 
TOTAL COMMON STOCKS   
(Cost $1,829,927,917)  1,983,291,926 
Money Market Funds - 2.2%   
Fidelity Cash Central Fund 1.58% (c) 31,869,421 31,875,795 
Fidelity Securities Lending Cash Central Fund 1.59% (c)(d) 12,594,838 12,596,097 
TOTAL MONEY MARKET FUNDS   
(Cost $44,471,892)  44,471,892 
TOTAL INVESTMENT IN SECURITIES - 100.4%   
(Cost $1,874,399,809)  2,027,763,818 
NET OTHER ASSETS (LIABILITIES) - (0.4)%  (8,707,427) 
NET ASSETS - 100%  $2,019,056,391 

Legend

 (a) Non-income producing

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

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

 (d) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

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

Fund Income earned 
Fidelity Cash Central Fund $193,915 
Fidelity Securities Lending Cash Central Fund 10,034 
Total $203,949 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

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 Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Titan Machinery, Inc. $24,865,352 $983,407 $6,542,621 $-- $(2,750,715) $(7,130,585) $-- 
Total $24,865,352 $983,407 $6,542,621 $-- $(2,750,715) $(7,130,585) $-- 

Investment Valuation

All investments are categorized as Level 1 under the Fair Value Hierarchy. 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 please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

Other Information

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

United States of America 81.2% 
Bermuda 5.3% 
United Kingdom 2.4% 
Puerto Rico 2.0% 
Ireland 1.7% 
Luxembourg 1.7% 
Canada 1.6% 
Germany 1.5% 
France 1.3% 
British Virgin Islands 1.3% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  January 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $11,968,830) — See accompanying schedule:
Unaffiliated issuers (cost $1,829,927,917) 		$1,983,291,926  
Fidelity Central Funds (cost $44,471,892) 44,471,892  
Total Investment in Securities (cost $1,874,399,809)  $2,027,763,818 
Receivable for investments sold  10,468,449 
Receivable for fund shares sold  2,064,583 
Dividends receivable  148,950 
Distributions receivable from Fidelity Central Funds  33,119 
Prepaid expenses  2,318 
Other receivables  74,493 
Total assets  2,040,555,730 
Liabilities   
Payable for investments purchased $3,325,759  
Payable for fund shares redeemed 3,819,212  
Accrued management fee 1,290,108  
Distribution and service plan fees payable 64,687  
Other affiliated payables 362,784  
Other payables and accrued expenses 40,539  
Collateral on securities loaned 12,596,250  
Total liabilities  21,499,339 
Net Assets  $2,019,056,391 
Net Assets consist of:   
Paid in capital  $1,864,215,744 
Total accumulated earnings (loss)  154,840,647 
Net Assets  $2,019,056,391 
Net Asset Value and Maximum Offering Price   
Class A:   
Net Asset Value and redemption price per share ($123,449,395 ÷ 8,519,617 shares)(a)  $14.49 
Maximum offering price per share (100/94.25 of $14.49)  $15.37 
Class M:   
Net Asset Value and redemption price per share ($48,350,765 ÷ 3,444,424 shares)(a)  $14.04 
Maximum offering price per share (100/96.50 of $14.04)  $14.55 
Class C:   
Net Asset Value and offering price per share ($18,880,093 ÷ 1,486,788 shares)(a)  $12.70 
Small Cap Value:   
Net Asset Value, offering price and redemption price per share ($1,500,118,197 ÷ 101,062,029 shares)  $14.84 
Class I:   
Net Asset Value, offering price and redemption price per share ($236,301,830 ÷ 15,914,907 shares)  $14.85 
Class Z:   
Net Asset Value, offering price and redemption price per share ($91,956,111 ÷ 6,198,355 shares)  $14.84 

 (a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.

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


Statement of Operations

  Six months ended January 31, 2020 (Unaudited) 
Investment Income   
Dividends  $18,169,744 
Interest  3,871 
Income from Fidelity Central Funds (including $10,034 from security lending)  203,949 
Total income  18,377,564 
Expenses   
Management fee   
Basic fee $7,064,475  
Performance adjustment (117,943)  
Transfer agent fees 1,858,258  
Distribution and service plan fees 390,329  
Accounting fees 312,573  
Custodian fees and expenses 24,713  
Independent trustees' fees and expenses 6,447  
Registration fees 105,538  
Audit 33,390  
Legal 2,906  
Interest 502  
Miscellaneous 5,351  
Total expenses before reductions 9,686,539  
Expense reductions (107,293)  
Total expenses after reductions  9,579,246 
Net investment income (loss)  8,798,318 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 30,836,070  
Fidelity Central Funds 193  
Other affiliated issuers (2,750,715)  
Foreign currency transactions (18,657)  
Total net realized gain (loss)  28,066,891 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 17,470,346  
Affiliated issuers (7,130,585)  
Assets and liabilities in foreign currencies (2,057)  
Total change in net unrealized appreciation (depreciation)  10,337,704 
Net gain (loss)  38,404,595 
Net increase (decrease) in net assets resulting from operations  $47,202,913 

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


Statement of Changes in Net Assets

 Six months ended January 31, 2020 (Unaudited) Year ended July 31, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $8,798,318 $25,033,624 
Net realized gain (loss) 28,066,891 181,039,028 
Change in net unrealized appreciation (depreciation) 10,337,704 (337,584,395) 
Net increase (decrease) in net assets resulting from operations 47,202,913 (131,511,743) 
Distributions to shareholders (73,266,229) (631,100,390) 
Share transactions - net increase (decrease) (40,404,015) 59,792,211 
Total increase (decrease) in net assets (66,467,331) (702,819,922) 
Net Assets   
Beginning of period 2,085,523,722 2,788,343,644 
End of period $2,019,056,391 $2,085,523,722 

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


Financial Highlights

Fidelity Small Cap Value Fund Class A

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $14.68 $20.33 $19.05 $17.92 $19.14 $19.29 
Income from Investment Operations       
Net investment income (loss)A .05 .14B .10C .20D .07 .10E 
Net realized and unrealized gain (loss) .26 (.98) 1.87 2.23 .56 2.01 
Total from investment operations .31 (.84) 1.97 2.43 .63 2.11 
Distributions from net investment income (.09) (.10) (.17) (.10) (.11) (.02) 
Distributions from net realized gain (.41) (4.71) (.52) (1.20) (1.75) (2.25) 
Total distributions (.50) (4.81) (.69) (1.30) (1.85)F (2.26)G 
Redemption fees added to paid in capitalA – – –H –H –H –H 
Net asset value, end of period $14.49 $14.68 $20.33 $19.05 $17.92 $19.14 
Total ReturnI,J,K 2.14% (4.85)% 10.65% 14.61% 4.07% 11.86% 
Ratios to Average Net AssetsL,M       
Expenses before reductions 1.17%N .92% 1.18% 1.24% 1.41% 1.42% 
Expenses net of fee waivers, if any 1.17%N .92% 1.17% 1.24% 1.41% 1.39% 
Expenses net of all reductions 1.16%N .91% 1.17% 1.24% 1.41% 1.39% 
Net investment income (loss) .62%N .91%B .49%C 1.10%D .43% .52%E 
Supplemental Data       
Net assets, end of period (000 omitted) $123,449 $129,115 $162,572 $184,306 $218,364 $235,844 
Portfolio turnover rateO 54%N 79% 55% 26% 33% 34% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .71%.

 C Net investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .29%.

 D Net investment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .61%.

 E Net investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .26%.

 F Total distributions of $1.85 per share is comprised of distributions from net investment income of $.105 and distributions from net realized gain of $1.747 per share.

 G Total distributions of $2.26 per share is comprised of distributions from net investment income of $.016 and distributions from net realized gain of $2.248 per share.

 H Amount represents less than $.005 per share.

 I Total returns for periods of less than one year are not annualized.

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

 K Total returns do not include the effect of the sales charges.

 L 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.

 M 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.

 N Annualized

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

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


Fidelity Small Cap Value Fund Class M

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $14.22 $19.84 $18.61 $17.54 $18.78 $18.98 
Income from Investment Operations       
Net investment income (loss)A .03 .10B .05C .15D .03 .05E 
Net realized and unrealized gain (loss) .25 (.96) 1.82 2.18 .54 1.98 
Total from investment operations .28 (.86) 1.87 2.33 .57 2.03 
Distributions from net investment income (.05) (.05) (.13) (.07) (.06) – 
Distributions from net realized gain (.41) (4.71) (.52) (1.20) (1.75) (2.23) 
Total distributions (.46) (4.76) (.64)F (1.26)G (1.81) (2.23) 
Redemption fees added to paid in capitalA – – –H –H –H –H 
Net asset value, end of period $14.04 $14.22 $19.84 $18.61 $17.54 $18.78 
Total ReturnI,J,K 2.04% (5.08)% 10.39% 14.35% 3.76% 11.58% 
Ratios to Average Net AssetsL,M       
Expenses before reductions 1.41%N 1.17% 1.42% 1.49% 1.66% 1.67% 
Expenses net of fee waivers, if any 1.41%N 1.17% 1.42% 1.49% 1.66% 1.64% 
Expenses net of all reductions 1.40%N 1.16% 1.41% 1.49% 1.65% 1.63% 
Net investment income (loss) .38%N .66%B .25%C .86%D .19% .27%E 
Supplemental Data       
Net assets, end of period (000 omitted) $48,351 $53,612 $69,380 $78,852 $82,337 $91,716 
Portfolio turnover rateO 54%N 79% 55% 26% 33% 34% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .46%.

 C Net investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .04%.

 D Net investment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .36%.

 E Net investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .01%.

 F Total distributions of $.64 per share is comprised of distributions from net investment income of $.125 and distributions from net realized gain of $.519 per share.

 G Total distributions of $1.26 per share is comprised of distributions from net investment income of $.067 and distributions from net realized gain of $1.195 per share.

 H Amount represents less than $.005 per share.

 I Total returns for periods of less than one year are not annualized.

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

 K Total returns do not include the effect of the sales charges.

 L 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.

 M 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.

 N Annualized

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

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


Fidelity Small Cap Value Fund Class C

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $12.91 $18.50 $17.39 $16.52 $17.82 $18.19 
Income from Investment Operations       
Net investment income (loss)A (.01) .02B (.05)C .06D (.05) (.04)E 
Net realized and unrealized gain (loss) .24 (.89) 1.71 2.04 .50 1.90 
Total from investment operations .23 (.87) 1.66 2.10 .45 1.86 
Distributions from net investment income (.03) (.02) (.03) (.04) – – 
Distributions from net realized gain (.41) (4.71) (.52) (1.20) (1.75) (2.23) 
Total distributions (.44) (4.72)F (.55) (1.23)G (1.75) (2.23) 
Redemption fees added to paid in capitalA – – –H –H –H –H 
Net asset value, end of period $12.70 $12.91 $18.50 $17.39 $16.52 $17.82 
Total ReturnI,J,K 1.82% (5.63)% 9.84% 13.79% 3.20% 11.05% 
Ratios to Average Net AssetsL,M       
Expenses before reductions 1.94%N 1.68% 1.93% 2.00% 2.18% 2.19% 
Expenses net of fee waivers, if any 1.94%N 1.68% 1.93% 2.00% 2.17% 2.16% 
Expenses net of all reductions 1.93%N 1.67% 1.92% 2.00% 2.17% 2.15% 
Net investment income (loss) (.15)%N .15%B (.26)%C .35%D (.33)% (.25)%E 
Supplemental Data       
Net assets, end of period (000 omitted) $18,880 $22,187 $44,396 $52,227 $57,231 $64,928 
Portfolio turnover rateO 54%N 79% 55% 26% 33% 34% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.05) %.

 C Net investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.47) %.

 D Net investment income per share reflects a large, non-recurring dividend which amounted to $.08 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.15) %.

 E Net investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.51) %.

 F Total distributions of $4.72 per share is comprised of distributions from net investment income of $.016 and distributions from net realized gain of $4.707 per share.

 G Total distributions of $1.23 per share is comprised of distributions from net investment income of $.036 and distributions from net realized gain of $1.195 per share.

 H Amount represents less than $.005 per share.

 I Total returns for periods of less than one year are not annualized.

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

 K Total returns do not include the effect of the contingent deferred sales charge.

 L 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.

 M 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.

 N Annualized

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

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


Fidelity Small Cap Value Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $15.04 $20.71 $19.41 $18.22 $19.45 $19.57 
Income from Investment Operations       
Net investment income (loss)A .07 .18B .15C .25D .12 .15E 
Net realized and unrealized gain (loss) .27 (1.00) 1.89 2.28 .55 2.05 
Total from investment operations .34 (.82) 2.04 2.53 .67 2.20 
Distributions from net investment income (.12) (.15) (.22) (.15) (.15) (.07) 
Distributions from net realized gain (.41) (4.71) (.52) (1.20) (1.75) (2.25) 
Total distributions (.54)F (4.85)G (.74) (1.34)H (1.90) (2.32) 
Redemption fees added to paid in capitalA – – –I –I –I –I 
Net asset value, end of period $14.84 $15.04 $20.71 $19.41 $18.22 $19.45 
Total ReturnJ,K 2.28% (4.58)% 10.88% 14.99% 4.23% 12.18% 
Ratios to Average Net AssetsL,M       
Expenses before reductions .90%N .66% .91% .99% 1.18% 1.15% 
Expenses net of fee waivers, if any .90%N .66% .91% .99% 1.18% 1.12% 
Expenses net of all reductions .89%N .64% .91% .99% 1.17% 1.12% 
Net investment income (loss) .89%N 1.17%B .76%C 1.36%D .67% .78%E 
Supplemental Data       
Net assets, end of period (000 omitted) $1,500,118 $1,611,032 $2,052,664 $2,637,843 $2,460,714 $2,036,157 
Portfolio turnover rateO 54%N 79% 55% 26% 33% 34% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .98%.

 C Net investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .55%.

 D Net investment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .86%.

 E Net investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .53%.

 F Total distributions of $.54 per share is comprised of distributions from net investment income of $.124 and distributions from net realized gain of $.411 per share.

 G Total distributions of $4.85 per share is comprised of distributions from net investment income of $.145 and distributions from net realized gain of $4.707 per share.

 H Total distributions of $1.34 per share is comprised of distributions from net investment income of $.145 and distributions from net realized gain of $1.195 per share.

 I Amount represents less than $.005 per share.

 J Total returns for periods of less than one year are not annualized.

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

 L 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.

 M 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.

 N Annualized

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

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


Fidelity Small Cap Value Fund Class I

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $15.04 $20.72 $19.41 $18.23 $19.45 $19.57 
Income from Investment Operations       
Net investment income (loss)A .07 .18B .15C .25D .12 .15E 
Net realized and unrealized gain (loss) .27 (1.01) 1.90 2.28 .56 2.05 
Total from investment operations .34 (.83) 2.05 2.53 .68 2.20 
Distributions from net investment income (.12) (.15) (.22) (.15) (.16) (.07) 
Distributions from net realized gain (.41) (4.71) (.52) (1.20) (1.75) (2.25) 
Total distributions (.53) (4.85)F (.74) (1.35) (1.90)G (2.32) 
Redemption fees added to paid in capitalA – – –H –H –H –H 
Net asset value, end of period $14.85 $15.04 $20.72 $19.41 $18.23 $19.45 
Total ReturnI,J 2.34% (4.63)% 10.93% 14.96% 4.31% 12.17% 
Ratios to Average Net AssetsK,L       
Expenses before reductions .91%M .66% .91% .98% 1.14% 1.15% 
Expenses net of fee waivers, if any .90%M .66% .91% .97% 1.14% 1.12% 
Expenses net of all reductions .90%M .65% .90% .97% 1.14% 1.12% 
Net investment income (loss) .89%M 1.17%B .76%C 1.37%D .70% .79%E 
Supplemental Data       
Net assets, end of period (000 omitted) $236,302 $243,571 $459,332 $466,730 $389,928 $376,817 
Portfolio turnover rateN 54%M 79% 55% 26% 33% 34% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.03 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .97%.

 C Net investment income per share reflects a large, non-recurring dividend which amounted to $.04 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .55%.

 D Net investment income per share reflects a large, non-recurring dividend which amounted to $.09 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .88%.

 E Net investment income per share reflects a large, non-recurring dividend which amounted to $.05 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .53%.

 F Total distributions of $4.85 per share is comprised of distributions from net investment income of $.146 and distributions from net realized gain of $4.707 per share.

 G Total distributions of $1.90 per share is comprised of distributions from net investment income of $.157 and distributions from net realized gain of $1.747 per share.

 H Amount represents less than $.005 per share.

 I Total returns for periods of less than one year are not annualized.

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

 K 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.

 L 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.

 M Annualized

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

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


Fidelity Small Cap Value Fund Class Z

 Six months ended (Unaudited) January 31, Years endedJuly 31, 
 2020 2019 A 
Selected Per–Share Data   
Net asset value, beginning of period $15.05 $16.90 
Income from Investment Operations   
Net investment income (loss)B .08 (.08)C 
Net realized and unrealized gain (loss) .27 (.66)D 
Total from investment operations .35 (.74) 
Distributions from net investment income (.15) (.09) 
Distributions from net realized gain (.41) (1.02) 
Total distributions (.56) (1.11) 
Net asset value, end of period $14.84 $15.05 
Total ReturnE,F 2.38% (3.75)% 
Ratios to Average Net AssetsG,H   
Expenses before reductions .77%I .52%I 
Expenses net of fee waivers, if any .76%I .52%I 
Expenses net of all reductions .75%I .51%I 
Net investment income (loss) 1.03%I (.63)%C,I 
Supplemental Data   
Net assets, end of period (000 omitted) $91,956 $26,006 
Portfolio turnover rateJ 54%I 79% 

 A For the period October 2, 2018 (commencement of sale of shares) to July 31, 2019.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects a large, non-recurring dividend which amounted to $.02 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been (.82) %.

 D The amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.

 E Total returns for periods of less than one year are not annualized.

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

 G Fees and expenses of any underlying 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.

 H 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. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. 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.

 I Annualized

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

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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2020

1. Organization.

Fidelity Small Cap Value Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Class A, Class M, Class C, Small Cap Value, Class I and Class Z shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Effective March 1, 2019, Class C shares will automatically convert to Class A shares after a holding period of ten years from the initial date of purchase, with certain exceptions.

Effective January 1, 2020:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

Broker-dealer Fidelity Distributors Corporation merged with and into Fidelity Investments Institutional Services Company, Inc. ("FIISC"). FIISC was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Distributors Company LLC".

Fidelity Investments Institutional Operations Company, Inc. converted from a Massachusetts corporation to a Massachusetts LLC, and changed its name to "Fidelity Investments Institutional Operations Company LLC".

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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .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 Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • 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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

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. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of 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 and distribution and service plan 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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions, partnerships and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $294,331,911 
Gross unrealized depreciation (141,071,286) 
Net unrealized appreciation (depreciation) $153,260,625 
Tax cost $1,874,503,193 

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $550,632,827 and $618,835,488, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is the sum of an individual fund fee rate that is based on an annual rate of .45% of the Fund's average net assets and an annualized group fee rate that averaged .23% during the period. The group fee rate is based upon the monthly average net assets of a group of registered investment companies with which the investment adviser has management contracts. The group fee rate decreases as assets under management increase and increases as assets under management decrease. In addition, the management fee is subject to a performance adjustment (up to a maximum of +/- .20% of the Fund's average net assets over a 36 month performance period). The upward or downward adjustment to the management fee is based on the relative investment performance of Small Cap Value as compared to its benchmark index, the Russell 2000 Value Index, over the same 36 month performance period. For the reporting period, the total annualized management fee rate, including the performance adjustment, was .67% 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.

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Certain classes pay Fidelity Distributors Company LLC (FDC), an affiliate of the investment adviser, separate Distribution and Service Fees, each of which is based on an annual percentage of each class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Distribution and Service Fee rates, total fees and amounts retained by FDC were as follows:

 Distribution Fee Service Fee Total Fees Retained by FDC 
Class A -% .25% $157,266 $693 
Class M .25% .25% 128,584 – 
Class C .75% .25% 104,479 7,951 
   $390,329 $8,644 

Sales Load. FDC may receive a front-end sales charge of up to 5.75% for selling Class A shares and 3.50% for selling Class M shares, some of which is paid to financial intermediaries for selling shares of the Fund. Depending on the holding period, FDC may receive contingent deferred sales charges levied on Class A, Class M and Class C redemptions. The deferred sales charges are 1.00% for Class C shares, 1.00% for certain purchases of Class A shares and .25% for certain purchases of Class M shares.

For the period, sales charge amounts retained by FDC were as follows:

 Retained by FDC 
Class A $15,060 
Class M 833 
Class C(a) 852 
 $16,745 

 (a) When Class C shares are initially sold, FDC pays commissions from its own resources to financial intermediaries through which the sales are made.

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

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

 Amount % of Class-Level Average Net Assets(a) 
Class A $124,772 .20 
Class M 49,482 .19 
Class C 23,088 .22 
Small Cap Value 1,421,366 .18 
Class I 223,219 .19 
Class Z 16,331 .04 
 $1,858,258  

 (a) Annualized

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

 % of Average Net Assets 
Fidelity Small Cap Value Fund .03 

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity Small Cap Value Fund $36,740 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity Small Cap Value Fund Borrower $7,593,000 2.38% $502 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

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 $2,458 and is reflected in Miscellaneous expenses on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, 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. Total fees paid by the Fund to NFS, as lending agent, amounted to $1,018. 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. During the period, there were no securities loaned to NFS.

8. Expense Reductions.

Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of the Fund include an amount in addition to trade execution, which may be rebated back to the Fund to offset certain expenses. This amount totaled $94,428 for the period. In addition, through arrangements with each class' transfer agent, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, transfer agent credits reduced each class' expenses as noted in the table below.

 Expense reduction 
Class A $34 

In addition, during the period the investment adviser or an affiliate reimbursed and/or waived a portion of fund-level operating expenses in the amount of $4,271.

In addition, during the period the investment adviser or an affiliate reimbursed the Fund $8,560 for an operational error which is included in the accompanying Statement of Operations.

9. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
January 31, 2020 		Year ended
July 31, 2019(a) 
Distributions to shareholders   
Class A $4,271,933 $38,710,047 
Class M 1,681,883 17,014,124 
Class C 713,172 11,414,739 
Small Cap Value 55,235,533 469,819,892 
Class I 8,502,075 93,391,322 
Class Z 2,861,633 750,266 
Total $73,266,229 $631,100,390 

 (a) Distributions for Class Z are for the period October 2, 2018 (commencement of sale of shares) to July 31, 2019.

10. Share Transactions.

Share transactions for each class were as follows and may contain automatic conversions between classes or exchanges between affiliated funds:

 Shares Shares Dollars Dollars 
 Six months ended January 31, 2020 Year ended July 31, 2019(a) Six months ended January 31, 2020 Year ended July 31, 2019 (a) 
Class A     
Shares sold 763,541 1,638,428 $11,112,437 $24,084,415 
Reinvestment of distributions 291,014 2,371,085 4,193,040 37,759,513 
Shares redeemed (1,332,158) (3,209,827) (19,282,157) (47,744,776) 
Net increase (decrease) (277,603) 799,686 $(3,976,680) $14,099,152 
Class M     
Shares sold 189,515 389,836 $2,672,812 $5,611,447 
Reinvestment of distributions 119,893 1,095,649 1,673,368 16,926,149 
Shares redeemed (635,671) (1,212,074) (8,919,306) (17,550,968) 
Net increase (decrease) (326,263) 273,411 $(4,573,126) $4,986,628 
Class C     
Shares sold 171,409 221,718 $2,178,465 $2,936,109 
Reinvestment of distributions 55,052 777,498 693,834 11,029,853 
Shares redeemed (457,589) (1,681,515) (5,846,978) (21,680,140) 
Net increase (decrease) (231,128) (682,299) $(2,974,679) $(7,714,178) 
Small Cap Value     
Shares sold 9,444,674 12,928,047 $141,487,137 $198,016,884 
Reinvestment of distributions 3,586,007 27,312,687 52,941,837 443,826,642 
Shares redeemed (19,077,733) (32,223,973) (283,402,454) (519,137,502) 
Net increase (decrease) (6,047,052) 8,016,761 $(88,973,480) $122,706,024 
Class I     
Shares sold 2,803,983 3,573,241 $41,690,404 $55,460,309 
Reinvestment of distributions 514,583 4,767,058 7,603,950 77,894,990 
Shares redeemed (3,593,802) (14,318,939) (53,783,265) (233,477,236) 
Net increase (decrease) (275,236) (5,978,640) $(4,488,911) $(100,121,937) 
Class Z     
Shares sold 4,909,530 1,964,572 $71,259,731 $29,307,629 
Reinvestment of distributions 182,948 54,128 2,704,975 741,553 
Shares redeemed (622,480) (290,343) (9,381,845) (4,212,660) 
Net increase (decrease) 4,469,998 1,728,357 $64,582,861 $25,836,522 

 (a) Share transactions for Class Z are for the period October 2, 2018 (commencement of sale of shares) to July 31, 2019.

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.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments or redemption proceeds, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in 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 (August 1, 2019 to January 31, 2020).

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. 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. 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. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2019 		Ending
Account Value
January 31, 2020 		Expenses Paid
During Period-B
August 1, 2019
to January 31, 2020 
Class A 1.17%    
Actual  $1,000.00 $1,021.40 $5.94 
Hypothetical-C  $1,000.00 $1,019.25 $5.94 
Class M 1.41%    
Actual  $1,000.00 $1,020.40 $7.16 
Hypothetical-C  $1,000.00 $1,018.05 $7.15 
Class C 1.94%    
Actual  $1,000.00 $1,018.20 $9.84 
Hypothetical-C  $1,000.00 $1,015.38 $9.83 
Small Cap Value .90%    
Actual  $1,000.00 $1,022.80 $4.58 
Hypothetical-C  $1,000.00 $1,020.61 $4.57 
Class I .90%    
Actual  $1,000.00 $1,023.40 $4.58 
Hypothetical-C  $1,000.00 $1,020.61 $4.57 
Class Z .76%    
Actual  $1,000.00 $1,023.80 $3.87 
Hypothetical-C  $1,000.00 $1,021.32 $3.86 

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

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Small Cap Value Fund

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

Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile and considered that the definition of "group assets" for purposes of the fund's group fee would be modified to avoid double-counting assets once the reorganization is complete. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.

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

At its January 2020 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness of the fund's management fee and total expense ratio relative to peer funds; (iii) the total costs of the services provided by and the profits realized by Fidelity from its relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

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

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

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

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

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

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

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

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history. The Board noted that there was a portfolio management change for the fund in January 2017. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management change.

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

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

The Independent Trustees recognize that shareholders evaluate performance on a net basis over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative total return information for the fund and an appropriate benchmark index and peer group for the most recent one-, three-, and five-year periods ended June 30, 2019, as shown below. Returns are shown compared to the 25th percentile (top of box, 75% beaten) and 75th percentile (bottom of box, 25% beaten) of the peer universe.

Fidelity Small Cap Value Fund


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

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

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

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

Fidelity Small Cap Value Fund

The Board noted that the comparisons for 2015 and later reflect a revised Total Mapped Group that no longer includes funds with micro-cap objectives and that FMR believes this Total Mapped Group is a more appropriate comparison because the fund does not have a micro-cap objective.


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for the 12-month period ended June 30, 2019. The Board also noted the effect of the fund's performance adjustment, if any, on the fund's management fee ranking.

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

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

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

Total Expense Ratio.  In its review of each class's total expense ratio, the Board considered the fund's management fee rate as well as other fund or class expenses, as applicable, such as transfer agent fees, pricing and bookkeeping fees, fund-paid 12b-1 fees, and custodial, legal, and audit fees. The Board noted the impact of the fund's performance adjustment. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. As part of its review, the Board also considered the current and historical total expense ratios of 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 the competitive median for the 12-month period ended June 30, 2019.

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

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

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

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

PricewaterhouseCoopers LLP (PwC), 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 the fund profitability information 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 potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and met periodically, to evaluate potential fall-out benefits (PFOB Committee). The Board noted that the PFOB Committee, among other things: (i) discussed the legal framework surrounding potential fall-out benefits; (ii) reviewed the Board's responsibilities and approach to potential fall-out benefits; and (iii) reviewed practices employed by competitor funds regarding the review of potential fall-out benefits.

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

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

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

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

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of performance fees for additional funds; (iii) changes in Fidelity's non-fund businesses and the impact of such changes on the funds; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (vi) the expense structures for different funds and classes; (vii) information regarding other accounts managed by Fidelity, including collective investment trusts and separately managed accounts; and (viii) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

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





Fidelity Investments

SCV-SANN-0320
1.803709.115

Fidelity® Series Small Cap Opportunities Fund



Semi-Annual Report

January 31, 2020

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020

 % of fund's net assets 
Five9, Inc. 1.0 
LHC Group, Inc. 0.9 
Simpson Manufacturing Co. Ltd. 0.9 
Generac Holdings, Inc. 0.9 
CBIZ, Inc. 0.8 
Terreno Realty Corp. 0.8 
Moog, Inc. Class A 0.8 
EMCOR Group, Inc. 0.8 
Science Applications International Corp. 0.8 
Rexford Industrial Realty, Inc. 0.8 
 8.5 

Top Five Market Sectors as of January 31, 2020

 % of fund's net assets 
Health Care 17.6 
Financials 17.0 
Industrials 15.8 
Information Technology 14.3 
Consumer Discretionary 11.1 

Asset Allocation (% of fund's net assets)

As of January 31, 2020* 
   Stocks and Equity Futures 98.9% 
   Short-Term Investments and Net Other Assets (Liabilities) 1.1% 


 * Foreign investments - 10.4%

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.3%   
 Shares Value 
COMMUNICATION SERVICES - 1.9%   
Diversified Telecommunication Services - 0.7%   
Cogent Communications Group, Inc. 269,300 $19,101,449 
Iridium Communications, Inc. (a) 741,700 18,950,435 
  38,051,884 
Entertainment - 0.2%   
Cinemark Holdings, Inc. 277,500 8,744,025 
Media - 1.0%   
4Imprint Group PLC 5,516 241,096 
Gray Television, Inc. (a) 802,377 16,272,206 
Nexstar Broadcasting Group, Inc. Class A 88,900 10,770,235 
Tegna, Inc. 1,234,280 20,859,332 
The New York Times Co. Class A 208,400 6,670,884 
  54,813,753 
TOTAL COMMUNICATION SERVICES  101,609,662 
CONSUMER DISCRETIONARY - 11.1%   
Auto Components - 1.0%   
Fox Factory Holding Corp. (a) 252,100 16,593,222 
Standard Motor Products, Inc. 408,434 19,841,724 
Stoneridge, Inc. (a) 572,200 15,941,492 
  52,376,438 
Diversified Consumer Services - 0.6%   
Laureate Education, Inc. Class A (a) 1,492,300 31,099,532 
Hotels, Restaurants & Leisure - 1.9%   
Boyd Gaming Corp. 797,400 23,802,390 
Churchill Downs, Inc. 255,100 36,831,338 
Denny's Corp. (a) 665,600 13,624,832 
SeaWorld Entertainment, Inc. (a) 477,600 16,458,096 
Wendy's Co. 558,700 12,107,029 
  102,823,685 
Household Durables - 2.2%   
Helen of Troy Ltd. (a) 162,579 30,735,560 
M.D.C. Holdings, Inc. 549,300 23,147,502 
Skyline Champion Corp. (a) 477,300 13,722,375 
Taylor Morrison Home Corp. (a) 993,900 25,722,132 
TopBuild Corp. (a) 220,589 25,259,646 
  118,587,215 
Leisure Products - 1.6%   
Acushnet Holdings Corp. 692,000 21,431,240 
Brunswick Corp. 307,200 19,307,520 
Clarus Corp. 1,132,902 14,971,300 
Johnson Outdoors, Inc. Class A (b) 204,093 16,041,710 
YETI Holdings, Inc. (a)(b) 470,700 17,114,652 
  88,866,422 
Specialty Retail - 1.3%   
Monro, Inc. (b) 252,681 15,843,099 
Murphy U.S.A., Inc. (a) 261,800 26,748,106 
Urban Outfitters, Inc. (a) 483,600 12,380,160 
Williams-Sonoma, Inc. 234,800 16,454,784 
  71,426,149 
Textiles, Apparel & Luxury Goods - 2.5%   
Carter's, Inc. 161,300 17,109,091 
Columbia Sportswear Co. 121,300 11,392,496 
Deckers Outdoor Corp. (a) 212,600 40,587,466 
Oxford Industries, Inc. (b) 236,300 16,399,220 
Steven Madden Ltd. 805,747 31,069,604 
Wolverine World Wide, Inc. 623,652 19,688,694 
  136,246,571 
TOTAL CONSUMER DISCRETIONARY  601,426,012 
CONSUMER STAPLES - 2.9%   
Food & Staples Retailing - 1.4%   
BJ's Wholesale Club Holdings, Inc. (a) 947,100 19,434,492 
Casey's General Stores, Inc. 84,300 13,560,498 
Grocery Outlet Holding Corp. (b) 267,900 8,771,046 
Performance Food Group Co. (a) 632,125 32,737,754 
  74,503,790 
Food Products - 0.8%   
Lancaster Colony Corp. 94,062 14,546,688 
Nomad Foods Ltd. (a) 745,200 15,038,136 
Post Holdings, Inc. (a) 107,900 11,283,103 
  40,867,927 
Household Products - 0.2%   
Central Garden & Pet Co. (a)(b) 414,200 13,341,382 
Personal Products - 0.5%   
BellRing Brands, Inc. Class A (a) 662,000 14,325,680 
Inter Parfums, Inc. 189,200 13,075,612 
  27,401,292 
TOTAL CONSUMER STAPLES  156,114,391 
ENERGY - 2.5%   
Energy Equipment & Services - 0.6%   
Liberty Oilfield Services, Inc. Class A (b) 1,546,623 13,115,363 
Nabors Industries Ltd. 5,944,301 12,304,703 
Oil States International, Inc. (a) 601,591 6,485,151 
  31,905,217 
Oil, Gas & Consumable Fuels - 1.9%   
Delek U.S. Holdings, Inc. (b) 1,024,100 28,121,786 
Diamondback Energy, Inc. 99,193 7,379,959 
Northern Oil & Gas, Inc. (a)(b) 10,027,715 16,646,007 
PDC Energy, Inc. (a) 926,977 20,013,433 
Viper Energy Partners LP 499,674 10,897,890 
WPX Energy, Inc. (a) 1,817,510 21,719,245 
  104,778,320 
TOTAL ENERGY  136,683,537 
FINANCIALS - 17.0%   
Banks - 9.0%   
Associated Banc-Corp. 1,110,670 22,135,653 
BancFirst Corp. 555,584 32,112,755 
BankUnited, Inc. 591,478 19,518,774 
Banner Corp. 150,328 7,749,408 
Camden National Corp. 181,361 8,571,121 
City Holding Co. 365,680 27,674,662 
ConnectOne Bancorp, Inc. 723,643 17,085,211 
First Bancorp, Puerto Rico 3,860,685 35,788,550 
First Citizens Bancshares, Inc. 69,200 36,455,944 
First Interstate Bancsystem, Inc. 67,890 2,613,765 
First Merchants Corp. 929,770 36,958,358 
Heartland Financial U.S.A., Inc. 749,615 36,663,670 
Popular, Inc. 382,100 21,382,316 
Preferred Bank, Los Angeles 333,080 20,021,439 
Trico Bancshares 940,030 34,217,092 
Trustmark Corp. 394,305 12,609,874 
United Community Bank, Inc. 1,130,600 31,566,352 
WesBanco, Inc. 980,193 32,463,992 
Western Alliance Bancorp. 446,300 24,649,149 
Wintrust Financial Corp. 444,500 28,127,960 
  488,366,045 
Capital Markets - 2.0%   
AllianceBernstein Holding LP 610,000 19,977,500 
Hamilton Lane, Inc. Class A 393,898 25,583,675 
Houlihan Lokey 536,400 27,812,340 
Morningstar, Inc. 220,038 34,521,762 
  107,895,277 
Consumer Finance - 0.6%   
First Cash Financial Services, Inc. 395,300 34,379,241 
Insurance - 2.7%   
Amerisafe, Inc. 471,600 32,266,872 
Employers Holdings, Inc. 615,730 26,260,885 
First American Financial Corp. 506,200 31,374,276 
Primerica, Inc. 244,700 29,011,632 
White Mountains Insurance Group Ltd. 24,992 27,921,562 
  146,835,227 
Mortgage Real Estate Investment Trusts - 0.6%   
Redwood Trust, Inc. 1,792,200 31,596,486 
Thrifts & Mortgage Finance - 2.1%   
Essent Group Ltd. 853,300 42,332,213 
NMI Holdings, Inc. (a) 869,900 27,767,208 
Walker & Dunlop, Inc. 183,374 12,170,532 
WSFS Financial Corp. 831,005 33,148,789 
  115,418,742 
TOTAL FINANCIALS  924,491,018 
HEALTH CARE - 17.6%   
Biotechnology - 8.8%   
ACADIA Pharmaceuticals, Inc. (a) 538,602 21,511,764 
Acceleron Pharma, Inc. (a) 383,100 34,777,818 
Agios Pharmaceuticals, Inc. (a) 468,345 22,822,452 
Aprea Therapeutics, Inc. 264,800 10,152,432 
Arcutis Biotherapeutics, Inc. (a) 349,700 7,623,460 
Argenx SE ADR (a) 171,600 24,760,164 
Ascendis Pharma A/S sponsored ADR (a) 207,748 28,066,755 
BeiGene Ltd. ADR (a) 51,700 7,877,012 
BELLUS Health, Inc. (a) 167,977 1,370,692 
Black Diamond Therapeutics, Inc. (a) 29,500 1,106,250 
bluebird bio, Inc. (a)(b) 223,900 17,842,591 
Blueprint Medicines Corp. (a) 256,932 16,302,335 
ChemoCentryx, Inc. (a) 319,700 13,561,674 
Crinetics Pharmaceuticals, Inc. (a) 504,428 10,835,113 
FibroGen, Inc. (a) 647,300 27,089,505 
G1 Therapeutics, Inc. (a) 567,400 10,984,864 
Insmed, Inc. (a) 976,200 20,051,148 
Intercept Pharmaceuticals, Inc. (a) 223,698 20,671,932 
Ionis Pharmaceuticals, Inc. (a) 153,572 8,956,319 
Kura Oncology, Inc. (a) 743,713 8,731,191 
Mirati Therapeutics, Inc. (a) 183,600 15,941,988 
Morphic Holding, Inc. 359,424 7,224,422 
Neurocrine Biosciences, Inc. (a) 194,400 19,455,552 
Principia Biopharma, Inc. (a) 489,900 25,793,235 
Protagonist Therapeutics, Inc. (a) 1,304,691 9,850,417 
Retrophin, Inc. (a) 394,949 6,105,912 
Sage Therapeutics, Inc. (a) 108,875 7,216,235 
Sarepta Therapeutics, Inc. (a) 146,600 16,999,736 
Scholar Rock Holding Corp. (a) 44,007 540,846 
TG Therapeutics, Inc. (a)(b) 468,809 6,661,776 
Turning Point Therapeutics, Inc. 158,400 9,266,400 
Viela Bio, Inc. 554,550 21,821,543 
Xenon Pharmaceuticals, Inc. (a) 763,659 11,179,968 
Zymeworks, Inc. (a) 135,400 5,908,856 
  479,062,357 
Health Care Equipment & Supplies - 2.7%   
CONMED Corp. 152,000 15,455,360 
Haemonetics Corp. (a) 257,900 27,695,881 
Hill-Rom Holdings, Inc. 336,500 35,833,885 
Masimo Corp. (a) 219,400 37,429,640 
STERIS PLC 176,600 26,611,854 
  143,026,620 
Health Care Providers & Services - 2.1%   
Chemed Corp. 86,358 40,332,640 
LHC Group, Inc. (a) 349,600 50,954,200 
Molina Healthcare, Inc. (a) 185,500 22,810,935 
  114,097,775 
Health Care Technology - 0.9%   
Inovalon Holdings, Inc. Class A (a) 1,513,900 30,671,614 
Phreesia, Inc. 599,400 18,581,400 
  49,253,014 
Life Sciences Tools & Services - 1.7%   
10X Genomics, Inc. (a)(b) 50,862 4,648,278 
Bio-Rad Laboratories, Inc. Class A (a) 79,400 28,657,048 
Bruker Corp. 596,600 29,513,802 
ICON PLC (a) 180,700 30,469,634 
  93,288,762 
Pharmaceuticals - 1.4%   
MyoKardia, Inc. (a) 356,739 24,268,954 
Theravance Biopharma, Inc. (a) 683,172 19,046,835 
Zogenix, Inc. (a) 640,800 32,277,096 
  75,592,885 
TOTAL HEALTH CARE  954,321,413 
INDUSTRIALS - 15.8%   
Aerospace & Defense - 1.4%   
Moog, Inc. Class A 500,798 44,876,509 
Teledyne Technologies, Inc. (a) 81,012 29,574,241 
  74,450,750 
Air Freight & Logistics - 0.5%   
Air Transport Services Group, Inc. (a) 1,272,669 26,687,869 
Building Products - 1.9%   
Allegion PLC 222,341 28,753,138 
Armstrong World Industries, Inc. 304,463 30,546,773 
Simpson Manufacturing Co. Ltd. 572,085 47,294,267 
  106,594,178 
Commercial Services & Supplies - 0.7%   
Tetra Tech, Inc. 432,416 37,014,810 
Construction & Engineering - 2.9%   
Comfort Systems U.S.A., Inc. 702,330 32,588,112 
Construction Partners, Inc. Class A (a) 628,802 10,551,298 
EMCOR Group, Inc. 536,098 44,051,173 
Fluor Corp. 900,200 16,104,578 
Jacobs Engineering Group, Inc. 262,373 24,277,374 
Valmont Industries, Inc. 197,741 28,091,086 
  155,663,621 
Electrical Equipment - 1.6%   
Atkore International Group, Inc. (a) 1,032,659 40,996,562 
Generac Holdings, Inc. (a) 453,273 46,954,550 
  87,951,112 
Machinery - 3.8%   
Allison Transmission Holdings, Inc. 492,561 21,771,196 
ESCO Technologies, Inc. 418,378 40,147,553 
Federal Signal Corp. 643,400 20,691,744 
ITT, Inc. 576,385 38,663,906 
Oshkosh Corp. 235,800 20,288,232 
SPX Flow, Inc. (a) 877,407 38,377,782 
Standex International Corp. 343,428 25,101,153 
  205,041,566 
Professional Services - 0.8%   
CBIZ, Inc. (a) 1,675,325 45,233,775 
Road & Rail - 0.3%   
Landstar System, Inc. 169,629 18,786,412 
Trading Companies & Distributors - 1.9%   
Kaman Corp. 683,943 42,212,962 
MRC Global, Inc. (a) 1,761,920 19,839,219 
Rush Enterprises, Inc. Class A 342,276 14,717,868 
Univar, Inc. (a) 1,236,654 26,649,894 
  103,419,943 
TOTAL INDUSTRIALS  860,844,036 
INFORMATION TECHNOLOGY - 14.3%   
Electronic Equipment & Components - 2.1%   
ePlus, Inc. (a) 336,432 26,820,359 
Fabrinet (a) 500,374 31,543,577 
Insight Enterprises, Inc. (a) 473,900 31,215,793 
TTM Technologies, Inc. (a) 1,564,085 22,507,183 
  112,086,912 
IT Services - 5.3%   
Amdocs Ltd. 143,400 10,317,630 
CACI International, Inc. Class A (a) 121,371 32,459,460 
Endava PLC ADR (a) 491,706 22,702,066 
EPAM Systems, Inc. (a) 75,948 17,326,777 
ExlService Holdings, Inc. (a) 497,884 36,400,299 
ManTech International Corp. Class A 323,044 25,933,972 
Maximus, Inc. 474,101 34,016,747 
Perspecta, Inc. 1,117,500 31,368,225 
Science Applications International Corp. 495,899 43,525,055 
WNS Holdings Ltd. sponsored ADR (a) 459,203 32,768,726 
  286,818,957 
Semiconductors & Semiconductor Equipment - 3.4%   
Advanced Energy Industries, Inc. (a) 416,699 29,143,928 
Ambarella, Inc. (a) 341,500 20,196,310 
Brooks Automation, Inc. 26,301 1,001,542 
Cabot Microelectronics Corp. 247,100 35,955,521 
Entegris, Inc. 521,713 27,003,865 
MKS Instruments, Inc. 182,400 19,119,168 
ON Semiconductor Corp. (a) 877,100 20,304,865 
Semtech Corp. (a) 620,400 29,897,076 
  182,622,275 
Software - 3.5%   
Altair Engineering, Inc. Class A (a)(b) 736,800 27,224,760 
Bill.Com Holdings, Inc. (a) 303,381 15,266,132 
Everbridge, Inc. (a) 459,100 41,612,824 
Five9, Inc. (a) 734,500 52,685,683 
LivePerson, Inc. (a) 865,978 35,513,758 
Workiva, Inc. (a) 459,400 20,898,106 
  193,201,263 
TOTAL INFORMATION TECHNOLOGY  774,729,407 
MATERIALS - 3.6%   
Chemicals - 1.3%   
Chase Corp. 191,894 17,648,491 
Innospec, Inc. 349,400 35,195,062 
Olin Corp. 701,300 10,428,331 
Tronox Holdings PLC 1,216,000 10,287,360 
  73,559,244 
Construction Materials - 0.3%   
Eagle Materials, Inc. 210,700 19,209,519 
Containers & Packaging - 0.7%   
O-I Glass, Inc. 1,123,100 14,173,522 
Reynolds Consumer Products, Inc. (a) 312,500 8,921,875 
Sonoco Products Co. 223,100 12,747,934 
  35,843,331 
Metals & Mining - 0.7%   
B2Gold Corp. 4,774,200 20,671,124 
Steel Dynamics, Inc. 632,618 18,902,626 
  39,573,750 
Paper & Forest Products - 0.6%   
Louisiana-Pacific Corp. 983,900 30,186,052 
TOTAL MATERIALS  198,371,896 
REAL ESTATE - 8.0%   
Equity Real Estate Investment Trusts (REITs) - 7.3%   
American Assets Trust, Inc. 891,500 40,616,740 
Americold Realty Trust 700,900 24,160,023 
CubeSmart 1,130,900 35,815,603 
Equity Lifestyle Properties, Inc. 477,858 34,764,170 
Essential Properties Realty Trust, Inc. 1,204,700 33,261,767 
Four Corners Property Trust, Inc. 969,554 29,367,791 
Lexington Corporate Properties Trust 2,513,586 27,825,397 
PS Business Parks, Inc. 257,500 43,146,700 
Rexford Industrial Realty, Inc. 902,800 43,505,932 
Ryman Hospitality Properties, Inc. 475,800 40,457,274 
Store Capital Corp. 19,130 750,853 
Terreno Realty Corp. 789,700 45,218,222 
  398,890,472 
Real Estate Management & Development - 0.7%   
Cushman & Wakefield PLC (a) 1,931,100 37,115,742 
TOTAL REAL ESTATE  436,006,214 
UTILITIES - 3.6%   
Electric Utilities - 1.9%   
Allete, Inc. 373,000 31,138,040 
Hawaiian Electric Industries, Inc. 380,300 18,600,473 
IDACORP, Inc. 160,600 18,017,714 
PNM Resources, Inc. 589,962 31,993,639 
  99,749,866 
Gas Utilities - 1.2%   
New Jersey Resources Corp. (b) 400,500 16,548,660 
Southwest Gas Holdings, Inc. 305,637 23,078,650 
Spire, Inc. 321,608 27,117,987 
  66,745,297 
Independent Power and Renewable Electricity Producers - 0.3%   
Vistra Energy Corp. 787,851 17,742,405 
Multi-Utilities - 0.2%   
Algonquin Power & Utilities Corp. 829,100 12,693,521 
TOTAL UTILITIES  196,931,089 
TOTAL COMMON STOCKS   
(Cost $4,240,519,824)  5,341,528,675 
 Principal Amount Value 
U.S. Treasury Obligations - 0.1%   
U.S. Treasury Bills, yield at date of purchase 1.51% to 1.56% 2/27/20 to 4/2/20 (c)   
(Cost $6,666,869) 6,680,000 6,667,563 
 Shares Value 
Money Market Funds - 4.2%   
Fidelity Cash Central Fund 1.58% (d) 137,512,391 $137,539,894 
Fidelity Securities Lending Cash Central Fund 1.59% (d)(e) 91,079,628 91,088,735 
TOTAL MONEY MARKET FUNDS   
(Cost $228,627,009)  228,628,629 
TOTAL INVESTMENT IN SECURITIES - 102.6%   
(Cost $4,475,813,702)  5,576,824,867 
NET OTHER ASSETS (LIABILITIES) - (2.6)%  (140,291,848) 
NET ASSETS - 100%  $5,436,533,019 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
CME E-mini Russell 2000 Index Contracts (United States) 433 March 2020 $34,958,255 $(668,225) $(668,225) 

The notional amount of futures purchased as a percentage of Net Assets is .6%

Legend

 (a) Non-income producing

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

 (c) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,694,839.

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

 (e) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

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 $1,170,604 
Fidelity Securities Lending Cash Central Fund 296,504 
Total $1,467,108 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $101,609,662 $101,609,662 $-- $-- 
Consumer Discretionary 601,426,012 601,426,012 -- -- 
Consumer Staples 156,114,391 156,114,391 -- -- 
Energy 136,683,537 136,683,537 -- -- 
Financials 924,491,018 924,491,018 -- -- 
Health Care 954,321,413 954,321,413 -- -- 
Industrials 860,844,036 860,844,036 -- -- 
Information Technology 774,729,407 774,729,407 -- -- 
Materials 198,371,896 198,371,896 -- -- 
Real Estate 436,006,214 436,006,214 -- -- 
Utilities 196,931,089 196,931,089 -- -- 
U.S. Government and Government Agency Obligations 6,667,563 -- 6,667,563 -- 
Money Market Funds 228,628,629 228,628,629 -- -- 
Total Investments in Securities: $5,576,824,867 $5,570,157,304 $6,667,563 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(668,225) $(668,225) $-- $-- 
Total Liabilities $(668,225) $(668,225) $-- $-- 
Total Derivative Instruments: $(668,225) $(668,225) $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of January 31, 2020. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(668,225) 
Total Equity Risk 0 (668,225) 
Total Value of Derivatives $0 $(668,225) 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

Other Information

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

United States of America 89.6% 
Bermuda 2.1% 
Ireland 1.6% 
Cayman Islands 1.5% 
United Kingdom 1.3% 
Puerto Rico 1.1% 
Others (Individually Less Than 1%) 2.8% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  January 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $84,977,016) — See accompanying schedule:
Unaffiliated issuers (cost $4,247,186,693) 		$5,348,196,238  
Fidelity Central Funds (cost $228,627,009) 228,628,629  
Total Investment in Securities (cost $4,475,813,702)  $5,576,824,867 
Receivable for investments sold  41,402,370 
Receivable for fund shares sold  4,772,688 
Dividends receivable  1,079,487 
Distributions receivable from Fidelity Central Funds  117,131 
Other receivables  50,592 
Total assets  5,624,247,135 
Liabilities   
Payable to custodian bank $4,303,510  
Payable for investments purchased 38,878,042  
Payable for fund shares redeemed 51,603,663  
Payable for daily variation margin on futures contracts 1,824,303  
Other payables and accrued expenses 22,820  
Collateral on securities loaned 91,081,778  
Total liabilities  187,714,116 
Net Assets  $5,436,533,019 
Net Assets consist of:   
Paid in capital  $4,310,180,701 
Total accumulated earnings (loss)  1,126,352,318 
Net Assets  $5,436,533,019 
Net Asset Value, offering price and redemption price per share ($5,436,533,019 ÷ 395,813,681 shares)  $13.74 

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


Statement of Operations

  Six months ended January 31, 2020 (Unaudited) 
Investment Income   
Dividends  $31,195,171 
Interest  53,339 
Income from Fidelity Central Funds (including $296,504 from security lending)  1,467,108 
Total income  32,715,618 
Expenses   
Custodian fees and expenses $28,097  
Independent trustees' fees and expenses 17,472  
Commitment fees 6,660  
Total expenses  52,229 
Net investment income (loss)  32,663,389 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 85,585,657  
Fidelity Central Funds 42  
Foreign currency transactions 1,191  
Futures contracts 1,645,308  
Total net realized gain (loss)  87,232,198 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 144,661,196  
Assets and liabilities in foreign currencies (244)  
Futures contracts (1,031,208)  
Total change in net unrealized appreciation (depreciation)  143,629,744 
Net gain (loss)  230,861,942 
Net increase (decrease) in net assets resulting from operations  $263,525,331 

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


Statement of Changes in Net Assets

 Six months ended January 31, 2020 (Unaudited) Year ended July 31, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $32,663,389 $64,419,488 
Net realized gain (loss) 87,232,198 407,626,897 
Change in net unrealized appreciation (depreciation) 143,629,744 (363,323,342) 
Net increase (decrease) in net assets resulting from operations 263,525,331 108,723,043 
Distributions to shareholders (370,412,069) (659,882,676) 
Share transactions   
Proceeds from sales of shares 444,195,433 506,733,820 
Reinvestment of distributions 370,412,069 659,882,676 
Cost of shares redeemed (938,645,306) (945,329,771) 
Net increase (decrease) in net assets resulting from share transactions (124,037,804) 221,286,725 
Total increase (decrease) in net assets (230,924,542) (329,872,908) 
Net Assets   
Beginning of period 5,667,457,561 5,997,330,469 
End of period $5,436,533,019 $5,667,457,561 
Other Information   
Shares   
Sold 33,736,681 37,656,567 
Issued in reinvestment of distributions 27,933,067 47,034,659 
Redeemed (69,507,886) (68,970,531) 
Net increase (decrease) (7,838,138) 15,720,695 

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


Financial Highlights

Fidelity Series Small Cap Opportunities Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $14.04 $15.46 $14.42 $12.94 $13.83 $12.96 
Income from Investment Operations       
Net investment income (loss)A .08 .15 .16 .06 .06 .05 
Net realized and unrealized gain (loss) .55 .12 2.44 1.52 (.22) 1.53 
Total from investment operations .63 .27 2.60 1.58 (.16) 1.58 
Distributions from net investment income (.16) (.14) (.12) (.07) (.05) (.04) 
Distributions from net realized gain (.77) (1.55) (1.45) (.03) (.68) (.66) 
Total distributions (.93) (1.69) (1.56)B (.10) (.73)C (.71) 
Net asset value, end of period $13.74 $14.04 $15.46 $14.42 $12.94 $13.83 
Total ReturnD,E 4.79% 1.98% 19.84% 12.22% (.94)% 12.66% 
Ratios to Average Net AssetsF,G       
Expenses before reductions - %H,I - %I - %I .66% .85% .77% 
Expenses net of fee waivers, if any - %H,I - %I - %I .66% .85% .76% 
Expenses net of all reductionsI - %H,I - %I - %I .65% .84% .76% 
Net investment income (loss) 1.18%H 1.13% 1.10% .42% .46% .41% 
Supplemental Data       
Net assets, end of period (000 omitted) $5,436,533 $5,667,458 $5,997,330 $2,509,347 $2,433,489 $2,647,013 
Portfolio turnover rateJ 34%H,K 59% 68% 58% 58% 59% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $1.56 per share is comprised of distributions from net investment income of $.117 and distributions from net realized gain of $1.447 per share.

 C Total distributions of $.71 per share is comprised of distributions from net investment income of $.042 and distributions from net realized gain of $.664 per share.

 D Total returns for periods of less than one year are not annualized.

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

 F Fees and expenses of any underlying 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.

 G 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.

 H Annualized

 I Amount represents less than .005%.

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

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

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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2020

1. Organization.

Fidelity Series Small Cap Opportunities Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds and Fidelity managed 529 plans. 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.

Effective January 1, 2020:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .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 Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • 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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2020 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 include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to futures contracts, foreign currency transactions, market discount and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $1,303,304,344 
Gross unrealized depreciation (207,309,288) 
Net unrealized appreciation (depreciation) $1,095,995,056 
Tax cost $4,480,161,586 

The Fund elected to defer to its next fiscal year approximately $52,700,691 of capital losses recognized during the period November 1, 2018 to July 31, 2019.

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.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Securities deposited to meet initial margin requirements are identified in the Schedule of Investments.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $917,979,695 and $1,562,344,711, respectively.

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity Series Small Cap Opportunities Fund $63,589 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Affiliated Exchanges In-Kind. During the period, the Fund received investments and cash valued at $177,449,561 in exchange for 13,874,086 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $21,708.

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 $6,660 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

8. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, 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. At period end, there were no security loans outstanding with NFS, as affiliated borrower. Total fees paid by the Fund to NFS, as lending agent, amounted to $30,918. 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, and includes $6,434 from securities loaned to NFS, as affiliated borrower.

9. 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.

At the end of the period, mutual funds and accounts managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including 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 (August 1, 2019 to January 31, 2020).

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. 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. 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.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2019 		Ending
Account Value
January 31, 2020 		Expenses Paid
During Period-B
August 1, 2019
to January 31, 2020 
Actual - %-C $1,000.00 $1,047.90 $--D 
Hypothetical-E  $1,000.00 $1,025.14 $--D 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C Amount represents less than .005%.

 D Amount represents less than $.005.

 E 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Series Small Cap Opportunities Fund

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

Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.

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

At its January 2020 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

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

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

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies managed by Fidelity and ultimately to enhance the performance of those investment companies.

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

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered that the fund does not pay FMR a management fee for investment advisory services. The Board also noted that FMR undertakes to pay all operating expenses of the fund with certain exceptions.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.014% through November 30, 2022.

Based on its review, the Board considered that the fund does not pay a management fee and 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 level of Fidelity's profits in respect of all the Fidelity funds.

PricewaterhouseCoopers LLP (PwC), 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 the fund profitability information 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 potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and met periodically, to evaluate potential fall-out benefits (PFOB Committee). The Board noted that the PFOB Committee, among other things: (i) discussed the legal framework surrounding potential fall-out benefits; (ii) reviewed the Board's responsibilities and approach to potential fall-out benefits; and (iii) reviewed practices employed by competitor funds regarding the review of potential fall-out benefits.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.

Economies of Scale.  The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of performance fees for additional funds; (iii) changes in Fidelity's non-fund businesses and the impact of such changes on the funds; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (vi) the expense structures for different funds and classes; (vii) information regarding other accounts managed by Fidelity, including collective investment trusts and separately managed accounts; and (viii) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

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





Fidelity Investments

SMO-SANN-0320
1.839810.112

Fidelity® Series Real Estate Income Fund



Semi-Annual Report

January 31, 2020

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Five Stocks as of January 31, 2020

 % of fund's net assets 
Equity Lifestyle Properties, Inc. 1.4 
American Tower Corp. 1.3 
Apartment Investment & Management Co. Class A 1.1 
Invesco Mortgage Capital, Inc. 7.50% 1.0 
New Residential Investment Corp. 0.9 
 5.7 

Top 5 Bonds as of January 31, 2020

 % of fund's net assets 
Senior Housing Properties Trust 4.75% 5/1/24 1.2 
Redwood Trust, Inc. 5.625% 7/15/24 1.0 
Kennedy-Wilson, Inc. 5.875% 4/1/24 1.0 
Western Asset Mortgage Capital Corp. 6.75% 10/1/22 0.9 
RWT Holdings, Inc. 5.75% 10/1/25 0.8 
 4.9 

Top Five REIT Sectors as of January 31, 2020

 % of fund's net assets 
REITs - Mortgage 22.1 
REITs - Diversified 9.1 
REITs - Health Care 6.1 
REITs - Apartments 4.1 
REITs - Management/Investment 3.3 

Asset Allocation (% of fund's net assets)

As of January 31, 2020 * 
   Common Stocks 15.4% 
   Preferred Stocks 23.3% 
   Bonds 43.2% 
   Convertible Securities 9.0% 
   Other Investments 4.9% 
   Short-Term Investments and Net Other Assets (Liabilities) 4.2% 


 * Foreign investments - 2.1%

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 15.4%   
 Shares Value 
CONSUMER DISCRETIONARY - 0.1%   
Hotels, Restaurants & Leisure - 0.1%   
Wyndham Destinations, Inc. 25,800 $1,252,074 
FINANCIALS - 3.7%   
Mortgage Real Estate Investment Trusts - 3.7%   
AGNC Investment Corp. 99,200 1,844,128 
Anworth Mortgage Asset Corp. 39,712 142,169 
Broadmark Realty Capital, Inc. 262,900 3,302,024 
Capstead Mortgage Corp. 83,000 682,260 
Chimera Investment Corp. 66,800 1,416,160 
Colony NorthStar Credit Real Estate, Inc. 165,240 2,057,238 
Dynex Capital, Inc. 184,666 3,290,748 
Ellington Financial LLC 152,651 2,788,934 
Ellington Residential Mortgage REIT 45,300 487,428 
Great Ajax Corp. 217,626 3,283,976 
Hunt Companies Finance Trust, Inc. 23,108 75,794 
MFA Financial, Inc. 1,098,100 8,565,180 
New Residential Investment Corp. 565,200 9,461,448 
Redwood Trust, Inc. 120,100 2,117,363 
Two Harbors Investment Corp. 36,300 553,938 
  40,068,788 
INDUSTRIALS - 0.0%   
Construction & Engineering - 0.0%   
Williams Scotsman Corp. (a) 12,400 233,740 
REAL ESTATE - 11.6%   
Equity Real Estate Investment Trusts (REITs) - 11.6%   
Acadia Realty Trust (SBI) 279,800 6,944,636 
American Homes 4 Rent Class A 82,900 2,265,657 
American Tower Corp. 61,500 14,252,010 
Apartment Investment & Management Co. Class A 224,402 11,828,229 
AvalonBay Communities, Inc. 11,700 2,535,273 
Colony Capital, Inc. 570,699 2,665,164 
CoreSite Realty Corp. 7,300 857,385 
Crown Castle International Corp. 55,500 8,316,120 
Easterly Government Properties, Inc. 50,900 1,232,289 
Equinix, Inc. 10,700 6,310,111 
Equity Lifestyle Properties, Inc. 201,800 14,680,929 
Equity Residential (SBI) 28,900 2,401,012 
Gaming & Leisure Properties 44,300 2,093,397 
Healthcare Trust of America, Inc. 105,850 3,390,376 
iStar Financial, Inc. 405,987 5,911,171 
Lexington Corporate Properties Trust 362,122 4,008,691 
Mid-America Apartment Communities, Inc. 50,214 6,889,863 
Monmouth Real Estate Investment Corp. Class A 156,695 2,292,448 
Outfront Media, Inc. 16,965 504,539 
Public Storage 5,500 1,230,680 
Retail Value, Inc. 22,650 744,506 
Sabra Health Care REIT, Inc. 200,200 4,304,300 
Safety Income and Growth, Inc. 46,100 2,072,656 
Senior Housing Properties Trust (SBI) 285,500 2,204,060 
SITE Centers Corp. 127,100 1,615,441 
Store Capital Corp. 37,300 1,464,025 
Terreno Realty Corp. 19,180 1,098,247 
UMH Properties, Inc. 69,300 1,094,940 
Ventas, Inc. 136,655 7,906,858 
VEREIT, Inc. 51,200 499,712 
Weyerhaeuser Co. 52,500 1,519,875 
  125,134,600 
TOTAL COMMON STOCKS   
(Cost $120,895,756)  166,689,202 
Preferred Stocks - 25.3%   
Convertible Preferred Stocks - 2.0%   
FINANCIALS - 1.0%   
Mortgage Real Estate Investment Trusts - 1.0%   
Great Ajax Corp. 7.25% 310,550 8,415,905 
ZAIS Financial Corp. 7.00% 73,475 1,947,088 
  10,362,993 
REAL ESTATE - 1.0%   
Equity Real Estate Investment Trusts (REITs) - 0.9%   
Braemar Hotels & Resorts, Inc. 5.50% 18,883 341,027 
Lexington Corporate Properties Trust Series C, 6.50% 71,519 4,068,716 
QTS Realty Trust, Inc. 6.50% 8,475 1,132,006 
RLJ Lodging Trust Series A, 1.95% 38,950 1,071,904 
Wheeler REIT, Inc. 8.75% (a) 213,775 3,239,425 
  9,853,078 
Real Estate Management & Development - 0.1%   
Landmark Infrastructure Partners LP 7.012% (b)(c) 57,650 1,494,070 
TOTAL REAL ESTATE  11,347,148 
TOTAL CONVERTIBLE PREFERRED STOCKS  21,710,141 
Nonconvertible Preferred Stocks - 23.3%   
ENERGY - 0.5%   
Oil, Gas & Consumable Fuels - 0.5%   
DCP Midstream Partners LP:   
7.95% (b) 36,975 915,131 
Series B, 7.875% (b) 34,150 842,481 
Enbridge, Inc.:   
Series 1 4.00% (b)(c) 99,425 2,187,350 
Series L 5 year U.S. Treasury Index + 3.150% 4.959% (b)(c) 19,600 394,156 
Energy Transfer Partners LP 7.60% (b) 54,425 1,371,510 
Global Partners LP 9.75% (b) 1,825 48,071 
  5,758,699 
FINANCIALS - 12.7%   
Mortgage Real Estate Investment Trusts - 12.7%   
AG Mortgage Investment Trust, Inc.:   
8.00% 144,509 3,737,003 
8.25% 1,725 44,595 
Series C 8.00% (b) 102,793 2,761,020 
AGNC Investment Corp.:   
6.875% (b) 130,650 3,406,046 
Series C, 7.00% (b) 81,399 2,135,910 
Series E 6.50% (b) 153,150 3,974,243 
Annaly Capital Management, Inc.:   
6.75% (b) 91,000 2,368,730 
Series D, 7.50% 88,175 2,270,506 
Series F, 6.95% (b) 261,800 6,861,778 
Series G, 6.50% (b) 183,550 4,724,577 
Anworth Mortgage Asset Corp. Series A, 8.625% 111,413 2,893,396 
Arbor Realty Trust, Inc.:   
Series A, 8.25% 44,047 1,167,246 
Series B, 7.75% 42,675 1,117,658 
Series C, 8.50% 16,125 428,925 
Arlington Asset Investment Corp.:   
6.625% 39,038 958,383 
8.25% (b) 22,175 498,938 
Armour Residential REIT, Inc.:   
Series B, 7.875% 27,426 689,215 
Series C 7.00% 16,500 414,315 
Capstead Mortgage Corp. Series E, 7.50% 55,016 1,400,157 
Cherry Hill Mortgage Investment Corp.:   
8.25% (b) 36,575 977,650 
Series A, 8.20% 64,250 1,669,344 
Chimera Investment Corp.:   
8.00% (b) 125,700 3,328,536 
Series A, 8.00% 38,500 1,039,500 
Series B, 8.00% (b) 342,958 9,390,190 
Series C, 7.75% (b) 303,766 8,007,272 
Dynex Capital, Inc.:   
Series A, 8.50% 100,363 2,628,005 
Series B, 7.625% 50,160 1,273,552 
Ellington Financial LLC 6.75% (b)(c) 55,707 1,442,811 
Exantas Capital Corp. 8.625% (b) 16,193 428,305 
Invesco Mortgage Capital, Inc.:   
7.50% (b) 397,081 10,841,781 
Series A, 7.75% 31,526 827,558 
Series B, 7.75% (b) 236,491 6,474,178 
MFA Financial, Inc.:   
8.00% 114,772 3,001,288 
Series B, 7.50% 195,649 5,059,483 
New Residential Investment Corp.:   
7.125% (b) 139,236 3,668,869 
Series A 7.50% (b) 76,059 2,033,057 
New York Mortgage Trust, Inc.:   
Series B, 7.75% 81,977 2,084,675 
Series C, 7.875% 121,233 3,078,106 
Series D, 8.00% (b) 78,000 2,024,100 
PennyMac Mortgage Investment Trust:   
8.125% 76,075 2,039,571 
Series B, 8.00% (b) 125,400 3,325,608 
Two Harbors Investment Corp.:   
7.50% 118,883 3,042,596 
7.75% 11,639 297,842 
Series A, 8.125% (b) 109,525 3,191,559 
Series B, 7.625% (b) 235,372 6,571,586 
Series C, 7.25% (b) 158,732 4,234,970 
ZAIS Financial Corp. Series C 6.20% 136,450 3,650,965 
  137,485,598 
Real Estate Management & Development - 0.0%   
Brookfield Properties Corp. Series EE, 5.10% (b) 7,675 129,966 
TOTAL FINANCIALS  137,615,564 
REAL ESTATE - 10.1%   
Equity Real Estate Investment Trusts (REITs) - 10.0%   
American Finance Trust, Inc. 7.50% 104,325 2,649,166 
American Homes 4 Rent:   
6.25% 18,925 518,924 
Series D, 6.50% 43,125 1,140,656 
Series E, 6.35% 50,025 1,329,164 
Series F, 5.875% 47,683 1,264,076 
Series G, 5.875% 37,050 974,786 
Armada Hoffler Properties, Inc. 6.75% 25,750 705,550 
Ashford Hospitality Trust, Inc.:   
Series D, 8.45% 61,574 1,576,294 
Series F, 7.375% 95,700 2,150,379 
Series G, 7.375% 34,229 753,723 
Series H, 7.50% 35,575 802,216 
Series I, 7.50% 58,911 1,316,661 
Bluerock Residential Growth (REIT), Inc.:   
Series A, 8.25% 107,850 2,834,298 
Series C, 7.625% 44,175 1,156,965 
Series D, 7.125% 31,900 831,690 
Braemar Hotels & Resorts, Inc. Series D, 8.25% 35,150 956,080 
Cedar Realty Trust, Inc.:   
Series B, 7.25% 40,856 1,035,700 
Series C, 6.50% 53,500 1,278,650 
City Office REIT, Inc. Series A, 6.625% 27,525 723,082 
Colony Capital, Inc.:   
Series G, 7.50% 114,960 2,878,598 
Series H, 7.125% 187,112 4,489,322 
Series I, 7.15% 205,785 4,937,811 
Series J, 7.15% 277,243 6,649,063 
Digital Realty Trust, Inc.:   
Series C, 6.625% 16,950 453,752 
Series G, 5.875% 28,720 741,263 
Farmland Partners, Inc. Series B, 6.00% 117,050 2,984,775 
Gladstone Commercial Corp.:   
6.625% 41,125 1,109,602 
Series D, 7.00% 107,225 2,801,789 
Gladstone Land Corp. Series A, 6.375% 11,725 305,060 
Global Medical REIT, Inc. Series A, 7.50% 27,461 733,209 
Global Net Lease, Inc.:   
Series A, 7.25% 129,625 3,445,433 
Series B 6.875% (a) 47,200 1,221,531 
Government Properties Income Trust 5.875% 39,775 1,042,901 
Healthcare Trust, Inc. Series A 7.375% (a) 24,500 629,650 
Hersha Hospitality Trust:   
Series C, 6.875% 550 14,020 
Series D, 6.50% 42,250 1,090,473 
Investors Real Estate Trust Series C, 6.625% 57,700 1,553,884 
iStar Financial, Inc.:   
Series D, 8.00% 64,792 1,665,154 
Series G, 7.65% 100,575 2,581,760 
Series I, 7.50% 28,700 731,850 
Jernigan Capital, Inc. Series B, 7.00% 50,892 1,346,750 
Kimco Realty Corp. Series M, 5.25% 22,400 596,064 
Monmouth Real Estate Investment Corp. Series C, 6.125% 99,636 2,505,845 
National Storage Affiliates Trust Series A, 6.00% 12,325 335,980 
Pebblebrook Hotel Trust:   
6.30% 42,675 1,120,646 
6.375% 51,314 1,301,323 
Series C, 6.50% 73,405 1,874,764 
Series D, 6.375% 53,925 1,416,610 
Pennsylvania (REIT):   
Series B, 7.375% 56,533 1,041,903 
Series C, 7.20% 9,575 164,786 
Series D, 6.875% 27,400 549,918 
Plymouth Industrial REIT, Inc. Series A, 7.50% 30,350 820,664 
Prologis, Inc. Series Q, 8.54% 16,850 1,230,050 
PS Business Parks, Inc. Series Z 4.875% 8,000 202,480 
Public Storage Series F, 5.15% 29,950 801,462 
QTS Realty Trust, Inc. Series A, 7.125% 32,825 911,222 
RAIT Financial Trust 7.625% 48,605 1,212,695 
Rexford Industrial Realty, Inc.:   
Series A, 5.875% 26,500 691,078 
Series B, 5.875% 50,000 1,308,500 
Series C 5.625% 11,775 304,502 
Saul Centers, Inc.:   
Series D, 6.125% 15,958 416,823 
Series E 6.00% 13,475 351,967 
Senior Housing Properties Trust 5.625% 1,057 26,414 
Seritage Growth Properties Series A, 7.00% 1,050 27,815 
SITE Centers Corp. Series K, 6.25% 28,039 722,565 
Sotherly Hotels, Inc.:   
Series B, 8.00% 12,750 334,050 
Series C, 7.875% 19,300 511,450 
Spirit Realty Capital, Inc. Series A, 6.00% 16,575 441,724 
Stag Industrial, Inc. Series C, 6.875% 17,925 474,157 
Summit Hotel Properties, Inc.:   
Series D, 6.45% 42,350 1,104,912 
Series E, 6.25% 48,387 1,289,896 
Sunstone Hotel Investors, Inc.:   
Series E, 6.95% 8,475 220,431 
Series F, 6.45% 16,950 440,697 
Taubman Centers, Inc. Series K, 6.25% 21,311 550,676 
UMH Properties, Inc.:   
Series B, 8.00% 154,275 4,028,120 
Series C, 6.75% 78,695 2,079,122 
Series D, 6.375% 49,775 1,244,873 
Urstadt Biddle Properties, Inc.:   
Series H, 6.25% 51,175 1,374,049 
Series K 5.875% 28,775 742,395 
VEREIT, Inc. Series F, 6.70% 199,034 5,079,348 
Washington Prime Group, Inc.:   
Series H, 7.50% 55,800 1,116,000 
Series I, 6.875% 13,808 256,203 
  108,629,889 
Real Estate Management & Development - 0.1%   
Brookfield Property Partners LP 6.50% 5,875 156,158 
Landmark Infrastructure Partners LP Series B, 7.90% 22,125 567,440 
  723,598 
TOTAL REAL ESTATE  109,353,487 
UTILITIES - 0.0%   
Multi-Utilities - 0.0%   
Brookfield Infrastructure Partners LP Series 5, 5.35% (b) 35,775 682,845 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  253,410,595 
TOTAL PREFERRED STOCKS   
(Cost $262,120,005)  275,120,736 
 Principal Amount Value 
Corporate Bonds - 26.4%   
Convertible Bonds - 7.0%   
FINANCIALS - 6.7%   
Diversified Financial Services - 0.8%   
RWT Holdings, Inc. 5.75% 10/1/25 (d) 8,800,000 9,204,707 
Mortgage Real Estate Investment Trusts - 5.9%   
Apollo Commercial Real Estate Finance, Inc. 5.375% 10/15/23 319,000 323,586 
Arbor Realty Trust, Inc. 4.75% 11/1/22 (d) 2,174,000 2,175,413 
Blackstone Mortgage Trust, Inc. 4.75% 3/15/23 1,644,000 1,766,930 
Colony Financial, Inc.:   
3.875% 1/15/21 5,436,000 5,436,000 
5% 4/15/23 3,687,000 3,673,174 
Granite Point Mortgage Trust, Inc.:   
5.625% 12/1/22 (d) 2,696,000 2,729,700 
6.375% 10/1/23 1,901,000 1,966,347 
KKR Real Estate Finance Trust, Inc. 6.125% 5/15/23 1,491,000 1,567,488 
MFA Financial, Inc. 6.25% 6/15/24 2,908,000 3,065,683 
New York Mortgage Trust, Inc. 6.25% 1/15/22 28,000 28,665 
PennyMac Corp.:   
5.375% 5/1/20 7,282,000 7,318,567 
5.5% 11/1/24 (d) 7,066,000 7,124,675 
Redwood Trust, Inc.:   
4.75% 8/15/23 1,805,000 1,876,242 
5.625% 7/15/24 10,445,000 10,937,271 
Starwood Property Trust, Inc. 4.375% 4/1/23 2,804,000 2,935,438 
Two Harbors Investment Corp. 6.25% 1/15/22 829,000 866,046 
Western Asset Mortgage Capital Corp. 6.75% 10/1/22 9,744,000 9,938,208 
  63,729,433 
TOTAL FINANCIALS  72,934,140 
REAL ESTATE - 0.3%   
Equity Real Estate Investment Trusts (REITs) - 0.3%   
VEREIT, Inc. 3.75% 12/15/20 2,660,000 2,686,599 
TOTAL CONVERTIBLE BONDS  75,620,739 
Nonconvertible Bonds - 19.4%   
COMMUNICATION SERVICES - 0.0%   
Media - 0.0%   
CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp. 5.625% 2/15/24 255,000 260,266 
CONSUMER DISCRETIONARY - 5.0%   
Hotels, Restaurants & Leisure - 0.7%   
FelCor Lodging LP 6% 6/1/25 1,281,000 1,329,038 
GLP Capital LP/GLP Financing II, Inc. 5.25% 6/1/25 2,375,000 2,659,881 
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. 6.125% 12/1/24 460,000 495,650 
Marriott Ownership Resorts, Inc. 6.5% 9/15/26 45,000 48,713 
Times Square Hotel Trust 8.528% 8/1/26 (d) 1,800,863 2,114,437 
Wyndham Destinations, Inc. 4.625% 3/1/30 (d) 565,000 579,831 
  7,227,550 
Household Durables - 4.3%   
Adams Homes, Inc. 7.5% 2/15/25 (d)(e) 1,550,000 1,592,625 
Ashton Woods U.S.A. LLC/Ashton Woods Finance Co.:   
6.75% 8/1/25 (d) 4,354,000 4,484,620 
9.875% 4/1/27 (d) 3,780,000 4,347,000 
Beazer Homes U.S.A., Inc. 5.875% 10/15/27 1,834,000 1,902,775 
Brookfield Residential Properties, Inc./Brookfield Residential U.S. Corp.:   
6.125% 7/1/22 (d) 1,121,000 1,136,414 
6.25% 9/15/27 (d) 1,467,000 1,569,690 
Brookfield Residential Properties, Inc. 6.375% 5/15/25 (d) 2,062,000 2,134,170 
Century Communities, Inc.:   
5.875% 7/15/25 1,518,000 1,593,900 
6.75% 6/1/27 (d) 1,770,000 1,920,450 
KB Home:   
4.8% 11/15/29 1,452,000 1,506,450 
6.875% 6/15/27 34,000 39,993 
LGI Homes, Inc. 6.875% 7/15/26 (d) 4,133,000 4,365,481 
M/I Homes, Inc.:   
4.95% 2/1/28 (d) 355,000 365,650 
5.625% 8/1/25 1,518,000 1,590,105 
Mason Finance Sub, Inc. 6.875% 8/15/23 (d) 134,000 140,744 
Meritage Homes Corp.:   
5.125% 6/6/27 941,000 1,011,575 
6% 6/1/25 3,130,000 3,536,900 
7% 4/1/22 2,089,000 2,277,010 
New Home Co. LLC 7.25% 4/1/22 2,698,000 2,684,510 
Taylor Morrison Communities, Inc./Monarch Communities, Inc. 5.875% 4/15/23 (d) 806,000 868,465 
TRI Pointe Homes, Inc.:   
5.25% 6/1/27 2,522,000 2,679,625 
5.875% 6/15/24 1,250,000 1,356,250 
William Lyon Homes, Inc.:   
5.875% 1/31/25 2,028,000 2,088,840 
6% 9/1/23 78,000 81,315 
6.625% 7/15/27 (d) 1,427,000 1,541,160 
7% 8/15/22 185,000 185,463 
  47,001,180 
TOTAL CONSUMER DISCRETIONARY  54,228,730 
CONSUMER STAPLES - 0.2%   
Food & Staples Retailing - 0.2%   
C&S Group Enterprises LLC 5.375% 7/15/22 (d) 2,389,000 2,397,959 
ENERGY - 0.4%   
Oil, Gas & Consumable Fuels - 0.4%   
EG Global Finance PLC:   
6.75% 2/7/25 (d) 1,250,000 1,265,625 
8.5% 10/30/25 (d) 985,000 1,044,100 
Global Partners LP/GLP Finance Corp.:   
7% 6/15/23 45,000 46,125 
7% 8/1/27 (d) 2,045,000 2,193,263 
  4,549,113 
FINANCIALS - 1.2%   
Banks - 0.1%   
HAT Holdings I LLC/HAT Holdings II LLC 5.25% 7/15/24 (d) 708,000 743,400 
Capital Markets - 0.1%   
CyrusOne LP/CyrusOne Finance Corp. 3.45% 11/15/29 1,500,000 1,548,030 
Diversified Financial Services - 0.9%   
Brixmor Operating Partnership LP:   
3.65% 6/15/24 67,000 71,192 
3.85% 2/1/25 1,753,000 1,876,648 
3.875% 8/15/22 1,869,000 1,956,640 
Five Point Operation Co. LP 7.875% 11/15/25 (d) 3,734,000 3,864,690 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:   
5.25% 5/15/27 (d) 705,000 706,763 
5.875% 2/1/22 861,000 861,000 
6.25% 2/1/22 299,000 304,233 
6.25% 5/15/26 56,000 58,782 
  9,699,948 
Mortgage Real Estate Investment Trusts - 0.1%   
Starwood Property Trust, Inc. 4.75% 3/15/25 747,000 780,690 
TOTAL FINANCIALS  12,772,068 
HEALTH CARE - 0.9%   
Health Care Providers & Services - 0.9%   
Sabra Health Care LP 5.125% 8/15/26 6,615,000 7,238,058 
Sabra Health Care LP/Sabra Capital Corp.:   
3.9% 10/15/29 1,011,000 1,041,330 
4.8% 6/1/24 1,267,000 1,359,010 
  9,638,398 
INDUSTRIALS - 0.1%   
Building Products - 0.1%   
Shea Homes Ltd. Partnership/Corp. 6.125% 4/1/25 (d) 1,509,000 1,554,270 
REAL ESTATE - 11.6%   
Equity Real Estate Investment Trusts (REITs) - 7.7%   
American Homes 4 Rent 4.9% 2/15/29 511,000 588,278 
American Homes 4 Rent LP 4.25% 2/15/28 2,000,000 2,190,271 
ARC Properties Operating Partnership LP 4.6% 2/6/24 1,757,000 1,917,681 
CBL & Associates LP:   
4.6% 10/15/24 5,700,000 3,078,000 
5.25% 12/1/23 3,629,000 2,177,400 
5.95% 12/15/26 2,551,000 1,276,406 
CTR Partnership LP/CareTrust Capital Corp. 5.25% 6/1/25 1,428,000 1,481,550 
Equinix, Inc. 5.375% 5/15/27 1,249,000 1,353,666 
ESH Hospitality, Inc. 5.25% 5/1/25 (d) 2,346,000 2,404,650 
HCP, Inc.:   
4% 6/1/25 2,011,000 2,192,725 
4.25% 11/15/23 565,000 609,173 
Healthcare Realty Trust, Inc. 3.75% 4/15/23 978,000 1,019,471 
Healthcare Trust of America Holdings LP 3.75% 7/1/27 94,000 101,736 
Hospitality Properties Trust:   
4.65% 3/15/24 1,556,000 1,639,358 
5% 8/15/22 859,000 905,318 
iStar Financial, Inc.:   
4.25% 8/1/25 1,700,000 1,708,500 
4.75% 10/1/24 3,640,000 3,785,600 
5.25% 9/15/22 1,078,000 1,100,235 
Lexington Corporate Properties Trust:   
4.25% 6/15/23 2,500,000 2,596,898 
4.4% 6/15/24 409,000 431,933 
MPT Operating Partnership LP/MPT Finance Corp.:   
4.625% 8/1/29 1,506,000 1,575,653 
5% 10/15/27 4,237,000 4,453,934 
5.25% 8/1/26 1,466,000 1,537,468 
Omega Healthcare Investors, Inc.:   
4.375% 8/1/23 616,000 658,909 
4.5% 4/1/27 483,000 531,541 
4.75% 1/15/28 1,616,000 1,807,146 
4.95% 4/1/24 659,000 725,082 
5.25% 1/15/26 22,000 24,915 
Regency Centers LP 3.6% 2/1/27 471,000 506,322 
SBA Communications Corp. 4% 10/1/22 487,000 495,523 
Select Income REIT:   
4.15% 2/1/22 2,117,000 2,179,312 
4.25% 5/15/24 946,000 997,065 
4.5% 2/1/25 3,695,000 3,942,873 
Senior Housing Properties Trust:   
4.75% 5/1/24 12,480,000 13,175,130 
4.75% 2/15/28 5,067,000 5,309,617 
6.75% 4/15/20 728,000 730,442 
6.75% 12/15/21 2,090,000 2,218,710 
SITE Centers Corp.:   
3.625% 2/1/25 190,000 199,478 
4.625% 7/15/22 124,000 129,978 
VEREIT Operating Partnership LP:   
3.1% 12/15/29 1,000,000 1,016,869 
4.875% 6/1/26 2,228,000 2,518,056 
VICI Properties, Inc.:   
3.75% 2/15/27 (d)(e) 695,000 698,475 
4.125% 8/15/30 (d)(e) 975,000 989,625 
4.625% 12/1/29 (d) 1,095,000 1,144,275 
WP Carey, Inc.:   
4% 2/1/25 422,000 452,065 
4.25% 10/1/26 998,000 1,093,180 
4.6% 4/1/24 2,095,000 2,272,336 
  83,942,828 
Real Estate Management & Development - 3.9%   
Forestar Group, Inc. 8% 4/15/24 (d) 2,784,000 3,034,560 
Greystar Real Estate Partners 5.75% 12/1/25 (d) 2,430,000 2,512,304 
Howard Hughes Corp. 5.375% 3/15/25 (d) 7,940,000 8,178,200 
Kennedy-Wilson, Inc. 5.875% 4/1/24 10,481,000 10,743,549 
Mack-Cali Realty LP:   
3.15% 5/15/23 5,000 4,985 
4.5% 4/18/22 91,000 93,363 
Mattamy Group Corp.:   
5.25% 12/15/27 (d) 2,855,000 2,990,613 
6.5% 10/1/25 (d) 3,725,000 3,985,750 
Mid-America Apartments LP:   
3.75% 6/15/24 356,000 381,165 
4.3% 10/15/23 765,000 825,427 
Taylor Morrison Communities, Inc./Monarch Communities, Inc.:   
5.625% 3/1/24 (d) 1,456,000 1,572,480 
5.75% 1/15/28 (d) 1,511,000 1,654,545 
5.875% 6/15/27 (d) 1,112,000 1,237,100 
Washington Prime Group LP 6.45% 8/15/24 5,316,000 4,744,530 
  41,958,571 
TOTAL REAL ESTATE  125,901,399 
TOTAL NONCONVERTIBLE BONDS  211,302,203 
TOTAL CORPORATE BONDS   
(Cost $278,388,200)  286,922,942 
Asset-Backed Securities - 2.7%   
American Homes 4 Rent:   
Series 2014-SFR3 Class E, 6.418% 12/17/36 (d) 1,841,000 2,076,807 
Series 2015-SFR1 Class E, 5.639% 4/17/52 (d) 1,354,586 1,499,138 
Series 2015-SFR2:   
Class E, 6.07% 10/17/52 (d) 1,624,000 1,820,381 
Class XS, 0% 10/17/52 (b)(d)(f)(g) 923,724 9 
Conseco Finance Securitizations Corp.:   
Series 2002-1 Class M2, 9.546% 12/1/33 1,216,000 1,285,883 
Series 2002-2 Class M2, 9.163% 3/1/33 1,666,948 1,534,435 
Deutsche Financial Capital Securitization LLC Series 1997-I Class M, 7.275% 9/15/27 104,807 105,429 
GPMT Ltd. Series 2019-FL2 Class D, 1 month U.S. LIBOR + 2.950% 4.6263% 2/22/36 (b)(c)(d) 358,000 360,015 
Green Tree Financial Corp.:   
Series 1996-4 Class M1, 7.75% 6/15/27 (b) 7,435 7,474 
Series 1997-3 Class M1, 7.53% 3/15/28 52,593 52,900 
Home Partners of America Credit Trust Series 2017-1 Class F, 1 month U.S. LIBOR + 3.530% 5.208% 7/17/34 (b)(c)(d) 1,099,000 1,100,371 
Home Partners of America Trust Series 2018-1 Class F, 1 month U.S. LIBOR + 2.350% 4.019% 7/17/37 (b)(c)(d) 604,000 603,637 
Invitation Homes Trust Series 2018-SFR2 Class F, 1 month U.S. LIBOR + 2.250% 3.9263% 6/17/37 (b)(c)(d) 585,076 585,074 
Lehman ABS Manufactured Housing Contract Trust Series 2001-B Class M2, 7.17% 4/15/40 2,327,155 1,848,102 
Progress Residential Trust:   
Series 2015-SFR3 Class F, 6.643% 11/12/32 (d) 588,000 587,861 
Series 2017-SFR1 Class F, 5.35% 8/17/34 (d) 526,000 545,594 
Series 2017-SFR2 Class F, 1 month U.S. LIBOR + 2.750% 4.836% 12/17/34 (d) 783,000 800,729 
Series 2018-SFR2 Class F, 4.953% 8/17/35 (d) 598,000 617,541 
Series 2018-SFR3 Class F, 5.368% 10/17/35 (d) 588,000 611,375 
Series 2019-SFR4 Class F, 3.684% 10/17/36 (d) 1,000,000 1,013,564 
Starwood Waypoint Homes Trust Series 2017-1:   
Class E, 1 month U.S. LIBOR + 2.600% 4.2763% 1/17/35 (b)(c)(d) 994,000 994,733 
Class F, 1 month U.S. LIBOR + 3.400% 5.0763% 1/17/35 (b)(c)(d) 2,274,000 2,275,647 
Tricon American Homes:   
Series 2016-SFR1 Class F, 5.769% 11/17/33 (d) 1,310,000 1,342,298 
Series 2017-SFR1 Class F, 5.151% 9/17/34 (d) 1,432,000 1,487,501 
Series 2017-SFR2 Class F, 5.104% 1/17/36 (d) 628,000 657,994 
Series 2018-SFR1 Class F, 4.96% 5/17/37 (d) 1,386,000 1,476,411 
VB-S1 Issuer LLC:   
Series 2016-1A Class F, 6.901% 6/15/46 (d) 1,540,000 1,574,083 
Series 2018-1A Class F, 5.25% 2/15/48 (d) 2,044,000 2,051,758 
TOTAL ASSET-BACKED SECURITIES   
(Cost $28,047,677)  28,916,744 
Collateralized Mortgage Obligations - 0.2%   
Private Sponsor - 0.2%   
FREMF Mortgage Trust Series 2010-K7 Class B, 5.7284% 4/25/20(b)(d)   
(Cost $2,633,781) 2,641,000 2,647,396 
Commercial Mortgage Securities - 20.9%   
BANK:   
Series 2017-BNK4 Class D, 3.357% 5/15/50 (d) 625,000 587,598 
Series 2017-BNK8 Class E, 2.8% 11/15/50 (d) 1,848,000 1,391,374 
Series 2018-BN12 Class D, 3% 5/15/61 (d) 318,000 294,163 
Series 2019-BN21 Class F, 2.6818% 10/17/52 (d) 1,953,000 1,403,414 
Barclays Commercial Mortgage Securities LLC Series 2015-STP:   
Class E, 4.4272% 9/10/28 (b)(d) 1,626,000 1,617,037 
Class F, 4.4272% 9/10/28 (b)(d) 800,000 782,435 
Benchmark Mortgage Trust sequential payer Series 2019-B14:   
Class 225D, 3.4041% 12/15/62 (b)(d) 573,000 554,781 
Class 225E, 3.4041% 12/15/62 (b)(d) 859,000 805,068 
BX Commercial Mortgage Trust floater:   
Series 2018-BIOA Class F, 1 month U.S. LIBOR + 2.470% 4.1473% 3/15/37 (b)(c)(d) 2,000,000 2,006,872 
Series 2019-CALM Class E, 1 month U.S. LIBOR + 2.000% 3.6763% 11/25/32 (b)(c)(d) 1,071,000 1,071,672 
Series 2020-BXLP Class G, 1 month U.S. LIBOR + 2.500% 4.25% 12/15/29 (b)(c)(d) 987,000 991,010 
BX Trust:   
floater:   
Series 2018-IND:   
Class G, 1 month U.S. LIBOR + 2.050% 3.7263% 11/15/35 (b)(c)(d) 1,190,700 1,195,957 
Class H, 1 month U.S. LIBOR + 3.000% 4.6763% 11/15/35 (b)(c)(d) 1,157,800 1,158,495 
Series 2019-IMC Class G, 1 month U.S. LIBOR + 3.600% 5.2763% 4/15/34 (b)(c)(d) 819,000 824,668 
Series 2019-XL:   
Class G, 1 month U.S. LIBOR + 2.300% 3.9763% 10/15/36 (b)(c)(d) 425,000 426,619 
Class J, 1 month U.S. LIBOR + 2.650% 4.3263% 10/15/36 (b)(c)(d) 1,874,000 1,882,270 
Series 2019-OC11 Class E, 4.0755% 12/9/41 (d) 3,066,000 3,168,983 
CALI Mortgage Trust Series 2019-101C Class F, 4.4686% 3/10/39 (b)(d) 651,000 675,646 
CAMB Commercial Mortgage Trust floater Series 2019-LIFE Class G, 1 month U.S. LIBOR + 3.250% 4.9263% 12/15/37 (b)(c)(d) 1,021,000 1,029,305 
CCRESG Commercial Mortgage Trust Series 2016-HEAT:   
Class E, 5.6712% 4/10/29 (b)(d) 806,000 816,301 
Class F, 5.6712% 4/10/29 (b)(d) 1,999,000 2,016,524 
CD Mortgage Trust Series 2017-CD3 Class D, 3.25% 2/10/50 (d) 2,226,000 2,108,830 
CGMS Commercial Mortgage Trust Series 2017-MDRB:   
Class D, 1 month U.S. LIBOR + 3.250% 4.9263% 7/15/30 (b)(c)(d) 69,000 68,978 
Class E, 1 month U.S. LIBOR + 3.870% 5.5478% 7/15/30 (b)(c)(d) 1,229,000 1,221,245 
CHC Commercial Mortgage Trust floater Series 2019-CHC Class F, 1 month U.S. LIBOR + 2.600% 4.2845% 6/15/34 (b)(c)(d) 1,000,000 1,000,625 
Citigroup Commercial Mortgage Trust:   
Series 2013-GC15 Class D, 5.3878% 9/10/46 (b)(d) 2,496,000 2,652,387 
Series 2016-C3 Class D, 3% 11/15/49 (d) 2,990,000 2,551,949 
COMM Mortgage Trust:   
floater Series 2018-HCLV:   
Class F, 1 month U.S. LIBOR + 3.050% 4.7263% 9/15/33 (b)(c)(d) 735,000 736,908 
Class G, 1 month U.S. LIBOR + 5.050% 6.7326% 9/15/33 (b)(c)(d) 735,000 709,225 
sequential payer Series 2013-LC6 Class E, 3.5% 1/10/46 (d) 2,000,000 1,769,112 
Series 2012-CR1:   
Class C, 5.4973% 5/15/45 (b) 3,011,000 3,153,904 
Class D, 5.4973% 5/15/45 (b)(d) 1,917,000 1,987,108 
Class G, 2.462% 5/15/45 (d) 1,133,000 959,391 
Series 2012-LC4 Class C, 5.7215% 12/10/44 (b) 802,000 836,712 
Series 2013-CR10 Class D, 4.9487% 8/10/46 (b)(d) 1,756,000 1,850,944 
Series 2013-CR12 Class D, 5.2451% 10/10/46 (b)(d) 2,900,000 2,596,460 
Series 2013-LC6 Class D, 4.4072% 1/10/46 (b)(d) 2,732,000 2,812,932 
Series 2014-UBS2 Class D, 5.169% 3/10/47 (b)(d) 537,000 517,909 
Series 2016-CD1 Class D, 2.9% 8/10/49 (b)(d) 2,210,000 2,005,425 
Series 2017-CD4 Class D, 3.3% 5/10/50 (d) 1,192,000 1,107,453 
COMM Mortgage Trust pass-thru certificates Series 2005-LP5 Class F, 4.6481% 5/10/43 (b)(d) 727,540 732,441 
COMM Trust Series 2017-COR2 Class D, 3% 9/10/50 (d) 31,000 29,686 
Commercial Mortgage Trust pass-thru certificates Series 2012-CR2:   
Class D, 4.992% 8/15/45 (b)(d) 836,000 861,501 
Class F, 4.25% 8/15/45 (d) 783,000 716,844 
Credit Suisse Mortgage Trust floater:   
Series 2019-ICE4 Class F, 1 month U.S. LIBOR + 2.650% 4.3263% 5/15/36 (b)(c)(d) 3,233,000 3,247,265 
Series 2019-SKLZ Class D, 1 month U.S. LIBOR + 3.600% 5.2763% 1/15/34 (b)(c)(d) 1,430,000 1,437,151 
CSAIL Commercial Mortgage Trust:   
Series 2017-C8 Class D, 4.4701% 6/15/50 (d) 1,766,000 1,734,596 
Series 2017-CX10 Class UESD, 4.3778% 10/15/32 (b)(d) 1,287,000 1,313,348 
Series 2017-CX9 Class D, 4.2916% 9/15/50 (b)(d) 461,000 448,614 
DBCCRE Mortgage Trust Series 2014-ARCP:   
Class D, 5.099% 1/10/34 (b)(d) 1,000,000 1,043,912 
Class E, 5.099% 1/10/34 (b)(d) 2,168,000 2,222,833 
DBUBS Mortgage Trust:   
Series 2011-LC1A:   
Class E, 5.8778% 11/10/46 (b)(d) 2,902,000 2,963,858 
Class G, 4.652% 11/10/46 (d) 2,778,000 2,689,235 
Series 2011-LC3A Class D, 5.5121% 8/10/44 (b)(d) 728,000 749,927 
Freddie Mac pass-thru certificates:   
Series K011 Class X3, 2.6605% 12/25/43 (b)(f) 5,084,000 77,700 
Series K012 Class X3, 2.3291% 1/25/41 (b)(f) 3,032,079 45,949 
Series K013 Class X3, 2.9101% 1/25/43 (b)(f) 4,967,000 96,923 
GPMT Ltd. floater Series 2018-FL1 Class D, 1 month U.S. LIBOR + 2.950% 4.6034% 11/21/35 (b)(c)(d) 1,500,000 1,503,738 
GS Mortgage Securities Trust:   
floater Series 2018-RIVR Class G, 1 month U.S. LIBOR + 2.600% 4.2763% 7/15/35 (b)(c)(d) 669,000 666,531 
Series 2010-C2 Class D, 5.3522% 12/10/43 (b)(d) 2,000,000 2,040,113 
Series 2011-GC5:   
Class C, 5.5559% 8/10/44 (b)(d) 101,000 104,521 
Class D, 5.5559% 8/10/44 (b)(d) 2,623,000 2,620,051 
Class E, 5.5559% 8/10/44 (b)(d) 848,000 792,681 
Class F, 4.5% 8/10/44 (d) 677,000 483,787 
Series 2012-GC6:   
Class C, 5.8395% 1/10/45 (b)(d) 2,440,000 2,566,564 
Class D, 5.8395% 1/10/45 (b)(d) 1,891,000 1,946,429 
Class E, 5% 1/10/45 (b)(d) 2,889,000 2,730,178 
Series 2012-GCJ7:   
Class C, 5.8751% 5/10/45 (b) 3,573,000 3,760,911 
Class D, 5.8751% 5/10/45 (b)(d) 3,539,000 3,565,004 
Series 2012-GCJ9:   
Class D, 4.8999% 11/10/45 (b)(d) 1,569,000 1,616,560 
Class E, 4.8999% 11/10/45 (b)(d) 355,000 343,629 
Series 2013-GC14 Class D, 4.9035% 8/10/46 (b)(d) 339,000 352,785 
Series 2013-GC16:   
Class D, 5.4877% 11/10/46 (b)(d) 3,292,000 3,579,156 
Class F, 3.5% 11/10/46 (d) 1,510,000 1,397,949 
Series 2016-GS2 Class D, 2.753% 5/10/49 (d) 1,964,000 1,791,803 
Series 2016-GS3 Class D, 2.62% 10/10/49 (d) 640,000 574,491 
Series 2016-REMZ Class MZB, 7.727% 2/10/21 (d) 5,857,000 5,934,086 
Series 2016-RENT:   
Class E, 4.2022% 2/10/29 (b)(d) 2,614,000 2,635,671 
Class F, 4.2022% 2/10/29 (b)(d) 4,029,000 4,038,699 
Hilton U.S.A. Trust:   
Series 2016-HHV Class F, 4.3333% 11/5/38 (b)(d) 1,460,000 1,491,112 
Series 2016-SFP Class F, 6.1552% 11/5/35 (d) 4,557,000 4,575,804 
IMT Trust Series 2017-APTS:   
Class EFX, 3.6132% 6/15/34 (b)(d) 1,693,000 1,703,506 
Class FFL, 1 month U.S. LIBOR + 2.850% 4.5263% 6/15/34 (b)(c)(d) 600,089 600,841 
Independence Plaza Trust Series 2018-INDP Class E, 4.996% 7/10/35 (d) 504,000 538,781 
Invitation Homes Trust floater:   
Series 2018-SFR3 Class F, 1 month U.S. LIBOR + 2.250% 3.919% 7/17/37 (b)(c)(d) 877,444 877,442 
Series 2018-SFR4 Class F, 1 month U.S. LIBOR + 2.200% 3.869% 1/17/38 (b)(c)(d) 590,000 589,998 
JP Morgan Chase Commercial Mortgage Securities Trust floater Series 2018-LAQ:   
Class C, 1 month U.S. LIBOR + 1.600% 3.2763% 6/15/32 (b)(c)(d) 1,769,174 1,773,037 
Class E, 1 month U.S. LIBOR + 3.000% 4.6763% 6/15/35 (b)(c)(d) 16,807 16,865 
JPMBB Commercial Mortgage Securities Trust:   
Series 2014-C23 Class UH5, 4.7094% 9/15/47 (d) 1,624,000 1,461,309 
Series 2014-C26 Class D, 4.0058% 1/15/48 (b)(d) 602,000 596,241 
JPMCC Commercial Mortgage Securities Trust Series 2016-JP4 Class D, 3.5756% 12/15/49 (b)(d) 1,924,000 1,795,969 
JPMDB Commercial Mortgage Securities Trust:   
Series 2016-C4 Class D, 3.2185% 12/15/49 (b)(d) 1,308,000 1,220,573 
Series 2018-C8 Class D, 3.4026% 6/15/51 (b)(d) 302,000 280,663 
JPMorgan Chase Commercial Mortgage Securities Corp. Series 2012-CBX:   
Class C, 5.3032% 6/15/45 (b) 1,291,000 1,345,369 
Class E, 5.3032% 6/15/45 (b)(d) 1,078,000 1,049,977 
Class G 4% 6/15/45 (d) 805,000 533,196 
JPMorgan Chase Commercial Mortgage Securities Trust:   
Series 2011-C3:   
Class E, 5.8528% 2/15/46 (b)(d) 3,467,000 3,448,357 
Class G, 4.409% 2/15/46 (b)(d) 1,680,000 1,493,069 
Class H, 4.409% 2/15/46 (b)(d) 1,320,000 976,710 
Series 2011-C4 Class E, 5.7179% 7/15/46 (b)(d) 1,390,000 1,435,820 
Series 2013-LC11:   
Class D, 4.3066% 4/15/46 (b) 1,316,000 1,193,123 
Class F, 3.25% 4/15/46 (b)(d) 482,000 225,278 
Series 2014-DSTY Class E, 3.9314% 6/10/27 (b)(d)(g) 924,000 360,551 
Series 2015-UES Class F, 3.7417% 9/5/32 (b)(d) 1,843,000 1,841,810 
Series 2018-AON Class F, 4.767% 7/5/31 (b)(d) 961,000 983,820 
Kref Ltd. floater Series 2018-FL1 Class D, 1 month U.S. LIBOR + 2.550% 4.219% 6/15/36 (b)(c)(d) 440,000 442,474 
Morgan Stanley BAML Trust:   
Series 2012-C5 Class E, 4.8334% 8/15/45 (b)(d) 714,000 741,785 
Series 2012-C6 Class D, 4.7611% 11/15/45 (b)(d) 2,000,000 2,085,996 
Series 2012-C6, Class F, 4.7611% 11/15/45 (b)(d) 1,000,000 993,958 
Series 2013-C12 Class D, 4.9246% 10/15/46 (b)(d) 1,500,000 1,555,267 
Series 2013-C13:   
Class D, 5.0709% 11/15/46 (b)(d) 2,994,000 3,131,610 
Class E, 5.0709% 11/15/46 (b)(d) 659,000 675,224 
Series 2013-C7:   
Class D, 4.3763% 2/15/46 (b)(d) 1,061,000 1,055,492 
Class E, 4.3763% 2/15/46 (b)(d) 1,501,000 1,345,259 
Series 2013-C9 Class C, 4.1719% 5/15/46 (b) 625,000 654,832 
Series 2016-C30 Class D, 3% 9/15/49 (d) 1,024,000 900,446 
Series 2016-C31 Class D, 3% 11/15/49 (b)(d) 1,517,000 1,314,768 
Series 2016-C32 Class D, 3.396% 12/15/49 (d) 1,137,000 962,357 
Morgan Stanley Capital I Trust:   
floater Series 2019-AGLN:   
Class F, 1 month U.S. LIBOR + 2.600% 4.2763% 3/15/34 (b)(c)(d) 45,000 45,113 
Class G, 1 month U.S. LIBOR + 3.150% 4.8263% 3/15/34 (b)(c)(d) 1,054,000 1,058,010 
Series 1998-CF1 Class G, 7.2329% 7/15/32 (b)(d) 104,278 104,728 
Series 2011-C2:   
Class D, 5.6705% 6/15/44 (b)(d) 2,382,000 2,407,299 
Class E, 5.6705% 6/15/44 (b)(d) 2,532,000 2,473,431 
Class F, 5.6705% 6/15/44 (b)(d) 1,467,000 1,382,504 
Class XB, 0.3902% 6/15/44 (b)(d)(f) 45,156,633 183,449 
Series 2011-C3:   
Class D, 5.4193% 7/15/49 (b)(d) 83,000 84,096 
Class E, 5.4193% 7/15/49 (b)(d) 652,000 650,621 
Class F, 5.4193% 7/15/49 (b)(d) 636,000 620,322 
Class G, 5.4193% 7/15/49 (b)(d) 979,600 910,319 
Series 2012-C4 Class D, 5.5999% 3/15/45 (b)(d) 1,640,000 1,639,545 
Series 2015-MS1 Class D, 4.1654% 5/15/48 (b)(d) 2,045,000 1,998,120 
Series 2015-UBS8 Class D, 3.18% 12/15/48 (d) 1,043,000 954,342 
Series 2016-BNK2 Class C, 3% 11/15/49 (d) 2,346,000 2,197,716 
Motel 6 Trust floater:   
Series 2017-M6MZ, Class M, 1 month U.S. LIBOR + 6.920% 8.6028% 8/15/24 (b)(c)(d) 970,482 980,277 
Series 2017-MTL6 Class C, 1 month U.S. LIBOR + 1.400% 3.0763% 8/15/34 (b)(c)(d) 751,091 751,084 
Series 2017-MTL6, Class F, 1 month U.S. LIBOR + 4.250% 5.9263% 8/15/34 (b)(c)(d) 1,990,071 1,998,825 
MSCCG Trust floater Series 2018-SELF Class E, 1 month U.S. LIBOR + 2.150% 3.8263% 10/15/37 (b)(c)(d) 939,000 939,564 
MSCG Trust Series 2016-SNR:   
Class D, 6.55% 11/15/34 (d) 3,808,000 3,908,383 
Class E, 6.8087% 11/15/34 (d) 1,854,700 1,838,055 
MSJP Commercial Securities Mortgage Trust Series 2015-HAUL Class E, 5.0127% 9/5/47 (b)(d) 1,000,000 1,080,031 
Natixis Commercial Mortgage Securities Trust:   
floater Series 2018-FL1:   
Class WAN1, 1 month U.S. LIBOR + 2.750% 4.49% 6/15/35 (b)(c)(d) 315,000 316,296 
Class WAN2, 1 month U.S. LIBOR + 3.750% 5.49% 6/15/35 (b)(c)(d) 113,725 113,519 
Series 2019-1776 Class F, 4.2988% 10/15/36 (d) 546,000 550,568 
Progress Residential Series 2019-SFR3 Class F, 3.867% 9/17/36 (d) 1,000,000 1,020,250 
Providence Place Group Ltd. Partnership Series 2000-C1 Class A2, 7.75% 7/20/28 (d) 1,044,387 1,301,770 
ReadyCap Commercial Mortgage Trust floater Series 2019-FL3 Class D, 1 month U.S. LIBOR + 2.900% 4.5609% 3/25/34 (b)(c)(d) 599,000 598,998 
Sg Commercial Mtg Securities Trust 2019-Pres Series 2019-PREZ Class F, 3.5929% 9/15/39 (b)(d) 2,000,000 1,865,811 
UBS Commercial Mortgage Trust Series 2012-C1:   
Class D, 5.7559% 5/10/45 (b)(d) 492,000 500,378 
Class E, 5% 5/10/45 (b)(d) 1,236,000 1,016,426 
Class F, 5% 5/10/45 (b)(d) 399,000 170,228 
UBS-BAMLL Trust Series 12-WRM Class D, 4.3793% 6/10/30 (b)(d) 1,817,000 1,799,208 
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1 Class B, 6.2521% 1/10/45 (b)(d) 34,000 36,137 
Wells Fargo Commercial Mortgage Trust:   
Series 2012-LC5:   
Class D, 4.9134% 10/15/45 (b)(d) 637,000 666,730 
Class E, 4.9134% 10/15/45 (b)(d) 1,539,000 1,554,746 
Class F, 4.9134% 10/15/45 (b)(d) 774,000 735,133 
Series 2016-BNK1 Class D, 3% 8/15/49 (d) 1,260,000 1,066,607 
Series 2016-C35 Class D, 3.142% 7/15/48 (d) 3,524,000 3,126,842 
Series 2016-NXS6 Class D, 3.059% 11/15/49 (d) 963,000 881,701 
WF-RBS Commercial Mortgage Trust:   
sequential payer Series 2011-C4I Class G, 5% 6/15/44 45,000 34,366 
Series 2011-C3:   
Class C, 5.335% 3/15/44 (d) 2,155,000 2,216,144 
Class D, 5.8567% 3/15/44 (b)(d) 1,000,000 784,272 
Class E, 5% 3/15/44 (d) 34,000 11,669 
Series 2011-C5:   
Class C, 5.8597% 11/15/44 (b)(d) 1,250,000 1,312,065 
Class E, 5.8597% 11/15/44 (b)(d) 903,000 929,021 
Class F, 5.25% 11/15/44 (b)(d) 2,000,000 1,980,517 
Class G, 5.25% 11/15/44 (b)(d) 1,000,000 917,467 
Series 2012-C7 Class D, 4.9675% 6/15/45 (b)(d) 620,000 585,855 
Series 2012-C8 Class E, 5.0479% 8/15/45 (b)(d) 557,000 568,276 
Series 2013-C11:   
Class D, 4.4027% 3/15/45 (b)(d) 65,000 67,057 
Class E, 4.4027% 3/15/45 (b)(d) 53,000 53,711 
Series 2013-C13 Class D, 4.2771% 5/15/45 (b)(d) 45,000 46,217 
Series 2013-C16 Class D, 5.1977% 9/15/46 (b)(d) 715,000 714,494 
Series 2013-UBS1 Class D, 4.8966% 3/15/46 (b)(d) 910,000 938,096 
WP Glimcher Mall Trust Series 2015-WPG:   
Class PR1, 3.6332% 6/5/35 (b)(d) 1,168,000 1,025,590 
Class PR2, 3.6332% 6/5/35 (b)(d) 459,000 386,258 
TOTAL COMMERCIAL MORTGAGE SECURITIES   
(Cost $211,829,657)  227,171,755 
Bank Loan Obligations - 4.9%   
COMMUNICATION SERVICES - 0.4%   
Wireless Telecommunication Services - 0.4%   
SBA Senior Finance II, LLC Tranche B, term loan 3 month U.S. LIBOR + 1.750% 3.4% 4/11/25 (b)(c)(h) 3,723,779 3,726,125 
CONSUMER DISCRETIONARY - 0.6%   
Hotels, Restaurants & Leisure - 0.6%   
Caesars Resort Collection LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.3953% 12/22/24 (b)(c)(h) 844,948 844,077 
LTF Merger Sub, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.6586% 6/10/22 (b)(c)(h) 729,149 729,944 
Playa Resorts Holding BV Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.4% 4/27/24 (b)(c)(h) 4,029,301 3,985,664 
Wyndham Destinations, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 3.8953% 5/31/25 (b)(c)(h) 449,313 448,472 
  6,008,157 
ENERGY - 0.6%   
Energy Equipment & Services - 0.1%   
Kestrel Acquisition LLC Tranche B, term loan 3 month U.S. LIBOR + 4.250% 6.05% 6/1/25 (b)(c)(h) 1,477,500 1,300,200 
Oil, Gas & Consumable Fuels - 0.5%   
Moxie Patriot LLC Tranche B, term loan 3 month U.S. LIBOR + 5.750% 7.6946% 12/19/20 (b)(c)(h) 4,812,750 4,620,240 
TPF II Power LLC Tranche B, term loan 3 month U.S. LIBOR + 3.750% 5.5494% 10/2/23 (b)(c)(h) 951,534 947,014 
  5,567,254 
TOTAL ENERGY  6,867,454 
FINANCIALS - 0.7%   
Capital Markets - 0.1%   
Blackstone CQP Holdco LP Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.408% 9/30/24 (b)(c)(h) 997,494 996,666 
Diversified Financial Services - 0.3%   
Veritas-B Junior Mezz C LLC 10.48% 2/6/21 (b)(g)(h) 3,629,000 3,699,040 
Mortgage Real Estate Investment Trusts - 0.2%   
Apollo Commercial Real Estate Finance, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.4263% 5/7/26 (b)(c)(h) 537,300 537,300 
Blackstone Mortgage Trust, Inc. Tranche B, term loan 3 month U.S. LIBOR + 2.250% 3.8953% 4/23/26 (b)(c)(h) 1,394,430 1,400,538 
  1,937,838 
Thrifts & Mortgage Finance - 0.1%   
Ocwen Loan Servicing LLC Tranche B, term loan 3 month U.S. LIBOR + 5.000% 6.7994% 12/5/20 (b)(c)(h) 931,086 924,689 
TOTAL FINANCIALS  7,558,233 
INDUSTRIALS - 0.3%   
Commercial Services & Supplies - 0.3%   
Lineage Logistics Holdings, LLC. Tranche B, term loan 3 month U.S. LIBOR + 3.000% 4.6453% 2/27/25 (b)(c)(h) 3,699,895 3,698,970 
INFORMATION TECHNOLOGY - 0.1%   
Electronic Equipment & Components - 0.1%   
Compass Power Generation LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.500% 5.2994% 12/20/24 (b)(c)(h) 939,089 932,928 
REAL ESTATE - 2.1%   
Equity Real Estate Investment Trusts (REITs) - 1.1%   
CoreCivic, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 4.500% 6.16% 12/18/24 (b)(c)(h) 1,975,000 1,937,139 
ESH Hospitality, Inc. 1LN, term loan 3 month U.S. LIBOR + 2.000% 3.6453% 9/18/26 (b)(c)(h) 1,363,237 1,370,135 
Invitation Homes Operating Par Tranche B, term loan 3 month U.S. LIBOR + 1.700% 3.3609% 2/6/22 (b)(c)(g)(h) 5,332,000 5,278,680 
iStar Financial, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.750% 4.4571% 6/28/23 (b)(c)(h) 2,003,869 2,006,374 
The GEO Group, Inc. Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 3.65% 3/23/24 (b)(c)(h) 1,735,538 1,635,207 
  12,227,535 
Real Estate Management & Development - 1.0%   
DTZ U.S. Borrower LLC Tranche B, term loan 3 month U.S. LIBOR + 3.250% 5.0494% 8/21/25 (b)(c)(h) 4,747,910 4,768,089 
Lightstone Holdco LLC:   
Tranche B 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.3953% 1/30/24 (b)(c)(h) 1,856,919 1,738,541 
Tranche C 1LN, term loan 3 month U.S. LIBOR + 3.750% 5.3953% 1/30/24 (b)(c)(h) 104,733 98,056 
MGM Growth Properties Operating Partner LP Tranche B, term loan 3 month U.S. LIBOR + 2.000% 3.5655% 3/23/25 (b)(c)(h) 319,063 319,462 
VICI Properties, LLC Tranche B 1LN, term loan 3 month U.S. LIBOR + 2.000% 3.4094% 12/22/24 (b)(c)(h) 3,765,000 3,765,489 
  10,689,637 
TOTAL REAL ESTATE  22,917,172 
UTILITIES - 0.1%   
Electric Utilities - 0.0%   
Southeast Powergen LLC Tranche B, term loan 3 month U.S. LIBOR + 3.500% 5.15% 12/2/21 (b)(c)(h) 248,874 235,111 
Independent Power and Renewable Electricity Producers - 0.1%   
APLP Holdings LP Tranche B, term loan 3 month U.S. LIBOR + 2.750% 4.3953% 4/13/23 (b)(c)(h) 1,179,433 1,180,907 
TOTAL UTILITIES  1,416,018 
TOTAL BANK LOAN OBLIGATIONS   
(Cost $53,292,418)  53,125,057 
Preferred Securities - 0.0%   
FINANCIALS - 0.0%   
Diversified Financial Services - 0.0%   
Crest Dartmouth Street 2003-1 Ltd. Series 2003-1A Class PS, 6/28/38(d)(g)   
(Cost $1) 13,650 1 
 Shares Value 
Money Market Funds - 4.5%   
Fidelity Cash Central Fund 1.58% (i)   
(Cost $48,496,078) 48,490,006 48,499,704 
TOTAL INVESTMENT IN SECURITIES - 100.3%   
(Cost $1,005,703,573)  1,089,093,537 
NET OTHER ASSETS (LIABILITIES) - (0.3)%  (3,088,904) 
NET ASSETS - 100%  $1,086,004,633 

Legend

 (a) Non-income producing

 (b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

 (c) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $335,269,763 or 30.9% of net assets.

 (e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (f) Security represents right to receive monthly interest payments on an underlying pool of mortgages or assets. Principal shown is the outstanding par amount of the pool as of the end of the period.

 (g) Level 3 security

 (h) Remaining maturities of bank loan obligations may be less than the stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty.

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

Affiliated Central Funds

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 $417,903 
Total $417,903 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Consumer Discretionary $1,252,074 $1,252,074 $-- $-- 
Energy 5,758,699 5,758,699 -- -- 
Financials 188,047,345 177,684,352 10,362,993 -- 
Industrials 233,740 233,740 -- -- 
Real Estate 245,835,235 234,488,087 11,347,148 -- 
Utilities 682,845 682,845 -- -- 
Corporate Bonds 286,922,942 -- 286,922,942 -- 
Asset-Backed Securities 28,916,744 -- 28,916,735 9 
Collateralized Mortgage Obligations 2,647,396 -- 2,647,396 -- 
Commercial Mortgage Securities 227,171,755 -- 226,811,204 360,551 
Bank Loan Obligations 53,125,057 -- 44,147,337 8,977,720 
Preferred Securities 1 -- -- 1 
Money Market Funds 48,499,704 48,499,704 -- -- 
Total Investments in Securities: $1,089,093,537 $468,599,501 $611,155,755 $9,338,281 

Other Information

The composition of credit quality ratings as a percentage of Total Net Assets is as follows (Unaudited):

U.S. Government and U.S. Government Agency Obligations 0.2% 
AAA,AA,A 2.0% 
BBB 8.7% 
BB 14.8% 
B 10.5% 
CCC,CC,C 2.3% 
Not Rated 16.6% 
Equities 40.7% 
Short-Term Investments and Net Other Assets 4.2% 
 100.0% 

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

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


Financial Statements

Statement of Assets and Liabilities

  January 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $957,207,495) 		$1,040,593,833  
Fidelity Central Funds (cost $48,496,078) 48,499,704  
Total Investment in Securities (cost $1,005,703,573)  $1,089,093,537 
Cash  22,063 
Receivable for fund shares sold  884,198 
Dividends receivable  442,188 
Interest receivable  5,387,424 
Distributions receivable from Fidelity Central Funds  57,955 
Total assets  1,095,887,365 
Liabilities   
Payable for investments purchased   
Regular delivery $6,320,838  
Delayed delivery 3,220,000  
Payable for fund shares redeemed 328,946  
Other payables and accrued expenses 12,948  
Total liabilities  9,882,732 
Net Assets  $1,086,004,633 
Net Assets consist of:   
Paid in capital  $1,002,964,159 
Total accumulated earnings (loss)  83,040,474 
Net Assets  $1,086,004,633 
Net Asset Value, offering price and redemption price per share ($1,086,004,633 ÷ 96,254,203 shares)  $11.28 

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


Statement of Operations

  Six months ended January 31, 2020 (Unaudited) 
Investment Income   
Dividends  $8,443,829 
Interest  16,831,826 
Income from Fidelity Central Funds  417,903 
Total income  25,693,558 
Expenses   
Custodian fees and expenses $12,821  
Independent trustees' fees and expenses 3,109  
Commitment fees 1,208  
Total expenses before reductions 17,138  
Expense reductions (3,246)  
Total expenses after reductions  13,892 
Net investment income (loss)  25,679,666 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 5,508,502  
Foreign currency transactions 546  
Total net realized gain (loss)  5,509,048 
Change in net unrealized appreciation (depreciation) on investment securities  22,951,138 
Net gain (loss)  28,460,186 
Net increase (decrease) in net assets resulting from operations  $54,139,852 

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


Statement of Changes in Net Assets

 Six months ended January 31, 2020 (Unaudited) Year ended July 31, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $25,679,666 $52,395,103 
Net realized gain (loss) 5,509,048 10,804,891 
Change in net unrealized appreciation (depreciation) 22,951,138 25,145,397 
Net increase (decrease) in net assets resulting from operations 54,139,852 88,345,391 
Distributions to shareholders (47,378,686) (66,053,733) 
Share transactions   
Proceeds from sales of shares 123,139,066 67,097,399 
Reinvestment of distributions 47,378,686 66,053,733 
Cost of shares redeemed (62,915,666) (91,189,244) 
Net increase (decrease) in net assets resulting from share transactions 107,602,086 41,961,888 
Total increase (decrease) in net assets 114,363,252 64,253,546 
Net Assets   
Beginning of period 971,641,381 907,387,835 
End of period $1,086,004,633 $971,641,381 
Other Information   
Shares   
Sold 10,920,903 6,193,639 
Issued in reinvestment of distributions 4,277,344 6,181,072 
Redeemed (5,606,389) (8,439,782) 
Net increase (decrease) 9,591,858 3,934,929 

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


Financial Highlights

Fidelity Series Real Estate Income Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $11.21 $10.97 $11.34 $11.43 $11.13 $11.47 
Income from Investment Operations       
Net investment income (loss)A .28 .61 .59 .55 .52 .56 
Net realized and unrealized gain (loss) .31 .42 (.20) .06 .42 (.01) 
Total from investment operations .59 1.03 .39 .61 .94 .55 
Distributions from net investment income (.40) (.62) (.60) (.52) (.53) (.61) 
Distributions from net realized gain (.12) (.17) (.16) (.18) (.11) (.29) 
Total distributions (.52) (.79) (.76) (.70) (.64) (.89)B 
Net asset value, end of period $11.28 $11.21 $10.97 $11.34 $11.43 $11.13 
Total ReturnC,D 5.42% 9.91% 3.61% 5.65% 8.93% 5.05% 
Ratios to Average Net AssetsE,F       
Expenses before reductions - %G,H - %H - %H .63% .77% .77% 
Expenses net of fee waivers, if any - %G,H - %H - %H .63% .77% .77% 
Expenses net of all reductions - %G,H - %H - %H .63% .77% .77% 
Net investment income (loss) 4.98%G 5.67% 5.36% 4.89% 4.81% 5.03% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,086,005 $971,641 $907,388 $423,538 $411,102 $401,861 
Portfolio turnover rateI 22%G,J 16% 27% 24% 24% 19% 

 A Calculated based on average shares outstanding during the period.

 B Total distributions of $.89 per share is comprised of distributions from net investment income of $.606 and distributions from net realized gain of $.288 per share.

 C Total returns for periods of less than one year are not annualized.

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

 E Fees and expenses of any underlying 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.

 F 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.

 G Annualized

 H Amount represents less than .005%.

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

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

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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2020

1. Organization.

Fidelity Series Real Estate Income Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds and Fidelity managed 529 plans. 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.

Effective January 1, 2020:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .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 Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • 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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Corporate bonds, bank loan obligations and preferred securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. Asset backed securities, collateralized mortgage obligations and commercial mortgage securities are valued by pricing vendors who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances. The Fund invests a significant portion of its assets in below investment grade securities. The value of these securities can be more volatile due to changes in the credit quality of the issuer and is sensitive to changes in economic, market and regulatory conditions.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2020 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. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions, equity-debt classifications, certain conversion ratio adjustments, partnerships and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $99,257,025 
Gross unrealized depreciation (15,612,951) 
Net unrealized appreciation (depreciation) $83,644,074 
Tax cost $1,005,449,463 

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. 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.

Loans and Other Direct Debt Instruments. The Fund invests in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. These instruments may be in the form of loans, trade claims or other receivables and may include standby financing commitments such as revolving credit facilities that obligate the Fund to supply additional cash to the borrower on demand. Loans may be acquired through assignment or participation. The Fund did not have any unfunded loan commitments, which are contractual obligations for future funding, at period end.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $141,544,496 and $106,719,604, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity Series Real Estate Income Fund $1,170 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Affiliated Exchanges In-Kind. During the period, the Fund received investments, including accrued interest, and cash valued at $71,229,507 in exchange for 6,309,079 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

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 $1,208 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $3,246.

8. 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.

At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including 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 (August 1, 2019 to January 31, 2020).

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. 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. 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.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2019 		Ending
Account Value
January 31, 2020 		Expenses Paid
During Period-B
August 1, 2019
to January 31, 2020 
Actual - %-C $1,000.00 $1,054.20 $--D 
Hypothetical-E  $1,000.00 $1,025.14 $--D 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C Amount represents less than .005%.

 D Amount represents less than $.005.

 E 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Series Real Estate Income Fund

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

Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.

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

At its January 2020 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

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

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

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies managed by Fidelity and ultimately to enhance the performance of those investment companies. The Board noted that there was a portfolio management change for the fund in March 2019. The Board will continue to monitor closely the fund's performance, taking into account the portfolio management change.

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

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered that the fund does not pay FMR a management fee for investment advisory services. The Board also noted that FMR undertakes to pay all operating expenses of the fund with certain exceptions.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.014% through November 30, 2022.

Based on its review, the Board considered that the fund does not pay a management fee and 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 level of Fidelity's profits in respect of all the Fidelity funds.

PricewaterhouseCoopers LLP (PwC), 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 the fund profitability information 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 potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and met periodically, to evaluate potential fall-out benefits (PFOB Committee). The Board noted that the PFOB Committee, among other things: (i) discussed the legal framework surrounding potential fall-out benefits; (ii) reviewed the Board's responsibilities and approach to potential fall-out benefits; and (iii) reviewed practices employed by competitor funds regarding the review of potential fall-out benefits.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.

Economies of Scale.  The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of performance fees for additional funds; (iii) changes in Fidelity's non-fund businesses and the impact of such changes on the funds; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (vi) the expense structures for different funds and classes; (vii) information regarding other accounts managed by Fidelity, including collective investment trusts and separately managed accounts; and (viii) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

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





Fidelity Investments

SRE-SANN-0320
1.924313.108

Fidelity® Series Blue Chip Growth Fund



Semi-Annual Report

January 31, 2020

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a fund electronically, by contacting your financial intermediary. For Fidelity customers, visit Fidelity's web site or call Fidelity using the contact information listed below.

You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
Brokerage, Mutual Fund, or Annuity Contracts: fidelity.com/mailpreferences 1-800-343-3548 
Employer Provided Retirement Accounts: netbenefits.fidelity.com/preferences (choose 'no' under Required Disclosures to continue to print) 1-800-343-0860 
Advisor Sold Accounts Serviced Through Your Financial Intermediary: Contact Your Financial Intermediary Your Financial Intermediary's phone number 
Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2020 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020

 % of fund's net assets 
Alphabet, Inc. Class A 7.1 
Amazon.com, Inc. 6.2 
Apple, Inc. 6.2 
Microsoft Corp. 5.5 
Facebook, Inc. Class A 4.1 
Uber Technologies, Inc. 2.5 
Marvell Technology Group Ltd. 2.5 
Salesforce.com, Inc. 2.5 
lululemon athletica, Inc. 2.4 
Visa, Inc. Class A 2.3 
 41.3 

Top Five Market Sectors as of January 31, 2020

 % of fund's net assets 
Information Technology 35.2 
Consumer Discretionary 22.5 
Communication Services 15.5 
Health Care 13.1 
Industrials 8.4 

Asset Allocation (% of fund's net assets)

As of January 31, 2020* 
   Stocks 96.7% 
   Convertible Securities 3.0% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.3% 


 * Foreign investments - 10.3%

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 96.7%   
 Shares Value 
COMMUNICATION SERVICES - 15.5%   
Entertainment - 3.4%   
Activision Blizzard, Inc. 721,048 $42,166,887 
Bilibili, Inc. ADR (a) 54,700 1,178,785 
Netflix, Inc. (a) 213,524 73,684,997 
Roku, Inc. Class A (a) 75,355 9,114,187 
Sea Ltd. ADR (a) 732,631 33,144,226 
Take-Two Interactive Software, Inc. (a) 39,179 4,883,271 
The Walt Disney Co. 154,245 21,333,626 
WME Entertainment Parent, LLC Class A (a)(b)(c)(d) 3,128,633 9,292,040 
  194,798,019 
Interactive Media & Services - 11.9%   
Alphabet, Inc. Class A (a) 285,313 408,790,748 
CarGurus, Inc. Class A (a) 82,963 2,957,631 
Facebook, Inc. Class A (a) 1,160,610 234,338,765 
Match Group, Inc. (a)(e) 138,069 10,799,757 
Snap, Inc. Class A (a) 104,000 1,911,520 
Tencent Holdings Ltd. 493,800 23,549,424 
  682,347,845 
Wireless Telecommunication Services - 0.2%   
T-Mobile U.S., Inc. (a) 121,838 9,648,351 
TOTAL COMMUNICATION SERVICES  886,794,215 
CONSUMER DISCRETIONARY - 22.1%   
Automobiles - 1.9%   
Ferrari NV 7,791 1,315,277 
Tesla, Inc. (a) 163,907 106,632,977 
  107,948,254 
Diversified Consumer Services - 0.1%   
Afya Ltd. 102,852 3,071,161 
GSX Techedu, Inc. ADR (a) 37,800 1,235,682 
New Oriental Education & Technology Group, Inc. sponsored ADR (a) 24,400 2,965,820 
  7,272,663 
Hotels, Restaurants & Leisure - 2.4%   
Aristocrat Leisure Ltd. 48,454 1,155,588 
Chipotle Mexican Grill, Inc. (a) 14,342 12,431,072 
Churchill Downs, Inc. 25,152 3,631,446 
Eldorado Resorts, Inc. (a) 307,747 18,397,116 
Kambi Group PLC (a) 101,499 1,372,734 
Las Vegas Sands Corp. 19,000 1,240,890 
Melco Crown Entertainment Ltd. sponsored ADR 59,900 1,208,183 
MGM Mirage, Inc. 124,208 3,857,900 
Penn National Gaming, Inc. (a) 446,700 13,325,061 
Planet Fitness, Inc. (a) 143,448 11,589,164 
Royal Caribbean Cruises Ltd. 57,716 6,757,389 
Shake Shack, Inc. Class A (a)(e) 51,130 3,448,719 
Starbucks Corp. 452,439 38,380,400 
Vail Resorts, Inc. 24,876 5,833,671 
Wynn Resorts Ltd. 103,649 13,076,358 
Yum China Holdings, Inc. 42,500 1,830,475 
  137,536,166 
Household Durables - 0.0%   
Sony Corp. sponsored ADR 43,800 3,073,884 
Internet & Direct Marketing Retail - 8.8%   
Alibaba Group Holding Ltd. sponsored ADR (a) 225,888 46,666,202 
Amazon.com, Inc. (a) 177,280 356,105,882 
Delivery Hero AG (a)(f) 20,100 1,551,962 
MakeMyTrip Ltd. (a) 49,600 1,140,800 
MercadoLibre, Inc. (a) 23,082 15,303,366 
Ocado Group PLC (a) 133,963 2,164,349 
Pinduoduo, Inc. ADR (a) 505,498 17,803,640 
The Booking Holdings, Inc. (a) 19,412 35,534,637 
The Honest Co., Inc. (a)(c)(d) 71,609 977,463 
The RealReal, Inc. (e) 715,229 10,349,364 
Wayfair LLC Class A (a) 152,088 14,250,646 
  501,848,311 
Leisure Products - 0.3%   
Mattel, Inc. (a)(e) 326,100 4,770,843 
Peloton Interactive, Inc. 377,252 11,597,481 
  16,368,324 
Multiline Retail - 0.8%   
Dollar General Corp. 35,225 5,403,867 
Dollar Tree, Inc. (a) 373,161 32,491,128 
Ollie's Bargain Outlet Holdings, Inc. (a) 34,028 1,804,845 
Target Corp. 52,400 5,802,776 
  45,502,616 
Specialty Retail - 3.6%   
American Eagle Outfitters, Inc. 324,095 4,666,968 
Best Buy Co., Inc. 52,400 4,437,756 
Burlington Stores, Inc. (a) 58,403 12,700,900 
Carvana Co. Class A (a)(e) 192,878 15,285,582 
Dick's Sporting Goods, Inc. 62,200 2,751,106 
Five Below, Inc. (a) 48,184 5,455,392 
Floor & Decor Holdings, Inc. Class A (a) 244,340 12,048,405 
L Brands, Inc. 112,700 2,610,132 
Lowe's Companies, Inc. 446,306 51,878,609 
RH (a)(e) 289,504 60,433,960 
The Home Depot, Inc. 146,703 33,462,954 
Urban Outfitters, Inc. (a) 86,800 2,222,080 
  207,953,844 
Textiles, Apparel & Luxury Goods - 4.2%   
adidas AG 26,495 8,398,027 
Allbirds, Inc. (a)(c)(d) 40,405 459,405 
Anta Sports Products Ltd. 186,000 1,619,350 
Aritzia LP (a) 101,400 1,917,819 
Burberry Group PLC 144,302 3,721,457 
Capri Holdings Ltd. (a) 60,013 1,797,989 
Crocs, Inc. (a) 217,912 8,261,044 
Deckers Outdoor Corp. (a) 30,195 5,764,527 
lululemon athletica, Inc. (a) 563,274 134,842,163 
LVMH Moet Hennessy Louis Vuitton SE 16,761 7,298,952 
Moncler SpA 154,923 6,700,877 
NIKE, Inc. Class B 481,613 46,379,332 
PVH Corp. 107,520 9,372,518 
Tory Burch LLC (a)(b)(c)(d) 106,817 5,554,484 
  242,087,944 
TOTAL CONSUMER DISCRETIONARY  1,269,592,006 
CONSUMER STAPLES - 1.2%   
Food & Staples Retailing - 0.3%   
BJ's Wholesale Club Holdings, Inc. (a) 426,261 8,746,876 
Costco Wholesale Corp. 20,956 6,402,477 
Kroger Co. 129,000 3,464,940 
  18,614,293 
Food Products - 0.0%   
Tyson Foods, Inc. Class A 24,483 2,023,030 
Household Products - 0.1%   
Energizer Holdings, Inc. 70,214 3,248,100 
Personal Products - 0.2%   
Estee Lauder Companies, Inc. Class A 30,929 6,036,104 
Herbalife Nutrition Ltd. (a) 131,300 5,101,005 
  11,137,109 
Tobacco - 0.6%   
Altria Group, Inc. 766,084 36,411,973 
JUUL Labs, Inc. Class B (a)(c)(d) 2,450 296,034 
  36,708,007 
TOTAL CONSUMER STAPLES  71,730,539 
ENERGY - 0.4%   
Oil, Gas & Consumable Fuels - 0.4%   
Hess Corp. 43,779 2,476,578 
Reliance Industries Ltd. 1,026,721 20,195,599 
  22,672,177 
FINANCIALS - 1.2%   
Banks - 0.4%   
Bank of America Corp. 295,095 9,687,969 
Citigroup, Inc. 148,900 11,079,649 
Kotak Mahindra Bank Ltd. 171,776 4,052,805 
  24,820,423 
Capital Markets - 0.4%   
Goldman Sachs Group, Inc. 12,500 2,971,875 
HDFC Asset Management Co. Ltd. (f) 403 17,815 
London Stock Exchange Group PLC 34,321 3,546,759 
Moody's Corp. 16,165 4,151,010 
MSCI, Inc. 28,755 8,218,179 
S&P Global, Inc. 2,351 690,559 
XP, Inc. Class A (a) 40,400 1,621,656 
  21,217,853 
Consumer Finance - 0.1%   
Capital One Financial Corp. 23,200 2,315,360 
Oportun Financial Corp. 138,829 2,774,914 
  5,090,274 
Insurance - 0.3%   
eHealth, Inc. (a)(e) 149,337 15,704,279 
Thrifts & Mortgage Finance - 0.0%   
LendingTree, Inc. (a) 2,000 622,400 
TOTAL FINANCIALS  67,455,229 
HEALTH CARE - 12.9%   
Biotechnology - 4.9%   
AbbVie, Inc. 273,183 22,133,287 
ACADIA Pharmaceuticals, Inc. (a) 85,357 3,409,159 
Acceleron Pharma, Inc. (a) 94,420 8,571,448 
Agios Pharmaceuticals, Inc. (a) 134,965 6,576,844 
Aimmune Therapeutics, Inc. (a)(e) 141,182 4,383,701 
Alexion Pharmaceuticals, Inc. (a) 162,757 16,176,418 
Allakos, Inc. (a)(e) 23,230 1,677,206 
Alnylam Pharmaceuticals, Inc. (a) 358,481 41,150,034 
Arcutis Biotherapeutics, Inc. (a) 73,700 1,606,660 
Argenx SE ADR (a) 16,037 2,313,979 
Ascendis Pharma A/S sponsored ADR (a) 132,696 17,927,230 
Aurinia Pharmaceuticals, Inc. (a) 110,900 2,029,470 
BeiGene Ltd. (a) 148,600 1,730,707 
BeiGene Ltd. ADR (a) 32,606 4,967,850 
BioNTech SE ADR (a) 58,918 1,720,995 
Black Diamond Therapeutics, Inc. (a) 32,300 1,211,250 
bluebird bio, Inc. (a) 112,078 8,931,496 
Bridgebio Pharma, Inc. 38,934 1,342,834 
Cibus Corp.:   
Series C (a)(b)(c)(d) 726,554 1,211,995 
Series D (a)(b)(c)(d) 398,640 498,300 
Coherus BioSciences, Inc. (a) 169,670 3,060,847 
Crinetics Pharmaceuticals, Inc. (a) 81,548 1,751,651 
CytomX Therapeutics, Inc. (a)(f) 137,854 1,022,877 
FibroGen, Inc. (a) 84,686 3,544,109 
Global Blood Therapeutics, Inc. (a) 126,495 8,255,064 
Intercept Pharmaceuticals, Inc. (a) 112,992 10,441,591 
Ionis Pharmaceuticals, Inc. (a) 73,266 4,272,873 
Karuna Therapeutics, Inc. (a) 40,000 3,796,400 
Mirati Therapeutics, Inc. (a) 11,900 1,033,277 
Morphic Holding, Inc. 43,594 876,239 
Neurocrine Biosciences, Inc. (a) 129,488 12,959,159 
Principia Biopharma, Inc. (a) 44,107 2,322,234 
Regeneron Pharmaceuticals, Inc. (a) 30,300 10,239,582 
Sage Therapeutics, Inc. (a) 169,867 11,258,785 
Sarepta Therapeutics, Inc. (a) 97,436 11,298,679 
Seattle Genetics, Inc. (a) 18,300 1,983,537 
Turning Point Therapeutics, Inc. 109,349 6,396,917 
Vertex Pharmaceuticals, Inc. (a) 113,862 25,852,367 
Xencor, Inc. (a) 114,918 3,900,317 
Zai Lab Ltd. ADR (a) 129,964 6,626,864 
  280,464,232 
Health Care Equipment & Supplies - 3.1%   
Axonics Modulation Technologies, Inc. (a)(e) 92,420 2,682,953 
Becton, Dickinson & Co. 20,526 5,648,345 
Boston Scientific Corp. (a) 1,167,449 48,881,090 
Danaher Corp. 72,779 11,707,958 
DexCom, Inc. (a) 70,715 17,024,636 
Edwards Lifesciences Corp. (a) 32,300 7,101,478 
Hoya Corp. 7,000 669,938 
Insulet Corp. (a) 89,098 17,288,576 
Intuitive Surgical, Inc. (a) 83,446 46,711,402 
Novocure Ltd. (a) 62,207 5,067,382 
Shockwave Medical, Inc. (a) 171,533 7,447,963 
Tandem Diabetes Care, Inc. (a) 101,017 7,681,333 
  177,913,054 
Health Care Providers & Services - 2.3%   
1Life Healthcare, Inc. (a) 45,100 995,357 
Centene Corp. (a) 56,900 3,573,889 
Cigna Corp. 34,000 6,540,920 
Guardant Health, Inc. (a) 62,280 4,735,771 
Humana, Inc. 45,009 15,133,826 
Notre Dame Intermedica Participacoes SA 207,500 3,401,806 
UnitedHealth Group, Inc. 363,028 98,906,979 
  133,288,548 
Life Sciences Tools & Services - 0.6%   
10X Genomics, Inc. (a) 53,733 4,910,659 
Adaptive Biotechnologies Corp. 24,987 747,236 
IQVIA Holdings, Inc. (a) 27,446 4,260,992 
Thermo Fisher Scientific, Inc. 78,838 24,691,273 
  34,610,160 
Pharmaceuticals - 2.0%   
AstraZeneca PLC sponsored ADR 467,335 22,759,215 
Axsome Therapeutics, Inc. (a)(e) 13,300 1,154,706 
Bristol-Myers Squibb Co. 490,163 30,855,761 
Chiasma, Inc. warrants 12/16/24 (a) 23,784 26,773 
Eli Lilly & Co. 39,300 5,487,852 
Hansoh Pharmaceutical Group Co. Ltd. (f) 730,000 2,584,454 
Horizon Pharma PLC (a) 110,899 3,824,907 
Intra-Cellular Therapies, Inc. (a) 90,800 2,060,252 
MyoKardia, Inc. (a) 25,655 1,745,310 
Nektar Therapeutics (a) 166,951 3,320,655 
OptiNose, Inc. (a)(e) 244,379 1,913,488 
Roche Holding AG (participation certificate) 14,031 4,706,960 
Sanofi SA sponsored ADR 100,500 4,851,135 
Zoetis, Inc. Class A 178,979 24,020,772 
Zogenix, Inc. (a) 45,916 2,312,789 
  111,625,029 
TOTAL HEALTH CARE  737,901,023 
INDUSTRIALS - 8.2%   
Aerospace & Defense - 1.0%   
Airbus Group NV 4,100 602,143 
Lockheed Martin Corp. 45,833 19,622,024 
Northrop Grumman Corp. 28,081 10,518,300 
Space Exploration Technologies Corp.:   
Class A (a)(c)(d) 22,703 4,858,442 
Class C (a)(c)(d) 686 146,804 
The Boeing Co. 67,418 21,457,127 
  57,204,840 
Airlines - 0.3%   
Spirit Airlines, Inc. (a) 474,340 19,481,144 
United Continental Holdings, Inc. (a) 7,700 575,960 
  20,057,104 
Commercial Services & Supplies - 0.1%   
HomeServe PLC 302,999 5,129,412 
Electrical Equipment - 0.1%   
Generac Holdings, Inc. (a) 11,700 1,212,003 
Rockwell Automation, Inc. 8,700 1,667,442 
  2,879,445 
Industrial Conglomerates - 1.8%   
General Electric Co. 7,290,038 90,760,973 
Honeywell International, Inc. 56,199 9,734,791 
  100,495,764 
Machinery - 0.1%   
Fanuc Corp. 6,100 1,110,993 
Fortive Corp. 33,300 2,495,169 
Rational AG 3,306 2,491,400 
  6,097,562 
Professional Services - 0.1%   
Equifax, Inc. 47,987 7,193,251 
Road & Rail - 4.7%   
Knight-Swift Transportation Holdings, Inc. Class A 372,752 13,821,644 
Lyft, Inc. (e) 2,400,419 113,971,894 
Uber Technologies, Inc. 3,934,933 142,798,719 
  270,592,257 
TOTAL INDUSTRIALS  469,649,635 
INFORMATION TECHNOLOGY - 34.7%   
Electronic Equipment & Components - 0.3%   
CDW Corp. 4,500 587,025 
Flextronics International Ltd. (a) 333,000 4,378,950 
II-VI, Inc. (a)(e) 342,900 11,538,585 
  16,504,560 
IT Services - 6.6%   
Akamai Technologies, Inc. (a) 103,524 9,663,965 
Black Knight, Inc. (a) 91,638 6,132,415 
Endava PLC ADR (a) 67,124 3,099,115 
Fidelity National Information Services, Inc. 37,728 5,420,004 
Fiserv, Inc. (a) 27,271 3,234,613 
MasterCard, Inc. Class A 304,681 96,260,915 
MongoDB, Inc. Class A (a) 41,680 6,831,769 
Okta, Inc. (a) 75,800 9,706,190 
PagSeguro Digital Ltd. (a) 33,300 1,081,917 
PayPal Holdings, Inc. (a) 375,962 42,818,312 
Riskified Ltd. (c)(d) 2,200 497,127 
Riskified Ltd. warrants (a)(c)(d) 692 1 
Shopify, Inc. Class A (a) 84,014 39,126,756 
Square, Inc. (a) 25,600 1,912,064 
Twilio, Inc. Class A (a)(e) 176,670 21,967,148 
Visa, Inc. Class A 650,821 129,493,854 
  377,246,165 
Semiconductors & Semiconductor Equipment - 9.9%   
Advanced Micro Devices, Inc. (a) 776,352 36,488,544 
Ambarella, Inc. (a) 31,600 1,868,824 
Applied Materials, Inc. 119,472 6,928,181 
ASML Holding NV 22,098 6,202,025 
Enphase Energy, Inc. (a)(e) 38,300 1,207,216 
Lam Research Corp. 133,999 39,959,842 
Marvell Technology Group Ltd. 5,929,079 142,535,059 
Micron Technology, Inc. (a) 1,094,106 58,086,088 
NVIDIA Corp. 503,099 118,947,697 
NXP Semiconductors NV 602,035 76,374,160 
Qualcomm, Inc. 717,208 61,185,014 
Skyworks Solutions, Inc. 40,000 4,526,000 
SolarEdge Technologies, Inc. (a) 44,300 4,335,198 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 78,869 4,254,194 
Universal Display Corp. 24,473 4,311,408 
  567,209,450 
Software - 11.4%   
Adobe, Inc. (a) 219,071 76,924,591 
Alteryx, Inc. Class A (a)(e) 5,500 767,085 
Anaplan, Inc. (a) 32,700 1,883,193 
Atom Tickets LLC (a)(b)(c)(d) 344,068 509,221 
Autodesk, Inc. (a) 3,000 590,550 
Ceridian HCM Holding, Inc. (a) 9,500 696,255 
Cloudflare, Inc. 428,680 7,273,414 
Coupa Software, Inc. (a) 33,214 5,352,436 
Elastic NV (a) 121,650 7,892,652 
Fair Isaac Corp. (a) 9,300 3,742,134 
HubSpot, Inc. (a) 43,692 7,905,630 
Lightspeed POS, Inc. (a) 252,733 8,211,817 
LivePerson, Inc. (a) 114,655 4,702,002 
Microsoft Corp. 1,851,000 315,095,730 
Nutanix, Inc. Class A (a) 19,081 619,560 
Paycom Software, Inc. (a) 30,735 9,778,648 
RingCentral, Inc. (a) 70,439 14,480,850 
Salesforce.com, Inc. (a) 773,670 141,047,778 
ServiceNow, Inc. (a) 47,823 16,175,173 
Tanium, Inc. Class B (a)(c)(d) 151,000 1,639,860 
The Trade Desk, Inc. (a)(e) 36,305 9,772,580 
Workday, Inc. Class A (a) 103,980 19,197,827 
  654,258,986 
Technology Hardware, Storage & Peripherals - 6.5%   
Apple, Inc. 1,145,634 354,585,179 
Pure Storage, Inc. Class A (a) 131,700 2,344,260 
Western Digital Corp. 248,476 16,275,178 
  373,204,617 
TOTAL INFORMATION TECHNOLOGY  1,988,423,778 
MATERIALS - 0.1%   
Chemicals - 0.1%   
Air Products & Chemicals, Inc. 2,500 596,775 
Livent Corp. (a) 68,100 640,821 
Olin Corp. 38,200 568,034 
The Chemours Co. LLC 409,015 5,673,038 
  7,478,668 
REAL ESTATE - 0.3%   
Equity Real Estate Investment Trusts (REITs) - 0.2%   
Ant International Co. Ltd. Class C (a)(c)(d) 1,065,661 8,653,167 
Real Estate Management & Development - 0.1%   
Redfin Corp. (a)(e) 246,581 5,999,316 
TOTAL REAL ESTATE  14,652,483 
UTILITIES - 0.1%   
Electric Utilities - 0.1%   
NextEra Energy, Inc. 13,293 3,565,183 
ORSTED A/S (f) 8,688 949,015 
  4,514,198 
TOTAL COMMON STOCKS   
(Cost $2,754,102,587)  5,540,863,951 
Preferred Stocks - 3.0%   
Convertible Preferred Stocks - 3.0%   
CONSUMER DISCRETIONARY - 0.4%   
Hotels, Restaurants & Leisure - 0.1%   
MOD Super Fast Pizza Holdings LLC:   
Series 3 (a)(b)(c)(d) 22,518 3,307,219 
Series 4 (a)(b)(c)(d) 2,055 301,818 
Series 5 (a)(b)(c)(d) 8,253 1,212,118 
Neutron Holdings, Inc. Series C (a)(c)(d) 12,405,800 3,008,407 
Topgolf International, Inc. Series F (a)(c)(d) 106,191 1,567,379 
  9,396,941 
Internet & Direct Marketing Retail - 0.3%   
Reddit, Inc. Series B (a)(c)(d) 129,280 4,714,842 
The Honest Co., Inc.:   
Series C (a)(c)(d) 167,087 6,457,913 
Series D (a)(c)(d) 27,712 1,268,101 
Series E (a)(c)(d) 143,059 2,803,956 
  15,244,812 
Textiles, Apparel & Luxury Goods - 0.0%   
Allbirds, Inc.:   
Series A (a)(c)(d) 15,945 181,295 
Series B (a)(c)(d) 2,800 31,836 
Series C (a)(c)(d) 26,775 304,432 
Series Seed (a)(c)(d) 8,575 97,498 
  615,061 
TOTAL CONSUMER DISCRETIONARY  25,256,814 
CONSUMER STAPLES - 1.7%   
Food & Staples Retailing - 0.2%   
Blink Health LLC Series C (c)(d) 19,765 754,549 
Sweetgreen, Inc. Series H (a)(c)(d) 725,140 10,695,815 
  11,450,364 
Food Products - 0.1%   
Agbiome LLC Series C (a)(c)(d) 266,499 2,377,171 
Tobacco - 1.4%   
JUUL Labs, Inc.:   
Series C (a)(c)(d) 660,029 79,751,304 
Series D (a)(c)(d) 5,110 617,441 
  80,368,745 
TOTAL CONSUMER STAPLES  94,196,280 
HEALTH CARE - 0.2%   
Biotechnology - 0.1%   
23andMe, Inc. Series F (a)(c)(d) 195,114 2,727,694 
Generation Bio:   
Series B (a)(c)(d) 110,000 698,500 
Series C (c)(d) 93,200 521,118 
Immunocore Ltd. Series A (a)(c)(d) 4,035 512,521 
  4,459,833 
Health Care Providers & Services - 0.1%   
Mulberry Health, Inc. Series A-8 (a)(c)(d) 813,618 4,344,720 
Pharmaceuticals - 0.0%   
Castle Creek Pharmaceutical Holdings, Inc. Series B (a)(c)(d) 1,069 440,268 
TOTAL HEALTH CARE  9,244,821 
INDUSTRIALS - 0.2%   
Aerospace & Defense - 0.2%   
Space Exploration Technologies Corp.:   
Series G (a)(c)(d) 42,650 9,127,100 
Series H (a)(c)(d) 6,348 1,358,472 
  10,485,572 
Professional Services - 0.0%   
YourPeople, Inc. Series C (a)(c)(d) 253,888 906,380 
TOTAL INDUSTRIALS  11,391,952 
INFORMATION TECHNOLOGY - 0.5%   
Internet Software & Services - 0.1%   
ContextLogic, Inc. Series G (a)(c)(d) 34,750 5,106,860 
Starry, Inc. Series C (a)(c)(d) 1,477,502 2,112,828 
  7,219,688 
IT Services - 0.0%   
AppNexus, Inc. Series E (Escrow) (a)(c)(d) 307,049 9,617 
Riskified Ltd. Series E (c)(d) 3,300 784,938 
  794,555 
Software - 0.4%   
ACV Auctions, Inc. Series E (c)(d) 191,408 1,058,525 
Compass, Inc. Series E (a)(c)(d) 13,605 2,149,779 
Dataminr, Inc. Series D (a)(c)(d) 115,901 2,046,812 
Delphix Corp. Series D (a)(c)(d) 242,876 1,899,290 
Jet.Com, Inc. Series B1 (Escrow) (a)(c)(d) 922,232 9 
Malwarebytes Corp. Series B (a)(c)(d) 329,349 7,081,004 
Taboola.Com Ltd. Series E (a)(c)(d) 289,958 8,092,728 
  22,328,147 
TOTAL INFORMATION TECHNOLOGY  30,342,390 
TOTAL CONVERTIBLE PREFERRED STOCKS  170,432,257 
Nonconvertible Preferred Stocks - 0.0%   
HEALTH CARE - 0.0%   
Pharmaceuticals - 0.0%   
Castle Creek Pharmaceutical Holdings, Inc. Series A4 (a)(c)(d) 9,636 3,968,587 
TOTAL PREFERRED STOCKS   
(Cost $72,233,773)  174,400,844 
Money Market Funds - 2.5%   
Fidelity Cash Central Fund 1.58% (g) 34,013,653 34,020,456 
Fidelity Securities Lending Cash Central Fund 1.59% (g)(h) 107,891,766 107,902,556 
TOTAL MONEY MARKET FUNDS   
(Cost $141,923,012)  141,923,012 
TOTAL INVESTMENT IN SECURITIES - 102.2%   
(Cost $2,968,259,372)  5,857,187,807 
NET OTHER ASSETS (LIABILITIES) - (2.2)%  (124,692,854) 
NET ASSETS - 100%  $5,732,494,953 

Legend

 (a) Non-income producing

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

 (c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $208,995,187 or 3.6% of net assets.

 (d) Level 3 security

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

 (f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $6,126,123 or 0.1% of net assets.

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

 (h) Investment made with cash collateral received from securities on loan.

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
23andMe, Inc. Series F 8/31/17 $2,709,002 
ACV Auctions, Inc. Series E 11/6/19 $1,058,525 
Agbiome LLC Series C 6/29/18 $1,687,925 
Allbirds, Inc. 10/9/18 $443,128 
Allbirds, Inc. Series A 10/9/18 $174,871 
Allbirds, Inc. Series B 10/9/18 $30,708 
Allbirds, Inc. Series C 10/9/18 $293,646 
Allbirds, Inc. Series Seed 10/9/18 $94,043 
Ant International Co. Ltd. Class C 5/16/18 $5,978,358 
AppNexus, Inc. Series E (Escrow) 8/1/14 $553,578 
Atom Tickets LLC 8/15/17 $1,999,998 
Blink Health LLC Series C 11/7/19 $754,549 
Castle Creek Pharmaceutical Holdings, Inc. Series A4 9/29/16 $3,185,523 
Castle Creek Pharmaceutical Holdings, Inc. Series B 10/9/18 $440,268 
Cibus Corp. Series C 2/16/18 $1,525,763 
Cibus Corp. Series D 5/10/19 $498,300 
Compass, Inc. Series E 11/3/17 $918,041 
ContextLogic, Inc. Series G 10/24/17 $4,675,022 
Dataminr, Inc. Series D 3/6/15 $1,477,738 
Delphix Corp. Series D 7/10/15 $2,185,884 
Generation Bio Series B 2/21/18 $1,006,027 
Generation Bio Series C 1/9/20 $521,118 
Immunocore Ltd. Series A 7/27/15 $759,303 
Jet.Com, Inc. Series B1 (Escrow) 3/19/18 $-- 
JUUL Labs, Inc. Class B 11/21/17 $-- 
JUUL Labs, Inc. Series C 5/22/15 - 7/6/18 $-- 
JUUL Labs, Inc. Series D 6/25/18 - 7/6/18 $-- 
Malwarebytes Corp. Series B 12/21/15 $3,416,996 
MOD Super Fast Pizza Holdings LLC Series 3 11/3/16 $3,084,966 
MOD Super Fast Pizza Holdings LLC Series 4 12/14/17 $287,556 
MOD Super Fast Pizza Holdings LLC Series 5 5/15/19 $1,176,218 
Mulberry Health, Inc. Series A-8 1/20/16 $5,495,786 
Neutron Holdings, Inc. Series C 7/3/18 $2,268,276 
Reddit, Inc. Series B 7/26/17 $1,835,324 
Riskified Ltd. 12/20/19 $497,127 
Riskified Ltd. Series E 10/28/19 $784,938 
Riskified Ltd. warrants 10/28/19 $1 
Space Exploration Technologies Corp. Class A 4/6/17 - 9/11/17 $2,534,625 
Space Exploration Technologies Corp. Class C 9/11/17 $92,610 
Space Exploration Technologies Corp. Series G 1/20/15 $3,303,669 
Space Exploration Technologies Corp. Series H 8/4/17 $856,980 
Starry, Inc. Series C 12/8/17 $1,362,257 
Sweetgreen, Inc. Series H 11/9/18 $9,455,826 
Taboola.Com Ltd. Series E 12/22/14 $3,022,928 
Tanium, Inc. Class B 4/21/17 $749,609 
The Honest Co., Inc. 8/21/14 $1,937,546 
The Honest Co., Inc. Series C 8/21/14 $4,520,923 
The Honest Co., Inc. Series D 8/3/15 $1,267,963 
The Honest Co., Inc. Series E 9/28/17 $2,804,643 
Topgolf International, Inc. Series F 11/10/17 $1,468,993 
Tory Burch LLC 5/14/15 $7,600,030 
WME Entertainment Parent, LLC Class A 4/13/16 - 8/16/16 $5,974,752 
YourPeople, Inc. Series C 5/1/15 $3,783,205 

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 $212,480 
Fidelity Securities Lending Cash Central Fund 1,452,593 
Total $1,665,073 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $886,794,215 $853,952,751 $23,549,424 $9,292,040 
Consumer Discretionary 1,294,848,820 1,240,929,283 21,671,371 32,248,166 
Consumer Staples 165,926,819 71,434,505 -- 94,492,314 
Energy 22,672,177 2,476,578 20,195,599 -- 
Financials 67,455,229 57,062,936 10,392,293 -- 
Health Care 751,114,431 726,471,896 9,718,832 14,923,703 
Industrials 481,041,587 462,931,253 1,713,136 16,397,198 
Information Technology 2,018,766,168 1,978,504,155 7,273,414 32,988,599 
Materials 7,478,668 7,478,668 -- -- 
Real Estate 14,652,483 5,999,316 -- 8,653,167 
Utilities 4,514,198 4,514,198 -- -- 
Money Market Funds 141,923,012 141,923,012 -- -- 
Total Investments in Securities: $5,857,187,807 $5,553,678,551 $94,514,069 $208,995,187 

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

Investments in Securities:  
Equities - Consumer Staples  
Beginning Balance $204,799,036 
Net Realized Gain (Loss) on Investment Securities 2,085,371 
Net Unrealized Gain (Loss) on Investment Securities (111,061,271) 
Cost of Purchases 754,549 
Proceeds of Sales (2,085,371) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 -- 
Ending Balance $94,492,314 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2020 $(111,061,271) 
Other Investments in Securities  
Beginning Balance $135,471,398 
Net Realized Gain (Loss) on Investment Securities 19,795 
Net Unrealized Gain (Loss) on Investment Securities (1,702,026) 
Cost of Purchases 2,960,245 
Proceeds of Sales (573,373) 
Amortization/Accretion -- 
Transfers into Level 3 -- 
Transfers out of Level 3 (21,673,166) 
Ending Balance $114,502,873 
The change in unrealized gain (loss) for the period attributable to Level 3 securities held at January 31, 2020 $(1,702,026) 

The information used in the above reconciliations represents fiscal year to date activity for any Investments in Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represent the beginning value of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. The cost of purchases and the proceeds of sales may include securities received or delivered through corporate actions or exchanges. Realized and unrealized gains (losses) disclosed in the reconciliations are included in Net Gain (Loss) on the Fund's Statement of Operations.

Other Information

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

United States of America 89.7% 
Cayman Islands 2.7% 
Bermuda 2.5% 
Netherlands 1.5% 
Others (Individually Less Than 1%) 3.6% 
 100.0% 

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


Financial Statements

Statement of Assets and Liabilities

  January 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value (including securities loaned of $102,384,938) — See accompanying schedule:
Unaffiliated issuers (cost $2,826,336,360) 		$5,715,264,795  
Fidelity Central Funds (cost $141,923,012) 141,923,012  
Total Investment in Securities (cost $2,968,259,372)  $5,857,187,807 
Cash  9,542 
Restricted cash  234,789 
Foreign currency held at value (cost $1,877)  1,877 
Receivable for investments sold  251,050,513 
Receivable for fund shares sold  42,527 
Dividends receivable  1,328,624 
Distributions receivable from Fidelity Central Funds  155,681 
Other receivables  45,630 
Total assets  6,110,056,990 
Liabilities   
Payable for investments purchased $16,564,186  
Payable for fund shares redeemed 252,729,917  
Other payables and accrued expenses 374,145  
Collateral on securities loaned 107,893,789  
Total liabilities  377,562,037 
Net Assets  $5,732,494,953 
Net Assets consist of:   
Paid in capital  $2,473,879,682 
Total accumulated earnings (loss)  3,258,615,271 
Net Assets  $5,732,494,953 
Net Asset Value, offering price and redemption price per share ($5,732,494,953 ÷ 369,903,965 shares)  $15.50 

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


Statement of Operations

  Six months ended January 31, 2020 (Unaudited) 
Investment Income   
Dividends  $17,264,247 
Income from Fidelity Central Funds (including $1,452,593 from security lending)  1,665,073 
Total income  18,929,320 
Expenses   
Custodian fees and expenses $93,836  
Independent trustees' fees and expenses 18,417  
Legal 200  
Interest 46,804  
Commitment fees 7,007  
Total expenses before reductions 166,264  
Expense reductions (565)  
Total expenses after reductions  165,699 
Net investment income (loss)  18,763,621 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 443,441,692  
Fidelity Central Funds (2,015)  
Foreign currency transactions (28,845)  
Total net realized gain (loss)  443,410,832 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $296,896) 219,132,279  
Assets and liabilities in foreign currencies (11,089)  
Total change in net unrealized appreciation (depreciation)  219,121,190 
Net gain (loss)  662,532,022 
Net increase (decrease) in net assets resulting from operations  $681,295,643 

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


Statement of Changes in Net Assets

 Six months ended January 31, 2020 (Unaudited) Year ended July 31, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $18,763,621 $42,336,847 
Net realized gain (loss) 443,410,832 703,191,197 
Change in net unrealized appreciation (depreciation) 219,121,190 (62,335,178) 
Net increase (decrease) in net assets resulting from operations 681,295,643 683,192,866 
Distributions to shareholders (641,776,468) (763,496,173) 
Share transactions   
Proceeds from sales of shares 518,899,789 705,675,801 
Reinvestment of distributions 641,776,468 763,496,173 
Cost of shares redeemed (1,314,665,639) (1,547,883,663) 
Net increase (decrease) in net assets resulting from share transactions (153,989,382) (78,711,689) 
Total increase (decrease) in net assets (114,470,207) (159,014,996) 
Net Assets   
Beginning of period 5,846,965,160 6,005,980,156 
End of period $5,732,494,953 $5,846,965,160 
Other Information   
Shares   
Sold 37,199,544 48,279,568 
Issued in reinvestment of distributions 46,186,696 52,744,114 
Redeemed (89,114,084) (103,007,932) 
Net increase (decrease) (5,727,844) (1,984,250) 

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


Financial Highlights

Fidelity Series Blue Chip Growth Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,     
 2020 2019 2018 2017 2016 2015 
Selected Per–Share Data       
Net asset value, beginning of period $15.57 $15.90 $14.07 $11.47 $13.36 $11.18 
Income from Investment Operations       
Net investment income (loss)A .05 .10 .12B .03 .02 .03 
Net realized and unrealized gain (loss) 1.59 1.58 3.28 2.74 (.42) 2.27 
Total from investment operations 1.64 1.68 3.40 2.77 (.40) 2.30 
Distributions from net investment income (.11) (.12) (.07) (.03) (.02) (.02) 
Distributions from net realized gain (1.60) (1.89) (1.50) (.14) (1.48) (.10) 
Total distributions (1.71) (2.01) (1.57) (.17) (1.49)C (.12) 
Net asset value, end of period $15.50 $15.57 $15.90 $14.07 $11.47 $13.36 
Total ReturnD,E 11.92% 11.85% 26.54% 24.50% (2.63)% 20.74% 
Ratios to Average Net AssetsF,G       
Expenses before reductions .01%H - %I - %I .59% .73% .79% 
Expenses net of fee waivers, if any .01%H - %I - %I .59% .73% .78% 
Expenses net of all reductions .01%H - %I - %I .59% .73% .78% 
Net investment income (loss) .64%H .71% .81%B .26% .17% .20% 
Supplemental Data       
Net assets, end of period (000 omitted) $5,732,495 $5,846,965 $6,005,980 $2,208,451 $2,417,952 $2,831,293 
Portfolio turnover rateJ 35%H,K 53% 41% 47% 55% 57% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects a large, non-recurring dividend which amounted to $.01 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .71%.

 C Total distributions of $1.49 per share is comprised of distributions from net investment income of $.015 and distributions from net realized gain of $1.477 per share.

 D Total returns for periods of less than one year are not annualized.

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

 F Fees and expenses of any underlying 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.

 G 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.

 H Annualized

 I Amount represents less than .005%.

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

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

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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2020

1. Organization.

Fidelity Series 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. Shares are offered only to certain other Fidelity funds and Fidelity managed 529 plans. 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.

Effective January 1, 2020:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .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 Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • 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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.

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

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

Asset Type Fair Value Valuation Technique(s) Unobservable Input Amount or Range/Weighted Average Impact to Valuation from an Increase in Input(a) 
Equities
 		$208,995,187
 		Market comparable
 		Enterprise value/Sales multiple (EV/S)
 		1.2 - 19.1 / 6.4
 		Increase 
   Transaction price
 		$5.59 - $411.85 / $310.50
 		Increase 
   Discount rate
 		6.0% - 75.0% / 16.2%
 		Decrease 
   Liquidity preference
 		$14.90 - $45.76 / $32.89
 		Increase 
   Enterprise value/EBITDA multiple (EV/EBTIDA)
 		13.0
 		Increase 
   Premium rate
 		6.9% - 172.9% / 74.6%
 		Increase 
   Discount for lack of marketability
 		10.0% - 25.0% / 11.2%
 		Decrease 
   Proxy discount
 		22.7%
 		Decrease 
  Market approach
 		Transaction price
 		$0.00 - $237.86 / $94.40
 		Increase 
   Tender price
 		$52.00
 		Increase 
  Recovery value
 		Recovery value
 		0.0%
 		Increase 

 (a) Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2020, as well as a roll forward of Level 3 investments, 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 include proceeds received from litigation. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

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

Book-tax differences are primarily due to foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $2,952,910,791 
Gross unrealized depreciation (71,901,563) 
Net unrealized appreciation (depreciation) $2,881,009,228 
Tax cost $2,976,178,579 

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.

Consolidated Subsidiary. The Fund invests in certain investments through a wholly-owned subsidiary ("Subsidiary"), which may be subject to federal and state taxes upon disposition.

As of period end, the Fund held an investment of $22,121,984 in these Subsidiaries, representing .39% of the Fund's net assets. The financial statements have been consolidated and include accounts of the Fund and each Subsidiary. Accordingly, all inter-company transactions and balances have been eliminated.

Any cash held by the Subsidiaries is restricted as to its use and is presented as Restricted cash in the Statement of Assets and Liabilities.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, aggregated $1,008,830,731 and $2,048,105,586, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund does not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Fund, except custody fees, fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity Series Blue Chip Growth Fund $35,774 

Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity Series Blue Chip Growth Fund Borrower $39,860,429 2.01% $46,804 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

Affiliated Exchanges In-Kind. During the period, the Fund received investments and cash valued at $256,703,045 in exchange for 19,043,253 shares of the Fund. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.

Other. During the period, the investment adviser reimbursed the Fund for certain losses in the amount of $41,445.

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 $7,007 and is reflected in Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. Security Lending.

The Fund lends portfolio securities from time to time in order to earn additional income. For equity securities, lending agents are used, including National Financial Services (NFS), an affiliate of the Fund. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of daily lending revenue, for its services as lending agent. The Fund may lend securities to certain qualified borrowers, including NFS. 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, 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 NFS, as affiliated borrower, at period end was $590,382. Total fees paid by the Fund to NFS, as lending agent, amounted to $152,686. 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, and includes $52,875 from securities loaned to NFS, as affiliated borrower.

8. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $565.

9. 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.

At the end of the period, mutual funds managed by the investment adviser or its affiliates were the owners of record of all of the outstanding shares of the Fund.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including 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 (August 1, 2019 to January 31, 2020).

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. 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. 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.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2019 		Ending
Account Value
January 31, 2020 		Expenses Paid
During Period-B
August 1, 2019
to January 31, 2020 
Actual .01% $1,000.00 $1,119.20 $.05 
Hypothetical-C  $1,000.00 $1,025.09 $.05 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Series Blue Chip Growth Fund

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

Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.

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

At its January 2020 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.

Nature, Extent, and Quality of Services Provided.  The Board considered Fidelity's staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups. The Board considered the structure of the investment personnel compensation program and whether this structure provides appropriate incentives to act in the best interests of the fund.

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

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

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance, but did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts, as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies managed by Fidelity and ultimately to enhance the performance of those investment companies.

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

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered that the fund does not pay FMR a management fee for investment advisory services. The Board also noted that FMR undertakes to pay all operating expenses of the fund with certain exceptions.

In connection with the renewal of the Advisory Contracts, the Board also approved amendments to the management contract for the fund to clarify that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program. The Board considered that the amendments would not change the services provided to the fund or the party responsible for making such payments under the current management contract.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.014% through November 30, 2022.

Based on its review, the Board considered that the fund does not pay a management fee and 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 level of Fidelity's profits in respect of all the Fidelity funds.

PricewaterhouseCoopers LLP (PwC), 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 the fund profitability information 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 potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and met periodically, to evaluate potential fall-out benefits (PFOB Committee). The Board noted that the PFOB Committee, among other things: (i) discussed the legal framework surrounding potential fall-out benefits; (ii) reviewed the Board's responsibilities and approach to potential fall-out benefits; and (iii) reviewed practices employed by competitor funds regarding the review of potential fall-out benefits.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions.

Economies of Scale.  The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with certain exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of performance fees for additional funds; (iii) changes in Fidelity's non-fund businesses and the impact of such changes on the funds; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (vi) the expense structures for different funds and classes; (vii) information regarding other accounts managed by Fidelity, including collective investment trusts and separately managed accounts; and (viii) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

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





Fidelity Investments

XS1-SANN-0320
1.967988.106



Fidelity Flex® Funds

Fidelity Flex® Large Cap Growth Fund



Semi-Annual Report

January 31, 2020

Fidelity Investments
See the inside front cover for important information about access to your fund’s shareholder reports.


Fidelity Investments

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the fund or from your financial intermediary, such as a financial advisor, broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

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You may elect to receive all future reports in paper free of charge. If you wish to continue receiving paper copies of your shareholder reports, you may contact your financial intermediary or, if you are a Fidelity customer, visit Fidelity’s website, or call Fidelity at the applicable toll-free number listed below. Your election to receive reports in paper will apply to all funds held with the fund complex/your financial intermediary.

Account Type Website Phone Number 
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Advisor Sold Accounts Serviced by Fidelity: institutional.fidelity.com 1-877-208-0098 


Contents

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example

Board Approval of Investment Advisory Contracts and Management Fees


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 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.

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A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

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Investment Summary (Unaudited)

Top Ten Stocks as of January 31, 2020

 % of fund's net assets 
Apple, Inc. 8.6 
Alphabet, Inc. Class A 7.6 
Amazon.com, Inc. 7.5 
Microsoft Corp. 5.0 
Facebook, Inc. Class A 4.2 
Salesforce.com, Inc. 3.0 
Visa, Inc. Class A 2.7 
NVIDIA Corp. 2.5 
Lyft, Inc. 2.3 
MasterCard, Inc. Class A 2.1 
 45.5 

Top Five Market Sectors as of January 31, 2020

 % of fund's net assets 
Information Technology 37.8 
Consumer Discretionary 21.3 
Communication Services 16.7 
Health Care 11.7 
Industrials 7.6 

Asset Allocation (% of fund's net assets)

As of January 31, 2020* 
   Stocks 98.9% 
   Convertible Securities 0.5% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.6% 


 * Foreign investments - 9.7%

Schedule of Investments January 31, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 98.9%   
 Shares Value 
COMMUNICATION SERVICES - 16.7%   
Entertainment - 3.9%   
Activision Blizzard, Inc. 4,791 $280,178 
Bilibili, Inc. ADR (a) 310 6,681 
Netflix, Inc. (a) 1,487 513,149 
Roku, Inc. Class A (a) 491 59,386 
Sea Ltd. ADR (a) 5,401 244,341 
Take-Two Interactive Software, Inc. (a) 180 22,435 
The Walt Disney Co. 1,466 202,762 
  1,328,932 
Interactive Media & Services - 12.6%   
Alphabet, Inc. Class A (a) 1,796 2,573,273 
CarGurus, Inc. Class A (a) 362 12,905 
Facebook, Inc. Class A (a) 7,060 1,425,485 
Match Group, Inc. (a) 874 68,364 
Snap, Inc. Class A (a) 572 10,513 
Tencent Holdings Ltd. 3,967 189,187 
  4,279,727 
Wireless Telecommunication Services - 0.2%   
T-Mobile U.S., Inc. (a) 798 63,194 
TOTAL COMMUNICATION SERVICES  5,671,853 
CONSUMER DISCRETIONARY - 21.2%   
Automobiles - 1.8%   
Ferrari NV 28 4,727 
Tesla, Inc. (a) 935 608,283 
  613,010 
Diversified Consumer Services - 0.1%   
Afya Ltd. 567 16,931 
GSX Techedu, Inc. ADR (a) 214 6,996 
New Oriental Education & Technology Group, Inc. sponsored ADR (a) 124 15,072 
  38,999 
Hotels, Restaurants & Leisure - 2.1%   
Aristocrat Leisure Ltd. 268 6,392 
Chipotle Mexican Grill, Inc. (a) 82 71,074 
Churchill Downs, Inc. 99 14,294 
Eldorado Resorts, Inc. (a) 879 52,547 
Las Vegas Sands Corp. 107 6,988 
Melco Crown Entertainment Ltd. sponsored ADR 339 6,838 
MGM Mirage, Inc. 570 17,704 
Penn National Gaming, Inc. (a) 2,288 68,251 
Planet Fitness, Inc. (a) 997 80,548 
Royal Caribbean Cruises Ltd. 277 32,431 
Shake Shack, Inc. Class A (a) 318 21,449 
Starbucks Corp. 2,505 212,499 
Vail Resorts, Inc. 116 27,203 
Wynn Resorts Ltd. 690 87,050 
Yum China Holdings, Inc. 241 10,380 
  715,648 
Household Durables - 0.1%   
Sony Corp. sponsored ADR 235 16,492 
Internet & Direct Marketing Retail - 10.3%   
Alibaba Group Holding Ltd. sponsored ADR (a) 1,730 357,401 
Amazon.com, Inc. (a) 1,263 2,537,013 
Delivery Hero AG (a)(b) 142 10,964 
MakeMyTrip Ltd. (a) 277 6,371 
MercadoLibre, Inc. (a) 153 101,439 
Ocado Group PLC (a) 486 7,852 
Pinduoduo, Inc. ADR (a) 3,368 118,621 
The Booking Holdings, Inc. (a) 142 259,938 
The RealReal, Inc. 4,866 70,411 
Wayfair LLC Class A (a) 399 37,386 
  3,507,396 
Leisure Products - 0.1%   
Mattel, Inc. (a) 2,000 29,260 
Multiline Retail - 0.8%   
Dollar General Corp. 139 21,324 
Dollar Tree, Inc. (a) 2,321 202,089 
Target Corp. 310 34,329 
  257,742 
Specialty Retail - 3.1%   
American Eagle Outfitters, Inc. 1,668 24,019 
Best Buy Co., Inc. 279 23,629 
Burlington Stores, Inc. (a) 362 78,724 
Carvana Co. Class A (a) 1,335 105,799 
Dick's Sporting Goods, Inc. 343 15,171 
Five Below, Inc. (a) 330 37,363 
Floor & Decor Holdings, Inc. Class A (a) 1,517 74,803 
L Brands, Inc. 637 14,753 
Lowe's Companies, Inc. 3,175 369,062 
RH (a) 13 2,714 
The Home Depot, Inc. 1,370 312,497 
Urban Outfitters, Inc. (a) 457 11,699 
  1,070,233 
Textiles, Apparel & Luxury Goods - 2.8%   
adidas AG 323 102,380 
Allbirds, Inc. (a)(c)(d) 215 2,445 
Anta Sports Products Ltd. 1,033 8,993 
Aritzia LP (a) 565 10,686 
Burberry Group PLC 673 17,356 
Capri Holdings Ltd. (a) 108 3,236 
Crocs, Inc. (a) 1,340 50,799 
Deckers Outdoor Corp. (a) 146 27,873 
lululemon athletica, Inc. (a) 1,095 262,132 
LVMH Moet Hennessy Louis Vuitton SE 109 47,466 
Moncler SpA 1,042 45,070 
NIKE, Inc. Class B 3,252 313,168 
PVH Corp. 690 60,147 
  951,751 
TOTAL CONSUMER DISCRETIONARY  7,200,531 
CONSUMER STAPLES - 2.1%   
Food & Staples Retailing - 0.4%   
BJ's Wholesale Club Holdings, Inc. (a) 692 14,200 
Costco Wholesale Corp. 313 95,628 
Kroger Co. 651 17,486 
  127,314 
Food Products - 0.0%   
Tyson Foods, Inc. Class A 90 7,437 
Household Products - 0.0%   
Energizer Holdings, Inc. 265 12,259 
Personal Products - 0.2%   
Estee Lauder Companies, Inc. Class A 185 36,105 
Herbalife Nutrition Ltd. (a) 785 30,497 
  66,602 
Tobacco - 1.5%   
Altria Group, Inc. 10,310 490,034 
JUUL Labs, Inc. Class A (a)(c)(d) 217 26,220 
  516,254 
TOTAL CONSUMER STAPLES  729,866 
ENERGY - 0.5%   
Oil, Gas & Consumable Fuels - 0.5%   
EOG Resources, Inc. 94 6,854 
Hess Corp. 158 8,938 
Reliance Industries Ltd. 7,457 146,679 
  162,471 
FINANCIALS - 1.1%   
Banks - 0.5%   
Bank of America Corp. 3,329 109,291 
Citigroup, Inc. 849 63,174 
Kotak Mahindra Bank Ltd. 515 12,151 
  184,616 
Capital Markets - 0.3%   
Goldman Sachs Group, Inc. 70 16,643 
London Stock Exchange Group PLC 137 14,158 
Moody's Corp. 64 16,435 
MSCI, Inc. 135 38,583 
S&P Global, Inc. 9 2,644 
XP, Inc. Class A (a) 200 8,028 
  96,491 
Consumer Finance - 0.0%   
Capital One Financial Corp. 124 12,375 
Insurance - 0.2%   
eHealth, Inc. (a) 741 77,924 
Thrifts & Mortgage Finance - 0.1%   
Housing Development Finance Corp. Ltd. 365 12,302 
LendingTree, Inc. (a) 11 3,423 
  15,725 
TOTAL FINANCIALS  387,131 
HEALTH CARE - 11.7%   
Biotechnology - 3.4%   
AbbVie, Inc. 1,682 136,276 
ACADIA Pharmaceuticals, Inc. (a) 144 5,751 
Acceleron Pharma, Inc. (a) 328 29,776 
Agios Pharmaceuticals, Inc. (a) 116 5,653 
Aimmune Therapeutics, Inc. (a) 405 12,575 
Alexion Pharmaceuticals, Inc. (a) 1,478 146,898 
Allakos, Inc. (a) 209 15,090 
Alnylam Pharmaceuticals, Inc. (a) 558 64,053 
Arcutis Biotherapeutics, Inc. (a) 400 8,720 
Argenx SE ADR (a) 53 7,647 
Ascendis Pharma A/S sponsored ADR (a) 271 36,612 
Aurinia Pharmaceuticals, Inc. (a) 567 10,376 
BeiGene Ltd. (a) 331 3,855 
BeiGene Ltd. ADR (a) 79 12,036 
BioNTech SE ADR (a) 229 6,689 
Black Diamond Therapeutics, Inc. (a) 300 11,250 
bluebird bio, Inc. (a) 183 14,583 
Bridgebio Pharma, Inc. 219 7,553 
Coherus BioSciences, Inc. (a) 288 5,196 
Crinetics Pharmaceuticals, Inc. (a) 261 5,606 
FibroGen, Inc. (a) 394 16,489 
Global Blood Therapeutics, Inc. (a) 758 49,467 
Intercept Pharmaceuticals, Inc. (a) 258 23,842 
Ionis Pharmaceuticals, Inc. (a) 36 2,100 
Karuna Therapeutics, Inc. (a) 173 16,419 
Mirati Therapeutics, Inc. (a) 58 5,036 
Morphic Holding, Inc. 168 3,377 
Neurocrine Biosciences, Inc. (a) 505 50,540 
Principia Biopharma, Inc. (a) 279 14,689 
Regeneron Pharmaceuticals, Inc. (a) 189 63,871 
Sage Therapeutics, Inc. (a) 506 33,538 
Sarepta Therapeutics, Inc. (a) 526 60,995 
Seattle Genetics, Inc. (a) 91 9,863 
Turning Point Therapeutics, Inc. 568 33,228 
Vertex Pharmaceuticals, Inc. (a) 846 192,084 
Xencor, Inc. (a) 200 6,788 
Zai Lab Ltd. ADR (a) 445 22,691 
  1,151,212 
Health Care Equipment & Supplies - 3.2%   
Axonics Modulation Technologies, Inc. (a) 291 8,448 
Becton, Dickinson & Co. 100 27,518 
Boston Scientific Corp. (a) 8,631 361,380 
Danaher Corp. 424 68,209 
DexCom, Inc. (a) 453 109,060 
Edwards Lifesciences Corp. (a) 169 37,156 
Hoya Corp. 30 2,871 
Insulet Corp. (a) 256 49,674 
Intuitive Surgical, Inc. (a) 585 327,471 
Novocure Ltd. (a) 183 14,907 
Shockwave Medical, Inc. (a) 869 37,732 
Tandem Diabetes Care, Inc. (a) 556 42,278 
  1,086,704 
Health Care Providers & Services - 2.2%   
1Life Healthcare, Inc. (a) 255 5,628 
Centene Corp. (a) 236 14,823 
Cigna Corp. 187 35,975 
Guardant Health, Inc. (a) 353 26,842 
Humana, Inc. 237 79,689 
Notre Dame Intermedica Participacoes SA 663 10,869 
UnitedHealth Group, Inc. 2,101 572,417 
  746,243 
Life Sciences Tools & Services - 0.9%   
10X Genomics, Inc. (a) 400 36,556 
Adaptive Biotechnologies Corp. 300 8,972 
IQVIA Holdings, Inc. (a) 105 16,301 
Thermo Fisher Scientific, Inc. 820 256,816 
  318,645 
Pharmaceuticals - 2.0%   
AstraZeneca PLC sponsored ADR 3,018 146,977 
Axsome Therapeutics, Inc. (a) 71 6,164 
Bristol-Myers Squibb Co. 3,205 201,755 
Eli Lilly & Co. 245 34,212 
Hansoh Pharmaceutical Group Co. Ltd. (b) 3,261 11,545 
Horizon Pharma PLC (a) 511 17,624 
Intra-Cellular Therapies, Inc. (a) 520 11,799 
MyoKardia, Inc. (a) 53 3,606 
Nektar Therapeutics (a) 664 13,207 
OptiNose, Inc. (a) 996 7,799 
Roche Holding AG (participation certificate) 68 22,812 
Sanofi SA sponsored ADR 555 26,790 
Zoetis, Inc. Class A 1,302 174,741 
Zogenix, Inc. (a) 111 5,591 
  684,622 
TOTAL HEALTH CARE  3,987,426 
INDUSTRIALS - 7.6%   
Aerospace & Defense - 1.3%   
Airbus Group NV 23 3,378 
Lockheed Martin Corp. 396 169,536 
Northrop Grumman Corp. 152 56,935 
The Boeing Co. 693 220,561 
  450,410 
Airlines - 0.3%   
Spirit Airlines, Inc. (a) 2,135 87,684 
United Continental Holdings, Inc. (a) 44 3,291 
  90,975 
Commercial Services & Supplies - 0.1%   
HomeServe PLC 927 15,693 
Electrical Equipment - 0.0%   
Generac Holdings, Inc. (a) 60 6,215 
Rockwell Automation, Inc. 46 8,816 
  15,031 
Industrial Conglomerates - 1.7%   
General Electric Co. 41,294 514,110 
Honeywell International, Inc. 400 69,288 
  583,398 
Machinery - 0.1%   
Fanuc Corp. 24 4,371 
Fortive Corp. 132 9,891 
Rational AG 8 6,029 
  20,291 
Professional Services - 0.1%   
Equifax, Inc. 238 35,676 
Road & Rail - 4.0%   
Knight-Swift Transportation Holdings, Inc. Class A 1,724 63,926 
Lyft, Inc. 16,114 765,093 
Uber Technologies, Inc. 14,498 526,132 
  1,355,151 
TOTAL INDUSTRIALS  2,566,625 
INFORMATION TECHNOLOGY - 37.6%   
Electronic Equipment & Components - 0.3%   
CDW Corp. 25 3,261 
Flextronics International Ltd. (a) 1,508 19,830 
II-VI, Inc. (a) 2,011 67,670 
  90,761 
IT Services - 6.9%   
Akamai Technologies, Inc. (a) 658 61,424 
Black Knight, Inc. (a) 417 27,906 
Endava PLC ADR (a) 331 15,282 
Fidelity National Information Services, Inc. 175 25,141 
Fiserv, Inc. (a) 111 13,166 
MasterCard, Inc. Class A 2,225 702,967 
MongoDB, Inc. Class A (a) 163 26,717 
Okta, Inc. (a) 420 53,781 
PagSeguro Digital Ltd. (a) 183 5,946 
PayPal Holdings, Inc. (a) 2,752 313,425 
Riskified Ltd. warrants (a)(c)(d) 5 0 
Shopify, Inc. Class A (a) 151 70,323 
Square, Inc. (a) 143 10,681 
Twilio, Inc. Class A (a) 981 121,978 
Visa, Inc. Class A 4,589 913,073 
  2,361,810 
Semiconductors & Semiconductor Equipment - 10.0%   
Advanced Micro Devices, Inc. (a) 4,207 197,729 
Ambarella, Inc. (a) 165 9,758 
Applied Materials, Inc. 781 45,290 
ASML Holding NV 127 35,644 
Enphase Energy, Inc. (a) 217 6,840 
Lam Research Corp. 848 252,882 
Marvell Technology Group Ltd. 28,741 690,934 
Micron Technology, Inc. (a) 6,184 328,309 
NVIDIA Corp. 3,659 865,097 
NXP Semiconductors NV 3,981 505,030 
Qualcomm, Inc. 4,517 385,345 
Skyworks Solutions, Inc. 249 28,174 
SolarEdge Technologies, Inc. (a) 205 20,061 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 325 17,531 
Universal Display Corp. 111 19,555 
  3,408,179 
Software - 11.5%   
Adobe, Inc. (a) 1,430 502,130 
Alteryx, Inc. Class A (a) 24 3,347 
Anaplan, Inc. (a) 178 10,251 
Autodesk, Inc. (a) 17 3,346 
Ceridian HCM Holding, Inc. (a) 49 3,591 
Cloudflare, Inc. 300 5,090 
Coupa Software, Inc. (a) 156 25,139 
Elastic NV (a) 610 39,577 
Fair Isaac Corp. (a) 49 19,717 
HubSpot, Inc. (a) 228 41,254 
Lightspeed POS, Inc. (a) 1,962 63,749 
LivePerson, Inc. (a) 441 18,085 
Microsoft Corp. 10,003 1,702,811 
Nutanix, Inc. Class A (a) 194 6,299 
Paycom Software, Inc. (a) 225 71,586 
RingCentral, Inc. (a) 388 79,765 
Salesforce.com, Inc. (a) 5,633 1,026,952 
ServiceNow, Inc. (a) 279 94,366 
Tanium, Inc. Class B (a)(c)(d) 131 1,423 
The Trade Desk, Inc. (a) 253 68,103 
Workday, Inc. Class A (a) 755 139,396 
  3,925,977 
Technology Hardware, Storage & Peripherals - 8.9%   
Apple, Inc. 9,387 2,905,372 
Pure Storage, Inc. Class A (a) 743 13,225 
Western Digital Corp. 1,458 95,499 
  3,014,096 
TOTAL INFORMATION TECHNOLOGY  12,800,823 
MATERIALS - 0.1%   
Chemicals - 0.1%   
Air Products & Chemicals, Inc. 14 3,342 
Livent Corp. (a) 347 3,265 
Olin Corp. 216 3,212 
The Chemours Co. LLC 2,140 29,682 
  39,501 
REAL ESTATE - 0.2%   
Equity Real Estate Investment Trusts (REITs) - 0.1%   
Ant International Co. Ltd. Class C (a)(c)(d) 2,450 19,894 
Real Estate Management & Development - 0.1%   
Redfin Corp. (a) 1,246 30,315 
TOTAL REAL ESTATE  50,209 
UTILITIES - 0.1%   
Electric Utilities - 0.1%   
NextEra Energy, Inc. 53 14,215 
ORSTED A/S (b) 31 3,386 
  17,601 
TOTAL COMMON STOCKS   
(Cost $25,191,848)  33,614,037 
Convertible Preferred Stocks - 0.5%   
CONSUMER DISCRETIONARY - 0.1%   
Hotels, Restaurants & Leisure - 0.1%   
Neutron Holdings, Inc.:   
Series C (a)(c)(d) 26,100 6,329 
Series D (c)(d) 58,561 14,201 
Topgolf International, Inc. Series F (a)(c)(d) 217 3,203 
  23,733 
Internet & Direct Marketing Retail - 0.0%   
The Honest Co., Inc. Series E (a)(c)(d) 282 5,527 
Textiles, Apparel & Luxury Goods - 0.0%   
Allbirds, Inc.:   
Series A (a)(c)(d) 85 966 
Series B (a)(c)(d) 15 171 
Series C (a)(c)(d) 140 1,592 
Series Seed (a)(c)(d) 45 512 
  3,241 
TOTAL CONSUMER DISCRETIONARY  32,501 
CONSUMER STAPLES - 0.2%   
Food & Staples Retailing - 0.2%   
Blink Health LLC Series C (c)(d) 78 2,978 
Roofoods Ltd. Series F (a)(c)(d) 17 8,539 
Sweetgreen, Inc.:   
Series C (c)(d) 13 192 
Series D (c)(d) 205 3,024 
Series H (a)(c)(d) 1,969 29,043 
Series I (c)(d) 482 7,110 
  50,886 
Food Products - 0.0%   
Agbiome LLC Series C (a)(c)(d) 557 4,968 
Tobacco - 0.0%   
JUUL Labs, Inc. Series E (a)(c)(d) 127 15,345 
TOTAL CONSUMER STAPLES  71,199 
FINANCIALS - 0.0%   
Diversified Financial Services - 0.0%   
Sonder Holdings, Inc. Series D (c)(d) 528 5,100 
HEALTH CARE - 0.0%   
Biotechnology - 0.0%   
23andMe, Inc. Series F (a)(c)(d) 339 4,739 
Generation Bio:   
Series B (a)(c)(d) 200 1,270 
Series C (c)(d) 573 3,204 
Nuvation Bio, Inc. Series A (c)(d)(e) 7,400 5,708 
  14,921 
INFORMATION TECHNOLOGY - 0.2%   
Internet Software & Services - 0.1%   
ContextLogic, Inc. Series G (a)(c)(d) 67 9,846 
Starry, Inc.:   
Series C (a)(c)(d) 3,181 4,549 
Series D (c)(d) 3,368 4,816 
  19,211 
IT Services - 0.0%   
Riskified Ltd. Series E (c)(d) 25 5,947 
Software - 0.1%   
ACV Auctions, Inc. Series E (c)(d) 754 4,170 
Bird Rides, Inc.:   
Series C (a)(c)(d) 1,434 18,524 
Series D (c)(d) 200 2,584 
Compass, Inc. Series E (a)(c)(d) 28 4,424 
UiPath, Inc.:   
Series A1 (c)(d) 91 3,756 
Series B1 (c)(d) 5 206 
Series B2 (c)(d) 23 949 
  34,613 
TOTAL INFORMATION TECHNOLOGY  59,771 
TOTAL CONVERTIBLE PREFERRED STOCKS   
(Cost $157,926)  183,492 
Money Market Funds - 2.1%   
Fidelity Cash Central Fund 1.58% (f)   
(Cost $706,624) 706,483 706,624 
TOTAL INVESTMENT IN SECURITIES - 101.5%   
(Cost $26,056,398)  34,504,153 
NET OTHER ASSETS (LIABILITIES) - (1.5)%  (501,787) 
NET ASSETS - 100%  $34,002,366 

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $25,895 or 0.1% of net assets.

 (c) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $233,473 or 0.7% of net assets.

 (d) Level 3 security

 (e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
23andMe, Inc. Series F 8/31/17 $4,707 
ACV Auctions, Inc. Series E 11/6/19 $4,170 
Agbiome LLC Series C 6/29/18 $3,528 
Allbirds, Inc. 10/9/18 $2,358 
Allbirds, Inc. Series A 10/9/18 $932 
Allbirds, Inc. Series B 10/9/18 $165 
Allbirds, Inc. Series C 10/9/18 $1,535 
Allbirds, Inc. Series Seed 10/9/18 $494 
Ant International Co. Ltd. Class C 5/16/18 $13,745 
Bird Rides, Inc. Series C 12/21/18 $16,843 
Bird Rides, Inc. Series D 9/30/19 $2,584 
Blink Health LLC Series C 11/7/19 $2,978 
Compass, Inc. Series E 11/3/17 $1,889 
ContextLogic, Inc. Series G 10/24/17 $9,014 
Generation Bio Series B 2/21/18 $1,829 
Generation Bio Series C 1/9/20 $3,204 
JUUL Labs, Inc. Class A 12/20/17 - 7/6/18 $5,804 
JUUL Labs, Inc. Series E 12/20/17 - 7/6/18 $3,263 
Neutron Holdings, Inc. Series C 7/3/18 $4,772 
Neutron Holdings, Inc. Series D 1/25/19 $14,201 
Nuvation Bio, Inc. Series A 6/17/19 $5,708 
Riskified Ltd. Series E 10/28/19 $5,947 
Riskified Ltd. warrants 10/28/19 $0 
Roofoods Ltd. Series F 9/12/17 $6,011 
Sonder Holdings, Inc. Series D 12/20/19 $5,542 
Starry, Inc. Series C 12/8/17 $2,933 
Starry, Inc. Series D 3/6/19 $4,816 
Sweetgreen, Inc. Series C 9/13/19 $222 
Sweetgreen, Inc. Series D 9/13/19 $3,506 
Sweetgreen, Inc. Series H 11/9/18 $25,676 
Sweetgreen, Inc. Series I 9/13/19 $8,242 
Tanium, Inc. Class B 4/21/17 $650 
The Honest Co., Inc. Series E 9/28/17 $5,529 
Topgolf International, Inc. Series F 11/10/17 $3,002 
UiPath, Inc. Series A1 6/14/19 $3,581 
UiPath, Inc. Series B1 6/14/19 $197 
UiPath, Inc. Series B2 6/14/19 $905 

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 $4,621 
Total $4,621 

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable.

Investment Valuation

The following is a summary of the inputs used, as of January 31, 2020, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $5,671,853 $5,482,666 $189,187 $-- 
Consumer Discretionary 7,233,032 7,135,235 62,851 34,946 
Consumer Staples 801,065 703,646 -- 97,419 
Energy 162,471 15,792 146,679 -- 
Financials 392,231 348,520 38,611 5,100 
Health Care 4,002,347 3,946,343 41,083 14,921 
Industrials 2,566,625 2,558,876 7,749 -- 
Information Technology 12,860,594 12,794,310 5,090 61,194 
Materials 39,501 39,501 -- -- 
Real Estate 50,209 30,315 -- 19,894 
Utilities 17,601 17,601 -- -- 
Money Market Funds 706,624 706,624 -- -- 
Total Investments in Securities: $34,504,153 $33,779,429 $491,250 $233,474 

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


Financial Statements

Statement of Assets and Liabilities

  January 31, 2020 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $25,349,774) 		$33,797,529  
Fidelity Central Funds (cost $706,624) 706,624  
Total Investment in Securities (cost $26,056,398)  $34,504,153 
Receivable for investments sold  97,617 
Receivable for fund shares sold  15,835 
Dividends receivable  6,905 
Distributions receivable from Fidelity Central Funds  1,217 
Total assets  34,625,727 
Liabilities   
Payable for investments purchased   
Regular delivery $617,952  
Delayed delivery 2,854  
Payable for fund shares redeemed 1,363  
Other payables and accrued expenses 1,192  
Total liabilities  623,361 
Net Assets  $34,002,366 
Net Assets consist of:   
Paid in capital  $25,398,957 
Total accumulated earnings (loss)  8,603,409 
Net Assets  $34,002,366 
Net Asset Value, offering price and redemption price per share ($34,002,366 ÷ 2,033,959 shares)  $16.72 

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


Statement of Operations

  Six months ended January 31, 2020 (Unaudited) 
Investment Income   
Dividends  $90,382 
Income from Fidelity Central Funds  4,621 
Total income  95,003 
Expenses   
Independent trustees' fees and expenses $76  
Commitment fees 30  
Total expenses  106 
Net investment income (loss)  94,897 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 350,456  
Foreign currency transactions (88)  
Total net realized gain (loss)  350,368 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $1,201) 3,352,622  
Assets and liabilities in foreign currencies 21  
Total change in net unrealized appreciation (depreciation)  3,352,643 
Net gain (loss)  3,703,011 
Net increase (decrease) in net assets resulting from operations  $3,797,908 

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


Statement of Changes in Net Assets

 Six months ended January 31, 2020 (Unaudited) Year ended July 31, 2019 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $94,897 $163,516 
Net realized gain (loss) 350,368 (33,301) 
Change in net unrealized appreciation (depreciation) 3,352,643 1,999,557 
Net increase (decrease) in net assets resulting from operations 3,797,908 2,129,772 
Distributions to shareholders (196,937) (527,366) 
Share transactions   
Proceeds from sales of shares 11,608,041 13,070,532 
Reinvestment of distributions 196,937 527,366 
Cost of shares redeemed (5,736,357) (5,508,574) 
Net increase (decrease) in net assets resulting from share transactions 6,068,621 8,089,324 
Total increase (decrease) in net assets 9,669,592 9,691,730 
Net Assets   
Beginning of period 24,332,774 14,641,044 
End of period $34,002,366 $24,332,774 
Other Information   
Shares   
Sold 754,019 960,082 
Issued in reinvestment of distributions 13,044 38,970 
Redeemed (381,852) (392,765) 
Net increase (decrease) 385,211 606,287 

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


Financial Highlights

Fidelity Flex Large Cap Growth Fund

 Six months ended (Unaudited) January 31, Years endedJuly 31,   
 2020 2019 2018 2017 A 
Selected Per–Share Data     
Net asset value, beginning of period $14.76 $14.04 $11.33 $10.00 
Income from Investment Operations     
Net investment income (loss)B .06 .11 .11C .03 
Net realized and unrealized gain (loss) 2.02 1.06 2.69 1.30 
Total from investment operations 2.08 1.17 2.80 1.33 
Distributions from net investment income (.12) (.11) (.06) – 
Distributions from net realized gain – (.35) (.04) – 
Total distributions (.12) (.45)D (.09)E – 
Net asset value, end of period $16.72 $14.76 $14.04 $11.33 
Total ReturnF,G 14.18% 8.66% 24.90% 13.30% 
Ratios to Average Net AssetsH,I     
Expenses before reductionsJ - %K -% -% - %K 
Expenses net of fee waivers, if anyJ - %K -% -% - %K 
Expenses net of all reductionsJ - %K -% -% - %K 
Net investment income (loss) .72%K .83% .87%C .79%K 
Supplemental Data     
Net assets, end of period (000 omitted) $34,002 $24,333 $14,641 $8,576 
Portfolio turnover rateL 54%K 55% 65% 17%M 

 A For the period March 8, 2017 (commencement of operations) to July 31, 2017

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects a large, non-recurring dividend which amounted to $.01 per share. Excluding this non-recurring dividend, the ratio of net investment income (loss) to average net assets would have been .77%.

 D Total distributions of $.45 per share is comprised of distributions from net investment income of $.107 and distributions from net realized gain of $.347 per share.

 E Total distributions of $.09 per share is comprised of distributions from net investment income of $.059 and distributions from net realized gain of $.035 per share.

 F Total returns for periods of less than one year are not annualized.

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

 H Fees and expenses of any underlying 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.

 I Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from 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 expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 J Amount represents less than .005%.

 K Annualized

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

 M Amount not annualized.

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


Notes to Financial Statements (Unaudited)

For the period ended January 31, 2020

1. Organization.

Fidelity Flex Large Cap Growth Fund (the Fund) is a fund of Fidelity Securities Fund (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is available only to certain fee-based accounts offered by Fidelity.

Effective January 1, 2020:

Investment advisers Fidelity Investments Money Management, Inc., FMR Co., Inc., and Fidelity SelectCo, LLC, merged with and into Fidelity Management & Research Company. In connection with the merger transactions, the resulting, merged investment adviser was then redomiciled from Massachusetts to Delaware, changed its corporate structure from a corporation to a limited liability company, and changed its name to "Fidelity Management & Research Company LLC".

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 the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date ranged from less than .005% to .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 Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

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

  • 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. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of January 31, 2020 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. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the 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, partnerships, passive foreign investment companies (PFIC) and losses deferred due to wash sales and excise tax regulations.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $8,802,902 
Gross unrealized depreciation (420,403) 
Net unrealized appreciation (depreciation) $8,382,499 
Tax cost $26,121,654 

The Fund elected to defer to its next fiscal year approximately $111,919 of capital losses recognized during the period November 1,2018 to July 31, 2019.

Delayed Delivery Transactions and When-Issued Securities. During the period, the Fund transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities. 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.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, aggregated $12,877,242 and $7,074,189, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Brokerage Commissions. A portion of portfolio transactions were placed with brokerage firms which are affiliates of the investment adviser. Brokerage commissions are included in net realized gain (loss) and change in net unrealized appreciation (depreciation) in the Statement of Operations. The commissions paid to these affiliated firms were as follows:

 Amount 
Fidelity Flex Large Cap Growth Fund $526 

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note.

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 Commitment fees on the Statement of Operations. During the period, the Fund did not borrow on this line of credit.

7. 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.

At the end of the period, the investment adviser or its affiliates were the owners of record of 26% of the total outstanding shares of the Fund.

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including 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 (August 1, 2019 to January 31, 2020).

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. 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. 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.

 Annualized Expense Ratio-A Beginning
Account Value
August 1, 2019 		Ending
Account Value
January 31, 2020 		Expenses Paid
During Period-B
August 1, 2019
to January 31, 2020 
Actual - %-C $1,000.00 $1,141.80 $--D 
Hypothetical-E  $1,000.00 $1,025.14 $--D 

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

 B Expenses are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).

 C Amount represents less than .005%.

 D Amount represents less than $.005.

 E 5% return per year before expenses

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Flex Large Cap 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 LLC (FMR) and the sub-advisory agreements (together, the Advisory Contracts) for the fund. FMR and the sub-advisers are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

Approval of Amended and Restated Advisory Contracts. At its November 2019 meeting, the Board unanimously determined to approve an amended and restated management contract and sub-advisory agreements (Amended and Restated Contracts) for a stub period of January 1, 2020 through January 31, 2020 in connection with a consolidation of certain of Fidelity's advisory businesses. The Board considered that, on or about January 1, 2020, FMR Co., Inc. (FMRC) expected to merge with and into FMR and, after the merger, FMR expected to redomicile as a Delaware limited liability company. The Board also approved the termination of the sub-advisory agreement with FMRC upon the completion of the merger. The Board noted that references to FMR in the Amended and Restated Contracts would be updated to reflect FMR's new form of organization and domicile. The Board also noted Fidelity's assurance that neither the planned consolidation nor the Amended and Restated Contracts will change the investment processes, the level or nature of services provided, the resources and personnel allocated, trading and compliance operations, or any fees paid by the fund.

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

At its January 2020 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.

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

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

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

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

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

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance.

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

Competitiveness of Management Fee and Total Expense Ratio.  The Board noted that the fund is available exclusively to certain Fidelity fee-based programs. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of the program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund with limited exceptions.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the total expense ratio of the fund was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

PricewaterhouseCoopers LLP (PwC), 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 the fund profitability information 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 potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's affiliates may benefit from the funds' business. The Board noted that changes to fall-out benefits year-over-year reflect business developments at Fidelity's various businesses. The Board considered that a joint ad hoc committee created by it and the boards of other Fidelity funds had recently been established, and met periodically, to evaluate potential fall-out benefits (PFOB Committee). The Board noted that the PFOB Committee, among other things: (i) discussed the legal framework surrounding potential fall-out benefits; (ii) reviewed the Board's responsibilities and approach to potential fall-out benefits; and (iii) reviewed practices employed by competitor funds regarding the review of potential fall-out benefits.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with limited exceptions.

Economies of Scale.  The Board concluded that because the fund pays no advisory fees and FMR bears all expenses of the fund with limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) fund flow and performance trends, in particular the underperformance of certain funds and strategies, and Fidelity's long-term strategies for certain funds; (ii) consideration of performance fees for additional funds; (iii) changes in Fidelity's non-fund businesses and the impact of such changes on the funds; (iv) metrics for evaluating index fund and ETF performance and information about ETF trading characteristics; (v) the methodology with respect to evaluating competitive fund data and peer group classifications and fee comparisons; (vi) the expense structures for different funds and classes; (vii) information regarding other accounts managed by Fidelity, including collective investment trusts and separately managed accounts; and (viii) Fidelity's philosophies and strategies for evaluating funds and classes with lower or declining asset levels.

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





Fidelity Investments

ZLG-SANN-0320
1.9881574.102

Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

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


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

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


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


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


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Securities Fund’s (the “Trust”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that



material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


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


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 13.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

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

(a)

(3)

Not applicable.

(b)


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




SIGNATURES


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


Fidelity Securities Fund



By:

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer


Date:

March 25, 2020


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



By:

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer


Date:

March 25, 2020



By:

/s/John J. Burke III

John J. Burke III

Chief Financial Officer


Date:

March 25, 2020